Market Newsdesk

WASHINGTON, May 18, 2021 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN) today announced the appointment of Raj Nagarajan as a Senior Managing Director in the firm’s Business Transformation practice.

Based in Dallas, Mr. Nagarajan brings over 20 years of experience in architecting and delivering successful transformations and performance improvement for clients. He has worked with clients extensively in the process industries (oil & gas, chemicals/derivatives), industrial products and consumer goods, and his expertise extends to M&A transactions where he has delivered pre-deal operations due diligence and post-deal synergy realizations.

Mr. Nagarajan has deep experience in structural operating model transformations in manufacturing, procurement, supply chain and SG&A functions, while employing improvement levers such as strategic sourcing, shared services, outsourcing, organizational optimization and governance design.

“It is my pleasure to welcome Raj to the firm, as he will further enhance our ability to help clients navigate their most complex business transformation and performance challenges,” said Carlyn Taylor, Leader of the Business Transformation practice at FTI Consulting. “He brings a unique skillset that will enable us to better serve C-suites, boards and investors in transformational and transactional projects.”

Prior to joining FTI Consulting, Mr. Nagarajan spent 11 years at Deloitte, where he served Fortune 500 companies in the Americas, Europe and Africa by running enterprise programs with employee counts ranging from 5,000 to 30,000. Most recently, he served as Chief Transformation Advisor to a major food and beverage manufacturer and a large recreational retailer.

Commenting on his appointment, Mr. Nagarajan said, “I am excited to be part of FTI Consulting and continue my endeavors in helping boards, management and investors improve financial performance of their companies. The firm fosters a client-focused, results-driven culture, based on strong internal collaboration and expertise.”

Mr. Nagarajan’s arrival further solidifies FTI Consulting’s continued investment in the Business Transformation practice, exemplified most recently by the appointments of Omar Aguilar, Michele Booth and Sumeet Gupta as Senior Managing Directors.

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 6,400 employees located in 29 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $2.46 billion in revenues during fiscal year 2020. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn.

FTI Consulting, Inc.

555 12^th Street NW
Washington, DC 20004
+1.202.312.9100

Investor Contact:

Mollie Hawkes
+1.617.747.1791
[email protected]

Media Contact:

Matthew Bashalany
+1.617.897.1545
[email protected]

OCALA, Fla., May 18, 2021 (GLOBE NEWSWIRE) — AIM ImmunoTech Inc. (NYSE American: AIM) announces financial results for the first quarter ended March 31, 2021.   

• As of March 31, 2021, AIM had cash, cash equivalents and marketable securities of $63.6 million, compared to $54.4 million as of December 31, 2020.
• Research and development expenses for the three months ended March 31, 2021 were $1.4 million, compared to $0.9 million for the three months ended March 31, 2020.
• General and administrative expenses for the three months ended March 31, 2021 were $2.1 million, compared to $2.3 million for the three months ended March 31, 2020.
• The net loss from operations for the three months ended March 31, 2021 was $3.6 million, or $0.08 per share, compared to $3.8 million, or $0.22 per share, for the three months ended March 31, 2020.

“I’m extremely proud of the progress we have made throughout the first quarter,” commented Thomas K. Equels, CEO of AIM ImmunoTech. “We have established a strong foundation of pre-clinical and clinical data with respect to the development of therapeutics aimed to treat multiple types of cancers, immune disorders, and viral diseases, including COVID-19. With our solid financial standing, we intend to execute on our corporate strategy and aggressively move forward with our clinical programs that address critical unmet medical needs. We have reached many important milestones, are encouraged by the outlook for AIM and look forward to providing meaningful updates along the way.”

Please refer to the full 10-Q for complete details. Additionally, please refer to AIM’s most recent Company Presentation for updates on ongoing clinical studies.

About AIM ImmunoTech Inc.

AIM ImmunoTech Inc. is an immuno-pharma company focused on the research and development of
therapeutics to treat multiple types of cancers, immune disorders, and viral diseases, including COVID-19, the disease caused by the SARS-CoV-2 virus.

Investor Relations Contact:

Crescendo Communications, LLC
Phone: 212-671-1021
Email: [email protected]

AIM ImmunoTech Inc
Phone: 800-778-4042
Email: [email protected]

DENVER, May 18, 2021 (GLOBE NEWSWIRE) — Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) (“Mydecine” or the “Company’), an emerging biopharma and life sciences company committed to the research, development, and acceptance of alternative nature-sourced medicine for mainstream use, today reported its financial results for the first quarter ended March 31, 2021 and provided a business update.

