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IAC to Attend Barclays Global Technology, Media and Telecommunications Conference

PR Newswire

NEW YORK, Dec. 3, 2020 /PRNewswire/ — IAC (NASDAQ: IAC), will attend the Barclays Global Technology, Media and Telecommunications Conference on Thursday, December 10, 2020. Glenn Schiffman, Chief Financial Officer of IAC, will participate in a fireside chat at 10:30 a.m. ET.  A live webcast will be available to the public at http://www.iac.com/Investors/.

About IAC
IAC builds companies.  We are guided by curiosity, a questioning of the status quo, and a desire to invent or acquire new products and brands.  From the single seed that started as IAC over two decades ago have emerged 10 public companies and generations of exceptional leaders.  We will always evolve, but our basic principles of financially-disciplined opportunism will never change.  IAC today operates Vimeo, Dotdash and Care.com, among many others, and has majority ownership of ANGI Homeservices, which includes HomeAdvisor, Angie’s List and Handy.  The Company is headquartered in New York City and has business operations and satellite offices worldwide.

 

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SOURCE IAC

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SHAREHOLDER ALERT: Monteverde & Associates PC Announces an Investigation of Waddell & Reed Financial, Inc. – WDR

PR Newswire

NEW YORK, Dec. 3, 2020 /PRNewswire/ — Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a national securities firm headquartered at the Empire State Building in New York City, is investigating Waddell & Reed Financial, Inc. (“WDR” or the “Company”) (WDR) relating to its proposed sale to Macquarie Asset Management. (“Macquarie”). Under the terms of the agreement, WDR shareholders are expected to receive $25.00 per share.

The investigation focuses on whether Waddell & Reed Financial, Inc. and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether and by how much this proposed transaction undervalues the Company.

Click here for more information:
 

https://www.monteverdelaw.com/case/waddell-reed-financial-inc

.
It is free and there is no cost or obligation to you.

About Monteverde & Associates PC
We are a national class action securities litigation law firm that has recovered millions of dollars and iscommitted to protecting shareholders from corporate wrongdoing.  Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions.  Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field.  He has also been selected by Martindale-Hubbell as a 2017-2019 Top Rated Lawyer.  Our firm’s recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019).  Also, in 2019 we recovered money for shareholders in 6 mergers & acquisitions class action cases.

If you own common stock in Waddell & Reed Financial, Inc. and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at [email protected] or by telephone at (212) 971-1341.

Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
[email protected]
Tel: (212) 971-1341

Attorney Advertising. (C) 2020 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

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SOURCE Monteverde & Associates PC

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Zumiez Inc. Announces Fiscal 2020 Third Quarter Results

Third Quarter 2020 Sales Increased 2.6% to $271.0 Million

Third Quarter 2020 Diluted Earnings Per Share Increased 54.7% to $1.16

Cash and Current Marketable Securities Increased 77.0% to $316.2 Million

LYNNWOOD, Wash., Dec. 03, 2020 (GLOBE NEWSWIRE) — Zumiez Inc. (NASDAQ: ZUMZ) today reported results for the third quarter ended October 31, 2020.

Total net sales for the third quarter ended October 31, 2020 (13 weeks) increased 2.6% to $271.0 million from $264.0 million in the quarter ended November 2, 2019 (13 weeks). Due to store closures, stores were open for approximately 95% of the third quarter of 2020 measured as the total number of store days open in the quarter divided by the total number of store days available. For the stores that were open, comparable sales for the thirteen weeks ended October 31, 2020 increased 8.1% compared to the same period a year ago. Net income for the third quarter of fiscal 2020 was $29.1 million, or $1.16 per diluted share, compared to net income of $19.2 million, or $0.75 per diluted share in the third quarter of the prior fiscal year.

Total net sales for the nine months (39 weeks) ended October 31, 2020 decreased 6.6% to $659.1 million from $705.4 million reported for the nine months (39 weeks) ended November 2, 2019. Net income for the first nine months of fiscal 2020 increased 15.3% to $33.4 million, or $1.32 per diluted share, compared to net income for the first nine months of the prior fiscal year of $29.0 million, or $1.14 per diluted share.

At October 31, 2020, the Company had cash and current marketable securities of $316.2 million compared to cash and current marketable securities of $178.6 million at November 2, 2019. The increase in cash and current marketable securities was driven by cash generated through operations including cash deferment of $53.0 million composed of lower inventory levels, landlord payments, extended vendor terms and payroll tax payments as well as net income improvements related to abatements, credits and expense reductions. This increase was partially offset by $13.4 million of share repurchases through the Company’s stock buyback program prior to our stores closing in March due to COVID-19 and other planned capital expenditures.

Rick Brooks, Chief Executive Officer of Zumiez Inc., stated, “We once again successfully navigated volatile market conditions and drove strong earnings growth. Following a challenging start to the third quarter due to the delayed start to back to school, sales were positive in both September and October as we capitalized on late season demand. Our performance in 2020 is a testament to the resiliency of our people and their commitment to serving our customers, the strong culture and brand loyalty we’ve fostered over many years, and the ability of our business model to adapt to changes in purchasing behavior. While there is still uncertainty around how the remainder of the holiday season will unfold, we believe we are positioned well to meet the customer’s expectations and drive value for the long-term.”

Fiscal Fourth Quarter-to-Date Sales

Total fourth quarter-to-date sales for the 31 days ended December 1, 2020 were down approximately 3.9%, compared with the same 31 day time period in the prior year ended December 3, 2019. Comparable sales for the 31 days ended December 1, 2020 were down 1.7%. By channel, open store comparable sales decreased 7.8% and e-commerce sales increased 16.7%. During this timeframe we had roughly 3% fewer open store days than last year due to governmental orders and potential safety concerns. We also experienced significant metering of traffic and reduced hours where required by local governments. We expect that the store closures and various other operating restrictions will fluctuate as we move through the quarter.

Outlook

Due to the fast-moving nature of this situation and the uncertainty of impacts on revenue and costs, the Company previously withdrew its full year fiscal 2020 guidance. The Company is not providing an updated outlook at this time for the fourth quarter or the year.

Share Repurchase Authorization:

On December 2, 2020, the Company’s Board of Directors approved the repurchase of up to an aggregate of $100 million of its Common Stock (the “Repurchase Program”). The repurchases will be made from time to time on the open market at prevailing market prices. The Repurchase Program is expected to continue through the fiscal year 2021 ending January 29, 2022, unless the time period is extended or shortened by the Board of Directors. The Repurchase Program supersedes all previously approved and authorized stock repurchase programs.

Conference Call Information

A conference call will be held today to discuss third quarter fiscal 2020 results and will be webcast at 5:00 p.m. ET on http://ir.zumiez.com. Participants may also dial (574) 990-9934 followed by the conference identification code of 6946677.


About Zumiez Inc.

Zumiez is a leading specialty retailer of apparel, footwear, accessories and hardgoods for young men and women who want to express their individuality through the fashion, music, art and culture of action sports, streetwear, and other unique lifestyles. As of November 28, 2020, we operated 726 stores, including 608 in the United States, 52 in Canada, 54 in Europe and 12 in Australia. We operate under the names Zumiez, Blue Tomato and Fast Times. Additionally, we operate ecommerce web sites at zumiez.com, zumiez.ca, blue-tomato.com and fasttimes.com.au.


Safe Harbor Statement

Certain statements in this press release and oral statements relating thereto made from time to time by representatives of the Company may constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, predictions and guidance relating to the Company’s future financial performance, brand and product category diversity, ability to adjust product mix, integration of acquired businesses, growing customer demand for our products and new store openings. In some cases, you can identify forward-looking statements by terminology such as, “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. These forward-looking statements are based on management’s current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation, those described in the Company’s annual report on Form 10-K for the fiscal year ended February 1, 2020 as filed with the Securities and Exchange Commission and available at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Company Contact:

Darin White
Director of Finance &
Investor Relations
Zumiez Inc.
(425) 551-1500, ext. 1337

Investor Contact:

ICR
Brendon Frey
(203) 682-8200

 
 
ZUMIEZ INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)
 
    Three Months Ended
    October 31, 2020   % of Sales     November 2, 2019   % of Sales
Net sales   $ 270,952   100.0 %   $ 264,022   100.0 %
Cost of goods sold     165,146   61.0 %     169,446   64.2 %
Gross profit     105,806   39.0 %     94,576   35.8 %
Selling, general and administrative expenses     67,941   25.0 %     70,266   26.6 %
Operating profit     37,865   14.0 %     24,310   9.2 %
Interest income, net     769   0.3 %     1,002   0.4 %
Other income, net     86   0.0 %     275   0.1 %
Earnings before income taxes     38,720   14.3 %     25,587   9.7 %
Provision for income taxes     9,581   3.5 %     6,408   2.4 %
Net income   $ 29,139   10.8 %   $ 19,179   7.3 %
                     
Basic earnings per share   $ 1.17       $ 0.76    
Diluted earnings per share   $ 1.16       $ 0.75    
Weighted average shares used in computation of earnings per share:                
Basic     24,864         25,231    
Diluted     25,219         25,560    
                     
