BEIJING, March 15, 2017 /PRNewswire/ -- Yirendai Ltd. ("Yirendai" or the "Company"), a leading online consumer finance marketplace in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2016.
Starting from the second quarter of 2016, the Company changed its reporting currency from the U.S. dollar ("US$") to the Renminbi ("RMB"), to reduce the impact of increased volatility of the RMB to US$ exchange rate on the Company's reported operating results. The aligning of the reporting currency with the underlying operations will better depict the Company's results of operations for each period. This release contains translations of certain RMB amounts into US$ for convenience(). Prior period numbers have been recast into the new reporting currency.
For Three Months Ended For Twelve Months Ended in RMB million December December YoY December December YoY 31, 2016 31, 2015 Change 31, 2016 31, 2015 Change --- -------- -------- ------ -------- -------- ------ Amount of Loans Facilitated 6,675.2 3,301.5 102% 20,277.9 9,557.6 112% Total Net Revenue 1,071.1 451.6 137% 3,238.0 1,313.6 146% Total Fees Billed (non-GAAP) 1,630.4 773.6 111% 4,911.2 2,154.1 128% Net Income 379.8 83.3 356% 1,116.4 275.3 305% Adjusted EBITDA (non-GAAP) 401.1 126.5 217% 1,093.4 402.7 172% ------------------------- ----- ----- --- ------- ----- ---
In the fourth quarter of 2016, Yirendai facilitated RMB 6,675.2 million (US$961.4 million) of loans to 110,785 qualified individual borrowers on its online marketplace, representing a 102% year-over-year growth; 57% of the borrowers were acquired from online channels; 37% of the loan volume was originated from online channels and 98.8% of the online volume was facilitated through the Yirendai mobile application.
In the fourth quarter of 2016, Yirendai facilitated 194,505 investors with total investment amount of RMB 7,806.9 million (US$1,124.4 million), 100% of which was facilitated through its online platform and 85.0% of which was facilitated through its mobile application.
For the fourth quarter of 2016, total net revenue was RMB 1,071.1 million (US$154.3 million), up by 137% from the same period in 2015; net income was RMB 379.8 million (US$54.7 million), representing an increase of 356% from the same period in 2015.
In the full year of 2016, Yirendai facilitated RMB 20,277.9 million (US$2,920.6 million) of loans to 321,019 qualified individual borrowers on its online marketplace, representing a 112% year-over-year growth; 57% of the borrowers were acquired from online channels; 38% of the loan volume was originated from online channels and 97.8% of the online volume was facilitated through the Yirendai mobile application.
In the full year of 2016, Yirendai facilitated 597,765 investors with total investment amount of RMB 25,038.3 million (US$3,606.3 million), 100% of which was facilitated through its online platform and 83.0% of which was facilitated through its mobile application.
For the full year of 2016, total net revenue was RMB 3,238.0 million (US$466.4 million), up 146% from the same period in 2015; net income was RMB 1,116.4 million (US$160.8 million), representing an increase of 305% from the same period in 2015.
"The fourth quarter of 2016 continued to be strong for us as our loan facilitation volume reached another record high of RMB 6.7 billion," commented Ms. Yihan Fang, Chief Executive Officer of Yirendai. "In the past year, we executed a number of initiatives to drive our business growth and enhance our market leadership. We have made remarkable achievements in many fronts, including new product development, credit underwriting, risk management and new partnerships. In our effort to set up best practice in the industry, we have been in frequent communication with governmental authorities relating to the regulatory requirements. In 2017, we will ensure our full compliance with regulatory requirements. In addition, we will continue to invest in brand building and customer engagement for both borrowers and investors. Furthermore, we are committed to driving the robust momentum of business growth by establishing strong partnerships with vertical industries and financial institutions and leveraging the Yirendai Enabling Platform that we launched recently."
"Our solid financial results were mainly driven by the robust growth of loan origination and generally stable operating cost and expenses," said Mr. Dennis Cong, Chief Financial Officer of Yirendai. "Looking into 2017, we are seeing a healthier business environment as the regulation-driven industry consolidation continues. We will continue to grow our marketplace lending business and explore new revenue opportunities by leveraging our established customer base. At the same time, we will enhance cooperation with industry partners to improve customer acquisition efficiency and reduce funding cost. We are confident to continue the momentum of business growth and set our corporate goal of reaching RMB 100 billion loan origination volume per year in 2020."
 Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB 6.9430 to US$1.00, the effective noon buying rate for December 30, 2016 as set forth in the H.10 statistical release of the Federal Reserve Board.
Fourth Quarter 2016 Financial Results
Total amount of loans facilitated in the fourth quarter of 2016 was RMB 6,675.2 million (US$961.4 million), increased by 102% year over year from RMB 3,301.5 million in the same period of 2015, reflecting strong demand for our products and services. As of December 31, 2016, the Yirendai platform had facilitated approximately RMB 32.3 billion (US$4.7 billion) in loan principal since its inception.
Total net revenue in the fourth quarter of 2016 was RMB 1,071.1 million (US$154.3 million), increased by 137% from RMB 451.6 million in the same period of 2015. The increase of total net revenue was mainly attributable to the growth of loan origination volume.
Total fees billed (non-GAAP) in the fourth quarter of 2016 were RMB 1,630.4 million (US$234.8million), increased by 111% from RMB 773.6 million in the same period of 2015, driven by the growth of loan origination volume. Upfront fees billed to borrowers in the fourth quarter of 2016 were RMB 1,468.3 million (US$211.5 million), increased by 100% from RMB 734.9 million in the same period of 2015. Monthly fees billed to borrowers in the fourth quarter of 2016 were RMB 131.3 million (US$18.9 million), increased by 223% from RMB 40.6 million in the same period of 2015. The significant year-over-year increase of monthly fees billed to borrowers was primarily attributable to the increase of loans generated from online channels, which features a fee collection schedule with monthly payments in addition to the upfront portion. Service fees billed to investors in the fourth quarter of 2016 were RMB 135.7 million (US$19.6 million), increased by 196% from RMB 45.9 million in the same period of 2015.
Operating costs and expenses in the fourth quarter of 2016 were RMB 675.6 million (US$97.3 million), compared to RMB 674.4 million in the previous quarter and RMB 326.6 million in the same period of 2015.
Sales and marketing expenses in the fourth quarter of 2016 were RMB 538.0 million (US$77.5 million), compared to RMB 423.0 million in the previous quarter and RMB 243.1 million in the same period of 2015. Sales and marketing expenses in the fourth quarter of 2016 accounted for 8.1% of amount of loans facilitated, increased from 7.5% in the previous quarter and 7.4% in the same period of 2015.
Origination and servicing costs in the fourth quarter of 2016 were RMB 58.0 million (US$8.3 million), compared to RMB 62.4 million in the previous quarter and RMB 38.7 million in the same period of 2015. Origination and servicing costs in the fourth quarter of 2016 accounted for 0.9% of amount of loans facilitated, decreased from 1.1% in the previous quarter and 1.2% in the same period of 2015.
General and administrative expenses in the fourth quarter of 2016 were RMB 79.7 million (US$11.5 million), compared to RMB 189.0 million in the previous quarter and RMB 44.8 million in the same period of 2015. General and administrative expenses in the fourth quarter of 2016 accounted for 7.4% of total net revenue, decreased from 21.6% in the previous quarter and 9.9% in the same period of 2015. In the third quarter of 2016, the Company recognized an expense of RMB 81.3 million related to an organized fraud incident. Excluding the expense mentioned above, general and administrative expenses in the third quarter of 2016 was RMB 107.7 million, accounting for 12.3% of total net revenue. The decrease of general and administrative expenses as percentage of total net revenue was primarily attributable to the improved operating leverage.
Income tax expense in the fourth quarter of 2016 was RMB 30.7 million (US$4.4 million), compared to income tax expense of RMB 44.8 million in the same period of 2015. The decrease of income tax expense was primarily because the Company's subsidiary Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd. became qualified as a software enterprise which is confirmed by local tax bureau and makes it eligible for an exemption of enterprise income tax for 2015 and 2016 and a favorable enterprise income tax rate of 12.5% for 2017, 2018 and 2019.
Net income in the fourth quarter of 2016 was RMB 379.8 million (US$54.7 million), increased by 356% from RMB 83.3 million in the same period of 2015.
Adjusted EBITDA (non-GAAP) in the fourth quarter of 2016 was RMB 401.1 million (US$57.8 million), increased by 82% from RMB 220.7 million in the previous quarter and 217% from RMB 126.5 million in the same period of 2015.
Basic income per ADS in the fourth quarter of 2016 was RMB 6.36 (US$0.92), increased by 10% from RMB 5.76 in the previous quarter and 291% from RMB 1.62 in the same period of 2015.
Diluted income per ADS in the fourth quarter of 2016 was RMB 6.28 (US$0.91), increased by 10% from RMB 5.70 in the previous quarter and 287% from RMB 1.62 in the same period of 2015.
Net cash generated from operating activities() in the fourth quarter of 2016 was RMB 836.1 million (US$120.4 million), increased by 86% from RMB 450.6 million in the previous quarter and 150% from RMB 334.7 million in the same period of 2015.
As of December 31, 2016, cash and cash equivalents excluding the risk reserve fund balance was RMB 968.2 million (US$ 139.5 million), compared to RMB 1,106.3 million as of September 30, 2016. The decrease of cash and cash equivalents was primarily due to the Company's increased investment in short-term assets, presented as available-for-sale investments and held-to-maturity investments on balance sheet, to enhance its return from operating cash. As of December 31, 2016, balance of held-to-maturity investments was RMB 98.9 million (US$14.2 million) and balance of available-for-sale investments was RMB 1,158.0 million (US$166.8 million), compared to balance of held-to-maturity investments of RMB 172.5 million and balance of available-for-sale investments of RMB 298.0 million as of September 30, 2016.
Risk Reserve Fund. In the fourth quarter of 2016, Yirendai set aside in the risk reserve fund an amount of RMB 480.7 million (US$69.2 million), which is equal to 7% of the loans facilitated through its marketplace() during the period. In the fourth quarter of 2016, the Company made payments in a total amount of RMB 296.5 million (US$42.7 million) out of the risk reserve fund to pay out the outstanding principal and accrued interest of default loans. As of December 31, 2016, restricted cash balance associated with the risk reserve fund was RMB 1,114.8 million (US$160.6 million), compared to RMB 930.7 million as of September 30, 2016. As of December 31, 2016, the principal balance of performing loans() covered by the risk reserve fund was RMB 20,103.0 million (US$2,895.4 million), compared to RMB 16,204.6 million as of September 30, 2016.
In the fourth quarter of 2016, Yirendai accrued liabilities from risk reserve fund guarantee of RMB 528.9 million (US$76.2 million), which is equal to 8% of the loans facilitated through its marketplace during the period. During the quarter, the Company released liabilities of RMB 296.5 million (US$42.7 million) to pay out the outstanding principal and accrued interest of default loans. As of December 31, 2016, liabilities from risk reserve fund guarantee was RMB 1,471.0 million (US$211.9 million).
Delinquency rates. As of December 31, 2016, the overall delinquency rate for loans that are 15-89 days past due was 1.7%, decreased from 1.9% as of September 30, 2016. The decrease of delinquency rates was due to the increase of loan facilitation volume and more efficient risk management for loans generated from offline channels.
Cumulative M3+ net charge-off rates(). As of December 31, 2016, the cumulative M3+ net charge-off rates for Grade A, B, C, and D loans originated in 2015 were 5.1%, 6.6%, 8.2% and 6.7%, respectively, compared to 4.6%, 5.3%, 6.7% and 5.2% as of September 30, 2016. As the 2015 vintage loans continues to mature, the charge off level is consistent with our risk performance expectation.
 Starting from the fourth quarter of 2016, the Company early adopt ASU 2016-18, that includes restricted cash in cash and cash equivalent balances in the statement of cash flows, and apply to all periods presented retrospectively.  In the fourth quarter of 2016, the Company facilitated RMB 64.6 million (US$9.3 million) of loans invested by a trust, which was not covered by the risk reserve fund. The Company transferred cash to the trust in an amount equal to 7% of the loan amount as a security fund to protect the trust from potential losses resulting from defaults of these loans.  Performing loans refer to loans on which payments of interest and principal are less than 90 days past due.  Starting from the fourth quarter of 2016, the Company adjusted the calculation of M3+ net charge-off rate to better reflect the performance of loans. The related numbers reported in prior periods have been adjusted for comparison to the numbers as of December 31, 2016. The adjusted "M3+ net charge-off rate," with respect to loans facilitated during a specified time period, which we refer to as a vintage, is defined as the difference between (i) the total balance of outstanding principal of loans that become over three months delinquent during a specified period and (ii) the total amount of recovered past due payments of principal and accrued interest in the same period with respect to all loans in the same vintage that have ever become over three months delinquent, divided by (iii) the total initial principal of the loans facilitated in such vintage.
Other Operating Metrics and Business Results
-- As of December 31, 2016, Yirendai had facilitated RMB 32.3 billion (US$4.7 billion) of loans on the Yirendai online marketplace since its inception in 2012. -- As of December 31, 2016, remaining principal of performing loans totaled RMB 20.8 billion (US$3.0 billion), increased by 22% from RMB 17.0 billion as of September 30, 2016 and 132% from RMB 9.0 billion as of December 31, 2015. -- In the fourth quarter of 2016, the Yirendai platform facilitated loans for 110,785 borrowers, 57% of whom were acquired from online channels. -- Total amount of loans facilitated in the fourth quarter of 2016 was RMB 6,675.2 million (US$961.4 million); 37% of the loans was originated from online channel, and 98.8% of the online volume was facilitated through Yirendai's mobile application. -- In the fourth quarter of 2016, the Yirendai platform facilitated loans for 194,505 investors, 100% of whom were acquired from online channels, with annual rates of return ranging from 5.00% to 11.25%. -- In the fourth quarter of 2016, loans made to Grade A, B, C, and D borrowers represented 4.3%, 3.2%, 4.7% and 87.8% of the Company's product portfolio, respectively.
Based on the information available as of the date of this press release, Yirendai provides the following outlook, which reflects the Company's current and preliminary view and is subject to change. The following outlook does not take into consideration the impact of stock-based compensation expenses.
First Quarter 2017
-- Total loans facilitated will be in the range of RMB 6,400 million to RMB 6,500 million (US$922 million to US$936 million). -- Total net revenue will be in the range of RMB 900 million to RMB 930 million (US$130 million to US$134 million). -- Adjusted EBITDA (non-GAAP) will be in the range of RMB 280 million to RMB 300 million (US$40 million to US$43 million).
Full Year 2017
-- Total loans facilitated will be in the range of RMB 33,000 million to RMB 35,000 million (US$4,753 million to US$5,041 million). -- Total net revenue will be in the range of RMB 4,400 million to RMB 4,600 million (US$634 million to US$663 million). -- Adjusted EBITDA margin (non-GAAP) will be in the range of 23% to 26%.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as fees billed and adjusted EBITDA as supplemental measures to review and assess operating performance. We believe that fees billed and adjusted EBITDA provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.
Effective April 1, 2016, the Company changed its reporting currency from US$ to RMB. The change in reporting currency is to reduce the impact of increased volatility of the RMB to the US$ exchange rate on the Company's reported operating results. The aligning of the reporting currency with the underlying operations will better depict the Company's results of operations for each period. Prior to April 1, 2016, the Company reported its annual and quarterly consolidated statement of operations, cash flow data and balance sheet in US$. In this announcement, the unaudited financial results for the quarter ended December 31, 2016 are stated in RMB. The related financial statements prior to April 1, 2016 have been recast to reflect RMB as the reporting currency for comparison to the financial results for the quarter and the year ended December 31, 2016.
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB 6.9430 to US$1.00, the effective noon buying rate for December 30, 2016 as set forth in the H.10 statistical release of the Federal Reserve Board.
Yirendai will host a conference call to discuss about its fourth quarter and full year 2016 financial results at 8:00 AM U.S. Eastern Time on March 16, 2017, which corresponds to 8:00 PM Beijing/Hong Kong time on the same day.
The dial-in details for the live conference call are as follows:
International: 1-412-902-4272 U.S. Toll Free: 1-888-346-8982 Hong Kong Toll Free: 800-905945 China Toll Free: 4001-201203 Conference ID: Yirendai
A replay of the conference call will be available until March 23, 2017 by dialing:
International: 1-412-317-0088 U.S. Toll Free: 1-877-344-7529 Replay Access Code: 10101641
A live and archived webcast of the conference call will be available on Yirendai's website at yirendai.investorroom.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Yirendai's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to Yirendai's ability to attract and retain borrowers and investors on its marketplace, its ability to introduce new loan products and platform enhancements, its ability to compete effectively, PRC regulations and policies relating to the peer-to-peer lending service industry in China, general economic conditions in China, and Yirendai's ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE's continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in Yirendai's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Yirendai does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Yirendai Ltd. is a leading online consumer finance marketplace in China connecting investors and individual borrowers. The Company provides an effective solution to address largely underserved investor and individual borrower demand in China through an online platform that automates key aspects of its operations to efficiently match borrowers with investors and execute loan transactions. Yirendai deploys a proprietary risk management system, which enables the Company to effectively assess the creditworthiness of borrowers, appropriately price the risks associated with borrowers, and offer quality loan investment opportunities to investors. Yirendai's online marketplace provides borrowers with quick and convenient access to consumer credit at competitive prices and investors with easy and quick access to an alternative asset class with attractive returns. For more information, please visit yirendai.investorroom.com.