“Mydecine accomplished a number of key milestones in the first quarter of 2021 which collectively advanced our mission to bring one of the most robust portfolios of nature-sourced psychedelic-assisted therapeutics to the forefront of the mental health industry,” stated Joshua Bartch, CEO of Mydecine. “Most notably, we achieved the first-ever international export of psilocybin mushrooms and solidified our clinical and commercial supply chain in order to advance our R&D. This supply advantage, combined with our API and LeadGens Lab partnerships, strategically advances our drug development and clinical trials, further positioning Mydecine to lead the next-generation of synthetic and naturally-derived psilocybin novel compounds. We are extremely pleased to have reached this critical point in our development and look forward to building upon these successes in the months ahead.”

Mr. Bartch added, “In addition to the key operational milestones achieved In the first quarter of 2021, we raised C$20 million, and I am pleased to report that Mydecine is well-funded to continue to strategically act on our growth strategy, including the advancement of our IP portfolio, build out of our clinical trial calendar, expansion of our European operations and development of our technology division.”

Business Highlights During and Subsequent to the First Quarter 2021

Enhanced Partner Relationships

• Entered into an exclusive partnership with Applied Pharmaceutical Innovation (API) at the University of Alberta, and further expanded capabilities that enable support of multiple drug development and clinical trial programs simultaneously.
• Partnered with LeadGen Labs, a custom synthesis and contract research organization, to support the Company’s novel psychedelic drug development efforts and considerably increase the number of novel molecules it can synthesize concurrently.

Secured Clinical and Commercial Supply of Psilocybin Mushrooms

• Completed the first-ever international export of psilocybin mushrooms from a private mycology-focused research and cultivation facility in Jamaica.

Further Developed International Operational Footprint

• Michel Rudolphie, former Novartis Norway CEO and former CEO and President of Make-A-Wish International, joined the Company as President of European Operations to develop and lead strategy, business development and comprehensive success across Europe.
• Partnered with Principal Investigator Dr. David Erritzoe at Imperial College London (ICL) to conduct leading research in psychedelics, as well as the creation of novel collaborative pyschopharmacology/psychedelic research clinic between ICL and a major mental health NHS Trust in London.

Strengthened IP Portfolio

• Filed seven provisional patent applications with the United States Patent and Trademark Office (USPTO) in its efforts to discover valuable novel compounds in fungi for medicinal and pharmaceutical use.
• Filed provisional patent for Mindleap’s mental health technology with the USPTO and the Canadian Intellectual Property Office.

Improved Capital Markets Positioning

• Raised C$20 million through bought deal offerings.
• Migrated to the NEO Exchange and commenced trading on March 23, 2021.
• Submitted formal application to list on the NASDAQ Stock Exchange.

Financial Results for the First Quarter 2021

Net Loss: Net loss attributable to common stockholders was $5.2 million for the first quarter 2021, or a basic and diluted loss per share attributable to common stockholders of $0.03, as compared to a net loss attributable to common stockholders of $0.2 million for the first quarter 2020, or a basic and diluted loss per share attributable to common stockholders of $0.01.

Cash Position: As of March 31, 2021, the Company had cash and cash equivalents of $11.3 million.

About Mydecine Innovations Group

Mydecine Innovations Group™ (NEO:MYCO) (OTC:MYCOF) (FSE:0NFA) is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company’s world-renowned medical and scientific advisory board is building out a robust R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems. Mydecine has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import/export, cultivate, extract/isolate, and analyze active mushroom compounds with full government approval through Health Canada. Mydecine also operates out of a state-of-the-art mycology lab in Denver, CO to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms.

At the heart of Mydecine’s core philosophy is that psychedelic-assisted psychotherapy will continue to gain acceptance in the medical community with many of the world’s best accredited research organizations demonstrating its remarkable clinical effectiveness. Mydecine recognizes the responsibility associated with psychedelic-assisted therapy and will continue to position itself as a long-term leader across the spectrum of clinical trials, research, technology, and global supply. Mydecine has also successfully completed multiple acquisitions since its inception.

Learn more at: https://www.mydecine.com/ and follow us onFacebook,Twitter, andInstagram.

