Market Newsdesk

November 24, 2020 4:08 pm

WOW! Unlimited Media Inc. To Host Third Quarter 2020 Earnings Conference Call

TORONTO and VANCOUVER, British Columbia, Nov. 24, 2020 (GLOBE NEWSWIRE) — WOW! Unlimited Media, Inc. (“WOW!” or the “Company”) (TSXV: WOW; OTCQX: WOWMF), a leading animation-focused, multi-platform entertainment company, announced today that it will report its results for the three months ended September 30, 2020 after market close on Thursday, November 26, 2020.

At 9:00 a.m. Eastern Time on Friday, November 27, 2020, the Company will host a conference call featuring management’s quarterly remarks and a follow-up question and answer period with analysts.

The conference call can be accessed live by dialing (877) 825-9920 five minutes prior to the scheduled start time. The Conference ID is 6053118.

A digital recording of the call will be available for one month (until midnight Eastern Time, December 27, 2020) by dialing (855) 859-2056 or (404) 537-3406 and using the Conference ID 6053118.

About WOW!

WOW! Unlimited is creating a leading animation-focused entertainment company by producing top-end content and building brands and audiences on the most engaging media platforms. The Company produces animation in its two established studios: Mainframe Studios and Frederator Studios. The Company’s media offerings include Channel Frederator Network on YouTube, as well as WOW! branded programming on Crave, Canada’s premier streaming entertainment platform, owned by Bell Media. The common voting shares of the Company and variable voting shares of the Company are listed on the TSX Venture Exchange (TSXV: WOW) and the OTCQX Best Market (OTCQX: WOWMF).

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

For further information visit:

Website: www.wowunlimited.co

Investor Relations:
Bill Mitoulas
Tel: (416) 479-9547
Email: [email protected]

November 24, 2020 4:08 pm

Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date November 13, 2020

NEW YORK, Nov. 24, 2020 (GLOBE NEWSWIRE) — At the end of the settlement date of November 13, 2020, short interest in 2,541 Nasdaq Global Market^SM securities totaled 8,236,111,320 shares compared with 8,257,390,516 shares in 2,529 Global Market issues reported for the prior settlement date of October 30, 2020. The mid-August short interest represents 3.03 days compared with 3.43 days for the prior reporting period.

Short interest in 1,184 securities on The Nasdaq Capital Market^SM totaled 1,357,772,939 shares at the end of the settlement date of November 13, 2020 compared with 1,334,914,312 shares in 1,162 securities for the previous reporting period. This represents a 1.68 days average daily volume; the previous reporting period’s figure was 1.28.

In summary, short interest in all 3,725 Nasdaq^® securities totaled 9,593,884,259 shares at the November 13, 2020 settlement date, compared with 3,691 issues and 9,592,304,828 shares at the end of the previous reporting period. This is 2.72 days average daily volume, compared with an average of 2.78 days for the prior reporting period.

The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

About Nasdaq:

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

NDAQO

Media Contact:
Matthew Sheahan
[email protected]

A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/959ba15b-88fe-4cdb-a3a0-09b5aa0417ea

November 24, 2020 4:08 pm

Oxford to Release Third Quarter Fiscal 2020 Results on December 9, 2020

ATLANTA, Nov. 24, 2020 (GLOBE NEWSWIRE) — Oxford Industries, Inc. (NYSE: OXM) will report its fiscal third quarter ended October 31, 2020 financial results on Wednesday, December 9, 2020 after the market close. The Company will also hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET.

A live webcast of the conference call will be available on the Company’s website at www.oxfordinc.com. Please visit the website at least 15 minutes early to register and download any necessary software.

A replay of the webcast will be available on the Company’s website at www.oxfordinc.com under Investor Relations, Presentations & Events. A replay of the conference call will also be available by telephone through December 23, 2020 by dialing (412) 317-6671 access code 13713066.

About Oxford

Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama®, Lilly Pulitzer® and Southern Tide® lifestyle brands. Oxford also produces certain licensed and private label apparel products. Oxford’s stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford’s website at www.oxfordinc.com.

Contact:
Telephone:
E-mail:

Anne M. Shoemaker
(404) 653-1455
[email protected]

November 24, 2020 4:06 pm

Pure Storage Announces Third Quarter Fiscal 2021 Financial Results

Subscription Services recurring revenue growing 29% year-over-year

Acquired Portworx in Q3; creating most complete Kubernetes data services platform

Record sales quarter for FlashBlade and FlashArray//C

PR Newswire

MOUNTAIN VIEW, Calif., Nov. 24, 2020 /PRNewswire/ — Pure Storage (NYSE: PSTG), the IT pioneer that delivers storage as-a-service in a multi-cloud world, today announced financial results for its third quarter ended November 1, 2020.

“Our strategy and vision to deliver hybrid and multi-cloud data services is exciting the industry, our customers and developers alike,” said Charles Giancarlo, Chairman and CEO of Pure Storage. “Pure made bold moves in the quarter to deliver on our strategy with the acquisition of Portworx and the addition of Dominick Delfino to lead our sales organization.”

Third Quarter Financial Highlights

Revenue $410.6 million, down 4% year-over-year
Subscription services revenue $136.1 million, up 29% year-over-year
GAAP gross margin 67.3%; non-GAAP gross margin 69.1%
GAAP operating loss $(65.2) million; non-GAAP operating income $3.4 million
Operating cash flow was $32.8 million
Free cash flow was $7.9 million
Total cash and investments of $1.2 billion
Deferred revenue $762.8 million, up 19% year-over-year
Remaining performance obligations (RPO) exceeding $1.0 billion, up 25% year-over-year

“We are pleased with our financial performance and execution during the quarter which slightly exceeded our expectations at the beginning of the quarter,” said Kevan Krysler, CFO of Pure Storage. “Key highlights include consecutive quarters of strong sales of our Subscription Services, and record sales during a quarter for our FlashBlade and FlashArray//C solutions.”

Third Quarter Company Highlights

Pure continued setting the pace in the industry by changing expectations for data and storage management. The technology momentum in Q3 across the portfolio includes:

Subscription Services momentum – Pure’s Subscription Services, including Evergreen and unified Pure as-a-Service offerings, grew 29% year-over-year. Selecting Pure as-a-Service in Q3, leading organizations, including ME Bank in Australia and The University of Texas Health Science Center, recognize the flexibility and choice that these offerings provide. Our unified subscription, Pure-as-a-Service, which includes Cloud Block Store, enables customers to subscribe to storage in their data center and the cloud, paying for only what they consume, making migration to the public cloud possible at any time without worrying about stranded assets.
Advancing Pure as-a-Service offerings – Today marks another milestone and industry first for the Pure as-a-Service offering with the announcement of the Pure Service Catalog, which includes a number of new service tiers. The new service tiers deliver increased transparency and flexibility for customers, allowing them to choose the right storage service level for each workload. Pure is also making Pure as-a-Service more accessible by offering lower cost service tiers.
Acquisition of Portworx, market leader in Kubernetes storage – In Q3, Pure acquired Portworx, the leading Kubernetes data services platform that enterprises trust to run mission-critical applications in containers in production. By combining Portworx with Pure’s industry-leading data platforms and Pure Service Orchestrator software, Pure provides a comprehensive suite of data services that can be deployed in-cloud, on bare metal, or on enterprise arrays, all natively orchestrated in Kubernetes.
FlashArray//C Momentum – FlashArray//C, well into its second generation, continues to grow at an accelerated pace and this month, received the Best of Show Award at the Flash Memory Summit for Most Innovative Flash Memory Technology. The performance and financial efficiencies delivered by FlashArray//C enable customers to reduce the cost of running capacity-oriented workloads so significantly it eliminates the need for hybrid disk arrays.
Strong FlashBlade momentum and AWS Outposts Designation – FlashBlade’s unified fast file and object capabilities to consolidate and modernize unstructured data across a number of use cases including technical computing, analytics, backup and rapid restore is validated by strong customer momentum this quarter. Customers such as The First National Bankers Bank, Louisiana Office of Technology Services and Sinai Health System demonstrate that FlashBlade continues to be the leading choice to enable rapid recovery and defend against ransomware. Also in Q3, FlashBlade achieved the AWS Outposts Ready designation, delivering a hybrid cloud solution with all-flash performance, cloud scalability, and operational simplicity to accelerate modern applications and break down IT silos.

Guidance

Consistent with the prior quarter, Pure is sharing its internal expectations of Q4 business outlook, but will not provide formal guidance due to the resurgence and continued uncertainty of COVID-19.

Pure’s current internal view of fiscal Q4 outcomes, which should not be viewed as guidance, is that total revenue for Q4 will be $480 million, a decline of two percent year-over-year. With the current view of revenue, Pure believes non-GAAP operating profit will be approximately $26 million in Q4.

Conference Call Information

Pure will host a teleconference to discuss the third quarter fiscal 2021 results at 2:00 p.m. PT on November 24, 2020. A live audio broadcast of the conference call will be available at the Pure Storage Investor Relations website at investor.purestorage.com. Pure will also post its supplemental earnings presentation and prepared conference call remarks to the Investor Relations website in advance of the call for reference. A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at (855) 859-2056 (or 404-537-3406 for international callers) with passcode 2343447.

