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Free, virtual, first-of-its kind program teaches students the basics of coding and computer science in a real-world setting

TORONTO, Nov. 24, 2020 /CNW/ – Amazon (NASDAQ: AMZN) today announced the Canadian launch of the Amazon Cyber Robotics Challenge, a free computer science education program for elementary school students. As record numbers of children experience remote learning during the COVID-19 pandemic, the Cyber Robotics Challenge will be a tool for teachers and parents to help students learn coding skills in the virtual classroom.

“This is an unprecedented school year for parents and teachers, who are looking for new ways to engage students who are learning from home,” said Susan Ibach, Head of Amazon Future Engineer Canada. “Amazon is committed to ensuring that children and young adults – especially those from underrepresented and underserved communities – have the resources and skills to build their best future. Amazon’s Cyber Robotics Challenge helps students better understand computer science and its real-world applications, and engages those who may not have otherwise had the opportunity to build coding skills at an early stage of their education.”

Developed in partnership with online learning specialist CoderZ, and distributed in partnership with computer science education non-profit Canada Learning Code, the Amazon Cyber Robotics Challenge teaches students the basics of coding and allows them to practice their skills by completing a series of exercises that demonstrate how Amazon uses computer science and robotics to deliver products to customers. Lessons focus on a series of ‘robot training missions’ in which students code a virtual Hercules robot operating in an Amazon fulfillment centre.

The Amazon Cyber Robotics Challenge curriculum was designed to complement other STEM and computer science coursework and can be broken into four, 45-minute or three, 60-minute lessons. The Challenge can be accessed free of charge, in English and French, by visiting the program Web site.

Studies have shown inspiring young children in STEM and computer science motivates them to stay interested in the field long-term, providing a critical foundation for future learning. The Canadian launch of the Amazon Cyber Robotics Challenge is the first step in a broader rollout of programming in Canada that reflects the company’s commitment to inspiring, educating, and training underrepresented and underserved children and young people to pursue careers in computer science. 

“Computer science is not a mandated part of our education system, which results in inequitable access to high-quality and comprehensive foundational courses across Canada. As computer science becomes an increasingly important part of our society, it is crucial that all students are given equal opportunities to access these foundational skills so they too can be inspired by the possibilities,” said Melissa Sariffodeen, CEO, Canada Learning Code.

For more information on the Amazon Cyber Robotics Challenge, visit the program Web site. 

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about and follow @AmazonNews.

SOURCE Amazon Canada

TORONTO, ON, Nov. 24, 2020 /PRNewswire/ – Corus Entertainment Inc. (“Corus” or the “Company”) (TSX: CJR.B) announced today that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to renew its normal course issuer bid (“NCIB”) for a one year period.

On November 17, 2020, the Company announced its intention to seek TSX approval to renew its NCIB for an additional one year. The NCIB commences on November 26, 2020 and will terminate on November 25, 2021, or on such earlier date as the Company may complete its purchases pursuant to a Notice of Intention filed with the TSX. Under the NCIB, the Company is authorized to purchase up to 9,673,416 of its Class B non-voting shares (out of the 204,954,666 Class B non-voting shares outstanding as at November 1, 2020) representing approximately 5% of the public float as at November 1, 2020, by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems. Daily repurchases will be limited to a maximum of 313,762 Class B non-voting shares, representing 25% of the average daily trading volume for the six months ended October 31, 2020 (being 1,255,049 Class B non-voting shares), except where purchases are made in accordance with the “block purchase exception” of the TSX rules. All shares purchased by the Company under the NCIB will be cancelled.

In deciding to establish the NCIB, the Company believes that the market price of the Class B non-voting shares may not, from time to time, fully reflect their value and accordingly the purchase of the Class B non-voting shares would be in the best interest of the Company and an attractive and appropriate use of available funds.

Purchases will be made by the Company in accordance with the requirements of the TSX and the price which the Company will pay for any such Class B non-voting shares will be the market price of any such Class B non-voting shares at the time of acquisition, or such other price as may be permitted by the TSX.

In connection with the NCIB, the Company has entered into an automatic repurchase plan with its designated broker to allow for purchases of its Class B non-voting shares during certain pre-determined black-out periods, subject to certain parameters as to price and number of shares. Outside of these pre-determined black-out periods, shares will be repurchased in accordance with management’s discretion, subject to applicable law. The plan has been pre-cleared by the TSX and will terminate on November 25, 2021.

Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Company sought and received approval from the TSX to purchase up to 9,913,940 Class B non-voting shares for the period commencing on November 12, 2019 to November 11, 2020, the Company purchased and cancelled an aggregate of 3,630,000 Class B non-voting shares on the open market at a weighted average price per share of $4.65.

Although the Company has a present intention to acquire its Class B non-voting shares pursuant to the NCIB, the Company will not be obligated to make any purchases and purchases may be suspended by the Company at any time.

Caution Concerning Forward-Looking Information

This press release contains forward-looking information and should be read subject to the following cautionary language:

To the extent any statements made in this report contain information that is not historical, these statements are forward-looking statements and may be “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking information”). These forward-looking statements relate to, among other things, statements related to the NCIB and future purchases of Class B non-voting shares pursuant to the NCIB, and can generally be identified by the use of words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances may be considered forward-looking information. Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves assumptions and risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied with respect to the forward-looking information, including without limitation, factors and assumptions regarding the general market conditions and general outlook for the industry, interest rates, stability of the advertising, distribution, merchandise and subscription markets, operating and capital costs and tariffs, taxes and fees, our ability to source desirable content and our capital and operating results being consistent with our expectations. Actual results may differ materially from those expressed or implied in such information. Additional information about these factors and about the material assumptions underlying any forward-looking information may be found under the heading “Risks and Uncertainties” in the Management’s Discussion and Analysis for the year ended August 31, 2020 and under the heading “Risk Factors” in our Annual Information Form. Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document. Unless otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.