For more information, please contact:

Media Contacts

Anne Donohoe / Nick Opich
KCSA Strategic Communications
[email protected]
1-212-896-1265 / 1-212-896-1206

Investor Contacts

Charles Lee, Investor Relations
[email protected]
1-720-277-9879

Allison Soss / Erika Kay
KCSA Strategic Communications
[email protected]
1-212-896-1267

On behalf of the Board of Directors:
Joshua Bartch, Chief Executive Officer
[email protected]

For further information about Mydecine Innovations Group, Inc., please visit the Company’s profile on SEDAR at www.sedar.com or visit the Company’s website atwww.mydecine.com.

This news release contains forward-looking information within the meaning of Canadian securities laws regarding the Company and its business, which relate to future events or future performance and reflect management’s current expectations and assumptions. Often but not always, forward-looking information can be identified by the use of words such as “expect”, “intends”, “anticipated”, “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, without limitation, risks regarding the COVID-19 pandemic, the availability and continuity of financing, the ability of the Company to adequately protect and enforce its intellectual property, the Company’s ability to bring its products to commercial production, continued growth of the global adaptive pathway medicine, natural health products and digital health industries, and the risks presented by the highly regulated and competitive market concerning the development, production, sale and use of the Company’s products. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.

MYDECINE INNOVATIONS GROUP INC. (FORMERLY NEWLEAF BRANDS INC.)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(EXPRESSED IN CANADIAN DOLLARS)

As at,	March 31, 2021 $		December 31, 2020 (audited) $
Current assets
Cash	11,324,999		2,190,702
Rent receivable	45,351		27,746
Accounts receivable	9,593		–
Inventory	36,620		47,262
Sales tax receivable	17,711		13,734
Prepaids and deposits	3,982,350		216,003
Total current assets	15,416,624		2,495,447
Non-current assets
Intangible asset	155,617		–
Investment in joint venture	617,309		620,092
Investment in associate	4,304,874		4,481,988
Right-of-use asset	198,036		223,645
Investment properties	1,400,855		1,418,345
Property and equipment	405,961		291,614
Total assets	22,499,276		9,531,131
Current liabilities
Accounts payable and accrued liabilities	920,817		1,187,486
Convertible debentures	464,770		2,959,755
Derivative liabilities	1,440,368		1,586,744
Lease liability – current portion	71,760		69,329
Total current liabilities	2,897,715		5,803,314
Non-current liabilities
Long-term portion of lease liability	141,007		167,118
Total liabilities	3,038,722		5,970,432
Shareholders’ equity
Share capital	105,408,931		85,298,435
Contributed surplus	13,923,899		12,734,636
Equity portion of convertible debentures	35,107		254,690
Accumulated other comprehensive income	(468,601	)	(444,803	)
Deficit	(99,438,782	)	(94,282,259	)
Total shareholders’ equity	19,460,554		3,560,699
Total liabilities and shareholders’ equity	22,499,276		9,531,131

MYDECINE INNOVATIONS GROUP INC. (FORMERLY NEWLEAF BRANDS INC.)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(EXPRESSED IN CANADIAN DOLLARS)

For the three-month period ended,	March 31, 2021		March 30, 2020
Sales	16,012		4,575
Cost of goods sold	(10,128	)	(2,875	)
Gross margin	5,884		1,700
Expenses
Finance cost	95,737		248
Corporate development	1,998,027		4,978
Amortization	41,532		27,428
Consulting fees	1,023,921		4,270
Director and management fees	490,876		117,617
Foreign exchange loss	222,375		(127,964	)
Office and miscellaneous	84,220		13,813
Share of losses from investment in Joint Venture	2,783		–
Share of losses from investment in Associate	157,219		–
Professional fees	653,055		25,474
Regulatory and filing fees	165,636		2,057
Research and development	230,210		–
Share-based payments	–		174,028
Total expenses	(5,165,591	)	(241,949	)
Other income (expense)
Change in fair value of derivative liabilities	(27,656	)	–
Rental income	33,159		47,883
Loss on settlement of debt	(2,319	)	–
	3,184		47,883
Net loss for the period	(5,156,523	)	(192,366	)
Foreign currency translation adjustment	(23,798	)	–
Net loss and comprehensive loss for the period	(5,180,321	)	(192,366	)
Net loss per share – Basic and diluted	(0.03	)	(0.01	)
Weighted average number of shares outstanding – Basic and diluted	206,368,298		33,438,205

MISSISSAUGA, Ontario, May 18, 2021 (GLOBE NEWSWIRE) — An increase in e-commerce sales of up to27.6% in the last year is causing transportation and logistics (T&L) companies tremendous strain as they work to fulfill a surge in orders due to the global pandemic. To scale their businesses and deal with changing consumer and business behaviors, a new global research report by mobile and IoT management solutions provider, SOTI, found that 74% of T&L companies had already begun to invest in mobile technology, wearables and IoT solutions in 2020. A significant 80% plan to continue to invest in mobile technology throughout 2021.

