Market Newsdesk

May 25, 2021 7:57 am

IIROC Trading Halt – EGM

Canada NewsWire

VANCOUVER, BC, May 25, 2021 /CNW/ – The following issues have been halted by IIROC:

Company: Engold Mines Ltd.

TSX-Venture Symbol: EGM

All Issues: Yes

Reason: At the Request of the Company Pending News

Halt Time (ET): 7:45 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

May 25, 2021 7:53 am

Yadea Shines with Cutting-Edge Electric Two-Wheeler Technologies at Wuxi International Electric Vehicle Exhibition

PR Newswire

WUXI, China, May 25, 2021 /PRNewswire/ — Yadea Technology Group Co., Ltd. (“Yadea”, 01585.HK), a leading two-wheel electric vehicle brand, exhibited a series of products and stole the show with its innovative technologies, such as wireless charging and smart voice interaction, at the 15th Wuxi International Electric Vehicle Exhibition on May 20 in Wuxi, China.

The global electric two-wheeler industry has entered a state of hyperdrive, spurred on by a heightened focus on environmental protection, development of new policies, and shifting attitudes to public transportation because of the pandemic. Two wheelers are now going electric faster than any other segment of road transportation, and electric two-wheelers account for 35 percent of new sales globally. As consumer demand surges, a revolution is well underway — and Yadea is leading the charge.

“Yadea is committed to the research and development of cutting-edge technologies in the electric two-wheeler industry, and we are proud to exhibit these at the Wuxi International Electric Vehicle Exhibition. We have already established an advantage in hardware with our previous investments into motors, batteries, chargers and supply chain. As we look to the future, we turn our focus to gaining a technological advantage through smart experiences, product positioning, user operation, automation and more,” said Aska Zeng, General Manager of Yadea.

In recent years, Yadea has expanded its R&D capabilities to strengthen its competitive advantage in electric two-wheeler technologies, increase production efficiency, and achieve results that surpass others in the industry. Its current facilities include CNAS national-level laboratories, product technology research institutes, smart and product R&D centers, power research institutes and more.

The payoff of these investments was evident during the exhibition, as Yadea showcased its newly upgraded advanced Smart series. These vehicles have reached new heights with a new navigation system, improved call functions, music entertainment and voice interaction — revolutionizing the smart travel market. Yadea has also realized the integration and connection of multiple information systems using cloud deployment and modular configuration, becoming the first two-wheeler brand to realize China’s Internet Plus plan.

Furthermore, Yadea highlighted the benefits of its “Global Multiplication” strategy introduced late last year. This model champions the upgrade of the entire industry with premium brands, better products and services, and newer models with Yadea’s advantages only poised to grow — all while supporting United Nations Sustainable Development Goals for sustainable transport.

As a result of its strategy, the company’s graphene battery, integrated side-mounted motor, adaptive motor, intelligent control system and other technologies have garnered recognition worldwide. This has led to Yadea establishing a partnership with the FIFA World Cup, and the official launch of its global brand in April. Yadea’s products are now sold in 88 countries with more than 35,000 retail stores worldwide.

Looking ahead, Yadea will continue to harness its ever-increasing industry leadership to herald the electric mobility revolution and pursue new trends in R&D — ultimately becoming the foundation for the continuous advancement of two-wheeler transportation.

About Yadea

Yadea is a global leader in developing and manufacturing electric two-wheel vehicles including electric motorcycles, electric mopeds, electric bicycles and electric kick scooters. Yadea’s mission is to use its market leadership to inspire a movement towards greener travel solutions and its vision is to create world-leading electric vehicle solutions by building innovative technologies that meet and exceed international standards for safety and quality.

For more information, visit our:
Official Website: https://www.yadea.com/
Facebook: https://www.facebook.com/Yadea.Official
Instagram: https://www.instagram.com/YADEA.GLOBAL/
Twitter: https://twitter.com/YadeaGlobal

View original content to download multimedia:http://www.prnewswire.com/news-releases/yadea-shines-with-cutting-edge-electric-two-wheeler-technologies-at-wuxi-international-electric-vehicle-exhibition-301298688.html

SOURCE YADEA

May 25, 2021 7:53 am

(SY) Alert: Did You Lose Money on Your So-Young Investment? Contact Johnson Fistel Regarding Investigation

PR Newswire

SAN DIEGO, May 25, 2021 /PRNewswire/ — Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against So-Young International Inc. (NASDAQ: SY) (“So-Young”) for violations of federal securities laws.

So-Young operates an online platform for medical aesthetics and consumption healthcare services focusing on discretionary medical treatments. Its platform enables users to discover content and share their own experience on medical aesthetics procedures and leads users to reserve treatment services from medical aesthetic service providers for offline treatment in the People’s Republic of China and internationally.

So-Young, went public in May 2019, at $13.80 a share, raising $179,400,000 in new capital. However, since the IPO, So-Young stock has tumbled, on May 24, 2021, the stock closed at $9.14.

On May 6, 2021, Blue Orca Capital published a report regarding So-Young, wherein the report detailed a series of alarming red flags about So-Young. Specifically, the report stated, that the Company “estimate[s] that SY exaggerates the bookings from these clinics by at least 4-5x during the period we monitored. We think this indicates, persuasively, that SY is inflating both the popularity of its platform and its reported revenues.”

The investigation focuses on whether the Company issued false and misleading statements and failed to disclose information pertinent to investors.

If you have information that could assist in this investigation, or if you are a So-Young shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

Additionally, you can [Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:

Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:

Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

[Click here to join this action]

View original content:http://www.prnewswire.com/news-releases/sy-alert-did-you-lose-money-on-your-so-young-investment-contact-johnson-fistel-regarding-investigation-301298687.html

SOURCE Johnson Fistel, LLP

May 25, 2021 7:51 am

Fat Tail Risk ETF To Launch on the NYSE

Portfolio Offers Investors a Way to Protect Against Market Declines

PR Newswire

NEW YORK, May 25, 2021 /PRNewswire/ — Fat Tail Risk ETF (NYSE: FATT) will start trading on the New York Stock Exchange today. FATT offers investors a way to protect portfolios against large market declines.

FATT is designed to make money during bull markets while still being able to make money during major market declines.

“Markets move faster than ever before, and the Covid crisis showed us that bear markets can happen over months now instead of years,” says Matthew Tuttle, Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management LLC (“TCM”), who serves as the Adviser to FATT. “Traditional investments can’t be relied upon to protect from the next market decline, and traditional tail risk strategies cost too much during bull markets.”

“FATT is designed to be able to make money during bull markets while still being able to make money during major market declines. Of course there is no assurance that this will be successful,” Tuttle commented. “This means FATT can be a constant portfolio holding.”

Tail Risk in the Fund’s name refers to the financial risk of an asset or portfolio of assets moving more than three standard deviations from its current price, above the risk of a normal distribution. In a normal bell curve, the most probable returns are concentrated in a bulge at the center of the distribution curve, whereas the less probable, more extreme returns are towards the edges referred to as “tails”. The frequency of market disruptions and volatility have led to “fatter” tails than a normal bell curve might predict. The Fund’s investment strategy is designed to provide positive returns during periods of significant market disruptions.

For more information, please visit FATTAILRISKETF.com

About Tuttle Capital Management
TCM is an industry leader in offering thematic ETFs that utilize informed agility to manage portfolios in a more dynamic manner. As of May 19, 2021, TCM managed thirteen strategies with AUM of $270 million. Please visit www.tuttlecap.com for more information.

Investing involves risk. Principal loss is possible. There is no assurance that a Fund will achieve its investment objective. A Fund’s share price will fluctuate with changes in the market value of its portfolio securities. When you sell your Fund shares, they may be worth less than what you paid for them and, accordingly, you can lose money investing in a Fund. The following risks could adversely affect the net asset value, total return and the value of a Fund and your investment. The risk descriptions below provide a more detailed explanation of the principal investment risks that correspond to the risks described in each Fund’s Summary section of the Prospectus. As an ETF, the fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The Fund is new with a limited operating history. Inverse ETFs seek to provide the opposite of the single day performance of the index they track and are subject to substantial volatility.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Fat Tail Risk ETF. This and other important information about the Fund are contained in the prospectus, which can be obtained at www.FATTAILRISKETF.com or by calling 866-904-0406. The prospectus should be read carefully before investing. Fat Tail Risk ETF is distributed by Foreside Fund Services, LLC, member FINRA. Tuttle Capital Management is not affiliated with Foreside Fund Services, LLC.

Media Contact:

Matthew Tuttle

Tuttle Capital Management
(347) 852-0548
[email protected]

View original content:http://www.prnewswire.com/news-releases/fat-tail-risk-etf-to-launch-on-the-nyse-301298206.html

SOURCE Tuttle Capital Management

May 25, 2021 7:48 am

Victory Square Technologies Launches DiscreetCare – a Full-Service Web App for the Treatment of Sensitive & Delicate Medical Issues

VANCOUVER, British Columbia, May 25, 2021 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (“Victory Square” or the “Company”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) announces the launch of DiscreetCare (https://discreetcare.com/) across the United States, as part of its multi-phase expansion into the rapidly growing Telehealth category.

Phase 1 of the DiscreetCare.com web app focuses on treating Hair Loss, Erectile Dysfunction, Premature Ejaculation, Genital Herpes, Cold Sores, Acne, and Bladder Control issues.

Phase 2, launching later this year, will offer at-home testing for STDs, Testosterone and Fertility; as well as treatment for a broader range of sensitive medical issues.

Victory Square Technologies CEO, Shafin Diamond Tejani said, “The vision for DiscreetCare is to be a one-stop provider for what many consider ‘delicate’ medical issues. Our web app gives users access to testing, treatment and prescriptive medicinal remedies – all from the convenience and privacy of one’s mobile device.”

The Company notes that convenience is one of many benefits offered to users of DiscreetCare. DiscreetCare also offers doctor evaluations, and FDA-approved medications with competitive pricing.

VS Digital Health Vice President of Marketing, Binu Koshy, explains, “By offering a service that is both discreet and convenient, we are providing healthcare solutions to those who until now, have chosen ‘avoidance’ over action when it comes to their overall wellbeing. Koshy adds, “Think of that 20-something who just started losing his hair but is too embarrassed to seek treatment, or that 30-year-old with Erectile Dysfunction (ED) who avoids seeking important medical offerings because the Viagra and Cialis commercials typically show and sell to men who are 20 years older.”

DiscreetCare Medical Director, Dr. Jeremy Roebuck adds, “Booking an appointment, sitting in a public waiting room and having an awkward face to face conversation are all roadblocks that contribute to the issue of ‘avoidance’ when it comes to individuals seeking treatment for embarrassing awkward or socially stigmatized conditions.”

