Mytheresa Announces Pricing Of Initial Public Offering

MUNICH, Jan. 21, 2021 /PRNewswire/ — MYT Netherlands Parent B.V. (“Mytheresa” or the “Company”), the parent company of the Mytheresa Group GmbH, today announced the pricing of its initial public offering of 15,647,059 of American Depositary Shares (“ADSs”) at a price of $26.00 per ADS. The Company is selling 13,647,059 ADSs and its sole shareholder is selling 2,000,000 ADSs in the offering. Each ADS represents one ordinary share of the Company. The Company and the selling shareholder have granted the underwriters a 30-day option to purchase up to an additional 2,347,058 ADSs in aggregate at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the New York Stock Exchange on January 21, 2021, under the ticker symbol “MYTE” and the offering is expected to close on January 25, 2021, subject to customary closing conditions.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as lead joint bookrunning managers and representatives of the underwriters for the proposed offering. Credit Suisse Securities (USA) LLC and UBS Securities LLC are acting as joint bookrunning managers for the proposed offering. Jefferies LLC and Cowen and Company, LLC are acting as bookrunning managers for the proposed offering.

A registration statement relating to the sale of these securities was filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on January 20, 2021. The proposed offering is only being made by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 Telephone: 866-803-9204 Email: prospectuseq_fi@jpmorganchase.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Mytheresa

Mytheresa is one of the leading global luxury fashion e-commerce retailers. Mytheresa was launched in 2006 and offers ready-to-wear, shoes, bags and accessories for women, men and kids. The highly curated offer focuses on true luxury with designer brands such as Bottega Veneta, Burberry, Dolce & Gabbana, Fendi, Gucci, LOEWE, Loro Piana, Moncler, Prada, Saint Laurent, Valentino and many more. Mytheresa’s unique digital experience is based on a sharp focus on high-end luxury shoppers, exclusive product and content offerings, leading technology and analytical platforms as well as high quality service operations.

Forward-Looking Statements
This press release includes “forward looking information,” including with respect to the initial public offering. These statements are made through the use of words or phrases such as “will” or “expect” and similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties and assumptions, including the risks outlined under “Risk Factors” in the preliminary prospectus and elsewhere in the Company’s filings with the SEC, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as required by law.

Media Contacts for public relations

Media Contacts for business press

Mytheresa.com GmbH

Edelman USA

Sandra Romano

Ted McHugh / Nicole Briguet

mobile: +49 152 54725178

phone: +1 201 341-0211 / +1 646 750-7235

phone: +49 89 127695-236

email: ted.mchugh@edelman.com 

email: sandra.romano@mytheresa.com

email: nicole.briguet@edelman.com 

Edelman Germany, Austria, Switzerland

Ruediger Assion

mobile: +49 162 4909624

phone: +49 221 8282 8111

email: ruediger.assion@edelman.com

Logo – https://mma.prnasia.com/media2/1341152/Mytheresa_Logo.jpg?p=medium600

Score Tickets To AO21? Official Partner Of The Australian Open, TMGM Launches New Online Tennis Game With Over $20K In Prizes!

TMGM, the Exclusive Online Trading Platform of the Australian Open, excites fans with the launch of a new online tennis game with major prizes for high scoring players.

SYDNEY, Jan. 21, 2021 /PRNewswire/ — As an Official Partner of the popular tennis tournament in a multi-year partnership, TMGM has released a first-of-its-kind online tennis game competition for fans ahead of the AO21 in February. The game is free to play, and available in most countries worldwide at tmgm.tennis. There are over AUD$20,000 worth of prizes up for grabs to qualifying players with the highest scores.

Score Tickets To AO21? Official Partner Of The Australian Open, TMGM’s New Online Tennis Game Competition Is Huge!
Score Tickets To AO21? Official Partner Of The Australian Open, TMGM’s New Online Tennis Game Competition Is Huge!

The game, aptly titled TMGM Open, is available on both mobile and desktop. It’s an interactive points-driven game with a retro-style interface design that unfolds within a tennis court. The in-game competing characters are a bull and a bear, serving as a homage to the competitive trading world.

In first-person gameplay, players serve and score points through various levels of difficulty, while high scores are subsequently recorded on a leaderboard. More information about the game’s scoring system and player rules can be found at tmgm.tennis.

Mass participation is anticipated as the game launches largely due to the significant prizes promoted. The top 3 Grand Prizes list the most coveted rewards – taking a player from the digitalised TMGM court to the real Australian Open court in February 2021.

Those top 3 prizes include 2 tickets to the popular AO21 Men’s Final (1st place), Semi-Finals (2nd place) and Quarter Finals (3rd place) with each including return air fares and accommodation in Melbourne; and large cash trading bonuses (ranging from USD$500 to USD$1,000) for use on TMGM’s online trading platform.

While prizes are open to players worldwide, current COVID-19 travel restrictions require Entrants to reside in Australia to be eligible to claim ticket attendance prizes.

The competition kicked off this month on 12th January, 2021 and will end on 14th February, 2021. Winners will be selected based on game leaderboard position on 15th February, 2021 by TMGM. To participate in the competition, and be eligible for the prizes, the contestant will need to meet the requirements listed in TMGM’s Terms & Conditions.

TMGM states that the Winners will be notified within 24 hours of the Competition Close on 14th February, 2021, by phone call and email. Entering the competition is simple: Entrants need to join the game, agree to the Terms & Conditions and provide valid basic information.

Check out TMGM Open and play now for a chance to win at tmgm.tennis. For more information about eligibility requirements, read the Terms & Conditions.

ABOUT TMGM

TMGM simplifies direct CFD trading. Built with cutting-edge technology, turn-key support and an innovative structure, TMGM makes trading on the global markets easy. The platform empowers investors of all types to take full charge of their investment portfolio, combining lucrative CFD trading opportunities across 7 asset classes with access to 15,000+ products. Investors choose TMGM for the transparent trading environment, competitive pricing and lightning speed execution. When trading with TMGM, traders only have to worry about investment decisions – the platform does the rest. For more information about this trusted CFD trading provider, visit TMGM.COM

Bright Scholar Announces Unaudited Financial Results for the First Fiscal Quarter of FY2021

FOSHAN, China, Jan. 21, 2021 /PRNewswire/ — Bright Scholar Education Holdings Limited (“Bright Scholar,” the “Company,” “we” or “our”) (NYSE: BEDU), a global premier education service company, today announced its unaudited financial results for the first fiscal quarter ended November 30, 2020.

First Fiscal Quarter Ended November 30, 2020 Financial Highlights 
(in comparison to the same period of the last fiscal year):

RMB in million

Except EPS and %

First Fiscal Quarter

Ended November 30, 2020

First Fiscal Quarter

Ended November 30, 2019

YoY

% Change

Revenue

1,051.5

1,098.0

(4.2%)

Gross Profit

442.8

473.8

(6.5%)

Gross Margin

42.1%

43.1%

(1.0%)

Operating Income

228.4

267.2

(14.5%)

Operating Margin

21.7%

24.3%

(2.6%)

Net Income

190.9

204.3

(6.6%)

Net Margin

18.2%

18.6%

(0.4%)

Adjusted Gross Profit (1)

450.0

484.8

(7.2%)

Adjusted Gross Margin (1)

42.8%

44.2%

(1.4%)

Adjusted Operating Income (2)

236.3

288.3

(18.0%)

Adjusted Operating Margin (2)

22.5%

26.3%

(3.8%)

Adjusted Net Income (3)

197.1

223.0

(11.6%)

Adjusted Net Margin (3)

18.7%

20.3%

(1.6%)

Adjusted EBITDA (4)

320.6

352.5

(9.0%)

Adjusted EBITDA Margin (4)

30.5%

32.1%

(1.6%)

Basic and Diluted Earnings per Share

1.56

1.59

(1.9%)

Adjusted Basic and Diluted Earnings per Share (5)

1.61

1.74

(7.5%)

______________________________________________________________________________________________

1.   Adjusted gross profit/(loss) is defined as gross profit/(loss) excluding amortization of intangible assets. Adjusted gross margin is defined as adjusted gross profit/(loss) divided by revenue.

2.   Adjusted operating income/(loss) is defined as operating income/(loss) excluding share-based compensation expense and amortization of intangible assets. Adjusted operating margin is defined as adjusted operating income/(loss) divided by revenue.

