Market Newsdesk

November 26, 2020 9:01 pm

From Sketch to IoT Application with M5Paper – Touch Enabled e-ink Device

M5Paper is a touch-enabled E-ink display.

Shenzhen, Nov. 26, 2020 (GLOBE NEWSWIRE) — M5Stack has launched a unique new device in its core series. M5Paper is a touch-enabled E-ink display. Far from being a simple E-reader, M5Paper is a fully programmable microcontroller that could be the ideal choice for your IoT applications. This low power device could suit such purposes as a shelf display, industrial controller, smart weather display and so on.

M5Paper is powered by the ESP32-D0WD. Its E-Ink display supports a 16-level grayscale, which provides a great reading experience. The display is a GT911 capacitive touch screen, which supports multipoint touch and a variety of gesture controls.

Compared to a regular LCD, E-Ink displays are easier on the eyes, which makes them a great choice for reading or viewing for longer periods. The M5Paper has ultra-low power consumption, basically, power is only required for refreshing and keeps displaying previous content for a long time even when powered down.

Similar to the M5Stack Core Ink, it is equipped with multi-function buttons for operation, sensors such as the SHT30 temperature and moisture sensor and an SD card port for data storage.

Additionally, the FM24C02 internal EEPROM chip (256KB-EEPROM) can be used to store vital data even when the device is off. A 1150mAh lipo battery keeps the device going for long periods and battery life can be further preserved by using the RTC (BM8563) to set the device into a deep sleep and wake it up again when needed. Three HY2.0-4P expansion ports are included which allow for building complex projects using the existing sensors in the M5Stack ecosystem.

Product Features

ESP32 Standard Wireless Functions WiFi, Bluetooth Internal 16M Flash

Ultra-Low Power Consumption

Multi-Point Touch Screen

180 Degree Viewing Angle

Internal 1150mAh Battery

Expandable – HY2.0-4P 3 x External Expansion Ports

Applications

IoT Terminal

E-Book Reader

Industrial Control Panel

Smart Home Panel

M5Paper is compatible with Arduino, MicroPython, and UIFlow. UIFlow is a Web-based IoT programming system developed by M5Stack and based on Google Blockly which is a clear and easy to program visual interface.

If you require a smart display with minimal power consumption, M5Paper could very well be the device for you.

Attachments

Diana
M5Stack
[email protected]

November 26, 2020 8:25 pm

YWCA Metro Vancouver welcomes Parliamentary Secretary for BC’s non-profit sector

VANCOUVER, British Columbia, Nov. 26, 2020 (GLOBE NEWSWIRE) — YWCA Metro Vancouver welcomes the provincial government’s commitment to BC’s non-profit sector with the appointment of Niki Sharma as Parliamentary Secretary of Community Development and Non-Profits.

The appointment comes at a time when nearly one in four non-profits report being at risk of closing their doors as a result of COVID-19.

The non-profit sector is fundamental to BC, contributing $6.7 billion to the province’s GDP, employing 86,000 people and serving tens of thousands of British Columbians. Since the onset of the pandemic, YWCA Metro Vancouver, alongside its peers in the charitable and non-profit sector, have felt the brunt of increased demand on services combined with limited or reduced revenue streams.

As much as 23% of charities and non-profits in B.C. have said they are at risk of shutting down as a result of the pandemic, according to a recent survey undertaken by Vantage Point.

YWCA Metro Vancouver is projecting significant revenue losses in 2020 due to COVID-19’s impacts on its hotel and health and fitness centre, both of which help YWCA community programs. The decrease in demand in the hospitality and health and fitness sectors will also impact the YWCA’s capacity to deliver programs and services in 2021 and beyond.

Non-profits have been on the frontlines of the pandemic’s cascading effects, providing much-needed housing, child care, recovery and mental health services and food supports. The pandemic has also disproportionately impacted women through job and income loss, increased intimate partner violence and increased unpaid care work at home. As a result, the YWCA has stepped up its supports for single moms and women leaving violence.

YWCA Metro Vancouver CEO, Deb Bryant, says Sharma’s appointment is a win for the charitable and non-profit sector at a time when it is needed more than ever.

“If this year has shown us anything, it’s how vital frontline, community organizations are to our province. It’s great to see the government acknowledge that with the commitment of a Parliamentary Secretary and we look forward to working with Niki in the coming years.”

For media inquiries please contact:

Rebecca Savory, Communications Specialist
Email: [email protected]
Phone: 236 865 0849

YWCA Metro Vancouver is a registered charity, providing a range of integrated services for women and their families and those seeking to improve the quality of their lives. From early learning and child care to housing, health and fitness, employment services and leadership, the YWCA touches lives in our communities.

Learn More

For more information about vulnerability in BC’s charities and non-profits, see the No Immunity report Vancouver Foundation released earlier this year in partnership with Vantage Point, the City of Vancouver, and Victoria Foundation: https://www.thevantagepoint.ca/blog/no-immunity-impacts-covid-19-our-sector.

November 26, 2020 8:06 pm

A New Parliamentary Secretary Creates Positive Impact on Communities

Vantage Point congratulates Niki Sharma on being appointed Parliamentary Secretary for Community Development and Non-Profits and pledges its support for unleashing the potential of charities and nonprofits in BC’s recovery

VANCOUVER, British Columbia, Nov. 26, 2020 (GLOBE NEWSWIRE) — Vantage Point’s Executive Director Alison Brewin congratulates Niki Sharma on being appointed Parliamentary Secretary for Community Development and Non-Profits today, and applauds Premier Horgan for his government’s commitment to cultivating a stronger relationship with BC’s charities and nonprofits.

Not-for-profits and charities have stepped into pandemic response over the past eight months with great resilience and creativity however, as shown in the No Immunity Report published earlier this year, 23% of charities and nonprofits said they’re at risk of closing their doors because of urgent threats caused by the pandemic—even as demand for their services is rising.

These organizations have been on the frontlines of providing critical services and maintaining resiliency throughout each wave of the virus. But now, with revenue and income shrinking, their very existence is at risk. We need to move quickly in collaboration to ensure these organizations can continue to action their missions and lift our communities while continuing to provide essential services and resources.

With the newly appointed Parliamentary Secretary, there is renewed ability to mobilize the not-for-profit and charitable sector’s 86,000 employees to even greater ability as the sector deals with challenges such as the overdose crisis, climate change, homelessness, and racial justice. Vantage Point looks forward to being able to collaborate with Parliamentary Secretary Sharma in leveraging the sector to continue to do this crucial work that contributes $6.7 billion to BC’s GDP and serves tens of thousands each year.

Vantage Point is excited to collaborate with Parliamentary Secretary Sharma to engage charities and nonprofits in key elements of the government’s Stronger BC recovery plan: a nimble workforce, expanded community infrastructure, and wraparound supports like childcare, mental health services, and food security initiatives. With this appointment the government is saying it understands the critical contribution this sector makes to the wellbeing of people and communities across the province.

Quote

Alison Brewin, Executive Director of Vantage Point

“This is an exciting decision of the government and one that can have deep and positive impact on communities, the economy
,
and the environment. It is a clear sign that the government seeks to partner with the sector to find solutions and build back better
together.
“

Learn More

For more information about vulnerability in BC’s charities and nonprofits, see the No Immunity report Vantage Point released earlier this year in partnership with Vancouver Foundation, the City of Vancouver, and Victoria Foundation: https://www.thevantagepoint.ca/blog/no-immunity-impacts-covid-19-our-sector
For more on the potential of BC’s third sector to partner with government and the private sector in exciting new ways see: https://theprovince.com/opinion/alison-brewin-kevin-mccort-queenie-choo-building-back-better-hinges-on-a-new-role-for-b-c-s-charities-and-non-profits

About Vantage Point

Vantage Point exists to support the people moving these organizations forward – Executive Directors, board members, senior leaders, managers, staff, and volunteers. Our mission is to transform not-for-profit organizations by convening, connecting, and equipping leaders to lift organizational capacity. Every client leaves our programs with resources to excel in their role and grow the impact of their organization. thevantagepoint.ca

Media Contact

Nav Nagra, Communications and Inclusion Manager

Email:
Phone:

[email protected]

604-562-4757

November 26, 2020 8:03 pm

Amorepacific Develops an Original Technology That Reverses the Aging of Skin Cells in Joint Research with KAIST

PR Newswire

SEOUL, South Korea, Nov. 26, 2020 /PRNewswire/ — Amorepacific R&D Center, together with KAIST, developed an original technology that reverses the aging process in human dermal fibroblasts. The system’s biology research was conducted in collaboration with a research team led by Professor Cho Kwang-hyun of the Department of Bio and Brain Engineering at KAIST. The result of the research was published in the online edition of an internationally renowned scientific journal, PNAS, on November 23. (The research article is titled “Inhibition of 3-phosphoinositide–dependent protein kinase 1 (PDK1) can revert cellular senescence in human dermal fibroblasts”.)