DiscreetCare provides an easier and less invasive alternative for its clients… they simply:

1)   Log onto to DiscreetCare.com using your computer or mobile device
2)   Answer a series of medical questions which will be reviewed by a licensed physician,
3)   Receive your medication in discreet packaging within 2 to 4 days.
4)   Follow-up with your doctor, pharmacist or DiscreetCare support if you have any additional questions or concerns

For users wanting a more personal touch or in-depth medical consultation, DiscreetCare will be offering private virtual appointments with a certified doctor from the Company’s vast network of physicians across all 50 states.

Dr. Roebuck explains, “Other digital care platforms provide pre-determined selections assuming the user knows their medical issue. With DiscreetCare, patients can explain symptoms so the doctor can determine their specific condition and prescribe appropriate treatment for the client. For example, a new skin rash could be one of many things, from eczema to psoriasis to a symptom of a more serious underlying condition.”

The COVID-19 pandemic has resulted in more and more people being comfortable receiving medical care from the convenience of their home, turning the concept of Telehealth from a service for early adopters to a fixture across the United States. With the development of their Telehealth platform and nationwide clinician network, Victory Square Technologies has positioned themselves to capitalize on this emerging trend – whether it be further expansion of their own niche services or providing an all-in-one solution for businesses looking to license a white-label virtual care platform and clinician network.

On behalf of the Board of Directors

“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com

For further information about Victory Square, please contact:

Investor Relations
Contact – Edge Communications Group
Email: [email protected]
Telephone: 604 283-9166

Media Relations
Contact – Howard Blank, Director
Email: [email protected]
Telephone: 604-928-6066

ABOUT VICTORY SQUARE TECHNOLOGIES INC.

Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth. VST’s sweet spot is cutting-edge tech that’s shaping the 4th Industrial Revolution. Our corporate portfolio consists of 20 global companies using AI, VR/AR, and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.

What we do differently for startups

VST isn’t your ordinary investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.

What we do differently for investors

VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF). For investors, we offer early-stage access to the next unicorns before they’re unicorns. Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides.

For more information, please visit www.victorysquare.com

Forward Looking Statement

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects, offerings and opportunities of Victory Square and its related subsidiaries including VS Digital Health Inc., DiscreetCare.com and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

May 25, 2021 7:48 am

Superior Plus Outlines the “Superior Way Forward,” a Strategic Roadmap Targeting EBITDA from Operations of $700 Million to $750 Million in 2026

TORONTO–(BUSINESS WIRE)–
Superior Plus Corp. (“Superior”) (TSX:SPB) will outline today at its 2021 Investor Day the 2021-2026 strategic roadmap “Superior Way Forward” focused on accelerating growth, improving operational efficiency and maximizing shareholder returns. Our strategic roadmap which we have defined as the Superior Way Forward, is ambitious but we believe it is achievable, and is designed to capitalize on our strengths.

Main Objectives

Targeting EBITDA from operations between $700 million and $750 million in 2026
Accelerating growth in U.S. Propane Distribution through the planned execution of $1.9 billion of accretive acquisitions
Driving additional growth across the entire business through organic growth and operational improvement
Differentiating with a digital modernization strategy to position Superior as an optimized, digitally-based logistics business with best-in-class operations and customer experience
Focus on disciplined and dynamic capital allocation approach to drive shareholder returns

The key themes of the Superior Way Forward are:

Growing through acquisitions – consolidating a highly fragmented U.S. propane market and capitalizing on a robust pipeline of small and medium-scale acquisition opportunities
Continuous improvement – optimizing operational efficiency and investing in innovation and technology to drive improvements
Organic growth – employing effective sales and marketing programs to drive growth
Talent management – continue to attract and retain diverse top talent
Commitment to ESG – continued focus on the environment, commitment to safety and employee wellness
Strong balance sheet – long-term Total Debt to Adjusted EBITDA Leverage Ratio target of 3.0x to 3.5x and access to low-cost capital

The Superior Way Forward Summary

“We are setting out to become the leader in creating value through differentiation and best-in-class operations in the North American retail propane industry. We envision a Superior Plus that is one of the industry’s most modern and sophisticated businesses, leveraging technology to improve our delivery efficiency and service offering in new and innovative ways,” said Luc Desjardins, President and Chief Executive Officer. “This commitment to innovation and best-in-class operations has uniquely positioned Superior as a buyer of choice in the propane distribution industry and is allowing us to accelerate our growth through the execution of accretive acquisition opportunities.”

Targeting $700 million to $750 million of EBITDA from operations by 2026

Superior has set a goal of achieving EBITDA from operations in the range of $700 million to $750 million in 2026 through acquisitions, continuous improvement, organic growth and an anticipated post-pandemic recovery in commercial volumes. This represents a 10% – 11% EBITDA from operations Compound Annual Growth Rate (“CAGR”) ⁽¹⁾ from 2020. In addition, Superior is targeting generating aggregate Free Cash Flow in the range of $2.6 billion to $2.8 billion from 2021 to 2026.

These financial goals are based on Superior’s long-term operating plan and represent performance targets that management is seeking to achieve. They are driven by numerous expectations and assumptions and are subject to certain risks which are outlined in more detail in the forward-looking section below.

2021 Virtual Investor Day

Superior’s Investor Day will be held virtually on Tuesday, May 25, 2021 at 1 PM EDT. The presentation will be broadcast live via webcast with video and will be accessible by web browser. It will also be available on Superior’s website following the event.

Webcast attendees can pre-register to receive the web access information. Attendees may also register on the day of the event.

Event details:

2021 Investor Day – Superior Plus

May 25, 2021

Start: 01:00 p.m. Eastern Time (Toronto / New York)

Please click the registration link below to access the platform.:

https://onlinexperiences.com/Launch/QReg/ShowUUID=3EC7D901-BAE6-4FAE-9FEB-FA8AED30EE4A

(1)

EBITDA CAGR based on EBITDA from operations of $402 million for the year ended December 31, 2020, excluding the Specialty Chemicals segment.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

Forward Looking Information

This press release contains certain forward-looking information within the meaning of applicable Canadian securities laws which is provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such information may not be appropriate for other purposes. Superior’s actual results could differ materially from those expressed in, or implied by, this forward-looking information, and accordingly, no assurances can be given that any of the results anticipated by the forward-looking information will transpire or occur. Unless otherwise indicated, all figures are presented in Canadian dollars.

Forward-looking information is predictive in nature, depends upon or refers to future events or conditions, or includes words such as “expects”, “anticipates”, “plans”, “predicts”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts”, “goals” or negative versions thereof and other similar expressions or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward-looking information in this news release includes, without limitation, statements regarding future growth in EBITDA from operations, targeted Free Cash Flow, capital expenditures, targeted Total Debt to Adjusted EBITDA Leverage Ratio; expected acquisition opportunities, acquisition spending, probability of completing acquisitions and achievement of realized synergies from acquisitions; expected reductions in operational expenses; potential annual returns from organic growth; expectations relating to commercial customer recovery; and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and outlook of Superior and its business segments.

Forward-looking information is provided for the purpose of providing information about management’s expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances, however, they are subject to the risks and uncertainties set forth below and no assurance can be given that these assumptions and expectations will prove to be correct. These assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third party sources, as well as on management’s current plans and its perception of historical trends, the historic performance of Superior’s business segments, current conditions and expected future developments. These assumptions and expectations include, without limitation, anticipated financial performance, current business and economic trends, expected economic growth, the amount of future dividends paid by Superior, Superior’s future dividend policy, business prospects, availability and utilization of tax basis, acquisition opportunities and probability of successfully negotiating and completing acquisitions, achievement of realized synergies from acquisitions, financing availability, absence of any material regulatory developments, currency, exchange and interest rates, weather, trading data and cost estimates. In particular, key assumptions and expectations underlying Superior’s targeted 2026 EBITDA from Operations in the range of $700 million to $750 million and targeted aggregate Free Cash Flow of $2.6 billion to $2.8 billion include the following: 2-3% annual organic growth; $5 million to $15 million in commercial customer recovery from the Covid-19 pandemic; $50 million to $55 million in operating expense improvements; completion of $1.9 billion in acquisitions at multiples consistent with historic multiples for Superior’s acquisitions as well as achieved synergies from acquisitions consistent with historical averages at approximately 25% over the relevant period; no material divestitures; 2021 operating results consistent with Superior’s consolidated 2021 Adjusted EBITDA guidance; and, in respect of the targeted Free Cash Flow, also assumes Adjusted EBITDA in the range of $3.2 billion to $3.5 billion; maintenance capital expenditures in the range of $300 million to $400 million; and lease repayments in the range of $240 million to $250 million over the relevant period. In addition, significant assumptions underlying the consolidated 2021 Adjusted EBITDA guidance referenced above are set forth under the “Financial Outlook” section of Superior’s first quarter MD&A.

By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond the control of Superior, Superior’s actual performance and financial results may vary materially from those estimates and expectations contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include incorrect assessments of value and potential synergies when making acquisitions, inability to successfully conclude negotiations and complete acquisitions, competition for acquisition opportunities, increases in debt service charges, the loss of key personnel, fluctuations in foreign currency, exchange rates and commodity prices, variability in cash flows and potential impact on dividends, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks and assumptions identified in (i) Superior’s first quarter MD&A under the heading “Risk Factors” and (ii) Superior’s most recent Annual Information Form, both of which are filed electronically at www.sedar.com. The preceding list of assumptions, risks and uncertainties is not exhaustive.

When relying on Superior’s forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, neither Superior nor Superior LP undertakes to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors and others should not place undue reliance on forward-looking information.

Non-GAAP Financial Measures

Throughout this news release, Superior has used the following terms that are not defined by International Financial Reporting Standards (“GAAP”), but are used by management to evaluate the performance of Superior and its businesses. Since non-GAAP financial measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies, securities regulations require that non-GAAP financial measures are clearly defined, qualified and reconciled to their nearest GAAP financial measures. Except as otherwise indicated, these non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific adjusting items may only be relevant in certain periods. The intent of non-GAAP financial measures is to provide additional useful information to investors and analysts. The measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with GAAP. Other issuers may calculate non-GAAP financial measures differently.

Investors should be cautioned that Adjusted EBITDA, EBITDA from operations and Free Cash Flow should not be construed as alternatives to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Superior’s performance.

Superior Non-GAAP financial measures are identified and defined as follows:

EBITDA from operations

EBITDA from operations is defined as Adjusted EBITDA excluding costs that are not considered representative of Superior’s underlying core operating performance, including gains and losses on foreign currency hedging contracts, corporate costs and transaction and other costs. Management uses EBITDA from operations to set targets for Superior (including annual guidance and variable compensation targets). EBITDA from operations is reconciled to net earnings before income taxes. Please refer to the Results of Operating Segments in the Q1 2021 MD&A for the reconciliations.

Adjusted EBITDA

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes. Adjusted EBITDA is a significant performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses. Adjusted EBITDA is also used as one component in determining short-term incentive compensation for certain management employees. The EBITDA of Superior’s operating segments may be referred to as EBITDA from operations. Please see the “Reconciliation of Earnings (Loss) before Income Taxes to Adjusted EBITDA” section of Superior’s Q1 2021 MD&A.

