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BEIJING, Nov. 19, 2020 /PRNewswire/ — Puxin Limited (NYSE: NEW) (“Puxin” or the “Company”), a successful consolidator of the after-school education industry in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Highlights for the Third Quarter Ended September 30, 2020

• Net revenues were RMB833.2 million (US$122.7 million), a decrease of 16.3% from RMB996.0 million in the third quarter of 2019.
• Net income was RMB42.4 million (US$6.3 million), an increase of 25.7% from RMB33.7 million in the third quarter of 2019.
• EBITDA[1] was RMB77.5 million (US$11.4 million), an increase of 9.4% from RMB70.8 million in the third quarter of 2019.
• Net income attributable to Puxin Limited was RMB43.5 million (US$6.4 million), an increase of 28.9% from RMB33.7 million in the same period of 2019.
• Adjusted net income attributable to Puxin Limited[2] was RMB8.6 million (US$1.3 million), a decrease of 80.3% from RMB43.5 million in the third quarter of 2019.
• Student enrollments increased by 28.7% to 1,122,167 from 871,896 for the third quarter of 2019.

Highlights for the Nine Months Ended September 30, 2020

• Net revenues were RMB2,185.6 million (US$321.9 million), a decrease of 2.6% from RMB2,244.6 million for the nine months ended September 30, 2019.
• Net income was RMB33.7 million (US$5.0 million), compared to net loss of RMB409.6 million for the nine months ended September 30, 2019.
• EBITDA was RMB145.4 million (US$21.4 million), compared to RMB(280.9) million for the nine months ended September 30, 2019.
• Net income attributable to Puxin Limited was RMB36.6 million (US$5.4 million), compared to net loss attributable to Puxin Limited of RMB409.7 million for the nine months ended September 30, 2019.
• Adjusted net income attributable to Puxin Limited was RMB79.2 million (US$11.7 million), compared to net loss attributable to Puxin Limited of RMB91.0 million for the nine months ended September 30, 2019.
• Student enrollments increased by 45.9% to 2,917,116 from 1,999,075 for the nine months ended September 30, 2019.

Mr. Yunlong Sha, Chairman and Chief Executive Officer of Puxin, commented, “Although the COVID-19 impact continued in some cities during July and August, we still managed to achieve solid growth in the third quarter. Notably, we have established the international education business unit, strategically consolidating our language exam preparation services and study-abroad consulting services. Our competitive edge around ZMN Education and Global Education remains strong while a streamlined operation not only reduced cost, but also elevated efficiency. The new business unit has successfully bolstered our service quality and our ability to capture additional market share through integrating our different brands internally. At the meantime, our K-12 business remains the business focus of the group, and we have improved our profitability significantly despite of the COVID-19 impact. We will continue to invest in improving teaching quality and learning experience to maintain our firm position as industry leader in the K-12 after-school tutoring space.”

Mr. Peng Wang, Chief Financial Officer of Puxin, commented, “Although the summer break was much shorter this year due to the COVID-19 pandemic, we were able to achieve net income and EBITDA year-over-year growth of 25.7% and 9.4%, respectively. This is a direct beneficiary of our improved operations and implementation of the Online-Merge-Offline strategy. For the three quarters of this year, our net income was RMB33.7 million, and our EBITDA was RMB145.4 million. Furthermore, based on the semi-annual report published by MSCI on November 10, 2020, we have been included in the MSCI Global Small Cap Index – MSCI China Index for the first time. This is a recognition of our operational excellence and our value proposition, which will fuel our continued growth in the capital markets and deliver long-term, sustained value to our shareholders and investors.”

Financial and Operational Results for the Third Quarter Ended September 30, 2020

Net Revenues

Net revenues decreased by 16.3% to RMB833.2 million (US$122.7 million) from RMB996.0 million in the third quarter of 2019. This decrease was primarily due to the adverse impact of the COVID-19 pandemic on the demand for study-abroad tutoring services.