    Nine Months Ended
    October 31, 2020   % of Sales     November 2, 2019   % of Sales
Net sales   $ 659,116   100.0 %     705,376   100.0 %
Cost of goods sold     438,724   66.6 %     467,140   66.2 %
Gross profit     220,392   33.4 %     238,236   33.8 %
Selling, general and administrative expenses     177,263   26.9 %     201,285   28.6 %
Operating profit     43,129   6.5 %     36,951   5.2 %
Interest income, net     2,637   0.4 %     2,652   0.4 %
Other income, net     584   0.1 %     987   0.2 %
Earnings before income taxes     46,350   7.0 %     40,590   5.8 %
Provision for income taxes     12,920   1.9 %     11,593   1.7 %
Net income   $ 33,430   5.1 %     28,997   4.1 %
                     
Basic earnings per share   $ 1.34         1.15    
Diluted earnings per share   $ 1.32         1.14    
Weighted average shares used in computation of earnings per share:                    
Basic     24,913         25,173    
Diluted     25,271         25,480    
                     

ZUMIEZ INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)
 
  October 31, 2020   February 1, 2020   November 2, 2019
  (Unaudited)       (Unaudited)
Assets          
Current assets          
Cash and cash equivalents $ 84,939     $ 52,428     $ 31,929  
Marketable securities   231,234       198,768       146,718  
Receivables   19,301       16,841       16,790  
Inventories   160,961       135,095       183,381  
Prepaid expenses and other current assets   9,240       9,456       10,757  
Total current assets   505,675       412,588       389,575  
Fixed assets, net   101,820       113,051       115,170  
Operating lease right-of-use assets   273,796       301,784       301,736  
Goodwill   59,540       57,099       57,580  
Intangible assets, net   15,329       14,564       14,772  
Deferred tax assets, net   8,192       6,303       7,424  
Other long-term assets   9,802       8,869       8,773  
Total long-term assets   468,479       501,670       505,455  
Total assets $ 974,154     $ 914,258     $ 895,030  
           
Liabilities and Shareholders’ Equity          
Current liabilities          
Trade accounts payable $ 84,069     $ 47,787     $ 73,418  
Accrued payroll and payroll taxes   25,603       23,653       21,929  
Income taxes payable   8,402       4,686       3,430  
Operating lease liabilities   72,526       61,800       59,742  
Other liabilities   25,327       21,784       18,815  
Total current liabilities   215,927       159,710       177,334  
Long-term operating lease liabilities   255,160       284,717       287,400  
Other long-term liabilities   3,881       3,745       3,457  
Total long-term liabilities   259,041       288,462       290,857  
Total liabilities   474,968       448,172       468,191  
                       
Shareholders’ equity                      
Preferred stock, no par value, 20,000 shares authorized; none issued and outstanding   —       —       —  
Common stock, no par value, 50,000 shares authorized; 25,472 shares issued and
outstanding at October 31, 2020, 25,828 shares issued and outstanding at February 1, 2020
and 25,805 shares issued and outstanding at November 2, 2019		   167,119       161,458       159,251  
Accumulated other comprehensive loss   (5,165 )     (12,591 )     (11,747 )
Retained earnings   337,232       317,219       279,335  
Total shareholders’ equity   499,186       466,086       426,839  
Total liabilities and shareholders’ equity $ 974,154     $ 914,258     $ 895,030  
                 

ZUMIEZ INC. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
    Nine Months Ended
    October 31, 2020   November 2, 2019
Cash flows from operating activities:        
Net income   $ 33,430     $ 28,997  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation, amortization and accretion     17,909       18,776  
Noncash lease expense     45,797       42,960  
Deferred taxes     (2,155 )     29  
Stock-based compensation expense     4,795       4,819  
Impairment of long-lived assets     4,443       123  
Other     (430 )     (562 )
Changes in operating assets and liabilities:                
  Receivables     (1,030 )     3,190  
  Inventories     (24,856 )     (54,687 )
  Prepaid expenses and other assets     532       (934 )
  Trade accounts payable     36,196       38,186  
  Accrued payroll and payroll taxes     1,711       971  
  Income taxes payable     2,629       (2,586 )
  Operating lease liabilities     (40,945 )     (45,512 )
  Other liabilities     3,728       (4,316 )
Net cash provided by operating activities     81,754       29,454  
Cash flows from investing activities:                
Additions to fixed assets     (7,488 )     (13,871 )
Purchases of marketable securities and other investments     (135,515 )     (165,912 )
Sales and maturities of marketable securities and other investments     104,742       132,974  
Net cash used in investing activities     (38,261 )     (46,809 )
Cash flows from financing activities:                
Proceeds from issuance and exercise of stock-based awards     959       1,604  
Payments for tax withholdings on equity awards     (93 )     (238 )
Common stock repurchased     (13,417 )     —  
Net cash (used in) provided by financing activities     (12,551 )     1,366  
Effect of exchange rate changes on cash, cash equivalents, and restricted cash     1,899       (242 )
Net increase (decrease) in cash, cash equivalents, and restricted cash     32,841       (16,231 )
Cash, cash equivalents, and restricted cash, beginning of period     58,991       54,271  
Cash, cash equivalents, and restricted cash, end of period   $ 91,832     $ 38,040  
Supplemental disclosure on cash flow information:        
Cash paid during the period for income taxes   $ 11,933     $ 14,024  
Accrual for purchases of fixed assets     346       1,412  



Posted on

Cloudera Reports Third Quarter Fiscal 2021 Financial Results

PR Newswire

SANTA CLARA, Calif., Dec. 3, 2020 /PRNewswire/ — Cloudera, Inc. (NYSE: CLDR), the enterprise data cloud company, reported results for its third quarter of fiscal 2021, ended October 31, 2020. Total revenue for the third quarter was $217.9 million, an increase of 10% as compared to the third quarter of fiscal 2020. Subscription revenue was $197.4 million, an increase of 18% as compared to the third quarter of fiscal 2020. Annualized Recurring Revenue grew 12% year-over-year.

“In the third quarter, CDP Private Cloud became generally available, we announced three new upcoming cloud-native services on CDP Public Cloud, and the number of CDP Public Cloud paying customers increased by more than 40%. With CDP Private Cloud now in-market, our hybrid multi-cloud offerings can be implemented by customers and our Enterprise Data Cloud vision is nearly complete. We are beginning to see an acceleration of migrations by existing customers from legacy Cloudera and Hortonworks platforms to CDP,” said Rob Bearden, chief executive officer, Cloudera. “We believe that Cloudera has never been better-positioned to capture more of the rapidly growing data management and analytics market opportunity for hybrid multi-cloud solutions. As a result, we have announced today that the board has authorized the repurchase of an additional $500 million in shares of our stock.”


Third Quarter Fiscal 2021 Results

  • GAAP loss from operations for the third quarter of fiscal 2021 was $12.3 million, compared to $82.5 million for the third quarter of fiscal 2020
  • Non-GAAP income from operations for the third quarter of fiscal 2021 was $49.3 million, compared to a non-GAAP loss from operations of $8.2 million for the third quarter of fiscal 2020
  • Operating cash flow for the third quarter of fiscal 2021 was $18.4 million, compared to negative $5.9 million for the third quarter of fiscal 2020
  • GAAP net loss per share for the third quarter of fiscal 2021 was $0.04 per share, compared to $0.29 per share for the third quarter of fiscal 2020
  • Non-GAAP net income per share for the third quarter of fiscal 2021 was $0.15 per share, compared to a non-GAAP net loss per share of $0.03 per share for the third quarter of fiscal 2020

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading Non-GAAP Financial Measures.

As of October 31, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $567.5 million.


Recent Business and Financial Highlights

  • Annualized Recurring Revenue at the conclusion of the third quarter of fiscal 2021 was $756 million, representing 12% year-over-year growth
  • GAAP subscription gross margin for the quarter was 87%, up from 82% in the third quarter of fiscal 2020
  • Non-GAAP subscription gross margin for the quarter was 91%, up from 86% in the third quarter of fiscal 2020
  • Cloudera recognized as a leader in The Forrester Wave(TM): Notebook-Based Predictive Analytics and Machine Learning, Q3 2020
  • Acquired Eventador, a provider of cloud-native services for streaming analytics, to deliver more customer value for real-time analytics use cases
  • Three new enterprise data cloud services designed specifically for data specialists were announced for Cloudera Data Platform (CDP): CDP Data Engineering; CDP Operational Database; and CDP Data Visualization


Business Outlook

The outlook for the fourth quarter of fiscal 2021, ending January 31, 2021 is:

  • Total revenue in the range of $219 million to $222 million
  • Subscription revenue in the range of $199 million to $202 million
  • Non-GAAP operating income in the range of $35 million to $40 million
  • Non-GAAP net income per share in the range of $0.10 to $0.12 per share
  • Diluted weighted-average share count of approximately 323 million shares

The outlook for fiscal 2021, ending January 31, 2021, is:

  • Total revenue in the range of $862 million to $865 million
  • Subscription revenue in the range of $775 million to $778 million
  • Non-GAAP operating income in the range of $131 million to $136 million
  • Non-GAAP net income per share in the range of $0.40 to $0.42 per share
  • Diluted weighted-average share count of approximately 317 million shares

The business outlook is based on the assumption that the recessionary impact of the coronavirus pandemic (COVID-19) will continue at least through Cloudera’s fourth quarter fiscal 2021.