Total Debt to Adjusted EBITDA Leverage Ratio and Pro Forma Adjusted EBITDA

Adjusted EBITDA for the Total Net Debt to Adjusted EBITDA Leverage Ratio is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period (“Pro Forma Adjusted EBITDA”). Pro Forma Adjusted EBITDA is used by Superior to calculate its Total Net Debt to Adjusted EBITDA Leverage Ratio.

To calculate the Total Net Debt to Adjusted EBITDA Leverage Ratio divide the sum of borrowings before deferred financing fees and lease liabilities by Pro Forma Adjusted EBITDA. The Total Net Debt to Adjusted EBITDA Leverage Ratio is used by Superior and investors to assess its ability to service debt.

Capital Expenditures

Efficiency, process improvement and growth-related expenditures will include expenditures such as acquisition of new customer equipment to facilitate growth, system upgrades and initiatives to facilitate improvements in customer service.

Maintenance capital expenditures will include required regulatory spending on tank refurbishments, replacement of chlorine railcars, replacement of plant equipment and any other required expenditures related to maintaining operations.

Organic Growth

Organic growth calculated as increase in EBITDA from Operations year over year excluding the impact of acquisitions.

Free Cash Flow

Calculated as Adjusted EBITDA less maintenance capital expenditures and capital lease repayments. Free Cash Flow is used by Superior to calculate cash flows available to pay interest and cash taxes, pay dividends, make acquisitions, for capital expenditures and repay debt.

For additional information with respect to financial measures which have not been identified by GAAP, including reconciliations to the closest comparable GAAP measure, see Superior’s Q1 2021 MD&A, available on SEDAR at www.sedar.com

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: [email protected], Toll Free: 1-866-490-PLUS (7587).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210525005264/en/

Beth Summers

Executive Vice President and Chief Financial Officer

Tel: (416) 340-6015

or

Rob Dorran

Vice President, Investor Relations and Treasurer

Tel: (416) 340-6003

E-mail: [email protected]

Toll Free: 1-866-490-PLUS (7587)

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

Logo

May 25, 2021 7:48 am

Juniper Networks Takes Intent Networking to Next Level with New Apstra Software to Simplify Deployment and Day 2 Operations in Even More Data Center Environments

Streamlined connectivity and integrations with VMware NSX-T and SONiC help customers to automate and assure the operations of IT, cloud and telco data centers

SUNNYVALE, Calif.–(BUSINESS WIRE)–
Juniper Networks (NYSE: JNPR), a leader in secure, AI-driven networks, today announced version 4.0 of Apstra software, the intent-based networking solution acquired earlier in the year. Juniper^® Apstra helps organizations to minimize the time and costs associated with deploying and managing traditionally complex data center networks. The new software version builds on the unique multivendor capabilities of the Apstra solution to support VMware NSX-T 3.0 and Enterprise SONiC, in addition to previously supported data center switching from Juniper, Nvidia (Nvidia Cumulus), Arista Networks and Cisco Systems. The Apstra software also has new intent extensions and connectivity templates that provide a more simple and flexible way of connecting attached systems. Additionally, Juniper is offering Apstra with award-winning Juniper Networks^® QFX Series switches and SRX Series Services Gateways in proven drop-in “building block” solutions that can seamlessly grow with evolving data center needs.

“Organizations are looking for new ways to enhance the experience of users and operators in the data center,” said Mike Bushong, VP Data Center, Juniper Networks. “Our Apstra software provides the perfect foundation by delivering closed-loop automation, analytics and assurance for intent-based networking across vendors. In operations, speed is nothing without control, and with the newest Apstra extensions and multi-vendor solutions, teams can make changes more quickly with predictable outcomes.”

Apstra Open Extensions and Connectivity Templates

Apstra 4.0 (formerly known as AOS) takes intent-based networking to the next level by extending intent to connections for attached systems. It’s a method of essentially ensuring standardized operations in customized ways. New connectivity templates enable operators to flexibly create their own reusable and validated templates. These facilitate operations with bulk, accurate adds across the entire fabric in minutes, including servers, workloads and devices, while checking that everything in the network is functioning properly. Apstra’s single source of truth knows the intended state of the network and informs operators when anything deviates from expectations.

Additionally, new extensions integrate Apstra software with VMware NSX-T 3.0 and Enterprise SONiC, enabling even more organizations to benefit from Apstra’s reliability and time-savings value. With built-in validation for virtual machine connectivity, Apstra’s NSX-T integration assures and optimizes operation between the virtual and physical networks. Apstra tracks new NSX-T virtual network additions to assure fabric connections are also set up and allows operators to locate virtual machines within the fabric. Furthermore, with Apstra 4.0, Juniper is now the only vendor with commercialsupport for management of Enterprise SONiC. With this new release, Juniper customers have additional options for building cloud-level, large-scale data centers with open networking.

These new integrations complement Juniper’s existing ecosystem of technology partners and underscore the commitment to preserve Apstra as an open and multi-vendor system. Customers can scale with the Apstra software, removing hardware and operational constraints and accelerating data center evolution.

Building Block Solutions

The Apstra 4.0 release focuses on operations across vendors. Additionally, Juniper is making it easier for organizations to build and modernize data centers with Juniper solutions. New turnkey building block solutions combine intent-based networking and Juniper’s industry-leading switches with options for Secure Services Gateways. The scalable, optimized architecture lets teams confidently deploy what’s needed now, as small as a 4-switch deployment, and grow as needed to larger deployments. New data center deployments can be up and running in hours rather than days, using Zero Touch Provisioning (ZTP) and a set of pre-validated blueprints. With these building blocks, small and mid-sized organizations can adopt the most modern and automated data center operations without expansive design projects, lengthy deployment programs and/or extensive in-house data center expertise.

The Data Center Leader

Juniper has been a leader in the Gartner Magic Quadrant for Data Center and Cloud Networking for the past three years. Juniper’s marquee customers include Aston Martin, T-Systems and Zoom. In Q1 2021, Juniper grew its enterprise revenue for a third consecutive quarter, with enterprise orders rising more than 20% Y/Y. Cloud ready data center orders grew nearly 30% Y/Y, as customers continue to recognize the value of Juniper’s cloud ready data center solutions and the differentiation enabled by Apstra.

The Apstra acquisition closed in January 2021.

Supporting quotes:

“We are excited to move forward with Juniper Apstra with the intent that its detailed visibility and troubleshooting abilities in our data center will allow us to find root-cause analysis faster than our current solution. We plan to use customized dashboards to bring visibility to other REI business units regarding the health of the data center.”

– Don Ely, Lead Network Security Engineer, REI

“Intent-based automation and analytics across a variety of network operating stacks, such as Enterprise SONiC, is a key enabler of an open ecosystem. We welcome Juniper’s new Apstra 4.0 offering as it utilizes the advanced capabilities available in Broadcom merchant silicon. By delivering a solution ready for general data center deployments, this combination represents a milestone in spurring SONiC adoption.”

– Hasan Siraj, Head of Software Products and Ecosystem, Core Switching Group, Broadcom

Additional Resources:

Launch Blog: Juniper Apstra 4.0: The Next Level of Open, Intent-Based Networking for Everyday Data Center Automation

Product & Solution Pages: Apstra Solution

About Juniper Networks

Juniper Networks challenges the inherent complexity that comes with networking and security in the multicloud era. We do this with products, solutions and services that transform the way people connect, work and live. We simplify the process of transitioning to a secure and automated multicloud environment to enable secure, AI-driven networks that connect the world. Additional information can be found at Juniper Networks (www.juniper.net) or connect with Juniper on Twitter, LinkedIn and Facebook.

Forward-Looking Statements

Statements in this press release concerning Juniper Networks’ prospects, product availability, future products and expected performance, and expected benefits of our products to users are forward-looking statements within the meaning of the Private Securities Litigation Reform Act that involve a number of uncertainties and risks. Actual results or events could differ materially from those anticipated in those forward-looking statements as a result of certain factors, including delays in scheduled product availability, incompatibility of technologies, the company’s failure to accurately predict emerging technological trends, and other factors listed in Juniper Networks’ most recent report on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. All statements made in this press release are made only as of the date of this press release. Juniper Networks undertakes no obligation to update the information in this release in the event facts or circumstances subsequently change after the date of this press release. Any future product, feature, enhancement or related specification that may be referenced in this press release are for information purposes only, are subject to change at any time without notice and are not commitments to deliver any future product, feature, enhancement or related specification. The information contained in this press release is intended to outline Juniper Networks’ general product direction and should not be relied on in making a purchasing decision.

Juniper Networks, the Juniper Networks logo, Juniper, Junos, and other trademarks listed here are registered trademarks of Juniper Networks, Inc. and/or its affiliates in the United States and other countries. Other names may be trademarks of their respective owners.

Category-Data Center

View source version on businesswire.com: https://www.businesswire.com/news/home/20210525005176/en/

Media Relations:

Leslie Ruble

Juniper Networks

408-936-2111

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Data Management Technology Security Other Technology Telecommunications Software Networks Internet Mobile/Wireless Hardware Electronic Design Automation

MEDIA:

Logo

Posted on May 25, 2021 7:42 am
Huazhu Group Limited Reports First Quarter of 2021 Financial Results

A total of 6,881 hotels or 662,512 hotel rooms in operation as of March 31, 2021.

Hotel turnover
¹
increased 66.3% year-over-year to RMB8.2 billion for the first quarter. Excluding Steigenberger Hotels AG and its subsidiaries (“DH”), hotel turnover increased 113.4% year-over-year for the first quarter.

Net revenues increased 15.6% year-over-year to RMB2.3 billion (US$355 million)
²
for the first quarter, better than revenue guidance previously announced of 8% to 10%. Excluding DH, net revenues for the first quarter increased 68.8% year-over-year, better than revenue guidance previously announced of 61% to 63%.

Net loss attributable to Huazhu Group Limited was RMB248 million (US$38 million) for the first quarter of 2021, compared with a RMB2.1 billion loss for the first quarter of 2020 and net income attributable to Huazhu Group Limited of RMB703 million in the previous quarter. Net income attributable to Huazhu Group Limited from Legacy-Huazhu was RMB53 million for the first quarter of 2021.

Excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, adjusted net loss attributable to Huazhu Group Limited (non-GAAP) for the first quarter of 2021 was RMB451 million (US$70 million), compared with RMB1.1 billion for the first quarter of 2020. Adjusted net loss attributable to Huazhu Group Limited (non-GAAP) from Legacy-Huazhu for the first quarter of 2021 was RMB150 million.

EBITDA (non-GAAP) for the first quarter of 2021 was RMB70 million (US$11 million), compared with negative RMB1.7 billion for the first quarter of 2020. EBITDA from Legacy-Huazhu (non-GAAP) was RMB410 million for the first quarter of 2021, compared with negative RMB1.7 billion for the first quarter of 2020.

Excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, adjusted EBITDA (non-GAAP) was negative RMB133 million (US$21 million) for the first quarter of 2021. Adjusted EBITDA from Legacy-Huazhu (non-GAAP) was RMB207 million for the first quarter of 2021.

In the second quarter of 2021, Huazhu expects net revenues growth to be in the range of 87%-89% compared to the second quarter of 2020, or 90%-92% if excluding DH. To provide a more meaningful guidance excluding the impact of COVID-19, Huazhu expects net revenue growth to be in the range of 27%-29% compared to pre-COVID-19 results in the second quarter of 2019, or 20%-22% if excluding DH.

SHANGHAI, China, May 25, 2021 (GLOBE NEWSWIRE) — Huazhu Group Limited (NASDAQ: HTHT and HKEX: 1179) (“Huazhu”, “the Company”, “we” or “our”), a world-leading hotel group, today announced its unaudited financial results for the first quarter ended March 31, 2021.

As of March 31, 2021, Huazhu’s worldwide hotel network in operation totaled 6,881 hotels and 662,512 rooms, including 120 hotels from DH. During the first quarter of 2021, our Legacy-Huazhu³ business opened 209 hotels, including 2 leased (or leased-and-operated) hotels and 207 manachised (or franchised-and-managed) hotels and franchised hotels, and closed a total of 117 hotels, including 19 leased hotels and 98 manachised and franchised hotels. During the first quarter of 2021, the Legacy-DH⁴ business opened 1 leased hotels and closed 1 manachised and franchised hotel. As of March 31, 2021, Huazhu had a total of 2,649 unopened hotels in the pipeline, including 2,608 hotels from the Legacy-Huazhu business and 41 hotels from the Legacy-DH business.

Legacy-Huazhu Only
–
First Quarter of 2021 Operational Highlights

As of March 31, 2021, Legacy-Huazhu had 6,761 hotels in operation, including 664 leased and owned hotels, and 6,097 manachised hotels and franchised hotels. In addition, as of the same date, Legacy-Huazhu had 638,619 hotel rooms in operation, including 89,901 under the lease and ownership model, and 548,718 under the manachise and franchise models. Legacy-Huazhu also had 2,608 hotels in the pipeline, including 19 leased and owned hotels and 2,589 manachised and franchised hotels. The following discusses Legacy-Huazhu’s RevPAR, average daily room rate (“ADR”) and occupancy rate for its leased and owned hotels, as well as manachised and franchised hotels (excluding hotels under governmental requisition) for the periods indicated.

The ADR was RMB209 in the first quarter of 2021, compared with RMB189 in the first quarter of 2020, RMB231 in the previous quarter, and RMB221 in the first quarter of 2019.

The occupancy rate for all Legacy-Huazhu hotels in operation was 66.2% in the first quarter of 2021, compared with 46.7% in the first quarter of 2020, 80.6% in the previous quarter, and 80.6% in the first quarter of 2019.

Blended RevPAR was RMB138 in the first quarter of 2021, compared with RMB88 in the first quarter of 2020, RMB186 in the previous quarter, and RMB178 in the first quarter of 2019.

For all Legacy-Huazhu hotels which had been in operation for at least 18 months, the same-hotel RevPAR was RMB138 for the first quarter of 2021, representing a 50.2% increase from RMB92 for the first quarter of 2020, with a 7.6% increase in ADR and a 19.2-percentage-point increase in occupancy rate; comparing the first quarter of 2021 with the pre-COVID-19 first quarter of 2019, RevPAR represented a 29.9% decrease from RMB187 for the first quarter of 2019, with a 12.6% decrease in ADR, and a 16.6-percentage-point decrease in occupancy rate.

Legacy-DH Only
–
First Quarter of 2021 Operational Highlights

As of March 31, 2021, Legacy-DH had 120 hotels in operation, including 73 leased and owned hotels and 47 manachised hotels and franchised hotels. In addition, as of the same date, Legacy-DH had 23,893 hotel rooms in operation, including 13,527 under the lease and ownership model and 10,366 under the manachise and franchise models. Legacy-DH also had 41 hotels in the pipeline, including 27 leased and owned hotels and 14 manachised and franchised hotels. The following discusses Legacy-DH’s RevPAR, ADR and occupancy rate for its leased as well as manachised and franchised hotels (excluding hotels temporarily closed) for the periods indicated.

The ADR was EUR69 in the first quarter of 2021, compared with EUR89 in the first quarter of 2020 and EUR76 in the previous quarter.

The occupancy rate for all Legacy-DH hotels in operation was 18.8% in the first quarter of 2021, compared with 51.7% in the first quarter of 2020 and 22.5% in the previous quarter.

Blended RevPAR was EUR13 in the first quarter of 2021, compared with EUR46 in the first quarter of 2020 and EUR17 in the previous quarter.

Ji Qi, Founder, Executive Chairman and CEO of Huazhu commented: “Despite the COVID-19 resurgence and ‘stay local’ guidance pressuring our RevPAR recovery in January and February, we are very pleased to see the recovery quickly resumed since later March at an even stronger pace. Our April RevPAR recovered to the same pre-COVID-19 level of 2019, and RevPAR over the Labor Day holiday in China recorded an increase of over 25% as compared with the same period of 2019. We believe that both strong business and leisure demand will continue to drive the future recovery. For our European operations, although the business remains under pressure due to COVID-19, we see that the German government is gradually relaxing the travelling restrictions with certain conditions. We expect to see gradual recovery starting from this summer along with the progress of vaccination campaigns.”

First Quarter of 2021 Financial Results

In the first quarter of 2021, both the Legacy-Huazhu business and Legacy-DH businesses were negatively affected by the COVID-19 pandemic.

(RMB in millions) Q1 2020 Q4 2020 Q1 2021

Revenues:

Leased and owned hotels 1,516 2,024 1,398

Manachised and franchised hotels 465 999 897

Others 32 48 32

Net revenues 2,013 3,071 2,327

Net revenues for the first quarter of 2021 were RMB2.3 billion (US$355 million), representing a 15.6% year-over-year increase and a 24.2% sequential decrease. Excluding DH, our net revenues for the first quarter of 2021 were RMB2.2 billion, representing a 68.8% year-over-year increase. Both net revenues from our Legacy-Huazhu business and net revenues from the Legacy-DH business were better than our revenue guidance. For the Legacy-Huazhu business, the RevPAR recovery in March was much better than our expectation, with the RevPAR recovering to 95% of the same period in 2019.

Net revenues from leased and owned hotels for the first quarter of 2021 were RMB1.4 billion (US$213 million), representing a 7.8% year-over-year decrease and a 30.9% sequential decrease. Excluding DH, our net revenues from leased and owned hotels for the first quarter of 2021 were RMB1.3 billion, representing a 55.5% year-over-year increase.

Net revenues from manachised and franchised hotels for the first quarter of 2021 were RMB897 million (US$137 million), representing a 92.9% year-over-year increase and a 10.2% sequential decrease. Excluding DH, our net revenues from manachised and franchised hotels for the first quarter of 2021 were RMB892 million, representing a 96.0% year-over-year increase.

Other revenues represent revenues generated from businesses other than our hotel operations, which mainly include revenues from the provision of IT products and services to hotels, and revenues from Huazhu Mall™ and other revenues from the Legacy-DH business, totaling RMB32 million (US$5 million) in the first quarter of 2021, compared to RMB32 million in the first quarter of 2020 and RMB48 million in the previous quarter.

(RMB in millions)
Q1 2020 Q4 2020 Q1 2021

Operating costs and expenses:

Hotel operating costs 2,377 2,748 2,463

Other operating costs 8 22 12

Selling and marketing expenses 146 181 107

General and administrative expenses 316 336 328

Pre-opening expenses 111 36 21

Total operating costs and expenses 2,958 3,323 2,931

Hotel operating costs for the first quarter of 2021 were RMB2.5 billion (US$375 million), compared to RMB2.4 billion in the first quarter of 2020 and RMB2.7 billion in the previous quarter. Excluding DH, hotel operating costs for the first quarter of 2021 were RMB2.0 billion, which represented 92.8% of the quarter’s net revenues, compared to 129.7% for the first quarter in 2020 and 73.4% for the previous quarter.

Selling and marketing expenses for the first quarter of 2021 were RMB107 million (US$16 million), compared to RMB146 million in the first quarter of 2020 and RMB181 million in the previous quarter. Excluding DH, selling and marketing expenses for the first quarter of 2021 were RMB72 million, which represented 3.3% of the quarter’s net revenues, compared to RMB65 million or 5.0% of net revenues for the first quarter in 2020, and RMB149 million or 5.3% of net revenues for the previous quarter.

General and administrative expenses for the first quarter of 2021 were RMB328 million (US$50 million), compared to RMB316 million in the first quarter of 2020 and RMB336 million in the previous quarter. Excluding DH, general and administrative expenses for the first quarter of 2021 were RMB255 million, which represented 11.7% of the quarter’s net revenues, compared to RMB226 million or 17.5% for the first quarter in 2020 and RMB257 million or 9.1% for the previous quarter.

Pre-opening expenses for the first quarter of 2021 were mostly related to Legacy-Huazhu totaling RMB21 million (US$3 million), compared to RMB111 million in the first quarter of 2020 and RMB36 million in the previous quarter.

Other operating income, net for the first quarter of 2021 was RMB29 million (US$4 million), compared to RMB88 million in the first quarter of 2020 and RMB118 million in the previous quarter.

Loss from operations for the first quarter of 2021 was RMB575 million (US$87 million), compared to a loss of RMB857 million in the first quarter of 2020 and a loss of RMB134 million in the previous quarter. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) for the first quarter of 2021 was RMB540 million (US$82 million), compared to RMB828 million in the first quarter of 2020 and RMB112 million in the previous quarter. Excluding DH, our loss from operations for the first quarter of 2021 was RMB172 million, compared to RMB731 million in the first quarter of 2020 and income from operations of RMB315 million in the previous quarter.

Operating margin, defined as income from operations as a percentage of net revenues, for the first quarter of 2021, was a negative 24.7%. Excluding DH, the operating margin for the first quarter of 2021 was a negative 7.9%, compared with a negative 56.8% in the first quarter of 2020 and a positive 11.2% in the previous quarter.

Other income, net for the first quarter of 2021 was RMB262 million (US$39 million), compared to a negative RMB102 million for the first quarter of 2020 and a negative RMB8 million for the previous quarter. The increase in other income, net was mainly due to gains from selling AccorHotels shares.

Unrealized gains from fair value changes of equity securities for the first quarter of 2021 was RMB238 million (US$37 million), compared to a negative RMB1.0 billion in the first quarter of 2020 and a positive RMB733 million in the previous quarter. Unrealized gains (losses) from fair value changes of equity securities mainly represents the unrealized gains (losses) from our investment in equity securities with readily determinable fair values, such as AccorHotels.