About Corus Entertainment Inc.

Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops and delivers high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company’s portfolio of multimedia offerings encompass 34 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital assets, animation software, technology and media services. Corus is an established creator of globally distributed content through Nelvana animation studio, Corus Studios, and children’s book publishing house Kids Can Press. The company also owns innovative full-service social digital agency so.da, and lifestyle entertainment company Kin Canada. Corus’ roster of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, HISTORY®, Showcase, Adult Swim, National Geographic, Disney Channel Canada, YTV, Global News, Globalnews.ca, Q107, Country 105, and CFOX. Visit Corus at www.corusent.com.

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SOURCE Corus Entertainment Inc.

REDWOOD CITY, Calif., Nov. 24, 2020 /PRNewswire/ — Nevro Corp. (NYSE: NVRO), a global medical device company that is providing innovative, evidence-based solutions for the treatment of chronic pain, today announced that D. Keith Grossman, Nevro’s Chairman, CEO and President will participate in Citi Bank’s Head Shoulders Knees and Toes Conference Call Series on November 30, 2020 at 2pm ET.

Investors interested in listening to the call may do so by dialing (856) 344-9142 in the U.S., using Conference ID: 3168278. This dial-in information is available on the “Investors” section of the Company’s website at: www.nevro.com.

About Nevro
Headquartered in Redwood City, California, Nevro is a global medical device company focused on providing innovative products that improve the quality of life of patients suffering from debilitating chronic pain. Nevro has developed and commercialized the Senza spinal cord stimulation (SCS) system, an evidence-based, non-pharmacologic neuromodulation platform for the treatment of chronic pain. HF10 therapy has demonstrated the ability to reduce or eliminate opioids in ≥65% of patients across six peer-reviewed clinical studies. The Senza^® System, Senza II™ System, and the Senza^® Omnia™ System are the only SCS systems that deliver Nevro’s proprietary HF10^® therapy. Senza, Senza II, Senza Omnia, HF10, Nevro and the Nevro logo are trademarks of Nevro Corp.

To learn more about Nevro, connect with us on LinkedIn, Twitter, Facebook and Instagram.

Investor Relations:

Matt Bacso, CFA
[email protected]

 

 

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SOURCE Nevro Corp.

DALLAS, Nov. 24, 2020 /PRNewswire/ — Jacobs (NYSE:J) announces it has acquired The Buffalo Group, a leader in advanced cyber and intelligence solutions, further strengthening Jacobs’ leading portfolio of national priority mission-focused, government solutions in the cyber domain and the Intelligence Community (IC). The terms of the acquisition were not disclosed.

Based in Reston, Va., The Buffalo Group brings high-impact analytical and technology capabilities to the United States Intelligence Community for key missions across multi-domains including cyber, ground, sea, airborne and space.

“Defending our nation against adversarial threats is growing in complexity. The Buffalo Group’s leading cyber and intelligence capabilities further strengthens our suite of national priority solutions across integrated multi-domain environments,” said Jacobs Chair and CEO Steve Demetriou. “Like Jacobs, The Buffalo Group has a proven track record of winning multibillion-dollar full and open enterprise contracts. Under the leadership of Caesar Nieves as head of our new Cyber and Intelligence business, the combination of Jacobs and The Buffalo Group will provide additional opportunities across the Intelligence Community, Combatant Commands and the U.S. Army.”

The Buffalo Group’s advanced, mission-critical solutions solve complex national priorities and security challenges in the areas of advanced analytics, advanced targeting, cybersecurity, cloud mitigation, DevSecOps (Development, Security and Operations), identity intelligence and biometrics, human intelligence, open-source and social media analysis, geospatial intelligence, cyber threat intelligence and artificial intelligence/machine learning. The Buffalo Group President Paul Courtney said, “Joining with Jacobs will enable The Buffalo Group’s talented team to deliver even more innovative technologies and capabilities to customers. With a proven record for delivering cutting-edge technology solutions that drive critical business outcomes, Jacobs represents a technical, cultural and philosophical fit for The Buffalo Group team.”

Advisors

For Jacobs, Fried Frank served as legal counsel. For The Buffalo Group, Pillsbury Winthrop Shaw Pittman LLP served as legal counsel and Baird acted as the exclusive financial advisor.

Earnings Call

Jacobs will host its quarterly earnings call on November 24 at 10:00 a.m. ET, during which this transaction will be discussed with the financial community. The conference call can be accessed by dialing participant toll free dial-in number: 833-231-8270 (U.S./Canada) or participant international dial-in number: 647-689-4115 using conference ID: 7372799. Interested parties can listen to the earnings call and view accompanying slides on the Jacobs investor page.

About Jacobs

At Jacobs, we’re challenging today to reinvent tomorrow by solving the world’s most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. With approximately $14 billion in revenue and a talent force of more than 55,000, Jacobs provides a full spectrum of professional services including consulting, technical, scientific and project delivery for the government and private sector. Visit jacobs.com and connect with Jacobs on Facebook, Instagram, LinkedIn and Twitter.

About The Buffalo Group

The Buffalo Group provides innovative capabilities and extensive domain expertise to solve complex national security challenges. The company offers a diverse set of analytic and technology capabilities, fused together in support of key missions for agencies across the Department of Defense and the Intelligence Community. The Buffalo Group supports a diversity of sensitive missions including counterterrorism, space / counterspace, and cyber threat intelligence.

Forward-Looking Statements
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some additional factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our Form 10-K for the fiscal year ended October 2, 2020, and in particular the discussions contained under Items 1 – Business, 1A – Risk Factors, 3 – Legal Proceedings, and 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, as well as the company’s other filings with the Securities and Exchange Commission. We do not undertake to update any forward-looking statements made herein.