For investor and media inquiries, please contact:
Hui (Matthew) Li
Director of Investor Relations
Phone: +86 (0) 10-59001548
Phone: +1 (480) 614-3004
Unaudited Condensed Consolidated Statements of Operations (in thousands, except for share, per share and per ADS data, and percentages) For the Three Months Ended For the Year Ended -------------------------- ------------------ December September December December December December December 31, 2015 30, 2016 31, 2016 31, 2016 31, 2015 31, 2016 31, 2016 -------- -------- -------- -------- -------- -------- -------- RMB RMB RMB USD RMB RMB USD Net revenue: Loan facilitation services 436,149 848,322 1,036,630 149,306 1,278,539 3,133,423 451,307 Post-origination services 12,586 23,487 25,039 3,606 27,086 84,154 12,121 Others 2,881 4,902 9,441 1,360 8,014 20,414 2,940 ----- ----- ----- ----- ----- ------ ----- Total net revenue 451,616 876,711 1,071,110 154,272 1,313,639 3,237,991 466,368 ------- ------- --------- ------- --------- --------- ------- Operating costs and expenses: Sales and marketing 243,115 423,003 537,953 77,481 679,771 1,571,038 226,277 Origination and servicing 38,680 62,449 57,955 8,347 97,693 199,811 28,778 General and administrative 44,809 188,961 79,714 11,481 137,114 402,111 57,916 ------ Total operating costs and expenses 326,604 674,413 675,622 97,309 914,578 2,172,960 312,971 Interest income 3,114 9,778 14,778 2,128 4,799 36,843 5,306 Non operating income, net - 259 225 32 - 575 83 Income before provision for income taxes 128,126 212,335 410,491 59,123 403,860 1,102,449 158,786 Income tax expense/(benefit) 44,835 (131,946) 30,710 4,423 128,521 (13,949) (2,009) ------ -------- ------ ----- ------- ------- ------ Net income 83,291 344,281 379,781 54,700 275,339 1,116,398 160,795 ====== ======= ======= ====== ======= ========= ======= Weighted average number of ordinary 102,586,957 119,441,029 119,493,662 119,493,662 100,652,055 118,240,414 118,240,414 shares used in computing basic net income per share Basic income per share 0.8119 2.8824 3.1783 0.4578 2.7356 9.4418 1.3599 ====== ====== ====== ====== ====== ====== ====== Basic income per ADS 1.6238 5.7648 6.3566 0.9156 5.4712 18.8836 2.7198 ====== ====== ====== ====== ====== ======= ====== Weighted average number of ordinary 102,586,957 120,861,971 120,859,390 120,859,390 100,652,055 118,937,082 118,937,082 shares used in computing diluted net income per share Diluted income per share 0.8119 2.8485 3.1423 0.4526 2.7356 9.3865 1.3519 ====== ====== ====== ====== ====== ====== ====== Diluted income per ADS 1.6238 5.6970 6.2846 0.9052 5.4712 18.7730 2.7038 ====== ====== ====== ====== ====== ======= ====== Unaudited Condensed Consolidated Balance Sheets Cash and cash equivalents 846,120 1,106,262 968,225 139,453 846,120 968,225 139,453 Restricted cash 483,965 974,345 1,218,286 175,470 483,965 1,218,286 175,470 Loans at fair value 221,268 367,949 371,033 53,440 221,268 371,033 53,440 Held-to-maturity investments 30,000 172,500 98,917 14,247 30,000 98,917 14,247 Available-for-sale investments - 298,000 1,158,000 166,787 - 1,158,000 166,787 Other assets 608,650 1,111,946 968,927 139,555 608,650 968,927 139,555 Total assets 2,190,003 4,031,002 4,783,388 688,952 2,190,003 4,783,388 688,952 Liabilities from risk reserve fund guarantee 546,332 1,238,689 1,471,000 211,868 546,332 1,471,000 211,868 Payable to investors at fair value 252,907 355,340 418,686 60,303 252,907 418,686 60,303 Other liabilities 413,821 695,907 753,783 108,568 413,821 753,783 108,568 Total liabilities 1,213,060 2,289,936 2,643,469 380,739 1,213,060 2,643,469 380,739 Total equity 976,943 1,741,066 2,139,919 308,213 976,943 2,139,919 308,213 Unaudited Condensed Consolidated Cash Flow Data Net cash generated from operating activities 334,701 450,583 836,055 120,417 861,277 2,113,435 304,398 Net cash provided by/(used in) investing (194,918) (679,486) (807,744) (116,339) (282,589) (1,421,663) (204,762) activities Net cash (used in)/provided by financing 749,918 179,221 60,400 8,699 749,918 135,298 19,487 activities Effect of foreign exchange rate changes 359 1,323 17,193 2,476 101 29,356 4,228 Net increase/(decrease) in cash and cash 890,060 (48,359) 105,904 15,253 1,328,707 856,426 123,351 equivalents Cash, cash equivalents and restricted 440,025 2,128,966 2,080,607 299,670 1,378 1,330,085 191,572 cash, beginning of period Cash, cash equivalents and restricted 1,330,085 2,080,607 2,186,511 314,923 1,330,085 2,186,511 314,923 cash, end of period
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures (in thousands, except for number of borrowers, number of investors and percentages) For the Three Months Ended For the Year Ended -------------------------- ------------------ December September December December December December December 31, 2015 30, 2016 31, 2016 31, 2016 31, 2015 31, 2016 31, 2016 -------- -------- -------- -------- -------- -------- -------- RMB RMB RMB USD RMB RMB USD Operating Highlights: Amount of loans facilitated 3,301,547 5,617,485 6,675,240 961,435 9,557,613 20,277,927 2,920,629 Loans generated from online channels 1,135,590 2,275,473 2,462,791 354,716 3,152,272 7,745,724 1,115,616 Loans generated from offline channels 2,165,957 3,342,012 4,212,449 606,719 6,405,341 12,532,203 1,805,013 Fees billed 773,581 1,322,598 1,630,358 234,821 2,154,099 4,911,221 707,363 Remaining principal of performing loans 8,969,949 17,028,346 20,780,617 2,993,031 8,969,949 20,780,617 2,993,031 Remaining principal of performing loans 7,690,401 16,204,583 20,103,043 2,895,440 7,690,401 20,103,043 2,895,440 covered by risk reserve fund Number of borrowers 48,072 92,479 110,785 110,785 146,390 321,019 321,019 Borrowers from online channels 25,506 54,585 63,010 63,010 74,000 184,430 184,430 Borrowers from offline channels 22,566 37,894 47,775 47,775 72,390 136,589 136,589 Number of investors 177,501 177,499 194,505 194,505 326,055 597,765 597,765 Investors from online channels 177,501 177,499 194,505 194,505 317,051 597,765 597,765 Investors from offline channels - - - - 9,004 - - Adjusted EBITDA 126,479 220,716 401,146 57,778 402,696 1,093,437 157,488 Adjusted EBITDA margin 28.0% 25.2% 37.5% 37.5% 30.7% 33.8% 33.8% Reconciliation of Net Revenues Fees billed: Transaction fees billed to borrowers 775,580 1,298,247 1,599,674 230,401 2,179,611 4,830,566 695,746 Upfront fees billed to borrowers 734,934 1,192,449 1,468,330 211,484 2,099,146 4,450,465 641,000 Monthly fees billed to borrowers 40,646 105,798 131,344 18,917 80,465 380,101 54,746 Service fees billed to investors 45,936 110,943 135,747 19,552 97,816 399,311 57,513 Others 3,053 5,196 10,007 1,441 8,489 21,639 3,117 Value-added tax (50,988) (91,788) (115,070) (16,573) (131,817) (340,295) (49,013) ------- ------- -------- ------- -------- -------- ------- Total fees billed 773,581 1,322,598 1,630,358 234,821 2,154,099 4,911,221 707,363 Stand-ready liabilities associated (244,329) (430,569) (528,852) (76,171) (682,254) (1,598,238) (230,194) with risk reserve fund Deferred revenue (73,074) (16,553) (18,545) (2,671) (117,484) (71,322) (10,272) Cash incentives (21,964) (24,074) (42,836) (6,170) (80,952) (98,173) (14,140) Value-added tax 17,402 25,309 30,985 4,463 40,230 94,503 13,611 Net revenues 451,616 876,711 1,071,110 154,272 1,313,639 3,237,991 466,368 ======= ======= ========= ======= ========= ========= ======= Reconciliation of EBITDA Net income 83,291 344,281 379,781 54,700 275,339 1,116,398 160,795 Interest income (3,114) (9,778) (14,778) (2,128) (4,799) (36,843) (5,306) Income tax expense 44,835 (131,946) 30,710 4,423 128,521 (13,949) (2,009) Depreciation and amortization 1,467 2,816 3,554 512 3,635 10,609 1,528 Share-based compensation - 15,343 1,879 271 - 17,222 2,480 Adjusted EBITDA 126,479 220,716 401,146 57,778 402,696 1,093,437 157,488 ------- ------- ------- ------ ------- --------- -------
Delinquency Rates Delinquent for -------------- 15-29 days 30-59 days 60-89 days ---------- ---------- ---------- December 31, 2013 0.2% 0.4% 0.3% December 31, 2014 0.3% 0.2% 0.2% December 31, 2015 0.4% 0.5% 0.4% December 31, 2016 0.4% 0.7% 0.6% Online Channels December 31, 2013 0.1% 0.9% 0.3% December 31, 2014 0.4% 0.3% 0.2% December 31, 2015 0.6% 0.8% 0.6% December 31, 2016 0.6% 1.0% 0.8% Offline Channels December 31, 2013 0.3% 0.2% 0.2% December 31, 2014 0.3% 0.2% 0.2% December 31, 2015 0.3% 0.4% 0.3% December 31, 2016 0.4% 0.6% 0.4%
Net Charge-Off Rate ------------------- Loan Pricing grade Amount of loans Accumulated M3+ Net Total Net Charge-Off issued facilitated during the Charge-Off as of Rate as of December 31, period period December 31, 2016 2016 ------ ------ ----------------- ---- (in RMB thousands) (in RMB thousands) 2013 A 258,322 18,517 7.2% B - - - C - - - D - - - --- Total 258,322 18,517 7.2% ===== ======= ====== === 2014 A 1,917,542 94,532 4.9% B 303,030 19,934 6.6% C - - - D 7,989 501 6.3% --- ----- --- --- Total 2,228,561 114,968 5.2% ===== ========= ======= === 2015 A 873,995 44,754 5.1% B 419,630 27,665 6.6% C 557,414 45,727 8.2% D 7,706,575 513,090 6.7% --- --------- ------- --- Total 9,557,613 631,236 6.6% ===== ========= ======= === 2016 A 1,111,974 2,684 0.2% B 755,132 4,686 0.6% C 1,417,430 14,465 1.0% D 16,993,392 159,457 0.9% --- ---------- ------- --- Total 20,277,927 181,292 0.9% ===== ========== ======= ===
Net Charge-Off Rate ------------------- Loan issued Month on Book period ------ 4 7 10 13 16 19 22 25 28 31 34 2013Q1 1.9% 3.2% 3.1% 2.3% 2.0% 0.9% 0.5% 0.5% 0.4% 0.4% 0.4% 2013Q2 1.8% 3.6% 4.5% 5.9% 6.4% 7.4% 6.1% 7.0% 7.5% 7.5% 7.8% 2013Q3 0.5% 2.8% 4.2% 5.5% 6.1% 6.5% 7.1% 7.1% 7.0% 6.9% 6.9% 2013Q4 0.7% 3.4% 4.8% 6.2% 6.8% 7.5% 8.3% 8.3% 8.2% 8.5% 8.3% 2014Q1 1.0% 4.2% 6.1% 7.0% 8.4% 9.3% 9.8% 9.7% 9.9% 9.8% 9.5% 2014Q2 0.5% 1.8% 2.6% 3.8% 4.3% 4.6% 4.6% 4.7% 4.7% 4.8% 2014Q3 0.2% 0.8% 2.0% 2.8% 3.3% 3.7% 4.0% 4.2% 4.2% 2014Q4 0.3% 1.5% 2.7% 3.5% 4.1% 4.6% 5.1% 5.2% 2015Q1 0.6% 2.7% 4.4% 5.8% 7.1% 8.2% 9.0% 2015Q2 0.5% 2.1% 3.7% 5.3% 6.6% 7.8% 2015Q3 0.2% 1.6% 3.4% 4.9% 6.5% 2015Q4 0.2% 1.6% 3.2% 4.9% 2016Q1 0.2% 1.3% 2.8% 2016Q2 0.2% 1.7% 2016Q3 0.1% ------ ---
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/yirendai-reports-fourth-quarter-and-full-year-2016-financial-results-300424157.htmlPhoto: https://mma.prnewswire.com/media/478773/Yirendai_Ltd.jpg Yirendai Ltd.
AURORA, Ohio, March 15, 2017 /PRNewswire/ -- TCP International Holdings Ltd. ("the Company") today announced that the Company has withdrawn its request to appeal the New York Stock Exchange's determination to delist TCPI's common stock. As a result, the NYSE notified the Company of its intention to apply to the Securities and Exchange Commission for delisting of TCPI's common stock, which will remove the common stock from listing and registration on the NYSE. The Company will continue to trade on the OTC Link, and the NYSE delisting will not affect the Company's day-to-day business operations.
TCP is a leading global manufacturer and distributor of energy efficient lighting technologies. TCP's extensive product offerings include LED and CFL lamps and fixtures and other energy efficient lighting products. TCP is a proud ENERGY STAR(R) partner of the U.S. Environmental Protection Agency. TCP's products are currently offered through thousands of retail and C&I distributors. Since TCP's inception, it has sold more than one billion energy efficient lighting products. For more information, visit http://www.tcpi.com.
Forward Looking Statements
Certain statements in this release may constitute forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While TCP believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein. Such forward-looking statements are made only as of the date of this release. TCP expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or changes in events, conditions or circumstances on which any statement is based.
Chief Financial Officer
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Web site: http://www.tcpi.com/
SAN JOSE, Calif., March 15, 2017 /PRNewswire/ -- Cypress Semiconductor Corporation ("Cypress") today announced that independent proxy advisory firm Glass, Lewis & Co., LLC ("Glass Lewis") has recommended that Cypress stockholders consent FOR the elimination of cumulative voting.
Glass Lewis is the second leading independent proxy advisory firm to recommend that Cypress stockholders consent FOR management's proposal to eliminate cumulative voting, following a recommendation issued by Institutional Shareholder Services ("ISS") on March 13, 2017, as previously announced.
The Company issued the following statement:
"We are pleased that Glass Lewis, another leading independent proxy advisory firm, has shown their full support of our decision to eliminate cumulative voting, an outcome that further highlights the potential risks stockholders face should this change not occur. We strongly urge stockholders to follow both ISS and Glass Lewis' recommendations and return the WHITE consent card."
As previously disclosed, Cypress began evaluating eliminating cumulative voting and adopting majority voting and proxy access prior to receiving the notice from Mr. Rodgers on February 3, 2017, that he was nominating two individuals for election at the Company's 2017 Annual Meeting of Stockholders.
In making its recommendation, Glass Lewis noted(1):
-- "...we believe the board has provided sufficient rationale for these governance changes and agree that shareholders overall will benefit from exchanging their cumulative voting rights in favor of majority voting and proxy access."
Cypress urges stockholders to act promptly to sign and return the WHITE consent card today. Even if you return the GOLD consent card at any point, you can still vote using Cypress' WHITE consent card. If you have any questions about executing or delivering your WHITE consent card or require assistance, please contact our consent solicitor, Okapi Partners at (212) 297-0720 or toll-free at (877) 285-5990.
Important Information and Where to Find It
The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company's 2017 annual meeting of stockholders (the "2017 Annual Meeting").
The Company plans to file a proxy statement with the SEC in connection with the solicitation of proxies for the 2017 Annual Meeting (the "2017 Proxy Statement"), together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE 2017 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the 2017 Proxy Statement and other materials to be filed with the SEC in connection with the 2017 Annual Meeting.
Stockholders will be able to obtain, free of charge, copies of the 2017 Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2017 Annual Meeting at the SEC's website (http://www.sec.gov), at the Company's website (https://www.cypress.com) or via the Company's Investor Relations portal (http://investors.cypress.com/contactus.cfm). In addition, copies of the proxy materials, when available, may be requested from the Company's proxy solicitor, Okapi Partners LLC, at (212) 297-0720 or toll-free at (877) 285-5990.
Statements herein that are not historical facts and that refer to Cypress or its subsidiaries' plans and expectations for the future are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. We may use words such as "may," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "future," "continue" or other wording indicating future results or expectations to identify such forward-looking statements that include, but are not limited to statements related to: our proposed governance changes, including changes regarding the removal of cumulative voting, the adoption of majority voting provisions and the adoption of proxy access provisions; our Cypress 3.0 strategy; the composition of our Board of Directors; our 2017 Annual Meeting; the Company's financial performance; our corporate governance policies and practices; our plans to file certain materials with the SEC; and the possible resolution of any pending legal proceedings. Such statements reflect our current expectations, which are based on information and data available to our management as of the date of this press release. Our actual results may differ materially due to a variety of risks and uncertainties, including, but not limited to: our inability to obtain stockholder approval on our proposed governance changes; the uncertainty of litigation; our ability to execute on our Cypress 3.0 strategy; global economic and market conditions; business conditions and growth trends in the semiconductor market; our ability to compete effectively; the volatility in supply and demand conditions for our products, including but not limited to the impact of seasonality on supply and demand; our ability to develop, introduce and sell new products and technologies; potential problems relating to our manufacturing activities; the impact of acquisitions, including but not limited to the continuing integration of Spansion and the recent acquisition of Broadcom's wireless IoT business; our ability to attract and retain key personnel; and other risks and uncertainties described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. We assume no responsibility to update any such forward-looking statements.
Founded in 1982, Cypress is a leader in advanced embedded system solutions for the world's most innovative automotive, industrial, home automation and appliances, consumer electronics and medical products. Cypress' programmable systems-on-chip, general-purpose microcontrollers, analog ICs, wireless and USB-based connectivity solutions and reliable, high-performance memories help engineers design differentiated products and get them to market first. Cypress is committed to providing customers with support and engineering resources that enable innovators and out-of-the-box thinkers to disrupt markets and create new product categories. To learn more, go to www.cypress.com.
Sard Verbinnen & Co
Ron Low/John Christiansen
Okapi Partners LLC
Bruce Goldfarb/Pat McHugh/Tony Vecchio
1) Permission to quote from the Glass Lewis report was neither sought nor obtained.
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REDWOOD SHORES, Calif., March 15, 2017 /PRNewswire/ -- Oracle today announced that Hearst, one of America's largest diversified media, information, and services companies with more than 360 businesses, has selected Oracle Cloud to provide its multitude of businesses with a common innovation platform to accelerate business growth and global expansion. With Oracle Cloud, Hearst will streamline, simplify, and standardize business processes across finance, procurement, and HR organizations and provide an intuitive, insightful, and engaging experience to its employees.
Part of a larger strategy to transform Hearst via cloud applications includes the company's digital transformation program, dubbed Project UniFi. It will take advantage of integrated Oracle Enterprise Resource Planning (ERP) Cloud, Oracle Enterprise Performance Management (EPM) Cloud, and Oracle Human Capital Management (HCM) Cloud solutions to deliver a modern, unified technology platform for accurate and up-to-date insight to drive timely decision making and achieve agility.
"Our enterprise portfolio of businesses and investments needs a strong, common foundation to efficiently integrate Hearst's diverse properties and future acquisitions," said Bill Kager, vice president of finance, Hearst. "Oracle's Cloud solutions will provide approximately 20,000 Hearst employees with human capital management, finance, and planning capabilities that will allow them to better communicate and execute their jobs."
Beginning with the U.S., Canada, and the U.K., the digital transformation program will subsequently extend globally, allowing for seamless incorporation of acquisitions and future growth. Oracle ERP Cloud and Oracle EPM Cloud will allow Hearst to manage finances with a consolidated view into business operations via powerful visualizations and reporting analytics for insightful decision making and integrated planning and budgeting.
Oracle HCM will provide a global common model for HR processes reducing manual and duplicative efforts and ensuring tight HR process integration to drive complete and impactful reporting and analytics on Hearst's diverse employee base. New employees will enjoy a superior onboarding experience, while everyone will get access to a simple, scalable, and intuitive user experience with mobile and self-service capabilities.
"We are very pleased to have a trend setting company such as Hearst join our fast-growing community of Oracle cloud customers who are achieving transformative business outcomes with one of the industry's most complete, secure, and connected set of enterprise-grade cloud applications," said Steve Miranda, executive vice president of applications development. "Our innovative, best-of-breed ERP and HCM cloud solutions are uniquely positioned to spur agility and innovation while driving business value and supporting global growth."
Oracle delivers the industry's broadest suite of enterprise-grade cloud services, including Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Data as a Service (DaaS).
-- To learn more about Oracle ERP Cloud, follow @oracleerpcloud on Twitter, and join the Facebook conversation at Oracle ERP Cloud -- To learn more about Oracle EPM Cloud, follow @OracleEPMCloud on Twitter, and join the Facebook conversation at Oracle EPM Cloud -- To learn more about Oracle HCM Cloud, follow @OracleHCM on Twitter or Facebook, or read the Modern HR in the Cloud blog
Hearst is one of the nation's largest diversified media, information and services companies with more than 360 businesses. Its major interests include ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN; majority ownership of global ratings agency Fitch Group; Hearst Health, a group of medical information and services businesses; 30 television stations such as WCVB-TV in Boston and KCRA-TV in Sacramento, Calif., which reach a combined 19 percent of U.S. viewers; newspapers such as the Houston Chronicle, San Francisco Chronicle and Albany Times Union, nearly 300 magazines around the world including Cosmopolitan, ELLE, Harper's BAZAAR and Car and Driver; digital services businesses such as iCrossing and KUBRA; and investments in emerging digital and video companies such as BuzzFeed, Vice, Complex Networks and AwesomenessTV. Follow us on Twitter @HearstLive and @Hearst, and subscribe to Hearstlink.
Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services. For more information about Oracle , visit www.oracle.com.
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
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CONTACT: Joann Wardrip, Oracle, +1.650.607.1343, firstname.lastname@example.org,
Paul Luthringer, Hearst, +1.212.649.2540, email@example.com
Web site: http://www.oracle.com/
NUREMBERG, Germany, March 15, 2017 /PRNewswire/-- embedded world 2017, Hall 4, Stands 325 and 629 -- Green Hills Software, the largest independent software vendor for the Internet of Things (IoT), and Imagination Technologies (IMG.L) announce expanded Green Hills tools support for MIPS CPUs with availability of the Green Hills INTEGRITY(R) RTOS for the MIPS I6400 CPU. The combination provides a highly efficient solution for Advanced Driver Assistance Systems (ADAS) and autonomous vehicles, networking, and other applications which require maximum reliability, security, and real-time performance.
The flagship of Green Hills Software operating systems, the INTEGRITY RTOS is built around a partitioning architecture designed to provide embedded systems with the highest levels of reliability, security, and real-time performance. It uses hardware memory protection to isolate and protect embedded applications through creation of secure partitions which guarantee each task the resources it needs to run correctly and fully protect the operating system and user tasks from errant and malicious code.
The 64-bit MIPS I6400 CPU features real-time hardware virtualization (VZ) capability which enables designers to save costs by safely and securely consolidating multiple CPU cores into a single core, save power where multiple cores are required, and dynamically and deterministically allocate CPU bandwidth per application. In the I6400, this is combined with simultaneous multi-threading (SMT) which provides higher utilization and CPU efficiency. The combination of SMT with VZ offers the benefits of security by isolation while minimizing context switching overhead.
"This latest development builds on the already broad compiler and tool support we offer for MIPS architectures and cores," says Tim Reed, vice president, Advanced Products, Green Hills Software. "The combination of INTEGRITY with the MIPS I6400 provides a compelling value proposition. We're delighted to support joint customers in implementing the most reliable and secure MIPS-based solutions."
Says Jim Nicholas, EVP MIPS Processors: "With its popular embedded development solutions, Green Hills is a valued member of the MIPS ecosystem. Imagination's MIPS Warrior I-class CPUs are gaining solid traction in ADAS, industrial automation, HPC, networking and other applications. INTEGRITY support gives these customers peace of mind that their systems can achieve ultimate efficiency and trust."
In addition to INTEGRITY RTOS, MIPS CPU support from Green Hills Software includes its C/C++ compiler, assembler and linker, binary toolchain, MULTI(R) integrated development environment (IDE), Green Hills Probe, SuperTrace(TM) Probe and documentation. For information on Green Hills support for MIPS architectures and cores, visit http://www.ghs.com/products/mips_development.html.
Green Hills tools and compilers for MIPS architectures and cores, and the INTEGRITY RTOS for the I6400 CPU, are available from Green Hills today.
Imagination and Green Hills Software at Embedded World
Visit Imagination and Green Hills at embedded world at the Nuremberg Exhibition Centre:
-- Imagination: Hall 4 / Stand 629 -- Green Hills: Hall 4 / Stand 325
To access Imagination's press kit for embedded world 2017, please visit: https://imgtec.com/press-kit.
About Green Hills Software
Founded in 1982, Green Hills Software is the largest independent software vendor for the Internet of Things (IoT). In 2008, the Green Hills INTEGRITY-178 RTOS was the first and only operating system to be certified by NIAP (National Information Assurance Partnership comprised of NSA & NIST) to EAL 6+, High Robustness, the highest level of security ever achieved for any software product. Our open architecture integrated development solutions address deeply embedded, absolute security and high-reliability applications for the military/avionics, medical, industrial, automotive, networking, consumer and other markets that demand industry-certified solutions. Green Hills Software is headquartered in Santa Barbara, CA with European headquarters in the United Kingdom. Visit Green Hills Software at www.ghs.com.
About Imagination Technologies
Imagination is a global technology leader whose products touch the lives of billions of people across the globe. The company's broad range of silicon IP (intellectual property) includes the key processing blocks needed to create the SoCs (Systems on Chips) that power all mobile, consumer and embedded electronics. Its unique multimedia, processor and connectivity technologies enable its customers get to market quickly with complete and highly differentiated SoC platforms. Imagination's licensees include many of the world's leading semiconductor manufacturers, network operators and OEMs/ODMs who are creating some of the world's most iconic products. See: www.imgtec.com.
Green Hills, the Green Hills logo, MULTI, INTEGRITY and SuperTrace are trademarks or registered trademarks of Green Hills Software in the U.S. and/or internationally. Imagination Technologies, MIPS, OmniShield and the Imagination Technologies logo are trademarks or registered trademarks of Imagination Technologies Limited and/or its affiliated group companies in the United Kingdom and/or other countries. All other trademarks are the property of their respective owners.
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CONTACT: Green Hills Software, Barbel French, +1 805 965 6044,
firstname.lastname@example.org; or Imagination Technologies, UK: David Harold, +44 (0)1923
260 511, email@example.com; USA: Jen Bernier-Santarini, +1 408 530
Web site: http://www.ghs.com/
MOUNT GILEAD, N.C., March 15, 2017 /PRNewswire/ -- McRae Industries, Inc. reported consolidated net revenues for the second quarter of fiscal 2017 of $28,113,000 as compared to $28,801,000 for the second quarter of fiscal 2016. Net earnings for the second quarter of fiscal 2017 amounted to $1,633,000, or $0.68 per diluted Class A common share as compared to $1,399,000, or $0.58 per diluted Class A common share, for the second quarter of fiscal 2016.
Consolidated net revenues for the first six months of fiscal 2017 totaled $57,986,000 as compared to $60,531,000 for the first six months of fiscal 2016. Net earnings for the first six months of fiscal 2017 amounted to $3,160,000, or $1.31 per diluted Class A common share, as compared to net earnings of $3,394,000, or $1.40 per diluted Class A common share, for the first six months of fiscal 2016.
