Market Newsdesk

December 2, 2020 4:13 pm

Elastic Reports Strong Second Quarter Fiscal 2021 Financial Results

Elastic Reports Strong Second Quarter Fiscal 2021 Financial Results

Q2 Revenue of $144.9 million, Up 43% year-over-year

Q2 SaaS Revenue of $37.4 million, Up 81% year-over-year

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Elastic (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch and the Elastic Stack, announced strong results for its second quarter of fiscal 2021 (ended October 31, 2020).

Second Quarter Fiscal 2021 Financial Highlights

Total revenue was $144.9 million, an increase of 43% year-over-year, or 40% on a constant currency basis
SaaS revenue was $37.4 million, an increase of 81% year-over-year, or 79% on a constant currency basis
Calculated billings was $177.7 million, an increase of 42% year-over-year, or 39% on a constant currency basis
Deferred revenue was $309.2 million, an increase of 54% year-over-year
GAAP operating loss was $28.4 million; GAAP operating margin was -20%
Non-GAAP operating loss was $1.7 million; non-GAAP operating margin was -1%
GAAP net loss per share was $0.34; non-GAAP net loss per share was $0.03
Operating cash flow was -$17.3 million with free cash flow of -$18.6 million
Cash and cash equivalents were $349.0 million as of October 31, 2020

“Elastic delivered excellent results in the second quarter,” said Shay Banon, founder and chief executive officer of Elastic. “We are innovating across our three solutions built on a single stack, expanding our relationships with key partners, and empowering our customers to drive outcomes through data, insights, and action.”

Second Quarter Fiscal 2021 Key Metrics and Recent Business Highlights

Key Customer Metrics:

Total subscription customer count was over 12,900, compared to over 12,100 in Q1 FY21, and over 9,700 in Q2 FY20
Total customer count with Annual Contract Value (ACV) greater than $100,000 was over 650, compared to over 630 in Q1 FY21, and over 525 in Q2 FY20
Subscription revenue represented 93% of total revenue
Net Expansion Rate continued to be greater than 130%

Product Releases and Other Business Highlights:

Elastic released version 7.10 of the Elastic Stack. Included in this release were innovations across Elastic Enterprise Search, Observability, and Security solutions that optimize search, enhance performance monitoring capabilities, and enrich security functionalities.

Foundational features in 7.10 that can be leveraged across all three solutions include a beta release of searchable snapshots to help customers store and search more data while maintaining control over cost and performance; the general availability of Kibana Lens to enable users to visualize data faster with drag-and-drop ease; and dashboard drill downs to web apps in Kibana to make it easier for users to take actions based on the data insights.

Expanded capabilities on Elastic include:

Elastic Enterprise Search
- Deepened access to more content sources on Workplace Search with the addition of connectors for Slack and Salesforce sandboxes
- Enhanced document-level security support for Workplace Search connectors to manage access to Sharepoint Online, OneDrive, and Microsoft 365
- Added single sign-on to App Search and Workplace Search in Elastic Cloud so users can more easily sign into accounts using Elastic Cloud credentials and eliminate the need to manage multiple usernames and passwords
Elastic Observability
- Launched user experience monitoring in Kibana to measure, monitor, and understand the performance and quality of websites
- Expanded synthetic monitoring capabilities to test and optimize websites with multistep journey checks in Elastic Uptime
- Introduced one-click anomaly detections to detect common infrastructure issues with zero manual setup, making it easier to keep tabs on the health of thousands of hosts or containers
Elastic Security
- Lowered mean time to detect (MTTD) and reduced alert fatigue with event query language (EQL) correlation and indicator match rules
- Expanded protections for cloud and remote users with prebuilt detections for Azure, Google Cloud, and Zoom
- Extended visibility across fast-changing attack surfaces with new integrations including Cisco Umbrella, Juniper SRX, Microsoft 365 Defender, SIP, and Zoom
Elastic Cloud
- Announced improvements that allow users to optimize for any use case using new solution-specific deployments, audit access to data using audit logs, and upgrade more easily
- Added three new regions: AWS Mumbai, Azure Iowa, and Azure New South Wales, now providing availability of Elastic Cloud across 42 regions
- Introduced integrated billing for Elastic Cloud on Microsoft Azure making it simpler for customers to buy and scale for their Elastic use cases
Other Business Highlights
- Held first-ever virtual ElasticON Global event with more than 25,000 registrations and 300 sessions, and featured talks with platinum event sponsors Google Cloud and Microsoft
- Delivered nine regional virtual ElasticON events and exhibited at Black Hat USA and KubeCon North America reaching tens of thousands of developers, security professionals, and technical leaders
- Launched Operation Giving Back, a partnership with VetsInTech to provide training, mentorship, and professional development resources to active duty military and veterans
- Recognized as “best place to work for women” in three categories by the created-by-women-for-women workplace review site Fairygodboss

Financial Outlook

The Company is providing the following guidance: For the third quarter of fiscal 2021 (ending January 31, 2021):

Total revenue is expected to be between $145 million and $147 million
Non-GAAP operating margin is expected to be between -8.5% and -7.5%
Non-GAAP net loss per share is expected to be between $0.16 and $0.14, assuming between 88.5 million and 89.5 million weighted average ordinary shares outstanding

For fiscal 2021 (ending April 30, 2021):

Total revenue is expected to be between $568 million and $572 million
Non-GAAP operating margin is expected to be between -7.0% and -6.0%
Non-GAAP net loss per share is expected to be between $0.40 and $0.32, assuming between 87 million and 89 million weighted average ordinary shares outstanding

We continue to believe it is prudent to expect some near-term business headwinds as the economic impact from the ongoing COVID-19 pandemic further unfolds. As such, our guidance includes the expected impact of the COVID-19 pandemic on our business and results of operations based on information available to us today.

See the section titled “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, many of the costs and expenses that may be incurred in the future. These items necessary to reconcile such non-GAAP measures could be material and have a significant impact on the Company’s results computed in accordance with GAAP.

Conference Call and Webcast

Elastic’s executive management team will host a conference call today at 2:00 p.m. PT/ 5:00 p.m. ET to discuss the Company’s financial results and business outlook. A live audio webcast of the conference call will be available on Elastic’s Investor Relations website at ir.elastic.co. Slides will accompany the webcast. The replay of the webcast and slides will be available for two months.

About Elastic

Elastic is a search company built on a free and open heritage. Anyone can use Elastic products and solutions to get started quickly and frictionlessly. Elastic offers three solutions for enterprise search, observability, and security, built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real time and at scale. Founded in 2012, Elastic is a distributed company with Elasticians around the globe. Learn more at elastic.co.

Elastic and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to Elastic’s financial results as determined in accordance with U.S. GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of this press release titled “About Non-GAAP Financial Measures.”

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risk and uncertainties, which include, but are not limited to, our expected financial results for the fiscal quarter ending January 31, 2021 and the fiscal year ending April 30, 2021, our expectations regarding the impact of the COVID-19 pandemic, our assessments of the strength of our solutions and products, the effectiveness of our go-to-market strategy, including by expanding our relationships with our partners, and our expectations regarding the benefits of our investments. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Our expectations and beliefs in light of currently available information regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements due to uncertainties, risks, and changes in circumstances, including but not limited to those related to: the impact of the COVID-19 pandemic on the macroeconomic environment, on our business, operations, hiring and financial results, and on businesses of our customers and partners, including their spending priorities, the effect of lockdowns, restrictions and new regulations; our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (which include changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability; our ability to continue to deliver and improve our offerings and develop new offerings, including security-related product and SaaS offerings; customer acceptance and purchase of our existing offerings and new offerings, including the expansion and adoption of our SaaS offerings; our inability to realize value from investments in the business, including R&D investments; our ability to maintain and expand our user and customer base; the impact of foreign currency exchange rate and interest rate fluctuations on our results; our international expansion strategy; our operating results and cash flows; our beliefs and objectives for future operations; the sufficiency of our capital resources; our ability to successfully execute our go-to-market strategy, including by expanding our relationships with our partners, and expand in our existing markets and into new markets, and our ability to forecast customer retention and expansion; and general market, political, economic and business conditions (including developments and volatility arising from the COVID-19 pandemic).