For additional information, contact:

Jacobs
Investors:
Jonathan Doros, 817-239-3457
[email protected]

Media:
Amy Ochs, 214-912-9171
[email protected]

 

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SOURCE Jacobs

FORT MYERS, Fla., Nov. 24, 2020 /PRNewswire/ — 

• 
  Sales grew 14.8% and gross margin expanded 740 basis points from second quarter
  
• 
  Soma’s 67% digital sales increase led Company’s year-over-year double-digit digital sales growth for the quarter
  
• 
  Significantly enhanced financial liquidity and flexibility with amended and extended $300 million credit facility; ended quarter with $145.2 million in cash and cash equivalents
  
• 
  Achieved $65.0 million in rent abatement and reduction commitments as part of comprehensive lease portfolio review
  

Chico’s FAS, Inc. (NYSE: CHS) (the “Company” or “Chico’s FAS”) today announced its financial results for the fiscal 2020 third quarter ended October 31, 2020 (the “third quarter”).

Molly Langenstein, Chief Executive Officer and President, Chico’s FAS said: “Eighteen months ago, we prioritized digital as the primary growth engine for all three of our brands, making major strategic shifts and investments to pivot us to a digital-first company. In March of this year, as our business became 100% digital overnight, we accelerated that transformation through innovation and state-of-the art technology enhancements. Even with our stores now reopened, we continue to generate year-over-year double-digit digital sales increases. As a digital-first company, we believe we are competitively positioned to accelerate growth and gain market share in 2021 and beyond.”  

“We are pleased that we achieved another quarter of sequential performance improvement, with total sales increasing by 14.8%, driven by strong digital performance and a rebound in store sales, and gross margin rate rising more than 700 basis points,” Langenstein added.  

Langenstein also noted, “During the third quarter, we significantly enhanced our financial liquidity and flexibility with the $300 million credit facility and commitments for $65 million in rent abatements and reductions. We are also on track to realize SG&A expense savings of 23% compared to our original plan for the year. All of these actions have created a solid financial foundation for Chico’s FAS that we believe has positioned us to emerge a stronger company. I remain optimistic about the future of Chico’s FAS.”

Business Highlights

Recent highlights include:

• Chico’s FAS continued its evolution to a digital-first company, fast tracking several investments in innovative digital technology, leading to higher customer engagement and improved sales.
• For the third quarter, total sales improved 14.8% from the thirteen weeks ended August 1, 2020 (the “second quarter”), driven by robust digital performance and rebounding store revenues.
• Third quarter digital sales grew by double digits for the second quarter in a row. Year-over-year digital sales grew in all three brands, and Soma led the way with 67% growth compared to the thirteen weeks ended November 2, 2019 (“last year’s third quarter”).
• Soma achieved a 10.5% total comparable sales growth for the third quarter compared to last year’s third quarter.
• Total third quarter gross margin rate was up 740 basis points compared to the second quarter, reflecting a higher percentage of full-price selling on leaner inventory, reduced inventory write-offs and leverage of fixed occupancy costs.
• In October, the Company meaningfully enhanced its liquidity and financial flexibility by amending and extending its credit facility for $300.0 million, which matures in October 2025. The Company’s balance sheet remains strong with $145.2 million in cash and cash equivalents at quarter end.
• The Company achieved commitments of $65.0 million to date in rent abatements and reductions resulting from its comprehensive real estate and lease portfolio review. On a cash basis, management expects approximately $44.0 million of this amount will be realized in fiscal 2020, with the balance realized primarily in fiscal 2021. For income statement purposes, these rent abatements and reductions will be recognized pro rata over the remaining lease terms.
• The Company continued the process of streamlining and refining its organizational structure, materially reducing its expense base to appropriately support its business needs. Excluding rent, management has identified approximately $235.0 million, or 23%, in annual expense savings compared to the original fiscal 2020 plan. The Company expects certain of these cost savings initiatives will benefit future years and reflect a cultural shift in how the business is managed.

Overview of Financial Results

For the thirteen weeks ended October 31, 2020 (the “third quarter”), the Company reported a net loss of $55.9 million, or $0.48 loss per diluted share. The third quarter net loss includes the after-tax impact of impairment charges of $6.3 million, or $0.06 per share. For last year’s third quarter, the net loss was $8.1 million, or $0.07 loss per diluted share. Last year’s third quarter net loss includes after-tax accelerated depreciation charges of $1.5 million, or $0.01 per share and the after-tax impact of severance and other related net charges (collectively, “Severance Charges”) of $2.1 million, or $0.02 per share.

For the thirty-nine weeks ended October 31, 2020, the Company reported a net loss of $281.0 million, or $2.43 loss per diluted share, compared to a net loss of $8.4 million, or $0.07 loss per diluted share, for the thirty-nine weeks ended November 2, 2019. The net loss for the thirty-nine weeks ended October 31, 2020 includes the after-tax impact of goodwill impairment charges of $72.9 million, or $0.63 per share; impairments on other indefinite-lived intangible assets of $24.6 million, or $0.21 per share; inventory write-offs of $34.1 million, or $0.29 per share; long-lived store asset impairments of $13.9 million, or $0.12 per share; impairment on right of use assets of $1.8 million, or $0.02 per share; and impairment on other long-lived assets of $6.3 million, or $0.06 per share. These charges represent $197.9 million of the pre-tax net loss and $153.7 million of the after-tax loss, or $1.33 per share, for the thirty-nine weeks ended October 31, 2020. The net loss for the thirty-nine weeks ended November 2, 2019 includes after-tax accelerated depreciation charges of $7.2 million, or $0.06 per share, and Severance Charges of $2.1 million, or $0.02 per share.