Net revenues of K-12 tutoring services increased by 1.0% to RMB609.3 million (US$89.7 million) from RMB603.2 million in the third quarter of 2019. In the third quarter of 2020, the student enrollments of K-12 tutoring services, including group class, personalized tutoring and full-time tutoring services, reached 827,685.

Net revenues of Puxin Online School increased to RMB32.5 million (US$4.8 million) from RMB7.2 million in the same period of 2019. Student enrollments of Puxin Online School were 283,598 in the third quarter of 2020.

Net revenues of study-abroad tutoring services decreased by 50.4% to RMB191.4 million (US$28.2 million) from RMB385.6 million in the third quarter of 2019. This was primarily due to a continued impact from the global spread of the COVID-19 pandemic in major countries of the world. However, net revenues of study-abroad tutoring service had an increase of 21.6% compared to the second quarter of 2020.

Cost of Revenues

Cost of revenues decreased by 14.6% to RMB422.6 million (US$62.2 million) from RMB494.6 million in the third quarter of 2019, primarily due to a decrease in staff cost which reflected the decreased demand for study-abroad services attributable to the COVID-19 pandemic. Cost of revenues, excluding share-based compensation expenses, decreased by 14.5% to RMB422.1 million (US$62.2 million) from RMB493.6 million in the third quarter of 2019.

Gross Profit and Gross Margin

Gross profit was RMB410.6 million (US$60.5 million), a decrease of 18.1% from RMB501.5 million in the third quarter of 2019. Gross margin was 49.3%, compared to 50.3% for the same period in 2019.

Operating Expenses

Total operating expenses decreased by 7.7% to RMB424.6 million (US62.5 million) from RMB459.9 million in the third quarter of 2019.

Selling expenses increased by 4.0% to RMB317.0 million (US$46.7 million) from RMB304.8 million in the third quarter of 2019. Selling expenses, excluding share-based compensation expenses, increased by 4.7% to RMB313.9 million (US$46.2 million) from RMB299.9 million in the third quarter of 2019, primarily due to our increased marketing and promotion activities during the third quarter of 2020 to further increase student enrollments.

General and administrative expenses decreased by 30.7% to RMB107.6 million (US$15.8 million) from RMB155.1 million during the same period of 2019. General and administrative expenses, excluding share-based compensation expenses, decreased by 30.3% to RMB104.7 million (US$15.4 million) from RMB150.3 million in the third quarter of 2019. The decreases were primarily due to our cost control measures to improve operation efficiency.

Total share-based compensation expenses allocated to related cost of revenues and operating expenses decreased by 39.5% to RMB6.5 million (US$1.0 million) from RMB10.7 million in the third quarter of 2019. The decrease was primarily due to a decrease in the number of options vested in the third quarter of 2020 compared to the same period of 2019.

Operating Income (Loss) and Operating Margin

Operating loss was RMB13.9 million (US$2.1 million), compared to operating income of RMB41.5 million in the third quarter of 2019. Operating margin was (1.7)% in the third quarter of 2020, compared to 4.2% for the same period in 2019.

Operating income of K-12 tutoring services decreased by 6.5% to RMB54.0 million (US$8.0 million) from RMB57.8 million in the same period of 2019. Operating margin of K-12 tutoring services was 8.9%, slightly dropped from 9.6% in the same period of 2019.

Adjusted operating loss[3] was RMB7.5 million (US$1.1 million), compared to adjusted operating income of RMB52.2 million in the third quarter of 2019.

Adjusted operating margin[4] was (0.9)%, compared to 5.2% in the same period of the prior year.

Net Income

Net income was RMB42.4 million (US$6.3 million), an increase of 25.7% from RMB33.7 million in the third quarter of 2019.

Net income of K-12 tutoring services increased by 93.4% to RMB99.5 million (US$14.7 million) from RMB51.5 million in the third quarter of 2019.

