Market Newsdesk

November 16, 2020 5:08 pm

Jamf Announces Launch of Proposed Follow-on Offering of Common Stock by Selling Shareholders

MINNEAPOLIS, Nov. 16, 2020 (GLOBE NEWSWIRE) — Jamf Holding Corp. (“Jamf”) (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced the commencement of a public follow-on offering of its common stock by certain of its selling shareholders. The selling shareholders are offering 10,000,000 shares of Jamf common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”). Certain of the selling shareholders also intend to grant the underwriters the right to purchase up to an additional 1,500,000 shares on the same terms and conditions. Jamf will not receive any proceeds from the sale of shares by the selling shareholders, and will not issue any shares of its common stock in the offering.

Goldman Sachs & Co. LLC, J.P. Morgan, BofA Securities and Barclays are acting as lead book-running managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by e-mail at [email protected]; or J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204, or by emailing [email protected]; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by e-mail at [email protected]; or Barclays, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847, or email: [email protected].

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the impact on our operations and financial condition from the effects of the current COVID-19 pandemic; the potential impact of customer dissatisfaction with Apple or other negative events affecting Apple services and devices, and failure of enterprises to adopt Apple products; the potentially adverse impact of changes in features and functionality by Apple on our engineering focus or product development efforts; changes in our continued relationship with Apple; the fact that we are not party to any exclusive agreements or arrangements with Apple; our reliance, in part, on channel partners for the sale and distribution of our products; risks associated with cyber-security events; the impact of reputational harm if users perceive our products as the cause of device failure; our ability to successfully develop new products or materially enhance current products through our research and development efforts; our ability to continue to attract new customers; our ability to retain our current customers; our ability to sell additional functionality to our current customers; our ability to meet service-level commitments under our subscription agreements; our ability to correctly estimate market opportunity and forecast market growth; risks associated with failing to continue our recent growth rates; our dependence on one of our products for a substantial portion of our revenue; our ability to scale our business and manage our expenses; our ability to change our pricing models, if necessary to compete successfully; the impact of delays or outages of our cloud services from any disruptions, capacity limitations or interferences of third-party data centers that host our cloud services, including AWS; our ability to maintain, enhance and protect our brand; our ability to maintain our corporate culture; the ability of Jamf Nation to thrive and grow as we expand our business; the potential impact of inaccurate, incomplete or misleading content that is posted on Jamf Nation; our ability to offer high-quality support; risks and uncertainties associated with potential acquisitions and divestitures, including, but not limited to, disruptions to ongoing operations; diversions of management from day-to-day responsibilities; adverse impacts on our financial condition; failure of an acquired business to further our strategy; uncertainty of synergies; personnel issues; resulting lawsuits and issues unidentified in diligence processes; our ability to predict and respond to rapidly evolving technological trends and our customers’ changing needs; our ability to compete with existing and new companies; the impact of adverse general and industry-specific economic and market conditions; the impact of reductions in IT spending; the impact of real or perceived errors, failures or bugs in our products; the impact of interruptions or performance problems associated with our technology or infrastructure; our ability to attract and retain highly qualified personnel; risks associated with competitive challenges faced by our customers; the impact of statutory and regulatory determinations on our offerings to governmental entities; risks associated with stringent and changing privacy laws, regulations and standards, and information security policies and contractual obligations related to data privacy and security; the impact of any catastrophic events; and, risks associated with our financial results or difficulty in predicting our financial results due to our revenue recognition. Given these factors, as well as other variables that may affect Jamf’s operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and on the related teleconference call relate only to events as of the date hereof. Jamf undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Jamf

Jamf, the standard in Apple Enterprise Management, extends the legendary Apple experience people love to businesses, schools and government organizations through its software and the world’s largest online community of IT admins focused exclusively on Apple, Jamf Nation.

Investor Contact:

Jennifer Gaumond
[email protected]

Media Contact:

Rachel Nauen
[email protected]

November 16, 2020 5:07 pm

EnLink Midstream to Participate in Investor Conferences

PR Newswire

DALLAS, Nov. 16, 2020 /PRNewswire/ — EnLink Midstream, LLC (NYSE: ENLC) (EnLink) announced today that members of its senior management team are scheduled to meet with investors at the following upcoming virtual conferences:

RBC Capital Markets Midstream and Energy Infrastructure Conference on Wednesday, November 18, 2020
Wells Fargo Midstream and Utility Symposium on Tuesday, December 8, and Wednesday, December 9, 2020

EnLink’s latest presentation, the quarterly report for the third quarter of 2020, is currently available for download on the Investors’ page of www.EnLink.com.

About the EnLink Midstream Companies
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink’s best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, and NGL capabilities. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink’s strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.

Investor Relations:
Kate Walsh, Vice President of Investor Relations and Tax, 214-721-9696, [email protected]
Media Relations: Jill McMillan, Vice President of Strategic Relations & Public Affairs, 214-721-9271, [email protected]

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SOURCE EnLink Midstream, LLC

November 16, 2020 5:06 pm

KORU Medical Systems Announces Stock Repurchase Program

KORU Medical Systems Announces Stock Repurchase Program

CHESTER, N.Y.–(BUSINESS WIRE)–Repro Med Systems, Inc. dba KORU Medical Systems (NASDAQ: KRMD) (“KORU Medical” or the “Company”) today announced that its Board of Directors has authorized a stock repurchase program under which the Company may purchase up to $10 million of its outstanding common stock through December 31, 2021.

“We believe that this repurchase program demonstrates confidence in our long-term outlook, the underlying value of KORU Medical stock, and our commitment to maximizing value for our shareholders,” said Don Pettigrew, Chief Executive Officer. “Our strong balance sheet enables us to support this repurchase plan, while continuing to invest in our operations and explore investments that generate long-term growth.”

Chairman of the Board John Fletcher commented, “We are committed to enhancing shareholder value. This authorization reflects the Board’s continued confidence in the Company’s long-term growth prospects, the value of KORU Medical’s Freedom Integrated Infusion System, and the significant expansion opportunities that exist both within and adjacent to our core business.”

The shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing and amount of shares repurchased under the program will be determined by the Company in its discretion and will depend on a number of factors, including price, general business and market conditions, and applicable legal requirements. The repurchase plan will be funded using cash on hand.

About KORU Medical Systems

KORU Medical Systems develops, manufactures, and commercializes innovative and easy-to-use specialty infusion solutions that improve quality of life for patients around the world. The FREEDOM Syringe Infusion System currently includes the FREEDOM60^® and FreedomEdge^® Syringe Infusion Drivers, Precision Flow Rate Tubing^™ and HIgH-Flo Subcutaneous Safety Needle Sets^™. These devices are used for infusions administered in the home and alternate care settings. For more information, please visit www.korumedical.com.

Forward-looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements can be identified by words such as “may,” “believe” and “enables.” Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, uncertainties associated with COVID-19, future operating results, availability of investment opportunities, market fluctuations, and those risks and uncertainties included under the captions “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which are on file with the SEC and are available on our website at www.korumedical.com/investors and on the SEC website at www.sec.gov. All information provided in this release and in the attachments is as of November 13, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201116006037/en/

The Equity Group Inc.