Results for the thirteen and thirty-nine weeks ended October 31, 2020 include after-tax charges related to the impact of the COVID-19 pandemic (the “pandemic”) totaling $6.3 million, or $0.06 per share, and $153.7 million, or $1.33 per share, respectively, as detailed in the tables below.

 

Net Sales

For the third quarter, net sales were $351.4 million, an improvement of 14.8% from the second quarter, reflecting robust digital performance and rebounding store revenues. Sales decreased approximately 27.5% from last year’s third quarter, reflecting a decline in store sales as well as the impact of 63 net permanent store closures since last year’s third quarter, partially offset by double-digit growth in digital sales.

Comparable Sales




⁽¹⁾

Gross Margin

For the third quarter, gross margin was $77.2 million, or 22.0% of net sales, up 740 basis points from the second quarter. Gross margin in last year’s third quarter was $171.0 million, or 35.3% of net sales. The third quarter year-over-year decrease in gross margin rate primarily reflects deleverage of fixed occupancy costs as well as lower maintained margin in the third quarter. Lower maintained margin in part reflects the impact of our Semi-Annual Sale which was extended an additional week due to the timing of Labor Day this year.

Selling, General and Administrative Expenses

For the third quarter, SG&A expenses were $153.1 million, or 43.6% of net sales, compared to $180.6 million, or 37.3% of net sales, for last year’s third quarter. The $27.5 million decrease in SG&A expenses reflects the Company’s ongoing expense reduction initiatives to align its cost structure with sales, partially offset by the impact of pre-tax impairment charges of $8.4 million, or 2.4% of net sales, related to other long-lived assets.

Income Taxes

For the third quarter, the effective tax rate was 26.9% compared to 14.7% for last year’s third quarter. The 26.9% effective tax rate includes the annual benefit of the fiscal 2020 pre-tax loss due to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which is slightly offset by the impact of nondeductible book goodwill impairment charges. The 14.7% effective tax rate for last year’s third quarter was primarily the result of an income tax benefit on that third quarter’s operating loss, offset by an unfavorable fiscal 2018 provision-to-return adjustment, and a valuation allowance on certain deferred tax assets for charitable contributions with limitations.

Cash, Marketable Securities and Debt

At the end of the third quarter, cash and marketable securities totaled $145.2 million. Debt at the end of the third quarter totaled $149.0 million, remaining unchanged from the end of the first quarter of fiscal 2020.

Inventories

At the end of the third quarter, inventories totaled $256.5 million compared to $277.5 million at the end of last year’s third quarter. This $20.9 million, or 7.5%, decrease reflects inventory and assortments better aligned to consumer demand.

Fiscal 2020 Fourth-Quarter Outlook

Given the ongoing market disruption caused by the pandemic and related uncertainty on timing and extent of the market recovery, the Company is not providing fiscal 2020 fourth-quarter guidance at this time.

Conference Call Information

The Company is hosting a live conference call on Tuesday, November 24, 2020 beginning at 8:00 a.m. ET to review the operating results for the third quarter. The conference call is being webcast live over the Internet, which you may access in the Investors section of the Company’s corporate website, www.chicosfas.com. A replay of the webcast will remain available online for one year at http://chicosfas.com/investors/events-and-presentations. 

The phone number for the call is 1-877-883-0383. International callers should use 1-412-902-6506. The Elite Entry number, 0566754, is required to join the conference call. Interested participants should call 10-15 minutes prior to the 8:00 a.m. start to be placed in queue.

ABOUT CHICO’S FAS, INC.

Chico’s FAS is a Florida-based fashion company founded in 1983 on Sanibel Island, Fla. The Company reinvented the fashion retail experience by creating fashion communities anchored by service, which put the customer at the center of everything we do. As one of the leading fashion retailers in North America, Chico’s FAS is a company of three unique brands – Chico’s^®, White House Black Market^® and Soma^® – each thriving in their own white space, founded by women, led by women, providing solutions that millions of women say give them confidence and joy.

Our Company has a passion for fashion, and each day, we provide clothing, shoes and accessories, intimate apparel and expert styling in our brick-and-mortar boutiques, digital online boutiques and through Style Connect, the Company’s proprietary digital styling tool that enables customers to conveniently shop wherever, whenever and however they prefer.

As of October 31, 2020, the Company operated 1,310 stores in the U.S. and sold merchandise through 68 international franchise locations in Mexico and 2 domestic franchise airport locations. The Company’s merchandise is also available at www.chicos.com, www.chicosofftherack.com, www.whbm.com, www.soma.com and www.mytelltale.com as well as through third-party channels.