Any additional or unforeseen effect from the COVID-19 pandemic may exacerbate these risks. Additional risks and uncertainties that could cause actual outcomes and results to differ materially are included in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended April 30, 2020 and any subsequent reports filed with the SEC. SEC filings are available on the Investor Relations section of Elastic’s website at ir.elastic.co and the SEC’s website at www.sec.gov. Elastic assumes no obligation to, and does not currently intend to, update any such forward-looking statements, except as required by law.

Contact Information

Anthony Luscri

Elastic Investor Relations

[email protected]

(650) 695-1055

Lisa Boughner

Elastic Corporate Communications

[email protected]


Elastic N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except share and per share amounts) (Unaudited)

	Three Months Ended October 31,				Six Months Ended October 31,
	2020		2019		2020		2019
Revenue
License – self-managed	$	15,514	$	12,272	$	30,393	$	22,179
Subscription – self-managed and SaaS	118,695		79,407		225,158		151,890
Total subscription revenue	134,209		91,679		255,551		174,069
Professional services	10,685		9,427		18,213		16,747
Total revenue	144,894		101,106		273,764		190,816
Cost of revenue
Cost of license – self-managed	347		158		693		255
Cost of subscription – self-managed and SaaS	29,148		19,741		55,038		37,636
Total cost of revenue – subscription	29,495		19,899		55,731		37,891
Cost of professional services	8,953		8,862		17,548		17,121
Total cost of revenue	38,448		28,761		73,279		55,012
Gross profit	106,446		72,345		200,485		135,804
Operating expenses
Research and development	46,688		38,478		92,366		73,660
Sales and marketing	64,474		54,020		120,625		106,031
General and administrative	23,705		31,808		45,434		50,376
Total operating expenses	134,867		124,306		258,425		230,067
Operating loss	(28,421)		(51,961)		(57,940)		(94,263)
Other income (expense), net ⁽¹⁾	(84)		1,684		10,801		2,615
Loss before income taxes	(28,505)		(50,277)		(47,139)		(91,648)
Provision for (benefit from) income taxes	653		(304)		1,020		94
Net loss	$	(29,158)	$	(49,973)	$	(48,159)	$	(91,742)
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.34)	$	(0.64)	$	(0.56)	$	(1.20)
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted	86,373,166		77,772,406		85,275,474		76,202,865

⁽¹⁾		Includes a foreign currency transaction loss of $0.2 million and a foreign currency transaction gain of $10.6 million for the three and six months ended October 31, 2020, respectively, arising primarily from foreign exchange remeasurement of intercompany balances. Intercompany balances are eliminated on consolidation.

Elastic N.V. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share amounts) (Unaudited)

Assets	As of October 31, 2020			As of April 30, 2020
Current assets:
Cash and cash equivalents	$	348,986		$	297,081
Restricted cash	2,325			2,308
Accounts receivable, net of allowance for credit losses of $1,505 and $1,247 as of October 31, 2020 and April 30, 2020, respectively	132,523			128,690
Deferred contract acquisition costs	28,487			19,537
Prepaid expenses and other current assets	31,805			32,623
Total current assets	544,126			480,239
Property and equipment, net	8,004			7,760
Goodwill	198,196			197,877
Operating lease right-of-use assets	30,277			32,783
Intangible assets, net	43,362			50,455
Deferred contract acquisition costs, non-current	35,996			24,012
Deferred tax assets	3,685			3,164
Other assets	3,915			7,621
Total assets	$	867,561		$	803,911
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	9,213		$	11,485
Accrued expenses and other liabilities	21,824			22,210
Accrued compensation and benefits	46,975			48,409
Operating lease liabilities	7,863			7,639
Deferred revenue	262,257			231,681
Total current liabilities	348,132			321,424
Deferred revenue, non-current	46,959			28,021
Operating lease liabilities, non-current	25,032			27,827
Other liabilities, non-current	4,781			12,992
Total liabilities	424,904			390,264
Commitments and contingencies
Shareholders’ equity:
Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2020 and April 30, 2020	—			—
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 87,204,991 shares issued and outstanding as of October 31, 2020 and 82,856,978 shares issued and outstanding as of April 30, 2020	908			856
Treasury stock	(369		)	(369		)
Additional paid-in capital	986,075			898,788
Accumulated other comprehensive loss	(11,914		)	(1,377		)
Accumulated deficit	(532,043		)	(484,251		)
Total shareholders’ equity	442,657			413,647
Total liabilities and shareholders’ equity	$	867,561		$	803,911

Elastic N.V. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (Unaudited)

	Three Months Ended October 31,						Six Months Ended October 31,
	2020			2019			2020			2019
Cash flows from operating activities
Net loss ⁽¹⁾	$	(29,158	)	$	(49,973	)	$	(48,159	)	$	(91,742	)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization	4,310			2,050			8,566			3,338
Amortization of deferred contract acquisition costs	9,160			7,198			18,173			13,921
Non-cash operating lease cost	1,760			1,667			3,434			3,014
Stock-based compensation expense	21,487			14,416			40,078			27,187
Non-cash acquisition expense settled with shares	—			8,834			—			8,834
Deferred income taxes	81			(690		)	(286		)	(671		)
Foreign currency transaction gains ⁽²⁾	(874		)	—			(10,924		)	—
Other	(11		)	323			(11		)	323
Changes in operating assets and liabilities:
Accounts receivable, net	(45,148		)	(18,678		)	63			4,850
Deferred contract acquisition costs	(21,409		)	(11,510		)	(37,872		)	(17,025		)
Prepaid expenses and other current assets	759			(3,389		)	1,100			(819		)
Other assets	2,347			851			4,040			1,906
Accounts payable	(2,026		)	1,916			(2,638		)	4,204
Accrued expenses and other liabilities	4,038			6,238			(1,061		)	3,372
Accrued compensation and benefits	6,513			18,031			(691		)	16,214
Operating lease liabilities	(1,819		)	(1,505		)	(3,535		)	(2,788		)
Deferred revenue	32,701			24,511			34,432			24,478
Net cash provided by (used in) operating activities ⁽³⁾	(17,289		)	290			4,709			(1,404		)
Cash flows from investing activities
Purchases of property and equipment	(1,277		)	(1,645		)	(1,656		)	(3,230		)
Business acquisition, net of cash acquired	—			(24,373		)	—			(24,373		)
Other	1,320			—			1,320			—
Net cash provided by (used in) investing activities	43			(26,018		)	(336		)	(27,603		)
Cash flows from financing activities
Proceeds from issuance of ordinary shares upon exercise of stock options	15,978			19,455			45,230			39,568
Payment of withholding taxes related to acquisition expense settled in shares	—			(2,834		)	—			(2,834		)
Repayment of notes payable	—			(30		)	—			(60		)
Net cash provided by financing activities	15,978			16,591			45,230			36,674
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(153		)	(728		)	2,319			(399		)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,421		)	(9,865		)	51,922			7,268
Cash, cash equivalents, and restricted cash, beginning of period	352,732			317,413			299,389			300,280
Cash, cash equivalents, and restricted cash, end of period	$	351,311		$	307,548		$	351,311		$	307,548

⁽¹⁾		Includes foreign currency transaction gains of $0.9 million and $10.9 million for the three and six months ended October 31, 2020, respectively, arising primarily from foreign exchange remeasurement of intercompany balances. Intercompany balances are eliminated on consolidation.
⁽²⁾		Removes the foreign currency transaction gains of $0.9 million and $10.9 million for the three and six months ended October 31, 2020, respectively, included in net loss.
⁽³⁾		Unaffected by foreign currency transaction gains.