As skin cells get older, their ability to divide becomes significantly weakened, slowing down the speed of regeneration and the overall functionality of skin tissue. They also lose the ability to produce collagen and elastic fibers which, in turn, slows down skin regeneration making the skin thinner, and thus creating wrinkles. In addition, a weak skin barrier causes frequent dryness, itchy skin, and other troubles.

In this industry-university research collaboration, Amorepacific R&D Center and Professor Cho’s team developed a signaling network model for aging skin cells. The joint team ran simulations to analyze the model and discovered a core f that reverses aging in old cells and converts them into younger cells. Using this factor, the team managed to develop an original technology for reverse aging.

These findings are meaningful in that we have found the potential to reverse the biological phenomenon of aging in skin cells that was previously considered irreversible. When we regulated the activity of PDK1 (3-phosphoinositide–dependent protein kinase 1), the core factor that reverse aging, in the artificial model of aged skin, we found that PDK1 inhibition not only reverses the reduction in collagen synthesis, but also helps recover the skin’s ability to regenerate. It is expected that we can leverage this reverse aging technology to not only predict and suppress the progress of age-related diseases, but also to prolong the healthy years of our lives.

Park Won-seok, Director of Research & Innovation Center at Amorepacific R&D Center said, “The joint research enabled us to build an aging signal network model and an artificial model for aged skin, with which we saw the potential to reverse the aging process in the skin. Amorepacific will continue to build on our studies on dermatology and bio sector to slow down or improve the progress of aging that was previously thought impossible. We will continue to put in our utmost efforts to safeguard the health of our customers worldwide.”

Based on the results of the studies, Amorepacific R&D Center is developing cosmetics that reduce wrinkles by extracting a core ingredient in Camellia japonica seed extract that controls aging in human skin.

View original content to download multimedia:http://www.prnewswire.com/news-releases/amorepacific-develops-an-original-technology-that-reverses-the-aging-of-skin-cells-in-joint-research-with-kaist-301180953.html

SOURCE Amorepacific

November 26, 2020 7:52 pm

A Vital Mandate, An Historic Opportunity

Vancouver Foundation congratulates Niki Sharma on being appointed Parliamentary Secretary for Community Development and Non-Profits and commends the Government of BC for showing national leadership when it’s needed more than ever

VANCOUVER, British Columbia, Nov. 26, 2020 (GLOBE NEWSWIRE) — With almost one quarter of BC charities and nonprofits at risk of closing their doors as a result of COVID-19, Vancouver Foundation CEO Kevin McCort congratulates Niki Sharma on being appointed Parliamentary Secretary for Community Development and Non-Profits — and applauds Premier Horgan for the Government of BC’s commitment to acknowledging the important role of charities and nonprofits.

This appointment comes at a critical time. BC’s charities and nonprofit are under threat just when the need is greatest. Data from a survey released earlier this year revealed 23% of charities and nonprofits said they’re at risk of closing their doors because of urgent threats caused by the pandemic — even as demand for their services is rising.

These organizations have been on the frontlines of providing critical services and maintaining resiliency throughout each wave of the virus. But now, with revenue and income shrinking, their very existence is at risk. We need quick action and close coordination to ensure they can continue to fill the gaps between the roles of government and the private sector as we all pull together to weather this storm. Vancouver Foundation is pleased to see the Government of BC take concrete action to build this relationship.

Vancouver Foundation is excited to collaborate with the new Parliamentary Secretary to engage charities and nonprofits in key elements of the government’s Stronger BC recovery plan: a nimble workforce, expanded community infrastructure, and wraparound supports like childcare, mental health services, and food security initiatives. With this appointment the government is saying it understands the critical contribution this sector makes to the wellbeing of people and communities across the province.

Beyond addressing the urgency of this crisis, there’s an even greater opportunity to leverage a crucial sector that contributes $6.7 billion to BC’s GDP, employs 86,000 British Columbians, and serves tens of thousands more each year. Dire challenges like the overdose crisis, racial justice, and climate change demand greater collaboration between sthe provincial government and the nonprofit sector to harness existing know-how and foster innovation.

This is an historic opportunity to foster new types of partnerships, mobilize new resources, and maximize the potential of the third sector for improving economic, social, and environmental outcomes. Vancouver Foundation applauds the Premier for seeing the potential of working together in new ways — and for appointing a Parliamentary Secretary with strong community credentials to lead this vital work.

Quote
s

Kevin McCort, President & CEO of Vancouver Foundation

“
Today’s historic appointment comes at an urgent time. This pandemic is hurting
the many people who rely on
charities and nonprofits in communities across BC — and our
province
can’t recover without the vital services and supports the
se organizations
deliver. We’re ready to hit the ground running and excited to work with
Parliamentary Secretary Sharma
to get this sector back on its feet,
harness its potential in new ways
, and build BC back stronger than ever.
”

Learn More

For more information about vulnerability in BC’s charities and nonprofits see the No Immunity report Vancouver Foundation released earlier this year in partnership with Vantage Point and Victoria Foundation: https://www.thevantagepoint.ca/blog/no-immunity-impacts-covid-19-our-sector
For more on the potential of BC’s third sector to partner with government and the private sector in exciting new ways see: https://theprovince.com/opinion/alison-brewin-kevin-mccort-queenie-choo-building-back-better-hinges-on-a-new-role-for-b-c-s-charities-and-non-profits

About Vancouver Foundation

Vancouver Foundation is Community Inspired. Our vision is to create healthy, vibrant and livable communities across BC. We do this by bringing together generous donors and linking their contributions to important work that addresses the needs of our communities. Vancouver Foundation is considered a local, regional, national, and international leader in responsive and proactive grantmaking and community capacity-building initiatives and collaborations. For a view into our world visit www.vancouverfoundation.ca.

Media Contact : Glenn Ewald, Director of Communications

Email: Phone:		[email protected] 604-629-2728

November 26, 2020 7:33 pm

Gensource Potash: Decision to Replace “Financial Investor”

Gensource Potash: Decision to Replace “Financial Investor”

SASKATOON, Saskatchewan–(BUSINESS WIRE)–
Gensource Potash Corporation (“Gensource” or the “Company”) (TSX-V:GSP), a fertilizer development company focused on sustainable potash production, announces that, in alignment with its partner and Tugaske Project off-taker, Helm AG, it has made the decision to replace the “financial investor” as identified in the Tugaske Project SPV (Special Purpose Vehicle).

In previous news releases, Gensource identified a financial investor in the structure diagrams for the project SPV. The SPV structure is not changing, only the specific unnamed group identified as the financial investor. The replacement is expected to originate from a group of parties that have already expressed interest in the project. This group includes both pure financial investors and groups with sector-specific experience. Sector-specific experience would, of course, add value to the SPV in addition to the pure financial investment.

The replacement will allow for a synergistic partnership that aligns with the vision for, and future operation of the Tugaske Project. It will help reduce project risk and help expedite project financing and execution.

Mike Ferguson, President & CEO of Gensource said, “Consistent with our focus on transparency, Gensource is pleased to share this update with its shareholders. It represents a positive incremental evolution of the project SPV and Gensource looks forward to working with Helm to create this new partnership and to the continued progress of the Tugaske project… meanwhile, the Gensource-Helm team continue to work through the senior debt and Euler Hermes processes.”