Net income attributable to Puxin Limited was RMB43.5 million (US$6.4 million), an increase of 28.9% from RMB33.7 million in the same period of 2019. Basic and diluted net income per ADS attributable to Puxin Limited were RMB0.50(US$0.08) and RMB0.48(US$0.08), compared to basic and diluted net income per ADS attributable to Puxin Limited of RMB0.38 and RMB0.38 during the same period of 2019.

Adjusted net income attributable to Puxin Limited was RMB8.6 million (US$1.3 million), a decrease of 80.3% from RMB43.5 million in the third quarter of 2019. Adjusted basic and diluted net income per ADS attributable to Puxin Limited[5] were RMB0.1(US$0.01) and RMB0.1(US$0.01), compared to adjusted basic and diluted net income per ADS attributable to Puxin Limited of RMB0.50 and RMB0.49 during the same period of 2019.

EBITDA

EBITDA was RMB77.5 million (US$11.4 million), an increase of 9.4% from RMB70.8 million in the third quarter of 2019.

EBITDA margin[6] was 9.3% in the third quarter of 2020, compared to 7.1% in the same period in 2019.

Adjusted EBITDA[7] was RMB42.5 million (US$6.3 million), a decrease of 47.2% from RMB80.6 million in the third quarter of 2019.

Adjusted EBITDA margin[8] was 5.1%, compared to 8.1% in the same period in 2019.

Financial and Operational Results for the Nine Months Ended September 30, 2020
 

Net Revenues

Net revenues were RMB2,185.6 million (US$321.9 million), a decrease of 2.6% from RMB2,244.6 million for the nine months ended September 30, 2019. This decrease was primarily due to the adverse impact of the COVID-19 pandemic on the demand for study-abroad tutoring services.

Net revenues of K-12 tutoring services increased by 15.0% to RMB1,552.3 million (US$228.6 million) from RMB1,349.9 million for the nine months ended September 30, 2019. For the nine months ended September 30, 2020, the student enrollments of K-12 tutoring services, including group class, personalized tutoring and full-time tutoring services, reached 1,992,759.

Net revenues of Puxin Online School significantly increased by 558.3% to RMB79.5 million (US$11.7 million) from RMB12.1 million for the nine months ended September 30, 2019. Student enrollments of Puxin Online School were 890,664 for the nine months ended September 30, 2020.

Net revenues of study-abroad tutoring services decreased by 37.3% to RMB553.8 million (US$81.6 million) from RMB882.6 million for the nine months ended September 30, 2019. This was primarily due to a continued impact from the global spread of the COVID-19 pandemic in major countries of the world.

Cost of Revenues

Cost of revenues decreased by 0.8% to RMB1,154.2 million (US$170.0 million) from RMB1,163.0 million for the nine months ended September 30, 2019, primarily due to a decrease in staff cost which reflected the decreased demand for study-abroad services attributable to the COVID-19 pandemic. Cost of revenues, excluding share-based compensation expenses, decreased by 0.6% to RMB1,152.4 million (US$169.7 million) from RMB1,159.5 million for the nine months ended September 30, 2019.

Gross Profit and Gross Margin

Gross profit was RMB1,031.4 million (US$151.9 million), a decrease of 4.6% from RMB1,081.6 million for the nine months ended September 30, 2020. Gross margin was 47.2%, compared to 48.2% for the nine months ended September 30, 2019.

Operating Expenses

Total operating expenses decreased by 20.7% to RMB1,067.5 million (US$157.2 million) from RMB1,345.3 million for the nine months ended September 30, 2019.

Selling expenses decreased by 1.5% to RMB757.7 million (US$111.6 million) from RMB769.2 million for the nine months ended September 30, 2019. Selling expenses, excluding share-based compensation expenses, decreased by 0.6% to RMB747.4 million (US$110.1 million) from RMB751.8 million for the nine months ended September 30, 2019, primarily due to a decrease in sales staff’s performance-based compensation attributable to decreased demand for our study-abroad services caused by the COVID-19 pandemic, which was partially offset by increased marketing expenses attributable to marketing and promotion activities for our online business.