3.   Adjusted net income/(loss) is defined as net income/(loss) excluding share-based compensation expense, amortization of intangible assets and tax effect of amortization of intangible assets. Adjusted net margin is defined as adjusted net income/(loss) divided by revenue.

4.   Adjusted EBITDA is defined as net income/(loss) excluding interest income/(expense), net; income tax expense/benefit; depreciation and amortization and share-based compensation expense. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.

5.   Adjusted basic and diluted earnings/(loss) per share is defined as adjusted net income/(loss) attributable to ordinary shareholders (net income/(loss) attributable to ordinary shareholders excluding share-based compensation expense, amortization of intangible assets and tax effect of amortization of intangible assets) divided by the weighted average number of basic and diluted ordinary shares or American depositary shares (each an “ADS”), each representing one Class A ordinary share of the Company, on an as-converted basis.

For more information on these adjusted financial measures, please see the section captioned under “Non-GAAP Financial Measures” and the tables captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

BUSINESS PERFORMANCE HIGHLIGHTS
(in comparison to the same period of the last fiscal year)

Domestic K-12 Schools

The domestic K-12 schools business comprises our international schools, bilingual schools and kindergartens in China.

  • The average number of students increased by 11.7% to 54,318
  • Revenue increased by 10.9% to RMB742.4 million and accounted for 70.6% of the total revenue
  • Gross margin increased to 48.8% from 48.5%, and operating margin increased to 38.2% from 37.4%

Overseas Schools

The overseas schools business comprises our overseas schools including Bournemouth, St. Michael’s, Bosworth and CATS.

  • Revenue amounted to RMB134.2 million and accounted for 12.8% of the total revenue
  • Gross margin was 12.8% and operating margin was (39.0%)

Education Technology (“EdTech”)

The education technology business comprises online career counselling, online Academic Olympiad training, and online international school.

  • Revenue amounted to RMB36.7 million and accounted for 3.5% of the total revenue
  • Gross margin was 54.8% and operating margin was 24.4%

Complementary Education Services 

The complementary education services business comprises language training, overseas study counselling, camps and study tours, and others.

  • Revenue amounted to RMB138.2 million and accounted for 13.1% of the total revenue
  • Gross margin was 31.2% compared to 34.7%, and operating margin was 17.7% compared to 20.2%

“While overseas K-12 and overseas related businesses were adversely impacted by COVID-19 pandemic, all of Bright Scholar’s other major businesses in China have shown major improvement in terms of year-over-year revenue growth in the first fiscal quarter of 2021. Demand for domestic K-12 remains solid with enrolment and average tuition and fees growth for our international and bilingual school businesses. Our domestic training and camp businesses have also recorded year-over-year revenue growth. Revenue from our EdTech services grew by 64.0% year-over-year due to the acquisition of Linstitute. At the same time, vaccines offer hope for ending the pandemic across the globe. These positive momentums, along with our extensive reduction in overhead expense and progressive streamlining of operational structure helped to lessen the impact on the Company’s bottom-line and cash position. If the overseas school operations are stabilized and business conditions are improved in the second half of fiscal 2021, the advantage of our low cost structure should quickly turn into profitability and increased cash flow,” said Jerry He, Executive Vice Chairman of Bright Scholar.

“In the 2021 fiscal year, our strategy is to continue to build upon the four strategic pillars. First, focus on maintaining organic growth in our domestic K-12 business which provides the cash flow to fuel new growth initiatives and acquisitions. Second, focus on cost management to lower our cost base and improve our long-term operating leverage and profit margin. Third, optimize integration planning to unlock new revenue and cost synergies, and expand complimentary education offerings. Finally, continue to invest in education technology and complementary education services, and deploy capitals in strategic acquisitions for long-term growth,” Mr. He continued.

“We are off to a very promising start in the first fiscal quarter. As life in China continues to return to ‘new’ normal, demand for our K-12 grew,” said Ms. Wanmei Li, Chief Executive Officer of Domestic K-12. “In the quarter, enrolment of international schools, bilingual schools and kindergartens grew by 9.7%, 8.0% and 17.0%, respectively. Average tuition and fees of international and bilingual schools has also recorded a year-over-year increase of 1.9% and 5.0%, respectively. The strength of our brand reflects our unwavering commitment to delivering quality education.” Ms. Li continued, “As of January 15, approximately 60.5% of students in the 2021 graduating class of our international schools have received over 400 offers from global top 50 institutions with 6 conditional offers from Oxford, 2 from University of Chicago, 2 from Cornell University, 4 from New York University, and 1 from Northwestern University. We expect more students will receive offers from these elite institutions, and the academic performance of our students will continue to improve across all age groups.”

“Ongoing pandemic in Europe and rising US-China tensions continued to have an adverse impact on our overseas related complementary businesses including overseas study counselling, whose revenue dropped by 49.4% in the quarter,” commented by Zi Chen, Chief Executive Officer of Complementary Education Services. “However, there are growing opportunities with regulatory tailwinds beginning to build in areas of online courses, after-school training business and study camp businesses in the domestic market. In the quarter, the revenues of after-school training business and study camps increased by 7.7% and 635.3%, respectively, compared with the same period of last fiscal year.”

Mr. He commented on the performance of overseas school business, “In the quarter, we remain intently focused on both supporting our schools, students, parents and teaching staff as they adapt to COVID-19 disruptions and delays, as well as managing the negative effect of COVID-19 on our student enrolment and financials. As we continue to lower costs and increase efficiency, taking steps to reduce operating cost and optimize our operation and improve our IT infrastructure. The benefits realized from cost cutting measures and the investments taken over the last two quarters should bring long-term improvements to the cost structure of our overseas business as well as opportunities for significant gains in profitability once the operating environment resumes to normalcy.”    

Mr. He continued on the performance of education technology business, “The COVID-19 pandemic has put a spotlight on the importance of education technology for learning. Digital adoption in home and school education continues to accelerate at a fast pace. We are gaining more traction for 3i Global Academy and other EdTech initiatives as we expand our blended traditional and digital learning solutions to meet the fast-evolving needs of students, parents and teachers.”

“Looking forward, in spite of the continuing uncertainty in our overseas business in the coming quarter, we believe we will be able to improve our financial performance once the operating environment improves. We also see many opportunities to grow our businesses driven by our core expertise and global network. At the same time, we will build a competitive cost base to ensure we emerge even stronger and better positioned to deliver long-term value to our stakeholders,” Mr. He concluded.

UNAUDITED FINANCIAL RESULTS for the FIRST FISCAL QUARTER ENDED NOVEMBER 30, 2020 

Revenue

Revenue 

First Fiscal Quarter 

Ended November 30, 2020

First Fiscal Quarter

Ended November 30, 2019

YoY

% Change

(RMB in million)

(% of Total Revenue)

(RMB in million)

(% of Total Revenue)

Domestic K-12 Schools

742.4

70.6%

669.7

60.9%

10.9%

International Schools

304.3

28.9%

273.9

24.9%

11.1%

Bilingual Schools

260.8

24.8%

229.8

20.9%

13.5%

Kindergartens

177.3

16.9%

166.0

15.1%

6.8%

Overseas Schools

134.2

12.8%

259.2

23.6%

(48.2%)

Education Technology

36.7

3.5%

22.4

2.0%

64.0%

Complementary Education

138.2

13.1%

146.7

13.5%

(5.8%)

Total

1,051.5

100.0%

1,098.0

100.0%

(4.2%)

Revenue for the quarter was RMB1,051.5 million, as compared to RMB1,098.0 million for the same period of the last fiscal year. The changes in revenue was primarily due to the impact of COVID-19 on overseas schools and overseas related complementary business.

Cost of Revenue

Cost of revenue for the quarter was RMB608.7 million, down 2.5% as compared to RMB624.2 million for the same period of the last fiscal year. The reduction in cost of revenue was primarily due to the effective implementation of cost control measures and streamlining initiatives for our overseas operation to mitigate impact from COVID-19.

