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TJP Labs Completes Multi-Million Dollar Investment Round to Continue Global Expansion into Modern Oral Nicotine Manufacturing

PICKERING, Ontario, Aug. 31, 2021 (GLOBE NEWSWIRE) — TJP Labs Inc. (“TJP Labs”), one of North America’s leading full-service contract manufacturers of next-generation nicotine products, announced its launch of Canada’s first modern oral nicotine contract manufacturing facility for buccal nicotine pouches. TJP Labs will provide international brands (and when authorized for sale in Canada, domestic brands) contract manufacturing capacity to service the rapidly expanding category. Production of these pouches is expected to commence in the first calendar quarter of 2022.

Completing its corporate restructuring, TJP Labs has secured a multi-million dollar investment from the founders and key members of the early management team of KIK Custom Products, founded in 1993. Under their leadership, KIK Custom Products expanded from a single product manufacturer in one plant north of Toronto, Ontario to a global network with substantial positions in the multi-billion dollar household, pool and automotive categories.

This first of its kind Centre of Excellence in Canada’s next-generation buccal nicotine pouch manufacturing will be located in Pickering, Ontario. Spread over a 30,000 sq ft expansive campus, the facility will include world-class, state-of-the-art European G.D S.p.A nicotine pouch manufacturing machinery. The new facility will have high-speed pouch filling and packaging rebuild lines, internal precision x-rays for automated purity control and auto weighing and photography to ensure the highest standards of consumer safety and product efficacy available. Phase 1 is expected to provide TJP Labs the capacity to produce over 36 million pouches per month and Phase 2 should double that capacity. Phase 1 is expected to be completed by December 2021 and Phase 2 by Q4 2022.

Modern Oral Nicotine is the latest growth category within next-generation nicotine products. Popularly known as nicotine “pouches,” these products have harm reduction potential for reducing the disease and death burden from combustible tobacco-related illness globally.

Speaking on the announcement, David Richmond-Peck, CEO of TJP Labs, said:

“The restructuring process and investment has enabled TJP Labs to optimize our business and strengthen our balance sheet to position us for long-term growth. Our team set out on our mission of engineering harm reduction solutions for a global network of customers seven years ago when my mother passed away from a combustible tobacco-related illness. The launch of this facility sets the foundation of our goal to build a network of international facilities for this rapidly growing category. We are proud that we will be able to provide manufacturing solutions to companies that give adult consumers a less harmful alternative to combustible tobacco products. Our multiple licenses, including Health Canada site license, FDA FEI, ISO 9001:2015, HACCP and cGMP speak to the rigorous standards that we uphold and look forward to serving companies globally.”

About TJP Labs Inc.

TJP Labs is a leading North American full-service, global contract manufacturer of premium quality next-generation nicotine products, specializing in the manufacture of bulk liquids and in modern oral nicotine pouches. Our products are manufactured and packaged in our full cGMP/HACCP compliant, ISO 9001:2015 certified state-of-the-art facilities.

Contacts

David Richmond-Peck – business@tjplabs.com

Website: www.tjplabs.com

TRIO Enrols First Patient in Global Phase 3 Giredestrant Early Breast Cancer Trial

EDMONTON, Alberta, Aug. 31, 2021 (GLOBE NEWSWIRE) — Translational Research in Oncology (TRIO), a global academic clinical research organization, announced today enrolment of first patient in the LidERA Breast Cancer (TRIO045) trial, a Phase 3 randomized, multi-center, open-label global clinical trial of adjuvant endocrine therapy, giredestrant (GDC-9545) sponsored by F. Hoffmann-LaRoche.

Giredestrant is an oral selective estrogen receptor degrader (SERD) that was shown to be well tolerated with encouraging anti-tumour activity both alone and in combination with palbociclib in estrogen-receptor positive (ER+) metastatic breast cancer patients.