Income tax benefit for the first quarter of 2021 was RMB122 million (US$19 million), compared to RMB30 million in the same period of 2020 and RMB66 million in the previous quarter.

Net loss attributable to Huazhu Group Limited for the first quarter of 2021 was RMB248 million (US$38 million), compared to a net loss of RMB2.1 billion in the first quarter of 2020 and net income attributable to Huazhu Group Limited of RMB703 million in the previous quarter. Excluding share-based compensation expenses and the unrealized gains (losses) from fair value changes of equity securities, adjusted net loss attributable to Huazhu Group Limited (non-GAAP) for the first quarter of 2021 was RMB451 million (US$70 million), compared to RMB1.1 billion in the first quarter of 2020 and RMB8 million in the previous quarter. Excluding DH, the net income attributable to Huazhu Group Limited for the first quarter of 2021 was RMB53 million, compared to a net loss attributable to Huazhu Group Limited of RMB2.0 billion in the first quarter of 2020 and net income attributable to Huazhu Group Limited of RMB1.0 billion in the previous quarter. Excluding DH, the adjusted net loss attributable to Huazhu Group Limited (non-GAAP) for the first quarter of 2021 was RMB150 million, compared with RMB981 million in the first quarter of 2020 and an adjusted net income attributable to Huazhu Group Limited (non-GAAP) of RMB300 million in the previous quarter.

Basic and diluted losses per share/American depositary share (ADS). For the first quarter of 2021, basic and diluted losses per share were RMB0.80 (US$0.12). Excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, adjusted basic and diluted losses per share (non-GAAP) were RMB1.45 (US$0.22).

EBITDA (non-GAAP) for the first quarter of 2021 was RMB70 million (US$11 million), compared with a negative RMB1.7 billion in the first quarter of 2020 and a positive RMB1.1 billion in the previous quarter. Excluding DH, the EBITDA (non-GAAP) for the first quarter of 2021 was RMB410 million, compared with a negative RMB1.7 billion in the first quarter of 2020 and RMB1.5 billion in the previous quarter. Excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, adjusted EBITDA (non-GAAP) for the first quarter of 2021 was a negative RMB133 million (US$21 million), compared with a negative RMB704 million in the first quarter of 2020 and a positive RMB375 million in the previous quarter. Excluding DH, the adjusted EBITDA (non-GAAP) for the first quarter of 2021 was RMB207 million, compared with a negative RMB631 million in the first quarter of 2020 and a positive RMB764 million in the previous quarter.

Cash flow. Operating cash outflow for the first quarter of 2021 was a RMB957 million (US$147 million). Investing cash inflow for the first quarter of 2021 was RMB714 million (US$110 million). Financing cash outflow for the first quarter of 2021 was RMB1.0 billion (US$152 million).

Cash and cash equivalents and Restricted cash. As of March 31, 2021, the Company had a total balance of cash and cash equivalents of RMB5.7 billion (US$877 million) and restricted cash of RMB58 million (US$9 million).

Debt financing. As of March 31, 2021, the Company had a total debt balance of RMB11.0 billion (US$1.7 billion) and the unutilized credit facility available to the Company was RMB6.6 billion.

COVID-19 update

Due to a COVID-19 resurgence in Shanghai, Beijing and Hebei Province and the “stay local” guidance prior to the Chinese New Year holiday (CNY), Legacy-Huazhu RevPAR in January and February 2021 recovered to 74% and 56% of 2019 pre-COVID-19 levels, respectively. Our hotel openings were also negatively impacted by the resurgence of COVID-19 during the first quarter of 2021. However, our performance started to recover steadily again post the Chinese New Year holiday. Particularly, after the National People’s Congress and the Chinese People’s Political Consultative Conference during the first week of March, the Chinese government further eased travel restrictions which were eased beginning March 16, 2021. After that date, we saw strong recovery in hotel demand in the Beijing area, followed by other major tier 1 cities. Our Legacy-Huazhu RevPAR in March 2021 recovered to 95% of 2019, mainly driven by the strong recovery of business demand. In April and May, this recovery trend continued. Our Legacy-Huazhu RevPAR during the Tomb Sweeping holiday recovered to 96% of the same period of 2019, and our RevPAR during the Labor holiday in China recovered to 125% of the same period of 2019, which demonstrated a strong recovery of leisure demand.

DH suffered from the lockdown policy in Germany due to the second and third wave of the COVID-19 pandemic in European countries since later last year. The lockdown period in Germany has been extended several times and still continues but with some relaxation in this policy depending on local vaccination processes. European countries began their vaccination process in December 2020. As of May 22^nd, 2021, about 40% of Germans have received at least one shot of vaccine. DH is continuing to take further cost reduction and cash flow measures, such as negotiating with landlords to reduce rental costs, reducing or eliminating discretionary corporate spending and capital expenditures, etc. However, the impact of the extension of lockdown should be partially offset by extension of the scope and duration of European government subsidy programs.

Acquisition of CitiGO

In May 2021, Huazhu completed the acquisition of CitiGO for a total consideration of RMB750 million enterprise value. Established in China in 2017, CitiGO had a total of 28 hotels in operation as of May 1^st, 2021. The acquisition of CitiGO, which is known for its boutique design and distinct lodging experiences, is expected to further enrich Huazhu’s leisure and lifestyle brand portfolio.

Guidance

COVID-19 resurgence in January and February 2021 slowed down our hotel opening plan in the first quarter. In addition to that, we further emphasis on our quality hotels expansion strategy with revising down our non-standardized brand opening plan for the year. Therefore, we lowered our total gross opening target in 2021 from 1,800-2,000 hotels to 1,600-1,800 hotels. Moreover, due to the prolonged lockdown period in Germany, we also lowered our full year revenue growth guidance to be in range of 44%-48% compared to 2020, or 31%-35% growth compared to 2019, from previous guidance of 50%-54% growth compared to 2020, or 36%-40% growth compared to 2019. However, our revenue guidance for legacy-Huazhu remain unchanged at 50-54% growth compared to 2020, or 15-19% growth compared to 2019.

In the second quarter of 2021, Huazhu expects net revenue growth to be in the range of 87%-89% compared to the second quarter of 2020, or 90%-92% if excluding DH. To provide a more meaningful guidance excluding the impact of COVID-19, Huazhu expects net revenue growth to be in the range of 27%-29% compared to the pre-COVID-19 results in the second quarter of 2019, or 20%-22% if excluding DH.

The above forecast reflects the Company’s current and preliminary view, which is subject to change.

Conference Call

The Company’s management will host a conference call beginning at 9:00 a.m. Hong Kong time on Wednesday, May 26, 2021 (or 9:00 p.m. U.S. Eastern time on Tuesday, May 25, 2021) following the announcement of the results. The conference call will be a Direct Event call. All participants must preregister online prior to the call. Please use the link http://apac.directeventreg.com/registration/event/1598819 to complete the online registration at least 15 minutes prior to the commencement of the conference call. Once preregistration has been completed, participants will receive dial-in numbers, an event passcode, and a unique registrant ID. To join the conference, please dial the number you receive, enter the event passcode, followed by your unique registrant ID, and you will be joined to the conference promptly. Please dial in approximately 10 minutes before the scheduled time of the call.

A recording of the conference call will be available after the conclusion of the conference call through June 2, 2021. Please dial +1 (855) 452 5696 (for callers in the US), 400 632 2162 (for callers in mainland China), 800 963 117 (for callers in Hong Kong) or +61 2 8199 0299 (for callers outside the U.S., mainland China and Hong Kong) and enter the passcode 1598819.

Use of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. GAAP, the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the SEC: hotel operating costs excluding share-based compensation expenses; general and administrative expenses excluding share-based compensation expenses; selling and marketing expenses excluding share-based compensation expenses; adjusted income from operations excluding share-based compensation expenses; adjusted net income (loss) attributable to Huazhu Group Limited excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities; adjusted basic and diluted earnings per share/ADS excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities; EBITDA; adjusted EBITDA excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities; and adjusted EBITDA margin; adjusted net income (loss) attributable to Huazhu Group Limited excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities from Legacy-Huazhu; EBITDA from Legacy-Huazhu; adjusted EBITDA excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities from Legacy-Huazhu. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding Company performance by excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities that may not be indicative of Company operating performance. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing Company performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. A limitation of using non-GAAP financial measures excluding share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities is that share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities have been and will continue to be significant and recurring in the Company’s business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

The Company believes that EBITDA is a useful financial metric to assess the operating and financial performance before the impact of investing and financing transactions and income taxes, given the significant investments that the Company has made in leasehold improvements, depreciation and amortization expense that comprise a significant portion of the Company’s cost structure. In addition, the Company believes that EBITDA is widely used by other companies in the lodging industry and may be used by investors as a measure of financial performance. The Company believes that EBITDA information provides investors with a useful tool for comparability between periods because it eliminates depreciation and amortization expense attributable to capital expenditures. The Company also uses adjusted EBITDA, which is defined as EBITDA before share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities, to assess operating results of its hotels in operation. The Company believes that the exclusion of share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities helps facilitate year-on-year comparisons of the results of operations as the share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities may not be indicative of Company operating performance.

The Company believes that unrealized gains and losses from changes in fair value of equity securities are generally meaningless in understanding its reported results or evaluating its economic performance of its businesses. These gains and losses have caused and will continue to cause significant volatility in reported periodic earnings.

Therefore, the Company believes adjusted EBITDA more closely reflects the performance capability of hotels. The presentation of EBITDA and adjusted EBITDA should not be construed as an indication that the Company’s future results will be unaffected by other charges and gains considered to be outside the ordinary course of business.

The use of EBITDA and adjusted EBITDA has certain limitations. Depreciation and amortization expense for various long-term assets (including land use rights), income tax, interest expense and interest income have been and will be incurred and are not reflected in the presentation of EBITDA. Share-based compensation expenses and unrealized gains (losses) from fair value changes of equity securities have been and will be incurred and are not reflected in the presentation of adjusted EBITDA. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of the depreciation and amortization, interest income, interest expense, income tax expense, share-based compensation expenses, and unrealized gains (losses) from fair value changes of equity securities and other relevant items both in the reconciliations to the U.S. GAAP financial measures and in the consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

The terms EBITDA and adjusted EBITDA are not defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is a measure of net income, operating income, operating performance or liquidity presented in accordance with U.S. GAAP. When assessing the operating and financial performance, investors should not consider these data in isolation or as a substitute for the Company’s net income, operating income or any other operating performance measure that is calculated in accordance with U.S. GAAP. In addition, the Company’s EBITDA or adjusted EBITDA may not be comparable to EBITDA or adjusted EBITDA or similarly titled measures utilized by other companies since such other companies may not calculate EBITDA or adjusted EBITDA in the same manner as the Company does.