Upcoming IR Events

Pure will be presenting at the Credit Suisse 24th Annual Technology Virtual Conference on November 30 at 10:40 a.m. PT.
Wells Fargo Technology, Media and Telecom Virtual Summit on December 2 at 9:00 a.m. PT.
Barclays Global Technology, Media and Telecommunications Virtual Conference on December 9 at 1:00 p.m. PT.

The presentations from these events will be webcast live, and all information will be available on the Investor Relations website at investor.purestorage.com.

About Pure Storage

Pure Storage (NYSE: PSTG) gives technologists their time back. Pure delivers a Modern Data Experience that empowers organizations to run their operations as a true, automated, storage as-a-service model seamlessly across multiple clouds. One of the fastest-growing enterprise IT companies in history, Pure helps customers put data to use while reducing the complexity and expense of managing the infrastructure behind it. And with a certified customer satisfaction score in the top one percent of B2B companies, Pure’s ever-expanding list of customers are among the happiest in the world.

Analyst Recognition: Pure Storage has been named a Leader in the 2019 Gartner Magic Quadrant for Primary Storage.

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to future period outcomes, the scope and duration of the COVID-19 pandemic and its impact on our business operations, liquidity and capital resources, employees, customers, supply chain, financial results and the economy, our expectations regarding product and technology differentiation, including our new offerings, strategy and adoption of subscription services, the impact of the Portworx acquisition and technology, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 2, 2020. All information provided in this release and in the attachments is as of November 24, 2020, and Pure undertakes no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow and free cash flow as a percentage of revenue.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt discount and debt issuance costs, amortization of intangible assets acquired from acquisitions, acquisition-related transaction and integration expenses, restructuring activities, and expenses directly related to the COVID-19 pandemic that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

The non-GAAP operating profit for Q4 above also excludes the expenses and expenditures consistent with the non-GAAP financial measures described above. Non-GAAP operating profit is not reconciled to GAAP operating profit as the items that impact this measure are not within our control and/or cannot be reasonably predicted. Accordingly, a reconciliation is not available without unreasonable effort.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.

PURE STORAGE, INC. Condensed Consolidated Balance Sheets (in thousands, unaudited)

	At the End of
	Third Quarter of Fiscal 2021		Fiscal 2020

Assets
Current assets:
Cash and cash equivalents	$	263,702	$	362,635
Marketable securities	937,718		936,518
Accounts receivable, net of allowance of $558 and $542	378,193		458,643
Inventory	43,152		38,518
Deferred commissions, current	42,728		37,148
Prepaid expenses and other current assets	77,813		56,930
Total current assets	1,743,306		1,890,392
Property and equipment, net	158,200		122,740
Operating lease right-of-use-assets	137,856		112,854
Deferred commissions, non-current	109,361		102,056
Intangible assets, net	81,075		58,257
Goodwill	360,997		37,584
Restricted cash	11,349		15,287
Other assets, non-current	50,851		25,034
Total assets	$	2,652,995	$	2,364,204
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	89,369	$	77,651
Accrued compensation and benefits	83,163		106,592
Accrued expenses and other liabilities	47,939		47,223
Operating lease liabilities, current	30,902		27,264
Deferred revenue, current	408,086		356,011
Total current liabilities	659,459		614,741
Long-term debt	748,422		477,007
Operating lease liabilities, non-current	124,382		92,977
Deferred revenue, non-current	354,678		341,277
Other liabilities, non-current	30,973		8,084
Total liabilities	1,917,914		1,534,086
Stockholders’ equity:
Common stock and additional paid-in capital	2,238,741		2,107,605
Accumulated other comprehensive income	9,059		5,449
Accumulated deficit	(1,512,719)		(1,282,936)
Total stockholders’ equity	735,081		830,118
Total liabilities and stockholders’ equity	$	2,652,995	$	2,364,204

PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited)

	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2021		2020		2021		2020

Revenue:
Product	$	274,470	$	323,268	$	793,718	$	862,137
Subscription services	136,149		105,141		387,743		289,299
Total revenue	410,619		428,409		1,181,461		1,151,436
Cost of revenue:
Product ⁽¹⁾	86,661		89,998		240,677		259,460
Subscription services⁽¹⁾	47,442		37,773		132,717		106,632
Total cost of revenue	134,103		127,771		373,394		366,092
Gross profit	276,516		300,638		808,067		785,344
Operating expenses:
Research and development ⁽¹⁾	122,981		106,663		350,079		318,758
Sales and marketing ⁽¹⁾	172,282		184,819		517,149		537,633
General and administrative ⁽¹⁾	46,467		37,416		132,063		119,542
Restructuring and other ⁽²⁾	—		—		22,990		—
Total operating expenses	341,730		328,898		1,022,281		975,933
Loss from operations	(65,214)		(28,260)		(214,214)		(190,589)
Other income (expense), net	(4,887)		9		(6,700)		(2,459)
Loss before provision for income taxes	(70,101)		(28,251)		(220,914)		(193,048)
Income tax provision	4,121		1,731		8,869		3,288
Net loss	$	(74,222)	$	(29,982)	$	(229,783)	$	(196,336)

Net loss per share attributable to common stockholders, basic and diluted	$	(0.28)	$	(0.12)	$	(0.87)	$	(0.78)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	269,144		255,047		265,626		250,618

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product	$	1,027	$	912	$	3,013	$	2,843
Cost of revenue — subscription services	3,883		3,517		10,961		11,101
Research and development	29,220		27,827		87,770		85,180
Sales and marketing	14,898		16,802		48,018		51,171
General and administrative	10,581		5,171		29,993		24,495
Total stock-based compensation expense	$	59,609	$	54,229	$	179,755	$	174,790

(2) Includes expenses related to restructuring and incremental expenses directly related to COVID-19

PURE STORAGE, INC. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2021		2020		2021		2020

Cash flows from operating activities
Net loss	$	(74,222)	$	(29,982)	$	(229,783)	$	(196,336)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	18,214		23,194		49,811		66,785
Amortization of debt discount and debt issuance costs	7,400		6,896		21,525		20,186
Stock-based compensation expense	59,609		54,229		179,755		174,790
Impairment of long-lived assets	—		—		7,505		—
Other	2,139		(810)		4,111		(483)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	(8,676)		(9,474)		83,220		17,079
Inventory	(6,459)		(4,130)		(4,724)		2,722
Deferred commissions	(7,402)		(4,563)		(12,885)		(8,158)
Prepaid expenses and other assets	(11,217)		2,099		(37,606)		1,464
Operating lease right-of-use assets	7,253		6,524		21,434		19,962
Accounts payable	29,656		(4,417)		8,566		(35,244)
Accrued compensation and other liabilities	(6,520)		(5,307)		(9,737)		(31,011)
Operating lease liabilities	(7,373)		(5,937)		(20,444)		(19,020)
Deferred revenue	30,397		35,935		57,860		106,980
Net cash provided by operating activities	32,799		64,257		118,608		119,716
Cash flows from investing activities
Purchases of property and equipment	(24,867)		(20,977)		(73,643)		(74,206)
Acquisitions, net of cash acquired	(339,806)		(3,713)		(339,806)		(51,594)
Purchase of intangible assets	—		—		—		(9,000)
Purchase of strategic investment	(5,000)		—		(5,000)		—
Purchases of marketable securities	(163,154)		(151,527)		(454,391)		(640,024)
Sales of marketable securities	40,856		56,150		132,207		116,518
Maturities of marketable securities	118,606		74,901		324,780		345,657
Net cash used in investing activities	(373,365)		(45,166)		(415,853)		(312,649)
Cash flows from financing activities
Net proceeds from exercise of stock options	4,019		6,544		25,677		25,804
Proceeds from issuance of common stock under employee stock purchase plan	16,418		11,249		32,439		43,291
Proceeds from borrowings, net of issuance costs	246,942		—		251,892		—
Repayment of debt assumed from acquisition	—		—		—		(11,555)
Tax withholding on vesting of restricted stock	(1,239)		(1,614)		(4,080)		(8,787)
Repurchases of common stock	(21,411)		—		(111,554)		—
Net cash provided by financing activities	244,729		16,179		194,374		48,753
Net increase (decrease) in cash, cash equivalents and restricted cash	(95,837)		35,270		(102,871)		(144,180)
Cash, cash equivalents and restricted cash, beginning of period	370,888		284,363		377,922		463,813
Cash, cash equivalents and restricted cash, end of period	$	275,051	$	319,633	$	275,051	$	319,633

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

	Third Quarter of Fiscal 2021											Third Quarter of Fiscal 2020
	GAAP results		GAAP gross margin (a)		Adjustment			Non- GAAP results		Non- GAAP gross margin (b)		GAAP results		GAAP gross margin (a)		Adjustment			Non- GAAP results		Non- GAAP gross margin (b)

					$	1,027	(c)									$	912	(c)
					13		(d)									21		(d)
					2,396		(e)									1,933		(e)
Gross profit — product	$	187,809	68.4	%	$	3,436		$	191,245	69.7	%	$	233,270	72.2	%	$	2,866		$	236,136	73.0	%

					$	3,883	(c)									$	3,517	(c)
					59		(d)									96		(d)
					7		(f)									—
Gross profit — subscription services	$	88,707	65.2	%	$	3,949		$	92,656	68.1	%	$	67,368	64.1	%	$	3,613		$	70,981	67.5	%

					$	4,910	(c)									$	4,429	(c)
					72		(d)									117		(d)
					2,396		(e)									1,933		(e)
					7		(f)									—
Total gross profit	$	276,516	67.3	%	$	7,385		$	283,901	69.1	%	$	300,638	70.2	%	$	6,479		$	307,117	71.7	%

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

(f) To eliminate payments to former shareholders of acquired company.