Share Repurchase Authorization

Cloudera’s board of directors has authorized the repurchase of up to an additional $500 million in shares of our common stock, through open market purchases, block trades and/or in privately negotiated transactions, pursuant to Rule 10b5-1 plans, or other repurchase mechanisms, in compliance with applicable securities laws and other legal requirements. The timing, volume and nature of any repurchases will be determined by Cloudera’s management based on their evaluation of the capital needs of the business, market conditions, applicable legal requirements and other factors. The repurchase program will be executed consistent with our capital allocation strategy, balancing investment to grow the business over the long-term and return of capital to shareholders. No time limit was set for the completion of the repurchase program, the program may be suspended or discontinued at any time and the program does not obligate Cloudera to purchase any shares. The amount of shares Cloudera has been authorized to repurchase may be increased or decreased at any time by our board of directors. The repurchase program is conditioned upon the closing of an institutional term loan, which we believe can be closed during our current fiscal quarter. Cloudera currently expects to fund the repurchase program using proceeds from this term loan, and/or with our existing cash or cash generated from operations. Cloudera’s ability to secure proceeds from and the timing of closing such an institutional term loan are subject to market conditions and other factors beyond our control.

Conference Call and Webcast Information

Cloudera is hosting a conference call for analysts and investors to discuss its third quarter fiscal 2021 results and the outlook for its fourth quarter of fiscal 2021 and full year fiscal 2021 at 1:30 p.m. Pacific Time today. Participants can listen via webcast by visiting the Investor Relations section of Cloudera’s website. A replay of the webcast will be available for two weeks following the call.

The conference call can also be accessed as follows:

  • Participant Toll Free Number: +1-833-579-0900
  • Participant International Number: +1-778-560-2567
  • Conference ID: 2257327

About Cloudera

At Cloudera, we believe that data can make what is impossible today, possible tomorrow. We empower people to transform complex data into clear and actionable insights. Cloudera delivers an enterprise data cloud for any data, anywhere, from the Edge to AI. Powered by the relentless innovation of the open source community, Cloudera advances digital transformation for the world’s largest enterprises. Learn more at cloudera.com.

Connect with Cloudera

About Cloudera: https://www.cloudera.com/about.html  
Read our VISION blog: https://blog.cloudera.com and Engineering blog: https://blog.cloudera.com  
Follow us on Twitter: https://twitter.com/cloudera and LinkedIn: https://www.linkedin.com/company/cloudera  
Visit us on Facebook: https://www.facebook.com/cloudera  
See us on YouTube: https://www.youtube.com/user/clouderahadoop  
Join the Cloudera Community: https://community.cloudera.com  
Read about our customers’ successes: https://www.cloudera.com/about/customers.html

Cloudera and associated marks are trademarks or registered trademarks of Cloudera, Inc. All other company and product names may be trademarks of their respective owners.

Forward-Looking Statements

Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as “may”, “will”, “expect”, “intend”, “plan”, “believe”, “seek”, “could”, “estimate”, “judgment”, “targeting”, “should”, “anticipate”, “goal” and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets, including our “Business Outlook” for our fourth quarter of fiscal 2021 and our full year fiscal 2021 operating results. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including global economic conditions, competitive pressures and pricing declines, intellectual property infringement claims, the impact of and uncertainties related to COVID-19, and other risks or uncertainties that are described under the caption “Risk Factors” in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), and in our other SEC filings. You can obtain copies of our SEC filings on the SEC’s website at www.sec.gov. Additionally, these forward-looking statements, particularly our guidance, involve risk, uncertainties and assumptions, including those related to the impact of COVID-19 on our business and global economic conditions. Many of these assumptions relate to matters that are beyond our control and changing rapidly, including, but not limited to, the timeframes for and severity of the impact of COVID-19 on our customers’ purchasing decisions and the length of our sales cycles, particularly for customers in certain industries highly affected by COVID-19. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

We report all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). To supplement our unaudited and audited condensed consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the results of our operations as determined in accordance with GAAP. The non-GAAP financial measures used by us include non-GAAP cost of revenue-subscription, non-GAAP cost of revenue-services, non-GAAP subscription gross margin, non-GAAP services gross margin, non-GAAP gross margin, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating margin, and historical and forward-looking non-GAAP income/loss from operations, non-GAAP net income/loss, and non-GAAP net income/loss per share. These non-GAAP financial measures exclude stock-based compensation, acquisition and disposition-related expenses (if any), extraordinary non-cash real estate impairment charges (if any), and amortization of acquired intangible assets from our unaudited and audited condensed consolidated statement of operations.

For a description of these items, including the reasons why management adjusts for them, and reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying financial statement tables titled “Use of Non-GAAP Financial Information” as well as the related financial statement tables that precede it. We may consider whether other significant non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures we use.

We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results or future outlook. Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results, as well as when planning, forecasting and analyzing future periods. We use these non-GAAP financial measures in conjunction with traditional GAAP measures to communicate with our board of directors concerning our financial performance. These non-GAAP financial measures also facilitate comparisons of our performance to prior periods.

Annualized Recurring Revenue

Annualized Recurring Revenue (“ARR”) is a performance metric, which we use to assess the health and trajectory of our business. ARR equals the annualized value of all recurring subscription contracts with active entitlements as of the end of the period. ARR does not reflect non-recurring partner revenue, subscription revenue with certain related parties, custom engineering, remote operation and management services, or premium add-on support.


Cloudera, Inc.


Condensed Consolidated Statements of Operations


(in thousands, except per share data)


(unaudited)


Three Months Ended October 31,


Nine Months Ended October 31,


2020


2019


2020


2019

Revenue:

Subscription

$

197,355

$

166,932

$

575,962

$

485,872

Services

20,544

31,360

66,733

96,599

Total revenue

217,899

198,292

642,695

582,471

Cost of revenue:(1) (2)

Subscription

25,243

30,224

81,808

88,636

Services

16,804

27,404

64,119

87,355

Total cost of revenue

42,047

57,628

145,927

175,991

Gross profit

175,852

140,664

496,768

406,480

Operating expenses:(1) (2)

Research and development

56,306

66,657

182,826

196,572

Sales and marketing

97,952

117,783

316,847

349,657

General and administrative 

33,923

38,691

101,765

135,568

Total operating expenses

188,181

223,131

601,438

681,797

Loss from operations

(12,329)

(82,467)

(104,670)

(275,317)

Interest income

1,201

2,756

4,886

9,203

Other income (expense), net

(1,398)

(46)

(2,915)

291

Loss before provision for income taxes

(12,526)

(79,757)

(102,699)

(265,823)

Provision for income taxes

(1,419)

(2,365)

(5,257)

(6,472)

Net loss

$

(13,945)

$

(82,122)

$

(107,956)

$

(272,295)

Net loss per share, basic and diluted

$

(0.04)

$

(0.29)

$

(0.36)

$

(0.98)

Weighted-average shares used in computing net loss per
   share, basic and diluted

311,009

283,267

302,185

277,260

 

 (1) Amounts include stock-based compensation expense as follows (in thousands):


Three Months Ended October 31,


Nine Months Ended October 31,


2020


2019


2020


2019

Cost of revenue – subscription

$

3,384

$

4,306

$

11,060

$

12,314

Cost of revenue – service

2,372

4,620

9,363

13,076

Research and development

16,372

19,697

53,253

55,991

Sales and marketing

11,806

17,400

41,660

46,199

General and administrative

7,922

8,191

26,575

37,238

Total stock-based compensation expense

$

41,856

$

54,214

$

141,911

$

164,818

(2) Amounts include amortization of acquired intangible assets as follows (in thousands):


Three Months Ended October 31,


Nine Months Ended October 31,


2020


2019


2020


2019

Cost of revenue – subscription

$

3,144

$

2,761

$

9,303

$

8,358

Sales and marketing

16,605

17,264

49,798

51,764

Total amortization of acquired intangible assets

$

19,749

$

20,025

$

59,101

$

60,122

 


Cloudera, Inc.


Condensed Consolidated Balance Sheets


(in thousands)


October 31,

2020


January 31,

2020

(unaudited)


ASSETS

Current assets:

Cash and cash equivalents

$

96,114

$

107,638

Marketable securities

298,711

253,361

Accounts receivable, net

172,424

249,971

Deferred costs

44,922

54,776

Prepaid expenses and other current assets

28,502

42,155

Total current assets

640,673

707,901

Property and equipment, net

20,247

21,988

Marketable securities, non-current

169,324

122,193

Intangible assets, net

551,835

605,236

Goodwill

599,291

590,361

Deferred costs, non-current

30,365

35,260

Operating lease right-of-use assets

187,469

204,642

Other assets

10,961

12,209


TOTAL ASSETS

$

2,210,165

$

2,299,790


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

2,556

$

3,858

Accrued compensation

56,029

61,826

Other contract liabilities

7,895

12,225

Other accrued liabilities

22,902

22,297

Operating lease liabilities

29,422

19,181

Deferred revenue

401,943

460,561

Total current liabilities

520,747

579,948

Operating lease liabilities, non-current

176,244

192,324

Deferred revenue, non-current

57,958

81,926

Other accrued liabilities, non-current

5,683

7,223

TOTAL LIABILITIES

760,632

861,421

STOCKHOLDERS’ EQUITY:

Common stock

16

15

Additional paid-in capital

3,044,290

2,923,905

Accumulated other comprehensive income

(195)

273

Accumulated deficit

(1,594,578)

(1,485,824)

TOTAL STOCKHOLDERS’ EQUITY

1,449,533

1,438,369


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

2,210,165

$

2,299,790

 


Cloudera, Inc.