Elastic N.V. REVENUE BY TYPE (amounts in thousands, except percentages) (Unaudited)

	Three Months Ended October 31,								Six Months Ended October 31,
	2020				2019				2020				2019
	Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue
Self-managed subscription	$	96,781	67	%	$	71,030	71	%	$	185,496	67	%	$	135,842	71	%
License	15,514		11	%	12,272		12	%	30,393		11	%	22,179		11	%
Subscription	81,267		56	%	58,758		59	%	155,103		56	%	113,663		60	%
SaaS	37,428		26	%	20,649		20	%	70,055		26	%	38,227		20	%
Total subscription revenue	134,209		93	%	91,679		91	%	255,551		93	%	174,069		91	%
Professional services	10,685		7	%	9,427		9	%	18,213		7	%	16,747		9	%
Total revenue	$	144,894	100	%	$	101,106	100	%	$	273,764	100	%	$	190,816	100	%

Elastic N.V. RECONCILIATION OF GAAP TO NON-GAAP DATA CALCULATED BILLINGS (amounts in thousands) (Unaudited)

	Three Months Ended October 31,					Six Months Ended October 31,
	2020		2019			2020			2019
Total revenue	$	144,894	$	101,106		$	273,764		$	190,816
Add: Increase in total deferred revenue	32,701		24,511			34,432			24,478
Less: (Increase) decrease in unbilled accounts receivable	151		(362		)	(424		)	(599		)
Calculated billings	$	177,746	$	125,255		$	307,772		$	214,695

Elastic N.V. RECONCILIATION OF GAAP TO NON-GAAP DATA FREE CASH FLOW (amounts in thousands, except percentages) (Unaudited)

	Three Months Ended October 31,								Six Months Ended October 31,
	2020				2019				2020				2019
Net cash provided by (used in) operating activities	$	(17,289	)		$	290			$	4,709			$	(1,404	)
Less: Purchases of property and equipment	(1,277		)		(1,645		)		(1,656		)		(3,230		)
Free cash flow	$	(18,566	)		$	(1,355	)		$	3,053			$	(4,634	)
Net cash provided by (used in) investing activities	$	43			$	(26,018	)		$	(336	)		$	(27,603	)
Net cash provided by financing activities	$	15,978			$	16,591			$	45,230			$	36,674
Net cash provided by (used in) operating activities (as a percentage of total revenue)	(12		)	%	—			%	2			%	—			%
Less: Purchases of property and equipment (as a percentage of total revenue)	(1		)	%	(1		)	%	(1		)	%	(2		)	%
Free cash flow margin	(13		)	%	(1		)	%	1			%	(2		)	%

Elastic N.V. RECONCILIATION OF GAAP TO NON-GAAP DATA (amounts in thousands, except percentages, share and per share amounts) (Unaudited)

	Three Months Ended October 31,								Six Months Ended October 31,
	2020				2019				2020				2019
Gross Profit Reconciliation:
GAAP gross profit	$	106,446			$	72,345			$	200,485			$	135,804
Stock-based compensation expense	2,836				1,584				5,154				3,060
Employer payroll taxes on employee stock transactions	102				252				322				420
Amortization of acquired intangibles	2,109				1,019				4,218				1,652
Non-GAAP gross profit	$	111,493			$	75,200			$	210,179			$	140,936
Gross Margin Reconciliation⁽¹⁾:
GAAP gross margin	73.5			%	71.6			%	73.2			%	71.2			%
Stock-based compensation expense	2.0			%	1.6			%	1.9			%	1.6			%
Employer payroll taxes on employee stock transactions	0.1			%	0.2			%	0.1			%	0.2			%
Amortization of acquired intangibles	1.5			%	1.0			%	1.5			%	0.9			%
Non-GAAP gross margin	76.9			%	74.4			%	76.8			%	73.9			%
Operating Loss Reconciliation:
GAAP operating loss	$	(28,421	)		$	(51,961	)		$	(57,940	)		$	(94,263	)
Stock-based compensation expense	21,487				14,416				40,078				27,187
Employer payroll taxes on employee stock transactions	1,643				3,780				4,751				5,909
Amortization of acquired intangibles	3,542				1,398				7,092				2,060
Acquisition-related expenses	—				13,962				—				16,434
Non-GAAP operating loss	$	(1,749	)		$	(18,405	)		$	(6,019	)		$	(42,673	)
Operating Margin Reconciliation⁽¹⁾:
GAAP operating margin	(19.6		)	%	(51.4		)	%	(21.2		)	%	(49.4		)	%
Stock-based compensation expense	14.8			%	14.3			%	14.6			%	14.2			%
Employer payroll taxes on employee stock transactions	1.1			%	3.7			%	1.7			%	3.1			%
Amortization of acquired intangibles	2.4			%	1.4			%	2.6			%	1.1			%
Acquisition-related expenses	0.0			%	13.8			%	0.0			%	8.6			%
Non-GAAP operating margin	(1.2		)	%	(18.2		)	%	(2.2		)	%	(22.4		)	%
Net Loss Reconciliation:
GAAP net loss	$	(29,158	)		$	(49,973	)		$	(48,159	)		$	(91,742	)
Stock-based compensation expense	21,487				14,416				40,078				27,187
Employer payroll taxes on employee stock transactions	1,643				3,780				4,751				5,909
Amortization of acquired intangibles	3,542				1,398				7,092				2,060
Acquisition-related expenses	—				13,962				—				16,434
Income tax⁽²⁾	(58		)		(757		)		(150		)		(1,114		)
Non-GAAP net income (loss)	$	(2,544	)		$	(17,174	)		$	3,612			$	(41,266	)
Non-GAAP earnings (net loss) per share attributable to ordinary shareholders, basic	$	(0.03	)		$	(0.22	)		$	0.04			$	(0.54	)
Non-GAAP earnings (net loss) per share attributable to ordinary shareholders, diluted	$	(0.03	)		$	(0.22	)		$	0.04			$	(0.54	)
Weighted-average shares used to compute earnings (net loss) per share attributable to ordinary shareholders, basic	86,373,166				77,772,406				85,275,474				76,202,865
Weighted-average shares used to compute earnings (net loss) per share attributable to ordinary shareholders, diluted	86,373,166				77,772,406				96,681,562				76,202,865

⁽¹⁾		Totals may not sum, due to rounding. Gross margin, operating margin, and earnings per share are calculated based upon the respective underlying, non-rounded data.
⁽²⁾		Non-GAAP financial information for the quarter is adjusted for a tax rate equal to our annual estimated tax rate on non-GAAP income. This rate is based on our estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating the non-GAAP financial measures presented above as well as significant tax adjustments. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses and other significant events. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities.

Elastic N.V. RECONCILIATION OF GAAP TO NON-GAAP DATA (amounts in thousands) (Unaudited)

	Three Months Ended October 31,						Six Months Ended October 31,
	2020			2019			2020			2019
Cost of revenue reconciliation:
GAAP cost of license – self-managed	$	347		$	158		$	693		$	255
Amortization of acquired intangibles	(347		)	(158		)	(693		)	(255		)
Non-GAAP cost of license – self -managed	$	—		$	—		$	—		$	—
GAAP cost of subscription – self-managed and SaaS	$	29,148		$	19,741		$	55,038		$	37,636
Stock-based compensation expense	(1,860		)	(946		)	(3,226		)	(1,861		)
Employer payroll taxes on employee stock transactions	(77		)	(166		)	(220		)	(300		)
Amortization of acquired intangibles	(1,762		)	(861		)	(3,525		)	(1,397		)
Non-GAAP cost of subscription – self-managed and SaaS	$	25,449		$	17,768		$	48,067		$	34,078
GAAP cost of professional services	$	8,953		$	8,862		$	17,548		$	17,121
Stock-based compensation expense	(976		)	(638		)	(1,928		)	(1,199		)
Employer payroll taxes on employee stock transactions	(25		)	(86		)	(102		)	(120		)
Non-GAAP cost of professional services	$	7,952		$	8,138		$	15,518		$	15,802
Operating expenses reconciliation:
GAAP research and development expense	$	46,688		$	38,478		$	92,366		$	73,660
Stock-based compensation expense	(7,663		)	(5,870		)	(14,793		)	(10,831		)
Employer payroll taxes on employee stock transactions	(465		)	(888		)	(1,459		)	(1,648		)
Acquisition-related expenses	—			—			—			(34		)
Non-GAAP research and development expense	$	38,560		$	31,720		$	76,114		$	61,147
GAAP sales and marketing expense	$	64,474		$	54,020		$	120,625		$	106,031
Stock-based compensation expense	(7,955		)	(4,658		)	(14,147		)	(8,966		)
Employer payroll taxes on employee stock transactions	(614		)	(1,887		)	(1,771		)	(2,481		)
Amortization of acquired intangibles	(1,433		)	(379		)	(2,874		)	(408		)
Acquisition-related expenses	—			(113		)	—			(113		)
Non-GAAP sales and marketing expenses	$	54,472		$	46,983		$	101,833		$	94,063
GAAP general and administrative expense	$	23,705		$	31,808		$	45,434		$	50,376
Stock-based compensation expense	(3,033		)	(2,304		)	(5,984		)	(4,330		)
Employer payroll taxes on employee stock transactions	(462		)	(753		)	(1,199		)	(1,360		)
Acquisition-related expenses	—			(13,849		)	—			(16,287		)
Non-GAAP general and administrative expense	$	20,210		$	14,902		$	38,251		$	28,399

About Non-GAAP Financial Measures

In addition to our results determined in accordance with U.S. GAAP, we believe the non-GAAP measures listed below are useful in evaluating our operating performance. We use these non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In particular, free cash flow is not a substitute for cash used in operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measure stated in accordance with U.S. GAAP has been provided in the financial statement tables included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.

