Mindray Launches Resona I9 Ultrasound System, Revolutionizing General Imaging

SHENZHEN, China, June 2, 2021 /PRNewswire/ — Mindray (SZSE: 300760), a global leading developer and provider of medical devices and solutions, has announced the release of its latest general imaging diagnostic ultrasound system, Resona I9, to its suite of general imaging solutions. With innovations both inside and out, Resona I9 provides accurate and timely answers for clinicians, while delivering outstanding efficiency and a remarkable user experience.

Mindray Launches Resona I9 Ultrasound System, Revolutionizing General Imaging

Resona I9 was developed based on Mindray’s in-depth insights into complex clinical scenarios and is a state-of-the-art ultrasound system equipped with all the latest technologies. Delivering innovation in every facet, Resona I9 features a customizable control panel, foldable structure to a height of one-meter, extended battery life and super silent design — all of which help reduce fatigue to a minimum during scans. Mindray’s revolutionary ZST+ platform powers the system and elevates it to an unparalleled level in its class by delivering exceptional image quality for infinite imaging solutions.

“At Mindray, we are constantly striving to provide better healthcare solutions for clinicians. To do this, we need to deeply understand our customers, be inspired by their daily work, and harness these insights to deliver innovations that make a difference to their workflow. Resona I9 has evolved with the changing demands of diagnostic imaging and includes a suite of innovative features, all powered by our advanced ZST+ platform,” said He Xujin, General Manager of Mindray Imaging System Division.

Resona I9’s iConsole control panel features a breakthrough design and adaptive layout for different clinical scenarios. Its E-ink keys are customizable for functions that are most frequently used during scans, while the full-space floating control panel can be adjusted for better space utilization allowing Resona I9 to easily meet various scanning needs for patients. These revolutionary design elements enable new possibilities for ultrasound exams and improve workflow efficiency from the beginning.

The solution’s high frame-rate (HiFR) STE delivers consistent shear waves and precise tissue stiffness access to bring more sensitive motion detection for greater stability and accuracy during scans. Resona I9 is also equipped with Smart Breast and Smart Thyroid automatic standard lesion analysis, which shortens examination times for more effective scanning.

With its innovative features and unlimited scanning flexibility, Mindray’s Resona I9 provides clinicians with the comprehensive tools required for more precise diagnostic treatment – enabling enhanced diagnostic confidence for better patient care.

Photo – https://mma.prnewswire.com/media/1523864/image_1.jpg

The Impact of Science to Create a Movement; the Case of Fooditive, Pioneer in Plant-Based Upcycled Ingredients

Fooditive Products

Fooditive Product Line

ROTTERDAM, June 02, 2021 (GLOBE NEWSWIRE) — The challenging year 2020 saw the blossoming of plant-based ingredient manufacturer Fooditive BV, a Dutch company set on revolutionising healthy eating. Through upcycling third – grade and side-streams of fruit and vegetables into 100% natural products, it has created one of the keys to a more sustainable future. It all started with a Jordanian man and his hate for waste and want for change.

Having experienced scarce availability of food during his childhood in Jordan, founder and food scientist Moayad Abushokhedim vowed to create healthy and affordable food for all.

Packed with a strong food science and business background, he developed his own unique process of creating affordable plant-based ingredients, simply using the science of fermentation.

In recognition of his drive for success in the food and beverage industry, Abushokhedim was named as one of the Food100 2020, an award that celebrates changemakers who are working towards transitioning to a sustainable food system.

“For a Jordanian guy like me, who cannot believe he is living his dream of changing the world, receiving this award made me realise that if you can dream it, you can achieve it. And it reminded me that I am not alone in this endeavour because there are so many others in the world who believe in making a difference,” said Moayad Abushokhedim.