General and administrative expenses decreased by 46.2% to RMB309.8 million (US$45.6 million) from RMB576.2 million during the same period of 2019. General and administrative expenses, excluding share-based compensation expenses, decreased by 20.2% to RMB300.2 million (US$44.2 million) from RMB376.2 million for the nine months ended September 30, 2019. The decreases were primarily due to our cost control measures to improve operation efficiency.

Total share-based compensation expenses allocated to related cost of revenues and operating expenses decreased by 90.2% to RMB21.6 million (US$3.2 million) from RMB220.8 million for the nine months ended September 30, 2019. The decrease was primarily due to a decrease in the number of options vested in the first nine months of 2020 compared to the same period of 2019.

Operating Loss and Operating Margin

Operating loss decreased by 86.3% to RMB36.1 million (US$5.3 million) from an operating loss of RMB263.7 million for the nine months ended September 30, 2019. Operating margin was (1.7)% compared to (11.7)% for the same period in 2019.

Operating income of K-12 tutoring services was RMB140.0 million (US$20.6 million) compared to an operating loss of RMB22.7 million in the same period of 2019. Operating margin of K-12 tutoring services improved to 9.0% from (1.7)% in the same period of 2019. 

Adjusted operating loss decreased by 66.3% to RMB14.4 million (US$2.1 million) from an adjusted operating loss of RMB42.9 million for the nine months ended September 30, 2019.

Adjusted operating margin was (0.7)%, compared to (1.9)% in the same period of the prior year.

Net Income


 (Loss)

Net income was RMB33.7 million (US$5.0 million), compared to a net loss of RMB409.6 million for the nine months ended September 30, 2019.

Net income of K-12 tutoring services was RMB219.0 million (US$32.3 million), compared to net loss of RMB116.0 million for the nine months ended September 30, 2019.

Net income attributable to Puxin Limited was RMB36.6 million (US$5.4 million), compared to a net loss attributable to Puxin Limited of RMB409.7 million for the nine months ended September 30, 2019. Basic and diluted net income per ADS attributable to Puxin Limited were RMB0.42(US$0.06) and RMB0.42(US$0.06), compared to basic and diluted net loss per ADS attributable to Puxin Limited of RMB4.82 and RMB4.82 during the same period of 2019.

Adjusted net income attributable to Puxin Limited was RMB79.2 million (US$11.7 million), compared to an adjusted net loss attributable to Puxin Limited of RMB91.0 million for the nine months ended September 30, 2019. Adjusted basic and diluted net income per ADS attributable to Puxin Limited were RMB0.91(US$0.13) and RMB0.89(US$0.13), compared to adjusted basic and diluted net loss per ADS attributable to Puxin Limited of RMB1.07 and RMB1.07 during the same period of 2019.

EBITDA

EBITDA was RMB145.4 million (US$21.4 million), compared to RMB(280.9) million for the nine months ended September 30, 2019.

EBITDA margin was 6.7% for the nine months ended September 30, 2020, compared to (12.5)% in the same period in 2019

Adjusted EBITDA was RMB188.0 million (US$27.7 million), an increase of 396.7% from RMB37.8 million for the nine months ended September 30, 2019.

Adjusted EBITDA margin was 8.6%, compared to 1.7% in the same period in 2019.

Cash and Current Bank Balances

As of September 30, 2020, the Company had an aggregate amount of cash and cash equivalents and the current portion of restricted cash of RMB560.1 million (US$82.5 million), compared to RMB606.3 million as of December 31, 2019. The current portion of restricted cash consisted primarily of deposits with Chinese commercial banks as collateral for our bank borrowings within one-year term.