The Mobilizing the Delivery Workforce: State of Mobility in T&L 2021 Report interviewed 550 IT decision-makers in the T&L industry across eight countries (U.S., Canada, Mexico, UK, Germany, France, Sweden and Australia), to understand the trends and solutions that are driving their organizations and how the pandemic affected operations.

Legacy Systems Not Integrated With New Investments Continue to Hinder Success and Result in Employees Losing Two Days of Work Per Month Due to Mobile Device Downtime 

Despite this widespread investment in technology from T&L companies in 2020 and 2021, SOTI’s research indicated that this investment was not delivering the desired outcomes, with respondents suggesting that a lack of integration with existing systems is limiting productivity, creating siloed workflows and ultimately causing workers to lose valuable time when out in the field. 

The delay due to mobile device downtime has led to 98% of global employees losing valuable work hours. Nearly one-third (32%) state that the main cause of downtime that cause shipping delays is the lack of IT support to address mobile device downtime issues, and self-serve applications that allow drivers to diagnose and troubleshoot device issues independently while they are on the road. On average, organizations are losing 3.3 hours per employee each work week dealing with technical or system difficulties (device downtime), with a global average of 14 hours lost per employee per month.

Average Downtime Around the Globe Among T&L Companies (Per Employee):

Canada	17 hours per month
U.S.	15 hours per month
UK	15 hours per month
Germany	15 hours per month
Sweden	15 hours per month
France	12 hours per month
Mexico	11 hours per month

“The pandemic put a spotlight on the need for an integrated technology strategy,” said Shash Anand, VP of Product Strategy, SOTI. “While we are seeing a clear investment in technology from T&L companies, we are not seeing a cohesive strategy for the implementation of new tech to counteract the repercussions of the pandemic. It is crucial for T&L decision-makers to understand that by not taking these factors into account, their organizations are wasting time and leaving money and productivity on the table.”

Transportation and Logistics Companies Reliant on Pen and Paper Processes Making Errors

     
Once investments have been made, an even bigger cause of employee downtime is the lack of integration with existing systems. This creates inefficiencies, often causing employees to rely on paper-based processes, causing further inefficiencies and room for manual errors. The following examples were more frequently cited:

• 45% say staff are updating multiple systems manually 
• 31% say legacy tech is not fully integrated with new systems 
• 29% say that information is not shared across all systems used 

When asked about the issues causing downtime and delaying shipments, T&L employees cited the following:

• Updated information is not automatically shared across all the systems used (28%)
• There is a lack of staff training on the usage of technology (26%)  
• Systems are not upgraded frequently enough (24%)

“There is a clear disconnect from the technology that T&L companies recognize they need, to the seamless adoption into their existing infrastructure,” continued Anand. “With an integrated mobility and IoT management platform, T&L companies are not only able to increase speed, but also minimize costs and ensure transparency in the delivery channel..”

SOTI’s Mobilizing the Delivery Workforce: State of Mobility in T&L 2021 Report can be downloaded here.

Report Methodology

Commissioned by SOTI, Arlington Research, an independent market research agency, conducted 550 interviews using an online methodology among IT Managers, IT Directors, Senior Management and C-Suite (all disciplines) working in the T&L vertical across eight countries. All respondents are aged 18 and over and work in companies with 50 or more global employees. Fieldwork was conducted March 18 to 30, 2021. The 550 interviews were split across eight markets as follows: U.S., Canada, Mexico, UK, Germany, France, Sweden and Australia.

About SOTI

SOTI is the world’s most trusted provider of mobile and IoT management solutions, with more than 17,000 enterprise customers and millions of devices managed worldwide. SOTI’s innovative portfolio of solutions and services provide the tools organizations need to truly mobilize their operations and optimize their mobility investments. SOTI extends secure mobility management to provide an integrated solution to manage and secure all mobile devices and connected peripherals in an organization.