Moayad Abushokhedim

Food Scientist and Founder of Fooditive Group

Fooditive’s first product, the game-changing zero-calorie sweetener made from apples and pears, was only just the beginning. Since launching the sweetener, the company has expanded its range of creative products, including a thickening agent made from banana skins, a carrot-based preservative, and an emulsifier made from potato extracts.

The innovation behind Fooditive’s products and its dedication to delivering what consumers deserve have led to the company being nominated for the Foodvalley Champions 2020 award in the category Food & Health. The new collaboration with Frutco AG in Switzerland, which will use Fooditive’s unique continuous fermentation process to produce a sweetener from banana side-streams, is the company’s latest step towards making the world greener and more sustainable.

As pioneers of healthy eating, Fooditive’s actions have also a-peel-ed to Gary Clarke, former general manager of Mars International Travel Retail. With more than 20 years of consumer packaged goods experience, Clarke felt that “as a next step, joining Fooditive as a partner seemed like such an obvious thing to do.”

“When I learned about Fooditive’s approach to developing a circular economy and producing foods that are better for you, I really thought they were leading the charge to evolve the food industry. I believe that Fooditive really can drive the industry to a new future for food. One that is not only good for people but also good for the planet, and should we be able to scale this idea then the difference can be enormous”, added Clarke.

Fooditive is currently funding up to €6.5M for the year of 2021 to revolutionize the plant-based food business and create healthy and affordable food for everyone.

Later this year, the company will share its exciting new products, a healthy fat replacer from avocado seeds and a vegan milk formation from peas, so be sure to keep an eye out for Fooditive.

Now that it is backed by even more committed partners and equipped with un-pear-alleled competitively priced ingredients, the Fooditive fever is catching on and inspiring others along the way to think more about what they eat.

About Fooditive BV

In 2018, the plant-based ingredient manufacturer Fooditive BV was established in Rotterdam, the Netherlands. The company is committed to making healthy food available for all with its 100% natural ingredients. Since its launch, Fooditive has received several awards for its innovative ideas, sustainable approaches, and contributions to a circular economy, including being nominated for the Index Award 2021.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/e2b3b996-6320-474d-a1e0-5ee9f1081913

https://www.globenewswire.com/NewsRoom/AttachmentNg/5a7837dc-22d9-48cb-a57b-4c6606055081

Contact:
Niki Karatza
niki@fooditive.nl
+31 10 3216167

Madison Realty Capital Provides $30 Million Inventory Loan for Two Luxury Condominiums at Metropica in Sunrise, Florida

NEW YORK, June 02, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a ten-acre development site, which includes plans to develop a second 250-unit multifamily tower. The portfolio is part of Metropica, a four million-square-foot master planned community comprised of luxury residences, modern office towers and high-end retail offerings located in Sunrise, Florida.

Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date. Madison’s loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the adjacent 250-unit second condominium tower. In addition to the first tower, the Metropica master planned development will include 500 multifamily units, 550,000 square feet of commercial space for luxury retail, dining and entertainment destinations as well as 246 hotel keys.

“We are pleased to deliver a customized and flexible financing solution for the remaining condo inventory in the Metropica Development,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Madison’s ability to finance residential projects through every stage of development was highly attractive to Metropica, an experienced local development firm, and we look forward to working with Joseph and his team to support this unique and ambitious project.”

Located at 2000 Metropica Way, adjacent to the Sawgrass Mills shopping mall and BB&T Center, the 28-story Metropica Tower offers luxury residences with an average of 1,034 square feet, top-of-the-line finishes and high-concept designs from Oppenheim Architecture and YOO Studio. The tower’s resort-style amenities consist of a saltwater swimming pool, lounges, movie theater, fitness center, massage and yoga centers, and a children’s playroom.

Melissa Rose of JLL Capital Markets arranged the financing from Madison Realty Capital.

 

About Madison Realty Capital

Madison Realty Capital is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $14 billion of transactions in the multifamily, retail, office, industrial and hotel sectors nationwide. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.