Non-GAAP Gross Profit and Non-GAAP Gross Margin

We define non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding stock-based compensation expense, employer payroll taxes on employee stock transactions, and amortization of acquired intangible assets. We believe non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance.

Non-GAAP Operating Loss and Non-GAAP Operating Margin

We define non-GAAP operating loss and non-GAAP operating margin as GAAP operating loss and GAAP operating margin, respectively, excluding stock-based compensation expense, employer payroll taxes on employee stock transactions, amortization of acquired intangible assets, and acquisition-related expenses. We believe non-GAAP operating loss and non-GAAP operating margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance.

Non-GAAP Net Loss Per Share

We define non-GAAP net loss per share as GAAP net loss per share, excluding stock-based compensation expense, employer payroll taxes on employee stock transactions, amortization of acquired intangible assets, acquisition-related expenses and the tax effects related to the foregoing. We believe non-GAAP net loss per share provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric generally eliminates the effects of certain variables from period to period for reasons unrelated to overall operating performance.

Free Cash Flow and Free Cash Flow Margin

Free cash flow is a non-GAAP financial measure that we define as net cash (used in) provided by operating activities less purchases of property and equipment. Free cash flow margin is calculated as free cash flow divided by total revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our core operations that, after the purchases of property and equipment, can be used for strategic initiatives, including investing in our business and selectively pursuing acquisitions and strategic investments.

Calculated Billings

We define calculated billings as total revenue plus the increase in total deferred revenue as presented on or derived from our consolidated statements of cash flows less the (increase) decrease in total unbilled accounts receivable in a given period. Calculated billings exclude the effects of deferred revenue and unbilled accounts receivable acquired through acquisitions. We typically invoice our customers annually in advance, and to a lesser extent multi-year in advance, quarterly in advance, monthly in advance, monthly in arrears or upon delivery. Our management uses calculated billings to understand and evaluate our near-term cash flows and operating results.

Constant Currency

We compare the percent change in certain results from one period to another period using constant currency information to provide a framework for assessing how our business performed excluding the effect of foreign currency rate fluctuations. In presenting this information, current and comparative prior period results are converted into United States dollars at the exchange rates in effect on the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201202005881/en/

Anthony Luscri

Elastic Investor Relations

[email protected]

(650) 695-1055

Lisa Boughner

Elastic Corporate Communications

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Networks Security Data Management Technology Software

MEDIA:

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December 2, 2020 4:13 pm

Weingarten Realty Investors Declares Special Cash Dividend

Weingarten Realty Investors Declares Special Cash Dividend

HOUSTON–(BUSINESS WIRE)–
Weingarten Realty Investors (NYSE:WRI) announced today that its Board of Trust Managers declared a special cash dividend of $0.36 per common share payable on December 29, 2020 to shareholders of record on December 22, 2020. This special dividend is largely a result of significant gains realized on dispositions of properties during 2020.

About Weingarten Realty Investors

Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2020, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 162 properties which are located in 15 states spanning the country from coast to coast. These properties represent approximately 31.0 million square feet of which our interests in these properties aggregated approximately 21.0 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.

Forward-Looking Statements

Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. These risks and uncertainties include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact, as well as those discussed in the Company’s regulatory filings with the Securities and Exchange Commission, which include other information or factors that may impact the Company’s performance.

Projections involve numerous assumptions such as rental income (including assumptions on percentage rent), interest rates, tenant defaults, occupancy rates, volume and pricing of properties held for disposition, volume and pricing of acquisitions, expenses (including salaries and employee costs), insurance costs and numerous other factors. Not all of these factors are determinable at this time and actual results may vary from the projected results, and may be above or below the ranges indicated. The above ranges represents management’s estimate of results based upon these assumptions as of the date of this press release. Accordingly, there is no assurance that our projections will be realized.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201202005869/en/

Michelle Wiggs, Phone: 713.866.6050

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property REIT

MEDIA:

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December 2, 2020 4:13 pm

NANO DIMENSION CLOSES $60 MILLION REGISTERED DIRECT OFFERING

Sunrise, Florida, Dec. 02, 2020 (GLOBE NEWSWIRE) — Nano Dimension Ltd. (Nasdaq: NNDM), a leading Additively Manufactured Electronics (AME)/PE (Printed Electronics) provider, today announced it has closed the previously announced registered direct offering of 11,960,160 of the Company’s American Depositary Shares (“ADSs”) at a price of $5.00 per ADS. The gross proceeds of the offering were approximately $60 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for working capital, other general corporate purposes, and pursuing strategic opportunities, including possible business combination transactions.

ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole placement agent for the offering.

This offering was made pursuant to an effective shelf registration statement on Form F-3 (File No. 333-249559) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and an additional registration statement pursuant to Rule 462(b) (File No. Registration No. 333-251004) under the Securities Act of 1933, as amended. A prospectus supplement and accompanying prospectus describing the terms of the proposed offering have been filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, Telephone: (877) 436-3673; Email: [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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 Nano Dimension

Nano Dimension (Nasdaq: NNDM) is a provider of intelligent machines for the fabrication of Additively Manufactured Electronics (AME). High fidelity active electronic and electromechanical subassemblies are integral enablers of autonomous intelligent drones, cars, satellites, smartphones, and in vivo medical devices. They necessitate iterative development, IP safety, fast time-to-market and device performance gains, thereby mandating AME for in-house, rapid prototyping and production. Nano Dimension machines serve cross-industry needs by depositing proprietary consumable conductive and dielectric materials simultaneously, while concurrently integrating in-situ capacitors, antennas, coils, transformers and electromechanical components, to function at unprecedented performance. Nano Dimension bridges the gap between printed circuit board and semiconductor integrated circuits. A revolution at the click of a button: From computer-aided design (CAD)to a functional high-performance AME device in hours, solely at the cost of the consumable materials.

For more information, please visit www.nano-di.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Nano Dimension is using forward-looking statements in this press release when it discusses planned use of the net proceeds from the offering. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties. Actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 10, 2020, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third-party websites.

NANO DIMENSION INVESTOR RELATIONS CONTACT

Yael Sandler, CFO | [email protected]

December 2, 2020 4:13 pm

Altera Infrastructure GP L.L.C. announces changes to its Board and Committees and confirms the Relocation of its Principal Office to the United Kingdom

ABERDEEN, United Kingdom, Dec. 02, 2020 (GLOBE NEWSWIRE) — Altera Infrastructure GP L.L.C. (ALIN GP), the general partner of Altera Infrastructure L.P. (Altera Infrastructure or the Partnership), announced the following changes to its Board of Directors (the Board) all with immediate effect:

Ingvild Sæther, President and CEO of Altera Infrastructure Group Ltd., and Benedicte Bakke Agerup have been appointed to the Board, increasing the size of the Board to ten directors.
Ms Bakke Agerup will join the Audit and Conflicts committees.
A new Executive Oversight Committee has been formed. This committee is chaired by Denis Turcotte with Bill Utt and Ingvild Sæther as members.

“On behalf of the Board and leadership team, I want to welcome Ingvild and Benedicte to the Board. We look forward to leveraging their extensive industry experience as we continue to bring the Partnership’s strategic vision to life”, commented Bill Utt, Chairman of the Board.

Benedicte Bakke Agerup brings more than 30 years of experience from the finance and maritime industry. From 2010-2017 Ms. Agerup served as Chief Financial Officer of Wilhelmsen ASA, a global provider of maritime and logistics services. Ms. Agerup has previously served as deputy chair of the Norwegian Hull Club as well as on the board of a number of other listed and unlisted companies within the finance and maritime sector and been a member of a variety of audit and risk committees. She currently sits on the boards of Treasure ASA, Vow ASA and Scanship AS. Ms. Agerup holds a Degree in Economics and Business Administration from the Norwegian School of Economics and studied an Advanced Management Program at Harvard Business School.