Devin Sullivan

Senior Vice President

212-836-9608

[email protected]

Kalle Ahl, CFA

Vice President

212-836-9614

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: General Health Health Other Health Medical Devices

MEDIA:

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November 16, 2020 5:05 pm

Vireo Health Announces Forced Redemption of Warrants Issued in Conjunction with March 2020 Private Placement

— Successful financing helped drive improvements in operating performance —

— Management expects redemptions to result in CAD $13.1 million of cash proceeds —

PR Newswire

MINNEAPOLIS, Nov. 16, 2020 /PRNewswire/ — Vireo Health International, Inc. (“Vireo” or the “Company”) (CNSX: VREO, OTCQX: VREOF), the science-focused, multi-state cannabis company with active operations in exclusively medical-only markets and licenses in seven states and the Commonwealth of Puerto Rico, today announced that it has exercised its right to force the redemption of all subordinate voting share purchase warrants (the “Warrants”) issued to participants in the Company’s previously-announced private placement offering, which closed on March 10, 2020 (the “Offering”).

Each Warrant issued in conjunction with the Offering entitles the holder to purchase one subordinate voting share in the capital of Vireo for a period of three years from the date of issuance at an exercise price of CAD $0.96 per share, subject to adjustment in certain events. Vireo retained the right to require the redemption of these Warrants if the Company’s five-day volume-weighted-average-price (“VWAP”) on the Canadian Securities Exchange (CSE) exceeded CAD $1.44. This milestone was achieved during the trading period from November 3, 2020 through November 9, 2020. Management expects these redemptions to result in the issuance of 13,651,574 additional subordinate voting shares and cash proceeds of approximately CAD $13.1 million prior to the close of the current November.

Chairman and Chief Executive Officer, Kyle Kingsley, M.D., commented, “The private placement offering we completed earlier this year was priced modestly to balance the near-term requirements of our business with the long-term interests of shareholders. We invested that capital prudently to position Vireo to begin generating positive cash flow. We remain pleased with the trajectory of our operating performance since March and expect to utilize a portion of the proceeds from these redemptions to fund additional investments consistent with our strategy of increasing scale and margins in our core markets.”

About Vireo Health International, Inc.

Vireo Health International, Inc. (“Vireo” or the “Company”) is a physician-led cannabis company focused on bringing the best of technology, science, and engineering to the cannabis industry. Vireo manufactures proprietary, branded cannabis products in environmentally-friendly, state-of-the-art greenhouses and other facilities and distributes its products through its growing network of Green Goods^TM retail dispensaries and through hundreds of third-party dispensaries in seven states. Vireo’s team of more than 425 employees, led by scientists, engineers, and cultivation experts, is focused on efficiency and the creation of best-in-class products, while driving scientific innovation within the cannabis industry and developing meaningful intellectual property. Today, Vireo is licensed to grow and/or process cannabis in eight markets. The Company is operational in seven of those eight markets – including the core markets of Arizona, Maryland, Minnesota, New Mexico, and New York. The Company holds 32 total retail dispensary licenses, of which 13 are currently open for business and seven more are in development. For more information about Vireo Health, please visit www.vireohealth.com.

Caution Regarding Forward-Looking Statements

This press release contains statements that Vireo believes are, or may be considered to be, “forward-looking statements” as defined in applicable securities laws. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current beliefs, expectations or assumptions regarding the future of the business, future plans and strategies, operational results and other future conditions of the Company. All statements other than statements of historical fact included in this release regarding the prospects our prospects, plans, financial position or business strategy, including statements expressing the expectation that Vireo will enter into the “Credit Facility,” or the date any transaction is expected to close and/or fund, may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as “plans,” “expects” or “does not expect,” “is expected,” “look forward to,” “budget,” “scheduled,” “estimates,” “forecasts,” “will continue,” “intends,” “the intent of,” “have the potential,” “anticipates,” “does not anticipate,” “believes,” “should,” “should not,” or variations of such words and phrases that indicate that certain actions, events or results “may,” “could,” “would,” “might,” or “will,” “be taken,” “occur,” or “be achieved,” or the negative of these terms or variations of them or similar terms. Furthermore, forward-looking statements may be included in various filings that we make with the SEC or on SEDAR, or may be contained in press releases or oral statements made by or with the approval of one of Vireo’s authorized executive officers. Although Vireo believes that the expectations reflected in these forward-looking statements are reasonable, the Company cannot provide assurances these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. The reader should not place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. Risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, as applicable, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, Vireo undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements. The reader is advised, however, to consult any additional disclosures Vireo makes in its reports filed on SEDAR or to the SEC, or in future press releases. All subsequent written and oral forward-looking statements attributable to Vireo or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this cautionary statement.

Media Inquiries	Investor Inquiries
Albe Zakes	Sam Gibbons
Vice President, Corporate Communications	Vice President, Investor Relations
[email protected]	[email protected]
(267) 221-4800	(612) 314-8995

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SOURCE Vireo Health International, Inc.

November 16, 2020 5:03 pm

Whitecap Resources Inc. Confirms Monthly Dividend for November of $0.01425 Per Share

Canada NewsWire

CALGARY, AB, Nov.16, 2020 /CNW/ – Whitecap Resources Inc. (“Whitecap”) (TSX: WCP) confirms that a cash dividend of Cdn. $0.01425 per common share in respect of November operations will be paid on December 15, 2020 to shareholders of record on November 30, 2020. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

About Whitecap
Whitecap Resources Inc. is an oil-weighted growth company that pays a monthly cash dividend to its shareholders. Our business is focused on profitable production growth combined with sustainable dividends to shareholders. Our objective is to fully fund our capital expenditures and dividend payments within funds flow. For further information about Whitecap, please visit our website at www.wcap.ca.

SOURCE Whitecap Resources Inc.

November 16, 2020 5:03 pm

Supreme Cannabis Announces Financial Results for Q1 2021

PR Newswire

Continued strong revenue growth and operational efficiency

2021 First
Quarter Highlights:

Positive Adjusted EBITDA of $0.3 million
24% net revenue growth quarter-over-quarter
45 active retail SKUs, with presence in all 10 provinces
Completed the third shipment of medical cannabis to Israel through its Truverra brand
Maintains a strong liquidity position, including a cash balance of $20.4 million

Subsequent to Quarter-End:

Entered into a supply agreement with Medical Cannabis by Shoppers Inc., a subsidiary of Shoppers Drug Mart Inc., to offer Truverra-branded medical cannabis products through the Medical Cannabis by Shoppers™ online sales platform accessible to patients across Canada.

TORONTO, Nov. 16, 2020 /PRNewswire/ – The Supreme Cannabis Company, Inc. (“Supreme Cannabis” or the “Company”) (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1) today announced its financial and operating results for the three months ended September 30, 2020.

Supreme Cannabis’ Management Discussion & Analysis (“MD&A”) and condensed interim consolidated financial statements (“Financial Statements”) for the three months ended September 30, 2020 (“Q1 2021”), along with all previous public filings of the Company may be found on SEDAR at www.SEDAR.com. All figures are in Canadian dollars.

Beena Goldenberg, President and CEO of Supreme Cannabis, commented:

“In the first quarter of fiscal 2021, we made solid progress towards our goal of transforming Supreme Cannabis into a premium cannabis CPG company. We continued to execute on our strategy of accelerating revenue and controlling our costs, which led to sequential growth in consolidated net revenue of 24%. Recreational net revenue grew slightly compared to the fourth quarter of 2020, due largely to higher sales volumes offset by lower average selling prices. Despite an initial drop in recreational sales volumes in July due to stockouts as a result of fulfillment and supply chain growth challenges, we built steady month-over-month improvement in August and September as our sales partnership with Humble & Fume Inc. gained traction. This strong momentum led to September 2020 being Supreme Cannabis’ highest month on record for recreational sales. We exercised good cost control across the organization and benefitted from a full quarter of cost savings from the measures taken to right-size the business in the second half of fiscal 2020. This resulted in Supreme Cannabis generating a slightly positive Adjusted EBITDA of $0.3 million.”