For media enquiries, please contact:

SOTI Media Relations
[email protected]
1 (519) 998-1966

BEIJING, May 18, 2021 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC), a leading independent cloud service provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights

• Total revenues were RMB1,813.5 million (US$¹276.8 million) in the first quarter of 2021, compared with RMB1,391.0 million in the first quarter of 2020. Having been increasing for five consecutive quarters, revenues from public cloud services were RMB1,391.8 million (US$212.4 million), compared with RMB1,208.5 million in the same period of 2020. Revenues from enterprise cloud services were RMB420.0 million (US$64.1 million), representing an increase of 131.3% from RMB181.6 million in the same period of 2020.
• Gross
  profit increased by 64.5% to RMB116.5 million (US$17.8 million) from RMB70.8 million in the same period of 2020. Gross margin was 6.4%, increased from 5.1% in the same period of 2020.
• Non-GAAP gross profit
  ²
  , increased by 64.4% to RMB122.0 million (US$18.6 million) from RMB74.2 million in the same period of 2020. Non-GAAP gross margin was 6.7%, increased from 5.3% non-GAAP gross margin in the same period of 2020.

Mr. Yulin Wang, Chief Executive Officer of Kingsoft Cloud, commented, “In this quarter, we generated RMB1.81 billion in total revenues, among which public cloud and enterprise cloud accounted for RMB1.39 billion and RMB420.0 million, respectively. In addition to successfully executing our strategy of serving premium customers, we continued to improve our large-scale, highly stable and high-performance enterprise-level products and solutions that cater to growing demand across verticals including the internet, healthcare, financial services and public services sectors.

In April, we published both our first annual report and our first Environmental, Social and Governance (ESG) Report post our IPO. Even though it is not a mandatory disclosure requirement in the US, we took the initiatives to disclose our ESG progress in less than a year after we went public. This speaks to our commitment to integrate ESG practices into our day-to-day business operations, and to constantly improve the management of our business.”

___________________

¹ This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021 as certified for customs purposes by the Federal Reserve Bank of New York.
² Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See “Reconciliation of GAAP and Non-GAAP results” set forth at the end of this press release.

Mr. Henry He, Chief Financial Officer of Kingsoft Cloud added that, “We are pleased to see that our products and solutions continued to gain tractions among our customers. Our total revenues were RMB1.81 billion this quarter. Among that, revenues from public cloud services were RMB1.39 billion. Due to our high quality services and robust relations with our premium customers, revenues from public cloud services have been increasing for five consecutive quarters. Our enterprise cloud services revenues were RMB420.0 million, representing an increase of 131.3% year-over-year. We achieved record high quarterly adjusted gross profit of RMB122.0 million in first quarter. Our adjusted gross margin for this quarter increased from 4.9% last quarter to 6.7% this quarter. For the second quarter of 2021, we expect our total revenues to be between RMB2.13 billion and RMB2.23 billion, representing an accelerated year-over-year growth of 39% to 45%.”

First quarter 2021 Financial Results

Total Revenues reached RMB1,813.5 million (US$276.8 million), compared with RMB1,391.0 million in the same period of 2020. The increases were primarily due to the growth in both public cloud services and enterprise cloud services for our premium customers.

• Revenues from public cloud services were RMB1,391.8 million (US$212.4 million), compared with RMB1,208.5 million in the same period of 2020. Revenues from public cloud services have been increasing for five consecutive quarters.
• Revenues from enterprise cloud services were RMB420.0 million (US$64.1 million), representing an increase of 131.3% from RMB181.6 million in the same period of 2020.
• Other revenues were RMB1.7 million (US$0.3 million).

Cost of revenues was RMB1,697.0 million (US$259.0 million), representing an increase of 28.5% from RMB1,320.2 million in the same period of 2020, primarily attributable to increase in IDC costs and other costs. IDC costs increased by 21.0% to RMB1,113.2 million (US$169.9 million) from RMB920.2 million in the same period of 2020. The increase in IDC costs was in line with the Company’s expanding business and was partially offset by improved efficiency and utilization of bandwidth. Depreciation and amortization costs was RMB174.8 million (US$26.7 million), compared with RMB204.8 million in the same period of 2020.

Gross profit increased by 64.5% to RMB116.5 million (US$17.8 million), from RMB70.8 million in the same period in 2020. Gross margin was 6.4%, compared with 5.1% in the same period in 2020.

Non-GAAP gross profit increased by 64.4% to RMB122.0 million (US$18.6 million), from RMB74.2 million in the same period in 2020. Non-GAAP gross margin was 6.7%, compared with 5.3% in the same period in 2020. The increase was primarily due to our continued leverage on economies of scale, as well as the increasing margin contribution from enterprise cloud.