Gross Profit, Gross Margin and Adjusted Gross Profit

Gross Profit

First Fiscal Quarter 

Ended November 30, 2020

First Fiscal Quarter

Ended November 30, 2019

YoY

% Change

(RMB in million)

(Margin %)

(RMB in million)

(Margin %)

Domestic K-12 Schools

362.4

48.8%

325.1

48.5%

11.5%

International Schools

152.4

50.1%

140.5

51.3%

8.5%

Bilingual Schools

125.0

47.9%

103.9

45.2%

20.4%

Kindergartens

85.0

48.0%

80.7

48.6%

5.4%

Overseas Schools

17.2

12.8%

83.4

32.2%

(79.4%)

Education Technology

20.2

54.8%

14.4

64.5%

39.2%

Complementary Education

43.0

31.2%

50.9

34.7%

(15.3%)

Total

442.8

42.1%

473.8

43.1%

(6.5%)

Gross profit for the quarter was RMB442.8 million, as compared to RMB473.8 million for the same period of the last fiscal year. Gross margin was 42.1% for the quarter, as compared to 43.1% for the same period of the last fiscal year.

Adjusted gross profit for the quarter was RMB450.0 million, as compared to RMB484.8 million for the same period of the last fiscal year. Adjusted gross margin was 42.8% for the quarter, as compared to 44.2% for the same period of the last fiscal year.

Selling, General and Administrative Expenses and Adjusted SG&A Expenses (6)

SG&A Expenses

First Fiscal Quarter 

Ended November 30, 2020

First Fiscal Quarter 

Ended November 30, 2019

YoY

% Change

(RMB in

 million)

(% of Total
Revenue)

(RMB in

million)

(% of Total
Revenue)

Domestic K-12 Schools

79.7

7.6%

75.4

6.9%

5.8%

International Schools

33.3

3.2%

30.3

2.8%

9.7%

Bilingual Schools

25.5

2.4%

25.7

2.3%

(0.8%)

Kindergartens

20.9

2.0%

19.4

1.8%

8.4%

Overseas Schools

71.4

6.8%

74.5

6.8%

(4.2%)

Education Technology

11.7

1.1%

7.3

0.7%

58.7%

Complementary Education

22.5

2.1%

22.1

2.0%

2.2%

Unallocated Corporate Expenses (7)

36.7

3.5%

30.6

2.7%

19.7%

Total

222.0

21.1%

209.9

19.1%

5.7%

 

 

Adj. SG&A Expenses (6)

First Fiscal Quarter 

Ended November 30, 2020

First Fiscal Quarter 

Ended November 30, 2019

YoY

% Change

(RMB in

million)

(% of Total
Revenue)

(RMB in

million)

(% of Total
Revenue)

Domestic K-12 Schools

79.1

7.6%

74.1

6.7%

6.8%

International Schools

33.2

3.2%

30.1

2.7%

10.3%

Bilingual Schools

25.2

2.4%

25.0

2.3%

0.7%

Kindergartens

20.7

2.0%

19.0

1.7%

9.3%

Overseas Schools

71.4

6.8%

74.5

6.8%

(4.2%)

Education Technology

11.7

1.1%

7.3

0.7%

58.7%

Complementary Education

22.6

2.1%

21.6

2.0%

4.5%

Unallocated Corporate Expenses (8)

36.5

3.4%

22.4

2.0%

63.9%

Total

221.3

21.0%

199.9

18.2%

10.7%

______________________________________________________________________________________________

6.   Adjusted SG&A expenses is defined as selling, general and administrative expenses excluding share-based compensation expense.  

7.   Unallocated corporate expenses are mainly from headquarter, including staff cost, share-based compensation expense and other office expenses. 

8.   Adjusted unallocated corporate expenses is defined as unallocated corporate expenses excluding share-based compensation expense.

Total SG&A expenses for the quarter were RMB222.0 million, representing a 5.7% increase from RMB209.9 million for the same period of the last fiscal year. Adjusted SG&A expenses for the quarter were RMB221.3 million, representing a 10.7% increase from RMB199.9 million for the same period of the last fiscal year.

Operating Income, Operating Margin and Adjusted Operating Income

Operating Income/(Loss)

First Fiscal Quarter 

Ended November 30, 2020

First Fiscal Quarter 

Ended November 30, 2019

YoY

% Change

(RMB in
million)

(Margin %)

(RMB in
million)

(Margin %)

Domestic K-12 Schools

283.6

38.2%

250.5

37.4%

13.2%

International Schools

119.3

39.2%

110.3

40.3%

8.2%

Bilingual Schools

99.6

38.2%

78.4

34.1%

27.0%

Kindergartens

64.7

36.5%

61.8

37.2%

4.7%

Overseas Schools

(52.4)

(39.0%)

8.8

3.4%

(693.2%)

Education Technology

9.0

24.4%

8.1

36.2%

10.6%

Complementary Education

24.4

17.7%

29.6

20.2%

(17.5%)

Unallocated Corporate Expenses

(36.2)

(29.8)

(21.5%)

Total

228.4

21.7%

267.2

24.3%

(14.5%)

Operating income for the quarter was RMB228.4 million, as compared to RMB267.2 million for the same period of the last fiscal year. Operating margin was 21.7% for the quarter, as compared to 24.3% for the same period of the last fiscal year.

Adjusted operating income for the quarter was RMB236.3 million, as compared to RMB288.3 million for the same period of the last fiscal year. Adjusted operating margin was 22.5% for the quarter, as compared to 26.3% for the same period of the last fiscal year.

Net Income and Adjusted Net Income    

Net income for the quarter was RMB190.9 million, as compared to RMB204.3 million for the same period of the last fiscal year.

Adjusted net income for the quarter was RMB197.1 million, as compared to RMB223.0 million for the same period of the last fiscal year. 

Earnings per ordinary share/ADS and Adjusted Earnings per ordinary share/ADS

Basic and diluted net income per ordinary share/ADS attributable to ordinary shareholders/ADS holders for the quarter were RMB1.56 and RMB1.56, respectively, as compared to RMB1.59 and RMB1.59, respectively, for the same period of the last fiscal year.

Adjusted basic and diluted net income per ordinary share/ADS attributable to ordinary shareholders/ADS holders for the quarter were RMB1.61 and RMB1.61, respectively, as compared to RMB1.74 and RMB1.74, respectively, for the same period of the last fiscal year.

Adjusted EBITDA

Adjusted EBITDA for the quarter was RMB320.6 million, as compared to RMB352.5 million for the same period of the last fiscal year.

Cash and Working Capital

As of November 30, 2020, the Company’s cash and cash equivalents and restricted cash were RMB1,697.2 million (US$258.1 million), as compared to RMB4,423.9 million as of August 31, 2020. As of November 30, 2020, we also had short-term investments of RMB2,175.4 million (US$330.8 million). For the first fiscal quarter ended November 30, 2020, the Company’s capital expenditure was approximately RMB45.2 million, down 25.8% compared to the same period of last fiscal year.

REVISED GUIDANCE FOR FISCAL YEAR ENDING AUGUST 31, 2021

The Company revised its guidance for the 2021 fiscal year and expects its revenue to be in a range of RMB3.59 billion and RMB3.69 billion, representing a year-over-year growth of 7% to 10%, and its average student enrolment in our domestic and overseas schools to be between approximately 56,000 and 57,000, representing a year-over-year increase of 8% to 10%.

This guidance is based on the current market and operating conditions and reflects the Company’s current and preliminary estimates of such market and operating conditions and market demand, which are all subject to change.

Conference Call

BEDU’s management will host a conference call at 8:00 am US Eastern Time (9:00 pm Beijing/Hong Kong Time) on January 21, 2021 to discuss its quarterly results and recent business activities.

To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:

Mainland China:

4001-201-203

Hong Kong:

852-301-84992

United States: 

1-888-346-8982

Canada Toll Free: 

1-855-669-9657

International:  

1-412-902-4272

*No passcode is required for the call. Please request to join Bright Scholar Education Holdings Ltd.’s call as you dial in.

The Company will also broadcast a live audio webcast of the conference call. The webcast will be available at http://ir.brightscholar.com/.