Ingvild Sæther was appointed President and CEO of Altera Infrastructure Group Ltd., a company that provides services to Altera Infrastructure L.P. and its subsidiaries, in February 2017. Ms. Sæther joined Teekay Corporation in 2002, as a result of Teekay’s acquisition of Navion AS from Statoil ASA. Ms. Sæther held management positions in Teekay’s conventional tanker business until 2007, when she assumed the commercial responsibility for Teekay’s shuttle tanker activities in the North Sea, and in 2011, Ms. Sæther assumed the position of President, Teekay Offshore Logistics. Ms. Sæther has over 25 years of experience in the shipping and offshore sector and has been engaged in a number of boards and associations related to the industry.

As previously announced in the press release on November 3, (Third Quarter Results 2020), the principal office and place of business of the Partnership and Altera Infrastructure GP L.L.C. is relocating from its current location in Bermuda to the UK, and more specifically to the Partnership’s current office in Aberdeen, residing at Altera House, Unit 3, Prospect Park, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FJ, UK, telephone number +44 (0)1224 568200. The effective date of this move was confirmed as December 2, 2020.

About Altera Infrastructure:

Altera Infrastructure is a leading global energy infrastructure services group primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada.

Altera Infrastructure has consolidated assets of approximately $4.5 billion, comprised of 52 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including three new builds), floating storage and offtake (FSO) units, long-distance towing and offshore installation vessels and a unit for maintenance and safety (UMS). The majority of Altera Infrastructure’s fleet is employed on medium-term, stable contracts. Affiliates of global asset manager Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) own 100 percent of Altera Infrastructure’s general partner.

Altera Infrastructure L.P.’s preferred units trade on the New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”, respectively.

For Investor Relations enquiries, please contact:

Jan Rune Steinsland, Chief Financial Officer
Tel: +47 97052533
E-mail: [email protected]
Website: www.alterainfra.com

For
Media
enquiries, please contact:

Steffen Rogne, Corporate Communications
Tel: +47 91639727
E-mail: media@alterainfra.com
Website: www.alterainfra.com

December 2, 2020 4:13 pm

Everi’s CashClub Wallet™ Launches at WinStar World Casino and Resort

LAS VEGAS, Dec. 02, 2020 (GLOBE NEWSWIRE) — Everi Holdings (NYSE: EVRI) (“Everi” or the “Company”), the casino gaming industry’s single source provider of gaming products, financial technology and loyalty solutions, in conjunction with WinStar World Casino and Resort, announced today that the initial launch of the WinStar Wallet will occur on December 3, 2020. A digital wallet powered by Everi’s CashClub Wallet™, the WinStar Wallet is a mobile solution that allows for the cashless and touchless funding of electronic game play throughout the casino floor. The WinStar Wallet will be available throughout WinStar’s resort for amenities, including all food and beverage and retail outlets, The Spa at WinStar, and WinStar Golf Club. WinStar World Casino and Resort features more games than any other casino in the world, with more than 8,500 electronic games and 100 table games.

CashClub Wallet provides casino operators and their customers with a flexible, cost-effective, secure payment method on the casino floor. Creating a contactless environment that provides an alternative to cash, the CashClub Wallet mobile application gives WinStar’s patrons the ability to deposit funds into their digital wallet at their convenience – while they are on site or away from the resort, via a bank card or directly from their checking account. Patrons can then access these funds for use directly at the game, enabling the casino to offer a fully touchless solution. At the conclusion of play, the patron can then move funds back into their digital wallet and either hold the funds in the wallet for future use or electronically send the funds out of their digital wallet and back into their bank account. Everi first introduced cashless technology in 2017 and made its digital initiative clear to the industry with the introduction of a cashless wagering feature called QuikTicket™. The flexible and multi-dimensional CashClub Wallet allows players to store multiple payment methods, easily move funds in and out of the casino or online across sports betting or social casinos, and manage their spending limits, helping to support responsible gaming.

“We are delighted to have such a great partner in WinStar World Casino and Resort to support the first launch of our CashClub Wallet cashless technology. This offering brings WinStar’s customers a new funding choice through a fully touchless, fully cashless, mobile experience. With our technology powering the WinStar Wallet, we are able to deliver new funding options while providing a seamless gaming experience for their patrons,” said Darren Simmons, EVP and FinTech Business Leader for Everi. “The CashClub Wallet provides gaming patrons with the same ability, comfort and convenience to load, retrieve and unload funds that they experience with other non-gaming digital wallet applications.”

“Creating a digital, cashless customer experience has been a focus of ours for some time and throughout our review of various solutions, it was clear Everi’s CashClub Wallet met all of our goals,” said Jack Parkinson, General Manager of WinStar World Casino and Resort. “WinStar Wallet will give our patrons a safe, secure and convenient way to game with us which further enhances their gaming experience.”

A
bout Everi Holdings
Everi is a leading supplier of imaginative entertainment and trusted technology solutions for the casino and digital gaming industry. Everi’s mission is to transform the casino floor through innovative gaming and financial technology and loyalty solutions. With a focus on both land-based and digital gaming operators and players, the Company develops entertaining games and gaming machines, gaming systems and services that facilitate memorable player experiences, and is a preeminent and comprehensive provider of financial products and services that offer convenient and secure financial transactions, self-service player loyalty tools and applications, and intelligence software and other intuitive solutions that improve casino operational efficiencies and fulfill regulatory compliance requirements. Everi provides these products and services in its effort to help make customers even more successful. For more information, please visit www.everi.com, which is updated regularly with financial and other information about the Company.

A
bout WinStar World Casino and Resort
With more games than any other casino in the world, WinStar World Casino and Resort offers more than 8,500 electronic games, 100 table games – including craps and roulette games, 57 poker tables, two 18-hole golf courses, and the 3,500-seat Global Event Center, 65,000 square foot WinStar Convention Center, and the nearly 1,400-room WinStar World Casino Hotel. Owned by the Chickasaw Nation, WinStar World Casino and Resort is located just north of the Texas-Oklahoma border along Interstate 35 and presents unrivaled gaming action 24 hours a day, seven days a week, world-class entertainers and a wide range of restaurants. For more information, go to www.winstar.com or join the casino’s online communities at Facebook at facebook.com/WinStarWorldCasino or Twitter at @WinStarWorld.

Join Everi on Social Media
Twitter: https://twitter.com/everi_inc
LinkedIn: https://www.linkedin.com/company/everi
Facebook: https://www.facebook.com/EveriHoldingsInc/
Instagram: https://www.instagram.com/everi_inc

Contacts:

Investor Relations

Everi Holdings Inc.
William Pfund
SVP, Investor Relations
(702) 676-9513 or [email protected]

JCIR
Richard Land, James Leahy
(212) 835-8500 or [email protected]

Media Relations

Dona Cassese
VP of Marketing
[email protected]

December 2, 2020 4:13 pm

Applied Optoelectronics to Present at the MKM Partners Virtual Conference

SUGAR LAND, Texas, Dec. 02, 2020 (GLOBE NEWSWIRE) — Applied Optoelectronics, Inc. (NASDAQ: AAOI), a leading provider of fiber-optic access network products for the internet datacenter, cable broadband, telecom and fiber-to-the-home (FTTH) markets, today announced the Company’s participation in the following investor conference:

Event:	MKM Partners Virtual Conference: The Road Ahead, Preparation for 2021
Date:	Wednesday, December 16^th, 2020
Presentation Time:	2:30 p.m. Eastern time / 1:30 p.m. Central time
Presenter:	Stefan Murry, Chief Financial Officer and Chief Strategy Officer

A live audio webcast of the presentation will be available on the investor relations section of the company’s website at investors.ao-inc.com.

About Applied Optoelectronics
:

Applied Optoelectronics Inc. (AOI) is a leading developer and manufacturer of advanced optical products, including components, modules and equipment. AOI’s products are the building blocks for broadband fiber access networks around the world, where they are used in the internet datacenter, CATV broadband, telecom and FTTH markets. AOI supplies optical networking lasers, components and equipment to tier-1 customers in all four of these markets. In addition to its corporate headquarters, wafer fab and advanced engineering and production facilities in Sugar Land, TX, AOI has engineering and manufacturing facilities in Taipei, Taiwan and Ningbo, China. For additional information, visit www.ao-inc.com.