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

	Third Quarter of Fiscal 2021											Third Quarter of Fiscal 2020
	GAAP results		GAAP operating margin (a)		Adjustment			Non- GAAP results		Non- GAAP operating margin (b)		GAAP results		GAAP operating margin (a)		Adjustment			Non- GAAP results		Non- GAAP operating margin (b)

					$	59,609	(c)									$	52,335	(c)
					3,533		(d)									1,894		(d)
					1,166		(e)									1,160		(e)
					2,573		(f)									1,933		(f)
					1,762		(g)									—
Operating Income (loss)	$	(65,214)	-15.9	%	$	68,643		$	3,429	0.8	%	$	(28,260)	-6.6	%	$	57,322		$	29,062	6.8	%

					$	59,609	(c)									$	52,335	(c)
					3,533		(d)									1,894		(d)
					1,166		(e)									1,160		(e)
					2,573		(f)									1,933		(f)
					1,762		(g)									—
					7,400		(h)									6,896		(h)
Net income (loss)	$	(74,222)			$	76,043		$	1,821			$	(29,982)			$	64,218		$	34,236

Net income (loss) per share — basic and diluted	$	(0.28)						$	0.01			$	(0.12)						$	0.13
Weighted-average shares used in per share calculation — basic and diluted	269,144				15,677		(i)	284,821				255,047				17,161		(i)	272,208

(a) GAAP operating margin is defined as GAAP operating loss divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating loss divided by revenue.

(d) To eliminate payments to former shareholders of acquired companies.

(e) To eliminate payroll tax expense related to stock-based activities.

(f) To eliminate amortization expense of acquired intangible assets.

(g) To eliminate acquisition-related transaction and integration expenses.

(h) To eliminate amortization expense of debt discount and debt issuance costs related to our long-term debt.

(i) To include effect of dilutive securities (employee stock options, restricted stock, and shares from employee stock purchase plan).

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):

	Third Quarter of Fiscal						Change
	2021			2020			$
Net cash provided by operating activities	$	32,799		$	64,257		$	(31,458)
Less: purchases of property and equipment	(24,867)			(20,977)			(3,890)
Free cash flow (non-GAAP)	$	7,932		$	43,280		$	(35,348)

Free cash flow as % of revenue	1.9		%	10.1		%

View original content:http://www.prnewswire.com/news-releases/pure-storage-announces-third-quarter-fiscal-2021-financial-results-301180053.html

SOURCE Pure Storage

November 24, 2020 4:06 pm

Adamas to Present at Upcoming Evercore ISI Conference

EMERYVILLE, Calif., Nov. 24, 2020 (GLOBE NEWSWIRE) — Adamas Pharmaceuticals, Inc. (Nasdaq: ADMS), a company dedicated to developing and delivering medicines that make a meaningful difference to people affected by neurological diseases, today announced that Neil F. McFarlane, the Company’s Chief Executive Officer, is scheduled to present at the Evercore ISI 3^rd Annual HealthCONx Conference on Tuesday, December 1^st at 11:45 am Eastern Time (8:45 am Pacific).

The presentation will be webcast from the investor relations section of the Adamas website at http://ir.adamaspharma.com/events-presentations. Archived versions of the webcast will be available via replay for 30 days following the presentation.

About Adamas Pharmaceuticals, Inc.

At Adamas our vision is clear – to deliver innovative medicines that reduce the burden of neurological diseases on patients, caregivers and society. We are a fully integrated company focused on growing a portfolio of therapies to address a range of neurological diseases. For more information, please visit www.adamaspharma.com.

Contact

Media:

Sarah Mathieson
Vice President, Corporate Communications
510-450-3528
[email protected]

Investors:

Peter Vozzo
Managing Director, Westwicke
443-213-0505
[email protected]

November 24, 2020 4:05 pm

Autodesk, Inc. Announces Fiscal 2021 Third Quarter Results

– Revenue and Earnings Per Share Exceeded Guidance Range

– Total and Current Remaining Performance Obligations Growth Improved Sequentially, Increasing 21 and 16 Percent Year Over Year, Respectively

PR Newswire

SAN RAFAEL, Calif., Nov. 24, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2021.
All growth rates are compared to the third quarter of fiscal 2020 unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

Third Quarter Fiscal 2021 Financial Highlights

Total revenue increased 13 percent to $952 million;
GAAP operating margin was 18 percent, up 5 percentage points;
Non-GAAP operating margin was 30 percent, up 3 percentage points;
GAAP diluted EPS was $0.59; Non-GAAP diluted EPS was $1.04;
Cash flow from operating activities was $361 million; free cash flow was $340 million.

“Our strong third quarter results reflect the growing customer value of our cloud-based platform and the resilience of our subscription business model,” said Andrew Anagnost, Autodesk president and CEO. “Our enterprise customers are undertaking their own digital transformation and, by enabling that transformation, we are becoming strategic partners. For example, we signed a nine-digit deal in the quarter. We are confident in our fiscal 2023 targets and expect to see continued double-digit growth thereafter.”

“Third quarter revenue, earnings, and free cash flow were above expectations, driven by the strength of our healthy subscription renewal rates and continued success with enterprise customers,” said Scott Herren, Autodesk CFO. “We are executing with strength, with current remaining performance obligations growing 16 percent year over year despite uncertain macro-economic conditions. The business model transition we have made leaves us well positioned as the secular-industry shift to the cloud accelerates.”

Additional Financial Details

Total billings decreased 1 percent to $1.01 billion.
Total revenue was $952 million, an increase of 13 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 97 percent of total.
Design revenue was $848 million, an increase of 13 percent as reported, and 15 percent on a constant currency basis. On a sequential basis, Design revenue increased 3 percent as reported and on a constant currency basis.
Make revenue was $77 million, an increase of 32 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 8 percent as reported and on a constant currency basis.
Subscription plan revenue was $884 million, an increase of 24 percent as reported, and 25 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 5 percent as reported and on a constant currency basis.
Maintenance plan revenue was $40 million, a decrease of 56 percent as reported, and 55 percent on a constant currency basis. On a sequential basis, maintenance plan revenue decreased 22 percent as reported and on a constant currency basis.
Net revenue retention rate was within the range of 100 to 110 percent.
GAAP operating income was $168 million, compared to $111 million in the third quarter last year. GAAP operating margin was 18 percent, up 5 percentage points.
Total non-GAAP operating income was $287 million, compared to $225 million in the third quarter last year. Non-GAAP operating margin was 30 percent, up 3 percentage points.
GAAP diluted net income per share was $0.59, compared to $0.30 in the third quarter last year.
Non-GAAP diluted net income per share was $1.04, compared to $0.78 in the third quarter last year.
Deferred revenue increased 21 percent to $2.93 billion. Unbilled deferred revenue was $650 million, an increase of $100 million compared to the third quarter of last year. Remaining performance obligations (RPO) increased 21 percent to $3.6 billion. Current RPO increased 16 percent to $2.4 billion.
Cash flow from operating activities was $361 million, an increase of $85 million compared to the third quarter last year. Free cash flow was $340 million, an increase of $74 million compared to the third quarter last year.

Third Quarter Fiscal 2021 Business Highlights

Net Revenue by Geographic Area

	Three Months Ended October 31, 2020		Three Months Ended October 31, 2019		Change compared to prior fiscal year				Constant currency change compared to prior fiscal year
(In millions, except percentages)	Three Months Ended October 31, 2020		Three Months Ended October 31, 2019		$		%		%
Net Revenue:
Americas
U.S.	$	328.5	$	287.3	$	41.2	14	%	*
Other Americas	64.4		62.0		2.4		4	%	*
Total Americas	392.9		349.3		43.6		12	%	13	%
EMEA	364.3		329.6		34.7		11	%	12	%
APAC	195.2		163.8		31.4		19	%	18	%
Total Net Revenue	$	952.4	$	842.7	$	109.7	13	%	14	%

Emerging Economies	$	114.9	$	101.6	$	13.3	13	%	14	%

____________________
* Constant currency data not provided at this level.

Net Revenue by Product Family

Our product offerings are focused in four primary product families: Architecture, Engineering and Construction (“AEC”), AutoCAD and AutoCAD LT, Manufacturing (“MFG”), and Media and Entertainment (“M&E”).

	Three Months Ended October 31, 2020		Three Months Ended October 31, 2019		Change compared to prior fiscal year
(In millions, except percentages)	Three Months Ended October 31, 2020		Three Months Ended October 31, 2019		$		%
AEC	$	419.4	$	358.0	$	61.4	17	%
AutoCAD and AutoCAD LT	278.8		245.4		33.4		14	%
MFG	194.1		182.2		11.9		7	%
M&E	54.0		50.6		3.4		7	%
Other	6.1		6.5		(0.4)		(6)	%
	$	952.4	$	842.7	$	109.7	13	%

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under “Safe Harbor Statement.” Autodesk’s business outlook for the fourth quarter and full-year fiscal 2021 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2021 GAAP and non-GAAP estimates is provided below or in the tables following this press release.