The two-arm trial is evaluating the efficacy and safety of adjuvant giredestrant compared with physician’s choice of adjuvant endocrine monotherapy in patients with estrogen receptor-positive, HER2‑negative early breast cancer. Enrolment is expected to exceed 4000 patients globally. As one of three organizations involved in enrolment and trial management, TRIO will engage its global investigator network to initiate sites across 20 countries.

After recently announcing the completion of enrolment in the randomized neoadjuvant study with giredestrant, TRIO038/coopERA, TRIO is well positioned to continue working with Roche on this adjuvant study.

“The initiation of the pivotal LidERA trial represents a landmark step in bringing forward a novel endocrine therapy option for patients with early stage breast cancer,” stated Dr. Bardia, LidERA study Co-Chair, member of TRIO’s Scientific Committee and Director, Breast Cancer Research Program at Massachusetts General Hospital, Harvard Medical School. “Being a potent oral agent with excellent safety profile, giredestrant may enable better disease control as well as lower toxicity, thus maximizing the therapeutic benefit and compliance for patients with breast cancer.”

More information on the LidERA Breast Cancer trial (TRIO045) can be found at clinicaltrials.gov (NCT04961996).

About TRIO
TRIO advances translational cancer research by introducing innovative and novel targeted therapeutic concepts into the clinical trial setting. With international offices in Edmonton (Canada), Paris (France), Montevideo (Uruguay), TRIO’s global reach is expansive. Our goal as an academic clinical research organization is to find the shortest path to saving lives. Additional information on TRIO can be found by visiting https://www.trioncology.org. Interested parties may also follow TRIO on Twitter (twitter.com/TRIOncology).

TRIO Media Inquiries:
Launa Aspeslet, PhD
CEO, TRIO
Email: launa.aspeslet@trioncology.org
Phone: 780-702-2260

Peplink brings SpeedFusion’s Unbreakable Edge to Ericsson’s Industry 4.0 Partner Program

VILNIUS, Lithuania, Aug. 31, 2021 (GLOBE NEWSWIRE) — Peplink is partnering with Ericsson to deliver SpeedFusion technology to Industry 4.0 networks – allowing for greater scalability and seamless switching between different edge technologies so industrial networks can grow and remain productive in any scenario.

Peplink’s vast portfolio of LTE and 5G routers and its SpeedFusion technology are designed to enable resilience and agility in IoT networking. It combines private LTE/5G with commercial LTE/5G and other edge WAN technologies without interruption to live applications or systems. This gives Industry 4.0 deployments superior scalability and reliability, regardless of where a facility is located.

The Ericsson Industry 4.0 ecosystem is a vehicle for solution providers who offer their technologies as a part of Industry 4.0 ecosystem. This program sets the standard for recognizing a partner’s investment in the tools and processes necessary to provide a high return on investment for industrial customers using cellular connectivity as the foundation for their Industry 4.0 initiatives.

Purpose-built for industrial environments, Ericsson Private 5G is a dedicated cellular network that provides secure and reliable coverage, high device density for scalable operations, and predictable latency ensuring Service Level Agreements (SLA’s). Leveraging this high-performance 4G or 5G connectivity solution, enterprises gain full visibility of machines and processes, and can gain facility-optimizing insights through data analytics.

“The industry adoption of cellular connectivity solutions like Ericsson Private 5G, allows Peplink to offer industrial customers reliable solutions that makes the digitalization more efficient,” said Micael Hermansson, Device Ecosystem Director at Ericsson. “Ericsson welcomes Peplink and their impressive technology portfolio will be vital to the Industry 4.0 ecosystem.”

Keith Chau, General Manager of Peplink said, “Peplink is excited to be part of Ericsson’s Industry 4.0 ecosystem. By joining forces with Ericsson, Peplink is ready to help companies solve connectivity challenges and realize the advantages of a true Industry 4.0 operation.”