Business Outlook

For the fourth quarter ended December 31, 2020, based on the information available as of the date of this press release, the Company expects net revenues to be between RMB730.4 million and RMB773.4 million, which represents a decrease of 15% to 10% year-over-year. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

Puxin’s management team will hold a conference call on November 19, 2020, at 7:00 AM U.S. Eastern Time (or 8:00 PM on the same day, Beijing/Hong Kong Time) following the quarterly results announcement. Participants may access the call by dialing the following numbers:

International:        +1-412-902-4272
Mainland China:   4001-201203
US:                       +1-888-346-8982
Hong Kong:          +852-301-84992
Passcode:            Puxin

Please dial in 10 minutes before the call is scheduled to begin. When prompted, ask to be connected to the Puxin Limited Call. Participants will be required to state their name and company upon entering the call.

A replay of the conference call will be accessible two hours after the conclusion of the conference call through November 26, 2020 by dialing the following numbers:

International:        +1-412-317-0088
US:                       +1-877-344-7529
Passcode:            10149922

A live webcast and archive of the conference call will be available on the Investor Relations section of Puxin’s website at http://ir.pxjy.com/.

Exchange Rate

The Company’s business is primarily conducted in China and all of the revenues are denominated in Renminbi (“RMB”). This announcement contains translations of certain RMB amounts into U.S. dollars (“USD” or “US$”) at specified rates solely for the convenience of the readers. Unless otherwise noted, all translations from RMB to USD are made at the rate of RMB 6.7896 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on September 30, 2020 or at any other rate.

Use of Non-GAAP Financial Measures

To supplement the Company’s financial results presented in accordance with U.S. GAAP, the Company also uses non-GAAP financial measures, including adjusted operating income (loss), adjusted operating margin, adjusted net income (loss) attributable to Puxin Limited, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited, as supplemental measures to review and assess the Company’s operating performance. Adjusted operating income (loss) is defined as operating income (loss) excluding share-based compensation expenses; adjusted operating margin is defined as adjusted operating income (loss) divided by net revenues; adjusted net income (loss) attributable to Puxin Limited is defined as net income (loss) attributable to Puxin Limited excluding share-based compensation expenses and gain (loss) on changes in fair value of derivative liabilities; EBITDA is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income and income tax expenses (benefits); adjusted EBITDA is defined as net income (loss) excluding depreciation, amortization, interest expense, interest income, income tax expenses (benefits), share-based compensation expenses and gain (loss) on changes in fair value of derivative liabilities; EBITDA margin is defined as EBITDA divided by net revenues; adjusted EBITDA margin is defined as adjusted EBITDA divided by net revenues; adjusted basic and diluted net income (loss) per ADS attributable to Puxin Limited are defined as basic and diluted net income (loss) per ADS attributable to Puxin Limited excluding share-based compensation expenses and gain (loss) on changes in fair value of derivative liabilities.

The Company believes that these non-GAAP financial measures provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, investors should not consider them in isolation. In addition, calculations of this non-GAAP financial information may be different from calculations used by other companies, and therefore comparability may be limited.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance.

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

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “may,” “would,” “expect,” “anticipate,” “future,” “intend,” “aim,” “plan,” “believe,” “estimate,” “predict,” “project,” “continue,” “confident” and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to attract and retain students to enroll in its courses, its ability to effectively manage its business expansion and successfully integrate businesses it acquired, its ability to identify or pursue targets for acquisitions, its ability to compete effectively against its competitors, its ability to improve the content of its existing courses or to develop new courses, and relevant government policies and regulations relating to the Company’s corporate structure, business and industry. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

About Puxin Limited

Puxin Limited (NYSE: NEW, “Puxin” or the “Company”) is a successful consolidator of the after-school education industry in China. Puxin has a strong acquisition and integration expertise to effectively improve education quality and operational performance of acquired schools. Puxin offers a full spectrum of K-12 and study-abroad tutoring programs designed to help students achieve academic excellence, as well as prepare for admission tests and applications for top schools, universities and graduate programs in China and other countries. The Company has developed a business model effectively combining strategic acquisitions and organic growth achieved through successful post-acquisition integration, which has differentiated the Company from other after-school education service providers in China. For more information, please visit http://www.pxjy.com/.