Fourth Quarter Fiscal 2021

Q4 FY21 Guidance Metrics	Q4 FY21 (ending January 31, 2021)
Revenue (in millions)	$999 – $1,014
EPS GAAP	$0.53 – $0.59
EPS non-GAAP (1)	$1.04 – $1.10

_______________
(1) Non-GAAP earnings per diluted share excludes $0.49 related to stock-based compensation expense, $0.07 for the amortization of purchased intangibles, $0.01 for acquisition-related costs, partially offset by ($0.06) related to GAAP-only tax benefit.

Full Year Fiscal 2021

FY21 Guidance Metrics	FY21 (ending January 31, 2021)
Billings (in millions) (1)	$4,070 – $4,130 Down (3%) – (1%)
Revenue (in millions) (1)	$3,750 – $3,765 Up 15%
GAAP operating margin	Approx. 16%
Non-GAAP operating margin (2)	Approx. 29%
EPS GAAP	$1.86 – $1.92
EPS non-GAAP (3)	$3.91 – $3.97
Free cash flow (in millions) (4)	$1,300 – $1,360

_______________
(1) Excluding the approximately $10 million impact of foreign currency exchange rates and hedge gains/losses, billings guidance would be $4,080 – $4,140 million and revenue guidance would be $3,760 – $3,775 million.
(2) Non-GAAP operating margin excludes approximately 11% related to stock-based compensation expense, approximately 2% for the amortization of purchased intangibles, and less than 1% related to acquisition-related costs.
(3) Non-GAAP earnings per diluted share excludes $1.80 related to stock-based compensation expense, $0.30 for the amortization of purchased intangibles, $0.14 related to losses on strategic investments and dispositions, $0.06 related to acquisition-related costs, partially offset by ($0.25) related to a GAAP-only tax benefit.
(4) Free cash flow is cash flow from operating activities less approximately $95 million of capital expenditures.

The fourth quarter and full-year fiscal 2021 outlook assume a projected annual effective tax rate of 21 percent and 16 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.

Earnings Conference Call and Webcast

Autodesk will host its third quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.

A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.

Investor Presentation Details

An investor presentation providing additional information can be found at autodesk.com/investor.

To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate (“NR3”). These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

Glossary of Terms

Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.

Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.

Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.

Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.

Free Cash Flow:
Cash flow from operating activities minus capital expenditures.

Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.

Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, BIM 360, BuildingConnected, PlanGrid, Fusion 360 and Shotgun. Certain products, such as Fusion 360, incorporate both Design and Make functionality and are classified as Make.

Net Revenue Retention Rate (NR3): Measures the year-over-year change in subscription and maintenance revenue for the population of customers that existed one year ago (“base customers”). Net revenue retention rate is calculated by dividing the current quarter subscription and maintenance revenue related to base customers by the total corresponding quarter subscription and maintenance revenue from one year ago. Subscription and maintenance revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Subscription and maintenance revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison. Beginning with the first quarter of fiscal 2021, Autodesk modified its definition of NR3 to the definition above. The effect of this change is not material for the periods presented.

Other Revenue: Consists of revenue from consulting, training and other services, and is recognized over time as the services are performed. Other Revenue also includes software license revenue from the sale of products that do not incorporate substantial cloud services and is recognized up front.

Product Subscription:
Provides customers the most flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and SaaS functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.

Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans and revenue from our subscription plan offerings. It excludes subscription revenue related to consumer product offerings, select Creative Finishing product offerings, education offerings, and third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.

Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.

Spend: The sum of cost of revenue and operating expenses.

Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.

Subscription Revenue: Includes subscription fees from product subscriptions, cloud service offerings, and EBAs.

Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification (“ASC”) Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under “Business Outlook” above and other statements about our short-term and long-term goals, and other statements regarding our strategies, market and product positions, performance and results. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: failure to achieve our revenue and profitability objectives; failure to successfully manage transitions to new business models and markets; failure to maintain cost reductions or otherwise control our expenses; difficulty in predicting revenue from new businesses and the potential impact on our financial results from changes in our business models; developments in the COVID-19 pandemic and the resulting impact on our business and operations; general market, political, economic, and business conditions, including from an economic downturn or recession in the United States or in other countries around the world; any imposition of new tariffs or trade barriers; the impact of non-cash charges on our financial results; fluctuation in foreign currency exchange rates; the success of our foreign currency hedging program; our performance in particular geographies, including emerging economies; the ability of governments around the world to meet their financial and debt obligations, and finance infrastructure projects; weak or negative growth in the industries we serve; slowing momentum in subscription billings or revenues; difficulties encountered in integrating new or acquired businesses and technologies; the inability to identify and realize the anticipated benefits of acquisitions; the financial and business condition of our reseller and distribution channels; dependence on and the timing of large transactions; pricing pressure; unexpected fluctuations in our annual effective tax rate; significant effects of tax legislation and judicial or administrative interpretation of tax regulations, including the Tax Cuts and Jobs Act; the timing and degree of expected investments in growth and efficiency opportunities; changes in the timing of product releases and retirements; and any unanticipated accounting charges. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

Autodesk makes software for people who make things. If you’ve ever driven a high-performance car, admired a towering skyscraper, used a smartphone, or watched a great film, chances are you’ve experienced what millions of Autodesk customers are doing with our software. Autodesk gives you the power to make anything. For more information, visit autodesk.com or follow @autodesk.

Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

Autodesk, Inc.
Condensed Consolidated Statements of Operations
(In millions, except per share data)

	Three Months Ended October 31,				Nine Months Ended October 31,
	2020		2019		2020		2019
	(Unaudited)				(Unaudited)
Net revenue:
Subscription	$	884.4	$	715.0	$	2,528.6	$	1,974.5
Maintenance	39.8		91.2		153.1		306.7
Total subscription and maintenance revenue	924.2		806.2		2,681.7		2,281.2
Other	28.2		36.5		69.5		93.8
Total net revenue	952.4		842.7		2,751.2		2,375.0
Cost of revenue:
Cost of subscription and maintenance revenue	60.7		54.2		176.6		166.9
Cost of other revenue	15.4		16.9		47.5		48.6
Amortization of developed technology	7.6		8.4		22.4		26.2
Total cost of revenue	83.7		79.5		246.5		241.7
Gross profit	868.7		763.2		2,504.7		2,133.3
Operating expenses:
Marketing and sales	359.3		330.7		1,051.5		960.8
Research and development	233.0		213.0		682.9		634.0
General and administrative	98.8		99.1		296.8		299.6
Amortization of purchased intangibles	9.6		9.7		28.8		29.2
Restructuring and other exit costs, net	—		0.1		—		0.5
Total operating expenses	700.7		652.6		2,060.0		1,924.1
Income from operations	168.0		110.6		444.7		209.2
Interest and other expense, net	(11.9)		(14.2)		(69.1)		(37.7)
Income before income taxes	156.1		96.4		375.6		171.5
Provision for income taxes	(23.9)		(29.7)		(78.7)		(88.8)
Net income	$	132.2	$	66.7	$	296.9	$	82.7
Basic net income per share	$	0.60	$	0.30	$	1.35	$	0.38
Diluted net income per share	$	0.59	$	0.30	$	1.34	$	0.37
Weighted average shares used in computing basic net income per share	219.6		219.7		219.4		219.6
Weighted average shares used in computing diluted net income per share	222.3		221.9		222.1		222.1

Autodesk, Inc.
Condensed Consolidated Balance Sheets
(In millions)

	October 31, 2020		January 31, 2020
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,537.0	$	1,774.7
Marketable securities	78.5		69.0
Accounts receivable, net	540.4		652.3
Prepaid expenses and other current assets	183.9		163.3
Total current assets	2,339.8		2,659.3
Computer equipment, software, furniture and leasehold improvements, net	191.5		161.7
Operating lease right-of-use assets	426.4		438.8
Developed technologies, net	65.4		70.9
Goodwill	2,484.2		2,445.0
Deferred income taxes, net	44.3		56.4
Long-term other assets	392.9		347.2
Total assets	$	5,944.5	$	6,179.3
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	121.3	$	83.7
Accrued compensation	272.4		272.1
Accrued income taxes	43.2		21.2
Deferred revenue	2,161.5		2,176.1
Operating lease liabilities	64.1		48.1
Current portion of long-term notes payable, net	—		449.7
Other accrued liabilities	149.1		168.3
Total current liabilities	2,811.6		3,219.2
Long-term deferred revenue	771.3		831.0
Long-term operating lease liabilities	398.2		411.7
Long-term income taxes payable	20.4		19.1
Long-term deferred income taxes	85.1		82.5
Long-term notes payable, net	1,636.6		1,635.1
Long-term other liabilities	152.0		119.8
Stockholders’ equity (deficit):
Common stock and additional paid-in capital	2,507.1		2,317.0
Accumulated other comprehensive loss	(156.4)		(160.3)
Accumulated deficit	(2,281.4)		(2,295.8)
Total stockholders’ equity (deficit)	69.3		(139.1)
Total liabilities and stockholders’ equity (deficit)	$	5,944.5	$	6,179.3

Autodesk, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)