Condensed Consolidated Statements of Cash Flows


(in thousands)


(unaudited)


Three Months Ended October 31,


Nine Months Ended October 31,


2020


2019


2020


2019


CASH FLOWS FROM OPERATING ACTIVITIES

Net loss  

$

(13,945)

$

(82,122)

$

(107,956)

$

(272,295)

Adjustments to reconcile net loss to net cash provided by (used in)
operating activities:

Depreciation and amortization  

22,077

22,957

67,016

69,123

 Non-cash lease expense

11,516

10,999

34,208

33,897

Stock-based compensation expense 

41,856

54,214

141,911

164,818

Amortization of deferred costs

17,340

12,606

50,750

33,579

Other

3,261

(702)

8,387

(1,903)

Changes in assets and liabilities:

Accounts receivable  

(24,273)

(1,708)

76,067

78,952

Prepaid expenses and other assets  

(120)

204

14,508

(3,754)

Deferred costs

(13,711)

(15,393)

(36,001)

(37,200)

Accounts payable  

(1,268)

7,854

(2,098)

4,193

Accrued compensation  

(3,579)

3,767

(10,225)

(2,323)

Other accrued liabilities  

832

(3,785)

(3,447)

4,904

 Other contract liabilities

(456)

(203)

(4,330)

(9,445)

Operating lease liabilities

(3,525)

(2,864)

(24,731)

(27,898)

Deferred revenue  

(17,640)

(11,714)

(84,889)

(62,058)

Net cash provided by (used in) operating activities  

18,365

(5,890)

119,170

(27,410)


CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of marketable securities

(121,631)

(81,273)

(395,200)

(392,497)

Proceeds from sale of marketable securities

6,150

17,356

110,322

56,741

Maturities of marketable securities

67,960

96,228

191,670

331,630

Cash used in business combinations, net of cash acquired  

(12,358)

(4,500)

(12,358)

(4,500)

Capital expenditures  

(2,875)

(1,767)

(7,305)

(6,488)

Net cash (used in) provided by investing activities  

(62,754)

26,044

(112,871)

(15,114)


CASH FLOWS FROM FINANCING ACTIVITIES

Repurchases of common stock

—

—

(25,974)

—

Taxes paid related to net share settlement of restricted stock units

(6,352)

(5,439)

(29,635)

(21,085)

Proceeds from employee stock plans

4,552

10,413

38,191

19,633

Net cash (used in) provided by financing activities  

(1,800)

4,974

(17,418)

(1,452)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(868)

—

(405)

(1,508)

Net (decrease) increase in cash, cash equivalents and restricted cash

(47,057)

25,128

(11,524)

(45,484)

Cash, cash equivalents and restricted cash — Beginning of period

146,523

91,427

110,990

162,039

Cash, cash equivalents and restricted cash — End of period 

$

99,466

$

116,555

$

99,466

$

116,555

 


Reconciliation of cash, cash equivalents and restricted cash as shown in the statement of cash flows:


As of October 31,


2020


2019

Cash and cash equivalents

$

96,114

$

113,203

Restricted cash included in Other assets

3,352

3,352

Total cash, cash equivalents and restricted cash

$

99,466

$

116,555

 


Cloudera, Inc.


Three Months Ended October 31, 2020


GAAP Results Reconciled to Non-GAAP Results


(in thousands, except percentage and per share amounts)


(unaudited)


GAAP


Stock-Based
Compensation
Expense


Amortization of
Acquired
Intangible Assets


Non-GAAP

Cost of revenue- Subscription

$

25,243

$

(3,384)

$

(3,144)

$

18,715


Subscription gross margin


87


%


2


%


2


%


91


%

Cost of revenue- Services

16,804

(2,372)

—

14,432


Services gross margin


18


%


12


%


—


%


30


%

Gross profit

175,852

5,756

3,144

184,752


Total gross margin


81


%


3


%


1


%


85


%

Research and development

56,306

(16,372)

—

39,934

Sales and marketing

97,952

(11,806)

(16,605)

69,541

General and administrative

33,923

(7,922)

—

26,001

(Loss) income from operations

(12,329)

41,856

19,749

49,276


Operating margin


(6)


%


19


%


9


%


23


%

Net (loss) income

(13,945)

41,856

19,749

47,660

Net (loss) income per share, basic

(0.04)

0.13

0.06

0.15

Net (loss) income per share, diluted (1)

$

(0.04)

$

0.13

$

0.06

$

0.15

(1) See below for a reconciliation of weighted-average shares outstanding used to calculate non-GAAP net income per share

 


Cloudera, Inc.


Three Months Ended October 31, 2019


GAAP Results Reconciled to Non-GAAP Results


(in thousands, except percentage and per share amounts)


(unaudited) 


GAAP


Stock-Based
Compensation
Expense


Amortization of
Acquired
Intangible Assets


Non-GAAP

Cost of revenue- Subscription

$

30,224

$

(4,306)

$

(2,761)

$

23,157


Subscription gross margin


82


%


3


%


2


%


86


%

Cost of revenue- Services

27,404

(4,620)

—

22,784


Services gross margin


13


%


15


%


—


%


27


%

Gross profit

140,664

8,926

2,761

152,351


Total gross margin


71


%


5


%


1


%


77


%

Research and development

66,657

(19,697)

—

46,960

Sales and marketing

117,783

(17,400)

(17,264)

83,119

General and administrative

38,691

(8,191)

—

30,500

Loss from operations

(82,467)

54,214

20,025

(8,228)


Operating margin


(42)


%


27


%


10


%


(4)


%

Net loss

(82,122)

54,214

20,025

(7,883)

Net loss per share, basic and diluted

$

(0.29)

$

0.19

$

0.07

$

(0.03)

 


Cloudera, Inc.


Reconciliation of weighted-average shares used for non-GAAP net income per share


(in thousands)


(unaudited) 


Three Months Ended October 31,


2020


2019

Weighted-average shares, basic

311,009

283,267

Effect of dilutive securities:

Stock options, unvested restricted stock units and ESPP

7,647

—

Weighted-average shares, diluted

318,656

283,267

 

Use of Non-GAAP Financial Information

In addition to the reasons stated under “Non-GAAP Financial Measures” above, which are generally applicable to each of the items we exclude from our non-GAAP financial measures, we believe it is appropriate to exclude or give effect to certain items for the following reasons:

  • Stock-based compensation expense. We exclude stock-based compensation expense from our non-GAAP financial measures consistent with how we evaluate our operating results and prepare our operating plans, forecasts and budgets. Further, when considering the impact of equity award grants, we focus on overall stockholder dilution rather than the accounting charges associated with such equity grants. The exclusion of the expense facilitates the comparison of results and business outlook for future periods with results for prior periods in order to better understand the long-term performance of our business.
  • Amortization of acquired intangible assets. We exclude the amortization of acquired intangible assets from our non-GAAP financial measures. Although the purchase accounting for an acquisition necessarily reflects the accounting value assigned to intangible assets, our management team excludes the GAAP impact of acquired intangible assets when evaluating our operating results. Likewise, our management team excludes amortization of acquired intangible assets from our operating plans, forecasts and budgets. The exclusion of the expense facilitates the comparison of results and business outlook for future periods with results for prior periods in order to better understand the long-term performance of our business.
  • Extraordinary non-cash real estate impairment charges. We currently lease approximately 225,000 square feet of space for our former corporate headquarters in Palo Alto, California under a lease agreement that expires in 2027. Upon the completion of the merger with Hortonworks, we added approximately 92,000 square feet of space in Santa Clara, California under a lease agreement that expires in 2026 and we relocated our corporate headquarters to this space during the second quarter of fiscal 2021. Extraordinary non-cash real estate impairment charges relate to potential charges that we may incur as a result of future activities with respect to our leased office locations.

 


Cloudera, Inc.


Reconciliation of Non-GAAP Financial Guidance


(unaudited)


Fiscal 2021



(in millions)


Q4


FY

GAAP operating loss

($30) – ($25)

($135) – ($130)

Stock-based compensation expense (*)

46

188

Amortization of acquired intangible assets

19

78

Non-GAAP operating income

$35 – $40

$131 – $136


Fiscal 2021



(in millions)


Q4


FY

GAAP net loss

($32) – ($26)

($139) – ($134)

Stock-based compensation expense (*)

46

188

Amortization of acquired intangible assets

19

78

Non-GAAP net income

$33 – $39

$127 – $132

(*) Stock-based compensation expense is impacted by a number of variables, each of which are inherently difficult to forecast. As a result, the guidance presented above is subject to a number of uncertainties and assumptions that may cause actual results to differ materially.

 

 

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SOURCE Cloudera, Inc.