Ms. Goldenberg concluded, “Supreme Cannabis’ performance in the first quarter of fiscal 2021 demonstrates that our strategy is working. While the first quarter of 2021 was a consistent improvement, we understand that more work is needed to become a sustainably profitable business. We will continue to efficiently focus our resources on driving near-term revenue growth in the recreational market. We are well-positioned to increase our market share with compelling brands and high-quality products at several points of value and preference. We have increased our sales and marketing efforts in the recreational segment during the quarter. Our partnership with Humble & Fume Inc. (“humble+fume”) has enabled Supreme Cannabis to secure 2,258 new listings during the quarter. We expect the expanded listings to set us up for further recreational revenue growth.”

Select Financial and Operational Results.

	Three months ended
Financial Highlights (in 000’s $)	Sept 30, 2020	June 30, 2020
Gross revenue	13,977	10,855
Net revenue	11,867	9,532
Gross margin, excluding fair value items ⁽¹⁾	(2,153)	(8,246)
Gross margin	(11,340)	(11,544)
Operating expenses	6,547	15,886
Impairment of assets	–	3,414
Net income (loss)	29,768	(33,252)
Net comprehensive income (loss)	29,768	(33,806)
Adjusted EBITDA ⁽²⁾	266	(4,167)
Cash	20,366	28,419


1.	Gross margin, excluding fair value items, is an Additional Subtotal presented by the Company. The Company defines gross margin, excluding fair value items as the gross margin before recording fair value changes on growth of biological assets and realized fair value changes on inventory sold or impaired. More information on changes in fair value of biological assets can be found in “Changes in fair value of biological assets” in the MD&A.
2.	Adjusted EBITDA is a Non–GAAP measure and does not have a standardized meaning under GAAP. As a result, it may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the “Results of Operations” and “Non–GAAP Measures and Additional Subtotals” in the MD&A.

Revenue

Overall net revenue increased 24% to $11.9 million in Q1 2021 from $9.5 million in Q4 2020.

Recreational net revenue rose to $7.5 million, an increase of 3% quarter-over-quarter as a result of existing and new products continuing to be well received by the recreational cannabis consumer. In particular 7ACRES Craft Collective and cannabis extracts, which include oils, vapes and concentrates contributed a growing portion of the recreational sales in the quarter.

Wholesale net revenue, which includes the Company’s sales in the international medical cannabis segment, in Q1 2021 was $4.4 million, up 92% quarter-over-quarter, with a 14% increase in average selling price, driven by a higher contribution from domestic flower. Wholesale volumes grew by 69% as the Company continues to forge longer-term relationships in the domestic market. The growth was also driven by a 25% increase in international medical sales with the Company strengthening its relationship with Breath of Life International Ltd., Israel’s largest and leading producer of medical cannabis. The Company plans to add additional medical partners in various international jurisdictions.

Gross Margin

In Q1 2021, the gross margin, excluding fair value items, included impairment charges of $8.4 million recorded in production costs. Excluding the impact of impairment charges recorded in production costs, gross margin, excluding fair value items, increased to 53% in Q1 2021 compared to 41% for Q4 2020, mainly due to a realization of cost optimization initiatives the Company initiated in the second half of fiscal 2020.

Adjusted EBITDA

The Company generated a positive Adjusted EBITDA of $0.3 million compared to an Adjusted EBITDA loss of $4.2 million in Q4 2020 due to an increase in revenue and a higher gross margin, excluding fair value items and the impact of impairment charges.

Balance Sheet, Liquidity and Cash Flow from Operations

Supreme Cannabis ended the quarter with a total cash balance of $20.4 million and a working capital surplus of $48.1 million.

During the first quarter of fiscal 2021, the Company significantly strengthened its balance sheet by refinancing its convertible debentures and amending its three year term credit facility consisting of a term loan and a revolving credit facility (the “Credit Facility”). As a result, there are no debt maturities for two years (excluding customary principal amortization payments), and the carrying value of total debt was reduced by approximately $71.0 million on the day of the transaction related to the convertible debt extinguishment. Furthermore, expected cash interest expense was significantly reduced due to the reduction in the principal amount of the convertible debentures and the Credit Facility. The amended Credit Facility defers the financial covenants related to leverage and the fixed charge coverage ratio by 12 months until Q3 2022.

Operating and Capital Expenditures

In Q1 2021, the cost realignment efforts resulted in the Company achieving a $9.3 million or 59% decrease in operating expenses, compared to the three months ended June 30, 2020. Operating expenses for the three months ended September 30, 2020 benefited from a recovery of $1.5 million related to share based payments, primarily driven by a recovery of $2.1 million for the cancellation and forfeiture of 10.9 million stock options. The Company has executed on its cost rationalization activities which have led to significant operating expense cost reductions since the start of its efforts during the third quarter of fiscal 2020. The efforts included reduction in staffing levels across all facilities and shared services, the consolidation and streamlining of the Company’s facilities and production processes and the curtailment of avoidable expenses.

In addition to reducing its operating expenses, the Company’s capital expenditures in Q1 2021 decreased to $0.4 million, down 61% quarter-over-quarter. With the completion of construction projects at the Company’s Kincardine, Ontario (“Kincardine Facility”) and Langley, British Columbia (“Langley Facility”) facilities, capital expenditures for the remainder of fiscal 2021 are expected to be minimal and will be focused on productivity enhancements justified by near–term cash flow returns.

Brand and Product Developments in Q1 2021.

Supreme Cannabis introduced 10 new SKUs to the market in Q1 2021:

7ACRES Craft Collective 3.5g Whole Flower Pink Kush
7ACRES Craft Collective 3.5g Whole Flower Ice Cream Cake
Sugarleaf 0.5g Boost Sativa 510 Vape Cart (first 510 format launched for all brands)
Sugarleaf 3×0.5g Pre-roll Jean Guy (New size format)
Sugarleaf 3×0.5g Pre-roll Jack Haze (New size format)
Sugarleaf 3×0.5g Pre-roll White Widow (New size format)
Sugarleaf 3×0.5g Pre-roll Sensi Star (New size format)
Sugarleaf 7g Bloom Milled Cannabis
Sugarleaf 3.5g Bloom Milled Cannabis
Hiway 2g Hiway Hash

Distribution.

Overall, Supreme Cannabis shipped 44% more product in Q1 2020 compared to Q4 2020. The provinces of Quebec, Alberta, Ontario and British Columbia generated the majority of the Company’s sales.

Distribution to the recreational market on a gram equivalent basis was 17% higher in Q1 2020 compared to Q4 2020.

Key to growing Supreme Cannabis’ presence across Canada is the Company’s sales agency agreement with humble+fume. Through this partnership, humble+fume is deploying a team of sales professionals that will drive distribution, brand advocacy and budtender education for all Supreme Cannabis brands at the store level. Since tracking commenced in April 2020 until the end of September 2020, humble+fume has created over 3,500 new listings for Supreme Cannabis products, including 2,258 new listings in the first quarter of 2021. In the first quarter of 2021, 232 new stores started carrying the Company’s products.

In the first quarter of 2021, as many COVID-19 restrictions were lifted and retail stores reopened, humble+fume representatives resumed engaging directly with operators and supporting new retail store openings. This allowed further opportunities for promotions, new product introductions, staff training and adding new retail outlets.

Subsequent to quarter-end, the Company entered into a supply agreement with Medical Cannabis by Shoppers Inc., a subsidiary of Shoppers Drug Mart Inc., to offer Truverra-branded medical cannabis products through the Medical Cannabis by Shoppers™ online sales platform accessible to patients across Canada. Under this agreement, Canadian patients will be able to order Truverra dried flower, pre-rolls and full-spectrum CBD oil. Included in the offering is the Jean Guy strain, which is a tribute to the legendary variety offered by the Montreal Compassion Club.