	Nine Months Ended October 31,
	2020		2019
	(Unaudited)
Operating activities:
Net income	$	296.9	$	82.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion	92.2		96.4
Stock-based compensation expense	291.5		257.4
Deferred income taxes	13.0		47.9
Restructuring and other exit costs, net	—		0.5
Other	48.6		10.8
Changes in operating assets and liabilities
Accounts receivable	112.8		(47.2)
Prepaid expenses and other assets	(61.6)		37.6
Accounts payable and other liabilities	42.3		(94.2)
Deferred revenue	(78.3)		328.8
Accrued income taxes	22.2		(3.8)
Net cash provided by operating activities	779.6		716.9
Investing activities:
Purchases of marketable securities	(21.0)		(19.9)
Sales of marketable securities	—		22.4
Maturities of marketable securities	17.0		5.0
Capital expenditures	(67.6)		(39.2)
Purchases of developed technologies	(4.8)		—
Acquisitions, net of cash acquired	(44.8)		—
Other investing activities	(55.5)		(11.0)
Net cash used in investing activities	(176.7)		(42.7)
Financing activities:
Proceeds from issuance of common stock, net of issuance costs	112.9		91.8
Taxes paid related to net share settlement of equity awards	(105.0)		(79.9)
Repurchases of common stock	(399.4)		(261.9)
Repayment of debt	(450.0)		(350.0)
Other financing activities	(2.5)		—
Net cash used in financing activities	(844.0)		(600.0)
Effect of exchange rate changes on cash and cash equivalents	3.4		(4.0)
Net (decrease) increase in cash and cash equivalents	(237.7)		70.2
Cash and cash equivalents at beginning of period	1,774.7		886.0
Cash and cash equivalents at end of period	$	1,537.0	$	956.2

Supplemental cash flow disclosure:
Non-cash financing activities:
Fair value of common stock issued to settle liability-classified restricted stock units	$	28.7	$	—

Autodesk, Inc.
Reconciliation of GAAP financial measures to non-GAAP financial measures
(In millions, except per share data)

To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP net income per share, non-GAAP operating margin, non-GAAP spend, non-GAAP EPS and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.

There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business.

The following table shows Autodesk’s non-GAAP results reconciled to GAAP results included in this release.

	Three Months Ended October 31,						Nine Months Ended October 31,
	2020			2019			2020			2019
	(Unaudited)						(Unaudited)

GAAP cost of subscription and maintenance revenue	$	60.7		$	54.2		$	176.6		$	166.9
Stock-based compensation expense	(4.5)			(3.1)			(12.3)			(10.1)
Acquisition-related costs	(0.2)			(0.3)			(0.5)			(0.3)
Non-GAAP cost of subscription and maintenance revenue	$	56.0		$	50.8		$	163.8		$	156.5

GAAP cost of other revenue	$	15.4		$	16.9		$	47.5		$	48.6
Stock-based compensation expense	(1.6)			(1.6)			(4.7)			(4.3)
Non-GAAP cost of other revenue	$	13.8		$	15.3		$	42.8		$	44.3

GAAP amortization of developed technologies	$	7.6		$	8.4		$	22.4		$	26.2
Amortization of developed technologies	(7.6)			(8.4)			(22.4)			(26.2)
Non-GAAP amortization of developed technologies	$	—		$	—		$	—		$	—

GAAP gross profit	$	868.7		$	763.2		$	2,504.7		$	2,133.3
Stock-based compensation expense	6.1			4.7			17.0			14.4
Amortization of developed technologies	7.6			8.4			22.4			26.2
Acquisition-related costs	0.2			0.3			0.5			0.3
Non-GAAP gross profit	$	882.6		$	776.6		$	2,544.6		$	2,174.2

GAAP marketing and sales	$	359.3		$	330.7		$	1,051.5		$	960.8
Stock-based compensation expense	(45.4)			(38.7)			(129.5)			(107.2)
Acquisition-related costs	(1.5)			(0.2)			(4.8)			(0.3)
Non-GAAP marketing and sales	$	312.4		$	291.8		$	917.2		$	853.3

GAAP research and development	$	233.0		$	213.0		$	682.9		$	634.0
Stock-based compensation expense	(35.4)			(30.8)			(103.6)			(88.3)
Acquisition-related costs	(0.3)			(1.8)			(0.7)			(2.2)
Non-GAAP research and development	$	197.3		$	180.4		$	578.6		$	543.5

GAAP general and administrative	$	98.8		$	99.1		$	296.8		$	299.6
Stock-based compensation expense	(10.5)			(19.8)			(41.4)			(47.5)
Acquisition-related costs	(2.5)			(0.2)			(3.9)			(18.4)
Non-GAAP general and administrative	$	85.8		$	79.1		$	251.5		$	233.7

GAAP amortization of purchased intangibles	$	9.6		$	9.7		$	28.8		$	29.2
Amortization of purchased intangibles	(9.6)			(9.7)			(28.8)			(29.2)
Non-GAAP amortization of purchased intangibles	$	—		$	—		$	—		$	—

GAAP restructuring and other exit costs, net	$	—		$	0.1		$	—		$	0.5
Restructuring and other exit costs, net	—			(0.1)			—			(0.5)
Non-GAAP restructuring and other exit costs, net	$	—		$	—		$	—		$	—

GAAP operating expenses	$	700.7		$	652.6		$	2,060.0		$	1,924.1
Stock-based compensation expense	(91.3)			(89.3)			(274.5)			(243.0)
Amortization of purchased intangibles	(9.6)			(9.7)			(28.8)			(29.2)
Acquisition-related costs	(4.3)			(2.2)			(9.4)			(20.9)
Restructuring and other exit costs, net	—			(0.1)			—			(0.5)
Non-GAAP operating expenses	$	595.5		$	551.3		$	1,747.3		$	1,630.5

GAAP spend	$	784.4		$	732.1		$	2,306.5		$	2,165.8
Stock-based compensation expense	(97.4)			(94.0)			(291.5)			(257.4)
Amortization of developed technologies	(7.6)			(8.4)			(22.4)			(26.2)
Amortization of purchased intangibles	(9.6)			(9.7)			(28.8)			(29.2)
Acquisition-related costs	(4.5)			(2.5)			(9.9)			(21.2)
Restructuring and other exit costs, net	—			(0.1)			—			(0.5)
Non-GAAP spend	$	665.3		$	617.4		$	1,953.9		$	1,831.3

GAAP operating margin	18		%	13		%	16		%	9		%
Stock-based compensation expense	10		%	11		%	11		%	11		%
Amortization of developed technologies	1		%	1		%	1		%	1		%
Amortization of purchased intangibles	1		%	1		%	1		%	1		%
Acquisition-related costs	—		%	—		%	—		%	1		%
Non-GAAP operating margin (1)	30		%	27		%	29		%	23		%

GAAP income from operations	$	168.0		$	110.6		$	444.7		$	209.2
Stock-based compensation expense	97.4			94.0			291.5			257.4
Amortization of developed technologies	7.6			8.4			22.4			26.2
Amortization of purchased intangibles	9.6			9.7			28.8			29.2
Acquisition-related costs	4.5			2.5			9.9			21.2
Restructuring and other exit costs, net	—			0.1			—			0.5
Non-GAAP income from operations	$	287.1		$	225.3		$	797.3		$	543.7

GAAP interest and other expense, net	$	(11.9)		$	(14.2)		$	(69.1)		$	(37.7)
Loss on strategic investments and dispositions, net	0.3			0.4			31.2			3.2
Non-GAAP interest and other expense, net	$	(11.6)		$	(13.8)		$	(37.9)		$	(34.5)

GAAP provision for income taxes	$	(23.9)		$	(29.7)		$	(78.7)		$	(88.8)
Discrete GAAP tax items	3.7			0.3			4.8			1.3
Income tax effect of non-GAAP adjustments	(23.8)			(8.7)			(47.6)			(4.2)
Non-GAAP provision for income tax	$	(44.0)		$	(38.1)		$	(121.5)		$	(91.7)

GAAP net income	$	132.2		$	66.7		$	296.9		$	82.7
Stock-based compensation expense	97.4			94.0			291.5			257.4
Amortization of developed technologies	7.6			8.4			22.4			26.2
Amortization of purchased intangibles	9.6			9.7			28.8			29.2
Acquisition-related costs	4.5			2.5			9.9			21.2
Restructuring and other exit costs, net	—			0.1			—			0.5
Loss on strategic investments and dispositions, net	0.3			0.4			31.2			3.2
Discrete GAAP tax items	3.7			0.3			4.8			1.3
Income tax effect of non-GAAP adjustments	(23.8)			(8.7)			(47.6)			(4.2)
Non-GAAP net income	$	231.5		$	173.4		$	637.9		$	417.5

GAAP diluted net income per share	$	0.59		$	0.30		$	1.34		$	0.37
Stock-based compensation expense	0.44			0.42			1.31			1.16
Amortization of developed technologies	0.04			0.04			0.10			0.12
Amortization of purchased intangibles	0.04			0.04			0.13			0.13
Acquisition-related costs	0.02			0.02			0.04			0.10
Loss on strategic investments and dispositions, net	—			—			0.14			0.01
Discrete GAAP tax items	0.02			—			0.02			0.01
Income tax effect of non-GAAP adjustments	(0.11)			(0.04)			(0.21)			(0.02)
Non-GAAP diluted net income per share	$	1.04		$	0.78		$	2.87		$	1.88

____________________
(1) Totals may not sum due to rounding.

Reconciliation of GAAP net cash provided by operating activities to non-GAAP free cash flow (unaudited)

(In millions)	Net Cash Provided by Operating Activities		Capital Expenditures		Free Cash Flow
Nine months ending October 31, 2020	$	779.6	$	(67.6)	$	712.0
Less six months ending July 31, 2020	418.5		(46.7)		371.8
Three months ending October 31, 2020	$	361.1	$	(20.9)	$	340.2

View original content to download multimedia:http://www.prnewswire.com/news-releases/autodesk-inc-announces-fiscal-2021-third-quarter-results-301179972.html

SOURCE Autodesk, Inc.