Attachment

Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com

LEADING NETWORK MANAGEMENT SYSTEM SUPPLIER TO TOP MINING OEM’S COMPLETES RAJANT INTEGRATION

FTP Solutions Integrated Management System Choice for Top Autonomy OEMs

Malvern, Pennsylvania (USA), June 02, 2021 (GLOBE NEWSWIRE) — Rajant Corporation, the Kinetic Mesh® wireless network provider, has collaborated to complete the implementation of the Integrated Management System (IMS) by FTP Solutions, the leading network management system (NMS) supplier to top mining OEMs.

According to Scott Mills, FTP Technical Director and the person who built IMS, “FTP partnered with Rajant to incorporate its BreadCrumb radios into our IMS platform because Rajant technology is the most dependable and reliable network for mission-critical applications like autonomy, according to our customers. The mining operator benefits from a leading fit-for-purpose radio coupled with a single-pane-of-glass monitoring system.  The deep integration of the FTP IMS platform with Rajant Kinetic Mesh makes possible previously unattainable visibility into the high level of performance that a Rajant network enables at a mine.”

“Rajant’s leading industrial wireless M2M radios provide site-wide connectivity regardless of layout and terrain, giving mining operators peace of mind for mission-critical connectivity. FTP’s IMS visualization of data from multiple systems combined with Rajant networking provides a reliable holistic view of operational data,” adds FTP Co-founder and Managing Director Lachlan McMahon. “FTP has unlocked the ability to view an entire operation through a single-pane-of-glass, and all stakeholders across the mining organization can visualize the performance and are connected by a data assurance network that Rajant technology provides.”

“FTP is in the forefront of reporting network health for the entire OT mining network, and they do it in an agnostic way when it comes to radio technologies including Rajant, LTE, and Wi-Fi, “ says Rajant EVP of Global Sales and Marketing Geoff Smith. “FTP’s IMS platform reports on the health of the entire mine network to all relevant parties, which is critical when it comes to having a truly automated operation. Rajant technology can work with any backhaul, including LTE, to provide seamless connectivity through a mine site regardless of pre-existing infrastructure. Further, our industrial wireless networking is both forwards and backhaul compatible, maintaining a mine’s investment and with easing upgrades to the latest technology like our latest Peregrine and Hawk platforms.”

About FTP Solutions

FTP Solutions is an innovative company dedicated to designing, installing, and supporting critical operational wireless networks. Through our in-depth knowledge of wireless and fixed networks, FTP built the wireless network monitoring platform known as the Integrated Management System (IMS). This software has been designed from the ground up with the network maintainer in mind. For more information, visit www.ftpsolutions.com.au.

About Rajant Corporation

Rajant Corporation is the broadband communications technology company that invented Kinetic Mesh® networking, BreadCrumb® wireless nodes, and InstaMesh® networking software. With Rajant, customers can rapidly deploy a highly adaptable and scalable network that leverages the power of real-time data to deliver on-demand, mission-critical business intelligence. A low-latency, high-throughput, and secure solution for a variety of data, voice, video, and autonomous applications, Rajant’s Kinetic Mesh networks provide industrial customers with full mobility, allowing them to take their private network applications and data anywhere. With successful deployments in more than 60 countries for customers in military, mining, ports, rail, oil & gas, petrochemical plants, municipalities, and agriculture. Rajant is headquartered in Malvern, Pennsylvania with additional facilities and offices in Arizona and Kentucky. For more information, visit Rajant.com or follow Rajant on LinkedIn and Twitter.