About Gensource

Gensource Potash is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a small scale and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a small and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning risk, and requiring no surface brine ponds, thereby removing the single largest negative environmental impact of conventional potash mining.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management’s expectations. Forward looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including the ability to finance the Tugaske Project or other projects, the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to Gensource’s financial condition and prospects, the ability to finance the Tugaske Project or other projects on terms which are economic or at all, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Tugaske Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201126005793/en/

Gensource Potash Corporation:

Mike Ferguson, President and CEO

Telephone: (306) 974-6414

Email: [email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Agriculture Natural Resources Other Natural Resources

MEDIA:

Logo

November 26, 2020 7:21 pm

Antera Ventures I Corp. and Wishpond Technologies Ltd. Announce Receipt of TSXV Conditional Approval and Filing of Filing Statement

Canada NewsWire

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Nov. 26, 2020 /CNW/ – Antera Ventures I Corp. (TSXV: ANTI.P) (the “Company“) is pleased to announce that the TSXV Venture Exchange (“TSXV“) has conditionally approved its proposed business combination with Wishpond Technologies Ltd. (“Wishpond“) by way of a three-cornered amalgamation which will constitute the qualifying transaction of the Company (the “Qualifying Transaction“), and that it has filed a filing statement in respect of the Qualifying Transaction dated effective November 26, 2020 on the Company’s SEDAR profile.

Assuming all conditions to the closing of the Qualifying Transaction are satisfied, the Company and Wishpond anticipate closing the Qualifying Transaction on or about December 8, 2020. In due course, the parties will issue a further press release announcing the closing of the Qualifying Transaction and the date on which the common shares of the Company will resume trading.

In connection with the Qualifying Transaction, and prior thereto, the Company will change its name to “Wishpond Technologies Ltd.” and consolidate its outstanding share capital on the basis of approximately 4.646720625 (old) common shares for 1 (new) common share. In addition, an aggregate of 6,133,000 subscription receipts of Wishpond will be converted into Wishpond common shares immediately prior to the completion of the Qualifying Transaction, and all shares of Wishpond will be exchanged for (new) common shares of the Company at the effective time of the Qualifying Transaction on the basis of approximately 3.2439938 (new) common shares of the Company for each 1 Wishpond share.

Additional Information

The Qualifying Transaction is not a “Non-Arm’s Length Transaction” (as defined in the Policies of the TSXV), and as such shareholder approval is not required for the Qualifying Transaction under the Policies of the TSXV.

Trading in the common shares of the Company is presently halted and will remain halted until completion of the Qualifying Transaction.

Completion of the Qualifying Transaction is subject to a number of conditions and there can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

For further information, please refer to the Filing Statement posted to the Company’s issuer profile on SEDAR at www.sedar.com, as well as the press releases of the Company dated July 27, 2020, September 14, 2020 and October 15, 2020.

About Wishpond Technologies Ltd.

Wishpond is a provider of marketing focused online business solutions based out of British Columbia. Wishpond offers an “all-in-one” marketing suite that provides companies with marketing, promotion, lead generation and sales conversion capabilities. Wishpond replaces entire marketing functions in an easy to use platform, for a fraction of the cost. Wishpond serves over 2,000 customers who are primarily small-to-medium size businesses (SMBs) in a wide variety of industries.

Wishpond’s vision is to become the leading provider of digital marketing solutions that empower entrepreneurs to achieve success online, regardless of their industry or size. Wishpond has developed cutting edge marketing technology solutions and continues to add new features and applications with great velocity. In addition to offering specific lead generation tools, Wishpond also provides advanced marketing applications integrated and managed from a centralized platform.

Wishpond employs a subscription-based SaaS (Software as a Service) model where customers subscribe to the company’s software and services through annual or monthly recurring plans. Substantially all of the company’s revenue is subscription based recurring revenue which provides excellent revenue and cash flow visibility.

About Antera Ventures I Corp.

Antera is a capital pool company created pursuant to the policies of the TSXV. It does not own any assets, other than cash or cash equivalents and its rights under the Definitive Agreement. The principal business of Antera is to identify and evaluate opportunities for the acquisition of an interest in assets or businesses and, once identified and evaluated, to negotiate an acquisition or participation subject to acceptance by the TSXV so as to complete a qualifying transaction in accordance with the policies of the TSXV.

Completion of the Qualifying Transaction is subject to a number of conditions, including TSXV acceptance. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the Qualifying Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Generally, forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements. Forward looking-information in this news release includes, but is not limited to, statements with respect to the completion of the Qualifying Transaction and the transactions related therein, satisfaction of the conditions to the closing of the Qualifying Transaction, the anticipated closing date of the Qualifying Transaction, the resumption of the trading of the common shares of the Company, the issuance of common shares of the Company in exchange for shares of Wishpond, and the receipt of all applicable regulatory approval in a timely manner or at all. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by the forward-looking information, such as the risk that the conditions to closing of the Qualifying Transaction will not be satisfied in a timely manner or at all, that the Company will not be able to complete the Qualifying Transaction, and that the Company will not receive all applicable regulatory approvals in a timely manner or at all. Although the Company has attempted to identify important factors that would 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. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws. The statements in this news release are made as of the date of this release.

SOURCE Antera Ventures I Corp.

November 26, 2020 6:16 pm

Yiren Digital Reports Third Quarter 2020 Financial Results

PR Newswire

BEIJING, Nov. 26, 2020 /PRNewswire/ — Yiren Digital Ltd. (NYSE: YRD) (“Yiren Digital” or the “Company”), a leading fintech company in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Operational Highlights

Wealth Management—Yiren Wealth

Cumulative number of investors served reached 2,283,828 as of September 30, 2020, representing an increase of 2.7% from 2,223,250 as of June 30, 2020 and compared to 2,200,223 as of September 30, 2019.
Number of active wealth management investors^[1] was 76,707 as of September 30, 2020, representing an increase of 152.4% from 30,392 as of June 30, 2020, and compared to 12,235 as of September 30, 2019.
Total assets under administration (“AUA”) for wealth management products^[2] on Yiren Wealth was RMB 4,334.2 million (US$ 638.4 million) as of September 30, 2020, representing an increase of 71.4% from 2,528.6 million as of June 30, 2020, and compared to RMB 626.2 million as of September 30, 2019.
Sales volume of wealth management products amounted to RMB 4,593.3 million (US$ 676.5 million) in the third quarter of 2020, representing an increase of 110.1% from RMB 2,186.2 million in the second quarter of 2020 and compared to RMB 767.2 million in the same period of 2019.

Consumer Credit—Yiren Credit

Total loan originations in the third quarter of 2020 reached RMB 3.2 billion (US$ 0.5 billion), representing an increase of 33.5% from RMB 2.4 billion in the second quarter of 2020 and compared to RMB 10.5 billion in the third quarter of 2019.
Cumulative number of borrowers served reached 5,060,824 as of September 30, 2020, representing an increase of 2.9% from 4,917,635 as of June 30, 2020 and compared to 4,593,590 as of September 30, 2019.
Number of borrowers served in the third quarter of 2020 was 143,238 representing an increase of 33.2% from 107,568 in the second quarter of 2020 and compared to 150,280 in the third quarter of 2019.
24.4% of loan originations were generated online in the third quarter of 2020.
Total outstanding principal balance of performing loans reached RMB28,007.2 million (US$ 4,125.0 million) as of September 30, 2020, representing a decrease of 16.3% from RMB33,454.4 million as of June 30, 2020.

[1] Active wealth management investors refer to those who hold an investment in one or more of the wealth management products the Company source from financial institutions during the quarter.

[2] Wealth management products include the products the Company source from financial institutions, which do not include any of our legacy P2P loans.

“We are very pleased to deliver a solid quarter, and we continue to make progress in our business transitions and strategic repositioning as we drive our online wealth management business into scale and ramp up our new credit-tech product offerings. We have achieved profitability and meaningful growth on both our wealth management and credit-tech business lines. With the large growing market opportunities in both our wealth management and credit businesses, we believe Yiren Digital is well positioned as China’s leading digital platform providing comprehensive personal financial services.” said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital.

“For our wealth management business, we are seeing promising momentum in wealth management products and services and the demand remains strong. As of end of September, total AUA of wealth management products increased by 71% quarterly to RMB 4.3 billion, and total sales volume of wealth management products increased by 110% quarter-over-quarter to RMB 4.6 billion. New investors of wealth management products on Yiren Wealth in this quarter stood over 58,200, representing a 255% growth compared to last quarter.”