November 24, 2020 4:04 pm

Champignon Brands Updates Investors on Changes at the Top

Canada NewsWire

VANCOUVER, BC, Nov. 24, 2020 /CNW/ – Champignon Brands Inc. (the “Company”), (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF), announced today that the Company’s management and governance is undergoing comprehensive change at the top that will extend to the Company’s practices.

In today’s update the Company announces a series of moves now underway as a basis for emphasized priorities on transparency, full and accurate public reporting plus operational readiness to meet the accelerating, pandemic-drive demand for its clinical services.

In this light, the Company reminds investors it is now led by a new Board Chair and CEO and new Vice-Chair, both announced previously (see news release dated October 5, 2020). Other changes underway include the following:

The Company is now actively recruiting a new Chief Financial Officer, Chief General Counsel, and Senior Vice President – Investor and Public Communications.

The Company intends to expand its board with additional outside directors to be drawn from business and science.

The Company has accepted the resignation of Gareth Birdsall, director, effective November 23, 2020.

The Company has re-designed its website to facilitate proper access to current information by investors and the wider public.

The current Board of Directors consists of Dr. Roger McIntyre, Chair and CEO; Bill Wilkerson, Vice-Chair; Matt Fish, President and Secretary; and Jerry Habuda.

Champignon Brands Inc. (https://champignonbrands.com) is a research-driven Company specializing in breakthrough ketamine treatment for depression, and other mental health conditions and its suicidal implications as well as delivery platforms for other health products. The Company works closely with subsidiaries that include AltMed Capital Corp. (“AltMed”), Novo Formulations Ltd., Artisan Growers Ltd., and Tassili Life Sciences Corp. The Canadian Rapid Treatment Center of Excellence is wholly owned by AltMed.

SOURCE Champignon Brands Inc.

November 24, 2020 4:04 pm

Deciphera Pharmaceuticals, Inc. to Participate in the Piper Sandler 32nd Annual Virtual Healthcare Conference

Deciphera Pharmaceuticals, Inc. to Participate in the Piper Sandler 32^ndAnnual Virtual Healthcare Conference

WALTHAM, Mass.–(BUSINESS WIRE)–
Deciphera Pharmaceuticals, Inc. (NASDAQ:DCPH), a commercial-stage biopharmaceutical company developing innovative medicines to improve the lives of people with cancer, today announced that Steve Hoerter, President and Chief Executive Officer, has participated in a fireside chat in advance of the Piper Sandler 32^nd Annual Virtual Healthcare Conference, being held December 1-3, 2020.

A recording of the fireside chat is now available on the “Events and Presentations” page in the “Investors” section of the Company’s website at https://investors.deciphera.com/news-events/events-presentations and will be available for 90 days.

About Deciphera Pharmaceuticals

Deciphera is a biopharmaceutical company focused on discovering, developing and commercializing important new medicines to improve the lives of people with cancer. We are leveraging our proprietary switch-control kinase inhibitor platform and deep expertise in kinase biology to develop a broad portfolio of innovative medicines. In addition to advancing multiple product candidates from our platform in clinical studies, QINLOCK^® is Deciphera’s FDA-approved switch-control kinase inhibitor for the treatment of fourth-line gastrointestinal stromal tumor (GIST). QINLOCK is also approved for fourth-line GIST in Canada and Australia. For more information, visit www.deciphera.com and follow us on LinkedIn and Twitter (@Deciphera).

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005973/en/

Contacts:

Investor Relations:

Jen Robinson

Deciphera Pharmaceuticals, Inc.

[email protected]

781-906-1112

Media:

David Rosen

Argot Partners

[email protected]

212-600-1902

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health Oncology

MEDIA:

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November 24, 2020 4:04 pm

Raven Industries Reports Strong Third Quarter Fiscal 2021 Results

Raven Industries Reports Strong Third Quarter Fiscal 2021 Results

SIOUX FALLS, S.D.–(BUSINESS WIRE)–Raven Industries, Inc. (the Company; NASDAQ:RAVN) today reported financial results for the third quarter that ended October 31, 2020.

Third Quarter Fiscal 2021 Noteworthy Items:

Company reported earnings of $0.24 per share while investing in Raven Autonomy™, Raven Composites™ and Thunderhead Balloon Systems;
Net sales in Applied Technology increased 22 percent versus the prior year, driven by growth in the OEM channel;
Company invested $4.6 million, or $0.10 per share after-tax, primarily in incremental research and development activities, to advance Raven Autonomy™;
Aerostar achieved year-over-year revenue growth of 15 percent driven by the delivery of aerostat systems and the execution of a record number of customer flight campaigns;
Company generated $21 million in free cash flow¹ led by strong profitability and management of net working capital;
Engineered Films’ net sales declined 22 percent versus the prior year as the division’s end-markets continued to face economic challenges resulting from the global pandemic;
Company announced executive leadership changes to accelerate execution of its growth strategy and to further position itself for long-term success;
Applied Technology was recognized for top innovative new products, receiving awards from the American Society of Agricultural and Biological Engineers for VSN® and the Hawkeye® 2 Nozzle Control System.

Third Quarter Results:

Consolidated net sales for the third quarter of fiscal 2021 were $96.6 million, down 3.9 percent versus the third quarter of fiscal 2020. Applied Technology and Aerostar achieved significant year-over-year growth, but this was offset by a decline in Engineered Films. Strong growth in OEM sales drove the increase in Applied Technology. Aerostar achieved year-over-year growth by executing on a record number of successful stratospheric balloon flight campaigns and completing the delivery of aerostats on its current contract. The global pandemic continued to present challenges for Engineered Films’ end-markets, leading to the year-over-year decline in revenue.

Consolidated operating income for the third quarter of fiscal 2021 was $9.3 million, versus operating income of $11.3 million in the third quarter of fiscal 2020. Included in the results for the third quarter of fiscal 2021 were $4.6 million of incremental research and development and selling expenses to advance Raven Autonomy™. The strong profitability performance in this year’s third quarter was driven by improved gross profit margin, which increased from 30.1 percent to 35.7 percent year-over-year. Applied Technology and Engineered Films improved gross profit margins materially versus the prior year, on improved volume and overhead reduction measures, respectively. Prudent cost containment actions, outside of committed investments in platforms for growth, also contributed to the strong profit performance in this year’s third quarter. Prior year third quarter operating income included a pre-tax gain of $1.9 million on the sale of an Applied Technology facility in Austin, Texas.

Net income for the third quarter of fiscal 2021 was $8.7 million, or $0.24 per diluted share, compared to $9.9 million, or $0.28 per diluted share, in last year’s third quarter. The Company’s investment in Raven Autonomy™ reduced net income attributable to Raven by $3.6 million, or $0.10 per diluted share, in the third quarter of fiscal 2021. Prior year net income included a $1.5 million, or $0.04 per diluted share, gain on sale of a facility in Austin, Texas.

Balance Sheet and Cash Flow:

At the end of the third quarter of fiscal 2021, cash and cash equivalents totaled $38.2 million, increasing $22.4 million versus the previous quarter. The sequential increase in cash was led by improved profitability and a reduction in net working capital requirements. Total liquidity⁴ at the end of the third quarter totaled $138.2 million.

Applied Technology Division:

Net sales for Applied Technology in the third quarter of fiscal 2021 were $34.8 million, increasing $6.3 million or 22.2 percent versus the third quarter of the prior year. The year-over-year sales growth was primarily driven by higher volumes to OEMs, both domestically and internationally. This growth included last-time buy activity associated with the division’s strategic decision to exit a commercial relationship. Excluding the benefit of the last-time buy activity, the division achieved growth over the prior year while overcoming certain production inefficiencies caused by process changes in response to the pandemic.

Division operating income in the third quarter of fiscal 2021 was $5.8 million, down $1.2 million or 17.6 percent versus the third quarter of fiscal 2020. The profitability of the division was very strong and included an incremental investment of $4.5 million year-over-year into Raven Autonomy™. The prior year results included a pre-tax gain of $1.9 million on the sale of the division’s facility in Austin, Texas.

Engineered Films Division:

Net sales for Engineered Films in the third quarter of fiscal 2021 were $43.8 million, down $12.6 million or 22.4 percent year-over-year. Increased demand and a recapture of market share in the industrial market led to year-over-year growth within this market. However, Engineered Films continued to face weak demand across a majority of its end-markets, resulting in the year-over-year decline in revenue. Engineered Films serves the following markets: geomembrane (including the energy sub-market), agriculture, construction and industrial. Geomembrane (including the energy sub-market) experienced the largest decline, as rig counts in the Permian Basin were down approximately 70 percent year-over-year. The construction market also experienced reduced demand as non-residential construction starts decreased significantly versus the prior year. Partially offsetting these declines was the delivery of the remaining $2.4 million of film-based medical supplies associated with a FEMA contract to aid in the pandemic response.

Division operating income in the third quarter of fiscal 2021 was $7.3 million, down $1.2 million or 13.6 percent versus the third quarter of fiscal 2020. Engineered Films achieved an improved operating margin year-over-year from 15.0 percent to 16.7 percent, driven by operational efficiency improvements and expense reductions, as the division mitigated the impact of negative operating leverage on division profit margin and continued to invest in Raven Composites™. Additionally, the division generated strong cash flows as it continues to effectively manage working capital levels.