Following the earnings conference call, an archive of the call will be available by dialling: 

United States: 

1-877-344-7529

International: 

1-412-317-0088

Canada Toll Free: 

855-669-9658

Replay Passcode:

10150607

Replay End Date:  

January 28, 2021

CONVENIENCE TRANSLATION

The Company’s business is primarily conducted in China and the majority of revenue generated are denominated in Renminbi (“RMB”). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the prevailing exchange rates at the balance sheet date, for the convenience of readers. Translations of balances in the condensed consolidated balance sheets, and the related condensed consolidated statements of operations, and cash flows from RMB into U.S. dollars as of and for the quarter ended November 30, 2020 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB6.5760, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on November 30, 2020. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on November 30, 2020 or at any other rate.

NON-GAAP FINANCIAL MEASURES

In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted SG&A expenses, adjusted operating income/(loss), adjusted net earnings/(loss) per share attributable to ordinary shareholders basic and diluted as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted gross profit/(loss) as gross profit/(loss) excluding amortization of intangible assets and adjusted gross margin as adjusted gross profit/(loss) divided by revenue. We define adjusted EBITDA as net income/(loss) excluding interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense, and adjusted EBITDA margin as adjusted EBITDA divided by revenue. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expense; amortization of intangible assets; tax effect of amortization of intangible assets, and adjusted net margin as adjusted net income/(loss) divided by revenue. We define adjusted SG&A expenses as selling, general and administration expense excluding share-based compensation expense. We define adjusted operating income/(loss) as net operating income/(loss) excluding share-based compensation expense; amortization of intangible assets and adjusted operating margin as adjusted operating income/(loss) divided by revenue. Additionally, we define adjusted net earnings/(loss) per share attributable to ordinary shareholders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders (net income/(loss) to ordinary shareholders excluding share-based compensation expense; amortization of intangible assets and tax effect of amortization of intangible assets) divided by the weighted average number of basic and diluted ordinary shares or American depositary shares, each representing one Class A ordinary share of the Company, on an as-converted basis.

We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company’s newly-acquired and long-held business as the related intangibles do not have significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to define adjusted gross profit, adjusted operating income/(loss), adjusted net income/(loss), and adjusted net earnings/(loss) per share attributable to ordinary shareholders, basic and diluted.

We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss), adjusted SG&A expenses, adjusted operating income/(loss), adjusted net earnings/(loss) per share attributable to ordinary shareholders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expense, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expense; amortization of intangible assets and tax effect of amortization of intangible assets. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense; and tax effect of amortization of intangible assets, have been and may continue to be incurred in our business and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

About Bright Scholar Education Holdings Limited

Bright Scholar is a global premier education service company, dedicated to providing quality international education to global students and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China. As of November 30, 2020, Bright Scholar operated 94 schools across twelve provinces in China and eight schools overseas, covering the breadth of K-12 academic needs of its students.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

IR Contact:
GCM Strategic Communications 
Email: BEDU.IR@gcm.international

Media Contact:
Email: media@brightscholar.com
Phone: +86-757-6683-2507

 

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 

(Amounts in thousands) 

As of

August 31,

 November 30,

2020

2020

RMB

RMB

USD

ASSETS

Current assets

Cash and cash equivalents 

3,377,684

679,566

103,340

Restricted cash 

1,044,853

1,016,226

154,536

Short-term investments(1) 

13,695

2,175,429

330,813

Accounts receivable, net 

19,271

36,185

5,503

Amounts due from related
parties, net 

18,521

19,059

2,898

Other receivables, deposits and
other assets, net 

198,593

173,240

26,344

Inventories 

28,013

24,542

3,733

Total current assets 

4,700,630

4,124,247

627,167

Restricted cash – non-current

1,400

1,400

213

Property and equipment, net

1,076,590

1,062,056

161,505

Land use rights, net 

86,076

85,545

13,009

Intangible assets, net

597,527

572,680

87,086

Goodwill, net 

2,284,109

2,230,299

339,157

Long-term investments 

55,137

54,376

8,269

Prepayment for construction
contract 

4,822

4,183

636

Deferred tax assets, net 

35,678

44,842

6,819

Other non-current assets, net 

16,654

72,985

11,099

Operating lease right-of-use a
ssets          

1,964,686

1,911,027

290,606

Total non-current assets 

6,122,679

6,039,393

918,399

TOTAL ASSETS 

10,823,309

10,163,640

1,545,566

________________________________________________________________________________

1.   As of November 30, 2020, majority of short-term investments principal are guaranteed by a related party of the Company. 

 

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED 

(Amounts in thousands) 

As of

August 31,

 November 30,

2020

2020

RMB

RMB

USD

LIABILITIES AND EQUITY

Current liabilities

Accounts payable (including accounts payable of the
   consolidated Variable interest entities (“VIEs”)
   without recourse to Bright Scholar of RMB
   28,691 and RMB30,446 as of August 31, 2020
   and November 30, 2020, respectively)

93,090

117,184

17,820

Amounts due to related parties (including amounts
   due to related parties of the consolidated VIEs
   without recourse to Bright Scholar of RMB
   52,567 and RMB52,764 as of August 31, 2020
   and November 30, 2020, respectively)

86,563

87,293

13,274

Accrued expenses and other current liabilities
   (including accrued expenses and other current
   liabilities of the consolidated VIEs without
   recourse to Bright Scholar of RMB 394,880 and
   RMB369,422 as of August 31, 2020 and
   November 30, 2020, respectively)

633,397

604,386

91,908

Short term loan (including short term loan of the
   consolidated VIEs without recourse to Bright
   Scholar of RMB 7,500 and RMB15,000 as of
   August 31, 2020 and November 30, 2020,
   respectively)

938,300

945,800

143,826

Income tax payable (including income tax payable of
   the consolidated VIEs without recourse to Bright
   Scholar of RMB 34,992 and RMB41,696 as of
   August 31, 2020 and November 30, 2020,
   respectively)

118,716

160,435

24,397

Contract liabilities (including contract liabilities of
   the consolidated VIEs without recourse to Bright
   Scholar of RMB 1,291,781 and RMB676,256 as
   of August 31, 2020 and November 30, 2020,
   respectively)

1,544,184

910,367

138,438

Refund liabilities (including refund liabilities of the
   consolidated VIEs without recourse to Bright
   Scholar of RMB 23,804 and RMB8,828 as of
   August 31, 2020 and November 30, 2020,
   respectively)

70,711

17,045

2,592

Operating lease liabilities (including operating lease
   liabilities of the consolidated VIEs without
   recourse to Bright Scholar of 30,601 and
   RMB30,403 as of August 31, 2020 and November
   30, 2020, respectively)

210,082

213,154

32,414

Total current liabilities 

3,695,043

3,055,664

464,669

Contract liabilities – non-current (including contract
   liabilities – non-current of the consolidated VIEs
   without recourse to Bright Scholar of RMB 1,772
   and RMB1,517 as of August 31, 2020 and
   November 30, 2020, respectively)

1,772

1,517

231

Deferred tax liabilities, net (including deferred tax
   liabilities, net of the consolidated VIEs without
   recourse to Bright Scholar of RMB 34,641 and
   RMB33,475 as of August 31, 2020 and November
   30, 2020, respectively) 

57,826

55,562

8,449

Other non-current liabilities due to related parties
   (including other non-current liabilities due to
   related parties of the consolidated VIEs without
   recourse to Bright Scholar of RMB 26,843 and
   RMB27,365 as of August 31, 2020 and November
   30, 2020, respectively)

26,843

27,365

4,161

Other non-current liabilities (including other non-
   current liabilities of the consolidated VIEs without
   recourse to Bright Scholar of RMB 11,364 and
   RMB12,904 as of August 31, 2020 and November
   30, 2020, respectively)

19,612

13,949

2,122

Bond payable

2,017,369

1,940,533

295,093

Long term loan (including long term loan of the
   consolidated VIEs without recourse to Bright
   Scholar of RMB77,500 and RMB70,000 as of
   August 31, 2020 and November 30, 2020,
   respectively)

77,919

70,405

10,706

Operating lease liabilities – non-current (including
   operating lease liabilities – non-current of the
   consolidated VIEs without recourse to Bright
   Scholar of RMB 222,693 and RMB213,539 as of
   August 31, 2020 and November 30, 2020,
   respectively)