“On our credit-tech business, we continue to execute our transition plan and drive our sales volume growth. Our new products continue to show strong growth as we shift towards small revolving loans and auto secured loans. For the small revolving loans, we have seen a quarterly increase of close to 100%, accounting for 19% of the total loan volume of this quarter. Meanwhile, auto secured loans grew 76% compared to the last quarter and took almost half of the total sales volume. “

“We are delighted to see continue growth in our wealth management business and loan originations and reached profitability for the quarter, as we continue to execute on our business plan,” said Ms. Na Mei, Chief Financial Officer of Yiren Digital. “Total net revenue reached RMB 1.0 billion in third quarter, representing an increase of 36% from previous quarter due to growth in both loan and wealth management business. In particular, our revenue generated from wealth management products is becoming a significant portion of total net revenue at RMB 124 million up from RMB 22 million from prior quarter. On the balance sheet side, our cash position remains strong with RMB 3.3 billion of cash and short-term investments as of September 30, 2020. “

Third Quarter 2020 Financial Results

Total amount of loans facilitated in the third quarter of 2020 was RMB 3,207.0million (US$472.3million), compared to RMB 10,496.3 million in the same period last year. As of September 30, 2020, the total outstanding principal amount of the performing loans was RMB 28.0 billion (US$4.1 billion), decreased by 16.3% from RMB 33.5 billion as of June 30, 2020.

Total net revenue in the third quarter of 2020 was RMB 1,022.8 million (US$ 150.6 million), compared to RMB 2,056.1 million in the same period last year. Revenue from Yiren Credit reached RMB 741.7 million (US$ 109.2 million), representing a decrease of 51.1% from RMB 1,515.6 million in the third quarter of 2019. Revenue from Yiren Wealth reached RMB 281.1 million (US$ 41.4 million), representing a decrease of 48.0% from RMB 540.6 million in the third quarter of 2019.

Sales and marketing expenses in the third quarter of 2020 were RMB 485.1 million (US$71.4 million), compared to RMB 1,160.4 million in the same period last year. Sales and marketing expenses in the third quarter of 2020 accounted for 15.1% of the total amount of loans facilitated, as compared to 11.1% in the same period last year mainly due to the decline of loan volume.

Origination, servicing and other operating costs in the third quarter of 2020 were RMB 239.7 million (US$35.3 million), compared to RMB 156.1 million in the same period last year. Origination and servicing costs in the third quarter of 2020 accounted for 7.5% of the total amount of loans facilitated, compared to 1.5% in the same period last year due to the decline of loan volume.

General and administrative expenses in the third quarter of 2020 were RMB 159.7 million (US$ 23.5 million), compared to RMB 168.1 million in the same period last year. General and administrative expenses in the third quarter of 2020 accounted for 15.6% of the total net revenue, compared to 8.2% in the same period last year.

Allowance for contract assets and receivables in the third quarter of 2020 were RMB 25.0 million (US$ 3.7 million), compared to RMB 344.7 million in the same period last year.

Income tax expense in the third quarter of 2020 was RMB 16.4 million (US$ 2.4 million).

Net income in the third quarter of 2020 was RMB 79.8 million (US$ 11.8 million), compared to net income of RMB 228.0 million in the same period last year.

Adjusted EBITDA

^[3]

(non-GAAP) in the third quarter of 2020 was net income of RMB 117.5 million (US$ 17.3 million), compared to net income of RMB 274.2 million in the same period last year.

Basic income per ADS in the third quarter of 2020 was net income of RMB 0.9(US$ 0.1), compared to a basic income per ADS of RMB 2.5 in the same period last year.

Diluted income per ADS in the third quarter of 2020 was net income of RMB 0.9(US$ 0.1), compared to a diluted income per ADS of RMB 2.4 in the same period last year.

Net cash generated from operating activities in the third quarter of 2020 was RMB 3.1 million (US$0.5 million), compared to net cash generated from operating activities of RMB 808.1 million in the same period last year.

Net cash used in investing activities in the third quarter of 2020 was RMB 99.5 million (US$14.6 million), compared to net cash used in investing activities of RMB 78.1 million in the same period last year.

As of September 30, 2020, cash and cash equivalents was RMB 2,836.2 million (US$ 417.7 million), compared to RMB 2,935.5 million as of June 30, 2020. As of September 30, 2020, the balance of held-to-maturity investments was RMB 2.3 million (US$ 0.3 million), compared to RMB 4.1 million as of June 30, 2020. As of September 30, 2020, the balance of available-for-sale investments was RMB 511.3 million (US$ 75.3 million), compared to RMB 513.0 million as of June 30, 2020.

Delinquency rates. As of September 30, 2020, the delinquency rates for loans that are past due for 15-29 days, 30-59 days and 60-89 days were 1.1%, 1.7%, and 1.6%, respectively compared to 1.4%, 2.0%, and 2.1%, as of June 30, 2020.

Cumulative M3+ net charge–off rates. As of September 30, 2020, the cumulative M3+ net charge-off rate for loans originated in 2017 was 17.0%, compared to 16.7% as of June 30, 2020. As September 30, 2020, the cumulative M3+ net charge-off rate for loans originated in 2018 was 18.3%, compared to 17.6% as of June 30, 2020. As of September 30, 2020, the cumulative M3+ net charge-off rate for loans originated in 2019 was 11.9%, compared to 9.4% as of June 30, 2020.

[3] “Adjusted EBITDA” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures” and the table captioned “Reconciliations of Adjusted EBITDA” set forth at the end of this press release.

Board Composition Change

The Board of Directors of the Company (the “Board”) has appointed Mr. Dennis Cong as a member of the Board effective November 27, 2020. At the same time, Mr. Huan Chen has retired from his position on the Board effective today after having served as a Director of the Company since 2015.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. 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 accounting principles generally accepted in the United States of America (“U.S. GAAP”). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See “Operating Highlights and Reconciliation of GAAP to Non-GAAP measures” at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 6.7896 to US$1.00, the effective noon buying rate on September 30, 2020, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital’s management will host an earnings conference call at 7:00 p.m. U.S. Eastern Time on November 26, 2020 (or 8:00 a.m. Beijing/Hong Kong Time on November 27, 2020).

Participants who wish to join the call should register online in advance of the conference at:

http://apac.directeventreg.com/registration/event/5509629

Please note the Conference ID number of 5509629.

Once registration is completed, participants will receive the dial-in information for the conference call, an event passcode, and a unique registrant ID number.

Participants joining the conference call should dial-in at least 10 minutes before the scheduled start time.

A replay of the conference call may be accessed by phone at the following numbers until December 4, 2020:

International	+61 2-8199-0299
U.S.	+1 646-254-3697
Replay Access Code:	5509629

Additionally, a live and archived webcast of the conference call will be available at ir.yirendai.com.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in 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,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yiren Digital’s control. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yiren Digital’s ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yiren Digital’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yiren Digital’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yiren Digital does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. (NYSE: YRD) is a leading fintech company in China, providing both credit and wealth management services. For its credit business, the Company provides an effective solution to address largely underserved investor and individual borrower demand in China through online and offline channels to efficiently match borrowers with investors and execute loan transactions. Yiren Digital deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yiren Digital’s marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For its wealth management business, the Company targets China’s mass affluent population and strives to provide customized wealth management services, with a combination of long-term and short-term targets as well as different types of investments, ranging from cash and fixed-income assets, to funds and insurance. For more information, please visit ir.Yirendai.com.

Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2019	June 30, 2020	September 30, 2020	September 30, 2020	September 30, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	RMB	USD	RMB	RMB	USD
Net revenue:
Loan facilitation services	1,286,923	171,084	406,413	59,858	3,579,687	936,038	137,865
Post-origination services	103,073	126,477	195,570	28,804	640,673	468,567	69,012
Account management services	489,673	300,720	157,327	23,172	1,527,037	871,213	128,316
Others	176,439	156,408	263,452	38,802	505,759	525,293	77,367
Total net revenue	2,056,108	754,689	1,022,762	150,636	6,253,156	2,801,111	412,560
Operating costs and expenses:
Sales and marketing	1,160,365	508,466	485,055	71,441	3,496,957	1,609,962	237,122
Origination,servicing and other operating costs	156,073	165,183	239,655	35,297	491,141	507,756	74,784
General and administrative	168,092	172,568	159,670	23,517	601,333	481,279	70,885
Allowance for contract assets and receivables	344,742	168,708	25,016	3,684	1,036,707	337,109	49,651
Total operating costs and expenses	1,829,272	1,014,925	909,396	133,939	5,626,138	2,936,106	432,442
Other income/(expenses):
Interest income, net	13,825	16,950	11,003	1,621	62,913	53,069	7,816
Fair value adjustments related to Consolidated ABFE	(1,323)	(32,957)	(30,905)	(4,552)	39,462	(89,882)	(13,238)
Others, net	7,112	(3,510)	2,726	401	184,815	11,400	1,679
Total other income/(expenses)	19,614	(19,517)	(17,176)	(2,530)	287,190	(25,413)	(3,743)
Income/(loss) before provision for income taxes	246,450	(279,753)	96,190	14,167	914,208	(160,408)	(23,625)
Share of results of equity investees	1,505	–	–	–	(4,268)	–	–
Income tax expense/(benefit)	19,924	(47,558)	16,353	2,408	158,314	(27,269)	(4,016)
Net income/(loss)	228,031	(232,195)	79,837	11,759	751,626	(133,139)	(19,609)

Weighted average number of ordinary shares outstanding, basic	185,548,214	185,613,735	186,784,192	186,784,192	185,095,873	186,002,493	186,002,493
Basic income/(loss) per share	1.2290	(1.2510)	0.4274	0.0630	4.0607	(0.7158)	(0.1054)
Basic income/(loss) per ADS	2.4580	(2.5020)	0.8548	0.1260	8.1214	(1.4316)	(0.2108)

Weighted average number of ordinary shares outstanding, diluted	186,351,678	185,613,735	187,370,892	187,370,892	186,433,058	186,002,493	186,002,493
Diluted income/(loss) per share	1.2237	(1.2510)	0.4261	0.0628	4.0316	(0.7158)	(0.1054)
Diluted income/(loss) per ADS	2.4474	(2.5020)	0.8522	0.1256	8.0632	(1.4316)	(0.2108)

Unaudited Condensed Consolidated Cash Flow Data(Recast*)
Net cash generated from/(used in) operating activities	808,148	(64,721)	3,098	455	186,065	501,097	73,803
Net cash (used in)/provided by investing activities	(78,146)	(186,670)	(99,460)	(14,649)	(87,181)	(815,567)	(120,120)
Net cash (used in)/provided by financing activities	(839,114)	39,905	81,693	12,032	(419,110)	55,961	8,242
Effect of foreign exchange rate changes	3,193	(86)	(3,389)	(498)	2,529	(2,269)	(334)
Net decrease in cash, cash equivalents and restricted cash	(105,919)	(211,572)	(18,058)	(2,660)	(317,697)	(260,778)	(38,409)
Cash, cash equivalents and restricted cash, beginning of period	2,822,706	3,237,994	3,026,422	445,744	3,034,484	3,269,142	481,493
Cash, cash equivalents and restricted cash, end of period	2,716,787	3,026,422	3,008,364	443,084	2,716,787	3,008,364	443,084

Unaudited Condensed Consolidated Balance Sheets
(in thousands)

	As of
	December 31, 2019	June 30, 2020	September 30, 2020	September 30, 2020
	RMB	RMB	RMB	USD

Cash and cash equivalents	3,198,086	2,935,543	2,836,229	417,731
Restricted cash	71,056	90,879	172,135	25,353
Accounts receivable	3,398	27,309	100,657	14,825
Contract assets, net	2,398,685	1,356,886	1,231,190	181,335
Contract cost	160,003	145,809	124,005	18,264
Prepaid expenses and other assets	1,333,221	1,134,257	986,747	145,332
Loans at fair value	418,492	246,475	180,058	26,520
Financing receivables	29,612	54,876	267,938	39,463
Amounts due from related parties	988,853	1,560,376	1,584,084	233,310
Held-to-maturity investments	6,627	4,126	2,349	346
Available-for-sale investments	460,991	513,013	511,267	75,301
Property, equipment and software, net	195,855	184,957	163,696	24,110
Deferred tax assets	45,407	49,051	50,175	7,390
Right-of-use assets	334,134	224,067	160,825	23,687
Total assets	9,644,420	8,527,624	8,371,355	1,232,967
Accounts payable	43,583	40,324	24,757	3,646
Amounts due to related parties	106,645	184,325	293,620	43,246
Liabilities from quality assurance program and guarantee	4,397	2,660	2,065	304
Deferred revenue	358,203	190,712	135,590	19,970
Accrued expenses and other liabilities	2,338,745	1,981,040	1,993,273	293,577
Refund liability	1,801,535	1,501,318	1,285,109	189,276
Deferred tax liabilities	218,888	162,016	150,486	22,164
Lease liabilities	282,334	205,056	135,544	19,963
Total liabilities	5,154,330	4,267,451	4,030,320	593,601
Ordinary shares	121	121	121	18
Additional paid-in capital	5,038,691	5,050,226	5,059,529	745,188
Treasury stock	(37,097)	(37,097)	(40,147)	(5,913)
Accumulated other comprehensive income	21,855	23,474	18,595	2,739
Accumulated deficit	(533,480)	(776,551)	(697,063)	(102,666)
Total equity	4,490,090	4,260,173	4,341,035	639,366
Total liabilities and equity	9,644,420	8,527,624	8,371,355	1,232,967

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of borrowers, number of investors and percentages)

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2019	June 30, 2020	September 30, 2020	September 30, 2020	September 30, 2019	September 30, 2020	September 30, 2020
	RMB	RMB	RMB	USD	RMB	RMB	USD
Operating Highlights
Amount of p2p investment	9,037,670	4,017,751	2,620,252	385,921	32,412,841	11,841,750	1,744,101
Number of p2p investors	113,955	63,066	41,851	41,851	319,538	119,929	119,929
Amount of non-p2p investment	767,226	2,186,210	4,593,256	676,514	1,380,717	8,942,780	1,317,129
Number of non-p2p investors	12,235	30,392	76,707	76,707	26,101	90,888	90,888
Amount of loans facilitated	10,496,261	2,402,494	3,206,977	472,337	31,105,001	7,448,925	1,097,108
Number of borrowers	150,280	107,568	143,238	143,238	423,414	360,170	360,170
Remaining principal of performing loans	54,553,702	33,454,423	28,007,249	4,125,022	54,553,702	28,007,249	4,125,022

Segment Information
Wealth management:
Revenue	540,554	322,381	281,050	41,394	1,654,366	1,019,307	150,129
Sales and marketing expenses	219,390	45,454	43,879	6,463	576,462	156,659	23,074

Consumer credit:
Revenue	1,515,554	432,308	741,712	109,242	4,598,790	1,781,804	262,431
Sales and marketing expenses	940,975	463,012	441,176	64,978	2,920,495	1,453,303	214,048

Reconciliation of Adjusted EBITDA
Net income/(loss)	228,031	(232,195)	79,837	11,759	751,626	(133,139)	(19,609)
Interest income, net	(13,825)	(16,950)	(11,003)	(1,621)	(62,913)	(53,069)	(7,816)
Income tax expense/(benefit)	19,924	(47,558)	16,353	2,408	158,314	(27,269)	(4,016)
Depreciation and amortization	32,153	24,368	23,404	3,447	95,767	74,943	11,038
Share-based compensation	7,954	2,954	8,952	1,319	40,385	16,447	2,422
Adjusted EBITDA	274,237	(269,381)	117,543	17,312	983,179	(122,087)	(17,981)
Adjusted EBITDA margin	13.3%	-35.7%	11.5%	11.5%	15.7%	-4.4%	-4.4%

*The Company reclassified 22.0 million payments made in the second quarter of 2020 related to financing receivables from cash used in operating activities to cash used in investing activities.