SECOND QUARTER FISCAL 2017 COMPARED TO SECOND QUARTER FISCAL 2016
Consolidated net revenues totaled $28.1 million for the second quarter of fiscal 2017 as compared to $28.8 million for the second quarter of fiscal 2016. Sales related to our western/lifestyle boot products for the second quarter of fiscal 2017 totaled $13.5 million as compared to $16.3 million for the second quarter of fiscal 2016. This 17% decrease in net revenues is primarily a result of decreased sales in our ladies fashion boots. As expected, the ladies western boots are declining to more historical levels and we continue to see softness in most sectors of our western/lifestyle boot products. Revenues from our work boot products grew approximately 13%, from $12.4 million for the second quarter of fiscal 2016 to $14.1 million for the second quarter of fiscal 2017 as the production of military boots related to our multiple government contracts continues to increase.
Consolidated gross profit for the second quarter of fiscal 2017 amounted to approximately $7.4 million as compared to $7.3 million for the second quarter of fiscal 2016. Gross profit as a percentage of net revenues was up from 25.5% for the second quarter of fiscal 2016 to 26.3% for the second quarter of fiscal 2017. This is primarily due to labor efficiencies gained and decreased overhead in the manufacturing of our military boots.
Consolidated selling, general and administrative ("SG&A") expenses totaled approximately $4.8 million for the second quarter of fiscal 2017 as compared to $5.1 million for the second quarter of fiscal 2016. This decrease in SG&A expenses resulted primarily from decreased expenditures for professional services, sales commissions, and heath insurance costs.
As a result of the above, the consolidated operating profit for the second quarter of fiscal 2017 amounted to $2.6 million as compared to $2.2 million for the second quarter of fiscal 2016.
FIRST SIX MONTHS FISCAL 2017 COMPARED TO FIRST SIX MONTHS FISCAL 2016
Consolidated net revenues for the first six months of fiscal 2017 totaled $58.0 million as compared to $60.5 million for the first six months of fiscal 2016. Our western and lifestyle product sales totaled $27.9 million for the first six months of fiscal 2017 as compared to $34.7 million for the first six months of fiscal 2016, with the decrease resulting from a softening in higher priced ladies fashion boots and most sectors of our western/lifestyle products. Net revenues from our work boot business grew from $25.7 million for the first six months of fiscal 2016 to $29.5 million for the first six months of fiscal 2017. This increase in work boot products net revenues resulted primarily from higher military boot shipments associated with our U. S. Government contracts.
Consolidated gross profit totaled $14.8 million for the first six months of fiscal 2017 as compared to $16.0 million for the first six months of fiscal 2016. Gross profit attributable to our western and lifestyle products totaled $9.9 million for the first six months of fiscal 2017, down from $12.5 million for the first six months of fiscal 2016. This decrease in gross profit is directly correlated with the decrease in sales. Our work boot products gross profit grew from $3.4 million for the first six months of fiscal 2016 to $4.8 million for the first six months of fiscal 2017. This increase was driven by the higher military boot shipments mentioned above.
Consolidated selling, general and administrative ("SG&A") expenses totaled approximately $9.8 million for the first six months of fiscal 2017 as compared to $10.6 million for the first six months of fiscal 2016. This decrease in SG&A expenses resulted primarily from decreased expenditures for professional services and sales commissions.
As a result of the above, the consolidated operating profit amounted to $5.0 million for the first six months of fiscal 2017 as compared to $5.4 million for the first six months of fiscal 2016.
Financial Condition and Liquidity
Our financial condition remained strong at January 28, 2017 as cash and cash equivalents totaled $23.4 million as compared to $15.7 million at July 30, 2016. Our working capital increased from $50.5 million at July 30, 2016 to $53.2 million at January 28, 2017.
We currently have two lines of credit totaling $6.75 million, all of which was fully available at January 28, 2017. One credit line totaling $1.75 million (which is restricted to one hundred percent of the outstanding receivables due from the Government) expires in January 2018. Our $5.0 million line of credit, which also expires in January 2018, is secured by the inventory and accounts receivable of our Dan Post Boot Company subsidiary. We believe that our current cash and cash equivalents, cash generated from operations, and available credit lines will be sufficient to meet our capital requirements for the remainder of fiscal 2017.
For the first six months of fiscal 2017, operating activities provided approximately $8.6 million of cash. Net earnings, as adjusted for depreciation, contributed approximately $3.8 million of cash. Accounts and notes receivable, as adjusted for valuation allowances, used approximately $1.8 million of cash as a result of timing of payments related to the western and work boot business. Decreased inventory levels in both of our boot businesses provided approximately $8.4 million of cash. Accounts payable, employee benefit distributions, accrued payroll and payroll taxes, and income tax payments used approximately $1.8 million of cash.
Net cash used by investing activities totaled approximately $0.3 million, primarily for a building improvements and manufacturing equipment.
Net cash used in financing activities totaled $0.6 million, which was used for dividend payments.
This press release includes certain forward-looking statements. Important factors that could cause actual results or events to differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements include: the effect of competitive products and pricing, risks unique to selling goods to the Government (including variation in the Government's requirements for our products and the Government's ability to terminate its contracts with vendors), changes in fashion cycles and trends in the western boot business, loss of key customers, acquisitions, supply interruptions, additional financing requirements, our expectations about future Government orders for military boots, loss of key management personnel, our ability to successfully develop new products and services, and the effect of general economic conditions in our markets.
McRae Industries, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) January 28, July 30, 2017 2016 ---- ---- ASSETS Current assets: Cash and cash equivalents $23,406 $15,673 Short term securities 377 501 Accounts and notes receivable, net 14,496 12,708 Inventories, net 19,596 27,944 Income tax receivable 22 897 Prepaid expenses and other current assets 365 433 --- --- Total current assets 58,262 58,156 ------ ------ Property and equipment, net 7,804 8,147 ----- ----- Other assets: Deposits 14 14 Long term securities 3,612 3,520 Real estate held for investment 3,627 3,602 Amounts due from split- dollar life insurance 2,288 2,288 Trademarks 2,824 2,824 ----- ----- Total other assets 12,365 12,248 ------ ------ Total assets $78,431 $78,551 ======= ======= McRae Industries, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) January 28, July 30, 2017 2016 ---- ---- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $2,621 $4,696 Accrued employee benefits 777 1,090 Accrued payroll and payroll taxes 891 1,207 Other 739 698 --- --- Total current liabilities 5,028 7,691 ----- ----- Shareholders' equity: Common Stock: Class A, $1 par value; authorized 5,000,000 shares 2,031 2,031 issued and outstanding, 2,031,188 and 2,030,658 shares, respectively Class B, $1 par value; authorized 2,500,000 shares; 387 388 issued and outstanding, 387,099 and 387,628 shares, respectively Unrealized losses on investments, net of tax (47) (59) Retained earnings 71,032 68,500 ------ ------ Total shareholders' equity 73,403 70,860 ------ ------ Total liabilities and shareholders' equity $78,431 $78,551 ======= =======
McRae Industries, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) (Unaudited) Three Months Ended Six Months Ended January 28, January 30, January 28, January 30, 2017 2016 2017 2016 ---- ---- ---- ---- Net revenues $28,113 $28,801 $57,986 $60,531 Cost of revenues 20,727 21,456 43,231 44,528 ------ ------ ------ ------ Gross profit 7,386 7,345 14,755 16,003 Selling, general and administrative expenses 4,813 5,115 9,777 10,571 ----- ----- ----- ------ Operating profit 2,573 2,230 4,978 5,432 Other income 61 104 155 193 --- --- --- --- Earnings before income taxes 2,634 2,334 5,133 5,625 Provision for income taxes 1,001 935 1,973 2,231 ----- --- ----- ----- Net earnings $1,633 $1,399 $3,160 $3,394 ====== ====== ====== ====== Earnings per common share: Diluted earnings per share(1): Class A 0.68 0.58 1.31 1.40 Class B NA NA NA NA Weighted average number of common shares outstanding: Class A 2,030,710 2,039,822 2,030,684 2,039,584 Class B 387,577 390,003 387,603 390,537 ------- ------- ------- ------- Total 2,418,287 2,429,825 2,418,287 2,430,121 --------- --------- --------- ---------
(1)Diluted earnings per share is calculated using the if- converted method, which assumes that all Class B common shares are converted into Class A common shares. Therefore, for Class A shares, distributed earnings with respect to Class A and all undistributed earnings are used to calculate diluted earnings per share. For Class B shares, distributed earnings with respect to Class B and no undistributed earnings are used to calculate diluted earnings per share. The current period calculation has been computed in accordance with the foregoing and the prior year calculation has been adjusted to correctly reflect this method.
McRae Industries, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended January 28, January 30, 2017 2016 ---- ---- Net cash provided by operating activities 8,617 (652) ----- ---- Cash Flows from Investing Activities: Purchase of land for investment (25) (11) Capital expenditures (274) (1,611) Purchase of securities 43 (67) --- --- Net cash used in investing activities (256) (1,689) ---- ------ Cash Flows from Financing Activities: Purchase of common stock - (29) Dividends paid (628) (631) ---- ---- Net cash used in financing activities (628) (660) ---- ---- Net (Decrease) Increase in Cash and Cash equivalents 7,733 (3,001) Cash and Cash Equivalents at Beginning of Year 15,673 15,437 ------ ------ Cash and Cash Equivalents at End of Year $23,406 $12,436 ======= =======
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mcrae-industries-inc-reports-earnings-for-the-second-quarter-and-first-six-months-of-fiscal-2017-300424197.htmlMcRae Industries, Inc.
CONTACT: D. Gary McRae, (910) 439-6147
Web site: http://www.mcraeindustries.com/
NEW YORK, March 15, 2017 /PRNewswire/ -- Pareteum Corporation , ("Pareteum" or the "Company"), a leading international provider of mobile networking software and services to the Mobile Network and Internet of Things markets, today announces the closing of its previously announced underwritten public offering of 2,333,334 shares of common stock at a public offering price of $1.50 per share together with the issuance of 1,166,667 five year warrants to purchase common stock with an exercise price of $1.87. In addition, the underwriters exercised the over-allotment option to purchase an additional 109,133 warrants to purchase common stock. The gross proceeds from the offering, excluding any proceeds on the exercise of the warrants, are expected to be approximately $3,500,000, before deducting the underwriting discount and estimated offering expenses.
The shares and warrants were offered by Pareteum Corporation pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission. A final prospectus supplement relating to the offering was with the SEC and is available on the SEC's website at http://www.sec.gov.
Joseph Gunnar & Co., LLC acted as sole book-running manager for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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. Copies of the final prospectus supplement relating to this offering may be obtained from Joseph Gunnar & Co., LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone 212-440-9600, email: firstname.lastname@example.org.
About Pareteum Corporation
Pareteum Corporation and its subsidiaries provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise, SaaS and IoT markets. Mobile Network Operator (MNO) customers include Vodafone, the world's second largest mobile operator by customer count, Zain, the 4th largest mobile operator in the world in terms of geographical presence and other Tier 1 operators, MVNO customers such as Lebara and Lowi, and partners including Cleartech and Expeto. For more information please visit: www.pareteum.com.
Forward Looking Statements:
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Pareteum's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about Pareteum's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of Pareteum may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Pareteum also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested in Pareteum's filings with the Securities and Exchange Commission, copies of which are available from the SEC or may be obtained upon request from Pareteum Corporation.
Investor Relations Contact:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pareteum-corporation-announces-closing-of-public-offering-300424399.htmlPhoto: https://mma.prnewswire.com/media/435599/Pareteum_Logo.jpg Pareteum Corporation
Web site: http://www.pareteum.com/
NACKA STRAND, Sweden, March. 15, 2017 /PRNewswire/ -- Today's decision by the Norwegian economic crime authority (Okokrim) to indict Ola Rollen, Hexagon's President and CEO, on insider trading charges stemming from investments unrelated to Hexagon doesn't change sentiments. For Ola Rollen and Hexagon, it's business as usual. The Board continues to confirm its trust and support in Rollen, stating that he will continue as Hexagon's President and CEO.
"I speak on behalf of the Board and everyone else who has given Ola fantastic support throughout this entire process - from his family to the Hexagon employee and shareholder base - that we stand united with Ola to see this ordeal through to the end," said Melker Schorling, Hexagon's Chairman of the Board. "I'm confident that the charges brought against Ola will be righted in the courts."
Gun Nilsson, Hexagon's Vice Chairman of the Board, and the Board stand firmly behind the expression of confidence given by Schorling. "It is without a doubt that Ola will continue as President and CEO during this period with the Board's full support," says Nilsson. "His handling of this frustrating ordeal and focus on Hexagon throughout this process show that he is an extraordinary leader."
Ola Rollen's lawyers, Christian B. Hjort and Erik Keiserud, issued the following statement: "We are disappointed in today's decision. We believe that the case against Ola Rollen is based on a misconception of the rules that apply. We remain convinced that the court will recognise there is no case against him."
"I will continue to lead Hexagon with full force for as long as the Board and our shareholders want me to," said Ola Rollen. "At this point the case is in the hands of my lawyers and will not distract me from fulfilling my duties as President and CEO for Hexagon."
Webcast and conference call
The series of facts and conclusions that have led to the Board's unwavering support for Ola Rollen will be presented on an audio webcast and conference call tomorrow 16 March at 10:00 CET (in English). Ola Rollen, Gun Nilsson, Christian B. Hjort (Rollen's lawyer), Hans Strandberg and Olle Kullinger (attorneys hired on behalf of Hexagon's Board), and Knut Bergo (Norway's leading expert on insider trading) will be available for questions.
When: Thursday 16 March at 10:00 CET
How to participate: Please call +46(0)8 5065 3937 (SWE), +44(0)20 3427 1901 (UK) or +1646 254 3361 (US) to participate in the conference call or go to hexagon.com to access the webcast
For further information, please contact:
Maria Luthstrom, Investor Relations Manager, Hexagon AB, +46-8-601-26-27, email@example.com
Kristin Christensen, Chief Marketing Officer, Hexagon AB, +1-404-554-0972, firstname.lastname@example.org
This information is information that Hexagon AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 20:00 CET on 15 March 2017.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
http://mb.cision.com/Main/387/2216023/643448.pdf Press release
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/full-support-reigns-for-hexagon-president-and-ceo-ola-rollen-despite-todays-indictment-decision-300424421.htmlHexagon
ELMA, N.Y., March 15, 2017 /PRNewswire/ -- Servotronics, Inc. a designer and manufacturer of servo-control components and other advanced technology products announced today the results of its operations for the year ended December 31, 2016.
Net income for the twelve month period ended December 31, 2016 was $1,753,000 (or $0.79 per share Basic and $0.76 Diluted) on revenues of $38,587,000 as compared to net income for the same period of 2015 of $4,597,000 (or $2.11 per share Basic and $2.03 Diluted) on revenues of $36,729,000 which included a previously disclosed insurance settlement related to an arbitration award. Excluding the non-recurring items, the Company's adjusted net income increased approximately 6% from $1,660,000 for the twelve-month period ended December 31, 2015 to $1,753,000 for the same period of 2016.
Gross profit for 2016 was $10.0 million, or 26.0% of revenue, compared with $9.1 million, or 24.7% of revenue for 2015. The increase in gross profit in dollars and as a percentage of revenue is primarily due to the mix of product sold as well as the realization of certain expected operational efficiencies attributable to increased production volumes for in-house and outsourced operations. Operating income for 2016 was $2.5 million, or 6.6% of revenue, compared to $2.2 million, or 6.0% of revenue for 2015.
"Our annual financial performance shows that the Company has again achieved record sales with an over 5% increase in revenues from 2015," observed Kenneth D. Trbovich, President. "The investments in our employees and equipment in 2016 have been made with a long-term outlook towards improving efficiencies and structural cost reductions at both the ATG and CPG. We continue to execute our strategy that we believe is building the foundation necessary for us to achieve our long-term goals for growth in sales and profitability."
On March 9, 2017, the Company sold certain unused commercial real property in Franklinville, New York for approximately $180,000. While the gain/loss on the sale is immaterial to the Company's financial statements, the elimination of the carrying costs (taxes, insurance, maintenance, etc.) associated with the property will reduce the CPG's operating expenses going forward.
Reconciliation of Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). The Company's management uses the non-GAAP measure "adjusted net income" in their analysis of the Company's performance. This measure, as used by Servotronics, adjusts net income determined in accordance with GAAP to reflect changes in financial results associated with the highlighted charges and income items. Management believes the presentation of this financial measure provides important supplemental information in evaluating the operating results of the Company and allows management to evaluate and compare the core operating performance of the Company from period to period by removing nonrecurring items that are not indicative of ongoing operating results. This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for net earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to net income determined in accordance with GAAP.
Included below is a reconciliation of non-GAAP adjusted financial measures to reported amounts ($000's omitted).
Twelve Months Ended December 31, Net Income reconciliation 2016 2015 As reported net income $1,753 $4,597 Non-GAAP adjustments, net of tax Non-recurring arbitration award expense - 33 Non-recurring insurance settlement related to arbitration - (2,970) --- ------ Non-GAAP adjusted net income $1,753 $1,660 ====== ====== Per share amounts: Non-GAAP adjusted net income per share (basic) $0.79 $0.76 ===== ===== Basic weighted average common shares 2,215 2,182 ===== =====
The Company is composed of two groups - the ATG and the CPG. The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications.
Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company's planned growth efforts and expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenue from fixed price contracts with agencies of the U.S. Government or their prime contractors. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today's global economy, including political risks, adverse changes in legal and regulatory environments, and difficulty in predicting defense appropriations, the introduction of new technologies and the impact of competitive products. the vitality of the commercial aviation industry and its ability to purchase new aircraft, the willingness and ability of the Company's customers to fund long-term purchase programs, and market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components, the Company's ability to accurately align capacity with demand, the availability of financing and changes in interest rates, the outcome of pending and potential litigation and the additional risks discussed in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE MKT
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/servotronics-inc-announces-2016-operating-results-300424498.htmlServotronics, Inc.
CONTACT: Nancy Magnuson, 1-716-655-5990, email@example.com
Web site: http://servotronics.com//
CHICAGO, March 15, 2017 /PRNewswire/ -- Envestnet, Inc. received three 2017 Family Wealth Report Awards at an awards dinner held at the Mandarin Oriental in New York City on March 2, 2017. The firm won in the Portfolio Management, Compliance and Outsourcing/Business Process Outsourcing categories.
"Envestnet is dedicated to delivering wealth management technology tools that help financial advisors enhance their value proposition and expand client offerings," said Jud Bergman, Chairman and CEO of Envestnet. "Our commitment to ongoing innovation is truly a team effort, and we're proud to be recognized for improvements to our integrated platform across several important areas of focus that help advisors strengthen client relationships and increase productivity."
Envestnet won Family Wealth Report Awards in the following categories:
-- Portfolio Management. Envestnet | Tamarac was recognized for the Advisor View((TM)) portfolio management and performance reporting application, which is part of the Advisor Xi((R)) web-based platform for Registered Investment Advisors (RIAs). Advisor View offers RIAs portfolio analysis, personal dashboards, customizable PDF reports and powerful billing capabilities. The client portal engages investor clients with custom, dynamic reports, account aggregation, personal financial management tools and a secure platform for communication. The award reflects the many enhancements made to Advisor View in the past year, including an innovative feature that enables advisors to create new accounts that are populated with percentages of the assets in other accounts. "We are very pleased to be honored for our focus on outstanding portfolio management and the caliber of the Advisor View application," said Stuart DePina, President of Envestnet | Tamarac. "This award is a testament to our team's dedication to implementing feedback from the advisors we serve so we can continually enhance Advisor View's capabilities." -- Compliance. Envestnet was recognized for integrating a solid compliance component into its robust turnkey platform. Prior to the announcement of the Department of Labor Fiduciary Rule, Envestnet began implementing initiatives to help advisors understand the implications and requirements of a fiduciary era. In 2016, Envestnet enhanced its wealth management platform to incorporate the requirements of the potential rule that will impact advisors in their client relationships, including the Best Interest Contract Exemption, disclosures and rationalization. -- Outsourcing/Business Process Outsourcing. Envestnet's wealth management platform was recognized for its range of offerings and ability to cover a broad spectrum of client needs. Updates in 2016 included Open ENV, which unbundled Envestnet's wealth management platform, and an enhanced Advisor Suite, which offers better user navigation, goal-based planning and household performance reporting. Advisors can also leverage Yodlee's data aggregation capabilities to aggregate clients' personal finances and utilize a sophisticated reporting dashboard that helps them make decisions that strengthen client relationships and improve business performance.
Now in their fourth year, the Family Wealth Report Awards recognize companies, teams and individuals from the global private banking, wealth management and advisor communities that have demonstrated innovation and excellence during the previous calendar year. An expert panel of judges was drawn from both private banks and trusted advisors/consultants to the sector.
"The firms who triumphed in these awards are all worthy winners, and I would like to extend my heartiest congratulations. These awards were judged solely on the basis of entrants' submissions and their response to a number of specific questions, which had to be answered focusing on the client experience, not quantitative performance metrics," said Stephen Harris, CEO of ClearView Financial Media and Publisher of Family Wealth Report. "That is a unique, and I believe, compelling feature. These awards recognise the very best operators in the private client industry, with 'independence', 'integrity' and 'genuine insight' the watchwords of the judging process - such that the awards truly reflect excellence in wealth management."
Envestnet, Inc. is the leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group. Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software for advisors. Envestnet | Retirement Solutions provides retirement advisors with an integrated platform that combines leading practice management technology, research and due diligence, data aggregation, compliance tools, fiduciary solutions and intelligent managed account solutions.
More than 54,000 advisors and 2,500 companies including: 16 of the 20 largest U.S. banks, 38 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisers, and hundreds of Internet services companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.
For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/envestnet-wins-three-2017-family-wealth-report-awards-300424303.htmlPhoto: https://mma.prnewswire.com/media/460346/Envestnet_Logo.jpg Envestnet, Inc.
CONTACT: Stephanie Simon, Weber Shandwick, (312) 988-2081,
Web site: http://www.envestnet.com/
CHICAGO, March 15, 2017 /PRNewswire/ -- CNA today announced it has launched a new Lawyers' Data Breach and Network Security Endorsement. The new endorsement is available as part of CNA's Lawyers' Professional Liability (LPL) policy.
"The Federal Bureau of Investigation has warned law firms that they are a major target of hackers," said Michael Furlong, Esq., Vice President, Underwriting, CNA Lawyers' Professional Liability Program. "CNA has responded to the increasing pressures of protecting sensitive data by creating this endorsement, which affords small law firms competitive insurance coverage for cyber-related events."
The CNA LPL policy provides coverage for client network damage claims up to the policy limit, as well as coverage up to $20,000 for certain costs associated with regulatory investigations arising from actual or alleged violations of privacy breach notice laws that occurred in the rendering of legal services.
For law firms with five or fewer attorneys, the Lawyers' Data Breach and Network Security Endorsement covers:
-- Network damage claims, up to the limit specified in the endorsement, brought by non-client third parties -- Reimbursement of certain expenses incurred in response to a privacy event, including forensics, notification, privacy breach notice compliance and credit monitoring services costs, up to the limit specified in the endorsement (10 percent of the network damage claim limit liability)
As the nation's leading insurance provider of Lawyers' Professional Liability insurance, CNA insures more lawyers than any other insurer. Insuring more than 50,000 law firms and 155,000 lawyers nationwide, CNA is the bar-endorsed Lawyers' Professional Liability insurer in Connecticut, Iowa, Louisiana, Massachusetts, New York and Pennsylvania.