Attachment

Alice DiSanto
Rajant Corporation
914-582-8464
adisanto@rajant.com

Pre-feasibility Study Looking to Progress CO2 Capture

REGINA, Saskatchewan, June 01, 2021 (GLOBE NEWSWIRE) — Amplifying the impact of emission reductions through carbon capture and storage (CCS) is the focus of a new pre-feasibility study exploring the potential application of carbon dioxide (CO2) capture on 750-megawatt coal-fired power plants. This project is part of a broad study examining the viability of a regional commercial-scale geologic CO2 storage hub in the Southeastern U.S. The International CCS Knowledge Centre (Knowledge Centre), based in Regina, SK Canada, is collaborating with an international team on the U.S. Department of Energy (DOE)-funded project to develop the conceptual designs and capital cost estimates evaluating the installation of post combustion carbon dioxide (CO2) capture on a Southern Company electrical generating station.

The project would represent a significant scale-up and is a natural progression in the maturation of carbon capture technology. By bringing leadership, vision and experience based on its substantive learnings from both the fully integrated Boundary Dam 3 CCS Facility and its comprehensive second-generation CCS study (Shand CCS Feasibility Study), the Knowledge Centre is performing the carbon capture pre-feasibility study of the scenario. This study is being conducted through a cooperative agreement with the project manager, Southern States Energy Board, and a team that includes Southern Company, Mitsubishi Heavy Industries (MHI) Group, and Stantec Consulting Ltd.

This study is part of the project, Establishing An Early Carbon Dioxide Storage: Project ECO2S, under a broad DOE National Energy Technology Laboratory initiative, Carbon Storage Assurance Facility Enterprise (CarbonSAFE). CarbonSAFE addresses key gaps on the critical path toward CCUS deployment by reducing technical risk, uncertainty, and cost of a geologic storage complex for more than 50 million metric tons of CO2 over a 30-year time frame from industrial sources.

The pre-feasibility study will look at carbon capture design and cost. It will include details such as an analysis on steam integration options between the generating unit and the capture plant, as well as the identification of potential impacts of the new processes on existing plant environmental permitting. The theoretical installation of carbon capture systems at power plants would not only ensure reliable baseload electricity, it would preserve the value of the existing facility, while also actively making significant strides in reducing anthropogenic greenhouse gas emissions.

Quote

“With the megatonne potential in CO2 reduction, we are excited to work with a great team on this important and next step project for large-scale carbon capture and storage. We applaud both the US Department of Energy and the Southern States Energy Board for their commitment to taking significant strides toward climate action.”

– Conway Nelson, VP, Project Development & Advisory Services, International CCS Knowledge Centre

“Stantec is proud to play a role in the first-of-its kind carbon capture and storage work in Saskatchewan as the Engineer of Record on this project. Stantec’s team of experts will provide engineering expertise alongside our partners to execute the pre-feasibility study stage of this project.”

– Mark Griffiths, Senior Principal, Energy & Resources, Stantec, Saskatchewan

ADDITIONAL INFORMATION

Climate Change Links

  • CCS is considered essential in three of the four pathways to keep global warming within 1.5°C – Intergovernmental Panel on Climate Change: Global Warming of 1.5 Degrees Celsius
  • Most of the world cannot meet emissions targets without CCS – and for those that can, the median increase in mitigation cost is 138% – Intergovernmental Panel on Climate Change: IPCC AR5 2014

About CarbonSAFE & Project ECO2S

  • CarbonSAFE Carbon Storage Assurance Facility Enterprise Initiative – is a DOE-led program designed to accelerate commercial-scale use of CCS technology to reduce greenhouse gas emissions to the atmosphere from industrial and power generation sources by focusing on the development of permanent and safe geologic CO2 storage sites capable of several decades of usage.
  • Project ECO2SEstablishing an Early CO2 Storage Complex – is one of five selected projects for Phase 3 of CarbonSAFE.
    • Project ECO2lead by Southern States Energy Board is working with collaborators to explore establishing a commercial-scale, regional, secure geologic area capable of securely storing over 900 million metric tons of CO2.
    • The current pre-feasibility study to install post combustion CO2 capture on a Southern Company generating unit is part of the assessment required to confirm one of several point source emitters of CO2 for the storage site.