Delinquency Rates
	Delinquent for
	15-29 days	30-59 days	60-89 days
All Loans
December 31, 2015	0.7%	1.2%	0.9%
December 31, 2016	0.6%	0.9%	0.8%
December 31, 2017	0.8%	1.0%	0.8%
December 31, 2018	1.0%	1.8%	1.7%
December 31, 2019	1.2%	2.0%	1.7%
March 31, 2020	1.6%	4.1%	3.2%
June 30, 2020	1.4%	2.0%	2.1%
September 30, 2020	1.1%	1.7%	1.6%

Online Channels
December 31, 2015	0.5%	0.8%	0.6%
December 31, 2016	0.6%	1.0%	0.8%
December 31, 2017	1.3%	1.2%	0.9%
December 31, 2018	1.2%	2.3%	2.2%
December 31, 2019	1.6%	2.9%	2.5%
March 31, 2020	1.9%	5.2%	3.8%
June 30, 2020	1.4%	2.4%	2.7%
September 30, 2020	1.2%	2.2%	2.1%

Offline Channels
December 31, 2015	0.7%	1.2%	1.0%
December 31, 2016	0.6%	0.9%	0.8%
December 31, 2017	0.6%	0.9%	0.7%
December 31, 2018	0.9%	1.6%	1.5%
December 31, 2019	1.0%	1.7%	1.5%
March 31, 2020	1.6%	3.7%	3.1%
June 30, 2020	1.4%	1.8%	2.0%
September 30, 2020	1.0%	1.5%	1.5%

Net Charge-Off Rate
Loan Issued Period	Amount of Loans Facilitated During the Period	Accumulated M3+ Net Charge- Off as of September 30, 2020	Total Net Charge-Off Rate as of September 30, 2020
	(in RMB thousands)	(in RMB thousands)
2015	53,143,029	4,426,384	8.3%
2016	53,805,112	5,035,620	9.4%
2017	69,883,293	11,848,179	17.0%
2018	63,176,149	11,551,234	18.3%
2019	39,103,048	4,654,088	11.9%
2020H1	3,574,487	6,815	0.2%

M3+ Net Charge-Off Rate
Loan Issued Period	Month on Book

2015Q1	0.8%	2.0%	3.4%	4.7%	5.7%	6.5%	7.1%	7.5%	7.7%	7.8%	7.8%
2015Q2	0.8%	2.3%	3.8%	5.2%	6.4%	7.3%	7.9%	8.3%	8.5%	8.7%	8.8%
2015Q3	0.4%	1.6%	3.1%	4.4%	5.6%	6.5%	7.1%	7.6%	7.9%	8.1%	8.4%
2015Q4	0.4%	1.6%	3.1%	4.4%	5.5%	6.3%	6.9%	7.4%	7.9%	8.3%	8.5%
2016Q1	0.3%	1.2%	2.5%	3.6%	4.5%	5.2%	5.8%	6.4%	7.0%	7.4%	7.6%
2016Q2	0.4%	1.6%	3.1%	4.3%	5.2%	6.0%	6.8%	7.6%	8.1%	8.4%	8.7%
2016Q3	0.3%	1.6%	3.0%	4.3%	5.4%	6.6%	7.8%	8.6%	9.1%	9.5%	9.7%
2016Q4	0.2%	1.5%	2.9%	4.3%	5.8%	7.3%	8.3%	9.2%	9.9%	10.3%	10.6%
2017Q1	0.4%	1.6%	3.2%	5.1%	7.0%	8.4%	9.7%	10.6%	11.3%	11.8%	12.0%
2017Q2	1.2%	3.0%	5.6%	8.3%	10.2%	11.9%	13.2%	14.2%	15.0%	15.4%	15.7%
2017Q3	0.5%	3.0%	6.3%	9.0%	11.4%	13.3%	14.8%	15.9%	16.6%	17.1%	17.4%
2017Q4	0.8%	4.1%	7.4%	10.5%	13.2%	15.2%	16.7%	17.8%	18.6%	19.1%
2018Q1	0.4%	3.1%	6.6%	10.0%	12.8%	15.1%	16.8%	18.1%	19.1%
2018Q2	0.5%	3.7%	7.4%	10.8%	13.6%	15.8%	17.7%	19.2%
2018Q3	0.4%	3.0%	6.2%	9.1%	11.7%	13.9%	15.9%
2018Q4	0.3%	2.5%	5.6%	8.6%	11.7%	14.5%
2019Q1	0.2%	2.5%	5.6%	9.0%	12.7%
2019Q2	0.3%	2.9%	6.9%	11.3%
2019Q3	0.3%	3.4%	8.0%
2019Q4	0.3%	3.9%
2020Q1	0.5%

View original content:http://www.prnewswire.com/news-releases/yiren-digital-reports-third-quarter-2020-financial-results-301181068.html

SOURCE Yiren Digital

November 26, 2020 6:10 pm

Brampton Brick Limited Acknowledges BBL Acquisitions Inc.’s Intention to Make Cash Offer for All Class A Subordinate Voting Shares

Canada NewsWire

BRAMPTON, ON, Nov. 26, 2020 /CNW/ – Brampton Brick Limited (the “Company“) (TSX: BBL.A) announced today that it is aware of the news release of BBL Acquisitions Inc. (the “Offeror“) stating that the Offeror intends to make an all cash offer for all of the outstanding Class A Subordinate Voting Shares of the Company (each a “Class A Share“) (other than the Class A Shares beneficially owned or over which control or direction is exercised by the Offeror or its affiliates) on the basis of $12.00 per Class A Share (the “Proposed Offer“).

The board of directors of the Company (the “Board“) has established a special committee (the “Special Committee“) comprised of John Piecuch (Chair), David Grant and Kenneth Tanenbaum, each an independent member of the Board, to evaluate the Proposed Offer and to consider any available alternatives. No member of the Special Committee is an interested party in respect of the Proposed Offer, as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

The Special Committee has appointed McMillan LLP and Farber Corporate Finance Inc. as, respectively, independent legal and financial advisors to assist the Special Committee in carrying out its mandate. The Special Committee will communicate with shareholders upon the occurrence of any material development relating to the Proposed Offer.

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, “expects”, “is expected”, “intends”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements with respect to the Proposed Offer and the terms thereof and the timing of future communications regarding material developments related to the Proposed Offer. The forward-looking statements in this news release are necessarily based on assumptions of the Special Committee, including, without limitation, assumptions with respect to the Offeror’s ability and willingness to make the Proposed Offer substantially on the terms previously disclosed. Forward-looking statements are based on opinions and estimates of the Special Committee as at the date that such statements are made and are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected. Accordingly, readers should not place undue reliance on the forward-looking statements contained herein. Except as required by law, neither the Company nor the Special Committee undertakes any obligation to publicly update any forward-looking statement contained herein, whether as a result of new information, future events or otherwise.

SOURCE Brampton Brick Limited

November 26, 2020 6:03 pm

LAIX Inc. Announces Third Quarter 2020 Unaudited Financial Results

PR Newswire

SHANGHAI, Nov. 26, 2020 /PRNewswire/ — LAIX Inc. (“LAIX” or the “Company”) (NYSE: LAIX), an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020
Financial and Operating Highlights

Gross billings^[1] for the third quarter of 2020 were RMB257.1 million (US$37.9 million), a 16.1% decrease from RMB306.2 million for the previous quarter and a 6.6% decrease from RMB275.4 million for the same quarter last year.
Net revenues for the third quarter of 2020 were RMB239.4 million (US$35.3 million), a 11.1% decrease from RMB269.4 million for the previous quarter and an 8.6% decrease from RMB262.1 million for the same quarter last year.
Gross margin for the third quarter of 2020 was 72.9%, compared with 71.9% for the previous quarter and 72.6% for the same quarter last year.
Sales and marketing expenses for the third quarter of 2020 were RMB185.5 million (US$27.3 million), a 7.6% decrease from RMB200.7 million for the previous quarter and a 35.9% decrease from RMB289.2 million for the same quarter last year.
Net loss for the third quarter of 2020 was RMB70.6 million (US$10.4 million), compared with RMB92.5 million for the previous quarter and RMB214.1 million for the same quarter last year.
Operating cash outflow for the third quarter of 2020 was RMB53.1 million (US$7.8 million), compared with RMB66.4 million for the previous quarter and RMB119.5 million for the same quarter last year.
Approximately 0.5 million paying users purchased the Company’s courses and services for the third quarter of 2020, compared with approximately 0.5 million paying users for the previous quarter and approximately 0.9 million paying users for the same quarter last year.