Operations.

The Company continues to make incremental improvements at its core facilities in Kincardine, Ontario and Langley, British Columbia, to enhance production, processing and operating efficiency.

Kincardine Facility

The Kincardine Facility implemented several changes with solid success.

In August, the facility completed its fuel conversion from propane to natural gas, which is expected to deliver $1.5 million in annual savings
Bottled flower containers at the facility have been optimized to address shelf presence and reduce the cost of procurement and is expected to deliver savings of over $1.0 million annually
The facility also optimized its boiler systems, resulting in significantly more consistent climate control

Subsequent to quarter-end, the Company’s processing license for the Kincardine Facility was amended by Health Canada on October 29 to authorize commercial sale of cannabis products in the cannabis extracts class of cannabis. The Company also received a research license at the Kincardine Facility on November 12.

Langley Facility

The continuous improvement program at the Langley Facility continues to yield positive results. A key focus has been on improving conversion yields through first-pass extraction and distillation and further enhancing quality in these processes.

Outlook.

The Company remains confident in its ability to grow near-term revenue and reach sustainable profitability based on its accelerated transformation into a premium Cannabis CPG company, its streamlined and right-sized operating structure, and its enhanced offering of new high-quality brands.

The Company has a robust and growing product line that addresses consumers’ needs at a variety of price points and form factors.
The Company has efficient and effective coast-to-coast sales coverage with the humble+fume sales partnership.
The Company has substantially completed the right-sizing of its operating structure with the right teams in place to deliver against objectives efficiently.
Supreme Cannabis remains focused on cost containment and is fully-funded to execute on all planned initiatives.

First-quarter 2021 earnings conference call and webcast.

The Company will host a conference call to discuss its first-quarter fiscal 2021 results at 8:00 AM Eastern on Tuesday, November 17, 2020. Interested parties can join the call by dialling 416-764-8659 or 1-888-664-6392. The conference ID number is 67218125. The call can also be accessed through the following webcast link: http://bit.ly/FIREQ12021.

A recording of the conference call will be available for replay two hours after the call’s completion. To access the recording, please dial 416-764-8677 or 1-888-390-0541 and the replay code 218125. The recording will be available until Thursday, December 17, 2020.

About Supreme Cannabis.

The Supreme Cannabis Company, Inc., (TSX: FIRE) (OTCQX: SPRWF) (FRA: 53S1), is a global diversified portfolio of distinct cannabis companies, products and brands. Since 2014, the Company has emerged as one of the world’s most premium producers of recreational, wholesale and medical cannabis products.

Supreme Cannabis’ portfolio of brands caters to diverse consumer and patient experiences, with brands and products that address recreational, wellness, medical and new consumer preferences. The Company’s recreational brand portfolio includes 7ACRES, Blissco, 7ACRES Craft Collective, Sugarleaf and Hiway. Supreme Cannabis addresses national and international medical cannabis opportunities through its premium Truverra brand.

Supreme Cannabis’ brands are backed by a focused suite of world-class operating assets that serve key functions in the value chain, including scaled cultivation, value-add processing, automated packaging and product testing and R&D. Follow the Company on Instagram, Twitter, Facebook, LinkedIn and YouTube.

We simply grow better.

Forward-Looking Information.

Certain statements made in this press release may constitute “forward-looking information”, “future oriented financial information” or “financial outlooks” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may relate to anticipated events or results including, but not limited to: focussing on efficiency throughout the Company; progressing towards becoming a premium cannabis CPG company; expected capital expenditures for the remainder of fiscal 2021; plans to add additional medical partners in international jurisdictions; the expectation that the natural gas conversion at the Kincardine Facility will deliver approximately $1.5 million in annual savings; the expectation that the optimization of the bottled flower containers at the Kincardine Facility will deliver over $1.0 million in annual savings; the Company’s ability to grow near-term revenue and reach sustainable profitability; the Company’s focus on cost containment and ability to execute on all planned initiatives; and other statements that are not historical facts. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. To the extent any forward-looking information in this press release constitutes “future oriented financial information” or “financial outlooks”, within the meaning of applicable securities laws, the purpose of such information being provided is to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. However, we do not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. There can be no assurance that such estimates and assumptions will prove to be correct.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking information as discussed in the “Risk Factors” section of the Company’s Annual Information Form dated September 24, 2020 (“AIF”). A copy of the AIF and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com. The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information.

Non-GAAP Measures and Additional Subtotals.

This news release contains certain financial performance measures that are not recognized or defined under IFRS (“Non-GAAP Measures”) including, but not limited to, “Adjusted EBITDA”. As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of these measures to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, please refer to the “Results of Operations” section in the MD&A. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company.

The Company defines Adjusted EBITDA as net income (loss) excluding amortization of property plant and equipment & intangible assets, share based payments, restructuring charges, impairment of inventory in production costs, fair value changes on growth of biological assets, realized fair value changes on inventory sold or impaired, net finance expenses, gain on settlement of convertible debentures, loss on modification of debt, gain on settlement of contract, gain or loss on disposal of property plant and equipment, unrealized and realized gains or losses on investments and income taxes.

The Company presents additional subtotals in its Financial Statements prepared in accordance with IFRS. The additional subtotals include, but not limited to, gross margin, excluding fair value items in its statements of comprehensive loss (“Additional Subtotals”). The Company defines gross margin, excluding fair value items as the gross margin before recording fair value changes on growth of biological assets and realized fair value changes on inventory sold or impaired. More information on changes in fair value of biological assets can be found in “Changes in fair value of biological assets” section of the MD&A.

Non-GAAP Measures and Additional Subtotals should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Company’s operating results, underlying performance and prospects in a manner similar to Supreme Cannabis’ management. Accordingly, these Non-GAAP Measures and Additional Subtotals are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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SOURCE The Supreme Cannabis Company, Inc.

November 16, 2020 5:03 pm

Wix to Present at the 2020 RBC Global Technology, Internet, Media and Telecommunications Conference

PR Newswire

NEW YORK, Nov. 16, 2020 /PRNewswire/ — Wix.com Ltd. (Nasdaq: WIX), today announced that Lior Shemesh, CFO, and Joe Pollaro, GM of the US, will present at the 2020 RBC Global Technology, Internet, Media and Telecommunications Virtual Conference on Tuesday, November 17, 2020 at 9:20 a.m. ET.

The event will be available via live audio webcast and archived replay on Wix’s investor relations website: https://investors.wix.com.

About Wix.com Ltd.
Wix is leading the way with a cloud-based website development platform for over 189 million registered users worldwide today. The Wix website builder was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, artists, and individuals to take their businesses, brands and workflow online. The Wix Editor, Wix ADI, Editor X, a highly curated App Market, Ascend by Wix and Corvid by Wix enable users to build and manage a fully integrated and dynamic digital presence. Wix’s headquarters are in Tel Aviv with offices in Austin, Be’er Sheva, Berlin, Cedar Rapids, Denver, Dnipro, Dublin, Kiev, Los Angeles, Miami, New York, San Francisco, São Paulo, Tokyo and Vilnius.

Visit us: on our blog, Facebook, Twitter, Instagram, LinkedIn and Pinterest
Download: Wix App is available for free on Google Play and in the App Store.

For more about Wix please visit our Press Room

Investor Relations:

Maggie O’Donnell

[email protected]

914-267-7390

Media Relations:

[email protected]

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SOURCE Wix.com Ltd.

November 16, 2020 5:03 pm

Agora, Inc. Reports Third Quarter 2020 Financial Results

SANTA CLARA, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) — Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced its financial results for the third quarter ended September 30, 2020.