For more information on the CNA Lawyers' Professional Liability policy and the new Lawyers' Data Breach and Network Security Endorsement, please contact Michael Furlong at 913-661-3159 or via email at Michael.Furlong@cna.com.
Serving businesses and professionals since 1897, CNA is the country's eighth largest commercial insurance writer and the 14th largest property and casualty company. CNA's insurance products include commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com. "CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities.
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Brandon Davis, 312-822-5167 / 312-834-6091
Sarah Pang, 312-822-6394 / 312-607-5544
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Web site: http://www.cna.com/
THALWIL, Switzerland, March 15, 2017 /PRNewswire/ -- u-blox (SIX: UBXN), a global leader in wireless and positioning modules and chips, today announces its financial results for 2016.
u-blox achieved solid top-line and bottom-line growth:
-- Consolidated revenue of u-blox was CHF 360.2 million in 2016, a growth of 6.5% as compared to 2015. -- Gross profit improved from CHF 155.0 million to CHF 167.1 million, with a continued strong gross profit margin of 46.4% in 2016. -- Operating profit (EBIT) increased from CHF 51.3 million to CHF 59.0 million, a growth of 15.0% as compared to 2015. -- EBITDA margin of 22.7%, EBIT margin of 16.4%. -- Net profit increased by 24.5% from CHF 37.1 million to CHF 46.2 million, representing a 12.8% net profit margin for 2016. -- Strong net cash generated from operating activities was CHF 93.6 million, representing 26.0% of revenue. -- Healthy balance sheet with a high equity ratio of 67.0%. -- The payout of a dividend of CHF 2.10 per share from capital reserves is to be proposed at the Annual General Meeting.
Overall growth continues
Consolidated Group revenues in 2016 showed continued growth, rising by CHF 21.9 million to CHF 360.2 million, or the equivalent of a 6.5% increase over the previous year. EBIT was up strongly by 15.0% compared with 2015 and stood at CHF 59.0 million. Nevertheless, revenue progress differed markedly from one geographical region to another.
Markets in Europe, the Middle East and Africa (EMEA) reported strong growth of 18.5%, with expansion across all areas and product ranges, especially for asset tracking and infrastructure applications. Europe, in particular, benefited from a notable upturn in demand for mobility solutions and smart metering, as well as telematics units for cars and trucks. The latter is driven by lively demand for in-vehicle connectivity and, on the automotive front, will undoubtedly profit from the upcoming mandatory eCall function in the car.
The Asian markets continued to benefit from a positive economic climate and reported a growth of 9.1%, especially in the consumer markets for wearables and personal trackers, where u-blox continued to develop new business. u-blox has also established a leading position in the region for UAVs (unmanned aerial vehicles, or drones) and continued to play a pioneering role in automotive applications for telematics and navigation. The industrial side of the operations profited from expansion in the telecoms industry.
Business in the Americas was negatively affected by events that included political uncertainty and slow business progress in the USA. Customers there delayed further investments into mobility solutions, and generally took a more prudent approach in launching new products. Despite this temporary setback, u-blox is confident that the design of several promising new products and ongoing demand for IoT solutions will see the region revert to robust growth in the months ahead.
Firmly on course towards intermediate goal
u-blox remains on course to achieve its medium-term goal of half-billion-dollar annual revenues. u-blox continuously expanded its workforce, particularly in R&D, to boost the innovation rate. The resulting capacity provided the impetus needed to create and announce a number of market leading new products.
One of the central reasons for u-blox's ongoing success is the company's ability to develop and market products that are geared precisely to the needs of specific markets. In this respect, 2016 was a milestone year: never before had the company announced so many new products. Last year's highlights included:
-- LARA-R3121: the first module and chipset from a single supplier. This product expressly underlines the strategy to become a leading semiconductor supplier in the wireless communication market. -- UBX-R3: a low-cost, low-energy consumption chip for a vast range of narrow-band IoT applications - and the chipset at the heart of LARA-R3121. -- NEO-M8U: the industry's first untethered dead reckoning module, which addresses the automotive sector and combines easy installation with optimum positioning capability. -- NEO-M8P: centimeter-level positioning accuracy for the mass market. -- NINA-B1: a Bluetooth-capable module that tracks mobile devices and equipment moving in confined spaces, such as at healthcare facilities and industrial plants.
u-blox is pleased to report that it remains firmly on course with its well-established strategy, which is founded on four discrete pillars: consolidation of its market position; ongoing technological development and innovation; operational excellence and strategic partnerships. u-blox continues to grow its business with regular launches of new and more sophisticated products. These include the launch of first LTE chipset for Category 1 and the LARA-R3 module based on this chipset. u-blox also announced the NANO-S100 module for wireless applications in the unlicensed spectrum, the new u-blox 8 platform together with high-precision products for positioning, and the expansion of its short-range product line for IoT applications. u-blox works untiringly to strengthen its global presence, in the quest for operational excellence and the increased efficiency that comes with economies of scale.
On the acquisition front, in January 2017 u-blox announced an asset deal with Shanghai-based SIMCom that expands u-blox's existing cellular product range and makes it a major supplier of cellular modules worldwide. The asset deal is due for completion in spring 2017.
u-blox operates in two segments:
-- Positioning and wireless productsu-blox develops and sells chips and modules for positioning and wireless connectivity that are used in automotive, industrial and consumer applications. Revenue was CHF 360.1 million for 2016 as compared to CHF 338.0 million in 2015. -- Wireless servicesu-blox also offers wireless communication technology services in terms of reference designs and software. In 2016, revenue for wireless services was CHF 26.0 million compared to CHF 26.1 million in 2015 (including intra-group revenue).
In 2016 based on billing location, Asia-Pacific generated 49.5%, EMEA 25.5% and Americas 25.0% of total revenue. u-blox was able to grow revenues in Asia Pacific by 9.1% to CHF 178.4 million and EMEA by 18.5% to CHF 91.7 million. In the Americas revenue decreased by 7.4% to CHF 90.2 million due to delayed investments of customers into mobility solutions and a more prudent approach by its customers in launching new products.
In 2016, the company made about 80% of its total revenue from 71 customers. u-blox's largest customer accounted for less than 6% of revenue. u-blox served over 5'700 customers and achieved global expansion into new regions and markets.
Increased gross profit
Gross profit increased by 7.8% to CHF 167.1 million in 2016 from CHF 155.0 million in 2015. Gross profit margin was 46.4% for 2016, increasing from 45.8% in 2015 because of a more favorable product mix.
Distribution and marketing activities
Distribution and marketing expenses increased in 2016 due to the expansion of the business. In 2016, distribution and marketing activities were CHF 32.0 million as compared to CHF 27.7 million in the previous year. As a percentage of revenue, distribution and marketing expenses were 8.9% in 2016 compared to 8.2% in 2015.
Research and product development
R&D expenses in 2016 were CHF 63.5 million as compared to CHF 65.0 million in 2015. As a percentage of revenue, R&D expenses in 2016 were 17.6% as compared to 19.2% in 2015. The percentage decreased because contrary to the previous year, there was no impairment of capitalized R&D expenses in 2016.
Share based payment
The share-based payment expenses recognized in 2016 were CHF 7.0 million as compared to CHF 4.4 million in 2015.
Growth of operating profit (EBIT)
Operating profit (EBIT) was CHF 59.0 million in 2016 as compared to CHF 51.3 million in the previous year. The growth rate from 2015 to 2016 was 15.0%. Operating profit (EBIT) margin was 16.4% and EBITDA margin was 22.7% in 2016.
Finance income and costs
Finance income was CHF 4.3 million. Finance costs were CH 1.7 million, mainly due to foreign exchange effects and interests for the bond.
Strong net cash generated from operating activities
In 2016, u-blox generated cash from operating activities in the amount of CHF 93.6 million as compared to CHF 74.7 million in 2015. A strong growth of 25.3% compared to previous year. Due to strict management inventory level and trade receivables decreased despite of the expansion of the business and higher revenues.
Main investing activities
Investments in property, plant and equipment and intangible assets increased to CHF 49.5 million in 2016 (2015: CHF 43.0 million). As a percentage of sales, the investment ratio remained stable at 13.7% in 2016 (2015: 12.7%).
With the continued expansion of the R&D pipeline and the increased number of development projects for all product categories, the investments into capitalized development costs increased to CHF 37.2 million (2015: CHF 27.0 million). Additionally CHF 1.2 million (2015: CHF 5.9 million) was invested into intellectual property rights and CHF 1.4 million (2015: CHF 1.6 million) into software. In 2016, CHF 9.7 million of investments were used for property, plant and equipment (2015: CHF 8.4 million).
u-blox invested 77.5% of total investments (2015: 76.7%) into the development of new products and 2.9% of total investments were invested into capacity expansion (2015: 0.9%).
In 2016 u-blox paid dividends of CHF 12.9 million and received proceeds from the issuance of ordinary shares connected with the employee share option plan of CHF 3.4 million.
Strong financial position
u-blox has a very strong balance sheet with an equity ratio of 67.0%. Cash, cash equivalents, and marketable securities amounted to CHF 157.1 million at December 31, 2016, compared to CHF 124.0 million at December 31, 2015.
Goodwill decreased due to changes in EUR/CHF exchange rate from CHF 56.7 million in 2015 to CHF 54.1 million or 12.7% of total assets in 2016.
On the basis of this strong financial position and the positive outlook, the Board of Directors proposes at the Annual General Meeting to pay out dividends. For this year an increased dividend of CHF 2.10 per share is suggested, which represents a payout ratio of 31.1% of consolidated net profit, attributable to owners of the parent.
Challenges and risks
The risks that confront a high-technology company like u-blox in a global environment are many, and u-blox takes prudent measures to safeguard its own operations and those of its customers. First and foremost of these is the continued development and marketing of the leading products its customers can rely on to meet their precise needs, which means keeping a close eye on and predicting technological development. Secondly, u-blox is keenly aware of the repercussions of currency exchange movements and ensures as far as possible that its production and operational expense in specific currencies is commensurate with revenues. And thirdly, u-blox has an extensive and expanding base of over 5700 customers, with no single one of them accounting for more than 6% of sales.
Board and management
During the period under review, Soo Boon Koh retired from the board. Her seat was taken by Gina Domanig, who holds triple (Swiss, US and French) nationalities. Gina Domanig is Managing Partner of Emerald Technology Ventures AG, a Member of the Board with Die Mobiliar Genossenschaft, Switzerland, and Chairman of the Board at the Energy Venture Forum, Switzerland.
u-blox plans to maintain its aim of continued profitable growth. To achieve this, u-blox needs to invest in new products and offer a wide range of chips and modules that meet the many needs of customers. These will consolidate its leading position and help to accelerate growth. As the Internet of Things continues to transform the course of the industry, u-blox is forging ahead with the development of the low-power, low-price modules required in countless applications with strong, continuously growing demand, while focusing on the three areas that cover the entire spectrum of communication needs: positioning, cellular and short range technology.
For positioning, u-blox has four primary lines designed for: standard precision (meter-level accuracy), high precision (centimeter to decimeter accuracy), dead reckoning (coverage in tunnels and urban canyons), and timing and frequency requirements.
For the cellular sector, u-blox offers an extensive range of modules covering all major standards: GSM; UMTS; CDMA; high-performance, multi-mode LTE modules; low data-rate, single-mode LTE; NB-IoT and RPMA. The integration of SIMCom's products will further enhance its market position.
The third element in its product strategy is short-range technology, covering low-energy Bluetooth for low data rates, Wi-Fi for high data rates and V2X modules for automotive safety applications.
For the current year, u-blox is targeting revenues of between CHF 485 million and CHF 515 million including the acquisition of SIMCom, with an operating profit (EBIT) of between CHF 60 million and CHF 65 million. These expectations exclude unforeseen economic adversity and budgeted exchange rates (USD/CHF: 1.00; EUR/CHF: 1.10).
u-blox plans to launch its second bond issue in 2017. The net proceeds of the issue will increase u-blox's financial flexibility, ensuring the Group's financing for the coming years.
Table 1: consolidated income statement
Table 2: consolidated statement of cash flows (condensed)
Table 3: consolidated statement of financial position (condensed)
For more information, please view the Annual Report 2016 and presentation slides online at:
-- Online annual report: https://report.u-blox.com/ -- Annual report (PDF): https://www.u-blox.com/en/investor-relations/reports -- Presentation: https://www.u-blox.com/en/investor-relations/presentations
Swiss u-blox (SIX:UBXN) is a global leader in wireless and positioning modules and chips for the automotive, industrial and consumer markets. u-blox solutions enable people, vehicles and machines to locate their exact position and communicate wirelessly over cellular and short range networks. With a broad portfolio of chips, modules and software solutions, u-blox is uniquely positioned to empower OEMs to develop innovative solutions for the Internet of Things, quickly and cost-effectively. With headquarters in Thalwil, Switzerland, u-blox is globally present with offices in Europe, Asia, and the USA.
Thomas Seiler, Chief Executive Officer
Phone: +41 44 722 74 22
Roland Jud, Chief Financial Officer
Phone: +41 44 722 74 25
Annual general meeting: April 25, 2017
Half year results 2017: August 26, 2017
This release contains certain forward-looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the u-blox Group to differ materially from those expressed or implied. These include risks related to the success of and demand for the Group's products, the potential for the Group's products to become obsolete, the Group's ability to defend its intellectual property, the Group's ability to develop and commercialize new products in a timely manner, the dynamic and competitive environment in which the Group operates, the regulatory environment, changes in currency exchange rates, the Group's ability to generate revenues and profitability, and the Group's ability to realize its expansion projects in a timely manner. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this report. u-blox is providing the information in this release as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise.
This press release is published in German and English. Should the German translation differ from the English original, the English version is binding.
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Web site: http://www.u-blox.com/
WILSONVILLE, Ore., March 15, 2017 /PRNewswire/ -- Mentor Graphics Corp. today announced that TSMC has certified the Calibre(R) Platform (Calibre nmDRC(TM), Calibre Multi-Patterning, Calibre nmLVS(TM), Calibre YieldEnhancer with SmartFill, and Calibre xACT(TM) tools), as well as the Analog FastSPICE (AFS(TM)) Circuit Verification Platform, for the most current version of the 12FFC process. In addition, the Calibre Platform (Calibre nmDRC, Calibre Multi-Patterning, Calibre nmLVS, Calibre PERC(TM), and Calibre YieldEnhancer with SmartFill tools), the Nitro-SoC place and route (P&R) Platform, and the AFS Platform have been certified for the TSMC 7 nm V1.0 process.
The Calibre enablement suite is now available for the latest TSMC 12FFC process for customers' designs. In addition, the AFS Circuit Verification Platform, including AFS Mega, has achieved readiness for 12FFC technology and TSMC Modeling Interface (TMI) support.
For TSMC 7 nm, the full Calibre enablement has been updated to the V1.0 release level for customers' production design tapeouts. Throughout the various releases, TSMC and Mentor have worked to continuously improve Calibre DRC runtimes. The current V1.0 release has shown a significant runtime improvement compared with the initial releases.
Reliability is a critical success factor in many of today's electronics. TSMC and Mentor Graphics expanded their collaboration to the 7 nm process for comprehensive verification of electrostatic discharge (ESD) and latch-up issues that can affect reliable performance and product lifetime. This collaboration led, in part, to the development of a multi-CPU capability in the Calibre PERC tool that can be used for full point-to-point (P2P) resistance and current density (CD) checking.
Engineering change orders (ECOs) usually arrive late in the process flow, and often disrupt tapeout schedules. To accelerate our mutual customers' ability to achieve design closure, TSMC and Mentor Graphics partnered to expand the Calibre YieldEnhancer ECO fill flow from 20 nm down to the latest 7 nm technology. The ECO fill flow allows customers to quickly manage late-stage design changes while ensuring the changes remain in compliance with TSMC's manufacturing requirements.
The AFS Platform, including the AFS Mega circuit simulator, has been certified for the TSMC 7 nm V1.0 process. Analog, mixed-signal, and RF design teams at leading semiconductor companies worldwide benefit from using the AFS platform to efficiently verify their chips designed in the latest TSMC technologies.
Mentor's Nitro-SoC P&R Platform was enhanced to meet all TSMC 7 nm design enablement and certification requirements. Mentor also demonstrated its 7 nm readiness by the successful implementation of the ARM processor using the Nitro-SoC P&R Platform, which is now ready for customer deployment.
"Our ongoing collaboration with Mentor Graphics ensures that the EDA solutions and services our mutual customers need for successful manufacturability at every node are available and supported," said Suk Lee, TSMC senior director, Design Infrastructure Marketing Division, TSMC. "By working together, we combine the expertise of both companies to enable our customers' success."
"The partnership we enjoy with TSMC is critical not only in identifying the challenges new technologies bring, but also in developing solutions that ensure our joint customers can take advantage of the benefits of that new technology, while still delivering designs that are in compliance with TSMC's manufacturing requirements," said Joseph Sawicki, vice president and general manager of the Design to Silicon division at Mentor Graphics. "Our customers' success is the definition of our success."
About Mentor Graphics
Mentor Graphics Corporation is a world leader in electronic hardware and software design solutions, providing products, consulting services, and award-winning support for the world's most successful electronic, semiconductor, and systems companies. Established in 1981, the company reported revenues in the last fiscal year in excess of $1.18 billion. Corporate headquarters are located at 8005 S.W. Boeckman Road, Wilsonville, Oregon 97070-7777. World Wide Web site: http://www.mentor.com/.
(Mentor Graphics, Mentor, and Calibre are registered trademarks and nmDRC, nmLVS, PERC, xACT, and AFS are trademarks of Mentor Graphics Corporation. All other company or product names are the registered trademarks or trademarks of their respective owners.)
For more information, please contact:
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Web site: http://www.mentor.com/
LOS GATOS, Calif., March 15, 2017 /PRNewswire/ -- Netflix, Inc. today announced it will post its first-quarter 2017 financial results and business outlook on its investor relations website at http://ir.netflix.com on Monday, April 17, 2017, at approximately 1:05 p.m. Pacific Time. At that time the company will issue a brief advisory release via newswire containing a link to the first-quarter 2017 financial results and letter to shareholders on its website.
Netflix Chief Executive Officer Reed Hastings, Chief Financial Officer David Wells and Chief Content Officer Ted Sarandos will host a video discussion about the Company's financial results and business outlook at 2:00 p.m. Pacific Time. The discussion will be moderated by Doug Mitchelson, UBS, and Scott Devitt, Stifel, with questions submitted via email. Questions from investors should be submitted as well in advance as possible for inclusion to firstname.lastname@example.org or email@example.com.
The broadcast and archive of the discussion can be accessed on the Netflix Investor Relations YouTube channel at youtube.com/netflixir.
About Netflix, Inc.
Netflix is the world's leading Internet television network with over 93 million members in over 190 countries enjoying more than 125 million hours of TV shows and movies per day, including original series, documentaries and feature films. Members can watch as much as they want, anytime, anywhere, on nearly any Internet-connected screen. Members can play, pause and resume watching, all without commercials or commitments.
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CONTACT: IR, Spencer Wang, Vice President, Finance & Investor Relations,
408 809-5360, or PR, Jonathan Friedland, Chief Communications Officer, 310
Web site: http://www.netflix.com/
MELVILLE, N.Y., March 15, 2017 /PRNewswire/ -- In the era of high-risk security threats and data breaches, it is vital that governmental and public sector offices do all that they can to improve document security. To help customers meet this critical need, Canon U.S.A., a leader in digital imaging solutions, has announced the release of the imageFORMULA ScanFront 400 Common Access Card/Personal Identity Verification (CAC/PIV) networked document scanner, a highly secure compact device to easily capture, convert and distribute sensitive documents. The ScanFront 400 CAC/PIV takes advantage of access cards and personal identification verification to assist federal government departments in complying with assurance policies and mandates for digital data transfer.
"With the threat of data breaches ever growing in the twenty first century, it is crucial that those handling documents with sensitive and potentially confidential information do all that they can to protect themselves from letting this data fall into the wrong hands," said Toyotsugu Kuwamura, executive vice president and general manager, Business Imaging Solutions Group, Canon U.S.A., Inc. "The enhanced security features of Canon's imageFORMULA ScanFront 400 CAC/PIV networked document scanner will help those who handle and process this information to do so in a highly secure manner, giving them the peace of mind that the documents they process are only accessible to the intended audience."
Secure document scanning is vital to organizations looking to increase efficiency, reduce fraud and protect privacy of their employees and clients. The imageFORMULA ScanFront 400 CAC/PIV scanner allows for use of Common Access Cards (CACs), typically issued by the United States Department of Defense, and Personal Identification Verification (PIV) cards through a special card reader to manage access to the device, as well as required password entry for physical usage. The device also allows for the document data encryption to be sent via e-mail as well as the ability to apply digital signatures with non-repudiation for further security.
With the imageFORMULA ScanFront 400 CAC/PIV scanner, users will experience scan speeds up to 45 ppm for simplex and up to 90 ipm for duplex.(1) The ScanFront 400 CAC/PIV scanner offers true versatility with its ability to handle a variety of document types with precision, including plastic identification cards, passports and long documents. Utilizing advanced features such as Auto Color Detection, the imageFORMULA ScanFront 400 CAC/PIV scanner provides users with dependable and accurate scanning to capture original documents effectively and with clarity. The device also allows for a more streamlined workflow through the ability to pre-program repetitive tasks and the ability to send information simultaneously to a variety of locations, including e-mail, shared folders and FTP servers.
Featuring a larger color LCD screen from the device's predecessor (10.1 inches), the imageFORMULA ScanFront 400 CAC/PIV scanner allows for a clear preview of the scanned documents to help ensure that the image was captured correctly. The device contains three USB ports to allow users to connect the necessary CAC/PIV-compliant card reader. The USB ports also provide users with the ability to connect additional USB peripherals such as keyboard and mouse. Given the sensitivity of the information processed by the device, the ScanFront 400 CAC/PIV scanner features a built-in Kensington lock slot to help protect the device itself.
The Canon imageFORMULA ScanFront 400 CAC/PIV is now available to customers and through Canon authorized dealers.
To learn more about Canon's image capture solutions, please visit www.usa.canon.com/scanners.
About Canon U.S.A., Inc.