Reconciliations of the Company’s non-GAAP financial measures, including EBITDA and adjusted EBITDA, to the consolidated statement of operations information are included at the end of this press release.

About Huazhu Group Limited

Originated in China, Huazhu Group Limited is a world-leading hotel group. As of March 31, 2021, Huazhu operated 6,881 hotels with 662,512 rooms in operation in 16 countries. Huazhu’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, and Ni Hao Hotel. Upon the completion of the acquisition of DH on January 2, 2020, Huazhu added five brands to its portfolio, including Steigenberger Hotels & Resorts, MAXX by Steigenberger, Jaz in the City, IntercityHotel and Zleep Hotels. In addition, Huazhu also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.

Huazhu’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, Huazhu directly operates hotels typically located on leased or owned properties. Under the manachise model, Huazhu manages manachised hotels through the on-site hotel managers that Huazhu appoints, and Huazhu collects fees from franchisees. Under the franchise model, Huazhu provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. Huazhu applies a consistent standard and platform across all of its hotels. As of March 31, 2021, Huazhu operates 16 percent of its hotel rooms under lease and ownership model, and 84 percent under manachise and franchise models.

For more information, please visit Huazhu’s website: http://ir.huazhu.com.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties. Such factors and risks include our anticipated growth strategies; our future results of operations and financial condition; economic conditions; the regulatory environment; our ability to attract and retain customers and leverage our brands; trends and competition in the lodging industry; the expected growth of demand for lodging; and other factors and risks detailed in our filings with the U.S. Securities and Exchange Commission. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements, which may be identified by terminology such as “may,” “should,” “will,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “forecast,” “project” or “continue,” the negative of such terms or other comparable terminology. Readers should not rely on forward-looking statements as predictions of future events or results.

Huazhu undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

—Financial Tables and Operational Data Follow—

Huazhu Group Limited

Unaudited Condensed Consolidated Balance Sheets

December 31, 2020 March 31, 2021

RMB RMB

US$

(in millions)

ASSETS

Current assets:

Cash and cash equivalents 7,026 5,745 877

Restricted cash 64 58 9

Short-term investments measured at fair value 3,903 2,972 454

Accounts receivable, net 404 426 65

Loan receivables, net 304 287 44

Amounts due from related parties 178 163 25

Inventories 89 86 13

Other current assets, net 914 851 129

Total current assets 12,882 10,588 1,616

Property and equipment, net 6,682 6,659 1,016

Intangible assets, net 5,945 5,770 881

Operating lease right-of-use assets 28,980 28,631 4,369

Finance lease right-of-use assets 2,041 1,940 296

Land use rights, net 213 211 32

Long-term investments 1,923 1,932 295

Goodwill 4,988 4,900 748

Loan receivables, net 135 115 18

Other assets, net 743 748 114

Deferred tax assets 623 711 109

Total assets 65,155 62,205 9,494

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt 1,142 921 140

Accounts payable 1,241 901 137

Amounts due to related parties 132 119 18

Salary and welfare payables 526 403 61

Deferred revenue 1,272 1,310 200

Operating lease liabilities, current 3,406 3,362 515

Finance lease liabilities, current 31 33 5

Accrued expenses and other current liabilities 2,440 1,905 291

Income tax payable 339 222 34

Total current liabilities 10,529 9,176 1,401

Long-term debt 10,856 10,043 1,533

Operating lease liabilities, noncurrent 27,048 26,703 4,076

Finance lease liabilities, noncurrent 2,497 2,388 364

Deferred revenue 662 663 101

Other long-term liabilities 771 791 120

Deferred tax liabilities 1,181 1,124 172

Retirement benefit obligations 179 172 26

Total liabilities 53,723 51,060 7,793

Equity:

Ordinary shares 0 0 0

Treasury shares (107 ) (107 ) (16 )

Additional paid-in capital 9,808 9,841 1,502

Retained earnings 1,502 1,254 191

Accumulated other comprehensive income (loss) 127 72 11

Total Huazhu Group Limited shareholders’ equity 11,330 11,060 1,688

Noncontrolling interest 102 85 13

Total equity 11,432 11,145 1,701

Total liabilities and equity 65,155 62,205 9,494

Huazhu Group Limited

Unaudited Condensed Consolidated Statements of Comprehensive Income

Quarter Ended

March 31, 2020 December 31, 2020 March 31, 2021

RMB RMB RMB US$

(in millions, except share, per share and per ADS data)

Revenues:

Leased and owned hotels 1,516 2,024 1,398 213

Manachised and franchised hotels 465 999 897 137

Others 32 48 32 5

Net revenues 2,013 3,071 2,327 355

Operating costs and expenses:

Hotel operating costs:

Rents (866 ) (929 ) (945 ) (144 )

Utilities (132 ) (120 ) (140 ) (21 )

Personnel costs (643 ) (738 ) (630 ) (96 )

Depreciation and amortization (311 ) (348 ) (340 ) (52 )

Consumables, food and beverage (191 ) (257 ) (180 ) (27 )

Others (234 ) (356 ) (228 ) (35 )

Total hotel operating costs (2,377 ) (2,748 ) (2,463 ) (375 )

Other operating costs (8 ) (22 ) (12 ) (2 )

Selling and marketing expenses (146 ) (181 ) (107 ) (16 )

General and administrative expenses (316 ) (336 ) (328 ) (50 )

Pre-opening expenses (111 ) (36 ) (21 ) (3 )

Total operating costs and expenses (2,958 ) (3,323 ) (2,931 ) (446 )

Other operating income (expense), net 88 118 29 4

Income (Losses) from operations (857 ) (134 ) (575 ) (87 )

Interest income 29 33 22 3

Interest expense (137 ) (118 ) (110 ) (17 )

Other (expense) income, net (102 ) (8 ) 262 39

Unrealized gains (losses) from fair value changes of equity securities (1,003 ) 733 238 37

Foreign exchange gain (loss) (58 ) 151 (197 ) (30 )

Income (Loss) before income taxes (2,128 ) 657 (360 ) (55 )

Income tax (expense) benefit 30 66 122 19

Gain (Loss) from equity method investments (60 ) (11 ) (20 ) (3 )

Net income (loss) (2,158 ) 712 (258 ) (39 )

Net (income) loss attributable to noncontrolling interest 23 (9 ) 10 1

Net income (loss) attributable to Huazhu Group Limited (2,135 ) 703 (248 ) (38 )

Other comprehensive income

Gain arising from defined benefit plan, net of tax 3 (27 ) – –

Foreign currency translation adjustments, net of tax (67 ) (8 ) (55 ) (8 )

Comprehensive income (loss) (2,222 ) 677 (313 ) (47 )

Comprehensive (income) loss attributable to noncontrolling interest 23 (9 ) 10 1

Comprehensive income (loss) attributable to Huazhu Group Limited (2,199 ) 668 (303 ) (46 )

Earnings (Losses) per share/ADS:

Basic (7.46 ) 2.27 (0.80 ) (0.12 )

Diluted (7.46 ) 2.16 (0.80 ) (0.12 )

Weighted average number of shares used in computation:

Basic 286,013,704 309,752,462 310,943,247 310,943,247

Diluted 286,013,704 326,326,640 310,943,247 310,943,247

Huazhu Group Limited

Unaudited Condensed Consolidated Statements of Cash Flows

Quarter Ended

March 31, 2020 December 31, 2020 March 31, 2021

RMB RMB RMB US$

(in millions)

Operating activities:

Net income (loss) (2,158 ) 712 (258 ) (39 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Share-based compensation 29 22 35 5

Depreciation and amortization, and other 336 384 366 56

Impairment loss 102 138 – –

Loss from equity method investments, net of dividends 60 38 20 3

Investment (income) loss 1,088 (881 ) (264 ) (40 )

Changes in operating assets and liabilities (1,275 ) 380 (717 ) (109 )

Other 472 (489 ) (139 ) (23 )

Net cash provided by (used in) operating activities (1,346 ) 304 (957 ) (147 )

Investing activities:

Capital expenditures (484 ) (501 ) (550 ) (84 )

Acquisitions, net of cash received (5,056 ) (1 ) – –

Purchase of investments – (71 ) (35 ) (5 )

Proceeds from maturity/sale of investments 336 12 1,256 192

Loan advances (58 ) (15 ) (22 ) (3 )

Loan collections 24 60 63 10

Other 3 1 2 0

Net cash provided by (used in) investing activities (5,235 ) (515 ) 714 110

Financing activities:

Net proceeds from issuance of ordinary shares upon exercise of options 0 774 1 0

Proceeds from debt 836 311 1,519 232

Repayment of debt (4,023 ) (1,410 ) (2,472 ) (377 )

Dividend paid (677 ) – – –

Other (29 ) (85 ) (48 ) (7 )

Net cash provided by (used in) financing activities (3,893 ) (410 ) (1,000 ) (152 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash (50 ) (189 ) (44 ) (7 )

Net increase (decrease) in cash, cash equivalents and restricted cash (10,524 ) (810 ) (1,287 ) (196 )

Cash, cash equivalents and restricted cash at the beginning of the period 13,999 7,900 7,090 1,082

Cash, cash equivalents and restricted cash at the end of the period 3,475 7,090 5,803 886

Huazhu Group Limited

Unaudited Reconciliation of GAAP and Non-GAAP Results

Quarter Ended March 31, 2021

GAAP Result % of Net
Revenues Share-based Compensation % of Net
Revenues Non-GAAP
Result % of Net
Revenues

RMB RMB RMB

(in millions)

Hotel operating costs 2,463 105.8 % 10 0.4 % 2,453 105.4 %

Other operating costs 12 0.5 % – 0.0 % 12 0.5 %

Selling and marketing expenses 107 4.6 % 1 0.0 % 106 4.6 %

General and administrative expenses 328 14.1 % 24 1.0 % 304 13.1 %

Pre-opening expenses 21 0.9 % – 0.0 % 21 0.9 %

Total operating costs and expenses 2,931 125.9 % 35 1.4 % 2,896 124.5 %

Income (Loss) from operations (575 ) -24.7 % 35 1.4 % (540 ) -23.3 %

Quarter Ended March 31, 2021

GAAP Result % of Net
Revenues Share-based Compensation % of Net
Revenues Non-GAAP
Result % of Net
Revenues

US$ US$ US$

(in millions)

Hotel operating costs 375 105.8 % 2 0.4 % 373 105.4 %

Other operating costs 2 0.5 % – 0.0 % 2 0.5 %

Selling and marketing expenses 16 4.6 % 0 0.0 % 16 4.6 %

General and administrative expenses 50 14.1 % 3 1.0 % 47 13.1 %

Pre-opening expenses 3 0.9 % – 0.0 % 3 0.9 %

Total operating costs and expenses 446 125.9 % 5 1.4 % 441 124.5 %

Income (Loss) from operations (87 ) -24.7 % 5 1.4 % (82 ) -23.3 %

Quarter Ended December 31, 2020

GAAP Result % of Net
Revenues Share-based Compensation % of Net
Revenues Non-GAAP
Result % of Net
Revenues