^[1] “Gross billings” for a certain period refer to the total amount of cash received from the sale of course packages in that period net of the total amount of cash refunds paid to users in the same period.

Management Comments

Dr. Yi Wang, Chairman and Chief Executive Officer of LAIX, commented, “Total net revenues in the quarter were RMB239.4 million, in line with our guidance. Gross profit margin further grew to 72.9% from 71.9% in the previous quarter. With the adjustments we made since the second quarter of 2020, we have seen a constant flow of positive effects on our streamlined operations. That could be seen in our net loss, which was further narrowed to RMB70.6 million, a 23.6% improvement quarter-over-quarter.

“Our primary focus area remains on the optimization of our product mix and improving the learning experience. By continually upgrading our content offering, we hope to drive further improvement in conversion and retention rates. We are also committed to expanding our technological advantages to lead the AI-powered English learning market. With our newly developed AI teacher ‘Alix,’ we are making English learning more interactive, efficient and convenient by leveraging our proprietary technology. Looking ahead, we aim to further execute on our growth initiatives, bring our value proposition to the market and maximize long-term value to all our stakeholders,” concluded Dr. Wang.

Third Quarter 2020
Financial Results

Net Revenues

Net revenues for the third quarter of 2020 were RMB239.4 million (US$35.3 million), a 11.1% decrease from RMB269.4 million for the previous quarter and an 8.6% decrease from RMB262.1 million for the same quarter last year. The quarter-over-quarter decrease was primarily attributable to a decrease in gross billings caused by the Company’s stringent cost control in user acquisition expenditures.

Cost of Revenues

Cost of revenues for the third quarter of 2020 was RMB65.0 million (US$9.6 million), a 14.1% decrease from RMB75.6 million for the previous quarter and a 9.6% decrease from RMB71.8 million for the same quarter last year. The quarter-over-quarter change was primarily due to efficiency optimization in personnel management and cost control in IT service.

Gross Profit and Gross Margin

Gross profit for the third quarter of 2020 was RMB174.5 million (US$25.7 million), a 10.0% decrease from RMB193.8 million for the previous quarter and an 8.3% decrease from RMB190.3 million for the same quarter last year.

Gross margin for the third quarter of 2020 was 72.9%, compared with 71.9% for the previous quarter and 72.6% for the same quarter last year.

Operating Expenses

Total operating expenses for the third quarter of 2020 were RMB252.1 million (US$37.1 million), a 13.0% decrease from RMB289.7 million for the previous quarter and a 37.7% decrease from RMB404.8 million for the same quarter last year. The changes were primarily due to stringent cost control in user acquisition expenditures and the optimization of the organizational structure.

Sales and marketing expenses for the third quarter of 2020 were RMB185.5 million (US$27.3 million), a 7.6% decrease from RMB200.7 million for the previous quarter and a 35.9% decrease from RMB289.2 million for the same quarter last year. The changes were primarily due to the Company’s stringent cost control in user acquisition expenditures.

Research and development expenses for the third quarter of 2020 were RMB45.8 million (US$6.8 million), a 5.5% decrease from RMB48.5 million for the previous quarter and a 20.6% decrease from RMB57.7 million for the same quarter last year. The changes were primarily due to the efficiency optimization in personnel management.

General and administrative expenses for the third quarter of 2020 were RMB20.8 million (US$3.1million), a 48.7% decrease from RMB40.5 million for the previous quarter, primarily due to a one-off impairment loss on leasehold improvement in the previous quarter. General and administrative expenses also decreased by 64.1% from RMB57.9 million for the same quarter last year, primarily due to the efficiency optimization in personnel management.

Loss from Operations

Loss from operations for the third quarter of 2020 was RMB77.6 million (US$11.4 million), compared with RMB95.9 million for the previous quarter and RMB214.5 million for the same quarter last year.

Adjusted EBITDA

^[2]

Adjusted EBITDA for the third quarter of 2020 was a loss of RMB55.6 million (US$8.2 million), compared with an adjusted EBITDA loss of RMB77.8 million for the previous quarter and an adjusted EBITDA loss of RMB203.6 million for the same quarter last year.

^[2] “Adjusted EBITDA” is a non-GAAP measure, which represents EBITDA before share-based compensation expenses. EBITDA represents net loss before interest, tax, depreciation and amortization. See “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

Foreign exchange related (losses) / gains, net

Foreign exchange gain was RMB3.0 million (US$0.4 million) in the third quarter of 2020, compared with a foreign exchange gain of RMB0.1 million for the previous quarter and a foreign exchange loss of RMB2.6 million for the same quarter last year.

Net Loss

Net loss for the third quarter of 2020 was RMB70.6 million (US$10.4 million), compared with RMB92.5 million for the previous quarter and RMB214.1 million for the same quarter last year.

Adjusted net loss^[3] for the third quarter of 2020 was RMB61.4 million (US$9.0 million), compared with RMB85.3 million for the previous quarter and RMB209.7 million for the same quarter last year.

Basic and diluted net loss per ordinary share attributable to ordinary shareholders for the third quarter of 2020 was RMB1.43 (US$0.21), compared with RMB1.87 for the previous quarter and RMB4.33 for the same quarter last year.

^[3] “Adjusted net loss” is a non-GAAP measure, which excludes share-based compensation expenses. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

Balance Sheet & Cashflows

As of September 30, 2020, the Company’s cash, cash equivalents, restricted cash and short-term investments totaled RMB327.2 million (US$48.2 million), compared with RMB390.3 million as of June 30, 2020 and RMB552.6 million as of December 31, 2019.

Net cash used in operating activities was RMB53.1 million (US$7.8 million) and RMB119.5 million for the three months period ended September 30, 2020 and 2019, respectively.

Our liquidity to meet our future working capital is based on our ability to attract new users, enhance user engagement and retention by offering higher quality and diversified courses while closely controlling the content costs, and optimizing traffic acquisition strategy to efficiently control and reduce these user related costs. We will continue to further preserve liquidity and manage cash flows by reducing discretionary expenditure including promotion expenses and general and administrative expenses. Our liquidity is also based on our ability to obtain capital financing from equity or debt investors. Currently, we believe that we have sufficient cash to fund operations for at least the next 12 months.

As of September 30, 2020, the Company’s deferred revenue and long-term deferred revenue totaled RMB823.4 million (US$121.3 million), compared with RMB828.8 million as of June 30, 2020 and RMB696.0 million as of December 31, 2019.

Outlook

For the fourth quarter of 2020, the Company currently expects:

– Net revenues to be between RMB210.0 million to RMB230.0 million, which would represent a decrease of approximately 9.2% to 0.6% from RMB231.4 million for the same quarter last year;

This forecast reflects the Company’s current and preliminary view on the current business situation and market conditions, which is subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 PM U.S. Eastern Time on November 26, 2020 (9:00 AM Beijing/Hong Kong time on November 27, 2020).

Dial-in details for the earnings conference call are as follows:

United States (toll free):	+1-877-396-2308
International:	+1-647-689-5527
Mainland China:	400-048-6136 or 400-043-3098
Hong Kong:	+852-5803-0358
Conference ID:	5312108

Participants should dial-in at least 10 minutes before the scheduled start time to be connected to the call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.laix.com/investors.

About LAIX Inc.

LAIX Inc. (“LAIX” or the “Company”) is an artificial intelligence (AI) company in China that creates and delivers products and services to popularize English learning. Its proprietary AI teacher utilizes cutting-edge deep learning and adaptive learning technologies, big data, well-established education pedagogies and the mobile internet. LAIX believes its innovative approach fundamentally transforms learning. LAIX provides its products and services on demand via its mobile apps, primarily its flagship “English Liulishuo” mobile app launched in 2013. On the Company’s platform, AI technologies are seamlessly integrated with diverse learning content incorporating well-established language learning pedagogies, gamified features and strong social elements to deliver an engaging, adaptive learning experience. LAIX provides a variety of courses inspired by a broad range of topics and culture themes to make English learning more interesting and is committed to offering a fun, interactive learning environment to motivate and engage its users.