Investor Relations Contact
:

The Blueshirt Group, Investor Relations
Monica Gould
+1-212-871-3927
[email protected]

December 2, 2020 4:13 pm

Changebridge Capital Launches Two Actively Managed ESG ETFs

CBLS, a long/short ETF, and CBSE, a long-only ETF, seek to harness quantitative and fundamental analysis for selecting inefficiently priced securities

PR Newswire

BOSTON, Nov. 30, 2020 /PRNewswire/ — Changebridge Capital, a Boston-based asset manager specializing in active management powered by quantitative and fundamental analysis, recently announced the launch of its first two ETFs, CBLS and CBSE.

The Changebridge Capital Long/Short Equity ETF (NYSE: CBLS) features a concentrated portfolio of long and short positions, with the aim of each position in the portfolio generating risk-adjusted alpha. By taking long positions in companies the managers believe will rise in price, while taking short positions in companies whose stock the managers believe will fall in value, the strategy seeks to achieve long-term capital appreciation while minimizing volatility. CBLS has a small and mid-cap focus and integrates an ESG mindset into the investment process.

The Changebridge Capital Sustainable Equity ETF (NYSE: CBSE) utilizes a long-only approach in its concentrated portfolio. Its all-cap focus aims to select securities misunderstood or overlooked by the market to generate risk-adjusted alpha. CBSE is designed with a sustainability mandate, and as such assesses the environmental, social, and governance attributes of all securities considered for inclusion in the portfolio.

“We’re thrilled to be launching our first funds, CBLS and CBSE,” said Ross Klein, Chief Investment Officer at Changebridge Capital. “By enabling investor access to actively managed funds that aim for a true active share, we feel we’re really leveling the playing field for investors who previously had difficulty accessing strategies like these, especially in the tax efficient, transparent ETF wrapper.”

“On top of the quantitative and fundamental analysis, both CBLS and CBSE take sustainability characteristics into account when selecting their respective portfolios,” Klein said. “This is a huge area of interest for many investors who wish to invest in accordance with their values.

Moreover, the investing public has learned that ESG investing does not necessarily mean sacrificing returns.”¹

Both CBLS and CBSE take a technical, data-driven approach to stock selection, before also applying fundamental analysis. “We call it a ‘quantamental’ approach,” said Vincent Lorusso, Portfolio Manager at Changebridge Capital. “Our quant system is designed to actively identify inefficiencies, but that’s where fundamental analysis with a human touch takes over, to really drill down into the opportunities.”

CBLS has an expense ratio of 1.7%, and CBSE has an expense ratio of 0.85%.

About Changebridge Capital

Changebridge Capital was founded on the belief that capital markets include areas of inefficiency, which can be identified through the combination of our quantitative system and rigorous fundamental research. Through our ETFs, we offer investors access to active management with an ESG focus that seeks to deliver outperformance. For more information please visit https://www.changebridgefunds.com/

Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the Fund’s prospectus, which may be obtained by visiting

www.changebridgefunds.com

or by calling (617)717-2912. Please read the prospectus carefully before you invest.

Investing involves risk. Principal loss is possible. 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 Funds. The equity securities held in the portfolios may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest. The Changebridge Funds are new with a limited operating history.

The Changebridge ETFs are Distributed by Foreside Fund Services, LLC.

¹ https://www.ft.com/content/733ee6ff-446e-4f8b-86b2-19ef42da3824

SOURCE Changebridge Capital

December 2, 2020 4:09 pm

Sportsman’s Warehouse Holdings, Inc. Announces Third Quarter 2020 Financial Results

WEST JORDAN, Utah, Dec. 02, 2020 (GLOBE NEWSWIRE) — Sportsman’s Warehouse Holdings, Inc. (“Sportsman’s Warehouse” or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen and thirty-nine weeks ended October 31, 2020.

“Sportsman’s Warehouse continued its exceptional performance in the third quarter of 2020. We were extremely pleased with the efforts of associates in all of our facilities as we worked as a team to safely and effectively serve customers, both new and returning,” said Jon Barker, Sportsman’s Warehouse CEO. “During the third quarter, same store sales increased 41% compared to the same period last year, driven by elevated participation in fishing, camping and hunting, and our continued market share gains in firearms.”

Mr. Barker stated, “We continue to be excited about the expansion of our ecommerce capabilities, with ecommerce-driven sales up over 200% from the prior year period. We are also highly encouraged by the strong visitor traffic on both our website and inside of our stores. We opened 9 new stores year-to-date in 2020, taking the total Sportsman’s Warehouse store count to 111. In addition, our first Legacy Shooting Center, which opened earlier this year, is performing ahead of expectations.”

“We believe we are well positioned to continue to capitalize on substantial growth opportunities, including heightened participation in outdoor activities, ecommerce growth, and new store expansion to create long-term shareholder value.”

For
the
thirteen
weeks ended
October
3
1
, 20
20
:

Net sales were $385.7 million, an increase of $143.2 million, or 59.1%, as compared to the third quarter of fiscal year 2019. The net sales increase was primarily due to a surge in demand across all major categories, led by our hunting and shooting category, as well as strong growth in our ecommerce platform compared to the prior year period.
Same store sales increased 40.9% during the third quarter of 2020 compared to the third quarter of 2019.
Gross profit was $130.6 million or 33.9% of net sales, compared to $84.2 million or 34.7% of net sales in the comparable prior year period, a year-over-year increase of $46.4 million in gross profit and an 80-basis point decrease in gross profit margin.
Net income was $30.5 million compared to net income of $10.5 million in the third quarter of 2019. Adjusted net income was $31.5 million compared to adjusted net income of $10.8 million in the third quarter of 2019 (see “GAAP and Non-GAAP Measures”).
Adjusted EBITDA was $49.9 million compared to $23.2 million in the comparable prior year period (see “GAAP and Non-GAAP Measures”).
Diluted earnings per share were $0.68 compared to a diluted earnings per share of $0.24 in the comparable prior year period. Adjusted diluted earnings per share were $0.71 compared to adjusted diluted earnings per share of $0.25 for the comparable prior year period (see “GAAP and Non-GAAP Measures”).

For the
thirty-nine
weeks ended
October
3
1
, 2020:

Net sales were $1,013.6 million, an increase of $385.3 million, or 61.3%, as compared to the first three quarters of fiscal year 2019. The net sales increase was primarily due to a surge in demand across all major categories, led by our hunting and shooting category, as well as strong growth in our ecommerce platform compared to the prior year period.
Same store sales increased 44.4% during the first three quarters of 2020 compared to the comparable period in 2019.
Gross profit was $334.5 million or 33.0% of net sales, as compared to $211.6 million or 33.7% of net sales for the comparable prior year period, a year-over-year increase of $122.9 million in gross profit and a 70-basis point decrease in gross profit margin.
Net income was $61.8 million compared to net income of $10.5 million in the first quarters of 2019. Adjusted net income was $65.6 million compared to adjusted net income of $11.3 million in the first three quarters of 2019 (see “GAAP and Non-GAAP Measures”).
Adjusted EBITDA was $111.7 million compared to $39.4 million in the first three quarters of 2019 (see “GAAP and Non-GAAP Measures”).
Diluted earnings per share were $1.40 for the thirty-nine weeks ended October 31, 2020 compared to diluted earnings per share of $0.24 for the same period last year. Adjusted diluted earnings per share were $1.48 for the thirty-nine weeks ended October 31, 2020 compared to adjusted diluted earnings per share of $0.26 for the same period last year (see “GAAP and Non-GAAP Measures”).

Balance sheet highlights as of
October
3
1
, 20
20
:

The Company was in a net cash position at the end of the third quarter of 2020 with of $19.3 million in cash on hand, no borrowings under the Company’s revolving credit facility, and $8.0 million outstanding under the term loan, net of unamortized debt issuance costs. This is an improvement in net debt of $170.1 million year-over-year.
Total liquidity was $238 million as of the end of the second quarter of 2020, comprised of $218 million of availability on the revolving credit facility and $19 million of cash on hand, compared to $80 million in total liquidity at the end of the third quarter of 2019.

Fourth
q
uarter
and fiscal year
20
20
o
utlook:

For the fourth quarter of fiscal year 2020, net sales are expected to be in the range of $356 million to $386 million based on same store sales growth in the range of 32% to 42% compared to the corresponding period of fiscal year 2019. Adjusted EBITDA is expected to be in the range of $31.0 million to $35.0 million with diluted earnings per share of $0.39 to $0.45 on a weighted average of approximately 44.5 million estimated common shares outstanding.