RMB RMB RMB

(in millions)

Hotel operating costs 2,748 89.5 % 10 0.3 % 2,738 89.2 %

Other operating costs 22 0.7 % – 0.0 % 22 0.7 %

Selling and marketing expenses 181 5.9 % 1 0.0 % 180 5.9 %

General and administrative expenses 336 10.9 % 11 0.4 % 325 10.5 %

Pre-opening expenses 36 1.2 % – 0.0 % 36 1.2 %

Total operating costs and expenses 3,323 108.2 % 22 0.7 % 3,301 107.5 %

Income (Loss) from operations (134 ) -4.4 % 22 0.7 % (112 ) -3.7 %

Quarter Ended March 31, 2020

GAAP Result % of Net
Revenues Share-based Compensation % of Net
Revenues Non-GAAP
Result % of Net
Revenues

RMB RMB RMB

(in millions)

Hotel operating costs 2,377 118.1 % 10 0.5 % 2,367 117.6 %

Other operating costs 8 0.4 % – 0.0 % 8 0.4 %

Selling and marketing expenses 146 7.3 % 1 0.0 % 145 7.3 %

General and administrative expenses 316 15.7 % 18 0.9 % 298 14.8 %

Pre-opening expenses 111 5.5 % – 0.0 % 111 5.5 %

Total operating costs and expenses 2,958 147.0 % 29 1.4 % 2,929 145.6 %

Income (Loss) from operations (857 ) -42.6 % 29 1.4 % (828 ) -41.2 %

Huazhu Group Limited

Unaudited Reconciliation of GAAP and Non-GAAP Results

Quarter Ended

March 31, 2020 December 31, 2020 March 31, 2021

RMB RMB RMB US$

(in millions, except shares, per share and per ADS data)

Net income (loss) attributable to Huazhu Group Limited (GAAP) (2,135 ) 703 (248 ) (38 )

Share-based compensation expenses 29 22 35 5

Unrealized (gains) losses from fair value changes of equity securities 1,003 (733 ) (238 ) (37 )

Adjusted net income (loss) attributable to Huazhu Group Limited (non-GAAP) (1,103 ) (8 ) (451 ) (70 )

Adjusted earnings (losses) per share/ADS (non-GAAP)

Basic (3.85 ) (0.02 ) (1.45 ) (0.22 )

Diluted (3.85 ) (0.02 ) (1.45 ) (0.22 )

Weighted average number of shares used in computation

Basic 286,013,704 309,752,462 310,943,247 310,943,247

Diluted 286,013,704 309,752,462 310,943,247 310,943,247

Quarter Ended

March 31, 2020 December 31, 2020 March 31, 2021

RMB RMB RMB US$

(in millions, except per share and per ADS data)

Net income (loss) attributable to Huazhu Group Limited (GAAP) (2,135 ) 703 (248 ) (38 )

Interest income (29 ) (33 ) (22 ) (3 )

Interest expense 137 118 110 17

Income tax expense (benefit) (30 ) (66 ) (122 ) (19 )

Depreciation and amortization 321 364 352 54

EBITDA (non-GAAP) (1,736 ) 1,086 70 11

Share-based compensation 29 22 35 5

Unrealized (gains) losses from fair value changes of equity securities 1,003 (733 ) (238 ) (37 )

Adjusted EBITDA (non-GAAP) (704 ) 375 (133 ) (21 )

Operating Results: Legacy-Huazhu

⁽
¹⁾

　 Number of hotels 　 Number of rooms

　 Opened

in Q1 2021
Closed
⁽²⁾

in Q1 2021
Net added

in Q1 2021
As of

March 31, 2021
⁽³⁾
　 As of

March 31, 2021

　　

Leased and owned hotels 2 (19 ) (17 ) 664 89,901

Manachised and franchised hotels 207 (98 ) 109 6,097 548,718

Total 209 (117 ) 92 6,761 638,619

(1)
Legacy-Huazhu refers to Huazhu and its subsidiaries, excluding DH.

(2)
The reasons for hotel closures mainly include non-compliance with our brand standards, operating losses, and property-related issues. In Q1 2021, we temporarily closed 16 hotels for brand upgrade and business model change purposes.

(3)
As of March 31, 2021, 43 hotels were requisitioned by governmental authorities.

　 As of March 31, 2021

　 Number of hotels Unopened hotels in pipeline

Economy hotels 4,383 1,269

Leased and owned hotels 422 5

Manachised and franchised hotels 3,961 1,264

Midscale and upscale hotels 2,378 1,339

Leased and owned hotels 242 14

Manachised and franchised hotels 2,136 1,325

Total 6,761 2,608

Operational hotels excluding hotels under requisition

　 For the quarter ended 　

　 March 31, December 31, March 31, yoy

　 2020 2020 2021 change

Average daily room rate (in RMB) 　　　

Leased and owned hotels 211 272 243 15.6 %

Manachised and franchised hotels 184 224 203 10.2 %

Blended 189 231 209 10.6 %

Occupancy rate (as a percentage) 　　　

Leased and owned hotels 43.8 % 79.6 % 64.0 % 20.2 p.p.

Manachised and franchised hotels 47.4 % 80.8 % 66.6 % 19.2 p.p.

Blended 46.7 % 80.6 % 66.2 % 19.5 p.p.

RevPAR (in RMB) 　　　　

Leased and owned hotels 92 217 156 68.9 %

Manachised and franchised hotels 87 181 135 54.9 %

Blended 88 186 138 56.7 %

　 For the quarter ended

　 March 31, March 31, yoy

　 2019 2021 change

Average daily room rate (in RMB) 　　

Leased and owned hotels 258 243 -5.6 %

Manachised and franchised hotels 211 203 -3.9 %

Blended 221 209 -5.6 %

Occupancy rate (as a percentage) 　　

Leased and owned hotels 83.6 % 64.0 % -19.6 p.p.

Manachised and franchised hotels 79.8 % 66.6 % -13.3p p.p.

Blended 80.6 % 66.2 % -14.4p p.p.

RevPAR (in RMB) 　　　

Leased and owned hotels 216 156 -27.8 %

Manachised and franchised hotels 169 135 -19.9 %

Blended 178 138 -22.5 %

Same-hotel operational data by class

Mature hotels in operation for more than 18 months (excluding hotels under requisition)

Number of hotels Same-hotel RevPAR Same-hotel ADR Same-hotel Occupancy

As of

For the quarter yoy For the quarter yoy For the quarter

yoy

March 31, ended

March 31, change ended

March 31, change ended

March 31, change

2020 2021 2020 2021 2020 2021 2020 2021 (p.p.)

Economy hotels 2,832 2,832 80 113 42.1 % 153 160 4.9 % 52.0 % 70.5 % 18.4

Leased and owned hotels 417 417 79 120 50.8 % 164 175 7.3 % 48.5 % 68.2 % 19.7

Manachised and franchised hotels 2,415 2,415 80 111 40.0 % 150 157 4.4 % 53.0 % 71.0 % 18.1

Midscale and upscale hotels 1,377 1,377 111 176 58.2 % 260 278 7.0 % 42.7 % 63.1 % 20.4

Leased and owned hotels 198 198 113 191 68.6 % 297 326 9.5 % 38.1 % 58.7 % 20.6

Manachised and franchised hotels 1,179 1,179 110 172 55.6 % 251 268 6.6 % 44.0 % 64.2 % 20.2

Total 4,209 4,209 92 138 50.2 % 190 204 7.6 % 48.4 % 67.5 % 19.2

Number of hotels Same-hotel RevPAR Same-hotel ADR Same-hotel Occupancy

As of

For the quarter yoy For the quarter yoy For the quarter

yoy

March 31, ended

March 31, change ended

March 31, change ended

March 31, change

2019 2021 2019 2021 2019 2021 2019 2021 (p.p.)

Economy hotels 2,290 2,290 158 110 -30.0 % 181 158 -12.7 % 87.1 % 69.8 % -17.3

Leased and owned hotels 396 396 175 117 -33.1 % 199 173 -13.1 % 88.1 % 67.9 % -20.2

Manachised and franchised hotels 1,894 1,894 153 109 -29.1 % 176 154 -12.4 % 86.9 % 70.4 % -16.5

Midscale and upscale hotels 842 842 248 174 -30.0 % 321 279 -13.0 % 77.2 % 62.2 % -15.0

Leased and owned hotels 173 173 302 189 -37.4 % 381 319 -16.4 % 79.1 % 59.2 % -19.9

Manachised and franchised hotels 669 669 229 168 -26.5 % 299 266 -11.0 % 76.5 % 63.2 % -13.3

Total 3,132 3,132 187 131 -29.9 % 224 195 -12.6 % 83.9 % 67.3 % -16.6

Operating Results: Legacy-DH

⁽
⁴⁾

　 Number of hotels 　 Number of
rooms 　 Unopened hotels
in pipeline

　 Opened

in Q1 2021
Closed

in Q1 2021
Net added

in Q1 2021
As of

March 31, 2021
⁽⁵⁾
　

　
As of

March 31, 2021
　

　
As of

March 31, 2021

　

Leased hotels 1 – 1 73 13,527 27

Manachised and franchised hotels – (1 ) (1 ) 47 10,366 14

Total 1 (1 ) – 120 23,893 41

(4)
Legacy-DH refers to DH.

(5)
As of March 31, 2021, a total of 20 DH brand hotels were temporarily closed due to COVID-19.

For the quarter ended 　

March 31, December 31, March 31, yoy

　 2020 2020 2021 change

Average daily room rate (in EUR) 　　　　

Leased hotels 96.8 78.4 77.9 -19.6 %

Manachised and franchised hotels 79.5 73.3 59.0 -25.8 %

Blended 89.3 76.3 68.5 -23.3 %

Occupancy rate (as a percentage) 　　　　

Leased hotels 52.6 % 20.9 % 14.6 % -38.0p.p.

Managed and franchised hotels 50.4 % 25.4 % 26.5 % -24.0p.p.

Blended 51.7 % 22.5 % 18.8 % -32.8p.p.