“Agora is empowering software developers around the world to bring contextual video engagement to more and more online activities, such as taking a class or exam, attending a virtual event, meeting new friends and competing in a game. Such innovations are far beyond traditional video conferencing and still have a long way to go,” said Tony Zhao, founder, chairman and CEO of Agora. “Our performance in this quarter demonstrates the steady adoption of contextual video engagement across industries and we will continue to invest in the depth and breadth of our platform to better serve developers.”

Third Quarter 2020 Highlights

Total revenues for the quarter were $30.8 million, an increase of 80.8% from $17.1 million in the third quarter of 2019.
Active Customers as of September 30, 2020 were 1,815, an increase of 95.4% from 929 as of September 30, 2019.
Constant Currency Dollar-Based Net Expansion Rate was 187.9% for the trailing 12-month period ended September 30, 2020.
Net loss for the quarter was $2.9 million, compared to net loss of $1.1 million in the third quarter of 2019. After excluding share-based compensation expense, non-GAAP net loss for the quarter was $0.4 million, compared to the non-GAAP net loss of $0.3 million in the third quarter of 2019. Adjusted EBITDA for the quarter was negative $0.1 million, compared to $0.2 million in the third quarter of 2019.
Total cash
,
cash equivalents
and s
hort-term investments as of September 30, 2020 was $635.4 million.
Net cash used in operating activities for the quarter was $1.9 million, compared to $0.1 million in the third quarter of 2019. Free cash flow for the quarter was negative $5.1 million, compared to negative $1.3 million in the third quarter of 2019.

Third Quarter 2020 Financial Results

Revenues

Total revenues were $30.8 million in the third quarter of 2020, an increase of 80.8% from $17.1 million in the same period last year, primarily due to increased usage of our video and voice products as result of our business expansion.

Cost of Revenues

Cost of revenues was $11.6 million in the third quarter of 2020, an increase of 120.7% from $5.2 million in the same period last year, primarily due to increase in bandwidth and co-location costs as we continued to scale our business.

Gross Profit and Gross Margin

Gross profit was $19.3 million in the third quarter of 2020, an increase of 63.1% from $11.8 million in the same period last year. Gross margin was 62.5% in the third quarter of 2020, a decrease of 6.7% from 69.2% in the same period last year, primarily due to international expansion to regions with higher infrastructure costs.

Operating Expenses

Operating expenses were $23.2 million in the third quarter of 2020, an increase of 78.3% from $13.0 million in the same period last year.

Research and development expenses were $12.4 million in the third quarter of 2020, an increase of 89% from $6.6 million in the same period last year, primarily due to increased personnel costs as we continue to build our research and development team, including an increase in share-based compensation from $0.2 million in the third quarter of 2019 to $0.9 million in the third quarter of 2020.
Sales and marketing expenses were $6.4 million in the third quarter of 2020, an increase of 33.4% from $4.8 million in the same period last year, primarily due to increased personnel costs as we continue to build our team and advertising expenses.
General and administrative expenses were $4.4 million in the third quarter of 2020, an increase of 165.4% from $1.7 million in the same period last year, primarily due to increased personnel costs as we continue to build our team and professional services expenses, including an increase in share-based compensation from $0.3 million in the third quarter of 2019 to $1.1 million in the third quarter of 2020.

Other Operating Income

Other operating income was $181 thousand in the third quarter of 2020, compared to $58 thousand in the same period last year, primarily due to additional value added tax deductions.

Loss from Operations

Loss from operations was $3.8 million in the third quarter of 2020, compared to loss from operations of $1.2 million in the same period last year.

Interest and Investment Income

Interest and investment income were $960 thousand in the third quarter of 2020, an increase of 266.4% from $262 thousand in the same period last year, primarily due to an increase in the average balance of cash and cash equivalents and an increase in short-term investments purchased due to our initial public offering and concurrent private placement.

Income Taxes

Income taxes were $74 thousand in the third quarter of 2020, a decrease of 71.8% from $0.3 million in the same period last year, primarily due to decrease in pre-tax income generated by our subsidiaries.

Net Loss

Net loss was $2.9 million in the third quarter of 2020, compared to net loss of $1.1 million in the same period last year.

Net loss attributable to ordinary shareholders

Net loss attributable to ordinary shareholders for the quarter was $2.9 million, compared to net loss attributable to ordinary shareholders of $18.8 million in the same period last year.

Net loss per American Depositary Share

Net loss per American Depositary Share (“ADS”)¹ was $0.03, compared to net loss of $0.65 per ADS in the same period last year.

Financial Outlook

Based on currently available information, Agora expects that the estimated total revenues for the full fiscal year ending December 31, 2020 remain to be between $125 million and $130 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, and the outlook ranges for full year 2020 reflect a number of assumptions that are subject to change based on uncertainties related to the impact of the COVID-19 pandemic.

Earnings Call

Agora will host a conference call to discuss the financial results at 5 p.m. Pacific Time / 8:00 p.m. Eastern Time on the same day. Details for the conference call are as follows:
Event title: Agora, Inc. 3Q 2020 Financial Results
Conference ID: 3351435
Direct Event online registration: http://apac.directeventreg.com/registration/event/3351435
Please register in advance of the conference using the link provided above. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID.
A digital recording of the conference call will be available for replay two hours after the call’s completion (dial-in number: US 18554525696, International +61 2 81990299; same conference ID as shown above).
Please visit Agora’s investor relations website at https://investor.agora.io/investor-relations on November 16, 2020 to view the earnings release and accompanying slides prior to the conference call.

Use of Non-GAAP Financial Measures

Agora has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Agora uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Agora’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net income (loss). We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Agora’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of Agora’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation.

Definitions of Agora’s non-GAAP financial measures included in this press release are presented below.

Non-GAAP Net Income (Loss)

Agora defines non-GAAP net income (loss) as net income (loss) adjusted to exclude share-based compensation expense.

Adjusted EBITDA

Agora defines Adjusted EBITDA as net income (loss) before exchange gain (loss), interest and investment income, income taxes, depreciation and amortization, and adjusted to exclude the effects of share-based compensation expense.

Free Cash Flow

Agora defines free cash flow as net cash provided by operating activities less purchases of property and equipment. Agora considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.

Operating Metrics

Agora also uses other operating metrics included in this press release and defined below to assess the performance of its business.

Active Customers

Agora defines an active customer at the end of any particular period as an organization or individual developer from which Agora generated more than $100 of revenue during the preceding 12 months. Agora counts customers based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications.

Constant Currency Dollar-Based Net Expansion Rate

Agora calculates Dollar-Based Net Expansion Rate for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. Constant Currency Dollar-Based Net Expansion Rate is calculated the same way as Dollar-Based Net Expansion Rate but using fixed exchange rates based on the daily average exchange rates prevailing during the prior 12-month period to remove the impact of foreign currency translations. Agora believes Constant Currency Dollar-Based Net Expansion Rate facilitates operating performance comparisons on a period-to-period basis as Agora does not consider the impact of foreign currency fluctuations to be indicative of its core operating performance.

Safe Harbor Statements

This press release contains ‘‘forward-looking statements’’ within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding Agora’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on Agora’s current expectations and involve risks and uncertainties. Agora’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; Agora’s ability to manage its growth and expand its operations; the continued impact of the COVID-19 pandemic on global markets and Agora’s business, operations and customers; Agora’s ability to attract new developers and convert them into customers; Agora’s ability to retain existing customers and expand their usage of Agora’s platform and products; Agora’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; Agora’s fluctuating operating results; competition; the effect of broader technological and market trends on Agora’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission, including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Agora undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

About Agora

Agora’s mission is to make real-time engagement ubiquitous, allowing everyone to interact with anyone, in any application, anytime and anywhere. Agora’s platform provides developers simple, flexible and powerful application programming interfaces, or APIs, to embed real-time video and voice engagement experiences into their applications.