Contacts

Puxin Limited
Phone: +86-10-6269-8930
E-mail: [email protected]

ICA (Institutional Capital Advisory)
Mr. Kevin Yang
Phone: +86-21-8028-6033
E-mail: [email protected]

                                                                                                                                

 

 

             

                                                                                             

 

 

                                                                                                          

 

 

 

 

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SOURCE Puxin Limited

SAN JOSE, Calif., Nov. 19, 2020 /PRNewswire/ — Today, Extreme Networks, Inc. (Nasdaq: EXTR), a cloud-driven networking company, announced a new initiative to help anyone, anywhere looking to join or retrain in the technology industry: Extreme Academy Live. The eight-week training course will stream live for FREE starting December 3, teaching students the fundamentals of networking technology, wireless communication, and the Internet. Extreme Academy Live is accessible to all, giving students the opportunity to receive an industry certification and providing a valuable foundation for an exciting new career.

Extreme also announced colleges and universities around the world, including Barnsley College, The Polytechnic Institute of Tomar, Gannon University, and the Santarém School of Management and Technology, as well as IT solution partners Netjer Networks and STEP CG, are now offering the Extreme Academy curriculum for technology-based careers via traditional and virtual training programs.

Key Facts:

• The COVID-19 pandemic has accelerated digital transformation strategies, driving demand for network administrators, data engineers, and IT managers across industries; job postings on hiring website Indeed for junior enterprise architects have increased 278% since 2019, with other tech careers seeing similar increases in demand. Colleges and universities seeking to give students a head start in high-growth industries like technology must arm them with skillsets that are immediately applicable in the real world.
• Extreme Academy is an academic curriculum designed to educate aspiring IT professionals on networking, security, and cloud fundamentals, as well as machine learning and artificial intelligence. Students who complete the courses can earn key accreditations and certifications, including an Extreme Networks Associate-level qualification.
• Extreme is committed to narrowing the digital divide and is partnered with the United Way to help educate and build a stronger workforce for tomorrow. Extreme Academy Live is geared toward those looking for a steppingstone into the networking industry and is offered at no cost to participants as part of our efforts to bridge this gap. For more information and to sign up, visit our Extreme Academy program page.
• For colleges and universities, Extreme Academy courses are available via virtual classrooms, a necessity as many schools are currently relying on remote instruction. Extreme Academy’s flexible lesson plans can be integrated with existing curriculums or taught alongside current studies, and no previous networking experience is required to take Extreme Academy coursework. Partnering schools and businesses receive teaching resources, state-of-the-art lab equipment, and a diverse training portfolio, as well as a new recruitment asset.

Academy Highlights:

Luis Oliveira, Undergraduate Program Director of Informatics Engineering, Polytechnic Institute of Tomar, Portugal
“We always find new opportunities for our students to learn key skills and competencies so that they are ready to step into the job market. We are proud to now offer the Extreme Academy curriculum as part of our program. This will not only educate our students on IT fundamentals, such as networking, but it will allow them to earn accreditations and certifications in what will be a more competitive talent landscape in the years ahead.”

Doug Oathout, Chief of Staff and Director of Marketing and Communications,

Gannon University, US
“Our goal is to equip our students with the skills they need to not only get jobs upon graduation, but to become the next generation of leaders. Extreme Academy allows us to provide hands-on, real-world training as well as a chance for our students to earn industry-specific certifications in a high-demand industry. We are proud to be part of this growing program and look forward to continuing to deliver a cutting-edge curriculum to our students.”

Filipe Duarte, Senior System Engineer, Santarém Management and Technology School,
Portugal 
“When we launched the School of Management and Technology in 1985, we made it our mission to always put the development of the individual first. The addition of the Extreme Academy curriculum to our school is, therefore, another important milestone that helps us maintain our strong reputation for excellence and continue our commitment to providing students with the knowledge and qualifications they need to succeed in their future careers. With the demand for IT skills on the rise, we are now able to offer the next generation of talent important technical IT and networking skills through Extreme Academy.”