Posted on

Kraton Corporation Announces Amendment and Extension to ABL Credit Facility

PR Newswire

HOUSTON, Dec. 3, 2020 /PRNewswire/ — Kraton Corporation (NYSE: KRA), a leading global sustainable producer of specialty polymers and high-value biobased products derived from pine wood pulping co-products, today announced that it has entered into an amendment to its senior secured asset-based revolving credit facility (“ABL Facility”). The amendment extends the maturity date of the ABL Facility from January 2023 to December 2025 and provides for a $50 million increase in aggregate commitment to $300 million.  Availability under the amended ABL Facility is subject to a borrowing base, supported by inventory and receivables.  The ABL Facility has a $100 million uncommitted accordion feature which, subject to satisfaction of specific terms and conditions, would provide for increased availability under the credit facility.  Although general terms and conditions of the ABL Facility have not changed, terms of the amended ABL Facility reflect a 50 basis point reduction in the borrowing margin along with a 75 basis point decrease in floor rate for amounts outstanding and borrowed under the facility.  The amendment also provides for a 12.5 basis point reduction in the unused line fee for available committed amounts with no outstanding borrowings under the facility.

“The newly-secured five year term on our ABL Facility provides Kraton with long-term access to liquidity, while the increased borrowing availability and improved pricing for amounts outstanding under the facility further enhances our overall financial flexibility,” said Atanas H. Atanasov, Kraton’s Executive Vice President and Chief Financial Officer.  “We are grateful to our bank group for their continued support and their ongoing confidence in Kraton.”

The ABL Facility is provided by a syndicate of banks with Bank of America, N.A. as Administrative Agent, Collateral Agent and Security Trustee.

FORWARD LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “intends,” “plans” or “anticipates,” or by discussions of strategy, plans or intentions.  The statements in this press release that are not historical statements, including statements regarding the Company’s financial flexibility are forward-looking statements.  All forward-looking statements in this press release are made based on management’s current expectations and estimates, which involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in forward-looking statements.  Additional information concerning factors that could cause actual results to differ materially from those expressed in forward-looking statements is contained in Kraton’s most recently filed annual report on Form 10-K, quarterly reports on Form 10-Q and in other filings made by Kraton with the U.S. Securities and Exchange Commission, and include, but are not limited to, risks related to: Kraton’s ability to repay or re-finance its indebtedness; Kraton’s reliance on third parties for the provision of significant operating and other services; health epidemics or pandemics such as COVID-19 (including governmental and regulatory actions relating thereto); conditions in the global economy and capital markets; fluctuations in raw material costs; limitations in the availability of raw materials; competition in Kraton’s end-use markets; and other factors of which we are currently unaware or deem immaterial.  Readers are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements contained herein speak only as of the date of this press release, and we assume no obligation to publicly update or revise such forward-looking statements in light of new information or future events.

ABOUT KRATON

Kraton Corporation (NYSE “KRA”) is a leading global producer of specialty polymers and high-value performance products derived from renewable resources. Kraton’s polymers are used in a wide range of applications, including adhesives, coatings, consumer and personal care products, sealants and lubricants, and medical, packaging, automotive, paving and roofing products. As the largest global provider in the pine chemicals industry, the company’s pine-based specialty products are sold into adhesive, road and construction and tire markets, and it produces and sells a broad range of performance chemicals into markets that include fuel additives, oilfield chemicals, coatings, metalworking fluids and lubricants, inks and mining. Kraton offers its products to a diverse customer base in over 70 countries worldwide. Kraton, the Kraton logo and design are all trademarks of Kraton Corporation or its subsidiaries or affiliates.

For Further Information:
H. Gene Shiels 281-504-4886

 

 

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SOURCE Kraton Corporation

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Cognex Declares Very Special Cash Dividend of $2 Per Share

Cognex Declares Very Special Cash Dividend of $2 Per Share

NATICK, Mass.–(BUSINESS WIRE)–
Cognex Corporation (NASDAQ: CGNX) announced today that the company’s Board of Directors declared a “very special” cash dividend of $2.00 per share, payable on December 28, 2020 to all shareholders of record at the close of business on December 14, 2020. The aggregate payment will be approximately $350 million and funded using existing cash balances.

“Cognex has paid a quarterly cash dividend for every quarter starting in 2003. Since that time, our cash and investments balance has grown to over $1 billion, despite years of funding business growth, share repurchases, and dividend increases. At Cognex we have a motto, “When Cognex wins, we all win,” and in keeping with that motto, we are making this very special dividend payment to share our success with our shareholders and reward them for their loyalty to Cognex prior to any potential federal tax increases under a new administration,” said Dr. Robert J. Shillman, Founder and Chairman of Cognex.

“We are proud that we are in a position to pay a meaningful dividend to our shareholders, especially during this challenging business environment,” said Robert J. Willett, Chief Executive Officer of Cognex. “Cognex has a strong balance sheet and no debt. We are confident in our company’s long-term growth prospects. And we expect to continue to generate cash sufficient to continue to grow our business and to make opportunistic acquisitions.”

About Cognex Corporation

Cognex Corporation designs, develops, manufactures, and markets a wide range of image-based products, all of which use artificial intelligence (AI) techniques that give them the human-like ability to make decisions on what they see. Cognex products include machine vision systems, machine vision sensors, and barcode readers that are used in factories and distribution centers around the world where they eliminate production and shipping errors.

Cognex is the world’s leader in the machine vision industry, having shipped more than 2.3 million image-based products, representing over $7 billion in cumulative revenue, since the company’s founding in 1981. Headquartered in Natick, Massachusetts, USA, Cognex has offices and distributors located throughout the Americas, Europe, and Asia. For details, visit Cognex online at www.cognex.com.

Certain statements made in this news release, which do not relate solely to historical matters, are forward-looking statements. These statements can be identified by use of the words “expects,” “anticipates,” “estimates,” “believes,” “projects,” “intends,” “plans,” “will,” “may,” “shall,” “could,” “should,” and similar words and other statements of a similar sense. These forward-looking statements, which include statements regarding business and market trends, future financial performance, the expected impact of the COVID-19 pandemic on Cognex’s assets, business and results of operations, customer order rates and timing of related revenue, future product mix, restructuring and other cost savings initiatives, research and development activities, stock repurchases, investments, liquidity, strategic plans, and estimated tax benefits and expenses and other tax matters, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include (1) the impact, duration, and severity of the COVID-19 pandemic; (2) current and future conditions in the global economy, including the impact of the COVID-19 pandemic and the imposition of tariffs or export controls; (3) the loss of, or curtailment of purchases by, a large customer; (4) the reliance on revenue from the consumer electronics or automotive industries; (5) the inability to penetrate the logistics industry and other new markets; (6) the inability to achieve significant international revenue; (7) fluctuations in foreign currency exchange rates and the use of derivative instruments; (8) information security breaches or business system disruptions; (9) the inability to attract and retain skilled employees; (10) the failure to effectively manage our growth; (11) the reliance upon key suppliers to manufacture and deliver critical components for our products; (12) the failure to effectively manage product transitions or accurately forecast customer demand; (13) the inability to design and manufacture high-quality products; (14) the technological obsolescence of current products and the inability to develop new products; (15) the failure to properly manage the distribution of products and services; (16) the inability to protect our proprietary technology and intellectual property; (17) our involvement in time-consuming and costly litigation; (18) the impact of competitive pressures; (19) the challenges in integrating and achieving expected results from acquired businesses, including the acquisition of Sualab; (20) potential impairment charges with respect to our investments or for acquired intangible assets or goodwill; (21) exposure to additional tax liabilities; and (22) potential disruptions to our business due to restructuring activities and the failure of such activities to generate the anticipated cost savings; and the other risks detailed in Cognex reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2019 and Form 10-Q for the fiscal quarter ended September 27, 2020. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. Cognex disclaims any obligation to update forward-looking statements after the date of such statements.

Susan Conway

Investor Relations

+1 508-650-3353

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Technology Engineering Other Technology Manufacturing

MEDIA:

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Brooks Announces the Acquisition of Trans-Hit Biomarkers

PR Newswire

CHELMSFORD, Mass., Dec. 3, 2020 /PRNewswire/ — Brooks Automation, Inc. (Nasdaq: BRKS) today announced that it has acquired Trans-Hit Biomarkers Inc. (THB), a worldwide biospecimen procurement service provider based in Montreal Canada. THB has an extensive collection capability for biospecimens and clinical samples through a worldwide partner network of clinical sites and biobanks. THB is enabled by a team with an extensive background in biomedical research that advises biopharma and diagnostic clients on the best solutions to design, organize and conduct sample collections in various fields including oncology and infectious diseases. 

Steve Schwartz, president and CEO of Brooks commented, “With a decade of experience solving customers’ research needs with fit-for-purpose biospecimens, THB is a great addition to our life sciences business. Our combined strength in biospecimen procurement, sample management, and genomic analytical services will add value to our customers, which we believe will provide another growth vector to Brooks Life Sciences Services business.”

Dr. Pascal Puchois, the founder and Chief Executive Officer of THB, will continue to lead the business as part of Brooks Life Sciences.  The Company expects the acquisition to be modestly accretive to earnings immediately. Specific terms of the acquisition were not disclosed.