Selling and marketing expenses were RMB112.8 million (US$17.2 million), representing an increase of 28.2% from RMB88.0 million in the same period in 2020, mainly due to an increase in share-based compensation expenses and social insurance fees.

General and administrative expenses were RMB91.2 million (US$13.9 million), an increase of 20.0% from RMB76.0 million in the same period in 2020, mainly due to the increase in share-based compensation expenses, as well as the expenses for legal, accounting and other administrative and compliance affairs.

Research and development expenses were RMB264.6 million (US$40.4 million), an increase of 35.2% from RMB195.7 million in the same period in 2020, primarily due to the increase in share-based compensation expenses, salaries and social insurance fees.

Operating loss was RMB352.1 million (US$53.7 million), compared with RMB288.8 million in the same quarter of 2020.

Net loss was RMB382.2 million (US$58.3 million), compared with RMB331.6 million in the same quarter of 2020.

Non-GAAP net loss was RMB218.4 million (US$33.3 million), compared with RMB243.4 million in the same quarter of 2020.

Non-GAAP EBITDA was RMB-48.6 million (US$-7.4 million), compared with RMB-39.4 million in the same quarter of 2020. The decrease of Non-GAAP EBITDA was due to the increase of personnel expenses in terms of social insurance fees. Non-GAAP EBITDA margin was -2.7%, compared to -2.8% in the same quarter of 2020.

Basic and diluted net loss per share was RMB0.11 (US$0.02), compared with RMB0.39 in the same quarter of 2020.

Cash and cash equivalents and short-term investments were RMB5,455.8 million (US$832.7 million) as of March 31, 2021, compared to RMB6,117.7 million as of December 31, 2020.

Outstanding ordinary shares were 3,349,864,308 as of March 31, 2021, equivalent to about 223,324,287 ADSs

Business Outlook

For the second quarter of 2021, the Company expects total revenues to be between RMB2.13 billion and RMB2.23 billion, representing an accelerated year-over-year growth of 39% to 45%. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call


Information

The Company will hold a conference call on Tuesday, May 18, 2021, at 8:00 A.M. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day) to discuss the financial results.

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/7573216. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique registrant ID.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your registrant ID, and you will join the conference instantly.

A telephone replay of the call will be available after the conclusion of the conference call through 9:00 a.m. U.S. Eastern Time, May 26, 2021. The dial-in details for the replay are as follows:

International: +61-2-8199-0299
U.S. Toll Free: +1-855-452-5696
Mainland China Toll Free: 800-870-0206
Hong Kong Toll Free: 800-963-117
Conference ID: 7573216

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.ksyun.com/.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross (loss) profit, Non-GAAP gross margin, Non-GAAP EBITDA and Non-GAAP EBITDA margin, as supplemental measures to review and assess our operating performance. 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. We define Non-GAAP gross (loss) profit as gross (loss) profit excluding share- based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross (loss) profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation, foreign exchange (gain) loss, changes in fair value of financial instruments and other (income) expense, net. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB6.5518 to US$1.00, the noon buying rate in effect on March 31, 2021 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud’s ability to monetize the customer base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to Kingsoft Cloud’s business operations and the economy in China and elsewhere generally; China’s political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Kingsoft Cloud Holdings Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC) is a leading independent cloud service provider in China. Kingsoft Cloud has built a comprehensive and reliable cloud platform consisting of extensive cloud infrastructure, cutting-edge cloud products and well-architected industry-specific solutions across public cloud and enterprise cloud.

For more information, please visit: http://ir.ksyun.com.

For investor and media inquiries, please contact:

Kingsoft Cloud Holdings Limited Nicole Shan
Tel: +86 (10) 6292-7777 Ext. 6300
Email: [email protected]

Christensen In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp Phone: +1-480-614-3004
E-mail: [email protected]

 

KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands)
	Dec 31, 2020		Mar 31, 2021		Mar 31, 2021
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	3,424,674		2,793,448		426,363
Accounts receivable, net	2,334,871		2,760,187		421,287
Short-term investments	2,693,019		2,662,318		406,349
Prepayments and other assets	887,086		982,607		149,975
Amounts due from related parties	205,068		193,240		29,494
Total current assets	9,544,718		9,391,800		1,433,468
Non-current assets:
Property and equipment, net	1,956,790		1,945,060		296,874
Intangible assets, net	16,573		14,085		2,150
Prepayments and other assets	11,824		17,113		2,612
Equity investments	126,583		132,538		20,229
Goodwill	–		74,577		11,383
Amounts due from related parties	5,758		5,758		879
Operating lease right-of-use assets	266,968		279,142		42,605
Total non-current assets	2,384,496		2,468,273		376,732
Total assets	11,929,214		11,860,073		1,810,200
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	2,057,355		2,302,376		351,411
Accrued expenses and other liabilities	845,374		592,828		90,483
Short-term bank loans	278,488		377,788		57,662
Long-term bank loan, current portion	74,351		74,351		11,348
Income tax payable	20,564		23,820		3,636
Amounts due to related parties	112,998		116,345		17,758
Current operating lease liabilities	76,469		83,469		12,740
Total current liabilities	3,465,599		3,570,977		545,038
Non-current liabilities:
Deferred tax liabilities	29		–		–
Other liabilities	40,578		36,630		5,591
Non-current operating lease liabilities	182,958		200,928		30,668
Total non-current liabilities	223,565		237,558		36,259
Total liabilities	3,689,164		3,808,535		581,297
Shareholders’ equity:
Ordinary shares	22,801		22,868		3,490
Additional paid-in capital	14,149,984		14,277,201		2,179,126
Accumulated deficit	(5,864,356	)	(6,252,504	)	(954,319	)
Accumulated other comprehensive (loss) income	(68,440	)	2,333		356
Total Kingsoft Cloud Holdings Limited shareholders’ equity	8,239,989		8,049,898		1,228,653
Noncontrolling interests	61		1,640		250
Total equity	8,240,050		8,051,538		1,228,903
Total liabilities, mezzanine equity and shareholders’ equity	11,929,214		11,860,073		1,810,200

KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for share and per share data)
	Three Months Ended
	Mar 31, 2020		Dec 31, 2020		Mar 31, 2021		Mar 31, 2021
	RMB		RMB		RMB		US$
Revenues:
Public cloud services	1,208,514		1,361,505		1,391,833		212,435
Enterprise cloud services	181,587		535,920		420,032		64,109
Others	862		25,321		1,667		254
Total revenues	1,390,963		1,922,746		1,813,532		276,798
Cost of revenues	(1,320,192	)	(1,830,176	)	(1,697,029	)	(259,017	)
Gross profit	70,771		92,570		116,503		17,781
Operating expenses:
Selling and marketing expenses	(87,968	)	(114,666	)	(112,826	)	(17,221	)
General and administrative expenses	(75,977	)	(42,156	)	(91,177	)	(13,916	)
Research and development expenses	(195,650	)	(181,062	)	(264,636	)	(40,391	)
Total operating expenses	(359,595	)	(337,884	)	(468,639	)	(71,528	)
Operating loss	(288,824	)	(245,314	)	(352,136	)	(53,747	)
Interest income	10,095		21,672		17,746		2,709
Interest expense	(1,884	)	(1,838	)	(3,866	)	(590	)
Foreign exchange (loss) gain	(40,144	)	114,113		(48,375	)	(7,383	)
Changes in fair value of financial instruments	198		11,278		5,782		883
Other (expense) income, net	(5,259	)	(1,724	)	1,926		294
Loss before income taxes	(325,818	)	(101,813	)	(378,923	)	(57,834	)
Income tax expense	(5,829	)	(3,345	)	(3,286	)	(502	)
Net loss	(331,647	)	(105,158	)	(382,209	)	(58,336	)
Less: net (loss) income attributable to noncontrolling interests	(306	)	54		255		39
Net loss attributable to Kingsoft Cloud Holdings Limited	(331,341	)	(105,212	)	(382,464	)	(58,375	)
Accretion to redemption value of redeemable convertible preferred shares	(19,768	)	–		–		–
Net loss attributable to ordinary shareholders	(351,109	)	(105,212	)	(382,464	)	(58,375	)
Net loss per share:
Basic and diluted	(0.39	)	(0.03	)	(0.11	)	(0.02	)
Shares used in the net loss per share computation:
Basic and diluted	898,305,836		3,299,623,515		3,343,336,997		3,343,336,997
Other comprehensive income (loss), net of tax of nil:
Foreign currency translation adjustments	51,349		(327,654	)	70,773		10,802
Comprehensive loss	(280,298	)	(432,812	)	(311,436	)	(47,534	)
Less: Comprehensive (loss) income attributable to noncontrolling interests	(306	)	54		255		39
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders	(279,992	)	(432,866	)	(311,691	)	(47,573	)
Accretion to redemption value of redeemable convertible preferred shares	(19,768	)	–		–		–
Comprehensive loss attributable to ordinary shareholders	(299,760	)	(432,866	)	(311,691	)	(47,573	)

KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)
	Three Months Ended
	Mar 31, 2020	Dec 31, 2020	Mar 31, 2021	Mar 31, 2021
	RMB	RMB	RMB	US$
Gross profit	70,771	92,570	116,503	17,781
Adjustments:
– Share-based compensation expenses	3,426	2,321	5,499	839
Adjusted gross profit	74,197	94,891	122,002	18,620

KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)
	Three Months Ended
	Mar 31, 2020	Dec 31, 2020	Mar 31, 2021
Gross margin	5.1 %	4.8 %	6.4 %
Adjusted gross margin	5.3 %	4.9 %	6.7 %

KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)
	Three Months Ended
	Mar 31, 2020		Dec 31, 2020		Mar 31, 2021		Mar 31, 2021
	RMB		RMB		RMB		US$
Net Loss	(331,647	)	(105,158	)	(382,209	)	(58,336	)
Adjustments:
– Share-based compensation expenses	43,084		54,543		123,113		18,790
– Foreign exchange loss (gain)	40,144		(114,113	)	48,375		7,383
– Changes in fair value of financial instruments	(198	)	(11,278	)	(5,782	)	(883	)
– Other expense (income), net	5,259		1,724		(1,926	)	(294	)
Adjusted net loss	(243,358	)	(174,282	)	(218,429	)	(33,340	)
Adjustments:
– Interest income	(10,095	)	(21,672	)	(17,746	)	(2,709	)
– Interest expense	1,884		1,838		3,866		590
– Income tax expense	5,829		3,345		3,286		502
– Depreciation and amortization	206,362		173,250		180,466		27,544
Adjusted EBITDA	(39,378	)	(17,521	)	(48,557	)	(7,413	)

KINGSOFT CLOUD HOLDINGS LIMITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for percentage)
	Three Months Ended
	Mar 31, 2020	Dec 31, 2020	Mar 31, 2021
Net loss margin	-23.8%	-5.5%	-21.1%
Adjusted net loss margin	-17.5%	-9.1%	-12.0%
Adjusted EBITDA Margin	-2.8%	-0.9%	-2.7%

KINGSOFT CLOUD HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (All amounts in thousands)
	Three Months Ended
	Mar 31, 2020		Dec 31, 2020		Mar 31, 2021		Mar 31, 2021
	RMB		RMB		RMB		US$
Net cash generated from (used in) operating activities	93,887		(278,242	)	(497,151	)	(75,880	)
Net cash used in investing activities	(294,953	)	(308,729	)	(238,180	)	(36,353	)
Net cash generated from financing activities	138,900		208,211		98,854		15,088
Effect of exchange rate changes on cash and cash equivalents	8,775		(63,069	)	5,251		801
Net decrease in cash and cash equivalents	(62,166	)	(378,760	)	(636,477	)	(97,145	)
Cash and cash equivalents at beginning of period	2,023,263		3,866,503		3,424,674		522,707
Cash and cash equivalents at end of period	1,969,872		3,424,674		2,793,448		426,363

BOSTON, May 18, 2021 (GLOBE NEWSWIRE) — Flywire Corporation (“Flywire”) announced today that it plans to commence the roadshow for its proposed initial public offering of its common stock. Flywire is offering 8,700,000 shares of its common stock. The initial public offering price is expected to be between $22 and $24 per share. Flywire expects to grant the underwriters a 30-day option to purchase up to an additional 1,305,000 shares of its common stock. Flywire has applied to list its common stock on The Nasdaq Global Select Market under the ticker symbol “FLYW.”

Goldman Sachs & Co. LLC, J.P. Morgan, Citigroup and BofA Securities are acting as lead book-running managers for the proposed offering. Raymond James, RBC Capital Markets and William Blair are acting as book-running managers for the proposed offering. Guggenheim Securities, Nomura, AmeriVet Securities, Ramirez & Co., Inc., Siebert Williams Shank and Telsey Advisory Group are acting as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at [email protected]; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-800-831-9146 or by email at [email protected]; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department or by email at [email protected].

A registration statement relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Flywire

Flywire is a global payments enablement and software company. Flywire combines its proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for its clients and their customers.

Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

Flywire supports 2,250+ clients with diverse payment methods in more than 130 currencies across 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices.

Contacts

Investor Relations Contact:

ICR
[email protected]

Media Contacts:

Sarah King
[email protected] 

Prosek Partners
[email protected]