Aerostar Division:

Net sales for Aerostar in the third quarter of fiscal 2021 were $18.0 million, up $2.3 million or 15.0 percent versus the third quarter of fiscal 2020. The year-over-year growth in net sales was driven by the delivery of aerostat systems and the completion of a record number of successful stratospheric flight campaigns for the Department of Defense throughout the quarter. Momentum continues to build for the division’s Thunderhead Balloon Systems as it further develops and demonstrates the capabilities and technology offering.

Division operating income in the third quarter of fiscal 2021 was $2.8 million, up $0.3 million or 11.6 percent versus the third quarter of fiscal 2020. The year-over-year increase in operating income was driven by increased sales volume.

Update on Strategic Platforms for Growth:

In the third quarter, the Company continued to aggressively and strategically invest in Raven Autonomy™, the Company’s strategic platform for growth within the Applied Technology Division. Field testing continues to progress, preparing for initial product launches for both the Raven Dot® Power Platform and tractor autonomous power units (APUs) next year. Raven is commercializing its first available solutions in driverless ag technology, allowing ag professionals to be safer, more efficient and run their operations with less reliance on human variability. The Company plans to introduce additional smart implements leveraging these APUs as it continues to advance agriculture solutions.

In Raven Composites™, the Company invested in research and development equipment to support new product development efforts. This specialty equipment was installed and became operational subsequent to the end of the third quarter. Additionally, the Company continues to develop new products and strengthen strategic relationships in targeted markets while building out greenfield operations. Larger scale manufacturing equipment to advance Raven Composites™ is on order and expected to be operational during the first quarter of fiscal 2022.

For Raven Thunderhead, Aerostar continues to develop and demonstrate the functionalities of the technology. The Company achieved milestones throughout the quarter on flight durations, mission functionalities and successful flight campaigns. The stratosphere is the next frontier, and Aerostar is at the forefront of capitalizing on the significant opportunity.

Supplemental Raven Autonomy™ Financial Information:

The financial impact of Raven Autonomy™ in the third quarter of fiscal 2021 was as follows:

Third Quarter Fiscal 2021 Financial Impact of Raven Autonomy™
	Increase (Decrease)
*(dollars in millions, except per share amounts)*	Three Months Ended October 31, 2020		Nine Months Ended October 31, 2020
Net sales	$	—	$	0.9
Gross profit	—		(0.2)
Applied Technology Operating income	(4.5)		(12.3)
Consolidated Operating income	(4.6)		(12.4)
Consolidated EBITDA³	(4.2)		(11.7)
Net income attributable to Raven Industries, Inc.	(3.6)		(9.6)

Net income per common share – Diluted	$	(0.10)	$	(0.26)

Fiscal 2021 Outlook:

“The third quarter of fiscal 2021 was strong, from both a financial performance perspective and taking into account the key steps we took to advance our strategic platforms for growth,” said Dan Rykhus, President and CEO. “We achieved strong profitability and cash flows while investing aggressively in Raven Autonomy™, advancing our greenfield operations in Raven Composites™ and executing on contracts for Thunderhead Balloon Systems.

“Applied Technology generated significant profitability while aggressively investing in Raven Autonomy™ during the third quarter. We continue to advance our core technology, as evidenced by enhancements and new product releases – including Hawkeye® 2 and VSN® full canopy guidance – that solve problems for our customers and generate strong returns for end users. In Raven Autonomy™, our team continues to perform field validation trials with farmers while development proceeds with our Raven Autonomy™ platform framework to enhance customer value with autonomous applications. The momentum and our position in the market continues to improve, and the outlook for this initiative is revolutionary for the Company.

“In Engineered Films, our end markets continued to be suppressed by adverse economic challenges related to the pandemic. We expect these conditions to persist throughout the remainder of the current fiscal year and into the next fiscal year, especially in the geomembrane market due to low oil prices. However, I am confident in our ability to effectively manage through these challenges. The health and long-term prospects of Engineered Films’ core business and our Raven Composites™ platform is very strong.

“Aerostar achieved mission success on a record number of flight campaigns, leading to strong financial performance in the quarter. We continue to see growing momentum surrounding our Thunderhead Balloon Systems, and we believe this market will grow substantially over the coming years. We are the clear leader in this space, and our team continues to enhance the capabilities of our technology.

“We are well-positioned for substantial long-term growth across all three of our operating divisions. This confidence stems from the opportunities in front of us combined with our performance throughout the first three quarters of fiscal 2021. In Applied Technology, we generated strong margins in our underlying business, and economic conditions in the ag market appear to be improving for the first time in several years. In Engineered Films, our operational discipline and ability to generate significant cash flows in the midst of this pandemic is evidence of our strong business model. Additionally, Aerostar continues to prove the value of Thunderhead, creating momentum for strong growth in both the short-term and the long-term,” concluded Rykhus.

Regulation G:

The information presented in this earnings release regarding consolidated and segment earnings before interest, taxes, depreciation, and amortization (EBITDA), do not conform to generally accepted accounting principles (GAAP) and should not be construed as an alternative to the reported results determined in accordance with GAAP. Additionally, management has included this non-GAAP information to assist in understanding the operating performance of the Company and its operating segments as well as the comparability of results. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in the tables below.

About Raven Industries, Inc.:

Raven Industries (NASDAQ: RAVN) provides innovative, high-value products and systems that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and aerospace and defense solutions, and the company’s groundbreaking work in autonomous systems is unlocking new possibilities in areas like farming, national defense, and scientific research. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.

Forward-Looking Statements:

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.

Generally, forward-looking statements can be identified by words such as “may,” “will,” “plan,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “should,” “estimate,” “predict,” “project,” “would,” and similar expressions, which are generally not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to our future operating or financial performance or events, our strategy, goals, plans, and projections regarding our financial position, our liquidity and capital resources, and our product development – are forward-looking statements.

Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements, because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Company’s 10K under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Company’s historical experience and our present expectations or projections.

RAVEN INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars and shares in thousands, except earnings per share) (Unaudited)

	Three Months Ended October 31,								Nine Months Ended October 31,
	2020			2019			Fav (Un) Change		2020			2019			Fav (Un) Change
Net sales	$	96,607		$	100,533		(3.9)	%	$	268,282		$	296,769		(9.6)	%
Cost of sales	62,083			70,229					175,159			200,061
Gross profit	34,524			30,304			13.9	%	93,123			96,708			(3.7)	%
Gross profit percentage	*35.7*		%	30.1		%			*34.7*		%	32.6		%

Research and development expenses	10,949			7,662					32,262			22,000
Selling, general, and administrative expenses	14,284			11,310					41,488			37,685
Operating income	9,291			11,332			(18.0)	%	19,373			37,023			(47.7)	%
Operating income percentage	*9.6*		%	11.3		%			*7.2*		%	12.5		%

Other income (expense), net	(423		)	84					(514		)	398
Income before income taxes	8,868			11,416			(22.3)	%	18,859			37,421			(49.6)	%

Income tax expense	140			1,483					363			5,512
Net income	8,728			9,933			(12.1)	%	18,496			31,909			(42.0)	%

Net loss attributable to the noncontrolling interest	—			(1		)			(98		)	(1		)

Net income attributable to Raven Industries, Inc.	$	8,728		$	9,934		(12.1)	%	$	18,594		$	31,910		(41.7)	%

Net income per common share:
– Basic	$	0.24		$	0.28		(14.3)	%	$	0.52		$	0.89		(41.6)	%
– Diluted	$	0.24		$	0.28		(14.3)	%	$	0.51		$	0.88		(42.0)	%

Weighted average common shares:
– Basic	36,001			35,914					35,975			36,014
– Diluted	36,151			36,091					36,118			36,251

RAVEN INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited)

	October 31		January 31		October 31
	2020		2020		2019
ASSETS
Cash and cash equivalents	$	38,217	$	20,707	$	77,094
Accounts receivable, net	54,224		62,552		62,057
Inventories, net	44,674		53,899		51,981
Other current assets	4,938		5,436		5,095
Total current assets	142,053		142,594		196,227

Property, plant and equipment, net	104,596		100,850		101,487
Goodwill	105,925		106,509		50,834
Intangible assets, net	44,083		46,217		14,933
Other assets	11,123		7,087		8,795
TOTAL ASSETS	$	407,780	$	403,257	$	372,276

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	$	19,314	$	14,893	$	11,045
Accrued and other liabilities	25,927		23,030		23,083
Total current liabilities	45,241		37,923		34,128

Long-term debt	1,900		225		—
Other liabilities	32,944		29,161		21,969
Total liabilities	80,085		67,309		56,097

Redeemable noncontrolling interest	—		21,302		—

Shareholders’ equity	327,695		314,646		316,179
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	407,780	$	403,257	$	372,276

Net Working Capital and Net Working Capital Percentage²
Accounts receivable, net	$	54,224		$	62,552		$	62,057
Plus: Inventories, net	44,674			53,899			51,981
Less: Accounts payable	19,314			14,893			11,045
Net working capital²	$	79,584		$	101,558		$	102,993

Annualized net sales	$	386,428		$	343,044		$	402,132
Net working capital percentage²	20.6		%	29.6		%	25.6		%

RAVEN INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited)

	Nine Months Ended October 31,
	2020		2019
Cash flows from operating activities:
Net income	$	18,496	$	31,909
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,829		12,124
Other operating activities, net	23,775		3,045
Net cash provided by operating activities	55,100		47,078