RevPAR (in EUR) 　　　　

Leased hotels 51.0 16.4 11.4 -77.7 %

Managed and franchised hotels 40.1 18.6 15.6 -61.0 %

Blended 46.1 17.2 12.9 -72.1 %

Hotel Portfolio by Brand

As of March 31, 2021

　 Hotels Rooms Unopened hotels

　 in operation in pipeline

Economy hotels 4,397 363,494 1,280

HanTing Hotel 2,767 255,385 659

Hi Inn 436 25,228 99

Elan Hotel⁽⁶⁾ 972 59,319 468

Ibis Hotel 208 21,901 43

Zleep Hotels 14 1,661 11

Midscale and upscale hotels 2,484 299,018 1,369

Ibis Styles Hotel 70 8,119 26

Starway Hotel 453 38,110 272

JI Hotel 1,137 139,943 577

Orange Hotel 345 38,537 181

Crystal Orange Hotel 121 16,240 69

Manxin Hotel 63 6,155 54

Madison Hotel 25 3,850 43

Mercure Hotel 108 17,846 64

Novotel Hotel 12 3,387 14

Joya Hotel 10 1,842 0

Blossom House 27 1,272 26

Grand Mercure Hotel 7 1,485 6

Steigenberger Hotels & Resorts 49 11,574 9

IntercityHotel⁽⁷⁾ 45 7,931 21

MAXX by Steigenberger⁽⁸⁾ 5 777 4

Jaz in the City 2 424 2

Other partner hotels 5 1,526 1

Total 6,881 662,512 2,649

(6)
As of March 31, 2021, 9 Ni Hao Hotels were included in the operational hotel total for Elan Hotels and 96 Ni Hao hotels were included in the pipeline total for Elan Hotels.

(7)
As of March 31, 2021, 4 pipeline hotels of IntercityHotel were in China.

(8)
As of March 31, 2021, 3 pipeline hotels of MAXX by Steigenberger were in China.

_____________________________
1 Hotel turnover refers to total transaction value of room and non-room revenues from Huazhu hotels (i.e., leased and operated, manachised and franchised hotels).
2 The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.5518 on March 31, 2021 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
3 Legacy-Huazhu refers to Huazhu and its subsidiaries, excluding DH.
4 Legacy-DH refers to DH.

Contact Information
Investor Relations
Tel: +86 (21) 6195 9561
Email: [email protected]
http://ir.huazhu.com

Posted on May 25, 2021 7:34 am
$414 Billion in Profits can be Gained by Using Cloud for Business Growth: Infosys Research

PR Newswire

– Improving speed to market and the ability to discover new revenue streams through cloud can increase profit growth by up to 11.2 percent YoY


– But to realize these financial gains, at least 60 percent of systems need to be in the cloud

BENGALURU, India, May 25, 2021/PRNewswire/ — Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, today unveiled the Infosys Cloud Radar 2021 which has revealed the links between enterprise cloud usage and business growth. The independent study shows that enterprises in the 6 regions surveyed can add up to $414 billion in net new profits, annually, through effective cloud adoption.

The Cloud Radar 2021 survey was conducted by the Infosys Knowledge Institute (IKI), a research arm of Infosys, with over 2,500 respondents from companies across U.S., U.K., France, Germany, Australia, and New Zealand. It covered a range of business performance goals related to cloud and found specific links to competencies such as speed to market and capabilities. A strong profit link was identified when using cloud to rapidly bring new solutions and services to market. These investments provide a foundation to leverage AI & automation and build cloud based new sources of revenue.

The study found specific links between business profit growth and the use of cloud to rapidly develop and launch new solutions and bring new functionality to market. Cloud’s ability to generate new value from data and discover new revenue sources also links to profit growth.

Specifically, these benefits are derived from business’ ability to accelerate time to market, enhance business capabilities and build a competitive edge. The study found that the highest performing businesses had annual profits growth that correlated with using cloud in six ways.

   Speed up how they develop and launch new solutions

   Add new functions to software in use

   Expand processing capacity

   Foster collaboration

   Unlock value from data via AI

   Discover new revenue sources.

Superior Cloud performance requires high levels of adoption and orchestration

Cloud-fueled profit boosts can be attained by companies in any region or industry. However, they only kick in when businesses have at least 60 percent of their systems in the cloud. To benefit from AI on cloud, the bar is even higher. Businesses must have at least 80 percent of their business functions – such as cross domain business applications – in the cloud for AI to boost profit growth.

Our research describes four distinct performance cohorts – minimally effective, effective, highly effective, and exceptional. Businesses can benchmark themselves against each cohort by exploring the cloud radar digital experience and learn how to improve their cloud strategy and performance.

Exceptional performers

(16 percent) use a larger mix of cloud service providers and more frequently employ hybrid cloud arrangements.

Highly effective performers

(19 percent) have shifted nearly as many business functions to the cloud as exceptional performers. They are motivated to use cloud for accelerating deployment of new solutions and services.

Effective performers

(33 percent) have rapidly shifted business functions to cloud but started with fewer business functions in cloud two years ago. This cohort is more focused on cloud for cost savings than better-performing peers.

Minimally effective performers

(32 percent) are least likely to use public cloud and have the least certainty in estimating cloud expenditures.

Despite acceleration in cloud adoption, only a fraction of large companies reached the highest level of performance and adoption. The Cloud Radar study found that nearly 1 out of 6 companies achieved exceptional cloud performance. In cloud adoption terms, fewer than one in five have crossed the 60 percent threshold to reap the profit benefits. By 2022, more than 40 percent of enterprises surveyed plan to shift over 60 percent of systems into the cloud, from 17 percent today.

Companies delivering exceptional performance in the cloud show a strong motivation to use cloud for business growth, namely, increasing speed to market, adding capabilities, and increasing scale. These exceptional performers also demonstrated greater confidence in terms of cloud spending and were more likely to engage with three or more cloud service providers, giving them the capability to place workloads optimally. They also more frequently utilize a hybrid multi-cloud arrangement – combining the best features of private and public cloud.

Ravi Kumar S., President, Infosys

said, “Effectively leveraging cloud is a transformational pillar in digital journeys. Where early cloud ,was a tool for allowing companies to rapidly scale, modern cloud allows companies to rapidly innovate. Today’s cloud creates a network effect across processes, data, content, experience and more. This network effect keeps enterprises relevant in a rapidly changing new digital age. The findings from the Infosys Cloud Radar 2021 comprehensively show that growth and profitability can be correlated to superior enterprise cloud adoption and orchestration.”

Explore the Infosys Cloud Radar 2021 Digital Experience

here

To know more about Infosys Cloud Radar 2021, please visit our website

here

View a short video on
the Infosys Cloud Radar 2021 study

here

Methodology

Infosys commissioned independent market research company Feedback Business Consulting to undertake a study to understand:

Enterprise progress to the cloud

Performance of business tasks in the cloud

Motivations, goals, and concerns in the cloud

Revenue and profit growth levels

A total of 2,500+ business executives were surveyed across the US, UK, France, Germany, Australia, and New Zealand. The respondents were senior executives representing both technology and business functions.

Based on their enterprise performance, progress and profitability, Infosys Knowledge Institute was able to distil performance competencies that are shared by companies with higher levels of profit growth. Other competencies, such as scale, security and resilience did not show direct or indirect links to year-over-year profit growth.

Find out more by visiting the Infosys Cloud Radar 2021 digital experience. For more information on how Infosys Cobalt is helping leading global companies improve speed to market and enable new revenue streams, please visit:

www.infosys.com/cobalt

About Infosys Ltd.

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

View original content:http://www.prnewswire.com/news-releases/414-billion-in-profits-can-be-gained-by-using-cloud-for-business-growth-infosys-research-301298665.html

SOURCE Infosys

Posted on May 25, 2021 7:34 am
Blockchain and NFT technology Applications to become New Growth Drivers for Glory Star

PR Newswire

BEIJING, May 25, 2021 /PRNewswire/ — Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading digital media platform and content-driven e-commerce company in China, today announced the commencement of the commercial applications of its blockchain and non-fungible token (“NFT”) technologies through its digital copyright management platform (the “Platform”). The Platform will allow Glory Star to further explore business opportunities in NFT assets as potential new growth drivers for the Company.

Interest in NFTs derived from blockchain technology is growing rapidly. According to the latest data from nonfungible.com, the value of the entire NFT market has grown from less than $41 million three years ago to $338 million at the end of 2020, representing an increase of 724%. Furthermore, with the development of the digital global economy, production, operation, consumption, entertainment, and lifestyles are rapidly undergoing a digital transformation. This has led to data becoming one of the most important assets in this new digital economy. Consequently, new challenges in data authentication and authorization have also become important issues to consider, and blockchain technology could play a significant role in alleviating these challenges.

Glory Star’s Platform has been put to use in the Company’s copyright management system for its CHEERS video platform as well as the SaaS, point-redemption, and live-event modules for its CHEERS e-Mall. The Company’s Platform leverages cutting-edge technologies such as blockchain, big data, and artificial intelligence to store the key data for digital intellectual property (“IP”) in a blockchain database. The immutability, traceability, scalability, and transparency of blockchain technology enables the Company’s database to verify the integrity and security of these assets through all registration, search, and other processes. This ensures the credibility of the digital IP and the traceability of user operations to ensure a trustworthy and authoritative copyright platform.

Furthermore, the Company’s Platform offers effective tools for users to streamline copyright validation, storage, protection, and other transactional processes for digital assets to safeguard against copyright infringement. It also provides effective solutions for industry challenges in copyright verification, monitoring, and evidence collection. The Platform also provides digital asset blockchain certificates to validate copyright, deploys a digital-asset DNA database for cross-checking information and generating verification reports to monitor copyright, and leverages blockchain technology to enable the collection of ownership data, confirm the digital asset’s ownership online, and execute copyright transactions to generate funds by trading asset-backed securities through the blockchain. As previously announced, the Company has signed a cooperation agreement with Beijing Minsheng Art Museum to promote the application of NFT technologies for digital content. Both parties plan to further explore the feasibility of minting joint NFT assets and participating in the trading of NFT artwork and other collectible digital assets. In addition, Glory Star will integrate a new category of cultural and art collectibles on the Company’s CHEERS e-Mall platform, which will provide a boost to the circulation and promotion of Chinese artwork and further improve the content ecology on CHEERS applications.

Mr. Bing Zhang, Founder and Chief Executive Officer of Glory Star, commented, “As an innovator in the entertainment industry, we have always actively monitored the digital development of culture, media, and technology with great interest. Our commitment to R&D and investment in new technology has always been critical to our strategy to integrate our product ecosystem with the new digital economy. We are confident that such efforts will enhance the competitiveness of our products and fortify our industry leadership. Going forward, new applications for blockchain technology will be an important focus for us to promote rapid growth not only for Glory Star but for the entire digital content industry as well.”

About Glory Star New Media Group Holdings Limited

Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company in China. Glory Star’s ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people’s lives. The Company’s large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.

Safe Harbor Statement

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Such forward-looking states include, but are not limited to, the Company’s ability to develop its online retail and SaaS industry value chains, expand its business relationship with existing clients and continue its business growth trajectory. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

Contacts

Glory Star New Media Group Holdings Limited
Yida Ye
Email: [email protected]

ICR LLC.
Robin Yang
Tel: +1 (646) 308-0546
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/blockchain-and-nft-technology-applications-to-become-new-growth-drivers-for-glory-star-301298472.html

SOURCE Glory Star New Media Group Holdings Limited

Posts pagination

Previous page Page 1 … Page 28,475 Page 28,476 Page 28,477 … Page 40,373 Next page