MEDIA CONTACTS

International CCS Knowledge Centre
Jodi Woollam
Head of Communications & Media Relations
jwoollam@ccsknowledge.com
T: +1-306-565-5956 / M: +1-306-520-3710
ccsknowledge.com
@CCSKnowledge

About the International CCS Knowledge Centre (Knowledge Centre): with a mandate to advance the global understanding and deployment of large-scale CCS to reduce global GHG emissions, the Knowledge Centre provides the know-how to implement large-scale CCS projects as well as CCS optimization through the base learnings from both the fully-integrated Boundary Dam 3 CCS Facility and the comprehensive second-generation CCS study, known as the Shand CCS Feasibility Study. Operating since 2016 under the direction of an independent board, the Knowledge Centre was established by BHP and SaskPower. For more info: https://ccsknowledge.com/

Zoom Reports Financial Results for the First Quarter of Fiscal Year 2022

  • First quarter total revenue of $956.2 million, up 191% year over year
  • Number of customers contributing more than $100,000 in TTM revenue up 160% year over year
  • Approximately 497,000 customers with more than 10 employees, up 87% year over year

SAN JOSE, Calif., June 01, 2021 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM) today announced financial results for the first fiscal quarter ended April 30, 2021.

“We kicked off the fiscal year with a very strong first quarter, posting 191% total year-over-year revenue growth combined with strong profitability and cash flow. Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results. With this solid start, we are pleased to raise our total guidance range to $3.975 billion to $3.990 billion for the full fiscal year,” said Zoom founder and CEO, Eric S. Yuan. “We have also opened our technology portfolio to developers through our powerful video SDK and to businesses to expand their reach through Zoom Events. Work is no longer a place, it’s a space where Zoom serves to empower your teams to connect and bring their best ideas to life. We are energized to help lead the evolution to hybrid work that allows greater flexibility, productivity, and happiness to both in-person and virtual connections.”

First Quarter Fiscal Year 2022 Financial Highlights:

  • Revenue: Total revenue for the first quarter was $956.2 million, up 191% year over year.
  • Income from Operations and Operating Margin: GAAP income from operations for the first quarter was $226.3 million, up from $23.4 million in the first quarter of fiscal year 2021. After adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, and litigation settlements, net, non-GAAP income from operations for the first quarter was $400.9 million, up from $54.6 million in the first quarter of fiscal year 2021. For the first quarter, GAAP operating margin was 23.7% and non-GAAP operating margin was 41.9%.
  • Net Income and Net Income Per Share: GAAP net income attributable to common stockholders for the first quarter was $227.4 million, or $0.74 per share, up from $27.0 million, or $0.09 per share in the first quarter of fiscal year 2021.

    Non-GAAP net income for the quarter was $402.1 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, litigation settlements, net, and undistributed earnings attributable to participating securities. Non-GAAP net income per share was $1.32. In the first quarter of fiscal year 2021, non-GAAP net income was $58.3 million, or $0.20 per share.

  • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of April 30, 2021 was $4.7 billion.
  • Cash Flow: Net cash provided by operating activities was $533.3 million for the first quarter, compared to $259.0 million in the first quarter of fiscal year 2021. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $454.2 million, compared to $251.7 million in the first quarter of fiscal year 2021.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the first quarter of fiscal year 2022, Zoom had:

  • Approximately 497,000 customers with more than 10 employees, up approximately 87% from the same quarter last fiscal year.
  • 1,999 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 160% from the same quarter last fiscal year.
  • A trailing 12-month net dollar expansion rate in customers with more than 10 employees above 130% for the 12th consecutive quarter.

Financial Outlook: Zoom is providing the following guidance for its second quarter fiscal year 2022 and its full fiscal year 2022.