Canon U.S.A., Inc., is a leading provider of consumer, business-to-business, and industrial digital imaging solutions to the United States and to Latin America and the Caribbean markets. With approximately $29 billion in global revenue, its parent company, Canon Inc. , ranks third overall in U.S. patents granted in 2016.(**) Canon U.S.A. is committed to the highest level of customer satisfaction and loyalty, providing 100 percent U.S.-based consumer service and support for all of the products it distributes in the United States. Canon U.S.A. is dedicated to its Kyosei philosophy of social and environmental responsibility. In 2014, the Canon Americas Headquarters secured LEED(R) Gold certification, a recognition for the design, construction, operations and maintenance of high-performance green buildings. To keep apprised of the latest news from Canon U.S.A., sign up for the Company's RSS news feed by visiting www.usa.canon.com/rss and follow us on Twitter @CanonUSA. For media inquiries, please contact firstname.lastname@example.org.
(** )Based on weekly patent counts issued by United States Patent and Trademark Office.
(1) Examples based on typical settings, rated in pages/images per minute with letter-sized documents, portrait feeding direction, up to 200 dpi.
Canon U.S.A. Web site:
For sales information/customer support:
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CONTACT: Andrew Berger, Canon U.S.A., Inc., 631.330.2403,
Web site: http://www.usa.canon.com/
INDIANAPOLIS, March 15, 2017 /PRNewswire/ -- TagStation LLC and Nielsen have reached an agreement to evaluate TagStation's NextRadio data. The NextRadio app delivers over-the-air FM broadcasts to the consumer's smartphone and captures precise data about a radio station's listeners. TagStation and Nielsen will explore methods to incorporate NextRadio listening data into Nielsen's audio datasets, potentially paving the way for future big data integrations for the radio industry.
NextRadio provides a rich digital and interactive experience for more than 16,000 FM stations. The NextRadio app has more than 11 million downloads from the Google Play Store and it is supported on nearly 100 mobile devices.
"Nielsen is focused on measuring consumers across all platforms and distribution paths; this is a critical element of Nielsen Total Audience strategy for Audio," said Brad Kelly, Managing Director of Nielsen Audio. "NextRadio is a growing, high-profile, and industry-supported platform that has the potential to serve as a big data source for the radio industry. We are pleased to take this important step to unleash the power of big data in our core audio measurement services."
"We are excited to be working with Nielsen to identify the mutual benefits of our FM radio station listener data that will support the entire radio industry," said Paul Brenner, President of TagStation, the power behind NextRadio. "We have robust listening and user data that stations can use now to help them better understand their listener and listening share, and we look forward to positively contributing to radio measurement and Nielsen ratings in the future."
About TagStation, LLC
TagStation, LLC is a wholly owned subsidiary of Emmis Communications Corporation. TagStation, LLC has developed the TagStation((R) )service to provide radio stations with artist and title information and unique interactivity with listeners. With partial funding from NAB Labs, TagStation also developed the NextRadio((R)) hybrid radio smartphone app which uses TagStation((R)) cloud services to provide a rich FM radio listening experience on smartphones and tablets by combining the devices' built-in FM tuner and the internet. NextRadio, LLC is a wholly-owned subsidiary of TagStation, LLC and serves as the principal distributor of the NextRadio App. Founded in 2013, TagStation, LLC and NextRadio, LLC are headquartered in Indianapolis, IN with offices in Indianapolis and Chicago, IL. For more information, about TagStation((R)), visit TagStation.com. For more information about NextRadio((R)), visit NextRadioApp.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tagstation-llc-and-nielsen-enter-into-a-data-evaluation-agreement-for-nextradio-300424225.htmlTagStation LLC
CONTACT: Press contact: Maura Kautsky, email@example.com,
SAN JOSE, Calif., March 15, 2017 /PRNewswire/ -- T.J. Rodgers, founder and former CEO, President and Director of Cypress Semiconductor Corp. ("Cypress" or "the Company"), and the Company's largest individual stockholder, and J. Daniel McCranie and Camillo Martino, nominees for election to the Cypress Board of Directors at the 2017 Annual Meeting of Stockholders (collectively "CypressFirst") today provided the following statement on the recommendation by Glass Lewis, a leading independent proxy advisory firm, regarding the Company's ongoing consent solicitation to amend its charter to eliminate cumulative voting in the election of directors ("Consent Solicitation"). Glass Lewis and Institutional Shareholder Services ("ISS") recommend that stockholders support this proposal, which would also have the effect of implementing majority voting in uncontested elections and a limited form of proxy access starting in 2018:
"While we have taken, and continue to take, no position regarding the Cypress consent solicitation itself, we are pleased that Glass Lewis has recognized the 'somewhat cynical nature of this consent solicitation.' Glass Lewis says that, 'it's not possible to ignore the unique timing of the Company's consent solicitation and these proposed amendments. By the Company's own admission, the removal of cumulative voting immediately prior to the proxy contest is an attempt to impede [Mr. Rodgers's] ability to oust incumbent board members at the 2017 annual meeting.' Moreover Glass Lewis, like ISS, questioned Cypress's approach to the vote on the proposals: '[t]he Company has essentially elected to bundle multiple amendments into a single proposal, a practice which we believe negatively limits shareholder rights as it prevents shareholders from judging each amendment on its own merits.'
"We share the concern of Glass Lewis about the 'bundling' of this proposal: 'the elimination of cumulative voting is a binding certificate amendment, but the rights gained by shareholders are bylaw amendments that could be altered or removed by the board at any time without further shareholder approval. In principal, we also object to proxy access being made contingent on other changes slightly tangential to the topic of shareholder nominations.'
"We believe the Cypress Board will benefit greatly from the addition of the two extraordinarily qualified candidates, semiconductor industry veterans Dan McCranie and Camillo Martino. Should Cypress stockholders follow the recommendations of ISS and Glass Lewis and vote to eliminate cumulative voting, we will run these nominees against the Company's conflicted executive chairman, Ray Bingham, and its lead independent director, Eric Benhamou, who needs to take responsibility for the Board's failures in governance and compensation. We believe Dan McCranie and Camillo Martino can help the Cypress Board in many ways to:
-- enhance stockholder value with their exceptional experience -- eliminate ethical and corporate governance violations -- restore compliance with the Cypress Code of Business Conduct and Ethics -- eliminate the conflict of interest created by Mr. Bingham's simultaneous employment as both the Company's current executive chairman and as a founding partner of a private equity buyout group funded and backed by the government of the People's Republic of China that focuses on acquisitions in the semiconductor industry -- eliminate the expensive executive chairman position which we believe is both unnecessary and excessively costly -- advise Cypress's Chief Executive Officer effectively without the millions of dollars of cash and equity compensation demanded by Mr. Bingham to serve as executive chairman -- and end the need for litigation in Delaware
"It's time for the Cypress Board to do what's right for Cypress and its stockholders by adding Dan McCranie and Camillo Martino as directors."
As has previously been stated, CypressFirst is NOT making any recommendation with respect to the Consent Solicitation and intends to vote their shares in proportion with the Company's other stockholders who have executed valid consents. CypressFirst has filed preliminary proxy materials with the SEC regarding the nomination of Dan McCranie and Camillo Martino for election at the Company's 2017 Annual Meeting. These materials can be accessed on the CypressFirst website (www.CypressFirst.com) or the SEC website (www.sec.gov).
For additional information or assistance, please contact MacKenzie Partners, Inc., the firm assisting Mr. Rodgers in his solicitation of proxies:
105 Madison Avenue
New York, New York 10016
Toll-Free (800) 322-2885
Additional Information and Where to Find It
T.J. Rodgers is the founding CEO of the Company. Rodgers, J. Daniel McCranie and Camillo Martino may be deemed to be participants in the solicitation of proxies from stockholders in connection with the 2017 Annual Meeting of Stockholders (the "Annual Meeting") of the Company and in connection with the solicitation of proxies to vote a consent on the Cypress Consent Solicitation. Rodgers has filed a preliminary Consent Information Statement, stockholder letter and accompanying GOLD proxy card in connection with the Cypress Consent Solicitation (the "CypressFirst Consent Information Statement"). Rodgers, McCranie and Martino have also filed a preliminary proxy statement (the "CypressFirst Proxy Statement") and accompanying proxy card with the Securities and Exchange Commission (the "SEC") in connection with his solicitation of proxies for the Annual Meeting.
Rodgers owns or controls voting of 8,727,619 shares of the Company's common stock. McCranie and Martino own 25,000 and 10,000 shares, respectively, of the Company's common stock. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, are included in the CypressFirst Proxy Statement and may be included in other relevant documents to be filed with the SEC in connection with the Annual Meeting or the CypressFirst Consent Information Statement filed with the SEC in connection with the Cypress Consent Solicitation.
Promptly after filing the definitive CypressFirst Proxy Statement with the SEC, Rodgers, McCranie and Martino intend to mail the definitive CypressFirst Proxy Statement and a proxy card pursuant to applicable SEC rules. STOCKHOLDERS ARE URGED TO READ THE CYPRESSFIRST PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT RODGERS, McCRANIE AND MARTINO HAVE FILED OR WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
STOCKHOLDERS ARE ALSO URGED TO READ THE CYPRESSFIRST CONSENT INFORMATION STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT RODGERS HAS FILED OR MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.
Stockholders may obtain, free of charge, copies of the definitive CypressFirst Proxy Statement, the CypressFirst Consent Information Statement and any other related documents filed by Rodgers with respect to the Company with the SEC in connection with the Annual Meeting or the Cypress Consent Solicitation at the SEC's website (http://www.sec.gov). In addition, copies of such materials, when available, may be requested free of charge from Rodgers's proxy solicitor, MacKenzie Partners, Inc., 105 Madison Avenue, New York, NY 10016 or toll-free at (800) 322-2855 or by email: CypressFirst@mackenziepartners.com.
About J. Daniel McCranie
J. Daniel McCranie is currently Chairman at ON Semiconductor Corp. and previously served as Non-Executive Chairman at Freescale Semiconductor, Inc. He has served on the Board of Directors at Mentor Graphics Corp. since 2012. He served on the Board of Directors of Cypress Semiconductor Corp. from 2005 through 2014. He has served as Chairman of Actel Corporation, Chairman of Virage Logic, Inc, Chairman of Xicor Corporation, and Board Director of California Microdevices, Inc. McCranie was previously employed as Executive Vice President- Sales & Applications by Cypress Semiconductor Corp., President & Chief Executive Officer by Virage Logic Corp., Vice President-Sales & Marketing by Cypress Semiconductor Corp., and Chairman, President & Chief Executive Officer by SEEQ Technology, Inc.
About Camillo Martino
Camillo Martino has served as a member of the Board of Directors of MagnaChip Semiconductor Corp. since August 2016. Martino has served as a member of the Board of Directors of VVDN Technologies, a private company, since March 2016 and as Vice Chairman of the Board of Directors of SAI Technology, Inc., a private company, since April 2015. Previously, he served as director and CEO of Silicon Image, Inc.; COO at SAI Technology Inc.; and President, CEO and Director of Cornice Inc. He also served as Executive Vice President and COO of chipmaker Zoran Corporation. His career began at National Semiconductor Corporation, where he held multiple positions over a nearly 14-year tenure at the Company.
About T.J. Rodgers
T.J. Rodgers co-founded Cypress Semiconductor Corporation in 1982 and served as the Company's President and Chief Executive Officer until April 2016 and as a member of its Board of Directors until August 2016. He is a former chairman of the Semiconductor Industry Association (SIA) and SunPower Corp. and currently sits on the boards of directors of high-technology companies, including Bloom Energy (fuel cells), Enphase (solar energy electronics), WaterBit (precision agriculture) and Enovix (silicon lithium-ion batteries). He has been honored for his foundational support over a 20-year period of the Second Harvest Food Bank of Santa Clara and San Mateo Counties and the California Association of African American Educators. Rodgers received his bachelor's degree from Dartmouth College, graduating as salutatorian with majors in chemistry and physics. He received his master's degree and Ph.D. in electrical engineering from Stanford University. While pursuing his Ph.D. degree, Rodgers invented the VMOS process technology, which he later licensed to American Microsystems, Inc.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/leading-independent-proxy-advisory-firm-glass-lewis-recommends-cypress-semiconductor-stockholders-vote-to-eliminate-cumulative-voting-300424163.htmlT.J. Rodgers
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REDWOOD SHORES, Calif., March 15, 2017 /PRNewswire/ -- Oracle Corporation today announced fiscal 2017 Q3 results. Total Revenues were $9.2 billion, up 2% in U.S. dollars and up 3% in constant currency. Non-GAAP Total Revenues were $9.3 billion, up 3% in U.S. dollars and up 4% in constant currency. Cloud software as a service (SaaS) and platform as a service (PaaS) revenues were $1.0 billion, up 73% in U.S. dollars and up 74% in constant currency. Non-GAAP SaaS and PaaS revenues were $1.1 billion, up 85% in U.S. dollars and up 86% in constant currency. Total Cloud Revenues, including infrastructure as a service (IaaS), were $1.2 billion, up 62% in U.S. dollars and up 63% in constant currency. Total Cloud and On-Premise Software Revenues were $7.4 billion, up 4% in U.S. dollars and up 5% in constant currency.
Operating Income was $3.0 billion and Operating Margin was 32%. Non-GAAP Operating Income was $3.9 billion, up 3% in U.S. dollars and up 4% in constant currency, and non-GAAP Operating Margin was 43%. Net Income was $2.2 billion while non-GAAP Net Income was $2.9 billion, up 6% in U.S. dollars and up 7% in constant currency. Earnings Per Share was $0.53, while non-GAAP Earnings Per Share was $0.69, up 7% in U.S. dollars. Without the impact of the U.S. dollar strengthening compared to foreign currencies, Oracle's reported GAAP Earnings Per Share would have been 1 cent higher.
Short-term deferred revenues were $7.4 billion, up 7% in U.S. dollars and constant currency compared with a year ago. Operating cash flow on a trailing twelve-month basis was $13.5 billion.
"The hyper-growth we continue to experience in the cloud has rapidly driven both our SaaS and PaaS businesses to scale," said Oracle CEO, Safra Catz. "On an annualized non-GAAP basis, our total cloud business has reached the $5 billion mark, and our SaaS and PaaS businesses grew at the astonishing rate of 85% in Q3. That growth and the resulting scale enabled our SaaS and PaaS businesses to increase non-GAAP gross margins to 65%. Our new, large, fast growing, high-margin cloud businesses are driving Oracle's total revenue and earnings up and improving nearly every important non-GAAP business metric you care to inspect; total revenue is up, margins are up, operating income is up, net income is up, EPS is up. Take a look. Q3 was a very strong quarter."
"Over the last year, we sold more new SaaS and PaaS than Salesforce.com, and we're growing more than 3 times faster," said Oracle CEO, Mark Hurd. "If these trends continue, where we are selling more SaaS and PaaS in absolute dollars AND growing dramatically faster, it's just a matter of when we catch and pass Salesforce.com in total cloud revenue."
"Both our SaaS and PaaS businesses are doing great, but I'm even more excited about our second generation IaaS business," said Oracle Chairman and CTO, Larry Ellison. "Our new Gen2 IaaS is both faster and lower cost than Amazon Web Services. And now our biggest customers can run their largest and most demanding Oracle database workloads in the Oracle Cloud - something that is absolutely impossible to do in the Amazon Cloud."
Oracle also announced that its Board of Directors declared a quarterly cash dividend of $0.19 per share of outstanding common stock, reflecting a 27% increase over the current quarterly dividend of $0.15. Larry Ellison, Oracle's Chairman of the Board, Chief Technology Officer and largest stockholder, did not participate in the deliberation or the vote on this matter. This increased dividend will be paid to stockholders of record as of the close of business on April 12, 2017, with a payment date of April 26, 2017.
Q3 Fiscal 2017 Earnings Conference Call and Webcast
Oracle will hold a conference call and webcast today to discuss these results at 2:00 p.m. Pacific. You may listen to the call by dialing (816) 287-5563, Passcode: 425392. To access the live webcast, please visit the Oracle Investor Relations website at http://www.oracle.com/investor. In addition, Oracle's Q3 results and Fiscal 2017 financial tables are available on the Oracle Investor Relations website.
A replay of the conference call will also be available by dialing (855) 859-2056 or (404) 537-3406, Passcode: 83283985.
Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services. For more information about Oracle , visit www.oracle.com/investor or contact Investor Relations at email@example.com or (650) 506-4073.
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.
"Safe Harbor" Statement: Statements in this press release relating to Oracle's future plans, expectations, beliefs, intentions and prospects, including statements regarding our growth in SaaS, PaaS and total cloud revenue and expected future sales compared to competitors are all "forward-looking statements" and are subject to material risks and uncertainties. Many factors could affect our current expectations and our actual results, and could cause actual results to differ materially. We presently consider the following to be among the important factors that could cause actual results to differ materially from expectations: (1) Our cloud computing strategy, including our Oracle Cloud SaaS, PaaS, IaaS and data as a service offerings, may not be successful. (2) If we are unable to develop new or sufficiently differentiated products and services, or to enhance and improve our products and support services in a timely manner or to position and/or price our products and services to meet market demand, customers may not buy new software licenses, cloud software subscriptions or hardware systems products or purchase or renew support contracts. (3) If the security measures for our software, hardware, services or Oracle Cloud offerings are compromised or if such offerings contain significant coding, manufacturing or configuration errors, we may experience reputational harm, legal claims and financial exposure. (4) We may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, delays in delivery of new products or releases or a decline in our renewal rates for support contracts. (5) Our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses. (6) Economic, geopolitical and market conditions, including the continued slow economic recovery in the U.S. and other parts of the world, can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price. (7) We have an active acquisition program and our acquisitions may not be successful, may involve unanticipated costs or other integration issues or may disrupt our existing operations. A detailed discussion of these factors and other risks that affect our business is contained in our U.S. Securities and Exchange Commission (SEC) filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle Corporation's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on Oracle's Investor Relations website at http://www.oracle.com/investor. All information set forth in this press release is current as of March 15, 2017. Oracle undertakes no duty to update any statement in light of new information or future events.
ORACLE CORPORATION Q3 FISCAL 2017 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Three Months Ended % Increase (Decrease) % Increase February 28, % of February 29, % of (Decrease) in Constant 2017 Revenues 2016 Revenues in US $ Currency (1) ---- -------- ---- -------- ------- ----------- REVENUES Cloud software as a service and platform as a service $1,011 11% $583 6% 73% 74% Cloud infrastructure as a service 178 2% 152 2% 17% 19% --- --- --- --- Total cloud revenues 1,189 13% 735 8% 62% 63% ----- --- --- --- New software licenses 1,414 15% 1,680 18% (16%) (15%) Software license updates and product support 4,762 52% 4,669 52% 2% 3% ----- --- --- --- Total on-premise software revenues 6,176 67% 6,349 70% (3%) (2%) ----- --- --- --- Total cloud and on-premise software revenues 7,365 80% 7,084 78% 4% 5% ----- --- --- --- Hardware products 520 6% 604 7% (14%) (13%) Hardware support 508 5% 531 6% (4%) (3%) --- --- --- --- Total hardware revenues 1,028 11% 1,135 13% (9%) (9%) ----- --- --- --- Total services revenues 812 9% 793 9% 2% 3% --- --- --- --- Total revenues 9,205 100% 9,012 100% 2% 3% ----- ---- --- ---- OPERATING EXPENSES Sales and marketing 2,004 22% 1,903 21% 5% 6% Cloud software as a service and platform as a service 380 4% 292 3% 30% 32% Cloud infrastructure as a service 125 1% 88 1% 43% 44% Software license updates and product support 270 3% 293 3% (8%) (8%) Hardware products 290 3% 338 4% (14%) (14%) Hardware support 147 2% 171 2% (14%) (14%) Services 680 7% 657 7% 4% 4% Research and development 1,521 17% 1,419 16% 7% 8% General and administrative 241 3% 290 3% (17%) (15%) Amortization of intangible assets 397 4% 408 5% (3%) (3%) Acquisition related and other 30 0% 11 0% 187% 174% Restructuring 161 2% 115 1% 39% 42% --- --- --- --- Total operating expenses 6,246 68% 5,985 66% 4% 5% ----- --- --- --- OPERATING INCOME 2,959 32% 3,027 34% (2%) (1%) Interest expense (450) (5%) (360) (4%) 25% 25% Non-operating income, net 189 2% 65 0% 190% 187% --- --- --- --- INCOME BEFORE PROVISION FOR INCOME TAXES 2,698 29% 2,732 30% (1%) 0% ----- --- ----- --- Provision for income taxes 459 5% 590 6% (22%) (22%) --- --- --- --- NET INCOME $2,239 24% $2,142 24% 5% 6% ====== === ====== === EARNINGS PER SHARE: Basic $0.55 $0.51 Diluted $0.53 $0.50 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 4,107 4,182 Diluted 4,204 4,256 (1) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2016, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the three months ended February 28, 2017 compared with the corresponding prior year period decreased our revenues by 1 percentage point, operating expenses by 1 percentage point and operating income by 1 percentage point.