For more information, please visit: www.agora.io.

Investor Contact

:

Fionna Chen
[email protected]

Media Contact

:

Suzanne Nguyen
[email protected]

__________________________
1 One ADS represents four Class A ordinary shares.


Agora, Inc. Condensed Consolidated Balance Sheets (Unaudited, in US$ thousands)

	As of		As of
	September 30,		December 31,
	2020		2019
Assets
Current assets:
Cash and cash equivalents	409,782		105,603
Short-term investments	225,584		–
Accounts receivable, net	28,921		16,248
Prepayments and other current assets	5,725		1,381
Total current assets	670,012		123,232
Property and equipment, net	12,755		6,282
Deferred tax assets	876		836
Other non-current assets	1,036		809
Total assets	684,679		131,159

Liabilities, mezzanine equity and shareholders’ equity (deficit)
Current liabilities:
Accounts payable	4,558		4,088
Advances from customers	1,132		921
Taxes payable	2,792		2,493
Accrued expenses and other current liabilities	20,123		10,979
Total current liabilities	28,605		18,481
Total liabilities	28,605		18,481

Mezzanine equity	–		239,970

Shareholders’ equity (deficit):
Ordinary shares	–		12
Class A ordinary shares	33		–
Class B ordinary shares	8		–
Additional paid-in-capital	813,670		–
Accumulated other comprehensive loss	128		(988	)
Accumulated deficit	(157,765	)	(126,316	)
Total shareholders’ equity (deficit)	656,074		(127,292	)
Total liabilities, mezzanine equity and shareholders’ equity (deficit)	684,679		131,159


Agora, Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited, in US$ thousands, except share and per ADS amounts)

	Three Month Ended				Nine Month Ended
	September 30,				September 30,
	2020		2019		2020		2019
Real-time engagement service revenues	30,620		16,936		99,738		45,085
Other revenues	227		125		573		239
Total revenues	30,847		17,061		100,311		45,324
Cost of revenues	11,583		5,248		34,042		13,983
Gross profit	19,264		11,813		66,269		31,341
Operating expenses:
Research and development	12,449		6,588		35,056		16,495
Sales and marketing	6,372		4,778		18,287		13,851
General and administrative	4,401		1,658		11,342		4,756
Total operating expenses	23,222		13,024		64,685		35,102
Other operating income	181		58		974		77
Income (loss) from operations	(3,777	)	(1,153	)	2,558		(3,684	)
Exchange gain	(34	)	40		(34	)	53
Interest and investment income	960		262		1,177		386
Income (loss) before income taxes	(2,851	)	(851	)	3,701		(3,245	)
Income taxes	(74	)	(262	)	(633	)	(590	)
Net income (loss)	(2,925	)	(1,113	)	3,068		(3,835	)
Less: cumulative undeclared dividends on convertible redeemable preferred shares	–		(2,490	)	(6,715	)	(7,471	)
Less: accretion on convertible redeemable preferred shares to redemption value	–		(15,246	)	(193,466	)	(33,974	)
Net loss attributable to ordinary shareholders	(2,925	)	(18,849	)	(197,113	)	(45,280	)
Other comprehensive loss:
Foreign currency translation adjustments	1,587		(602	)	1,117		(686	)
Total comprehensive loss attributable to ordinary shareholders	(1,338	)	(19,451	)	(195,996	)	(45,966	)

Net loss per ADS attributable to ordinary shareholders, basic and diluted	(0.03	)	(0.65	)	(3.55	)	(1.58	)

Weighted-average shares used in computing net loss per ADS attributable to ordinary shareholders, basic and diluted	407,297,929		116,512,788		222,127,507		114,878,676

Share-based compensation expenses included in:
Cost of revenues	31		21		99		60
Research and development expenses	894		169		1,565		1,290
Sales and marketing expenses	434		370		1,336		1,281
General and administrative expenses	1,117		260		2,574		775


Agora, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in US$ thousands)

	Three Month Ended				Nine Month Ended
	September 30,				September 30,
	2020		2019		2020		2019
Cash flows from operating activities:
Net income (loss)	(2,925	)	(1,113	)	3,068		(3,835	)
Adjustments to reconcile net income (loss) to net cash generated from (used in) operating activities:
Share-based compensation expense	2,476		820		5,574		2,558
Depreciation of property and equipment	1,196		520		2,946		1,291
Change in the fair value of short-term investments	(33	)	–		(33	)	–
Changes in assets and liabilities:
Accounts receivable	(7	)	(614	)	(12,133	)	(1,619	)
Prepayments and other current assets	(1,084	)	15		(4,230	)	83
Other non-current assets	(601	)	(31	)	(599	)	(14	)
Accounts payable	(661	)	(239	)	891		(324	)
Advances from customers	138		36		184		462
Taxes payable	664		477		265		571
Accrued expenses and other current liabilities	(1,097	)	75		8,664		(544	)
Net cash generated from (used in) operating activities	(1,934	)	(54	)	4,597		(1,371	)
Cash flows from investing activities:
Purchase of short-term investments	(225,143	)	(4,294	)	(225,143	)	(13,899	)
Proceeds from sale and maturity of short-term investments	–		2,862		–		10,949
Purchase of property and equipment	(3,210	)	(1,213	)	(9,531	)	(3,622	)
Net cash generated from (used in) investing activities	(228,353	)	(2,645	)	(234,674	)	(6,572	)
Cash flows from financing activities:
Proceeds from issuance of Series C+ convertible redeemable preferred shares, net of the issuance costs of nil	–		–		50,000		–
Proceeds from the IPO and concurrent private placement, net of underwriter discounts and commissions and other offering costs paid	(1,419	)	–		483,905		–
Net cash provided by financing activities	(1,419	)	–		533,905		–
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	634		(299	)	351		(316	)
Net increase (decrease) in cash, cash equivalents and restricted cash	(231,072	)	(2,998	)	304,179		(8,259	)
Cash, cash equivalents and restricted cash at beginning of period *	640,934		103,337		105,683		108,598
Cash, cash equivalents and restricted cash at end of period **	409,862		100,339		409,862		100,339
Supplemental disclosure of cash flow information:
Income taxes paid	18		–		742		411
Non-cash financing and investing activities:
Accretion to redemption value of convertible redeemable preferred shares	–		15,246		193,466		33,974
Payables for property and equipment	173		341		173		341
Payables for deferred initial public offering cost	277		–		277		–

* includes restricted cash balance	80		80		80		80
** includes restricted cash balance	80		80		80		80


Agora, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in US$ thousands, except share and per ADS amounts)

	Three Month Ended				Nine Month Ended
	September 30,				September 30,
	2020		2019		2020		2019
GAAP net income (loss)	(2,925	)	(1,113	)	3,068		(3,835	)
Add:
Share-based compensation expense	2,476		820		5,574		3,405
Non-GAAP net income (loss)	(449	)	(293	)	8,642		(430	)

Net income (loss)	(2,925	)	(1,113	)	3,068		(3,835	)
Excluding:
Exchange rate gains (loss)	(34	)	40		(34	)	53
Interest and investment income	960		262		1,177		386
Income taxes	(74	)	(262	)	(633	)	(590	)
Depreciation and amortization expense	1,196		520		2,946		1,291
Share-based compensation expense	2,476		820		5,574		3,405
Adjusted EBITDA	(105	)	187		11,078		1,012

Net cash generated from (used in) operating activities	(1,934	)	(54	)	4,597		(1,371	)
Purchase of property and equipment	(3,210	)	(1,213	)	(9,531	)	(3,622	)
Free Cash Flow	(5,144	)	(1,267	)	(4,934	)	(4,993	)
Net cash generated from (used in) investing activities	(228,353	)	(2,645	)	(234,674	)	(6,572	)
Net cash provided by financing activities	(1,419	)	–		533,905		–

November 16, 2020 5:03 pm

ERES REIT Declares November 2020 Monthly Distribution

TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) — European Residential Real Estate Investment Trust (TSX: ERE.UN, “ERES”) is pleased to announce that the trustees of ERES have declared the November 2020 monthly cash distribution of €0.00875 per Unit and Class B LP Unit (the “NovemberDistribution”), being equivalent to €0.105 per Unit annualized. The distribution will be payable to holders of the Units and Class B LP Units (the “Unitholders”) of record on November 30, 2020, with payment on December 15, 2020.