1,802,544

1,735,178

263,865

Total non-current liabilities 

4,003,885

3,844,509

584,627

TOTAL LIABILITIES 

7,698,928

6,900,173

1,049,296

EQUITY

Share capital 

8

8

1

Additional paid-in capital 

1,854,262

1,845,329

280,616

Statutory reserves 

65,567

65,567

9,971

Accumulated other comprehensive income 

185,371

161,157

24,507

Accumulated retained earnings 

632,722

815,059

123,945

Shareholders’ equity 

2,737,930

2,887,120

439,040

Non-controlling interests 

386,451

376,347

57,230

Total equity 

3,124,381

3,263,467

496,270

TOTAL LIABILITIES AND EQUITY 

10,823,309

10,163,640

1,545,566

 

 

                                                                                                                 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

 (Amounts in thousands, except for shares and per share data) 

Three Months Ended November 30,

2019

2020

RMB

RMB

   USD

Revenue

1,097,953

1,051,546

159,907

Cost of revenue

(624,202)

(608,737)

(92,569)

Gross profit

473,751

442,809

67,338

Selling, general and administrative expenses

(209,930)

(221,952)

(33,752)

Other operating income

3,419

7,572

1,151

Operating income

267,240

228,429

34,737

Interest expense, net

(29,588)

(36,977)

(5,623)

Investment income

21,032

44,720

6,800

Other income/(expenses)

3,642

(4,774)

(726)

Income before income taxes and share of equity in loss of
unconsolidated affiliates

262,326

231,398

35,188

Income tax expense

(58,015)

(40,280)

(6,125)

Share of equity in loss of unconsolidated affiliates

(27)

(250)

(38)

Net income

204,284

190,868

29,025

Net income attributable to non-controlling interests

12,998

4,286

652

Net incomeattributable to ordinary shareholders

191,286

186,582

28,373

Net earnings per share attributable to
   ordinary shareholders

Basic

1.59

1.56

0.24

Diluted

1.59

1.56

0.24

Weighted average shares used in
   calculating net earnings per ordinary share/ADS:

Basic

120,584,500

119,414,474

119,414,474

Diluted

120,631,807

119,414,474

119,414,474

 

 

 

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(Amounts in thousands)

Three Months Ended November 30,

2019

2020

RMB

RMB

USD

Net cashused in operating activities

(399,757)

(479,431)

(72,906)

Net cash used in investing activities

(406,412)

(2,166,134)

(329,400)

Net cash used in financing activities

(1,183)

(23,905)

(3,635)

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

(31,112)

(57,275)

(8,710)

Net change in cash and cash equivalents,
   and restricted cash

(838,464)

(2,726,745)

(414,651)

Cash and cash equivalents, and restricted cash
   at beginning of the period

3,265,014

4,423,937

672,740

Cash and cash equivalents, and restricted cash
   at end of the period

2,426,550

1,697,192

258,089

 

 

Reconciliations of GAAP and Non-GAAP Results

 (Amounts in thousands, except for shares and per share data)

Three Months Ended November 30,

2019

2020

RMB

RMB

USD

Gross profit

473,751

442,809

67,338

Add: Amortization of intangible assets

11,040

7,229

1,099

Adjusted gross profit

484,791

450,038

68,437

Operating income

267,240

228,429

34,737

Add: Share-based compensation expense

10,032

641

97

Add: Amortization of intangible assets

11,040

7,229

1,099

Adjusted operating income

288,312

236,299

35,933

Net income

204,284

190,868

29,025

Add: Share-based compensation expense

10,032

641

97

Add: Amortization of intangible assets

11,040

7,229

1,099

Add: Tax effect of amortization of intangible assets

(2,330)

(1,634)

(248)

Adjusted net income

223,026

197,104

29,973

Net income attributable to ordinary shareholders

191,286

186,582

28,373

Add: Share-based compensation expense

10,032

641

97

Add: Amortization of intangible assets

11,040

7,229

1,099

Add: Tax effect of amortization of intangible assets

(2,330)

(1,634)

(248)

Adjusted net income attributable to ordinary shareholders

210,028

192,818

29,321

Net income

204,284

190,868

29,025

Add:   Interest expense, net

29,588

36,977

5,623

Add:   Income tax expense

58,015

40,280

6,125

Add:   Depreciation and amortization

50,580

51,870

7,888

Add:   Share-based compensation expense

10,032

641

97

Adjusted EBITDA

352,499

320,636

48,758

Selling, general and administrative expenses

209,930

221,952

33,752

Less:  Share-based compensation expense

10,032

641

97

Adjusted selling, general and administrative expenses

199,898

221,311

33,655

Weighted averageshares used
   in calculating earnings per ordinary share/ADS:

—Basic

120,584,500

119,414,474

119,414,474

—Diluted 

120,631,807

119,414,474

119,414,474

Adjusted net earnings per share attributable
   to ordinary shareholders

—Basic

1.74

1.61

0.25

—Diluted

1.74

1.61

0.25

Related Links :

http://ir.brightscholar.com/

Notice of Proposed Claims and Distribution Process for the Veritaseum Fair Fund and Opportunity to Object

NEW YORK, Jan. 21, 2021 /PRNewswire/ — This notice is made pursuant to the Order to Show Cause dated January 15, 2021 in the action SEC v. Middleton et al., Case No. 19-cv-4625 (WFK) (RER) before the United States District Court of the Eastern District of New York. 

Those who purchased or obtained VERI tokens between April 25, 2017 through August 14, 2019 at 12:01 a.m. EST (the “Relevant Period”) may be entitled to a distribution from the Veritaseum Fair Fund, which was created pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, 15 U.S.C. § 7246(a) to collect assets to be distributed to harmed VERI token investors.

If you purchased or obtained VERI tokens during the Relevant Period, please review the Proposed Claims Process and Proposed Distribution Plan, and submit any objections to these proposed plans to objections@verifairfund.com no later than February 14, 2021No objections submitted after February 14, 2021 will be considered.

Another notice will be posted after February 14, 2021 with next steps if you wish to submit a claim to the Veritaseum Fair Fund.

Dogness Closes $7.4 Million Offering

PLANO, Texas, Jan. 21, 2021 /PRNewswire/ — Dogness (International) Corporation (“Dogness” or the “Company”) (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced that it closed a previously announced offering with institutional investors, raising approximately $7.4 million in gross proceeds from the sale of 3,455,130 common shares at a price of $2.15 and Class A warrants to purchase an aggregate of 1,727,565 common shares, before deducting placement agent fees and other standard offering expenses.  The Company also issued a warrant to purchase 276,410 common shares to the placement agent. The Class A and placement agent warrants are exercisable at $2.70 per share.  The Company plans to use the net proceeds from the offering for working capital and general business purposes, as it continues to focus on the growth of its business enhancing pet lifestyles through an expanding portfolio of traditional and smart tech products.

FT Global Capital, Inc. acted as the exclusive placement agent in connection with the offering.

These securities were sold through a prospectus supplement pursuant to the Company’s effective shelf registration statement and base prospectus contained therein. A shelf registration statement relating to these securities was filed with and declared effective by the Securities and Exchange Commission (the “SEC”). A prospectus supplement related to the offering will be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.  For further information regarding this transaction, please see the Form 6-K filed with the SEC at www.sec.gov.

About Dogness

Dogness (International) Corporation was founded in 2003 from the belief that pet dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness is able to simplify pet lifestyles, make them more scientific, and enhance the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers’ businesses and end purchasers’ disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

Strong Q4 IPO activity demonstrates resilience, defies expectations

—  2020 markets recovered to pre-pandemic levels, breaking new heights

—  2020 IPO volumes rose 19% and proceeds rose 29% year-on-year

—  October 2020 was the most active October for the last 20 years by deal numbers

LONDON, Jan. 20, 2021 /PRNewswire/ — Despite the uncertainty of 2020, IPO investors enjoyed a prosperous year as IPO activity proved resilient to the impact of the COVID-19 pandemic supported by low interest rates and expansionary monetary policies. Global IPO volumes continued to accelerate, increasing by 19% to 1,363, while proceeds increased 29% year-on-year to a total of US$268b. This strong IPO performance indicates global equity markets continue to provide the platform for companies with access to public capital.