About Ericsson

About Peplink
Peplink makes connectivity reliable. Peplink’s ecosystem, SpeedFusion technology and SD-WAN routers have been deployed around the world, helping thousands of customers from many industries increase bandwidth, enhance Internet reliability, reduce connectivity cost, or enable new deployment possibilities. Learn more about Peplink

Contact:
Cassy Mak
Marketing Manager
Marketing@peplink.com

Global Dairy Platform Announces New Board Chair

Hein Schumacher

GDP Board Chairman

ROSEMONT, Ill., Aug. 31, 2021 (GLOBE NEWSWIRE) — Global Dairy Platform (GDP), a not-for-profit industry association representing the international dairy sector, today announced the appointment of Hein Schumacher, Chief Executive Officer of Royal FrieslandCampina, as Chair of GDP’s Board of Directors. Schumacher succeeds Rick Smith, President and Chief Executive Officer of Dairy Farmers of America, who completed a four-year term as GDP Chair.

“I am honored to serve as Chair of GDP and build on the momentum that Rick, supported by the Board of Directors, has established,” Schumacher said. “Rick’s leadership helped strengthen GDP’s role in ensuring dairy is recognized as relevant and a vital part of a globally sustainable food system. I look forward to continuing this important work, which includes the launch of the ground-breaking Pathways to Dairy Net Zero initiative later this month,” he said.

“I have had the pleasure of working with Hein for a number of years and there is no doubt he is the right person to guide GDP now,” said Smith. “The future is bright for GDP and the global dairy sector,” he added.

Rick Smith

GDP Board Chairman

Also serving on GDP’s board are Fonterra Co-operative Group Chief Executive Officer Miles Hurrell; Arla Foods Chief Executive Officer Peder Tuborgh; China Mengniu Dairy Company Executive Director and Chief Executive Officer Minfang (Jeffery) Lu; Meiji Holdings Co. Limited President Kazuo Kawamura; Leprino President and Chief Executive Officer Mike Durkin; International Dairy Federation President Piercristiano Brazzale; and Saputo Inc. Chairman and Chief Executive Officer Lino Saputo, Jr. Smith remains a GDP board member.

Additional governance members include Dr. Margrethe Jonkman, Deputy Chair of the GDP Board and Chair of the GDP Operational Committee, Corporate Director Research & Development, Royal FrieslandCampina; Tim Leviny, Senior Vice President, Land O’Lakes; Hanne Sondergaard, Executive Vice President and Chief Marketing Officer, Marketing & Innovation, Arla Foods; Kelvin Wickham, Chief Operating Officer,  Fonterra Co-operative Group; Jay Waldvogel, Senior Vice President of Strategy and International Development, Dairy Farmers of America; and Kaoru Koide, Director and General Manager of Meiji Holdings Co. Limited.

About Global Dairy Platform
GDP is a not-for-profit industry association representing the global dairy sector. GDP membership, which includes more than 95 leading corporations, companies, associations, scientific bodies and other partners, has operations in more than 150 countries and collectively produces approximately 1/3 of all the world’s milk.

Kevin Burkum
Global Dairy Platform
Kevin.Burkum@GlobalDairyPlatform.com
847.627.3387

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1faec6b8-15f3-4ca0-99ac-9c28edb9fc86
https://www.globenewswire.com/NewsRoom/AttachmentNg/323a2369-3be9-42f0-9bfe-16068fef5d59

nCino to Participate in Upcoming Middle East Banking Innovation Summit

WILMINGTON, N.C. and DUBAI, United Arab Emirates, Aug. 31, 2021 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced its participation in the Middle East Banking Innovation Summit Plus 2021 (MEBIS Plus 2021) on September 15-16, 2021, in Dubai, UAE. As the Middle East’s largest banking innovation and technology event, MEBIS Plus 2021 brings together experts and executives from across the financial sector to discuss how digital transformation is pushing the industry into the future and creating a dynamic, growth-focused banking culture.

As part of the conference program, nCino will host a booth in the Banking Innovation Lounge and have representatives available to address how the ongoing COVID pandemic has reshaped priorities for Middle Eastern banks and how leveraging cloud banking can drive business innovation to achieve greater scale, speed and innovation.