ORACLE CORPORATION Q3 FISCAL 2017 FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Three Months Ended % Increase (Decrease) % Increase (Decrease) in in US $ Constant Currency (2) ------- -------------------- February 28, February 28, February 29, February 29, GAAP Non-GAAP GAAP Non-GAAP 2017 2017 2016 2016 GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP ---- ---- -------- ---- ---- -------- TOTAL REVENUES $9,205 $69 $9,274 $9,012 $2 $9,014 2% 3% 3% 4% TOTAL CLOUD AND ON-PREMISE SOFTWARE REVENUES $7,365 $69 $7,434 $7,084 $2 $7,086 4% 5% 5% 6% Cloud software as a service and platform as a service 1,011 69 1,080 583 2 585 73% 85% 74% 86% Cloud infrastructure as a service 178 - 178 152 - 152 17% 17% 19% 19% New software licenses 1,414 - 1,414 1,680 - 1,680 (16%) (16%) (15%) (15%) Software license updates and product support 4,762 - 4,762 4,669 - 4,669 2% 2% 3% 3% TOTAL OPERATING EXPENSES $6,246 $(916) $5,330 $5,985 $(794) $5,191 4% 3% 5% 3% Sales and marketing (3) 2,004 (75) 1,929 1,903 (57) 1,846 5% 4% 6% 5% Cloud software as a service and platform as a service (4) 380 (6) 374 292 (4) 288 30% 30% 32% 31% Stock-based compensation (4) 247 (247) - 199 (199) - 24% * 24% * Amortization of intangible assets (5) 397 (397) - 408 (408) - (3%) * (3%) * Acquisition related and other 30 (30) - 11 (11) - 187% * 174% * Restructuring 161 (161) - 115 (115) - 39% * 42% * CLOUD SOFTWARE AS A SERVICE AND PLATFORM AS A SERVICE MARGIN % 62% 65% 50% 51% 1,245 bp. 1,450 bp. 1,231 bp. 1,434 bp. OPERATING INCOME $2,959 $985 $3,944 $3,027 $796 $3,823 (2%) 3% (1%) 4% OPERATING MARGIN % 32% 43% 34% 42% (144) bp. 12 bp. (131) bp. 19 bp. INCOME TAX EFFECTS (6) $459 $336 $795 $590 $207 $797 (22%) 0% (22%) 1% NET INCOME $2,239 $649 $2,888 $2,142 $589 $2,731 5% 6% 6% 7% DILUTED EARNINGS PER SHARE $0.53 $0.69 $0.50 $0.64 6% 7% 7% 8% DILUTED WEIGHTED AVERAGE COMMON 4,204 - 4,204 4,256 - 4,256 (1%) (1%) (1%) (1%) SHARES OUTSTANDING (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2016, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. (3) Non-GAAP adjustments to sales and marketing expenses were as follows: Three Months Ended ------------------ February 28, February 29, 2017 2016 ---- ---- Stock-based compensation (4) $(96) $(57) Acquired deferred sales commissions amortization 21 - Total non-GAAP sales and marketing adjustments $(75) $(57) (4) Stock-based compensation was included in the following GAAP operating expense categories: Three Months Ended Three Months Ended February 28, 2017 February 29, 2016 ----------------- ----------------- GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP ---- ---- -------- ---- ---- -------- Cloud infrastructure as a service $1 $(1) $ - $1 $(1) $ - Software license updates and product support 6 (6) - 6 (6) - Hardware products 2 (2) - 1 (1) - Hardware support 1 (1) - 1 (1) - Services 14 (14) - 7 (7) - Research and development 191 (191) - 154 (154) - General and administrative 32 (32) - 29 (29) - Subtotal 247 (247) - 199 (199) - Sales and marketing 96 (96) - 57 (57) - Cloud software as a service and platform as a service 6 (6) - 4 (4) - Acquisition related and other 22 (22) - - - - Total stock-based compensation $371 $(371) $ - $260 $(260) $ - (5) Estimated future annual amortization expense related to intangible assets as of February 28, 2017 was as follows: Remainder of fiscal 2017 $402 Fiscal 2018 1,362 Fiscal 2019 1,248 Fiscal 2020 1,058 Fiscal 2021 883 Fiscal 2022 779 Thereafter 2,056 Total intangible assets, net $7,788 (6) Income tax effects were calculated reflecting an effective GAAP tax rate of 17.0% and 21.6% in the third quarter of fiscal 2017 and 2016, respectively, and an effective non-GAAP tax rate of 21.6% and 22.6% in the third quarter of fiscal 2017 and 2016, respectively. The difference between our GAAP and non-GAAP tax rate in the third quarter of fiscal 2017 was primarily due to the net tax effects on stock-based compensation expense and acquisition related items, including the tax effects of amortization of intangible assets. The difference between our GAAP and non-GAAP tax rate in the third quarter of fiscal 2016 was primarily due to the net tax effects of acquisition related items, including the tax effects of amortization of intangible assets. * Not meaningful
ORACLE CORPORATION Q3 FISCAL 2017 YEAR TO DATE FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Nine Months Ended % Increase ----------------- % Increase (Decrease) February 28, % of February 29, % of (Decrease) in Constant 2017 Revenues 2016 Revenues in US $ Currency (1) ---- -------- ---- -------- ------- ----------- REVENUES Cloud software as a service and platform as a service $2,686 10% $1,517 6% 77% 79% Cloud infrastructure as a service 525 2% 477 2% 10% 13% --- --- --- --- Total cloud revenues 3,211 12% 1,994 8% 61% 63% ----- --- --- --- New software licenses 3,792 14% 4,509 17% (16%) (15%) Software license updates and product support 14,331 54% 14,048 53% 2% 3% ------ --- --- --- Total on-premise software revenues 18,123 68% 18,557 70% (2%) (2%) ------ --- --- --- Total cloud and on-premise software revenues 21,334 80% 20,551 78% 4% 5% ------ --- --- --- Hardware products 1,478 5% 1,746 7% (15%) (14%) Hardware support 1,559 6% 1,639 6% (5%) (4%) ----- --- --- --- Total hardware revenues 3,037 11% 3,385 13% (10%) (9%) ----- --- --- --- Total services revenues 2,464 9% 2,517 9% (2%) (1%) ----- --- --- --- Total revenues 26,835 100% 26,453 100% 1% 2% ------ ---- --- ---- OPERATING EXPENSES Sales and marketing 5,883 22% 5,578 21% 5% 6% Cloud software as a service and platform as a service 1,060 4% 847 3% 25% 27% Cloud infrastructure as a service 333 1% 268 1% 24% 26% Software license updates and product support 786 3% 877 3% (10%) (9%) Hardware products 775 3% 967 4% (20%) (19%) Hardware support 439 2% 526 2% (17%) (16%) Services 2,073 8% 2,058 8% 1% 2% Research and development 4,551 17% 4,253 16% 7% 8% General and administrative 859 3% 832 3% 3% 5% Amortization of intangible assets 1,010 4% 1,283 5% (21%) (21%) Acquisition related and other 84 0% 35 0% 141% 144% Restructuring 346 1% 293 1% 18% 21% --- --- --- --- Total operating expenses 18,199 68% 17,817 67% 2% 3% ------ --- --- --- OPERATING INCOME 8,636 32% 8,636 33% 0% 1% Interest expense (1,317) (5%) (1,105) (4%) 19% 19% Non-operating income, net 437 2% 179 0% 144% 141% --- --- --- --- INCOME BEFORE PROVISION FOR INCOME TAXES 7,756 29% 7,710 29% 1% 1% ----- --- ----- --- Provision for income taxes 1,653 6% 1,623 6% 2% 2% ----- --- --- --- NET INCOME $6,103 23% $6,087 23% 0% 1% ====== === ====== === EARNINGS PER SHARE: Basic $1.49 $1.43 Diluted $1.45 $1.41 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 4,110 4,246 Diluted 4,207 4,328 (1) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2016, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the nine months ended February 28, 2017 compared with the corresponding prior year period decreased our revenues by 1 percentage point, operating expenses by 1 percentage point and operating income by 1 percentage point.
ORACLE CORPORATION Q3 FISCAL 2017 YEAR TO DATE FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Nine Months Ended % Increase (Decrease) % Increase (Decrease) in in US $ Constant Currency (2) ------- -------------------- February 28, February 28, February 29, February 29, GAAP Non-GAAP GAAP Non-GAAP 2017 2017 2016 2016 GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP ---- ---- -------- ---- ---- -------- TOTAL REVENUES $26,835 $122 $26,957 $26,453 $8 $26,461 1% 2% 2% 3% TOTAL CLOUD AND ON-PREMISE SOFTWARE REVENUES $21,334 $121 $21,455 $20,551 $7 $20,558 4% 4% 5% 5% Cloud software as a service and platform as a service 2,686 120 2,806 1,517 6 1,523 77% 84% 79% 86% Cloud infrastructure as a service 525 - 525 477 - 477 10% 10% 13% 13% New software licenses 3,792 - 3,792 4,509 - 4,509 (16%) (16%) (15%) (15%) Software license updates and product support 14,331 1 14,332 14,048 1 14,049 2% 2% 3% 3% TOTAL HARDWARE REVENUES $3,037 $1 $3,038 $3,385 $1 $3,386 (10%) (10%) (9%) (9%) Hardware products 1,478 - 1,478 1,746 - 1,746 (15%) (15%) (14%) (14%) Hardware support 1,559 1 1,560 1,639 1 1,640 (5%) (5%) (4%) (4%) TOTAL OPERATING EXPENSES $18,199 $(2,395) $15,804 $17,817 $(2,376) $15,441 2% 2% 3% 3% Sales and marketing (3) 5,883 (199) 5,684 5,578 (163) 5,415 5% 5% 6% 6% Stock-based compensation (4) 756 (756) - 602 (602) - 26% * 26% * Amortization of intangible assets (5) 1,010 (1,010) - 1,283 (1,283) - (21%) * (21%) * Acquisition related and other 84 (84) - 35 (35) - 141% * 144% * Restructuring 346 (346) - 293 (293) - 18% * 21% * OPERATING INCOME $8,636 $2,517 $11,153 $8,636 $2,384 $11,020 0% 1% 1% 2% OPERATING MARGIN % 32% 41% 33% 42% (46) bp. (27) bp. (49) bp. (34) bp. INCOME TAX EFFECTS (6) $1,653 $823 $2,476 $1,623 $658 $2,281 2% 9% 2% 9% NET INCOME $6,103 $1,694 $7,797 $6,087 $1,726 $7,813 0% 0% 1% 1% DILUTED EARNINGS PER SHARE $1.45 $1.85 $1.41 $1.81 3% 3% 4% 3% DILUTED WEIGHTED AVERAGE COMMON 4,207 - 4,207 4,328 - 4,328 (3%) (3%) (3%) (3%) SHARES OUTSTANDING (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2016, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. (3) Non-GAAP adjustments to sales and marketing expenses were as follows: Nine Months Ended ----------------- February 28, February 29, 2017 2016 ---- ---- Stock-based compensation (4) $(228) $(163) Acquired deferred sales commissions amortization 29 - Total non-GAAP sales and marketing adjustments $(199) $(163) (4) Stock-based compensation was included in the following GAAP operating expense categories: Nine Months Ended Nine Months Ended February 28, 2017 February 29, 2016 ----------------- ----------------- GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP ---- ---- -------- ---- ---- -------- Cloud software as a service and platform as a service $17 $(17) $ - $13 $(13) $ - Cloud infrastructure as a service 3 (3) - 3 (3) - Software license updates and product support 18 (18) - 18 (18) - Hardware products 6 (6) - 4 (4) - Hardware support 3 (3) - 4 (4) - Services 31 (31) - 22 (22) - Research and development 574 (574) - 452 (452) - General and administrative 104 (104) - 86 (86) - Subtotal 756 (756) - 602 (602) - Sales and marketing 228 (228) - 163 (163) - Acquisition related and other 33 (33) - 3 (3) - Total stock-based compensation $1,017 $(1,017) $ - $768 $(768) $ - (5) Estimated future annual amortization expense related to intangible assets as of February 28, 2017 was as follows: Remainder of fiscal 2017 $402 Fiscal 2018 1,362 Fiscal 2019 1,248 Fiscal 2020 1,058 Fiscal 2021 883 Fiscal 2022 779 Thereafter 2,056 Total intangible assets, net $7,788 (6) Income tax effects were calculated reflecting an effective GAAP tax rate of 21.3% and 21.0% in the first nine months of fiscal 2017 and 2016, respectively, and an effective non-GAAP tax rate of 24.1% and 22.6% in the first nine months of fiscal 2017 and 2016, respectively. The difference between our GAAP and non-GAAP tax rate in the first nine months of fiscal 2017 was primarily due to the net tax effects on stock-based compensation expense and acquisition related items, including the tax effects of amortization of intangible assets. The difference between our GAAP and non- GAAP tax rate in the first nine months of fiscal 2016 was primarily due to the net tax effects of acquisition related items, including the tax effects of amortization of intangible assets. * Not meaningful
ORACLE CORPORATION Q3 FISCAL 2017 FINANCIAL RESULTS CONDENSED CONSOLIDATED BALANCE SHEETS ($ in millions) February 28, May 31, 2017 2016 ---- ---- ASSETS Current Assets: Cash and cash equivalents $19,748 $20,152 Marketable securities 39,604 35,973 Trade receivables, net 3,721 5,385 Inventories 391 212 Prepaid expenses and other current assets 2,547 2,591 -------------- Total Current Assets 66,011 64,313 Non-Current Assets: Property, plant and equipment, net 5,070 4,000 Intangible assets, net 7,788 4,943 Goodwill, net 42,504 34,590 Deferred tax assets 918 1,291 Other assets 3,091 3,043 ------------ Total Non-Current Assets 59,371 47,867 ------ ------ TOTAL ASSETS $125,382 $112,180 ======== ======== LIABILITIES AND EQUITY Current Liabilities: Notes payable and other borrowings, current $3,498 $3,750 Accounts payable 481 504 Accrued compensation and related benefits 1,516 1,966 Deferred revenues 7,388 7,655 Other current liabilities 2,907 3,333 -------------- Total Current Liabilities 15,790 17,208 Non-Current Liabilities: Notes payable and other borrowings, non-current 50,469 40,105 Income taxes payable 5,162 4,908 Other non- current liabilities 2,938 2,169 ----------- Total Non-Current Liabilities 58,569 47,182 Equity 51,023 47,790 ------ ------ TOTAL LIABILITIES AND EQUITY $125,382 $112,180 ======== ========
ORACLE CORPORATION Q3 FISCAL 2017 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Nine Months Ended ----------------- February 28, February 29, 2017 2016 ---- ---- Cash Flows From Operating Activities: Net income $6,103 $6,087 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 722 643 Amortization of intangible assets 1,010 1,283 Deferred income taxes 111 (143) Stock-based compensation 1,017 768 Tax benefits on the vesting of restricted stock-based awards and exercise of stock options 378 188 Other, net 96 116 Changes in operating assets and liabilities, net of effects from acquisitions: Decrease in trade receivables, net 1,673 1,746 (Increase) decrease in inventories (178) 87 Decrease in prepaid expenses and other assets 308 95 Decrease in accounts payable and other liabilities (862) (890) Decrease in income taxes payable (388) (112) (Decrease) increase in deferred revenues (330) 24 ---- --- Net cash provided by operating activities 9,660 9,892 ----- ----- Cash Flows From Investing Activities: Purchases of marketable securities and other investments (15,571) (21,549) Proceeds from maturities and sales of marketable securities and other investments 11,825 18,845 Acquisitions, net of cash acquired (10,406) (313) Capital expenditures (1,496) (1,009) ------ ------ Net cash used for investing activities (15,648) (4,026) ------- ------ Cash Flows From Financing Activities: Payments for repurchases of common stock (3,067) (8,467) Proceeds from issuances of common stock 1,309 802 Shares repurchased for tax withholdings upon vesting of restricted stock-based awards (237) (82) Payments of dividends to stockholders (1,844) (1,918) Proceeds from borrowings, net of issuance costs 13,932 - Repayments of borrowings (4,094) (2,000) Distributions to noncontrolling interests (200) (85) ---- --- Net cash provided by (used for) financing activities 5,799 (11,750) ----- ------- Effect of exchange rate changes on cash and cash equivalents (215) (249) ---- ---- Net decrease in cash and cash equivalents (404) (6,133) ---- ------ Cash and cash equivalents at beginning of period 20,152 21,716 ------ ------ Cash and cash equivalents at end of period $19,748 $15,583 ======= =======
ORACLE CORPORATION Q3 FISCAL 2017 FINANCIAL RESULTS FREE CASH FLOW - TRAILING 4-QUARTERS (1) ($ in millions) Fiscal 2016 Fiscal 2017 ----------- ----------- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 --- --- --- --- GAAP Operating Cash Flow $13,682 $13,113 $14,252 $13,685 $13,679 $14,249 $13,453 Capital Expenditures (1,636) (1,606) (1,606) (1,189) (1,042) (1,604) (1,676) ------ ------ ------ ------ ------ ------ ------ Free Cash Flow $12,046 $11,507 $12,646 $12,496 $12,637 $12,645 $11,777 ======= ======= ======= ======= ======= ======= ======= % Growth over prior year (20%) (22%) (8%) (5%) 5% 10% (7%) GAAP Net Income $9,501 $9,198 $8,844 $8,901 $8,986 $8,820 $8,917 Free Cash Flow as a % of Net Income 127% 125% 143% 140% 141% 143% 132% (1) To supplement our statements of cash flows presented on a GAAP basis, we use non- GAAP measures of cash flows on a trailing 4-quarter basis to analyze cash flow generated from operations. We believe free cash flow is also useful as one of the bases for comparing our performance with our competitors. The presentation of non- GAAP free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity.
ORACLE CORPORATION Q3 FISCAL 2017 FINANCIAL RESULTS SUPPLEMENTAL ANALYSIS OF GAAP REVENUES AND HEADCOUNT (1) ($ in millions) Fiscal 2016 Fiscal 2017 ----------- ----------- Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL -- --- --- --- ----- --- --- --- --- ----- REVENUES -------- Cloud software as a service and platform as a service $451 $484 $583 $690 $2,207 $798 $878 $1,011 $2,686 Cloud infrastructure as a service 160 165 152 169 646 171 175 178 525 ---------- --- --- --- --- --- --- --- Total cloud revenues 611 649 735 859 2,853 969 1,053 1,189 3,211 New software licenses 1,151 1,677 1,680 2,766 7,276 1,030 1,347 1,414 3,792 Software license updates and product support 4,696 4,683 4,669 4,814 18,861 4,792 4,777 4,762 14,331 ---------- ----- ----- ----- ----- ------ ----- ----- Total on-premise software revenues 5,847 6,360 6,349 7,580 26,137 5,822 6,124 6,176 18,123 ----- ----- ----- ----- ------ ----- ----- ----- ------ Total cloud and on-premise software revenues 6,458 7,009 7,084 8,439 28,990 6,791 7,177 7,365 21,334 Hardware products 570 573 604 725 2,471 462 497 520 1,478 Hardware support 558 550 531 558 2,197 534 517 508 1,559 ---------- --- --- --- --- ----- --- --- Total hardware revenues 1,128 1,123 1,135 1,283 4,668 996 1,014 1,028 3,037 Total services revenues 862 861 793 872 3,389 808 844 812 2,464 Total revenues $8,448 $8,993 $9,012 $10,594 $37,047 $8,595 $9,035 $9,205 $26,835 ====== ====== ====== ======= ======= ====== ====== ====== ======= AS REPORTED REVENUE GROWTH RATES Cloud software as a service and platform as a service 34% 34% 57% 66% 49% 77% 81% 73% 77% Cloud infrastructure as a service 16% 7% (2%) 5% 6% 7% 6% 17% 10% Total cloud revenues 29% 26% 40% 49% 36% 59% 62% 62% 61% New software licenses (16%) (18%) (15%) (12%) (15%) (11%) (20%) (16%) (16%) Software license updates and product support (1%) (2%) 0% 3% 0% 2% 2% 2% 2% Total on-premise software revenues (4%) (7%) (4%) (3%) (5%) 0% (4%) (3%) (2%) Total cloud and on-premise software revenues (2%) (4%) (1%) 0% (2%) 5% 2% 4% 4% Hardware products (1%) (20%) (15%) (11%) (13%) (19%) (13%) (14%) (15%) Hardware support (5%) (11%) (10%) (5%) (8%) (4%) (6%) (4%) (5%) Total hardware revenues (3%) (16%) (13%) (9%) (10%) (12%) (10%) (9%) (10%) Total services revenues 1% (8%) (7%) (3%) (4%) (6%) (2%) 2% (2%) Total revenues (2%) (6%) (3%) (1%) (3%) 2% 0% 2% 1% CONSTANT CURRENCY GROWTH RATES (2) Cloud software as a service and platform as a service 38% 39% 61% 68% 52% 79% 83% 74% 79% Cloud infrastructure as a service 23% 11% 2% 8% 11% 10% 9% 19% 13% Total cloud revenues 34% 31% 44% 51% 40% 61% 64% 63% 63% New software licenses (9%) (12%) (11%) (10%) (11%) (10%) (19%) (15%) (15%) Software license updates and product support 8% 5% 5% 4% 5% 3% 3% 3% 3% Total on-premise software revenues 4% 0% 0% (2%) 0% 1% (3%) (2%) (2%) Total cloud and on-premise software revenues 6% 2% 3% 2% 3% 6% 3% 5% 5% Hardware products 9% (14%) (10%) (10%) (7%) (18%) (12%) (13%) (14%) Hardware support 4% (5%) (5%) (4%) (3%) (3%) (5%) (3%) (4%) Total hardware revenues 6% (10%) (8%) (7%) (5%) (11%) (9%) (9%) (9%) Total services revenues 10% 0% (2%) (1%) 2% (5%) 0% 3% (1%) Total revenues 7% 0% 1% 0% 2% 3% 1% 3% 2% GEOGRAPHIC REVENUES ------------------- REVENUES Americas $4,716 $4,960 $4,942 $5,847 $20,466 $4,817 $4,935 $5,219 $14,971 Europe, Middle East & Africa 2,456 2,645 2,661 3,120 10,881 2,413 2,558 2,558 7,529 Asia Pacific 1,276 1,388 1,409 1,627 5,700 1,365 1,542 1,428 4,335 Total revenues $8,448 $8,993 $9,012 $10,594 $37,047 $8,595 $9,035 $9,205 $26,835 ====== ====== ====== ======= ======= ====== ====== ====== ======= HEADCOUNT --------- GEOGRAPHIC AREA Americas 59,901 59,999 60,437 60,329 61,221 63,251 62,613 Europe, Middle East & Africa 27,030 27,541 27,275 27,061 26,895 27,922 27,809 Asia Pacific 48,139 48,620 48,694 48,872 49,234 50,509 50,481 Total company 135,070 136,160 136,406 136,262 137,350 141,682 140,903 ======= ======= ======= ======= ======= ======= ======= (1) The sum of the quarterly information presented may vary from the year-to-date information presented due to rounding. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2016 and 2015 for the fiscal 2017 and fiscal 2016 constant currency growth rate calculations presented, respectively, rather than the actual exchange rates in effect during the respective periods.