Azhar Iqbal, Director of IT, Barnsley College, UK
“With the past year seeing the acceleration of digital transformation for businesses across the world, we recognize just how important it is to continue providing our students with access to advanced technology training so that they can succeed in the future job market. Having already added an Extreme Academy classroom in our SciTech Centre, we are now actively encouraging our students to look to Extreme’s new initiative, Extreme Academy Live, so they can receive additional industry certification to further level up their networking skills.”

Carlos Junco, Engineer Director, Netjer Networks, Mexico
“The ability to remotely deliver training and certification opportunities has never been more important than it is today. Without programs like Extreme Academy, the gap between the demand for IT services and the number of skilled workers would only continue to widen. Being part of the effort to close that gap is important to us and we are excited to be a part of Extreme Academy’s growth.”

Ed Walton, CEO, STEP CG, US
“As an IT services engineering firm and a strategic partner of Extreme, we are committed to bringing immediately applicable and relevant IT training to our region, as well as growing Kentucky’s pool of IT talent. Extreme Academy allows us to meet all of those goals and provide program participants with real industry certifications, which are more valuable than ever in today’s highly competitive and volatile job market.”

Executive Perspectives:

Chris Preston, Vice President of Corporate Relations, United Way Worldwide 
“Connectivity is as essential as electricity, but nearly half of the world’s population lacks quality internet access. As the world’s largest privately funded nonprofit, United Way is proud to work with Extreme Networks to help close the digital divide. Extreme is a valued partner, supporting our efforts to connect underserved communities. And with Extreme Academy Live, they are going even further to make vital job training more accessible to more people.”

Ed Meyercord, President and CEO, Extreme Networks
“In the IT and networking industry there is a clear and growing demand for skilled professionals. As part of our commitment to narrowing the digital divide, we are widening accessibility to Extreme Academy. This will help fill the demand for networking engineers and IT professionals by making training available to anyone, anywhere with free livestreamed coursework, in-depth instruction, and certification. The rapid growth of this program demonstrates its value, and we look forward to offering more courses and establishing more academies to reach not just students, but current professionals and displaced workers looking for job retraining.”

Additional Resources

• Extreme Academy Program Page
• Extreme Academy Video
• Extreme Higher Education Solutions Page
• Extreme Academy Launch Press Release
• Connect with Extreme via Twitter, Facebook, LinkedIn, YouTube, and Instagram

About Extreme Networks
Extreme Networks, Inc. (EXTR) creates effortless networking experiences that enable all of us to advance. We push the boundaries of technology leveraging the powers of machine learning, artificial intelligence, analytics, and automation. Over 50,000 customers globally trust our end-to-end, cloud-driven networking solutions and rely on our top-rated services and support to accelerate their digital transformation efforts and deliver progress like never before. For more information, visit Extreme’s website or follow us on Twitter, LinkedIn, and Facebook.

Extreme Networks and the Extreme Networks logo are trademarks or registered trademarks of Extreme Networks, Inc. in the United States and other countries. Other trademarks shown herein are the property of their respective owners.

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SOURCE Extreme Networks, Inc.

AUSTIN, Texas, Nov. 19, 2020 /PRNewswire/ — The typical Black Friday and Cyber Monday shopping experiences and deals of previous years will look completely different this year, including how and when consumers are shopping due to the global pandemic. According to research from leading savings destination RetailMeNot, a J2 Global business within its Ziff Davis division, the holiday season will see fewer consumers shopping traditional in-store doorbusters this year, favoring online shopping instead.

What Can Shoppers Expect This Year?

• This year will bring an extended time frame of savings opportunities. RetailMeNot still expects to see strong Black Friday and Cyber Monday offers of years past, some of which have already started rolling out at big box retailers.
• Over three in five (61%) retailers plan to offer more holiday discounts than they traditionally do for this holiday season because of the economic challenges in America.
• According to RetailMeNot historical data, the best deals will be in the categories of electronics, smart home devices, small appliances, video game consoles, and apparel.

How Are Consumers Shopping Over Black Friday and Cyber Monday This Year?