  • Second Quarter Fiscal Year 2022: Total revenue is expected to be between $985.0 million and $990.0 million and non-GAAP income from operations is expected to be between $355.0 million and $360.0 million. Non-GAAP diluted EPS is expected to be between $1.14 and $1.15 with approximately 311 million non-GAAP weighted average shares outstanding.
  • Full Fiscal Year 2022: Total revenue is expected to be between $3.975 billion and $3.990 billion. Non-GAAP income from operations is expected to be between $1.425 billion and $1.440 billion. Non-GAAP diluted EPS is expected to be between $4.56 and $4.61 with approximately 311 million non-GAAP weighted average shares outstanding.

Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.

Zoom Video Earnings Call

Zoom will host a Zoom Video Webinar for investors on June 1, 2021 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results and business highlights. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/

About Zoom

Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for large enterprises, small businesses, and individuals alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the second quarter of fiscal year 2022 and full fiscal year 2022, Zoom’s growth strategy and business aspirations to lead the evolution to hybrid work. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, continued uncertainty regarding the extent and duration of the impact of COVID-19 and the responses of government and private industry thereto, including the potential effect on our user growth rate once the impact of the COVID-19 pandemic tapers, particularly as a vaccine becomes widely available, and users return to work or school or are otherwise no longer subject to shelter-in-place mandates, as well as the impact of COVID-19 on the overall economic environment, any or all of which will have an impact on demand for remote work solutions for businesses as well as overall distributed, face-to-face interactions and collaboration using Zoom, delays or outages in services from our co-located data centers, and failures in internet infrastructure or interference with broadband access which could cause current or potential users to believe that our systems are unreliable. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our annual report on Form 10-K for the fiscal year ended January 31, 2021. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures

Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

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

Non-GAAP Income From Operations and Non-GAAP Operating Margins. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition-related expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense and expenses related to charitable donation of common stock because they are non-cash in nature and excluding these expenses provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In particular, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses and assist in the comparison with the results of other companies in the industry.

Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income and non-GAAP net income per share, basic and diluted, as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition-related expenses, litigation settlements, net, and undistributed earnings attributable to participating securities. Zoom excludes undistributed earnings attributable to participating securities because they are considered by management to be outside of Zoom’s core operating results, and excluding them provides investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitates comparison of its results with other periods and may also facilitate comparison with the results of other companies in the industry.

In order to calculate non-GAAP net income per share, basic and diluted, Zoom uses a non-GAAP weighted-average share count. Zoom defines non-GAAP weighted-average shares used to compute non-GAAP net income per share, basic and diluted, as GAAP weighted average shares used to compute net income per share attributable to common stockholders, basic and diluted, adjusted to reflect the common stock issued in connection with the IPO, including the concurrent private placement, that are outstanding as of the end of the period as if they were outstanding as of the beginning of the period for comparability.

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

Customer Metrics

Zoom defines a customer as a separate and distinct buying entity, which can be a single paid host or an organization of any size (including a distinct unit of an organization) that has multiple paid hosts.

Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from all customers with more than 10 employees as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. We then calculate the ARR from these customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.

Press Relations

Colleen Rodriguez
Global Public Relations Lead for Zoom
press@zoom.us

Investor Relations

Tom McCallum
Head of Investor Relations for Zoom
investors@zoom.us

Zoom Video Communications, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)