ORACLE CORPORATION Q3 FISCAL 2017 FINANCIAL RESULTS SUPPLEMENTAL GEOGRAPHIC REVENUES ANALYSIS (1) ($ in millions) Fiscal 2016 Fiscal 2017 ----------- ----------- Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL --- --- --- --- ----- --- --- --- --- ----- AMERICAS -------- Total cloud and on- premise software revenues $3,684 $3,927 $3,964 $4,771 $16,346 $3,876 $4,000 $4,280 $12,156 ============ ====== ====== ====== ====== ======= ====== ====== Total hardware revenues $589 $595 $571 $650 $2,404 $526 $510 $511 $1,547 ========== ==== ==== ==== ==== ====== ==== ==== AS REPORTED GROWTH RATES Total cloud and on- premise software revenues 2% (3%) (1%) (3%) (2%) 5% 2% 8% 5% Total hardware revenues 1% (17%) (17%) (14%) (12%) (11%) (14%) (11%) (12%) CONSTANT CURRENCY GROWTH RATES (2) Total cloud and on- premise software revenues 6% 0% 1% (2%) 1% 6% 2% 7% 5% Total hardware revenues 6% (14%) (13%) (11%) (9%) (10%) (14%) (11%) (12%) EUROPE / MIDDLE EAST /AFRICA ------------ Total cloud and on- premise software revenues $1,873 $2,066 $2,069 $2,462 $8,471 $1,903 $2,008 $2,019 $5,931 ============ ====== ====== ====== ====== ====== ====== ====== Total hardware revenues $330 $316 $349 $382 $1,377 $275 $294 $300 $868 ========== ==== ==== ==== ==== ====== ==== ==== AS REPORTED GROWTH RATES Total cloud and on- premise software revenues (6%) (8%) (5%) 4% (3%) 2% (3%) (2%) (1%) Total hardware revenues (2%) (17%) (8%) (10%) (9%) (17%) (7%) (14%) (13%) CONSTANT CURRENCY GROWTH RATES (2) Total cloud and on- premise software revenues 7% 3% 2% 5% 4% 7% 2% 2% 3% Total hardware revenues 14% (6%) (1%) (8%) (1%) (13%) (2%) (10%) (8%) ASIA PACIFIC ------------ Total cloud and on- premise software revenues $901 $1,016 $1,051 $1,206 $4,173 $1,012 $1,169 $1,066 $3,247 ============ ==== ====== ====== ====== ====== ====== ====== Total hardware revenues $209 $212 $215 $251 $887 $195 $210 $217 $622 ========== ==== ==== ==== ==== ==== ==== ==== AS REPORTED GROWTH RATES Total cloud and on- premise software revenues (7%) (3%) 7% 9% 2% 12% 15% 2% 9% Total hardware revenues (14%) (11%) (8%) 8% (7%) (7%) (1%) 1% (2%) CONSTANT CURRENCY GROWTH RATES (2) Total cloud and on- premise software revenues 7% 6% 13% 11% 9% 8% 11% 0% 6% Total hardware revenues (3%) (3%) (3%) 9% 0% (9%) (3%) 0% (4%) TOTAL COMPANY -------- Total cloud and on- premise software revenues $6,458 $7,009 $7,084 $8,439 $28,990 $6,791 $7,177 $7,365 $21,334 ============ ====== ====== ====== ====== ======= ====== ====== Total hardware revenues $1,128 $1,123 $1,135 $1,283 $4,668 $996 $1,014 $1,028 $3,037 ========== ====== ====== ====== ====== ====== ==== ====== AS REPORTED GROWTH RATES Total cloud and on- premise software revenues (2%) (4%) (1%) 0% (2%) 5% 2% 4% 4% Total hardware revenues (3%) (16%) (13%) (9%) (10%) (12%) (10%) (9%) (10%) CONSTANT CURRENCY GROWTH RATES (2) Total cloud and on- premise software revenues 6% 2% 3% 2% 3% 6% 3% 5% 5% Total hardware revenues 6% (10%) (8%) (7%) (5%) (11%) (9%) (9%) (9%) (1) The sum of the quarterly information presented may vary from the year-to-date information presented due to rounding. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2016 and 2015 for the fiscal 2017 and fiscal 2016 constant currency growth rate calculations presented, respectively, rather than the actual exchange rates in effect during the respective periods.
Q3 FISCAL 2017 FINANCIAL RESULTS
EXPLANATION OF NON-GAAP MEASURES
To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries and expenses related to acquisitions, as well as other significant expenses including stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:
-- Cloud software as a service and platform as a service, software license updates and product support and hardware support deferred revenues: Business combination accounting rules require us to account for the fair values of cloud software as a service and platform as a service contracts, software license updates and product support contracts and hardware support contracts assumed in connection with our acquisitions. Because these contracts are generally one year in duration, our GAAP revenues generally for the one year period subsequent to our acquisition of a business do not reflect the full amount of revenues on these assumed cloud and support contracts that would have otherwise been recorded by the acquired entity. The non-GAAP adjustment to our cloud software as a service and platform as a service revenues, software license updates and product support revenues and hardware support revenues is intended to include, and thus reflect, the full amount of such revenues. We believe the adjustment to these revenues is useful to investors as a measure of the ongoing performance of our business. We have historically experienced high renewal rates on our software license updates and product support contracts and our objective is to increase the renewal rates on acquired and new cloud software as a service and platform as a service and hardware support contracts; however, we cannot be certain that our customers will renew our cloud software as a service and platform as a service contracts, software license updates and product support contracts or our hardware support contracts.
-- Deferred sales commissions amortization: Certain acquired companies capitalized sales commissions associated with subscription agreements and amortized these amounts over the related contractual terms. Business combination accounting rules generally require us to eliminate these capitalized sales commissions balances as of the acquisition date and our post-combination GAAP sales and marketing expenses generally do not reflect the amortization of these deferred sales commissions balances. The non-GAAP adjustment to increase our sales and marketing expenses is intended to include, and thus reflect, the full amount of amortization related to such balances as though the acquired companies operated independently in the periods presented. We believe this adjustment to sales and marketing expenses is useful to investors as a measure of the ongoing performance of our business. This non-GAAP adjustment commenced in the second fiscal quarter of fiscal 2017 as a result of our acquisition of NetSuite. Such adjustment was not material in prior periods.
-- Stock-based compensation expenses: We have excluded the effect of stock-based compensation expenses from our non-GAAP operating expenses and net income measures. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods.
-- Amortization of intangible assets: We have excluded the effect of amortization of intangible assets from our non-GAAP operating expenses and net income measures. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods.
-- Acquisition related and other expenses; and restructuring expenses: We have excluded the effect of acquisition related and other expenses and the effect of restructuring expenses from our non-GAAP operating expenses and net income measures. We incurred significant expenses in connection with our acquisitions and also incurred certain other operating expenses or income, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related and other expenses consist of personnel related costs for transitional employees, other acquired employee related costs, stock-based compensation expenses (in addition to the stock-based compensation expenses described above), integration related professional services, certain business combination adjustments including adjustments after the measurement period has ended and certain other operating items, net. Substantially all of the stock-based compensation expenses included in acquisition related and other expenses resulted from unvested options assumed in acquisitions whose vesting was fully accelerated upon termination of the employees pursuant to the original terms of those options. Restructuring expenses consist of employee severance and other exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses. Although acquisition related expenses and restructuring expenses generally diminish over time with respect to past acquisitions, we generally will incur these expenses in connection with any future acquisitions.
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CONTACT: Ken Bond, Oracle Investor Relations, 1.650.607.0349,
firstname.lastname@example.org: Deborah Hellinger, Oracle Corporate Communications,
Web site: http://www.oracle.com/
GUANGZHOU, China, March 15, 2017 /PRNewswire/ -- Vipshop Holdings Limited , a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it has completed its previously announced put right offer relating to its 1.50% Convertible Senior Notes due 2019 (the "Notes"). The put right offer expired at 11:59 p.m., New York City time, on Tuesday, March 14, 2017. Based on information from Deutsche Bank Trust Company Americas as the paying agent for the Notes, US$3,125,000 aggregate principal amount of the Notes were validly surrendered and not withdrawn prior to the expiration of the put right offer. The aggregate purchase price of such Notes was US$3,125,000. The Company has accepted all of the surrendered Notes for repurchase and has forwarded cash in payment of the same to the paying agent for distribution to the applicable holders.
Materials filed with the Securities and Exchange Commission (the "SEC") will be available electronically without charge at the SEC's website, www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company's website, ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit www.vip.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vipshop-announces-completion-of-the-put-right-offer-for-its-150-convertible-senior-notes-due-2019-300424063.htmlVipshop Holdings Limited
CONTACT: Millicent Tu, Vipshop Holdings Limited, Tel: +86 (20) 2233-0732,
Email: IR@vipshop.com; Jeremy Peruski, ICR, Inc., Tel: +1 (646) 405-4866,
SAN MATEO, Calif., March 15, 2017 /PRNewswire/ --
-- Cuts 2017 Operating Expenses By More Than $200 Million Year over Year -- On Track For New Hardware, Software and International Growth in 2017
GoPro, Inc. announced that it affirms 2017 first quarter revenue to be in the upper end of its previously announced $190-210 million range and repeated its target of full-year non-GAAP profitability. The Company also announced a restructuring that reduces full-year GAAP operating expenses to below $585 million and non-GAAP operating expenses to below $495 million without impacting the Company's roadmap for new hardware and software products.
GoPro will host a conference call with analysts at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time) today to discuss the Company's announcements. Webcast details are listed below. GoPro will release its financial results for its first quarter, ended March 31, 2017, after the market closes on April 27, 2017.
"We're determined that GoPro's financial performance match the strength of our products and brand. Importantly, expense reductions preserve our product roadmap and we are tracking to full-year non-GAAP profitability in 2017," said GoPro Founder and CEO, Nicholas Woodman.
The reduction in operating expenses is achieved with a combination of cuts to program costs, headcount and open positions, totaling the elimination of approximately 270 positions. GoPro estimates that it will incur total aggregate charges of up to $10 million for the restructuring, which are primarily cash expenditures related to severance costs. The Company expects to recognize the restructuring charges in the first quarter of 2017.
"Today we are updating revenue guidance for the first quarter of 2017. We now expect to deliver revenue in the upper end of our guidance range of between $190 million and $210 million," said GoPro Chief Financial Officer, Brian McGee. "We currently have no need to draw on our credit facility and we expect to be EBITDA positive for full-year 2017."
GoPro to Host Analyst Call Today
GoPro management will host a 30-minute Q&A session to discuss the Company's restructuring activity today, March 15, 2017, at 2:30 p.m. Pacific Time (5:30 p.m. Eastern Time). A live webcast of the conference call will be accessible on the "Events & Presentations" section of the Company's website at http://investor.gopro.com. The webcast will be recorded and available on GoPro's website, http://investor.gopro.com, approximately two hours after the call and for 90 days thereafter.
About GoPro, Inc.
GoPro, Inc. is transforming the way people capture and share their lives. What began as an idea to help athletes self-document themselves engaged in sport, GoPro has become a mobile storytelling solution that helps the world share itself through immersive content.
GoPro, HERO, Karma and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.
For more information, visit www.gopro.com or connect with GoPro on Facebook, Instagram, LinkedIn, Pinterest, Twitter, YouTube, and GoPro's The Inside Line.
Note Regarding Use of Non-GAAP Financial Measures
GoPro provides estimates of future operating expenses, in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis. The Company uses non-GAAP financial measures, including non-GAAP operating expenses, to evaluate the core operating performance of its business, for comparison with forecasts and strategic plans and for calculating return on investment. Non-GAAP financial measures are not in accordance with, nor serve as an alternative for GAAP. Since the Company finds non-GAAP financial measures to be useful, it believes that investors benefit from seeing results reviewed by management in addition to seeing GAAP results. The Company believes that non-GAAP financial measures, when read in conjunction with its GAAP financials, provide useful information to investors by facilitating:
-- the comparability of its on-going operating results over the periods presented; -- the ability to identify trends in its underlying business; and -- the comparison of its operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.
Explanations of each type of adjustment that the Company incorporates into non-GAAP operating expenses are presented in our Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the Securities and Exchange Commission. A reconciliation of estimated full-year 2017 GAAP operating expenses to non-GAAP operating expenses are presented in the following table:
Reconciliations of non-GAAP financial measures for business outlook are set forth below:
(in $ thousands) Full-year 2017 -------------- GAAP Operating Expenses $582,000 Estimated adjustments for: Stock-based compensation 70,000 Acquisition-related costs 4,000 Restructuring-related costs (1) 13,000 Non-GAAP Operating Expenses $495,000 --------
(1) Includes ~$3 million related to the 4Q 2016 restructuring
Note on Forward-looking Statements
This press release may contain projections or other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this press release include, but are not limited to, expectations regarding our business outlook for the first quarter of 2017 and calendar year 2017, reduction of operating expenses, our product roadmap, expected profitability, aggregate charges for employee termination and the timing to recognize these charges and other costs associated with the restructuring, including the estimates of related cash expenditures by the Company in connection with the restructuring, and the number of employees impacted by the reduction in workforce. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are the risk that our reduction in operating expenses may impact our ability to meet our business objectives and achieve our revenue targets and may not result in the expected improvement in our profitability, the fact that our future growth depends in part on further penetrating our addressable market and also growing internationally, and we may not be successful in doing so; any inability to successfully manage frequent product introductions (including our 2017 roadmap for new hardware and software products) and transitions, including managing our sales channel and inventory and accurately forecasting future sales; our dependence on sales of our cameras, mounts and accessories for substantially all of our revenue; the effect of a decrease in the sales or change in sales mix of these products would harm our business; the effect of a decrease in sales during the holiday season; the fact that an economic downturn or economic uncertainty in our key U.S. and international markets may adversely affect consumer discretionary spending and demand for our products; any inability to anticipate consumer preferences and successfully develop and market desirable products; the risks associated with the entrance into the consumer drone market and the re-launch of our drone this quarter; the effects of the highly competitive market in which we operate; the fact that we may not be able to achieve revenue growth or profitability in the future; risks related to inventory, purchase commitments and long-lived assets; difficulty in accurately predicting our future customer demand; the importance of maintaining the value and reputation of our brand; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2016, which is on file with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/gopro-affirms-q1-2017-revenue-at-the-high-end-of-the-guidance-range-and-targets-full-year-non-gaap-profitability-for-2017-300424292.htmlGoPro, Inc.
CONTACT: Investor Contact, Peter Salkowski (855) GOPROHD or (855)
467-7643, email@example.com; or Media Contact, Jeff Brown (650) 332-7600 x
Web site: https://gopro.com/
MOUNTAIN VIEW, Calif., March 15, 2017 /PRNewswire/ --
-- DesignWare Interface IP portfolio for TSMC 12FFC process includes USB, DisplayPort, PCI Express, DDR, LPDDR, SATA, MIPI, Ethernet and HDMI -- 12-bit data converters with high-performance SAR-based architecture deliver low power and small area -- Logic libraries, memory compilers and High-Performance Core Design Kits enable entire SoC designs to be optimized for both speed and power consumption
Synopsys, Inc. today announced its collaboration with TSMC to develop DesignWare(R) Interface, Analog and Foundation IP for TSMC's 12FFC process. By offering a wide range of IP on TSMC's latest low-power process, Synopsys is enabling designers to take advantage of the low leakage and small area advantages of the new process. Synopsys and TSMC have partnered on the development of Synopsys IP for advanced process technologies for more than two decades, resulting in a robust portfolio of IP supporting process technologies down to 7nm. Synopsys DesignWare IP for the 12FFC process enables designers to accelerate development of mobile SoCs that incorporate logic libraries, embedded memories, embedded test and repair, USB 3.1/3.0/2.0, USB-C 3.1/DisplayPort 1.3, DDR4/3, LPDDR4X, PCI Express((R)) 4.0/3.1/2.1, SATA 6G, HDMI 2.0, MIPI M-PHY and D-PHY and data converter IP.
"TSMC and Synopsys share a long history of providing designers with a wide range of high-quality IP on TSMC's advanced FinFET processes," said Suk Lee, TSMC senior director, Design Infrastructure Marketing Division. "By developing IP on the latest TSMC 12FFC process, Synopsys is paving the way for designers to improve their SoCs' leakage and lower overall costs."
"As SoCs continue to incorporate more advanced functionality, designers are constantly challenged with meeting aggressive performance, power and area requirements," said John Koeter, vice president of marketing for IP at Synopsys. "Our close collaboration with TSMC on the development of a broad range of IP for the 12FFC process will ensure that designers have timely access to the high-quality, proven IP solutions they need to achieve their design goals and quickly get their product to market."
The DesignWare IP for USB 2.0/3.0/3.1/Type-C, DisplayPort, PCI Express 4.0/3.0/2.0, SATA 6G, MIPI D-PHY/M-PHY, 25G Ethernet, HDMI 2.0, DDR4/3 and LPDDR4X, and 12-bit data converters are expected to be available for TSMC's 12FFC process in Q3 2017.
About DesignWare IP
Synopsys is a leading provider of high-quality, silicon-proven IP solutions for SoC designs. The broad DesignWare IP portfolio includes logic libraries, embedded memories, embedded test, analog IP, wired and wireless interface IP, security IP, embedded processors and subsystems. To accelerate prototyping, software development and integration of IP into SoCs, Synopsys' IP Accelerated initiative offers IP prototyping kits, IP software development kits and IP subsystems. Synopsys' extensive investment in IP quality, comprehensive technical support and robust IP development methodology enables designers to reduce integration risk and accelerate time-to-market. For more information on DesignWare IP, visit http://www.synopsys.com/designware.
Synopsys, Inc. is the Silicon to Software((TM)) partner for innovative companies developing the electronic products and software applications we rely on every day. As the world's 15th largest software company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and is also growing its leadership in software security and quality solutions. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing applications that require the highest security and quality, Synopsys has the solutions needed to deliver innovative, high-quality, secure products. Learn more at www.synopsys.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding the expected release and benefits of DesignWare IP for USB 2.0/3.0/3.1/Type-C, DisplayPort, PCI Express 4.0/3.0/2.0, SATA 6G, MIPI D-PHY/M-PHY, 25G Ethernet, HDMI 2.0, DDR4/3 and LPDDR4X, and 12-bit data converters. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results, time frames or achievements to differ materially from those expressed or implied in the forward-looking statements. Other risks and uncertainties that may apply are set forth in the "Risk Factors" section of Synopsys' most recently filed Annual Report on Form 10-K. Synopsys undertakes no obligation to update publicly any forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/synopsys-and-tsmc-collaborate-to-develop-interface-analog-and-foundation-ip-for-12-nm-finfet-process-300423759.htmlSynopsys, Inc.
Web site: http://www.synopsys.com/
Company News On-Call: http://www.prnewswire.com/comp/AAB595.html
ROCHESTER, N.Y., March 15, 2017 /PRNewswire/ -- Vuzix(R) Corporation , ("Vuzix" or the "Company"), a leading supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets, is pleased to announce that the Company will be attending LogiMAT 2017, which is taking place from March 14 through March 16, 2017 at the New Stuttgart Trade Fair Center in Stuttgart, Germany. LogiMAT 2017 is the 15th International Trade Fair for Distribution, Materials Handling and Information Flow. The focus of the show will be on innovative products, solutions and systems for procurement, warehouse, and production and distribution logistics. To learn more about the event, please visit LogiMAT.
The new Vuzix M300 Smart Glasses, designed and built specifically for the enterprise world, and with a growing number of successful use cases in the logistic vertical market, will be shown by several of the Vuzix Industrial Partners (VIP) exhibiting at the show, including:
-- Ubimax, which will be delivering its "Enterprise Wearable Computing Suite," comprised of several solutions running on the Vuzix M100 and new M300 smart glasses: xMake for assembly assistance, xInspect for inspection tasks, xAssist for remote assistance, and especially the pick-by-vision solution "xPick" at Hall 7, booth 7F80. -- Picavi, at Hall 5, Booth 5A09, will have the M300 with live demos of different use cases that are common in intralogistics. Attendees will have the chance to experience the Picavi unique user interface and scan quality in action. -- Dataphone, will be at Hall 7 Booth: B11 with two VUZIX M300s with a Picking Demo. -- NxtBase Technology, will be at the Panmobil Hall 4 Booth, Stand 4F11 and is going to show the new Vuzix M300 in combination with a Hybrid 1D 2D RFID Scanner. -- ABAT, will be demonstrating its warehouse picking application, allowing attendees to use the M300 to pick actual trade show gifts and giveaways. Located in Hall 7, Stand 7D75 -- PCData (a partner of Vuzix VIP Evolar), will be located in Hall 5, stand 5F17. Together, PCData and Evolar developed its DistribAR solution on the new M300 focused on warehouse order distribution. The DistribAR is already deployed on the M100 in commercial bakeries in Europe.
"Vuzix continues to take our award-winning smart glasses solutions to the next level and demonstrate how to increase productivity in specific vertical markets such as logistics," said Paul Travers, President and Chief Executive Officer at Vuzix. "Vuzix offers one of the largest portfolio of software solutions for the logistics markets because of its VIP and VAR programs. The return on investment is clear in the logistics vertical, thanks to the proven increase in process speeds of up to 30% via hands-free computing, while at the same time reducing the overall error rate, and reducing training time."
About Vuzix Corporation
Vuzix is a leading supplier of Smart-Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets. The Company's products include personal display and wearable computing devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 51 patents and has 39 additional patents pending and numerous IP licenses in the Video Eyewear field. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2017 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company with offices in Rochester, NY; Oxford, UK; and Tokyo, Japan.
Forward-Looking Statements Disclaimer
Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward looking statements contained in this release relate to the Company's new products being demonstrated at LogiMAT, and among other things, the Company's leadership in the Video Eyewear, VR and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.
For further information:
Media and Investor Relations Contact:
Matt Margolis, Director of Corporate Communications and Investor Relations, Vuzix Corporation
firstname.lastname@example.org Tel: (585) 359-5952
Andrew Haag, Managing Partner, IRTH Communications
email@example.com Tel: (866) 976-4784
Vuzix Corporation, 25 Hendrix Road, Suite A, West Henrietta, NY 14586 USA,
Investor Information - IR@vuzix.com www.vuzix.com Tel: (585) 359-7562
For further sales, and product information, please visit:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vuzix-to-display-m300-smart-glasses-at-logimat-2017-trade-show-in-stuttgart-germany-300424177.htmlPhoto: https://mma.prnewswire.com/media/403053/Vuzix_Corporation_M300_Smart_Glasses.jpg
Web site: http://www.vuzix.com/
SAN JOSE, Calif., March 15, 2017 /PRNewswire/ -- Cadence Design Systems, Inc. today announced its collaboration with TSMC to further advanced-node design innovation with TSMC's new 12nm FinFET Compact (12FFC) process technology. With Cadence((R)) digital and signoff solutions, custom/analog solutions and IP, system-on-chip (SoC) designers can use the 12FFC process to create emerging mid-range mobile and high-end consumer applications that require optimal power, performance and area (PPA). Cadence is actively working with customers on early engagements with the 12FFC process.
In support of TSMC's new 12FFC process technology, Cadence digital and signoff and custom/analog tools have achieved the latest version of Design Rule Manual (DRM) certification for the TSMC 12FFC process. A corresponding process design kit (PDK) is also available for download. Additionally, Cadence has delivered a library characterization tool flow and is developing IP for customers migrating to the 12FFC process. To learn more about the Cadence full-flow digital and signoff solutions, please visit www.cadence.com/go/tsmc12ffcds. For information on the Cadence custom/analog solutions, visit www.cadence.com/go/tsmc12ffcca. For information on the Cadence IP solutions, please visit www.cadence.com/go/tsmc12ffcip.