About Brooks Automation

Brooks (Nasdaq: BRKS) is a leading provider of life science sample-based solutions and semiconductor manufacturing solutions worldwide.  The Company’s Life Sciences business provides a full suite of reliable cold-chain sample management solutions and genomic services across areas such as drug development, clinical research and advanced cell therapies for the industry’s top pharmaceutical, biotech, academic and healthcare institutions globally.  Brooks Life Sciences’ GENEWIZ division is a leading provider of gene sequencing and gene synthesis services.  With over 40 years as a partner to the semiconductor manufacturing industry, Brooks is a provider of industry-leading precision vacuum robotics, integrated automation systems and contamination control solutions to the world’s leading semiconductor chip makers and equipment manufacturers.  Brooks is headquartered in Chelmsford, MA, with operations in North America, Europe and Asia.  For more information, visit www.brooks.com.

“Safe Harbor Statement” under Section 21E of the Securities Exchange Act of 1934
Some statements in this release are forward-looking statements made under Section 21E of the Securities Exchange Act of 1934. These statements are neither promises nor guarantees but involve risks and uncertainties, both known and unknown, that could cause Brooks’ financial and business results to differ materially from our expectations. They are based on the facts known to management at the time they are made. These forward-looking statements include but are not limited to statements about the benefits of the Company’s acquisition of Trans-Hit Biomarkers Inc. and the expected value of the acquisition to the Company. Factors that could cause results to differ from our expectations include the following:  the impact of the COVID-19 global pandemic on the markets we and Trans-Hit Biomarkers Inc. serve; uncertainties in global political and economic conditions, our ability to integrate the acquired business and other factors and other risks, including those that we have described in our filings with the Securities and Exchange Commission, including but not limited to our Annual Report on Form 10-K, current reports on Form 8-K and our quarterly reports on Form 10-Q.

INVESTOR CONTACTS:
Mark Namaroff
Director, Investor Relations
Brooks Automation
978.262.2635
[email protected]

Sherry Dinsmore

Brooks Automation
978.262.4301
[email protected]

John Mills

Managing Partner
ICR, LLC
646.277.1254
[email protected]

 

 

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SOURCE Brooks Automation

Posted on

Synopsys CFO Trac Pham to Speak at UBS Global TMT Virtual Conference

PR Newswire

MOUNTAIN VIEW, Calif., Dec. 3, 2020 /PRNewswire/ — Synopsys, Inc. (Nasdaq: SNPS) today announced that Trac Pham, CFO, will present at the 2020 UBS Global TMT Virtual Conference on December 7, 2020. The presentation will begin at 3:45 p.m. ET (12:45 p.m. PT).

There will be a live audio webcast of the presentation, and a replay will be available following the live event. Both can be accessed via the Synopsys corporate website at https://www.synopsys.com/company/investor-relations.html.

About Synopsys

Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ 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.      

Investor Contact: 

Roberta Reid

Synopsys, Inc. 
(650) 584-1901

 

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SOURCE Synopsys, Inc.

Posted on

DocuSign Announces Third Quarter Fiscal 2021 Financial Results

PR Newswire

SAN FRANCISCO, Dec. 3, 2020 /PRNewswire/ — DocuSign, Inc. (NASDAQ: DOCU), which offers the world’s #1 eSignature solution as part of the DocuSign Agreement Cloud, today announced results for its fiscal quarter ended October 31, 2020.

“As companies accelerate the digital transformation of their business and agreement processes, DocuSign’s role as an essential cloud platform continues to grow,” said Dan Springer, DocuSign CEO. “Our Q3 results reflect that tailwind, as well as the immediate and long-term value that customers see from eSignature and our broader Agreement Cloud.”

Third Quarter Financial Highlights

  • Total revenue was $382.9 million, an increase of 53% year-over-year. Subscription revenue was $366.6 million, an increase of 54% year-over-year. Professional services and other revenue was $16.3 million, an increase of 43% year-over-year.
  • Billings were $440.4 million, an increase of 63% year-over-year.
  • GAAP gross margin was 74% compared to 75% in the same period last year. Non-GAAP gross margin was 79% in both comparative periods.
  • GAAP net loss per basic and diluted share was $0.31 on 186 million shares outstanding compared to $0.26 on 178 million shares outstanding in the same period last year.
  • Non-GAAP net income per diluted share was $0.22 on 206 million shares outstanding compared to $0.11 on 191 million shares outstanding in the same period last year.
  • Net cash provided by operating activities was $57.4 million compared to $1.9 million net cash used in operating activities in the same period last year.
  • Free cash flow was $38.1 million compared to negative $14.1 million in the same period last year.
  • Cash, cash equivalents, restricted cash
    and investments were $675.6 million at the end of the quarter.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures and Other Key Metrics.”

Operational and Other Financial Highlights

  • DocuSign Agreement Cloud 2020 Product Release 3. DocuSign announced more than a dozen new product capabilities to help customers get remote work done faster and easier. This includes:
    • eSignature for Slack which enables users to send and sign important documents from directly within Slack;
    • Drawing which streamlines processes by enabling a sender or signer to upload an image and leave free-form markups on the image;
    • Agreement Actions which allow admins to easily configure rules to automate common post-signature actions; and
    • iOS App Updates which includes an improved user experience and new features (including drag-and-drop tagging) for DocuSign’s eSignature app for iOS.
  • New Products. DocuSign continues to expand the Agreement Cloud with new products that make agreement processes smarter, faster, and more secure.
    • DocuSign Analyzer helps customers negotiate better agreements, faster. It applies the AI-powered advanced contract analytics of DocuSign Insight to incoming contracts, accelerating contract review and negotiation while helping to manage risk.
    • DocuSign CLM+ adds AI-driven analytics from DocuSign Analyzer and Insight to DocuSign’s market-leading CLM solution. This combination empowers organizations to automate manual tasks, orchestrate complex workflows and eliminate unnecessary risks intelligently by embedding analytics and machine learning across every stage of the agreement lifecycle.
    • DocuSign Monitor helps protect agreements with round-the-clock activity tracking. It uses advanced analytics to provide near real-time alerts—empowering security teams to detect unusual account activity, investigate incidents and respond to verified threats.
    • DocuSign Quote Gen for Salesforce CPQ+ allows Salesforce CPQ customers to leverage Gen for Salesforce as their document-generation solution within CPQ+.

Outlook

The company currently expects the following guidance:

▪  Quarter ending January 31, 2021 (in millions, except percentages):

Total revenue

$404

to

$408

Subscription revenue

$384

to

$388

Billings

$512

to

$522

Non-GAAP gross margin

78%

to

80%

Non-GAAP sales and marketing

42%

to

44%

Non-GAAP research and development

14%

to

16%

Non-GAAP general and administrative

9%

to

11%

Non-GAAP interest and other income (expense)

$(1)

to

$1

Provision for income taxes

$2

to

$3

Non-GAAP diluted weighted-average shares outstanding

205

to

210

▪  Year ending January 31, 2021 (in millions, except percentages):

Total revenue

$1,426

to

$1,430

Subscription revenue

$1,355

to

$1,359

Billings

$1,700

to

$1,710

Non-GAAP gross margin

78%

to

80%

Non-GAAP sales and marketing

44%

to

46%

Non-GAAP research and development

13%

to

15%

Non-GAAP general and administrative

9%

to

11%

Non-GAAP interest and other income

$3

to

$5

Provision for income taxes

$7

to

$8

Non-GAAP diluted weighted-average shares outstanding

200

to

205

The company has not reconciled its expectations of non-GAAP financial measures to the corresponding GAAP measures because stock-based compensation expense cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Webcast Conference Call Information

The company will host a conference call on December 3, 2020 at 1:30 p.m. PT (4:30 p.m. ET) to discuss its financial results. A live webcast of the event will be available on the DocuSign Investor Relations website at investor.docusign.com. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (ET) December 17, 2020 using the passcode 13713254.

About DocuSign

DocuSign helps organizations connect and automate how they prepare, sign, act on, and manage agreements. As part of the DocuSign Agreement Cloud, DocuSign offers eSignature, the world’s #1 way to sign electronically on practically any device, from almost anywhere, at any time. Today, over 820,000 customers and hundreds of millions of users in over 180 countries use DocuSign to accelerate the process of doing business and to simplify people’s lives.

For more information, visit www.docusign.com, call +1-877-720-2040, or follow @DocuSign on Twitter, LinkedIn, Facebook and Instagram.

Copyright 2020. DocuSign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP).

Investor Relations:

Annie Leschin

VP Investor Relations
[email protected]

Media Relations:

Adrian Wainwright

Head of Communications
[email protected]

Forward-Looking Statements

This press release contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, among other things, statements under “Outlook” above and any other statements about expected financial metrics, such as revenue, billings, non-GAAP gross margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, such as customer growth, as well as statements related to our expectations regarding the benefits of the DocuSign Agreement Cloud and enhancements to it, additions to the Agreement Cloud suite of products, and the anticipated benefits of the acquisition and integration of Seal Software and Liveoak Technologies. They also include statements about our future operating results and financial position, our business strategy and plans, market growth and trends, and our objectives for future operations. These statements are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.