As of
April 30,
2021
January 31,
2021
Assets
Current assets:
Cash and cash equivalents $ 1,557,270 $ 2,240,303
Marketable securities 3,132,309 2,004,410
Accounts receivable, net 366,346 294,703
Deferred contract acquisition costs, current 148,645 136,630
Prepaid expenses and other current assets 136,326 116,819
Total current assets 5,340,896 4,792,865
Deferred contract acquisition costs, noncurrent 155,295 157,262
Property and equipment, net 192,410 149,924
Operating lease right-of-use assets 93,780 97,649
Goodwill 24,340 24,340
Other assets, noncurrent 81,890 75,953
Total assets $ 5,888,611 $ 5,297,993
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 8,324 $ 8,664
Accrued expenses and other current liabilities 450,678 393,018
Deferred revenue, current 1,069,334 858,284
Total current liabilities 1,528,336 1,259,966
Deferred revenue, noncurrent 25,089 25,211
Operating lease liabilities, noncurrent 86,433 90,415
Other liabilities, noncurrent 56,020 61,634
Total liabilities 1,695,878 1,437,226
Stockholders’ equity:
Preferred stock
Common stock 293 292
Additional paid-in capital 3,292,241 3,187,168
Accumulated other comprehensive income 200 839
Retained earnings 899,999 672,468
Total stockholders’ equity 4,192,733 3,860,767
Total liabilities and stockholders’ equity $ 5,888,611 $ 5,297,993

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $28.8 million and $24.6 million as of April 30, 2021 and January 31, 2021, respectively.

Zoom Video Communications, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended April 30,
2021 2020
Revenue $ 956,237 $ 328,167
Cost of revenue 264,994 103,707
Gross profit 691,243 224,460
Operating expenses:
Research and development 65,175 26,389
Sales and marketing 245,667 121,556
General and administrative 154,089 53,130
Total operating expenses 464,931 201,075
Income from operations 226,312 23,385
Interest income and other, net 2,619 5,790
Income before provision for income taxes 228,931 29,175
Provision for income taxes 1,400 2,100
Net income 227,531 27,075
Undistributed earnings attributable to participating securities (148 ) (39 )
Net income attributable to common stockholders $ 227,383 $ 27,036
Net income per share attributable to common stockholders:
Basic $ 0.77 $ 0.10
Diluted $ 0.74 $ 0.09
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic 293,794,778 279,891,111
Diluted 305,412,419 295,184,958

Zoom Video Communications, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

Three Months Ended April 30,
2021 2020
Cash flows from operating activities:
Net income $ 227,531 $ 27,075
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense 98,969 28,777
Amortization of deferred contract acquisition costs 37,766 16,287
Charitable donation of common stock 1,000
Provision for accounts receivable allowances 4,055 3,868
Depreciation and amortization 10,663 5,339
Non-cash operating lease cost 4,274 2,248
Other 5,866 (1,421 )
Changes in operating assets and liabilities:
Accounts receivable (75,665 ) (142,501 )
Prepaid expenses and other assets (29,975 ) (49,080 )
Deferred contract acquisition costs (47,813 ) (124,854 )
Accounts payable 1,592 1,756
Accrued expenses and other liabilities 88,656 167,322
Deferred revenue 210,896 322,862
Operating lease liabilities, net (3,513 ) 287
Net cash provided by operating activities 533,302 258,965
Cash flows from investing activities:
Purchases of marketable securities (1,425,451 ) (207,546 )
Maturities of marketable securities 291,047 137,014
Sales of marketable securities 26,613
Purchases of property and equipment (79,074 ) (7,272 )
Purchase of equity investment (8,000 )
Purchase of convertible promissory note (6,500 ) (5,000 )
Purchase of intangible assets (162 )
Other 1,319
Net cash used in investing activities (1,219,978 ) (63,034 )
Cash flows from financing activities:
Proceeds from employee equity transactions (remitted) to be remitted to employees and tax authorities, net (9,984 ) 218,540
Proceeds from exercise of stock options 3,368 9,586
Other 337
Net cash (used in) provided by financing activities (6,279 ) 228,126
Net (decrease) increase in cash, cash equivalents, and restricted cash (692,955 ) 424,057
Cash, cash equivalents, and restricted cash – beginning of period 2,293,116 334,082
Cash, cash equivalents, and restricted cash – end of period $ 1,600,161 $ 758,139