The Americas region saw the biggest year-on-year increase in both IPO volumes and proceeds, with 2020 IPO numbers increasing 30% to 282, and proceeds rising 78% to US$97.9b. Asia-Pacific also made significant gains recording a 20% increase in IPO volumes to 822 IPOs and 45% in proceeds to US$136.2b. In EMEIA, while IPO numbers rose 7% to 259 IPOs, proceeds fell 43% to US$33.9b. Overall, 2020 saw a steady increase in cross-border IPO volume, accounting for 7.9% of global IPOs and 10% by proceeds, compared with 8% and 7.1% in 2019 respectively.

The technology sector maintained its lead by both volume and proceeds finishing the year with 324 IPOs and US$89.1b respectively. By IPO number, industrials followed in second place with 243 IPOs and US$31.4b, and then health care with 235 IPOs and US $50.4b in proceeds. These and other findings were published today in the EY quarterly report, EY Global IPO Trends: Q4 2020.

Paul Go, EY Global IPO Leader, says:

“2020 was full of surprises. Market volatility in the first half of the year was higher than any time since the global financial crisis. But volatility quickly subsided, with the year ending on the back of some stellar IPO market performances. Buoyant global IPO markets have demonstrated the resilience of equity markets despite the pandemic. Capital markets and IPOs allow high-growth companies to fund innovation, accelerate growth and make significant contributions to society.

“Looking to the first half of 2021, continued fiscal stimulus, abundance of liquidity and optimism linked to COVID-19 vaccines should sustain IPO momentum. However, investors should beware of any potential market correction, especially for those companies that have seen their share prices make substantial gains from the market rally in 2020.”

The Americas IPO market adapted for resilience in 2020
Americas IPO momentum remained positive in Q4 2020, finishing the year with 282 IPOs raising US$97.9b, a respective increase of 30% and 78% year-on-year. The health care sector remained strong with 40% of total deals taking place in the region, seeing 114 IPOs raise US$27.9b during 2020. The technology sector followed with 77 IPOs raising US$40.4b and industrials, which saw 19 IPOs raise US$8.0b in 2020.

US exchanges continued to flourish, accounting for 79% (224) of the region’s IPOs in 2020 and 88% (US$86.2b) by proceeds. 2020 was also the most active year for Brazil by deal numbers (28) and proceeds (US$8.5b) since 2007 as low interest rates led investors to the market. While the US exchanges remained agile, special purpose acquisition companies (SPACs) continue to emerge as a more mainstream path to the public markets for companies due to their speed and deal certainty.

Rachel Gerring, EY Americas IPO Leader, says:

“Despite a volatile macroeconomic backdrop, 2020 has proven to be an exciting year in the IPO market, with an evolution in what has historically been a relatively standard model for companies to go public and with volumes not seen since 2014. We anticipate continued innovation of the traditional IPO, along with SPACs and direct listings, to better align with issuer objectives. The pipeline of companies looking to go public keeps building as stocks continue to perform and investor appetite remains strong.”

Asia-Pacific markets remain strong in face of COVID-19 pandemic
Despite a challenging year, 2020 activity in the Asia-Pacific region surpassed 2019, increasing 20% (822) by volume and 45% (US$136.2b) by proceeds in 2020. In fact, the region saw the highest proceeds since 2010. Industrials led the sectors with 181 IPOs raising US$20.8b in proceeds, followed by technology with 180 IPOs and US$38.7b in proceeds, and materials, which saw 95 IPOs raising US$7.4b.

Greater China accounted for three of the top five exchanges globally. With investor sentiment remaining positive in Q4 2020, Greater China saw an acceleration in both IPO volumes and proceeds, garnering US$119.1b via 536 IPOs in total.

Japan’s startup ecosystem continued to drive growth as well in Q4 2020, seeing a modest 4% (93) increase in IPOs and 13% (US$3.3b) decline in proceeds through 2020.

Ringo Choi, EY Asia-Pacific IPO Leader, says:

“The COVID-19 pandemic was the overwhelmingly dominant event of 2020. Few thought people or economies would suffer this long. Yet, somehow, despite this crisis, the Asia-Pacific IPO market proved resilient. Looking ahead, IPO candidates will need to continue to take the necessary precautions to maintain their liquidity. That said, IPO companies, and new economy companies especially, have proven their importance to the economy and their ability to pivot, adapt and prosper in response to the pandemic.”

EMEIA’s IPO candidates took advantage of the open window of opportunity
EMEIA gained momentum in Q4 2020 despite the second wave of the COVID-19 pandemic sweeping through the region. Through 2020, EMEIA saw 259 IPOs raise US$33.9b in proceeds, a 7% rise and 43% decline respectively.

In Europe, the market continued to pick up speed with 2020 total deal numbers increasing 23% and proceeds rising 9% year-on-year. The UK IPO market maintained its Q3 momentum with two mega IPOs in Q4, resulting in a 30% increase by deal numbers and 56% increase by proceeds year-on-year.

Dr. Martin Steinbach, EY EMEIA IPO Leader, says:

“Despite the impact of the pandemic, EMEIA IPO markets proved resilient and adaptive. After a period of high volatility and unusual uncertainties, we saw a strong rebound of IPO activity in Q4 2020, resulting in higher 2020 IPO activity than 2019. With continued momentum, expected vaccine success, high valuation and lower volatility levels, everything is in place for a strong start to 2021. IPO candidates will need to demonstrate resilience and rise to the level of environmental, social and governance standards that investors are expecting.”

Q1 2021 outlook: markets should sustain momentum
As COVID-19 vaccine availability keeps spirits high and companies take advantage of ample liquidity, global IPO markets should remain healthy and will likely sustain momentum going into H1 2021. From a geopolitical perspective, the agreed Brexit deal favors positive IPO market sentiments as agreements between the EU and the UK continue to take shape. While the window of opportunity remains open, IPO candidates should remain vigilant for proposed regulatory changes, a potential market correction stemming from increases in pricing volatility and the pace at which the world recovers from the COVID-19 pandemic.  

Notes to Editors

About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.  

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.  

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. 

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com. 

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients. 

About EY Private
As Advisors to the ambitious™, EY Private professionals possess the experience and passion to support private businesses and their owners in unlocking the full potential of their ambitions. EY Private teams offer distinct insights born from the long EY history of working with business owners and entrepreneurs. These teams support the full spectrum of private enterprises including private capital managers and investors and the portfolio businesses they fund, business owners, family businesses, family offices and entrepreneurs. Visit ey.com/private

About EY’s Initial Public Offering Services
Going public is a transformative milestone in an organization’s journey. As the industry-leading advisor in initial public offering (IPO) services, EY teams advise ambitious organizations around the world and helps equip them for IPO success. EY teams serve as trusted business advisors guiding companies from start to completion, strategically positioning businesses to achieve their goals over short windows of opportunity and preparing companies for their next chapter in the public eye. EY advisors served on companies that raised 67% of all IPO proceeds in 2019. ey.com/ipo

About the data
The data presented in the Global IPO trends: Q4 2020 report and press release is from Dealogic and EY. 2020 (i.e., January-December) is based on completed IPOs as of 31 December 2020. All data contained in this document is sourced from Dealogic, CB Insights, Crunchbase and EY unless otherwise noted. Special purpose acquisition company (SPAC) IPOs are excluded in all data included in this report, except where indicated.

Fourth quarter IPO activity

Month/Quarter

Number of IPOs

Proceeds (US$b)

October 2018

142

$20.3

November 2018

101

$4.3

December 2018

123

$29.9

Q4 2018

366

$54.5

October 2019

126

$15.8

November 2019

115

$28.3

December 2019

137

$48.7

Q4 2019

378

$92.8

October 2020

187

$37.4

November 2020

94

$22.0

December 2020

209

$42.0

Q4 2020

490

$101.4

Source: Dealogic, EY

Appendix: January 2020December 2020 global IPOs by sector

Sectors

Number of
IPOs

Percentage
of global
IPOs

Proceeds
(US$b)

Percentage of
global capital
raised

Consumer products

90

6.6%

11.2

4.2%

Consumer staples

83

6.1%

12.5

4.7%

Energy

65

4.8%

11.6

4.3%

Financials

44

3.2%

15.9

5.9%

Health care

235

17.2%

50.4

18.8%

Industrials

243

17.8%

31.4

11.7%

Materials

122

9.0%

8.7

3.3%

Media and entertainment

23

1.7%

4.9

1.8%

Real estate

77

5.6%

19.1

7.1%

Retail

45

3.3%

12.1

4.5%

Technology

324

23.8%

89.1

33.3%

Telecommunications

12

0.9%

1.1

0.4%

Global total

1,363

100.0%

268.0

100.0%

Source: Dealogic, EY

Figures may not total 100% due to rounding.