These risks include, among other things, risks related to the impact of the COVID-19 pandemic on our business, financial condition and results of operations as well as the businesses of our customers and partners and the economy as a whole; our ability to estimate the size of our total addressable market; our ability to effectively sustain and manage our growth and future expenses, achieve and maintain future profitability, attract new customers and maintain and expand our existing customer base; our ability to scale and update our platform to respond to customers’ needs and rapid technological change; the effects of increased competition in our market and our ability to compete effectively; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationship with developers; our ability to expand our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for, execute on, integrate the operations of and realize the anticipated benefits of potential acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash and cash equivalents to satisfy our liquidity needs; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel; and our ability to maintain proper and effective internal controls. Additional risks and uncertainties that could affect our financial results are included in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended January 31, 2020 filed on March 27, 2020, our quarterly report on Form 10-Q for the quarter ended July 31, 2020 filed on September 4, 2020, and other filings that we make from time to time with the with the Securities and Exchange Commission (the “SEC”). In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Non-GAAP Financial Measures and Other Key Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share: We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs from our convertible senior notes issued in September 2018, acquisition-related expenses, and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and that do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods.

Free cash flows: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Billings: We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings is a key metric to measure our periodic performance. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

 


DOCUSIGN, INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(Unaudited)


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands, except per share data)


2020


2019


2020


2019


Revenue:

Subscription

$

366,617

$

238,072

$

971,182

$

660,341

Professional services and other

16,306

11,430

50,967

38,735

Total revenue

382,923

249,502

1,022,149

699,076


Cost of revenue:

Subscription

69,905

43,178

186,645

115,769

Professional services and other

27,926

18,786

75,833

59,390

Total cost of revenue

97,831

61,964

262,478

175,159


Gross profit

285,092

187,538

759,671

523,917


Operating expenses:

Sales and marketing

209,944

149,231

576,729

430,053

Research and development

73,362

48,758

191,387

133,458

General and administrative

50,256

33,546

140,513

111,562

Total operating expenses

333,562

231,535

908,629

675,073


Loss from operations

(48,470)

(43,997)

(148,958)

(151,156)

Interest expense

(7,769)

(7,364)

(23,013)

(21,793)

Interest income and other income (expense), net

(311)

5,801

6,032

15,549


Loss before provision for income taxes

(56,550)

(45,560)

(165,939)

(157,400)

Provision for income taxes

1,941

1,038

4,916

3,552


Net loss

$

(58,491)

$

(46,598)

$

(170,855)

$

(160,952)


Net loss per share attributable to common stockholders, basic and diluted

$

(0.31)

$

(0.26)

$

(0.92)

$

(0.92)


Weighted-average number of shares used in computing net loss per share attributable to common stockholders, basic and diluted

186,423

178,314

184,767

175,303


Stock-based compensation expense included in costs and expenses:

Cost of revenue—subscription

$

5,777

$

3,534

$

14,655

$

8,931

Cost of revenue—professional services and other

6,005

3,616

15,355

11,877

Sales and marketing

36,881

24,649

93,851

68,693

Research and development

18,896

11,679

45,562

30,959

General and administrative

13,361

9,258

33,815

30,339

 


DOCUSIGN, INC.


CONDENSED CONSOLIDATED BALANCE SHEETS


(Unaudited)


(in thousands)


October 31, 2020


January 31, 2020


Assets

Current assets

Cash and cash equivalents

$

374,984

$

241,203

Investments—current

223,590

414,939

Restricted cash

281

280

Accounts receivable, net

261,085

237,841

Contract assets—current

22,477

12,502

Prepaid expenses and other current assets

47,343

37,125

Total current assets

929,760

943,890

Investments—noncurrent

76,782

239,729

Property and equipment, net

159,652

128,293

Operating lease right-of-use assets

160,362

149,833

Goodwill

348,504

194,882

Intangible assets, net

128,414

56,500

Deferred contract acquisition costs—noncurrent

225,115

153,333

Other assets—noncurrent

22,530

24,678


Total assets

$

2,051,119

$

1,891,138


Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

32,309

$

28,144

Accrued expenses and other current liabilities

59,752

54,344

Accrued compensation

114,221

83,189

Contract liabilities—current

686,185

507,560

Operating lease liabilities—current

30,633

20,728

Total current liabilities

923,100

693,965

Convertible senior notes, net

486,149

465,321

Contract liabilities—noncurrent

14,717

11,478

Operating lease liabilities—noncurrent

169,078

162,432

Deferred tax liability—noncurrent

7,974

4,920

Other liabilities—noncurrent

24,069

6,695

Total liabilities

1,625,087

1,344,811

Stockholders’ equity

Common stock

19

18

Treasury stock

(1,048)

—

Additional paid-in capital

1,736,241

1,685,167

Accumulated other comprehensive loss

(1,140)

(1,673)

Accumulated deficit

(1,308,040)

(1,137,185)

Total stockholders’ equity

426,032

546,327


Total liabilities and stockholders’ equity

$

2,051,119

$

1,891,138

 


DOCUSIGN, INC.


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(Unaudited)


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands)


2020


2019


2020


2019


Cash flows from operating activities:

Net loss

$

(58,491)

$

(46,598)

$

(170,855)

$

(160,952)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

Depreciation and amortization

19,479

12,655

51,455

36,916

Amortization of deferred contract acquisition and fulfillment costs

25,593

18,211

70,787

49,360

Amortization of debt discount and transaction costs

7,044

6,645

20,828

19,647

Non-cash operating lease costs

6,963

4,980

20,082

13,843

Stock-based compensation expense

80,920

52,736

203,238

150,799

Deferred income taxes

(766)

14

(1,050)

42

Other

1,699

229

1,206

(2,142)

Changes in operating assets and liabilities

Accounts receivable

(36,583)

(20,812)

(11,429)

15,084

Contract assets

(5,460)

(2,318)

(3,890)

(7,223)

Prepaid expenses and other current assets

3,553

(341)

(1,835)

(2,036)

Deferred contract acquisition and fulfillment costs

(52,225)

(27,899)

(144,639)

(77,800)

Other assets

(331)

(33)

(6,463)

926

Accounts payable

(2,620)

718

3,655

2,306

Accrued expenses and other liabilities

10,242

(9,811)

21,952

4,691

Accrued compensation

688

(9,120)

23,553

(6,693)

Contract liabilities

65,034

22,563

172,520

44,309

Operating lease liabilities

(7,296)

(3,688)

(14,394)

(10,886)

Net cash provided by (used in) operating activities

57,443

(1,869)

234,721

70,191


Cash flows from investing activities:

Cash paid for acquisition, net of acquired cash

—

—

(180,370)

—

Purchases of marketable securities

(68,982)

(223,048)

(80,649)

(753,934)

Sales of marketable securities

—

—

28,986

—

Maturities of marketable securities

103,366

216,261

404,782

460,710

Purchases of strategic investments

(5,300)

—

(5,300)

(15,500)

Purchases of other investments

—

—

(3,241)

—

Purchases of property and equipment

(19,393)

(12,280)

(64,144)

(42,071)

Net cash provided by (used in) investing activities

9,691

(19,067)

100,064

(350,795)


Cash flows from financing activities:

Payment of tax withholding obligation on RSU settlement

(113,417)

(39,310)

(247,277)

(125,288)

Proceeds from exercise of stock options

1,945

19,815

14,983

62,263

Proceeds from employee stock purchase plan

16,269

13,309

29,859

23,872

Net cash used in financing activities

(95,203)

(6,186)

(202,435)

(39,153)

Effect of foreign exchange on cash, cash equivalents and restricted cash

(1,208)

810

1,432

(310)

Net increase (decrease) in cash, cash equivalents and restricted cash

(29,277)

(26,312)

133,782

(320,067)

Cash, cash equivalents and restricted cash at beginning of period

404,542

224,423

241,483

518,178

Cash, cash equivalents and restricted cash at end of period

$

375,265

$

198,111

$

375,265

$

198,111

 

 


DOCUSIGN, INC.


RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES


(Unaudited)


Reconciliation of gross profit and gross margin:


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands)


2020


2019


2020


2019

GAAP gross profit

$

285,092

$

187,538

$

759,671

$

523,917

Add: Stock-based compensation

11,782

7,150

30,010

20,808

Add: Amortization of acquisition-related intangibles

3,376

1,348

7,856

4,356

Add: Employer payroll tax on employee stock transactions

1,676

715

4,450

1,908

Non-GAAP gross profit

$

301,926

$

196,751

$

801,987

$

550,989

GAAP gross margin

74

%

75

%

74

%

75

%

Non-GAAP adjustments

5

%

4

%

4

%

4

%

Non-GAAP gross margin

79

%

79

%

78

%

79

%

GAAP subscription gross profit

$

296,712

$

194,894

$

784,537

$

544,572

Add: Stock-based compensation

5,777

3,534

14,655

8,931

Add: Amortization of acquisition-related intangibles

3,376

1,348

7,856

4,356

Add: Employer payroll tax on employee stock transactions

722

337

2,183

769

Non-GAAP subscription gross profit

$

306,587

$

200,113

$

809,231

$

558,628

GAAP subscription gross margin

81

%

82

%

81

%

82

%

Non-GAAP adjustments

3

%

2

%

2

%

3

%

Non-GAAP subscription gross margin

84

%

84

%

83

%

85

%

GAAP professional services and other gross loss

$

(11,620)

$

(7,356)

$

(24,866)

$

(20,655)

Add: Stock-based compensation

6,005

3,616

15,355

11,877

Add: Employer payroll tax on employee stock transactions

954

378

2,267

1,139

Non-GAAP professional services and other gross loss

$

(4,661)

$

(3,362)

$

(7,244)

$

(7,639)

GAAP professional services and other gross margin

(71)

%

(64)

%

(49)

%

(53)

%

Non-GAAP adjustments

42

%

35

%

35

%

33

%

Non-GAAP professional services and other gross margin

(29)

%

(29)

%

(14)

%

(20)

%

 


Reconciliation of operating expenses:


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands)


2020


2019


2020


2019

GAAP sales and marketing

$

209,944

$

149,231

$

576,729

$

430,053

Less: Stock-based compensation

(36,881)

(24,649)

(93,851)

(68,693)

Less: Amortization of acquisition-related intangibles

(3,981)

(2,957)

(11,176)

(9,102)

Less: Acquisition-related expenses

—

—

(186)

—

Less: Employer payroll tax on employee stock transactions

(4,125)

(1,682)

(10,992)

(5,610)

Non-GAAP sales and marketing

$

164,957

$

119,943

$

460,524

$

346,648

GAAP sales and marketing as a percentage of revenue

55

%

60

%

56

%

62

%

Non-GAAP sales and marketing as a percentage of revenue

43

%

48

%

45

%

50

%

GAAP research and development

$

73,362

$

48,758

$

191,387

$

133,458

Less: Stock-based compensation

(18,896)

(11,679)

(45,562)

(30,959)

Less: Employer payroll tax on employee stock transactions

(1,752)

(712)

(5,317)

(2,888)

Non-GAAP research and development

$

52,714

$

36,367

$

140,508

$

99,611

GAAP research and development as a percentage of revenue

19

%

20

%

19

%

19

%

Non-GAAP research and development as a percentage of revenue

14

%

15

%

14

%

14

%

GAAP general and administrative

$

50,256

$

33,546

$

140,513

$

111,562

Less: Stock-based compensation

(13,361)

(9,258)

(33,815)

(30,339)

Less: Acquisition-related expenses

(336)

—

(7,776)

—

Less: Employer payroll tax on employee stock transactions

(1,406)

(735)

(4,007)

(3,057)

Non-GAAP general and administrative

$

35,153

$

23,553

$

94,915

$

78,166

GAAP general and administrative as a percentage of revenue

13

%

13

%

14

%

16

%

Non-GAAP general and administrative as a percentage of revenue

9

%

9

%

9

%

11

%

 


Reconciliation of income (loss) from operations and operating margin:


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands)


2020


2019


2020


2019

GAAP loss from operations

$

(48,470)

$

(43,997)

$

(148,958)

$

(151,156)

Add: Stock-based compensation

80,920

52,736

203,238

150,799

Add: Amortization of acquisition-related intangibles

7,357

4,305

19,032

13,458

Add: Acquisition-related expenses

336

—

7,962

—

Add: Employer payroll tax on employee stock transactions

8,959

3,844

24,766

13,463

Non-GAAP income from operations

$

49,102

$

16,888

$

106,040

$

26,564

GAAP operating margin

(13)

%

(18)

%

(15)

%

(22)

%

Non-GAAP adjustments

26

%

25

%

25

%

26

%

Non-GAAP operating margin

13

%

7

%

10

%

4

%

 


Reconciliation of net income (loss) and net income (loss) per share, basic and diluted:


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands, except per share data)


2020


2019


2020


2019

GAAP net loss

$

(58,491)

$

(46,598)

$

(170,855)

$

(160,952)

Add: Stock-based compensation

80,920

52,736

203,238

150,799

Add: Amortization of acquisition-related intangibles

7,357

4,305

19,032

13,458

Add: Acquisition-related expenses

336

—

7,962

—

Add: Employer payroll tax on employee stock transactions

8,959

3,844

24,766

13,463

Add: Amortization of debt discount and issuance costs

7,044

6,645

20,828

19,647

Non-GAAP net income

$

46,125

$

20,932

$

104,971

$

36,415


Numerator:

Non-GAAP net income

$

46,125

$

20,932

$

104,971

$

36,415


Denominator:

Weighted-average common shares outstanding, basic

186,423

178,314

184,767

175,303

Effect of dilutive securities

19,425

12,478

17,623

14,503

Non-GAAP weighted-average common shares outstanding, diluted

205,848

190,792

202,390

189,806

GAAP net loss per share, basic and diluted

$

(0.31)

$

(0.26)

$

(0.92)

$

(0.92)

Non-GAAP net income per share, basic

0.25

0.12

0.57

0.21

Non-GAAP net income per share, diluted

0.22

0.11

0.52

0.19

 


Computation of free cash flow:


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands)


2020


2019


2020


2019

Net cash provided by operating activities

$

57,443

$

(1,869)

$

234,721

$

70,191

Less: Purchases of property and equipment

(19,393)

(12,280)

(64,144)

(42,071)

Non-GAAP free cash flow

$

38,050

$

(14,149)

$

170,577

$

28,120

Net cash provided by (used in) investing activities

$

9,691

$

(19,067)

$

100,064

$

(350,795)

Net cash used in financing activities

$

(95,203)

$

(6,186)

$

(202,435)

$

(39,153)

 


Computation of billings:


Three Months Ended October 31,


Nine Months Ended October 31,


(in thousands)


2020


2019


2020


2019

Revenue

$

382,923

$

249,502

$

1,022,149

$

699,076

Add: Contract liabilities and refund liability, end of period

702,691

435,898

702,691

435,898

Less: Contract liabilities and refund liability, beginning of period

(638,790)

(412,953)

(522,201)

(390,887)

Add: Contract assets and unbilled accounts receivable, beginning of period

20,395

17,757

15,082

13,436

Less: Contract assets and unbilled accounts receivable, end of period

(26,808)

(20,805)

(26,808)

(20,805)

Add: Contract assets and unbilled accounts receivable by acquisitions

—

—

6,589

—

Less: Contract liabilities and refund liability contributed by acquisitions

—

—

(9,344)

—

Non-GAAP billings

$

440,411

$

269,399

$

1,188,158

$

736,718

 

 

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SOURCE DocuSign, Inc.

Posted on

Johnson & Johnson Names Dr. Nadja West, retired United States Army lieutenant general and former United States Army Surgeon General to its Board of Directors

PR Newswire

NEW BRUNSWICK, N.J., Dec. 3, 2020 /PRNewswire/ — Johnson & Johnson (NYSE: JNJ) announced today that Dr. Nadja West, retired United States Army lieutenant general and former United States Army Surgeon General has been appointed to its Board of Directors.

“I am pleased to welcome Dr. Nadja West to Johnson & Johnson’s Board of Directors,” said Alex Gorsky, Chairman and Chief Executive Officer. “Nadja is an accomplished healthcare leader with a strong commitment to public service and she brings an impressive and unique combination of business and leadership expertise to Johnson & Johnson. I look forward to Nadja’s contributions to the Board as we continue our pursuit of improving the health of families around the world at such an important moment in time.”

About LTG(R) Dr. Nadja West

Dr. Nadja West brings decades of strategic and operational experience in national and international executive leadership, strategic planning, and healthcare management. Most recently, Dr. West served as the 44th Army Surgeon General, and Commanding General of the US Army Medical Command from 2015-2019. Prior to that role, Dr. West served as the Joint Staff Surgeon from 2013-2015, Deputy Chief of Staff for Support, US Army Medical Command from 2012-2013, and Commanding General, Europe Regional Medical Command from 2010-2012. Dr. West currently serves as an Independent Director on the Boards of Nucor Corporation and Tenet Healthcare Corporation; serves as a Trustee of the National Recreation Foundation, and Mount St. Mary’s University; and as a Board Member of Americares, and The Bob Woodruff Foundation.. Dr. West graduated from the United States Military Academy with a degree in General Engineering, The National War College with a master’s degree in National Security and Strategic Studies and earned her M.D. at The George Washington University.

“I am incredibly proud to join the Board of Directors at Johnson & Johnson,” said Dr. Nadja West. “I look forward to working alongside the Board in support of the management team as they continue to deliver transformational innovation, create healthier communities, and put better health within reach of more people around the world.”

The full Board of Directors list is available on the Johnson & Johnson website at https://www.jnj.com/leadership/our-leadership-team#board-of-directors  


About Johnson & Johnson

At Johnson & Johnson, we believe good health is the foundation of vibrant lives, thriving communities and forward progress. That’s why for more than 130 years, we have aimed to keep people well at every age and every stage of life. Today, as the world’s largest and most broadly-based health care company, we are committed to using our reach and size for good. We strive to improve access and affordability, create healthier communities, and put a healthy mind, body and environment within reach of everyone, everywhere. We are blending our heart, science and ingenuity to profoundly change the trajectory of health for humanity.

 

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SOURCE Johnson & Johnson