12FFC Digital, Signoff and Custom/Analog Tool Certification
The Cadence digital and signoff and custom/analog tools certified for the 12FFC process are as follows:
-- Innovus((TM)) Implementation System: Enables increased capacity and reduced turnaround time while supporting TSMC's 12FFC design requirements, such as floorplanning, placement and routing with integrated color-/pin-access/variability-aware timing closure, and clock tree and power optimization -- Quantus((TM)) QRC Extraction Solution: Delivers on TSMC accuracy requirements for all 12FFC modeling features with required accuracy versus foundry golden, offering multi-patterning and a built-in 3D extraction capability -- Tempus((TM)) Timing Signoff Solution: Provides integrated, advanced process calculation of delay and signal integrity effects, with static timing analysis (STA) while achieving TSMC's rigorous accuracy standards, including those at low-voltage operating conditions -- Voltus((TM)) IC Power Integrity Solution: Cell-level power integrity tool that supports comprehensive electromigration and IR drop (EM/IR) design rules and requirements while providing full-chip SoC power signoff accuracy -- Voltus-Fi Custom Power Integrity Solution: SPICE-level accurate tool that supports comprehensive EM/IR design rules and requirements to analyze and signoff analog, memory and custom digital IP blocks down to the transistor device level -- Virtuoso((R)) custom IC advanced-node platform: Provides innovative, productivity-enhancing implementation to verification flows, integrating electrical and physical design checking that is correlated to the Cadence TSMC-certified signoff platforms -- Spectre((R)) simulation platform: Spectre Circuit Simulator, Spectre Accelerated Parallel Simulator (APS) and Spectre eXtensive Partitioning Simulator (XPS) deliver fast and accurate circuit simulation with full support for advanced-node device models with self-heating and reliability effects -- Physical Verification System: Includes advanced technologies and rule decks to support design rule checks (DRCs), layout versus schematic (LVS), advanced metal fill, yield-scoring, voltage-dependent checks and in-design signoff -- Litho Electrical Analyzer: Allows layout-dependent effect- (LDE-) aware re-simulation, layout analysis, matching constraint checking, reporting on LDE contributions and the generation of fixing guidelines from partial layout to accelerate 12FFC analog design convergence
The Cadence digital and signoff tools provide floorplanning, placement, routing and extraction enhancements required for the 12FFC process technology. The Cadence custom/analog tools provide underlying support and capabilities that enable designers to improve productivity when compared with traditional, manual approaches as well as fast, accurate verification of 12FFC design performance and reliability.
12FFC Library Characterization Tool Flow Delivery
The Cadence Virtuoso Liberate((TM)) Characterization Solution and the Virtuoso Variety((TM)) Statistical Characterization Solution have been validated to deliver accurate Liberty libraries for the TSMC 12FFC process including advanced timing, noise and power models. The solutions utilize innovative methods to characterize Liberty Variation Format (LVF) models, enabling process variation signoff for low-voltage applications and the ability to create EM models enabling signal EM optimizations and signoff.
12FFC IP Collaboration
Cadence has been working closely with key 16FF+ and 16FFC customers for the past few years and is beginning to work with customers adopting the 12FFC process to develop next-generation applications processors for smartphones and tablets as well as high-end consumer applications. Cadence is currently migrating its flagship LPDDR4 PHY to the 12FFC process node, targeting 4266Mbps so customers can reap the benefits of the 12FFC process. In addition, the Cadence LPDDR controller IP is also 12FFC-ready. With a faster process and a new compact standard cell library, customers using the 12FFC process can achieve better chip area scaling and greater power savings.
"Our customers demand the highest quality design tools, IP and process technologies, and they also value the flexibility that each provides to help them reach the varying goals of each SoC project," said Dr. Anirudh Devgan, executive vice president and general manager of the Digital & Signoff Group and the System & Verification Group at Cadence. "TSMC's new 12FFC process provides the FinFET process benefits customers need in addition to performance and cost benefits. Through our work with TSMC, our tools and IP can enable our mutual customers to aggressively target their emerging markets using familiar tools and flows."
"The introduction of our 12FFC process provides an ideal option between our existing 16nm and 7nm processes for area- and power-sensitive applications," said Suk Lee, TSMC senior director, Design Infrastructure Marketing Division. "Our ongoing collaboration with Cadence has resulted in the timely delivery of a robust set of tools, flows and IP that support this new process."
Cadence enables electronic systems and semiconductor companies to create the innovative end products that are transforming the way people live, work and play. Cadence's software, hardware and semiconductor IP are used by customers to deliver products to market faster--from semiconductors to printed circuit boards to whole systems. The company's System Design Enablement strategy helps customers develop differentiated products in mobile, consumer, cloud datacenter, automotive, aerospace, IoT, industrial and other market segments. Cadence is listed as one of FORTUNE Magazine's 100 Best Companies to Work For. Learn more at cadence.com.
(C) 2017 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence, the Cadence logo and the other Cadence marks found at www.cadence.com/go/trademarks are trademarks or registered trademarks of Cadence Design Systems, Inc. All other trademarks are the property of their respective owners.
For more information, please contact:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cadence-collaborates-with-tsmc-to-drive-innovation-using-new-12ffc-process-technology-300423919.htmlPhoto: https://mma.prnewswire.com/media/321883/cadence_design_systems__inc__logo.jpg Cadence Design Systems, Inc.
Web site: http://www.cadence.com/
SHENZHEN, China, March 15, 2017 / PRNewswire/ -- Moxian, Inc. ("Moxian" or the "Company") , an offline-to-online (O2O) integrated social media platform operator, today announced that it has entered into a strategic partnership (the "Partnership") agreement with Lap Hang Technology Co., Ltd. ("Lap Hang"), a Guangzhou-based wholesaler and distributor of computers and peripherals with over 23 years of history operating out of Guangzhou Pacific Computer City and serving over 10,000 merchants through its sales and distribution network.
Under the Partnership agreement, Lap Hang and its merchant partners will utilize Moxian's fully integrated O2O mobile platform to manage customer relations and promotion and reward programs. Moxian will also help Lap Hang build a virtual community B2M mobile platform which features social networking, gaming, Moxian's patent-pending virtual currency engine and an online reward redemption center.
James Tan, Chairman and Chief Executive Officer of Moxian, commented, "This mutually beneficial partnership gives each party the opportunity to fully leverage the counter party's growth for its own benefit through Moxian's powerful platform and unique data sharing scheme. We believe the Partnership will allow Lap Hang and its merchant partners to effectively transform from a traditional B2B model to a B2B2C model, and thus significantly extend its business scope, cut out the middleman, and improve its CRM and marketing effectiveness. We look forward to this Partnership to bear fruit in the near future."
About Lap Hang Technology Co, Ltd.
Established in 1994, Lap Hang Technology Co., Ltd. ("Lap Hang") is a leading IT product wholesaler and distributor, providing one-stop full supply chain solutions, including IT product sourcing, financing and logistics services, to tens of thousands of small- and micro- retail stores in lower tier cities in Southern China. Lap Hang operates out of Guangzhou Pacific Computer City, the largest wholesale marketplace for computers and peripherals in China with over 6,000 merchants and over 60,000 average visitors per day.
About Moxian, Inc.
Founded in 2013 in Shenzhen, China with branch offices in Beijing, Malaysia, and Hong Kong, Moxian, Inc. is an offline-to-online (O2O) integrated platform operator. The Company's "Moxian+" mobile App platform connects Users to Merchant Clients through games, rewards and social events that they enjoy and in return, Users provide valuable information that Merchant Clients can use to effectively promote products and services offered at their brick and mortar stores. More information about the Company can be found at www.moxian.com.
This press release may contain information about Moxian's view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Moxian encourages you to review other factors that may affect its future results in Moxian's registration statement and in its other filings with the Securities and Exchange Commission.
For more information, please contact:
At the Company
Tony Tian, CFA
Weitian Group LLC
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/moxian-inc-establishes-strategic-partnership-with-leading-it-product-wholesaler-in-guangzhou-300424136.htmlMoxian, Inc.
NEW YORK, March 15, 2017 /PRNewswire/ -- The consensus forecast of real GDP growth this quarter fell a moderate 0.3 of a percentage point over the past month to a seasonally-adjusted annual rate (saar) of 1.9 percent, according to the March issue of Wolters Kluwer's Blue Chip Economic Indicators. The decline resulted from lowered expectations of growth in personal consumption expenditures, inventory building, and government spending, coupled with a wider trade deficit.
However, the consensus forecast of real GDP growth in the second quarter of this year increased by 0.2 of a percentage point to 2.5 percent (saar). As a result, consensus forecasts of the annual and fourth quarter-over-quarter change in 2017 real GDP growth went unchanged at 2.3 percent.
"The consensus forecast of the annual change in 2017 real GDP growth has remained within a range of 2.2 to 2.3 percent since April of last year, and for a third consecutive month, the consensus forecast that real GDP growth in 2018 will register an annual increase of 2.4 percent," said Randell E. Moore, executive editor of Wolters Kluwer's Blue Chip Economic Indicators. "However, failure by Republicans in Congress to repeal and replace the Affordable Care Act and to pass tax reform legislation this year would likely prompt panelists to cut their forecasts of economic growth for 2017 and 2018."
Other consensus findings from the March issue of Wolters Kluwer's Blue Chip Economic Indicators survey include:
-- The Consumer Price Index still is forecast to register an annual increase of 2.5 percent this year, the highest since 2011. -- Nominal or current dollar GDP is forecast to increase 1.4 percentage points more this year than last, but real or inflation-adjusted GDP by only 0.8 of a percentage point. The difference is the result of faster inflation this year than last. -- Housing starts are expected to total 1.26 million units this year, the highest since 2007.
About Wolters Kluwer's Blue Chip Economic Indicators
Established in 1976, Wolters Kluwer's Blue Chip Economic Indicators has become synonymous with the latest in expert opinion on the future performance of the U.S. economy by presenting the forecasts of 50 economists from the nation's largest and most respected manufacturers, banks, insurance companies, and brokerage firms. The newsletter compiles the experts' individual and combined forecasts for the current and following year for variables including, but not limited to, real GDP, consumer price index, industrial production, real disposable personal income, pre-tax corporate profits, unemployment rates and real net exports.
For more information on Wolters Kluwer's Blue Chip Economic Indicators please visit wolterskluwerlr.com/bluechip.
About Wolters Kluwer
Wolters Kluwer Legal & Regulatory U.S. is a part of Wolters Kluwer N.V. , a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2016 annual revenues of EUR4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
For more information about Wolters Kluwer Legal & Regulatory U.S., visit www.WoltersKluwerLR.com, follow us on Facebook, Twitter and LinkedIn.
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SAN FRANCISCO, March 15, 2017 /PRNewswire/ -- Digital Realty , a leading global provider of data center, colocation and interconnection solutions, announced today the opening of a new facility in Atlanta comprising approximately 18,000 square feet of capacity and representing a total investment of approximately $22 million. The new Digital Realty facility at 250 Williams Street is connected via high-speed fiber to the company's existing facility at 56 Marietta Street, the region's premier interconnection hub. Digital Realty's Atlanta connected campus offers all the advantages of an internal network of over 11,000 cross connects between more than 300 customers, including 150 cloud, IT infrastructure and network providers.
"The rapid growth of hybrid- and multi-cloud strategies among innovative enterprises is accelerating the need for colocation facilities in many major metro areas,*" said industry analyst, Liz Cruz, Associate Director at IHS Markit. "Atlanta is one of the country's fastest-expanding tech markets. The additional data center capacity provided by this expansion will help fuel the region's technology growth, and serve as an enabling factor in the city's and its businesses' ongoing financial success."
The Atlanta metro area is an appealing interconnection location for enterprises, telecommunications and cloud providers given its low cost of occupancy, reliable power, robust fiber infrastructure and peering capabilities, in addition to its low risk of natural disasters. It is home to more than 13,000 technology companies, including leaders in financial services, transportation, healthcare, IT, telecommunications and Internet security, as well as more than 30 colleges and universities.
"This expansion builds upon our leadership in the Southeast region, giving our customers new ways to connect, extend their reach and find new business opportunities," said Chris Sharp, Digital Realty's Chief Technology Officer. "Our track record, network choice, solution flexibility, interconnection capabilities and ecosystem deliver exceptional quality and value, and provide assurance for business continuity. We are very pleased to build upon our existing footprint in Atlanta and to continue growing our relationships and community in this developing technology center."
Digital Realty offers a full spectrum of global data center solutions. The company owns and operates 145 properties encompassing approximately 23 million square feet across 33 global metropolitan areas, enabling customers to expand from a single cabinet to a multi-megawatt facility as their needs grow, with no change in providers and no interruption in service. The company's Service Exchange interconnection platform, launched in November 2016, facilitates direct, private and secure connections ("virtual cross connects") to multiple cloud service providers - including Amazon Web Services, Google Cloud Platform and Microsoft Azure - as well as telecommunications providers and other Digital Realty customers worldwide. Customers can actively manage their virtual cross connects through MarketplacePORTAL, Digital Realty's award-winning online customer platform, and scale the bandwidth of their connections up or down as needed.
*Information based on IHS Markit, Technology Group, Multi-Tenant Data Center Intelligence Service. Information is not an endorsement of Digital Realty. Any reliance on these results is at the third party's own risk. Visit technology.ihs.com for more details.
About Digital Realty
Digital Realty supports the data center and colocation strategies of more than 2,200 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Asia and Australia. Digital Realty's clients include domestic and international companies of all sizes, ranging from financial services, cloud and information technology services, to manufacturing, energy, gaming, life sciences and consumer products.
Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to our uptime statistics and our approach to construction, operations and maintenance. These risks and uncertainties include, among others, the following: the impact of current global economic, credit and market conditions; current local economic conditions in the metropolitan areas in which we operate; decreases in information technology spending, including as a result of economic slowdowns or recession; adverse economic or real estate developments in our industry or the industry sectors that we sell to (including risks relating to decreasing real estate valuations and impairment charges); our dependence upon significant tenants; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; financial market fluctuations; changes in foreign currency exchange rates; our inability to manage our growth effectively; difficulty acquiring or operating properties in foreign jurisdictions; our failure to successfully integrate and operate acquired or developed properties or businesses; the suitability of our properties and data center infrastructure, delays or disruptions in connectivity, failure of our physical and information security infrastructure or services or availability of power; risks related to joint venture investments, including as a result of our lack of control of such investments; delays or unexpected costs in development of properties; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; our inability to successfully develop and lease new properties and development space; difficulties in identifying properties to acquire and completing acquisitions; our inability to acquire off-market properties; the impact of the United Kingdom's referendum on withdrawal from the European Union on global financial markets and our business; our inability to comply with the rules and regulations applicable to reporting companies; our inability to comply with the rules and regulations applicable to reporting companies; our failure to maintain our status as a REIT; possible adverse changes to tax laws; restrictions on our ability to engage in certain business activities; environmental uncertainties and risks related to natural disasters; losses in excess of our insurance coverage; changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; and changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws and increases in real property tax rates. For a further list and description of such risks and uncertainties, see the reports and other filings by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2016. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For Additional Information/Media Inquiries:
Director, Product Marketing
John J. Stewart / Maria S. Lukens
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/digital-realty-expands-atlanta-connected-campus-300424339.htmlDigital Realty
Web site: http://www.digitalrealtytrust.com/
LOS ANGELES, March 15, 2017 /PRNewswire/ -- San Francisco is the first stop for BlackLine Live: The Continuous Accounting Experience, a 50+-city global roadshow designed to provide Finance and Accounting (F&A) professionals with a blueprint for Continuous Accounting, a modern approach that empowers F&A teams with real-time financial intelligence and allows them to provide unprecedented value to the broader business. The upcoming San Francisco event, taking place tomorrow, Thursday, March 16, will feature representatives from BlackLine, Inc. along with thought leaders from each of the 'Big 4' accounting and advisory firms, as well as The Hackett Group, discussing trends and leading practices for leveraging technology to help modernize and transform their F&A operations.
BlackLine Live is comprised of full-day and afternoon seminars designed to help Finance and Accounting professionals better understand how to navigate today's highly complex global business environment and identify key areas in their organization where they can achieve ROI and efficiency gains by leveraging technology. Attendees will hear first-hand from global industry leaders how the Continuous Accounting model has changed the way F&A works in their organizations. Topics covered at each seminar will include:
-- Finance Automation - Discover how you can use technology to automate processes and procedures and streamline operations -- Process Optimization - Understand how optimized processes benefit the entire F&A function -- Exceptional Accountants - Learn how to unleash 'Exceptional Accountants' so they can directly impact the bottom line -- Continuous Accounting - Become equipped to create and customize a 'Continuous Accounting Blueprint' for your organization
BlackLine has approximately 35 North American cities on the schedule for 2017, 10 in Europe and six in the Asia-Pacific region, with representatives from BlackLine client companies on hand in their respective cities to discuss the benefits and ROI they have seen since implementing BlackLine as part of their finance transformation efforts. Leading advisory firms and BlackLine partners such as Connor Group, The Hackett Group, UHY Advisors and Vaco also are on tap to share best practices in select cities.
For more information, to register for an event near you, or to view the latest schedule, go here.
BlackLine is a provider of cloud-based solutions that transform Finance and Accounting (F&A) by automating, centralizing and streamlining financial close operations, intercompany accounting processes and other key F&A processes for large and midsize organizations. Designed to complement ERP and other financial systems, BlackLine's cloud platform increases operational efficiency, real-time visibility, control and compliance to ensure end-to-end financial close management and accounting automation.
BlackLine's mission is to continuously improve the quality, accuracy and efficiency of Finance and Accounting by centralizing key functions within a single, unified cloud platform. Enabling customers to move beyond outdated processes and point solutions to a Continuous Accounting model, in which real-time automation, controls and period-end tasks are embedded within day-to-day activities, BlackLine helps companies modernize accounting operations with intelligent automation, ensuring more accurate and insightful financial statements and a more efficient financial close. More than 1,700 companies with users in over 130 countries around the world trust BlackLine to ensure balance sheet integrity and confidence in their financial statements.
BlackLine is recognized by Gartner as a Leader in its 2016 Magic Quadrant for Financial Corporate Performance Management (FCPM) Solutions and as a pioneer of the Enhanced Financial Controls & Automation (EFCA) software category.
Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney. For more information, please visit www.blackline.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/blackline-live-brings-the-continuous-accounting-experience-to-finance-and-accounting-professionals-around-the-globe-300424351.htmlPhoto: https://mma.prnewswire.com/media/325382/blackline_company_logo.jpg BlackLine
CONTACT: Ashley Dyer, Sr. PR Manager, BlackLine, 818-936-7166,
Web site: http://www.blackline.com/
NEW YORK, March 15, 2017 /PRNewswire/ -- Verizon Communications Inc. and CBS Corporation have announced a new multiyear content carriage agreement that includes continued retransmission consent of CBS-owned television stations, including CBS-owned The CW affiliates, in multiple markets across the country as well as distribution of the popular entertainment and sports channels SHOWTIME(R), Smithsonian Channel(TM) and CBS Sports Network on Verizon Fios TV.
In the near future, Verizon will also provide access to live authenticated streaming on CBS.com, the CBS App and Verizon's authenticated platform, giving Verizon Fios' TV customers the ability to stream CBS live online and on mobile devices. In addition, CBS and Verizon have agreed to expand the partnership to future digital platforms, with specifics to be released at a later date. Financial terms were not disclosed.
"We are very pleased to expand our terrific partnership with Verizon," said Ray Hopkins, President, Television Networks Distribution, CBS Corporation. "The renewal of our Fios content carriage agreement for various CBS networks and our expanded rights for future digital platforms is in line with our Company's strategy to deliver industry-leading content to viewers across multiple platforms and screens, while also achieving both our short and long-term economic goals."
"With every carriage agreement we focus on achieving an outcome that best serves Fios customers based on the way they view today and the way they may want to view tomorrow, including across future digital platforms," said Brian Angiolet, SVP Product and New Business, Verizon. "Providing customers with choice remains at the core of all of our video offerings, and this agreement with CBS fits squarely into our strategy of expanding rights to fill out our emerging vertically integrated media portfolio."
CBS-owned stations in Verizon Fios markets, including New York, Philadelphia, Boston, Baltimore and Pittsburgh, and CBS-owned The CW affiliates in Philadelphia and Pittsburgh, will continue to be distributed to Fios TV subscribers. This includes over three million subscribers served in markets where CBS owns television stations and almost one million subscribers in markets where CBS owns The CW affiliates. (Fios has approximately 4.7 million subscribers in total.) Fios TV will also continue to provide - free to the viewer - Network video on demand for the Fios TV platform, plus the continued carriage of the CBS networks named above.
Verizon Communications Inc. , headquartered in New York City, has a diverse workforce of 160,900 and generated nearly $126 billion in 2016 revenues. Verizon operates America's most reliable wireless network, with 114.2 million retail connections nationwide. The company also provides communications and entertainment services over mobile broadband and the nation's premier all-fiber network, and delivers integrated business solutions to customers worldwide.
CBS Corporation is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand -- "the Eye" -- one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, and interactive and socially responsible media. CBS's businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For more information, go to www.cbscorporation.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/verizon-and-cbs-corporation-announce-multiyear-content-carriage-agreement-300424205.htmlCBS Corporation
CONTACT: Media Contacts: Verizon, Gerald Rizzo, firstname.lastname@example.org;
CBS Corporation, Kelli Raftery, email@example.com
Web site: http://www.cbscorporation.com/
MOUNTAIN VIEW, Calif., March 15, 2017 /PRNewswire/ --
-- 12-nm physical implementation flow is fully enabled in IC Compiler II place-and-route and IC Validator physical signoff -- Joint development of innovative new area-optimization technologies, including new standard cell structures support by IC Compiler II -- Custom Compiler is ready to use with TSMC's 12-nm process, with immediate availability of the Process Design Kits (PDKs)
Synopsys, Inc. today announced that TSMC has certified the complete suite of products in the Synopsys Galaxy(TM) Design Platform for the most current version of 12-nanometer (nm) FinFET process technology. This 12-nm certification brings with it the broad body of design collateral, including routing rules, physical verification runsets, signoff-accurate extraction technology files, SPICE correlated timing and interoperable process design kits (iPDKs) for this latest FinFET process. Synopsys Custom Compiler(TM) design solution support is enabled through an iPDK.
To accelerate access to this power-efficient, high-density process, IC Compiler(TM) II place-and-route system has been enabled to support new standard cell architectures seamlessly co-existing with 16FFC intellectual property (IP). Recent collaborations have resulted in enhancements to IC Compiler II's core placement and legalization engines ensuring maximum utilization while minimizing placement fragmentation and cell displacement. The 12-nm ready iPDK enables designers to use Custom Compiler's layout assistant features to shorten time in creating FinFET layouts.
"This power-efficient, high-density node offers a broad set of opportunities to our customers, enabling them to deliver highly differentiated products," said Suk Lee, TSMC senior director, Design Infrastructure Marketing Division. "Our ongoing collaboration with Synopsys is helping expedite designer access to 12-nm process technology."
"The long-standing collaboration between Synopsys and TSMC continues to be key in bringing accelerated access to new process technology nodes," said Bijan Kiani, vice president of product marketing for the Design Group at Synopsys. "With the Galaxy Design Platform certified for 12-nm readiness, our mutual customers are enabled to speed up development and deployment to accelerate their time-to-market."
Synopsys, Inc. is the Silicon to Software((TM)) partner for innovative companies developing the electronic products and software applications we rely on every day. As the world's 15(th) largest software company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP, and is also growing its leadership in software security and quality solutions. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing applications that require the highest security and quality, Synopsys has the solutions needed to deliver innovative, high-quality, secure products. Learn more at www.synopsys.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/synopsys-ic-compiler-ii-certified-for-tsmcs-12-nm-process-technology-300423811.htmlSynopsys, Inc.
Web site: http://www.synopsys.com/
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