Zoom Video Communications, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended April 30,
2021 2020
GAAP income from operations $ 226,312 $ 23,385
Add:
Stock-based compensation expense and related payroll taxes 104,375 30,246
Litigation settlements, net 66,916
Acquisition-related expenses 3,284
Charitable donation of common stock 1,000
Non-GAAP income from operations $ 400,887 $ 54,631
GAAP net income attributable to common stockholders $ 227,383 $ 27,036
Add:
Stock-based compensation expense and related payroll taxes 104,375 30,246
Litigation settlements, net 66,916
Acquisition-related expenses 3,284
Charitable donation of common stock 1,000
Undistributed earnings attributable to participating securities 148 39
Non-GAAP net income $ 402,106 $ 58,321
Net income per share – basic and diluted:
GAAP net income per share – basic $ 0.77 $ 0.10
Non-GAAP net income per share – basic $ 1.37 $ 0.21
GAAP net income per share – diluted $ 0.74 $ 0.09
Non-GAAP net income per share – diluted $ 1.32 $ 0.20
GAAP and non-GAAP weighted-average shares used to compute net income per share – basic 293,794,778 279,891,111
GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted 305,412,419 295,184,958
Net cash provided by operating activities $ 533,302 $ 258,965
Less:
Purchases of property and equipment (79,074 ) (7,272 )
Free cash flow (non-GAAP) $ 454,228 $ 251,693
Net cash used in investing activities $ (1,219,978 ) $ (63,034 )
Net cash (used in) provided by financing activities $ (6,279 ) $ 228,126

 

Clergyman suggests harsh punishment for illegal miners

Accra— Prophet Dr Eric Amponsah, General Overseer of the Hope Generation Ministry International, on Wednesday appealed to the Government to severely punish anyone caught engaging in illegal mining, otherwise known as ‘galamsey’.

That would deter the people from engaging in the act to save the water bodies and the environment, he said.

Prophet Amponsah made the call in an interview with the Ghana News Agency (GNA) in Accra.

He said: “Extreme behaviour must be met with extreme response. We are dealing with people who are determined at every point to make money without regards to human life and the environment.”

He said the total cost of equipment destroyed could not be compared to the lives negatively affected by the illegal activities of small scale miners and that stringent measures must be taken against them.

“Sometimes we need to be strong on wrongdoers. We have been pampering illegal miners for far too long and this is the time for Ghana to apply harsh measures to deter them from the act,” he said, and that burning of the excavators alone would not solve the problem.

“We should, therefore, stand by the military, operation vanguard and other stakeholders to ensure our water bodies are clean and safe,” he said.

Prophet Dr Aamponsah commended the Government for the efforts so far in dealing with the menace and urged Ghanaians to support it to win the fight.

“We should all join hands to fight the canker or we would end up importing water for baptism and other household chores,” he said.

Source: Ghana News Agency

Bono Minister urges youth to engage in commercial farming   

Atronie (B/R)– Madam Justina Owusu-Banahene, the Bono Regional Minister, has cautioned unemployed youth against rural-urban migration and urged them to engage in commercial farming to better their lot.

Farming, she said, might seem difficult but remained a lucrative economic activity that they could engage in for enhanced socio-economic livelihoods.

She said rural-urban drift had caused many unsuspecting youth to get entangled in social vices and consequently ruined their future.

Madam Owusu-Banahene gave the advice when she presented nine rice harvester machines to three farmer groups at Atronie, a farming community in the Sunyani Municipality.

The beneficiaries are Success Women Rice Association, ‘Twere Nyame’ Women Rice Association, and ‘Amama Mma’ Rice Group.

She said government had prioritised agriculture and was doing everything possible to make the sector attractive to the youth.

Madam Owusu-Banahene advised farmers to unite and form cooperatives to obtain government support and entreated the beneficiaries to ensure proper maintenance of the machines.

Mr John Ofosu Denkyira, the Sunyani Municipal Director of Agriculture, assured of the Directorate’s commitment to assist farmers with the requisite technical knowledge to enable them to increase productivity.

Source: Ghana News Agency