To learn more about Chico’s FAS, visit www.chicosfas.com. The information on our corporate website is not, and shall not be deemed to be, a part of this press release or incorporated into our federal securities law filings.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements, including without limitation the quote from Ms. Langenstein and the section captioned “Business Highlights,” relate to expectations and projections regarding the Company’s future performance and may include the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” “outlook,” “project,” “should,” “strategy,” “potential”, “confident” and similar terms. These forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, and are subject to risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied by such forward-looking statements. Although we believe our expectations are based on reasonable estimates and assumptions, there is no assurance that our expectations will, in fact, occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements. Factors that could cause actual results to differ include, but are not limited to: the effects of the COVID-19 pandemic and uncertainties about its depth and duration, including any resurgence, as well as the impacts to general economic conditions and the economic slowdown affecting consumer behavior and discretionary spending (before and after the COVID-19 pandemic) and any temporary store closures or other restrictions (including reduced hours or capacity) due to government mandates; the effectiveness of store reopenings, cost reduction initiatives (including our ability to effectively restructure our lease portfolio to obtain future rent relief), the extent, availability and effectiveness of any COVID-19 stimulus packages or loan programs, including the CARES Act, the ability of our third-party business partners, including our suppliers, logistics providers, vendors and landlords, to meet their obligations to us in light of financial stress, staffing shortages, liquidity challenges, bankruptcy filings by other industry participants and other disruptions due to the COVID-19 pandemic, the impact of the COVID-19 pandemic on our manufacturing operations in China, and trends in consumer behavior and spending during and after the end of the pandemic; our ability to successfully implement any alternatives that we pursue including our ability to achieve the cost savings and additional liquidity described in this release; government actions and policies; increases in unemployment rates and taxes; local, regional, national and international economic conditions; changes in the general economic and business environment; changes in the general or specialty retail or apparel industries, including the extent of the market demand and overall level of spending for women’s private branded clothing and related accessories; the exiting of store operations in Canada and other future permanent store closures; the effectiveness of our brand strategies, awareness and marketing programs; the ability to successfully execute and achieve the expected results of our business strategies and particular strategic initiatives (including, but not limited to, the Company’s digital strategy, organizational restructure, retail fleet optimization plan and three operating priorities which are driving stronger sales through improved product and marketing; optimizing the customer journey by simplifying, digitizing and extending the Company’s unique and personalized service; and transforming sourcing and supply chain operations to increase product speed to market and improve quality), sales initiatives and multi-channel strategies; customer traffic; our ability to appropriately manage our inventory and allocation processes; our ability to leverage inventory management and targeted promotions; the successful recruitment of leadership and the successful transition of members of our senior management team; uncertainties regarding future unsolicited offers to buy the Company and our ability to respond effectively to them as well as to actions of activist shareholders and others; changes in the political environment that create consumer uncertainty; the risk that our investments in merchandise or marketing initiatives may not deliver the results we anticipate; significant changes to product import and distribution costs (such as unexpected consolidation in the freight carrier industry, and the ability to remain competitive with customer shipping terms and costs pertaining to product deliveries and returns); new or increased taxes or tariffs that could impact, among other things, our sourcing from foreign suppliers; the risk that future legislation may prohibit certain imports from China; and significant shifts in consumer behavior. Other risk factors are detailed from time to time in the Company’s Quarterly Reports on Form 10-Q, Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. These factors should be considered in evaluating forward–looking statements contained herein. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.

 

(Financial Tables Follow)

Investor Relations Contact:

Tom Filandro

ICR, Inc.
(646) 277-1235
[email protected]

Media Relations Contact:
Pashen Black
Director of Corporate Public Relations
(239) 218-3388
[email protected]

 

Chico’s FAS, Inc. • 11215 Metro Parkway • Fort Myers, Florida 33966 • (239) 277-6200

 

 

 

 

 

 

Supplemental Detail on Net Loss Per Common Share Calculation

In accordance with accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of loss per common share pursuant to the “two-class” method. For the Company, participating securities are comprised entirely of unvested restricted stock awards granted prior to fiscal 2020 and performance-based restricted stock units (“PSUs”) that have met their relevant performance criteria.

Net loss per share is determined using the two-class method when it is more dilutive than the treasury stock method. Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during the period, including participating securities. Diluted net loss per share reflects the dilutive effect of potential common shares from non-participating securities such as restricted stock awards granted after fiscal 2019, stock options, PSUs and restricted stock units. For the thirteen and thirty-nine weeks ended October 31, 2020 and November 2, 2019, potential common shares were excluded from the computation of diluted loss per share to the extent they were antidilutive.

The following unaudited table sets forth the computation of net loss per basic and diluted share shown on the face of the accompanying condensed consolidated statements of loss (in thousands, except per share amounts):

 

 

 

 

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SOURCE Chico’s FAS, Inc.

Sales to Commence Immediately at The Apothecarium Phillipsburg

NEW YORK and TORONTO, Nov. 24, 2020 /CNW/ – TerrAscend Corp. (“TerrAscend”) (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today announced that it has received the final permit from the NJ Department of Health (“NJ DOH”) to dispense medical cannabis from its first dispensary in New Jersey. The 3,500 square-foot dispensary, located at 55 South Main Street in downtown Phillipsburg, is situated in the historic Phillipsburg National Bank & Trust building and is the first Alternative Treatment Center (“ATC”) in Warren County.

The Apothecarium Phillipsburg will commence serving medical patients today, by appointment only, followed by an official grand opening on November 30, 2020. The new full service medical dispensary offers a broad range of patient education resources, including multiple private consultation rooms and highly trained wellness consultation staff to assist patients and caregivers. TerrAscend operates a cultivation and manufacturing facility located in Boonton, New Jersey (the “Boonton Facility”) and expects to open three ATC’s in the Northern region of New Jersey.

“I’m thrilled to open the first of our three Apothecarium retail dispensaries in New Jersey and look forward to providing medical cannabis patients with access to the essential medicine they need,” said Jason Ackerman, CEO of TerrAscend. “I’m proud of our team for their efforts in achieving this milestone and look forward to providing outstanding care and service to support the health and well-being of New Jersey residents.”

New Jersey, which recently voted to legalize a forthcoming adult-use cannabis program, is the 11th largest state in the U.S. by population, with nearly 9 million residents, and more than 94,000 registered medical cannabis patients. The Company expects to open the remaining two ATCs, or dispensaries in 2021 upon regulatory approval. The Northern region of New Jersey has the highest density of patients in the state, and TerrAscend is one of four permit holders. 

Greg Rochlin, CEO of TerrAscend Northeast, added, “With production at our Boonton cultivation and manufacturing facility scaling up, we have assembled a comprehensive portfolio of high-quality cannabis products and brands to serve this rapidly growing market. As with all of our Apothecarium dispensaries, we are committed to providing patients with quality medical cannabis in a welcoming environment with empathy, education, and ongoing personal support.”