The Euro-denominated distribution will be paid in Canadian dollars based on the exchange rate on the date of payment (estimated C$0.01352 per Unit and Class B LP Unit). Registered Unitholders will be provided with an option to elect to receive such distribution in Euros rather than Canadian dollars. If no such election is made, registered Unitholders will be paid the distribution in Canadian dollars based on the above exchange rate mechanism. Beneficial Unitholders will not have an option to elect to receive the distribution in Euros. The final cash distribution in respect of October 2020 was C$0.01352 per Unit and Class B LP Unit.

To encourage participation and reward our loyal Unitholders, investors registered in our Distribution Reinvestment Plan will continue to receive an additional amount equal to 5% of their distributions paid in the form of additional Units.

ERES intends to continue to make regular monthly distributions, subject to the discretion of the ERES board of trustees. ERES continues to target an AFFO payout ratio in the range of 80% to 90%. ERES Limited Partnership will make corresponding cash distributions to holders of Class B LP Units.

About ERES

ERES is an unincorporated, open-ended real estate investment trust. ERES’s Units are listed on the TSX under the symbol ERE.UN. ERES is Canada’s only European-focused, multi-residential REIT, with a current initial focus on investing in high-quality, multi-residential real estate properties in the Netherlands. ERES owns a portfolio of 137 multi-residential properties, comprised of 5,865 suites and ancillary retail space located in the Netherlands, and owns one office property in Germany and one office property in Belgium.

ERES’s registered and principal business office is located at 11 Church Street, Suite 401, Toronto, Ontario M5E 1W1.

For more information, please visit our website at www.eresreit.com.

For further information

ERES	ERES
Mr. Phillip Burns	Mr. Scott Cryer
Chief Executive Officer	Chief Financial Officer
416.354.0167	416.861.5771
[email protected]	[email protected]

November 16, 2020 5:03 pm

America’s Car-Mart Reports Diluted Earnings per Share of $3.05 on Record Revenues of $223 Million

ROGERS, Ark., Nov. 16, 2020 (GLOBE NEWSWIRE) — America’s Car-Mart, Inc. (NASDAQ: CRMT) today announced its operating results for the second quarter of fiscal year 2021.

“Our disciplined execution and ongoing focus are propelling the business forward at an accelerating pace. At the same time, significant investments in key areas are laying the groundwork for future growth. Notwithstanding the tight used vehicle market – especially at the lower price points – we generated a meaningful increase in revenues. The market we serve is large and fragmented, and consumer expectations and shopping preferences are changing. We have a healthy paranoia about change and are committed to re-inventing the business in order to adapt and prepare us for long-term market leadership,” said Jeff Williams, President and CEO. “Our business continues to both generate cash and increased borrowing capacity while maintaining a conservative balance sheet, enabling us to think big about our place in the world.”

“We continue to make significant investments in the areas of customer experience, inventory procurement and recruiting and training. Improvements in these key areas will drive increased traffic and productivity. Corresponding technology and systems upgrades support these initiatives and provide a foundation for future growth. For example, the centralization of certain functions dovetails with the advantages of our localized branch structure; the ability to make key customer decisions locally is important to our success,” added Mr. Williams. “We are aggressively addressing changes in consumer buying preferences by building an efficient, seamless, digital and customer-friendly sales process that compares favorably with alternatives. Further, as our infrastructure strengthens, we will aggressively market our lower total cost of ownership advantage. Also, we will heavily promote the more intangible but very real advantages that consumers realize when they are part of the Car-Mart family. We are committed to giving our customers ‘Peace of Mind’ by ‘Keeping Them on the Road.’ We take the stress out of one area of our customers’ lives and believe strongly that we have an obligation to serve significantly more customers over time.”

“Our offering is unique, and we believe that our existing dealerships have significant room to grow. We will prioritize the allocation of capital with an eye to gaining market share in the areas we currently serve. We have opened two new dealerships this fiscal year and currently have two more in process – Edmond and Norman, Oklahoma. We are proud to be growing while simultaneously building an infrastructure that will support a much larger business. This is possible largely because of the commitment of our associates and the power of our business model,” said Mr. Williams. “There is real consumer enthusiasm for our offering driven by a superior proposition, local presence, and genuine commitment to customers. Coupled with the advantages of our captive lending arrangement and relentless focus on costs, we believe that our future is very bright.”

“Our overall revenue increase was driven by a 15.3% increase in the average retail sales price combined with a $4.1 million increase in interest income. Our second quarter sales volumes were impacted by the continued tight supply of vehicles at lower price points resulting in a lack of an affordable alternative for some of our customers. This impacted our productivity per dealership,” said Vickie Judy, Chief Financial Officer. “Net charge-offs for the quarter, as a percentage of average finance receivables, were down to 4.7%. Our selling, general, and administrative expenses returned to pre-pandemic levels, reflecting our commitment to have a strong infrastructure to support a growing customer base. We did have some nice leveraging of these expenses at 16.5% of sales compared to 16.9% for the prior year comparable quarter.”

“Our cash balance is $19.5 million and our debt, net of cash, to finance receivable is 28%. During the quarter, we added $49.4 million in receivables, increased inventory by $11.2 million, funded $2.2 million in net capital expenditures, and repurchased $6.1 million of our common stock, a total of $68.9 million utilizing $31.1 million of cash and no increase in debt. We will continue to stay focused on a strong balance sheet and cash flows while ensuring we are investing with an eye for the future,” added Ms. Judy.

Conference Call

Management will be holding a conference call on Tuesday, November 17, 2020 at 11:00 a.m. Eastern Time to discuss quarterly results. A live audio of the conference call will be accessible to the public by calling (877) 776-4031. International callers dial (631) 291-4132. Callers should dial in approximately 10 minutes before the call begins. A conference call replay will be available two hours following the call for thirty days and can be accessed by calling (855) 859-2056 (domestic) or (404) 537-3406 (international), conference call ID #4393992.

About America’s Car-Mart

America’s Car-Mart, Inc. operates automotive dealerships in twelve states and is one of the largest publicly-held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. The Company emphasizes superior customer service and the building of strong personal relationships with its customers. The Company operates its dealerships primarily in smaller cities throughout the South-Central United States selling quality used vehicles and providing financing for substantially all of its customers. For more information about America’s Car-Mart, including investor presentations, please visit our website at www.car-mart.com.

Car-Mart was named to the Forbes America’s Best Mid-Size Employers list for two consecutive years in 2019 and 2018 and has sold over 700,000 vehicles since fiscal year 2000.

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements address the Company’s future objectives, plans and goals, as well as the Company’s intent, beliefs and current expectations regarding future operating performance and can generally be identified by words such as “may,” “will,” “should,” “could,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” and other similar words or phrases. Specific events addressed by these forward-looking statements may include, but are not limited to:

new dealership openings;
performance of new dealerships;
same dealership revenue growth;
future revenue growth;
receivables growth as related to revenue growth;
gross profit per retail unit sold;
interest rates;
future credit losses;
the Company’s collection results, including but not limited to collections during income tax refund periods;
seasonality; and
the Company’s business, operating and growth strategies.