Cash flows from investing activities:
Capital expenditures	(10,931)		(6,143)
Proceeds from sale or maturities of investments	586		993
Purchases of investments	(227)		(934)
Proceeds from sale of assets	251		3,459
Other investing activities, net	(272)		(3,208)
Net cash used in investing activities	(10,593)		(5,833)

Cash flows from financing activities:
Dividends paid	(9,318)		(14,001)
Payments for common shares repurchased	—		(10,781)
Proceeds from debt	51,685		—
Repayments of debt	(50,000)		—
Payments for redeemable noncontrolling interest	(17,853)		—
Payment of acquisition-related contingent liabilities	—		(1,308)
Other financing activities, net	(1,169)		(3,780)
Net cash used in financing activities	(26,655)		(29,870)

Effect of exchange rate changes on cash	(342)		(68)

Net increase in cash and cash equivalents	17,510		11,307
Cash and cash equivalents at beginning of period	20,707		65,787
Cash and cash equivalents at end of period	$	38,217	$	77,094

RAVEN INDUSTRIES, INC. SALES AND OPERATING INCOME BY SEGMENT (Dollars in thousands) (Unaudited)

	Three Months Ended October 31,								Nine Months Ended October 31,
	2020			2019			Fav (Un) Change		2020			2019			Fav (Un) Change
Net sales
Applied Technology	$	34,838		$	28,500		22.2	%	$	112,347		$	97,596		15.1	%
Engineered Films	43,765			56,406			(22.4)	%	113,415			158,214			(28.3)	%
Aerostar	18,010			15,661			15.0	%	42,626			41,040			3.9	%
Intersegment eliminations	(6		)	(34		)			(106		)	(81		)
Consolidated net sales	$	96,607		$	100,533		(3.9)	%	$	268,282		$	296,769		(9.6)	%

Operating income
Applied Technology	$	5,797		$	7,035		(17.6)	%	$	21,247		$	25,120		(15.4)	%
Engineered Films	7,321			8,474			(13.6)	%	13,393			24,987			(46.4)	%
Aerostar	2,777			2,488			11.6	%	4,821			7,427			(35.1)	%
Intersegment eliminations	9			(12		)			60			(10		)
Total segment income	$	15,904		$	17,985		(11.6)	%	$	39,521		$	57,524		(31.3)	%
Corporate expenses	(6,613		)	(6,653		)	0.6	%	(20,148		)	(20,501		)	1.7	%
Consolidated operating income	$	9,291		$	11,332		(18.0)	%	$	19,373		$	37,023		(47.7)	%

Operating income percentages
Applied Technology	16.6		%	24.7		%	(810)bps		18.9		%	25.7		%	(680)bps
Engineered Films	16.7		%	15.0		%	170bps		11.8		%	15.8		%	(400)bps
Aerostar	15.4		%	15.9		%	(50)bps		11.3		%	18.1		%	(680)bps
Consolidated operating income	9.6		%	11.3		%	(170)bps		7.2		%	12.5		%	(530)bps

RAVEN INDUSTRIES, INC. EBITDA REGULATION G RECONCILIATION³ (Dollars in thousands) (Unaudited)

	Three Months Ended October 31,								Nine Months Ended October 31,
							Fav (Un)								Fav (Un)
	2020			2019			Change		2020			2019			Change
Applied Technology
Reported Operating income	$	5,797		$	7,035		(17.6)	%	$	21,247		$	25,120		(15.4)	%
Plus: Depreciation and amortization	1,335			957			39.5	%	3,656			2,956			23.7	%
ATD EBITDA	$	7,132		$	7,992		(10.8)	%	$	24,903		$	28,076		(11.3)	%
ATD EBITDA % of Net Sales	*20.5*		%	28.0		%			*22.2*		%	28.8		%

Engineered Films
Reported Operating income	$	7,321		$	8,474		(13.6)	%	$	13,393		$	24,987		(46.4)	%
Plus: Depreciation and amortization	2,384			2,397			(0.5)	%	7,220			7,121			1.4	%
EFD EBITDA	$	9,705		$	10,871		(10.7)	%	$	20,613		$	32,108		(35.8)	%
EFD EBITDA % of Net Sales	*22.2*		%	19.3		%			*18.2*		%	20.3		%

Aerostar
Reported Operating income	$	2,777		$	2,488		11.6	%	$	4,821		$	7,427		(35.1)	%
Plus: Depreciation and amortization	278			240			15.8	%	765			680			12.5	%
Aerostar EBITDA	$	3,055		$	2,728		12.0	%	$	5,586		$	8,107		(31.1)	%
Aerostar EBITDA % of Net Sales	*17.0*		%	17.4		%			*13.1*		%	19.8		%

Consolidated
Net income attributable to Raven Industries Inc.	$	8,728		$	9,934		(12.1)	%	$	18,594		$	31,910		(41.7)	%
Interest (income) expense, net	103			(210		)			383			(644		)
Income tax expense	140			1,483					363			5,512
Plus: Depreciation and amortization	4,351			4,002					12,829			12,124
Consolidated EBITDA	$	13,322		$	15,209		(12.4)	%	$	32,169		$	48,902		(34.2)	%
Consolidated EBITDA % of Net Sales	*13.8*		%	15.1		%			*12.0*		%	16.5		%

¹ Free cash flow is defined as Net cash provided by operating activities, less capital expenditures, less dividends paid.

² Net working capital is defined as accounts receivable, (net) plus inventories, (net) less accounts payable. Net working capital percentage is defined as net working capital divided by four times quarterly sales for each respective period.

³ EBITDA is a non-GAAP financial measure defined on a consolidated basis as net income attributable to Raven Industries, Inc., plus income taxes, plus depreciation and amortization expense, plus interest (income) expense, (net). On a segment basis, it is defined as operating income plus depreciation expense and amortization expense. EBITDA margin is defined as EBITDA divided by net sales.

⁴ Total liquidity is defined as Cash and cash equivalents plus the available balance on the Company’s revolving credit facility

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005952/en/

Jared Stearns

Investor Relations Manager

Raven Industries, Inc.

+1(605) 336-2750

KEYWORDS: South Dakota United States North America

INDUSTRY KEYWORDS: Other Manufacturing Technology Engineering Chemicals/Plastics Other Technology Manufacturing Software Agriculture Natural Resources

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November 24, 2020 4:04 pm

Stoke Therapeutics Announces Closing of Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

Stoke Therapeutics Announces Closing of Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

BEDFORD, Mass.–(BUSINESS WIRE)–
Stoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company pioneering a new way to treat the underlying cause of genetic diseases by precisely upregulating protein expression, today announced the closing of its underwritten public offering of 2,875,000 shares of its common stock, including 375,000 shares sold upon full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $39.00 per share. The net proceeds from the offering were approximately $105.1 million, after deducting underwriting discounts and commissions and estimated offering expenses.

J.P. Morgan Securities LLC, Cowen and Company, LLC, and Credit Suisse Securities (USA) LLC acted as joint book-running managers in the offering. Canaccord Genuity LLC and Cantor Fitzgerald & Co. acted as passive bookrunners in the offering.

Stoke intends to use the net proceeds from the proposed offering, together with its existing cash and cash equivalents, to fund research, clinical and process development and manufacturing of its product candidates, including late stage development of STK-001, clinical development of its next target for the treatment of Autosomal Dominant Optic Atrophy, developing additional product candidates, working capital, capital expenditures and other general corporate purposes.

The public offering was made pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission (the “SEC”). This offering was made solely by means of a prospectus supplement and accompanying prospectus relating to and describing the terms of the offering, copies of which may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone: (866) 803-9204, or by emailing [email protected]; from Cowen and Company, LLC c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone: (833) 297-2926, or by emailing [email protected]; or from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by email at [email protected]. Electronic copies of the prospectus supplement and accompanying prospectus are available on the website of the SEC at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Stoke, 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 Stoke Therapeutics

Stoke Therapeutics (Nasdaq: STOK) is a biotechnology company pioneering a new way to treat the underlying causes of severe genetic diseases by precisely upregulating protein expression to restore target proteins to near normal levels. Stoke aims to develop the first precision medicine platform to target the underlying cause of a broad spectrum of genetic diseases in which the patient has one healthy copy of a gene and one mutated copy that fails to produce a protein essential to health. These diseases, in which loss of approximately 50% of normal protein expression causes disease, are called autosomal dominant haploinsufficiencies. Stoke is headquartered in Bedford, Massachusetts with offices in Cambridge, Massachusetts.

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. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company makes regarding its expectation of market conditions, use of proceeds and Stoke’s plan to develop its precision medicine platform. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although Stoke believes that the expectations reflected in such forward-looking statements are reasonable, Stoke cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the Company’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the impact of the COVID-19 pandemic on the Company’s business, clinical trial sites, supply chain and manufacturing facilities, market conditions, the satisfaction of customary closing conditions related to the proposed offering, as well as other risks and uncertainties described under the heading “Risk Factors” in documents Stoke files from time to time with the SEC. These forward-looking statements speak only as of the date hereof and Stoke specifically disclaims any obligation to update these forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005910/en/

Stoke Media & Investor Contact:

Dawn Kalmar

Vice President, Head of Corporate Affairs

[email protected]

781-303-8302

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Biotechnology Health Genetics Pharmaceutical Clinical Trials

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