The Apothecarium Phillipsburg offers a wide variety of medical cannabis products, including dried flower, vaporizable and activated oils, pre-rolls, capsules, tinctures, topicals, and a comprehensive selection of smoking and ancillary products. Additionally, the new dispensary carries TerrAscend’s recently launched Kind Tree branded cannabis products grown at the Company’s Boonton Facility. Like other Apothecarium stores, the modern, tech-forward aesthetic is designed to be both comfortable and easy to navigate for seniors, first-time dispensary visitors, and patients with serious medical conditions.

To comply with new state COVID-19 restrictions and CDC guidelines, in-person visits require pre-registration and only patients with appointments are permitted to shop in the store. The dispensary also offers online ordering and in-store pickup, with curbside pickup and delivery service launching shortly. All Apothecarium dispensaries have implemented strict safety standards to protect guests and team members. The Company’s New Jersey safety protocols include strict social distancing inside and outside the dispensaries, a mask requirement for everyone inside the dispensaries, no contact check-in procedures and ongoing sanitizing throughout the day.

For operating hours, visit The Apothecarium website and shop by location at apothecarium.com.

About TerrAscend

TerrAscend is a leading North American cannabis operator with vertically integrated operations in Pennsylvania, New Jersey, and California in addition to operating as a licensed producer in Canada. TerrAscend operates an award-winning chain of Apothecarium dispensary retail locations as well as scaled cultivation, processing and manufacturing facilities on both the East and West coasts. TerrAscend’s best-in-class cultivation and manufacturing practices yield consistent, high-quality cannabis, providing industry-leading product selection to both the medical and legal adult-use market. The Company owns a number of synergistic businesses and brands, including The Apothecarium, Ilera Healthcare, State Flower, Valhalla Confections, and Arise Bioscience Inc. For more information, visit www.terrascend.com.

Forward Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this press release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions, and include statements with respect to future revenue and profits. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment; and the availability of licenses, approvals and permits.

Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, current and future market conditions; risks related to federal, state, provincial, territorial, local and foreign government laws, rules and regulations, including federal and state laws in the United States relating to cannabis operations in the United States; and the risk factors set out in the Company’s most recently filed MD&A, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR at www.sedar.com.

The statements in this press release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Caution Regarding Cannabis Operations in the United States

Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.

While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve TerrAscend of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against TerrAscend. The enforcement of federal laws in the United States is a significant risk to the business of TerrAscend and any proceedings brought against TerrAscend thereunder may adversely affect TerrAscend’s operations and financial performance.

SOURCE TerrAscend

Accomplished CEO joins the global commerce company as it continues to propel SMBs through the next era of digital transformation

MONTRÉAL, Nov. 24, 2020 /PRNewswire/ – Lightspeed POS Inc., a global commerce leader, today announced the appointment of distinguished technology CEO Manon Brouillette to its board of directors. Brouillette brings valuable insights and a fresh perspective as Lightspeed actively rolls out new innovations in cloud-based technology for SMBs in the retail, hospitality, and golf industries. As one of Canada’s 100 Most Powerful Women, she will provide superior expertise as a former executive who led telecommunications giant, Videotron.

In her previous role as CEO of Videotron, Brouillette spearheaded a series of large-scale strategic rollouts until January 2019. This included Videotron’s entry into the wireless market ($1B investment), making the company Canada’s fastest-growing carrier, and transforming the cable television business model into a multiplatform, on-demand and linear video service. Since then, she has worked as an advisor to venture capital and private equity firms, and sits on the board of Altice USA (NYSE:ATUS), National Bank of Canada (TSX:NA), Sonder and Ipsy.

“I’ve had the unique opportunity to closely watch Lightspeed scale its operations on a global level,” said Brouillette. “I’m thrilled to join Lightspeed’s board of directors during this pivotal moment in the company’s history. I’ve long admired businesses that make up the fabric of their community, and I am eager to support Lightspeed’s mission to help complex SMBs accelerate business growth with the adoption of industry-leading digital solutions.”

“We are truly grateful to have Manon Brouillette join our board of directors with her extensive experience establishing and growing technology leaders,” said Dax Dasilva, Lightspeed Founder and CEO. “Brouillette’s esteemed career transforming corporations for a new digital era adds another imperative voice of leadership that will drive our business forward.”

Further demonstrating the company’s growth, Lightspeed recently announced its entry into a definitive purchase agreement to complete the landmark acquisition of ShopKeep, a leading cloud commerce platform provider based in New York City. Lightspeed has also released new innovations to support SMBs as they future-proof their businesses. This includes the recent launch of Lightspeed Subscriptions, a module that allows retailers to collect recurring revenue, and Lightspeed Capital powered by Stripe, a resource that provides select retailers with quick and easy financing. Within hospitality, this includes Lightspeed eCom for Restaurant, a solution helping food service users seamlessly transition their businesses online, and Lightspeed Order Ahead, a cost-efficient online ordering management system designed to facilitate takeout for restaurateurs seeking new revenue streams.

About Lightspeed

Lightspeed (NYSE and TSX: LSPD) powers complex small and medium-sized businesses with its cloud-based, omnichannel commerce platforms in over 100 countries. With smart, scalable and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality and golf industries. Its product suite enables SMBs to sell across channels, manage operations, engage with consumers, accept payments and ultimately grow their business.

Headquartered in Montreal, Canada, Lightspeed is trusted by favorite local businesses worldwide, where communities go to shop and dine. Lightspeed has staff located in Canada, USA, Europe, and Australia.