• 88% of consumers say they will not shop the traditional in-store doorbuster deals this year, and Black Friday and Cyber Monday shopping will occur mostly online.
• Fewer Americans will be shopping over the long weekend of sales this year. Nearly seven in ten (68%) will be shopping over Black Friday Weekend this year, compared to nearly four in five (78%) in 2019. However, the consumer spend is up this year ($766) compared to last year ($738) between the days of Black Friday and Cyber Monday.
• Among those planning to shop during this timeframe, significantly fewer will shop on Black Friday this year (60%) compared to last year (73%). A similar amount will shop on Cyber Monday as in 2019 (64% vs. 63%).

RetailMeNot’s Shopping & Trends Expert, Sara Skirboll, advises consumers to start shopping now. “With the anticipated delays, you don’t want to put yourself in a situation where a gift doesn’t arrive on time or where you’re paying huge fees for rush shipping. Many stores already have discounted prices and holiday sales which is an added incentive to start shopping asap,” says Skirboll. “Plus, it’s smart to shop earlier based on what we anticipate happening with inventory issues on popular electronics and toys.”

Black Friday and Cyber Monday Shopping Tips From Sara Skirboll:

• 
  Take Advantage of Retailers Offering “Buy Online Pick Up in Store”. Most retailers will continue to offer buy online, pickup in-store (53%) or, return in-store (56%) during the holiday season this year. Curbside pickup has also grown considerably during this pandemic. According to RetailMeNot research, 52% of retailers say they plan to deploy it for holiday shoppers this year.
• Install the RetailMeNot Deal Finder™ Browser Extension. Download the free browser extension Deal Finder to help save time and money when shopping online. Deal Finder automatically applies coupon codes and cash back offers right at checkout. All you have to do is download the Deal Finder extension to your browser one time, and after that, every time you shop on that same browser and get ready to check out on an order you are placing, Deal Finder will run any available coupons pre-purchase to get you the best savings possible. The savings are then automatically applied right at check out.
• 
  Check Carrier Deadlines. The major shipping carriers have already holiday cutoff dates, so you know the last day you can order and receive your gifts on time.
• Compare Prices onBlackFriday.com: Before you start shopping, check out weekly ads on BlackFriday.com where you’ll find all the best Black Friday deals before they go live. This is a great resource to do research and price compare before you make any purchases.

To learn about all the ways to save money this holiday season, visit RetailMeNot.com.

Survey Methodology

This data is from recent surveys with Kelton Global and Survey Monkey. The RetailMeNot Kelton Q2 PR 2020 Survey was conducted between August 17th, 2020 and August 19th, 2020 among 1,052 nationally representative Americans ages 18 and over, using an email invitation and an online survey. The Survey Monkey research was conducted in August with 2,360 respondents.

About RetailMeNot
RetailMeNot is a leading savings destination bringing people and the things they love together through savings with retailers, brands and restaurants. RetailMeNot makes everyday life more affordable through online and in-store coupon codes, cash back offers, and the RetailMeNot Deal Finder™ browser extension. To learn more, visit http://www.retailmenot.com/corp or follow @RetailMeNot on social media.

About J2 Global
J2 Global, Inc. (NASDAQ: JCOM) is a leading Internet information and services company consisting of a portfolio of brands including IGN, Mashable, Humble Bundle, Speedtest, PCMag, RetailMeNot, Offers.com, Spiceworks Ziff Davis, Everyday Health, BabyCenter and What To Expect in its Digital Media segment and eFax, eVoice, iContact, Campaigner, Vipre, IPVanish and KeepItSafe in its Cloud Services segment. J2 Global reaches over 230 million people per month across its brands. As of December 31, 2019, J2 Global had achieved 24 consecutive fiscal years of revenue growth. For more information, visit: www.j2global.com

Press Contacts:
ALISON BROD MARKETING + COMMUNICATIONS
[email protected]
212-230-1800

RetailMeNot Public Relations
[email protected]

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SOURCE RetailMeNot