For fiscal year 2020, net sales are expected to be in the range of $1,370 million to $1,400 million based on same store sales growth in the range of 42% to 46% compared to fiscal year 2019. Adjusted EBITDA is expected to be in the range of $143.6 million to $147.2 million with adjusted earnings per diluted share of $1.87 to $1.93 on a weighted average of approximately 44.3 million estimated common shares outstanding (see “GAAP and Non-GAAP Measures”).

Conference Call Information:

A conference call to discuss third quarter and third quarter year-to-date 2020 financial results is scheduled for today, December 2, 2020, at 4:30 PM Eastern Time. The conference call will be webcast and may be accessed via the Investor Relations section of the Company’s website at www.sportsmans.com.

Non-GAAP Information

This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the “SEC”): adjusted income from operations, adjusted net income, adjusted diluted earnings per share and Adjusted EBITDA. We define adjusted income from operations and adjusted net income as income from operations and net income, respectively, in each case, plus expenses incurred relating to bonuses and increased wages paid to front-line and non-executive back office associates due to COVID-19, costs incurred for the recruitment and hiring of key members of management, certain expenses incurred relating to the acquisition of Field and Stream stores, tax benefits recognized, a legal settlement accrual, and the costs and impairments recorded relating to the closure of one store during the first quarter of 2020, as applicable. We define adjusted diluted earnings per share as diluted earnings per share excluding the impact of expenses incurred related to the bonuses and increased wages paid to front-line and non-executive back office associates due to COVID-19, expenses incurred relating to the recruitment and hiring of key members of management, certain expenses incurred relating to the acquisition of Field and Stream stores, a legal settlement accrual, and the costs and impairments recorded relating to the closure of one store during the first quarter of 2020, as applicable. We define Adjusted EBITDA as net income plus interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation expense, bonuses and increased wages paid to front-line and non-executive back office associates due to COVID-19, pre-opening expenses, and other gains, losses and expenses that we do not believe are indicative of our ongoing expenses. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures under “GAAP and Non-GAAP Measures” in this release. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company’s business and facilitate a more meaningful comparison of its diluted earnings per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Other companies in the Company’s industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our outlook for the fourth quarter and fiscal year 2020, our ability to execute on our growth strategy. Investors can identify these statements by the fact that they use words such as “continue”, “expect”, “may”, “opportunity”, “plan”, “future”, “ahead” and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: the potential effects of COVID-19 and measures intended to reduce its spread on the Company’s operations; the Company’s retail-based business model; general economic, market and other conditions and changes in consumer spending; the Company’s concentration of stores in the Western United States; competition in the outdoor activities and specialty retail market; changes in consumer demands; the Company’s expansion into new markets and planned growth; current and future government regulations; risks related to the Company’s continued retention of its key management; the Company’s existing distribution center or the Company’s planned new distribution center; quality or safety concerns about the Company’s merchandise; events that may affect the Company’s vendors; trade restrictions; public health crises and social unrest; and other factors that are set forth in the Company’s filings with the SEC, including under the caption “Risk Factors” in the Company’s Form 10-K for the fiscal year ended February 1, 2020 which was filed with the SEC on April 9, 2020, and the Company’s other public filings made with the SEC and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

About Sportsman’s Warehouse Holdings, Inc.

Sportsman’s Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories.

For press releases and certain additional information about the Company, visit the Investor Relations section of the Company’s website at www.sportsmans.com.

Investor Contacts:
Robert Julian, Chief Financial Officer
Caitlin Howe, Vice President, Corporate Development & Investor Relations
(801) 566-6681
[email protected]


SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
Condensed Consolidated Statements of Loss (Unaudited)
(in thousands, except per share data)


	For the Thirteen Weeks Ended

	October 31, 2020			% of net sales		November 2, 2019		% of net sales		YOY Variance

Net sales	$	385,748		100.0	%	$	242,466	100.0	%	$	143,282
Cost of goods sold		255,166		66.1	%		158,256	65.3	%		96,910
Gross profit		130,582		33.9	%		84,210	34.7	%		46,372

Operating expenses:
Selling, general and administrative expenses		92,252		23.9	%		68,336	28.2	%		23,916
Income from operations		38,330		10.0	%		15,874	6.5	%		22,456
Bargain purchase gain		(2,218	)	(0.6	%)		–	0.0	%		(2,218	)
Interest expense		536		0.1	%		2,094	0.9	%		(1,558	)
Income before income tax expense		40,012		9.9	%		13,780	5.6	%		26,232
Income tax expense		9,530		2.5	%		3,287	1.4	%		6,243
Net income	$	30,482		7.4	%	$	10,493	4.2	%	$	19,989

Earnings per share
Basic	$	0.70				$	0.24			$	0.46
Diluted	$	0.68				$	0.24			$	0.44

Weighted average shares outstanding
Basic		43,609					43,230				379
Diluted		44,510					43,559				951


SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)


	For the Thirty-Nine Weeks Ended

	October 31, 2020			% of net sales		November 2, 2019		% of net sales		YOY Variance

Net sales	$	1,013,572		100.0	%	$	628,249	100.0	%	$	385,323
Cost of goods sold		679,122		67.0	%		416,644	66.3	%		262,478
Gross profit		334,450		33.0	%		211,605	33.7	%		122,845

Operating expenses:
Selling, general and administrative expenses		251,077		24.8	%		191,326	30.5	%		59,751
Income from operations		83,373		8.2	%		20,279	3.2	%		63,094
Bargain purchase gain		(2,218	)	(0.2	%)		–	0.0	%		(2,218	)
Interest expense		3,088		0.3	%		6,552	1.0	%		(3,464	)
Income (loss) before income tax expense		82,503		7.9	%		13,727	2.2	%		68,776
Income tax expense (benefit)		20,690		2.0	%		3,195	0.5	%		17,495
Net Income	$	61,813		5.9	%	$	10,532	1.7	%	$	51,281

Earnings per share
Basic	$	1.42				$	0.24			$	1.18
Diluted	$	1.40				$	0.24			$	1.15

Weighted average shares outstanding
Basic		43,490					43,126				364
Diluted		44,260					43,316				944


SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)


Assets
	October 31, 2020		February 1, 2020
Current assets:
Cash	$	19,314	$	1,685
Accounts receivable, net		462		904
Merchandise inventories		322,078		275,505
Income tax receivable		–		812
Prepaid expenses and other		14,564		12,732
Total current assets		356,418		291,638
Operating lease right of use asset		239,254		224,520
Property and equipment, net		99,495		98,767
Goodwill		1,496		1,496
Definite lived intangible assets, net		299		220
Total assets	$	696,962	$	616,641

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	135,949	$	38,157
Accrued expenses		106,430		70,118
Operating lease liability, current		35,730		34,487
Income taxes payable		5,315		–
Revolving line of credit		–		116,078
Current portion of long-term debt, net of discount and debt issuance costs		–		5,936
Total current liabilities		283,424		264,776

Long-term liabilities:
Long-term debt, net of discount, debt issuance costs, and current portion		7,950		23,781
Deferred income taxes		4,154		562
Operating lease liability, noncurrent		227,333		217,254
Total long-term liabilities		239,437		241,597
Total liabilities		522,861		506,373

Stockholders’ equity:
Common stock		436		433
Additional paid-in capital		88,823		86,806
Accumulated earnings		84,842		23,029
Total stockholders’ equity		174,101		110,268
Total liabilities and stockholders’ equity	$	696,962	$	616,641


SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)

	October 31, 2020			November 2, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	61,813		$	10,532
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization		15,992			14,070
Amortization of discount on debt and deferred financing fees		422			252
Amortization of Intangible assets		21			20
Loss (gain) on asset dispositions		937			(311	)
Gain on bargain purchase		(2,218	)		–
Noncash operating lease expense		17,760			22,132
Deferred income taxes		2,801			(245	)
Stock based compensation		2,436			1,567
Change in assets and liabilities, net of amounts acquired:
Accounts receivable, net		442			(371	)
Operating lease liabilities		(20,781	)		(22,571	)
Merchandise inventory		(38,887	)		(42,142	)
Prepaid expenses and other		(2,021	)		165
Accounts payable		94,900			70,270
Accrued expenses		31,992			3,449
Income taxes payable and receivable		6,127			1,030
Net cash provided by operating activities		171,736			57,847