Forward Looking Statements

This news release may include forward-looking information and forward-looking statements within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates” or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of the Company’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. A number of risks, uncertainties and other factors may cause actual results to differ materially from the forward-looking statements contained in this news release, including, among other factors, those risk factors identified in our most recent Management’s Discussion and Analysis of Financial Condition and Results of Operations, under “Risk Factors” in our most recent Annual Information Form, and in our other filings with the Canadian Securities regulatory authorities and the U.S. Securities and Exchange Committee, all of which are available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers are cautioned to consider these and other factors carefully when making decisions with respect to Lightspeed’s subordinate voting shares and not to place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are not guarantees of future performance and, while forward-looking statements are based on certain assumptions that the Company considers reasonable, actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Company. Except as may be expressly required by applicable law, Lightspeed does not undertake any obligation to update publicly or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, please visit: www.lightspeedhq.com
On social media: LinkedIn, Facebook, Instagram, YouTube, and Twitter

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SOURCE Lightspeed POS Inc.

HONG KONG, Nov. 24, 2020 /PRNewswire/ — iClick Interactive Asia Group Limited (“iClick” or the “Company”) (NASDAQ: ICLK), an independent online marketing and enterprise data solutions provider in China, today announced unaudited financial results for the third quarter ended September 30, 2020.

“We have delivered record revenue and gross profit in the third quarter of 2020, as China continues to recover from the coronavirus pandemic,” said Jian “T.J.” Tang, iClick’s Chief Executive Officer and Co-Founder. “Revenue for the third quarter was US$68.9 million, an increase of 27% from the same period of last year, while our gross profit rose to US$20.1 million, up 48% on a year-over-year basis. We recorded a net loss of US$7.1 million, primarily due to the fair value losses of convertible notes and derivative liabilities, as our stock price performance remained strong during the third quarter of 2020. However, our adjusted EBITDA increased by 225% year-over-year to US$4.7 million. In addition, we had adjusted net income of US$2.4 million in the third quarter of 2020. This marks the fourth consecutive quarter of adjusted net income. These solid results of operations are strong evidence of our brand customers’ recognition of the value added by our data-driven solutions.

“These strong financial results were driven by continued growth in both our Marketing Solutions and Enterprise Solutions segments. The Marketing Solution segment, our core business, reached record revenue with a 17% year-over-year increase to US$60.1 million. Just as encouraging, the higher-margin Enterprise Solutions segment also set a revenue record with a 236% increase year-over-year to US$8.8 million in the third quarter of 2020. This was the fourth consecutive quarter of sequential growth in the Enterprise Solutions segment, and we reiterate our optimism regarding the future growth potential of this business, driven by a robust outlook for ‘smart retail’.”

“Following the equity financing in September, our cash position has become stronger, and we are well-capitalized not only to execute our business plan even better but also to seek M&A opportunities more actively as part of our growth strategy,” T.J. continued. “Lastly, the coronavirus epidemic has brought rapid changes to online consumer behaviour in China and we will continue to monitor the pandemic’s impact on our operations and keep our investors informed.”

Third Quarter 2020 Results:

Revenue for the third quarter of 2020 grew to US$68.9 million, up approximately 27% from US$54.2 million for the same period of the prior year, attributable to the increase in contributions from existing Marketing Solutions and Enterprise Solutions.

Revenue from Marketing Solutions grew to US$60.1 million for the third quarter of 2020, up approximately 17% from US$51.6 million for the third quarter of 2019, primarily as a result of growing market demand from specified action marketing campaigns.

Revenue from Enterprise Solutions was US$8.8 million for the third quarter of 2020, up approximately 236% from US$2.6 million for the third quarter of 2019, primarily due to the increasing need for online and offline consumers’ behavioral data integration.

Gross profit for the third quarter of 2020 was US$20.1 million, representing an approximately 48% increase compared with US$13.6 million for the third quarter of 2019, mainly due to continual expansion of the Company’s Marketing Solutions and contribution from higher-margin Enterprise Solutions.

Total operating expenses were US$20.0 million for the third quarter of 2020, compared with US$15.8 million for the third quarter of 2019. Higher expenses are attributed to the increase in share-based compensation expense of US$1.2 million and an additional expected credit loss provision of US$2.6 million in view of the uncertainties associated with COVID-19.

Operating income was US$0.1 million for the third quarter of 2020, compared with an operating loss of US$2.3 million for the third quarter of 2019. This improvement was a result of the strong growth in gross profit, which was partially offset by the increase in operating expenses.

Net loss totalled US$7.1 million for the third quarter of 2020, compared with net income of US$0.9 million for the third quarter of 2019. This was mainly because of (i) the fair value losses of convertible notes of US$1.4 million in the third quarter of 2020, compared to the US$2.9 million fair value gain of convertible notes in the third quarter of 2019, and (ii) the fair value losses of derivative liabilities of US$6.3 million in the third quarter of 2020.

Net loss attributable to the Company’s shareholders per basic and diluted ADS for the third quarter of 2020 were US$0.08, compared with a net income attributable to the Company’s shareholders per basic ADS of US$0.02, and a net loss attributable to the Company’s shareholders per diluted ADS of US$0.02 for the third quarter of 2019.

Adjusted EBITDA for the third quarter of 2020 rose to US$4.7 million, compared with US$1.4 million for the third quarter of 2019, mainly due to the strong growth in gross profit of US$6.6 million, which was partially offset by a US$4.2 million increase in operating expenses. For a reconciliation of the Company’s adjusted EBITDA from net (loss)/income, its most comparable GAAP measure, please refer to “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Adjusted net income for the third quarter of 2020 was US$2.4 million, compared with an adjusted net loss of US$0.5 million in the third quarter of 2019. For a reconciliation of the Company’s adjusted net income/(loss) from net (loss)/income, its most comparable GAAP measure, please refer to “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Gross billing
^[2] was US$167.1 million for the third quarter of 2020, representing a 7% decrease compared with US$180.2 million for the third quarter of 2019. This decline was primarily due to the Company’s efforts to optimize its client base to achieve better credit control and to retain and attract customers with a strong financial position amid macroeconomic uncertainties.