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

Use of Non-GAAP Financial Measures

We use adjusted EBITDA and adjusted net loss, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.

We believe that adjusted EBITDA and adjusted net loss help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include in loss from operations and net loss. We believe that adjusted EBITDA and adjusted net loss provide useful information about our results of operations, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Adjusted EBITDA and adjusted net loss should not be considered in isolation or construed as an alternative to loss from operations, net loss or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA and adjusted net loss presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the rate in effect as of September 30, 2020 published by the Federal Reserve Board.

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,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the Outlook and quotations from management in this announcement, as well as LAIX’s strategic and operational plans, contain forward-looking statements. LAIX may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 third parties. Statements that are not historical facts, including but not limited to statements about LAIX’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a variety of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: LAIX’s goals and strategies; LAIX’s future business development, results of operations and financial condition; the expected growth of the education market; LAIX’s ability to monetize the user base; fluctuations in general economic and business conditions in China; the potential impact of the COVID-19 to LAIX’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

LAIX Inc.
Harry He
Investor Relations
Email: [email protected]

The Piacente Group Investor Relations
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]

Emilie Wu

Tel: +86-21-6039-8363
Email: [email protected]

LAIX INC.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of	As of
	December 31, 2019	September 30, 2020
	RMB	RMB	US$

ASSETS
Current assets:
Cash and cash equivalents	281,166	161,408	23,773
Restricted cash	1,816	397	58
Short-term investments	269,643	165,402	24,361
Accounts receivable, net	7,360	5,650	832
Prepayments and other current assets	86,787	65,896	9,705
Total current assets	646,772	398,753	58,729
Non-current assets:
Property and equipment, net	71,637	41,311	6,084
Investment in equity fund	5,919	5,960	878
Intangible assets, net	15,541	14,058	2,071
Operating lease right-of-use assets, net	155,525	88,656	13,058
Other non-current assets	8,447	7,203	1,061
Deferred tax assets	15,336	15,336	2,259
Total non-current assets	272,405	172,524	25,411
Total assets	919,177	571,277	84,140

LIABILITIES
Current liabilities:
Accounts payable	137,684	89,527	13,186
Deferred revenue	695,971	778,894	114,719
Salary and welfare payable	153,969	132,314	19,488
Tax payable	74,340	76,158	11,217
Operating lease liability, current	37,009	21,705	3,197
Accrued liabilities and other current liabilities	15,444	15,786	2,324
Total current liabilities	1,114,417	1,114,384	164,131
Non-current liabilities:
Deferred revenue, non-current	–	44,553	6,562
Operating lease liability, non-current	117,124	70,835	10,433
Other non-current liabilities	12,441	11,848	1,744
Total non-current liabilities	129,565	127,236	18,739
Total liabilities	1,243,982	1,241,620	182,870

Shareholders’ equity
Class A Ordinary shares	208	211	31
Class B Ordinary shares	121	121	18
Subscriptions Receivable from shareholders	(122)	(198)	(29)
Treasury Stock	(10,730)	(15,327)	(2,257)
Additional paid-in capital	1,167,884	1,193,874	175,839
Accumulated other comprehensive income	29,483	22,770	3,354
Accumulated deficit	(1,511,649)	(1,871,794)	(275,686)
Total shareholders’ equity	(324,805)	(670,343)	(98,730)

Total liabilities and shareholders’ equity	919,177	571,277	84,140

LAIX INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
except for number of shares and per share data)

	Three months ended				Nine months ended
	September 30	June 30	September 30		September 30	September 30
	2019	2020	2020		2019	2020
	RMB	RMB	RMB	US$	RMB	RMB	US$

Net revenues	262,092	269,405	239,426	35,264	791,823	737,169	108,573
Cost of revenues	(71,825)	(75,646)	(64,960)	(9,568)	(196,380)	(219,405)	(32,315)
Gross profit	190,267	193,759	174,466	25,696	595,443	517,764	76,258
Operating expenses:
Sales and marketing expenses	(289,184)	(200,726)	(185,487)	(27,319)	(702,546)	(650,953)	(95,875)
Research and development expenses	(57,723)	(48,482)	(45,828)	(6,750)	(160,684)	(153,529)	(22,612)
General and administrative expenses	(57,893)	(40,461)	(20,772)	(3,059)	(105,835)	(83,372)	(12,279)
Total operating expenses	(404,800)	(289,669)	(252,087)	(37,128)	(969,065)	(887,854)	(130,766)

Other operating income	–	25	–	–	–	43	6

Loss from Operations	(214,533)	(95,885)	(77,621)	(11,432)	(373,622)	(370,047)	(54,502)
Other income/(expenses):
Interest income	376	366	85	13	1,438	1,134	167
Foreign exchange related (losses)/gains, net	(2,605)	140	2,993	441	(3,617)	814	120
Change in fair value of short-term investment	1,767	806	653	96	5,705	1,976	291
Other income, net	1,108	2,098	3,282	483	1,150	6,062	893

Loss before income taxes expenses	(213,887)	(92,475)	(70,608)	(10,399)	(368,946)	(360,061)	(53,031)
Income tax expenses	(209)	(28)	(27)	(4)	(265)	(84)	(12)

Net loss	(214,096)	(92,503)	(70,635)	(10,403)	(369,211)	(360,145)	(53,043)

Net loss attributable to LAIX Inc.’s ordinary shareholders	(214,096)	(92,503)	(70,635)	(10,403)	(369,211)	(360,145)	(53,043)

LAIX INC.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
except for number of shares and per share data)

	Three months ended				Nine months ended
	September 30	June 30	September 30		September 30	September 30
	2019	2020	2020		2019	2020
	RMB	RMB	RMB	US$	RMB	RMB	US$

Net loss	(214,096)	(92,503)	(70,635)	(10,403)	(369,211)	(360,145)	(53,043)
Other comprehensive income/(loss)
—Foreign currency translation adjustment, net of nil tax	19,543	(385)	(13,104)	(1,930)	20,378	(6,713)	(989)
Comprehensive loss	(194,553)	(92,888)	(83,739)	(12,333)	(348,833)	(366,858)	(54,032)

Net loss per Class A and Class B ordinary shares
—Basic and Diluted	(4.33)	(1.87)	(1.43)	(0.21)	(7.55)	(7.29)	(1.07)
Weighted average number of Class A and Class B ordinary shares used in per share calculation
—Basic and Diluted	49,471,118	49,337,462	49,465,337	49,465,337	48,875,574	49,387,980	49,387,980

LAIX INC.
Reconciliation of GAAP and Non-GAAP Results
(Amount in thousands of Renminbi (“RMB”) and US dollars(“US$”)
except for percentage data)

	Three months ended				Nine months ended
	September 30, 2019	June 30, 2020	September 30, 2020		September 30, 2019	September 30, 2020
	RMB	RMB	RMB	US$	RMB	RMB	US$

Net loss	(214,096)	(92,503)	(70,635)	(10,403)	(369,211)	(360,145)	(53,043)
Add:
Share-based compensation expenses	4,391	7,241	9,260	1,364	23,450	24,275	3,575
Depreciation of property, plant and equipment and amortization of Intangible assets	6,186	7,781	5,853	862	13,625	20,981	3,090
Amortization of prepaid interest expense and service fees to loan companies	49	–	–	–	301	–	–
Income tax expenses	209	28	27	4	265	84	12
Subtract:
Interest income	(376)	(366)	(85)	(13)	(1,438)	(1,134)	(167)
Adjusted EBITDA	(203,637)	(77,819)	(55,580)	(8,186)	(333,008)	(315,939)	(46,533)

Net loss	(214,096)	(92,503)	(70,635)	(10,403)	(369,211)	(360,145)	(53,043)
Add back:
Share-based compensation expenses	4,391	7,241	9,260	1,364	23,450	24,275	3,575
Adjusted net loss	(209,705)	(85,262)	(61,375)	(9,039)	(345,761)	(335,870)	(49,468)

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SOURCE LAIX Inc.