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment, net of amounts acquired		(15,394	)		(22,914	)
Acquisition of Field and Stream stores, net of cash acquired		(4,778	)		(19,074	)
Proceeds from sale of property and equipment		–			311
Net cash used in investing activities		(20,172	)		(41,677	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net (payments) borrowings on line of credit		(116,078	)		(13,541	)
(Decrease) Increase in book overdraft		4,559			3,756
Proceeds from issuance of common stock per employee stock purchase plan		273			174
Payment of withholdings on restricted stock units		(689	)		(369	)
Principal payments on long-term debt		(22,000	)		(6,000	)
Net cash used in financing activities		(133,935	)		(15,980	)

Net change in cash		17,629			190
Cash at beginning of year		1,685			1,547
Cash at end of period	$	19,314		$	1,737


SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
GAAP and Non-GAAP Measures (Unaudited)
(in thousands, except per share data)

Reconciliation of GAAP net income and GAAP dilutive earnings per share to adjusted net income and adjusted diluted earnings per share:

		For the Thirteen Weeks Ended						For the Thirty-Nine Weeks Ended

	October 31, 2020			November 2, 2019			October 31, 2020			November 2, 2019
Numerator:
Net income	$	30,482		$	10,493		$	61,813		$	10,532
Acquisition costs (1)		297			–			332			387
Hazard pay (2)		2,000			–			4,600			–
Store closing write-off (3)		–			–			1,039			–
Legal accrual (4)		2,125			–			2,125			–
Gain on bargain purchase (6)		(2,218	)		–			(2,218	)		–
Executive transition costs (5)		–			387			–			623
Less tax benefit		(1,154	)		(100	)		(2,113	)		(262	)
Adjusted net income	$	31,532		$	10,780		$	65,578		$	11,280

Denominator:
Diluted weighted average shares outstanding		44,414			43,559			44,260			43,316

Reconciliation of earnings per share:
Dilutive earnings per share	$	0.69		$	0.24		$	1.40		$	0.24
Impact of adjustments to numerator and denominator		0.02			0.01			0.08			0.02
Adjusted diluted earnings per share	$	0.71		$	0.25		$	1.48		$	0.26


Reconciliation of net income to adjusted EBITDA:
		For the Thirteen Weeks Ended						For the Thirty-Nine Weeks Ended
	October 31, 2020			November 2, 2019			October 31, 2020			November 2, 2019
Net income	$	30,482		$	10,493		$	61,813		$	10,532
Interest expense		465			2,094			3,016			6,552
Income tax expense (benefit)		9,530			3,287			20,691			3,195
Depreciation and amortization		5,404			4,832			16,085			14,090
Stock-based compensation expense (7)		882			619			2,436			1,567
Pre-opening expenses (8)		958			1,482			1,778			2,483
Acquisition costs (1)		297			387			332			387
Hazard pay (2)		2,000			–			4,600			–
Store closing write-off (3)		–			–			1,039			–
Gain on bargain purchase (6)		(2,218	)		–			(2,218	)		–
Legal accrual (4)		2,125			–			2,125			–
Executive transition costs (5)		–			–			–			623
Adjusted EBITDA	$	49,925		$	23,194		$	111,697		$	39,429

(1) Expenses incurred relating to the acquisition of Field & Stream stores.
(2) Expense incurred relating to bonuses and increased wages paid to front-line and non-executive back office associates due to COVID-19.
(3) Costs and impairments recorded relating to the closure of one store during the first quarter of 2020.
(4) Accrual relating to pending labor litigation in the state of California.
(5) Costs incurred for the recruitment and hiring of key members of management.
(6) Excess of fair value over the purchase price of tangible assets acquired in connection with the Field & Stream stores acquired during fiscal year 2020.
(7) Stock-based compensation expense represents non-cash expenses related to equity instruments granted to employees under our 2019 Performance Incentive Plan and employee stock purchase plan.
(8) Pre-opening expenses include expenses incurred in the preparation and opening of a new store location, such as payroll, travel and supplies, but do not include the cost of the initial inventory
or capital expenditures required to open a location.


SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
GAAP and Non-GAAP Measures (Unaudited)
(in thousands, except per share data)

Reconciliation of fourth quarter and 2020 fiscal year guidance:

	Estimated Q4 ’20				Estimated FY ’20
	Low		High		Low			High
Numerator:
Net income	$	17,160	$	19,800	$	78,973		$	81,613
Acquisition costs (1)		–		–		332			332
Hazard pay (2)		–		–		4,600			4,600
Store closing write-off (3)		–		–		1,039			1,039
Legal accrual (4)		–		–		2,125			2,125
Gain on bargain purchase (5)		–		–		(2,218	)		(2,218	)
Less tax benefit		–		–		(2,113	)		(2,113	)
Adjusted net income	$	17,160	$	19,800	$	82,738		$	85,378
Denominator:
Diluted weighted average shares outstanding		44,450		44,450		44,300			44,300

Reconciliation of earnings per share:
Diluted earnings per share	$	0.39	$	0.45	$	1.78		$	1.84
Impact of adjustments to numerator and denominator		–	$	–		0.08			0.08
Adjusted diluted earnings per share	$	0.39	$	0.45	$	1.87		$	1.93

(1) Expenses incurred relating to the acquisition of Field & Stream stores.
(2) Expense incurred relating to bonuses and increased wages paid to front-line and non-executive back office associates due to COVID-19.
(3) Costs and impairments recorded relating to the closure of one store during the first quarter of 2020.
(4) Accrual relating to pending labor litigation in the state of California.
(5) Excess of fair value over the purchase price of tangible assets acquired in connection with the Field & Stream stores acquired during fiscal year 2020.

December 2, 2020 4:08 pm

Marvell Technology Group Ltd. Declares Quarterly Dividend Payment

PR Newswire

SANTA CLARA, Calif., Dec. 2, 2020 /PRNewswire/ — Marvell Technology Group Ltd. (NASDAQ: MRVL), today announced a quarterly dividend of $0.06 per share of common stock payable on January 14, 2021 to shareholders of record as of December 23, 2020.

About Marvell

To deliver the data infrastructure technology that connects the world, we’re building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world’s leading technology companies for 25 years, we move, store, process and secure the world’s data with semiconductor solutions designed for our customers’ current needs and future ambitions. Through a process of deep collaboration and transparency, we’re ultimately changing the way tomorrow’s enterprise, cloud, automotive, and carrier architectures transform—for the better.

Marvell® and the Marvell logo are registered trademarks of Marvell and/or its affiliates.

For further information, contact:

Ashish Saran

Vice President, Investor Relations
408-222-0777
[email protected]

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SOURCE Marvell

December 2, 2020 4:08 pm

MongoDB, Inc. to Present at the UBS Global TMT Conference and the Barclays Global Technology, Media and Telecommunications Conference

PR Newswire

NEW YORK, Dec. 2, 2020 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB), the leading modern, general purpose database platform, today announced that its Chief Operating Officer and Chief Financial Officer, Michael Gordon, and its Vice President of Finance and Business Operations, Serge Tanjga, will present at two upcoming conferences: the UBS Global TMT Conference and the Barclays Global Technology, Media and Telecommunications Conference, both of which will be held virtually.

Mr. Gordon and Mr. Tanjga will present at the UBS Conference on Wednesday, December 9, 202010:15 AM Eastern Time and will be webcast live.
Mr. Gordon and Mr. Tanjga will present at the Barclays Conference on Thursday, December 10, 2020 at 9:30 AM Eastern Time and will be webcast live.

A live webcast of each presentation will be available on the Events page of the MongoDB investor relations website at https://investors.mongodb.com/events. A replay of the webcasts will also be available for a limited time.

About MongoDB
MongoDB is the leading modern, general purpose database platform, designed to unleash the power of software and data for developers and the applications they build. Headquartered in New York, MongoDB has more than 20,200 customers in over 100 countries. The MongoDB database platform has been downloaded over 125 million times and there have been more than one million MongoDB University registrations.

Investor Relations

Brian Denyeau

ICR for MongoDB
646-277-1251
[email protected]

Media Relations

Ben Wolfson/Tom McMahon
MongoDB
[email protected]

View original content to download multimedia:http://www.prnewswire.com/news-releases/mongodb-inc-to-present-at-the-ubs-global-tmt-conference-and-the-barclays-global-technology-media-and-telecommunications-conference-301185110.html

SOURCE MongoDB, Inc.