As of September 30, 2020, the Company had cash and cash equivalents, time deposits and restricted cash of US$128.0 million, compared with US$61.1 million as of December 31, 2019.

Share Repurchase Program

On January 15, 2020, the Company announced a share repurchase program in which it may purchase its own ADSs with an aggregate value of up to US$10.0 million over the 12-month period ending on December 29, 2020. As of September 30, 2020, the aggregate value of purchased shares was approximately US$0.7 million.

Outlook

Based on the information available as of the date of this press release, iClick provides the following outlook for the fourth quarter of 2020 and updated guidance for the full year given actual results from the first three quarters of fiscal 2020:

Fourth Quarter 2020:

• Revenue is estimated to be between US$73 million and US$76 million.
• Revenue from Enterprise Solutions is estimated to be between US$8.5 million and US$10.5 million.
• Gross profit is estimated to be between US$20.5 million and US$23.5 million.

Full Year 2020:

• Revenue is estimated to be between US$240 million and US$260 million.
• Gross profit is estimated to be between US$70 million and US$75 million.
• Adjusted EBITDA is estimated to be between US$14 million and US$17 million.

The above outlook is based on current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, expected foreign exchange fluctuation, and customer demand, which are all subject to change. Please also refer to the factors set out under the section titled “Safe Harbor Statement.”

We noted that the advertising budgets recovered across-the-board during the third quarter, as a result of the relaxation of restrictions on economic and social life due to a slowdown of COVID-19 cases in China. Based on the current commercial environment, we anticipate that brands may allocate more of their advertising budgets to mobile and online targeted marketing, with the potential to benefit our mobile and performance-focused Marketing Solutions business. Brands may also see the importance of online and offline consumer behavioural data integration and analysis, which may favour our Enterprise Solutions business in the long run.

With iClick’s diversified customer base of stable, top-tier brands, and the Chinese government’s efforts to contain the spread of the coronavirus, we remain cautiously optimistic for the rest of the year and 2021. However, outbreaks of COVID-19 around the world may continue to impact market conditions and potentially trigger a longer period of global economic slowdown. This could affect the overall sentiment and advertising budgets of our branding customers, which in turn may impact our Marketing Solution business in the short term. The rapid development and fluidity of the current situation precludes any prediction as to the ultimate adverse impact of COVID-19. Management will continue to closely monitor the outbreak’s impact on our operations and financial results this year and will particularly focus on business retention and accounts receivable recoverability.

Conference Call

The Company will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 24, 2020 (9:00 PM Beijing/Hong Kong time on November 24, 2020). A live and archived webcast of the conference call will be available on iClick’s investor relations website at http://ir.i-click.com.

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

Participants please ask to join the iClick Interactive Asia Group Limited conference call.

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until December 1, 2020:

About iClick Interactive Asia Group Limited

iClick Interactive Asia Group Limited (NASDAQ: ICLK) is an independent online marketing and enterprise data solutions provider that connects worldwide marketers with audiences in China. Built on cutting-edge technologies, our proprietary platform possesses omni-channel marketing capabilities and fulfils various marketing objectives in a data-driven and automated manner, helping both international and domestic marketers reach their target audiences in China. Headquartered in Hong Kong, iClick was established in 2009 and is currently operating in ten locations worldwide including Asia and Europe. For more information, please visit ir.i-click.com.

Non-GAAP Financial Measures

The Company uses adjusted EBITDA, adjusted net income/(loss), and diluted adjusted net income/(loss) per ADS, each a non-GAAP financial measure, in evaluating the Company’s operating results and for financial and operational decision-making purposes.

The Company believes that adjusted EBITDA, adjusted net income/(loss), and diluted adjusted net income/(loss) per ADS help identify underlying trends in the Company’s business that could otherwise be obscured by the effect of the expenses and gains that the Company includes in net loss. The Company believes that adjusted EBITDA and adjusted net income/(loss) provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s performance and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Adjusted EBITDA, adjusted net income/(loss), and diluted adjusted net income/(loss) per ADS should not be considered in isolation or construed as an alternative to net loss or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA, adjusted net income/(loss), and diluted adjusted net income/(loss) per ADS presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

These non-GAAP financial measures were presented with the most directly comparable GAAP financial measures together for facilitating a more comprehensive understanding of operating performance between periods.

Safe Harbor Statement

This announcement contains forward-looking statements, including those related to the Company’s business strategies, operations and financial performance. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s fluctuations in growth; its success in implementing its mobile and new retail strategies, including extending its solutions beyond its core online marketing business; its success in structuring a CRM & Marketing Cloud platform; relative percentage of its gross billing recognized as revenue under the gross and net models; its ability to retain existing clients or attract new ones; its ability to retain content distribution channels and negotiate favourable contractual terms; market competition, including from independent online marketing technology platforms as well as large and well-established internet companies; market acceptance of online marketing technology solutions and enterprise solutions; effectiveness of its algorithms and data engines; its ability to collect and use data from various sources; ability to integrate and realize synergies from acquisitions, investments or strategic partnership; the duration of the COVID-19 outbreak and its potential impact on the Company’s business and financial performance; fluctuations in foreign exchange rates; general economic conditions in China and other jurisdictions where the Company operates; and the regulatory landscape in China and other jurisdictions where the Company operates. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

(financial tables follow)

 

 

 

 

 

 

 

 

 

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SOURCE iClick Interactive Asia Group Limited