“We are incredibly excited to lead this conversation at MEBIS Plus 2021 and to join our close colleagues from Salesforce in sharing key insights into cloud banking with our industry peers,” said Davis Brannan, EVP, Global Channels & APAC at nCino. “We believe single-platform cloud infrastructure is a true game changer for today’s financial institutions, and we’re eager to exchange perspectives on digital transformation with such an esteemed group of colleagues from the Middle East.”

nCino is a sponsor of this year’s MEBIS Plus 2021 summit. For additional event details and the full conference program, visit: bankinnovation-me.com

About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino’s single digital platform enhances the employee and client experience to enable financial institutions to more effectively onboard new clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino works with more than 1,200 financial institutions globally, whose assets range in size from $30 million to more than $2 trillion. For more information, visit: www.ncino.com.

MEDIA CONTACTS
Sutton Resler
+1 571.236.4966
sresler@mww.com

Ryan Kelly
+1 732.770.5942
ryan.kelly@ncino.com

CORRECTION – Zoom Reports Financial Results for the Second Quarter of Fiscal Year 2022

  • Second quarter total revenue of $1,021.5 million, up 54% year over year
  • Number of customers contributing more than $100,000 in TTM revenue up 131% year over year
  • Second quarter GAAP operating margin of 28.8% and non-GAAP operating margin of 41.6%

SAN JOSE, Calif., Aug. 30, 2021 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM) is updating this press release to include the “Amortization on marketable securities” line item in its condensed consolidated statements of cash flows. Complete corrected text follows.

Zoom Video Communications, Inc. (NASDAQ: ZM) today announced financial results for the second fiscal quarter ended July 31, 2021.

“In Q2, we achieved our first billion dollar revenue quarter while delivering strong profitability and cash flow,” said Zoom founder and CEO, Eric S. Yuan. “Q2 also marked several milestones on our expansion beyond the UC platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all-in-one digital events service. Today we are a global brand counting over half a million customers with more than 10 employees, which we believe positions us extremely well to support organizations and individuals as they look to reimagine work, communications, and collaboration.”

Second Quarter Fiscal Year 2022 Financial Highlights:

  • Revenue: Total revenue for the second quarter was $1,021.5 million, up 54% year over year.
  • Income from Operations and Operating Margin: GAAP income from operations for the second quarter was $294.6 million, up from $188.1 million in the second quarter of fiscal year 2021. After adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, and expenses related to charitable donation of common stock, non-GAAP income from operations for the second quarter was $424.7 million, up from $277.0 million in the second quarter of fiscal year 2021. For the second quarter, GAAP operating margin was 28.8% and non-GAAP operating margin was 41.6%.
  • Net Income and Diluted Net Income Per Share: GAAP net income attributable to common stockholders for the second quarter was $316.9 million, or $1.04 per share, up from $185.7 million, or $0.63 per share in the second quarter of fiscal year 2021.Non-GAAP net income for the quarter was $415.1 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, gains on strategic investments, undistributed earnings attributable to participating securities, and expenses related to charitable donation of common stock. Non-GAAP net income per share was $1.36. In the second quarter of fiscal year 2021, non-GAAP net income was $274.8 million, or $0.92 per share.
  • Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of July 31, 2021 was $5.1 billion.
  • Cash Flow: Net cash provided by operating activities was $468.0 million for the second quarter, compared to $401.3 million in the second quarter of fiscal year 2021. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $455.0 million, compared to $373.4 million in the second 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 second quarter of fiscal year 2022, Zoom had:

  • 2,278 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 131% from the same quarter last fiscal year.
  • Approximately 504,900 customers with more than 10 employees, up approximately 36% 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 13th consecutive quarter.