Rosie Izzi
EY Global Media Relations
+1 419 309 0443
rosie.izzi@ey.com

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Alon Feit, Co-Founder of Splitit, Joins Verrency

MELBOURNE, Australia, Jan. 20, 2021 /PRNewswire/ — Global payment innovation company Verrency today announced that Alon Feit, an accomplished payments executive and successful start-up founder, has joined Verrency. Mr. Feit joins Verrency’s global advisory board and will also take responsibility for Verrency’s commercial operations in Israel and selected countries within Europe.

Mr Feit is the co-founder and ex-president and CEO – Splitit Payments Ltd (Splitit), a patented card-based instalment payment solution company (BNPL), leading the company in raising US$130m in equity and US$80m as a debt facility prior to the company’s successful IPO on the ASX. He has held numerous executive leadership roles in the credit card industry for over 25 years at, Mastercard, ITAU-Unibanco Cards and Shufersal Finance.

“I have been following Verrency for a while and have really admired the way that Verrency is solving a major financial services industry problem that couldn’t be timelier – how to drive innovation and unique consumer experiences around the moment of payment for institutions with existing legacy systems and portfolios,” said Mr Feit. “Their solution is truly unique in that it can be deployed on top existing payment infrastructure, offering a flexible way for financial institutions to deliver engaging payment experiences at Fintech speed. Their team is absolutely top calibre, and I am excited to be joining Verrency where I can help David and the team expand further across Israel and Europe.”

“Alon’s experience in building Splitit and his understanding of the card issuing space are tremendous assets as we look to expand in Europe and Israel,” said David Link, Verrency Founder & CEO. “Alon’s vision, passion and his breadth of experience in the card issuing space is precisely where Verrency operates and are invaluable as we continue our expansion.  And having Alon’s experienced insights – he has just successfully grown another fintech – will be instrumental as Verrency further expands its value proposition into BNPL, personalisation and other services around the moment of payment.

Verrency’s industrial-grade platform fits on top of a bank’s, processor’s or wallet’s existing infrastructure, opening the door for rapid delivery of enhanced features and new services without the need to change existing legacy technology or to migrate portfolios. The company’s clients include financial institutions around the world from large tier 1 issuing processors to neobanks to national debit schemes, including Emirates NBD, Volt Bank, EFTPOS, and the US-based global processor FIS, among others.

About Verrency

Verrency puts financial institutions back at the centre of customer engagement. Verrency’s highly secure payments innovation platform helps issuers to acquire and retain customers and increase payment spend while increasing security, control and connectability. Verrency works behind the scenes to enable value-added services for an issuer’s customers quickly and easily without major changes to existing payments infrastructure or the need to integrate to point-of-sale systems. Verrency also enables rapid connection to third-party services via its extensive FinTech ecosystem with little to no integration. For more information, see www.verrency.com.

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H.E. Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund and FII Institute Chairman, participates in FII 2019 with Mukesh Ambani, Chairman of Reliance, and other speakers. The FII Institute will host the 4th edition of the Future Investment Initiative (FII) on 27-28 January 2021.

FII Institute Confirms 140 Plus Headline Speakers For Two-day FII Conference

– More than 60 international speakers will attend the conference in-person in Riyadh, another 80 will join virtually from around the world, including from FII hubs 

– Leading investors, senior executives, include His Excellency Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund and FII Institute Chairman, Mukesh Ambani, Chairman of Reliance, David Solomon, Chairman & CEO of Goldman Sachs, Thomas Gottstein, CEO of Credit Suisse Group, James Gorman, Chairman & CEO of Morgan Stanley, Masayoshi Son, Chairman & CEO of Softbank Group, and Jean Lemierre, Chairman of the Board of Directors, BNP Paribas.

RIYADH, Saudi Arabia, Jan. 20, 2021 /PRNewswire/ — The Future Investment Initiative Institute will headline more than 140 prominent speakers next week at the Fourth Edition of FII, a multi-hub conference linking tech pioneers, investors and policy makers as they rethink the global economy amid the COVID-19 pandemic.

H.E. Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund and FII Institute Chairman, participates in FII 2019 with Mukesh Ambani, Chairman of Reliance, and other speakers. The FII Institute will host the 4th edition of the Future Investment Initiative (FII) on 27-28 January 2021.
H.E. Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund and FII Institute Chairman, participates in FII 2019 with Mukesh Ambani, Chairman of Reliance, and other speakers. The FII Institute will host the 4th edition of the Future Investment Initiative (FII) on 27-28 January 2021.

Request an invitation to hear from the 60 prominent speakers who will attend in-person in Riyadh and 80 who will participate virtually during the two-day investment conference from January 27-28.  Speakers will address the investment conference from hubs in New York, Paris, Beijing, Mumbai. 

To address the theme “The Neo-Renaissance”, H.E. Yasir Al-Rumayyan, the Governor of Saudi Arabia’s Public Investment Fund and Chairman of the FII Institute, will officially open the 4th edition of FII, under the leadership of the FII Institute. H.E. Al-Rumayyan will be joined by David Solomon, Chairman & CEO of The Goldman Sachs Group, Thomas Gottstein, CEO of Credit Suisse Group, Ray Dalio, Co-Chairman & CIO of Bridgewater Associates, and Marco Alvarez, CEO of Snam in considering how the global investment community can leverage the economic downturn to build a stronger, more sustainable future.

H.R.H. Prince Abdulaziz bin Salman, Saudi Minister of Energy, Mukesh Ambani, Chairman of Reliance Industries, Patrick Pouyanné, Chairman & CEO of Total, H.E. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Special Envoy and Group CEO of the Abu Dhabi National Oil company will discuss strategies to guide investment into the energy sector. Lord Gerry Grimstone, U.K.’s Minister of State for Trade, Eric Cantor, Vice Chairman and Managing Director, Moelis & Co, H.E. Sultan Ahmed Bin Sulayem, Group Chairman & CEO of DP World, H.E. Khalid Al-Falih, Minister of Investment of KSA, and H.E. Dr. Rania Al-Mashat, Ministry of International Cooperation of Egypt, will consider polices to strengthen investment and trade partnerships to reflect a new set of geopolitical realities.

Others scheduled to participate include H.R.H Princess Reema bint Bandar bin Sultan Al Saud, the Saudi Ambassador to the U.S., Dr. Kai Fu Lee, Co-Founder, Chairman & CEO of Sinovation Ventures, Thomas Barrack, Executive Chairman of Colony Capital, Jean Bernard Lévy, CEO of EDF, Jean Todt, President of Fédération Internationale de l’Automobile, Anand Mahindra, Chairman of Mahindra Group, Josh Giegel, Co-Founder and CTO of Hyperloop one, Anthony Scaramucci, Founder & Managing Partner of SkyBridge Capital, and David Rubenstein, Co-Founder and Co-Executive Chairman of The Carlyle Group.

The FII Institute has identified sustainable investment, global economic growth and the future of healthcare, digitization, education and culture as priority topics. Speakers will address those pressing issues, as well as the rebirth of SMEs, how investing in culture can make it an engine of growth, and efforts to rectify long-standing gender inequalities.

The Institute was founded in Riyadh to bring together global leaders, tech pioneers, experts and policy makers to enable concrete ideas that can solve today’s most pressing societal issues, while creating long-term platforms to reshape the future sustainably and create a positive impact on humanity. 

About the 4th Edition of FII

The main program will be livestreamed from Riyadh. Speakers will be filmed and broadcast across all satellite FII cities and on live-streaming platforms.

There will be keynote addresses, plenary sessions and also breakout discussions at all of the venues.

Follow along on our social channels with Twitter, LinkedIn, YouTube, Facebook, and Instagram and join in the conversation with #FIINeoRenaissance.

About the Future Investment Initiative Institute

The Future Investment Initiative Institute is a new generation of global not-for-profit foundation that ensures the world’s brightest ideas find their way to materialize, scale and create positive sustainable Impact on Humanity.