These forward-looking statements are based on the Company’s current estimates and assumptions and involve various risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance, and that actual results could differ materially from those projected in these forward-looking statements. Factors that may cause actual results to differ materially from the Company’s projections include, but are not limited to:

business and economic disruptions and uncertainty resulting from the COVID-19 pandemic and efforts to mitigate the financial impact and health risks associated with the pandemic;
general economic conditions in the markets in which the Company operates, including but not limited to fluctuations in gas prices, grocery prices and employment levels;
the availability of credit facilities to support the Company’s business;
the Company’s ability to underwrite and collect its contracts effectively;
competition;
dependence on existing management;
ability to attract, develop and retain qualified general managers;
availability of quality vehicles at prices that will be affordable to customers;
changes in consumer finance laws or regulations, including but not limited to rules and regulations that have recently been enacted or could be enacted by federal and state governments;
ability to keep pace with technological advances and changes in consumer behavior affecting our business;
security breaches, cyber-attacks, or fraudulent activity; and
the ability to successfully identify, complete and integrate new acquisitions.

Additionally, risks and uncertainties that may affect future results include those described from time to time in the Company’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

____________________________
Contacts: Jeffrey A. Williams, President and CEO (479) 464-9944 or Vickie D. Judy, CFO (479) 464-9944

							% Change		As a % of Sales
	Three Months Ended						2020		Three Months Ended
	October 31,						vs.		October 31,
		2020			2019		2019		2020		2019
Operating Data:
Retail units sold		14,022			13,763		1.9	%
Average number of stores in operation		150			145		3.4
Average retail units sold per store per month		31.2			31.6		(1.3	)
Average retail sales price	$	13,365		$	11,589		15.3
Gross profit per retail unit	$	5,705		$	4,935		15.6
Same store revenue growth		12.8	%		12.2	%
Net charge-offs as a percent of average finance receivables		4.7	%		6.1	%
Collections as a percent of average finance receivables		12.9	%		13.3	%
Average percentage of finance receivables-current (excl. 1-2 day)		84.8	%		83.5	%
Average down-payment percentage		6.4	%		6.0	%

Period End Data:
Stores open		150			145		3.4	%
Accounts over 30 days past due		2.5	%		3.5	%
Active customer count		83,945			78,910		6.4	%
Finance receivables, gross	$	692,775		$	587,087		18.0	%

Operating Statement:
Revenues:
Sales	$	196,684		$	167,743		17.3	%	100.0	%	100.0	%
Interest income		26,676			22,567		18.2		13.6		13.5
Total		223,360			190,310		17.4		113.6		113.5

Costs and expenses:
Cost of sales		116,690			99,826		16.9		59.3		59.5
Selling, general and administrative		32,536			28,296		15.0		16.5		16.9
Provision for credit losses		43,862			41,177		6.5		22.3		24.5
Interest expense		1,658			2,081		(20.3	)	0.8		1.2
Depreciation and amortization		928			971		(4.4	)	0.5		0.6
Loss (gain) on disposal of property and equipment		(64	)		2		(3,300.0	)	–		–
Total		195,610			172,353		13.5		99.5		102.7

Income before taxes		27,750			17,957				14.1		10.7

Provision for income taxes		6,554			4,070				3.3		2.4

Net income	$	21,196		$	13,887				10.8		8.3

Dividends on subsidiary preferred stock	$	(10	)	$	(10	)

Net income attributable to common shareholders	$	21,186		$	13,877

Earnings per share:
Basic	$	3.20		$	2.10
Diluted	$	3.05		$	2.00

Weighted average number of shares used in calculation:
Basic		6,627,780			6,621,562
Diluted		6,935,707			6,952,667

							% Change		As a % of Sales
	Six Months Ended						2020		Six Months Ended
	October 31,						vs.		October 31,
		2020			2019		2019		2020		2019
Operating Data:
Retail units sold		26,198			26,286		(0.3	)%
Average number of stores in operation		150			145		3.4
Average retail units sold per store per month		29.1			30.2		(3.6	)
Average retail sales price	$	13,102		$	11,504		13.9
Gross profit per retail unit	$	5,646		$	4,912		14.9
Same store revenue growth		9.5	%		7.6	%
Net charge-offs as a percent of average finance receivables		9.6	%		11.5	%
Collections as a percent of average finance receivables		25.9	%		26.8	%
Average percentage of finance receivables-current (excl. 1-2 day)		84.8	%		83.3	%
Average down-payment percentage		6.9	%		6.2	%

Period End Data:
Stores open		150			145		3.4	%
Accounts over 30 days past due		2.5	%		3.5	%
Active customer count		83,945			78,910		6.4	%
Finance receivables, gross	$	692,775		$	587,087		18.0	%

Operating Statement:
Revenues:
Sales	$	359,483		$	317,817		13.1	%	100.0	%	100.0	%
Interest income		51,788			44,371		16.7		14.4		14.0
Total		411,271			362,188		13.6		114.4		114.0

Costs and expenses:
Cost of sales		211,564			188,711		12.1		58.9		59.4
Selling, general and administrative		61,293			56,967		7.6		17.1		17.9
Provision for credit losses		79,946			72,652		10.0		22.2		22.9
Interest expense		3,377			4,085		(17.3	)	0.9		1.3
Depreciation and amortization		1,866			1,938		(3.7	)	0.5		0.6
Loss (gain) on disposal of property and equipment		(64	)		39		(264.1	)	–		–
Total		357,982			324,392		10.4		99.6		102.1

Income before taxes		53,289			37,796				14.8		11.9

Provision for income taxes		12,529			8,398				3.5		2.6

Net income	$	40,760		$	29,398				11.3		9.2

Dividends on subsidiary preferred stock	$	(20	)	$	(20	)

Net income attributable to common shareholders	$	40,740		$	29,378

Earnings per share:
Basic	$	6.14		$	4.42
Diluted	$	5.88		$	4.21

Weighted average number of shares used in calculation:
Basic		6,630,112			6,652,922
Diluted		6,925,651			6,984,709

	October 31,			April 30,			October 31,
		2020			2020			2019

Cash and cash equivalents	$	19,533		$	59,560		$	2,474
Finance receivables, net	$	519,810		$	466,141		$	451,606
Inventory	$	67,428		$	36,414		$	48,103
Total assets	$	716,344		$	667,324		$	575,367
Total debt	$	213,523		$	215,568		$	176,970
Treasury stock	$	252,991		$	246,911		$	245,598
Total equity	$	343,631		$	302,759		$	278,359
Shares outstanding		6,602,148			6,619,319			6,566,321

Finance receivables:
Principal balance	$	692,775		$	621,182		$	587,087
Deferred revenue – payment protection plan		(26,840	)		(24,480	)		(22,836	)
Deferred revenue – service contract		(13,236	)		(11,641	)		(11,265	)
Allowance for credit losses		(172,965	)		(155,041	)		(135,481	)

Finance receivables, net of allowance and deferred revenue	$	479,734		$	430,020		$	417,505


Allowance as % of principal balance net of deferred revenue		26.5	%		26.5	%		24.5	%


Changes in allowance for credit losses:
	Six months Ended
	October 31,
		2020			2019
Balance at beginning of period	$	155,041		$	127,842
Provision for credit losses		79,946			72,652
Charge-offs, net of collateral recovered		(62,022	)		(65,013	)
Balance at end of period	$	172,965		$	135,481