With an ambitious vision to empower the brightest minds to shape a better future for ALL and with ALL, the FII Institute brings together global leaders and experts to collectively curate and enable concrete ideas that can solve today’s most pressing societal issues while creating long-term platforms to reshape the future of humanity.

To learn more about the FII Institute, visit http://fii-institute.org. Keep up with latest news by following us on LinkedIn and Twitter (@FIIKSA).

The FII Institute will host the 4th edition of the Future Investment Initiative (FII) on 27-28 January 2021.
The FII Institute will host the 4th edition of the Future Investment Initiative (FII) on 27-28 January 2021.

 

H.E. Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund and FII Institute Chairman, speaking at the opening of the 3rd Edition of FII on 29 October 2019
H.E. Yasir Al-Rumayyan, Governor of Saudi Arabia’s Public Investment Fund and FII Institute Chairman, speaking at the opening of the 3rd Edition of FII on 29 October 2019

 

 

Flipclutch Research: The AR/VR market is increasing year by year, WIMI and other companies accelerate their development to meet the AR outbreak period

HONG KONG, Jan. 19, 2021 /PRNewswire/ — Recently, IDC released an AR/VR spending guide. In 2020, the Chinese market is expected to reach 6.6 billion US dollars. Moreover, the total spending on AR/VR-related products and services in the Chinese market accounted for more than half of the global market share (approximately 55%).

China’s overall market size reached approximately 6.6 billion US dollars by the end of 2020, a year-on-year increase of 72.1% compared to 2019, surpassing the United States and Japan in terms of scale and growth, and ranking first in the world. At the same time, the 5-year (2020-2024) CAGR of the Chinese market will also remain at a level of approximately 47.1%. CAGR is the abbreviation of Compound Annual Growth Rate.

AR is a technology that calculates the position and angle of the camera image in real-time, and adds corresponding images, videos, and 3D models. As AR/VR technology continues to mature, more and more companies enter the AR field, bringing more software and hardware products to AR. Due to technological advancements in hardware products and mobile software products, the AR market will continue to expand. The global VR/AR market is expected to usher in an explosion in the next five years.

After VR, AR has become the most promising emerging industry for technology companies. Facing the future development prospects of the AR market, many technology companies have indicated that they will increase their investment in the AR field.

Facing the frequent deployment and development of various technology companies in the AR field, as a holographic AR company listed on NASDAQ, WIMI Hologram Cloud is also committed to exploring the application fields of holographic AR.

WIMI Hologram Cloud is a holographic cloud comprehensive technical solution provider. Its business covers multiple links of the Hologram AR technology, including Hologram computer visual AI synthesis, Hologram visual presentation, Hologram interactive software development, Hologram AR online and offline advertising, Hologram ARSDK payment, as well as 5G Hologram communication software development. WIMI’s commercial application scenarios are mainly concentrated in five professional fields, including home entertainment, light field theater, performing arts system, commercial publishing system, and advertising display system.

WIMI utilizes its strong technical capabilities and infrastructure to provide excellent products and services. WIMI’s core business is holographic AR technology for software engineering, media manufacturing services, as well as cloud and big data.

WIMI has established a comprehensive holographic AR content library. The format of holographic AR content covers from 3D models to holographic short videos. As of December 31, 2018, there are a total of 4654 ready-to-use AR holographic content, which can be used for WIMI’s holographic AR products and solutions, covering a wide range.

WIMI officially announced the establishment of the “Holographic Academy of Science” this year to accelerate its development in the holographic AR field. WIMI Holographic Academy of Sciences aims to combine WIMI’s cutting-edge holographic vision scientific research results with the rich industry experience of other companies, so that scientific research and business can promote and inspire each other, and jointly explore scientific research, technological innovation, institutional business, and industry development.

VR/AR is one of the most anticipated application scenarios in the 5G era. In response to the integration of the development of 5G and augmented reality, China issued the “Notice on Promoting the Accelerated Development of 5G”, requiring the further promotion of 5G+VR/AR and other applications to promote new consumption. Driven by policies, it is expected that 5G+AR in China will develop faster, laying an important foundation for the accelerated growth of the augmented reality market.

At present, facing the continuous growth of the AR market, many technology companies are very optimistic about the development prospects of the AR industry. WIMI will also continue to strengthen its R&D efforts in the AR field, actively grasp the period of strategic opportunity for the development of new industries and welcome the arrival of the AR industry outbreak period.

About Flipclutch

Flipclutch Team is a leading market research company in Hong Kong. They have established a professional and proprietary research platform for financial markets, focusing on emerging growth companies and technologically leading companies. Flipclutch team is professional in market research reports, industry insights & financing trends analysis. For more information, please visit http://www.Flipclutch.com

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Cognizant to Acquire Magenic Technologies, Strengthening Digital Engineering Capabilities

Acquisition will broaden Cognizant’s global software product engineering network, adding hundreds of engineers in the U.S. and Philippines

TEANECK, N.J., Jan. 19, 2021 /PRNewswire/ — Cognizant (Nasdaq: CTSH) has entered into an agreement to acquire Magenic Technologies, Inc., a privately-held custom software development services company headquartered in Minneapolis, Minnesota. The acquisition will expand Cognizant’s software product engineering footprint, adding 475 employees in the U.S. across seven locations and more than 350 employees in Manila, Philippines. Upon completion of the acquisition, Magenic associates will become part of Cognizant Softvision, connecting Magenic’s expertise with Cognizant’s global software development capabilities. 

Magenic provides Agile software and cloud development, DevOps, experience design, and advisory services. Custom solutions for Fortune 500 clients and others include re-architecting and migrating products to the cloud, building customer-facing web apps, creating APIs, and designing secure payment processing systems. The company works across a range of industries, including financial services, professional services, insurance, pharmaceutical, and manufacturing.

“Magenic has exceptional software development and cloud modernization teams that will enhance our global engineering talent network and expertise,” said Malcolm Frank, President, Digital Business and Technology, Cognizant. “We continue to invest in digital engineering, a key priority as clients move from traditional application development to custom software to provide compelling customer experiences and differentiated productivity solutions. We look forward to welcoming Magenic’s experts to Cognizant.” 

“We have been solving complex business and technological challenges with agility and speed for over 25 years, and Magenic today continues to create highly innovative software solutions in the cloud,” said Greg Frankenfield, Co-Founder and Chief Executive Officer, Magenic. “We look forward to joining Cognizant Softvision and connecting to Cognizant’s broader range of digital expertise for the benefit of our clients.”

The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of closing conditions. Financial details were not disclosed.

Magenic is Cognizant’s third acquisition in 2021, and the 12th announced since January 2020, to expand in key strategic focus areas — digital engineering, data and artificial intelligence, cloud, and the Internet of Things — that provide clients with capabilities to compete as modern digital businesses. Cognizant is among the world’s largest digital engineering firms, and Magenic is Cognizant’s second digital engineering acquisition in recent months; Cognizant acquired Tin Roof, a custom software and digital product development services company, in September 2020.

Cognizant acquired Austin, Texas-based Softvision, a leader in developing custom digital products using collaborative engineering methods, in 2018. With Magenic, Cognizant Softvision will double its number of development sites in the U.S., and add the Philippines to its broader global network of existing studios in Argentina, Australia, Canada, India, Mexico, and Romania.

Magenic was named one of the 10 Most Promising Microsoft Azure Solution Partners by CIO Review in 2020, and has been recognized eight times by Minnesota’s Star Tribune as one of the Top Workplaces in the state.

Learn More
Magenic website 
Cognizant Softvision website

About Magenic Technologies, Inc.
Based in Minneapolis, Magenic is the digital technology consulting company built for speed. Magenic has the right strategies, the right process, and the right people to get their clients’ digital products to market faster. To learn more about Magenic, visit Magenic.com.

About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 194 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.

Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to expectations regarding the anticipated closing of the acquisition of Magenic and the impact of the acquisition of Magenic on the business and prospects of Cognizant. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, changes in the regulatory environment, including with respect to immigration and taxes, and the other factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

For more information, contact:

U.S.

Jodi Sorensen

jodi.sorensen@cognizant.com

 

Fausta Ballesteros

fausta.ballesteros@softvision.com

Europe

Grazia Valentino-Boschi

grazia@cognizant.com

Asia-Pac

Harsh Kabra                         
harsh.kabra@cognizant.com

 

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