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

  • Third Quarter Fiscal Year 2022: Total revenue is expected to be between $1.015 billion and $1.020 billion and non-GAAP income from operations is expected to be between $340.0 million and $345.0 million. Non-GAAP diluted EPS is expected to be between $1.07 and $1.08 with approximately 309 million non-GAAP weighted average shares outstanding.
  • Full Fiscal Year 2022: Total revenue is expected to be between $4.005 billion and $4.015 billion. Non-GAAP income from operations is expected to be between $1.500 billion and $1.510 billion. Non-GAAP diluted EPS is expected to be between $4.75 and $4.79 with approximately 308 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 August 30, 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 third quarter of fiscal year 2022 and full fiscal year 2022, Zoom’s growth strategy and business aspirations to support organizations and people on multiple fronts as they look to reimagine work, communications and collaboration. 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 quarterly report on Form 10-Q for the fiscal quarter ended April 30, 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, gains on strategic investments, and undistributed earnings attributable to participating securities. Zoom excludes gains on strategic investments because given the size and volatility in the ongoing adjustments to the valuation of our strategic investments, we believe that excluding these gains or losses facilitates a more meaningful evaluation of our operational performance. 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
July 31,
2021
January 31,
2021
Assets
Current assets:
Cash and cash equivalents $ 1,931,370 $ 2,240,303
Marketable securities 3,174,029 2,004,410
Accounts receivable, net 395,266 294,703
Deferred contract acquisition costs, current 162,126 136,630
Prepaid expenses and other current assets 172,288 116,819
Total current assets 5,835,079 4,792,865
Deferred contract acquisition costs, noncurrent 154,971 157,262
Property and equipment, net 193,852 149,924
Operating lease right-of-use assets 91,087 97,649
Strategic investments 137,795 18,668
Goodwill 26,247 24,340
Other assets, noncurrent 69,562 57,285
Total assets $ 6,508,593 $ 5,297,993
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 49,762 $ 8,664
Accrued expenses and other current liabilities 482,162 393,018
Deferred revenue, current 1,154,449 858,284
Total current liabilities 1,686,373 1,259,966
Deferred revenue, noncurrent 23,579 25,211
Operating lease liabilities, noncurrent 83,009 90,415
Other liabilities, noncurrent 57,884 61,634
Total liabilities 1,850,845 1,437,226
Stockholders’ equity:
Preferred stock
Common stock 296 292
Additional paid-in capital 3,440,222 3,187,168
Accumulated other comprehensive income 147 839
Retained earnings 1,217,083 672,468
Total stockholders’ equity 4,657,748 3,860,767
Total liabilities and stockholders’ equity $ 6,508,593 $ 5,297,993

Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $35.4 million and $24.6 million as of July 31, 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 July 31, Six Months Ended July 31,
2021 2020 2021 2020
Revenue $ 1,021,495 $ 663,520 $ 1,977,732 $ 991,687
Cost of revenue 261,256 192,271 526,250 295,978
Gross profit 760,239 471,249 1,451,482 695,709
Operating expenses:
Research and development 82,311 42,734 147,486 69,123
Sales and marketing 271,179 159,173 516,846 280,729
General and administrative 112,146 81,238 266,235 134,368
Total operating expenses 465,636 283,145 930,567 484,220
Income from operations 294,603 188,104 520,915 211,489
Gains on strategic investments 32,076 32,076 2,538
Interest income and other, net (2,795 ) 2,081 (176 ) 5,333
Income before provision for income taxes 323,884 190,185 552,815 219,360
Provision for income taxes 6,800 4,196 8,200 6,296
Net income 317,084 185,989 544,615 213,064
Undistributed earnings attributable to participating securities (154 ) (247 ) (309 ) (305 )
Net income attributable to common stockholders $ 316,930 $ 185,742 $ 544,306 $ 212,759
Net income per share attributable to common stockholders:
Basic $ 1.07 $ 0.66 $ 1.85 $ 0.76
Diluted $ 1.04 $ 0.63 $ 1.78 $ 0.72
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic 295,712,675 282,850,805 294,769,619 281,394,901
Diluted 305,861,051 297,162,309 305,652,628 296,408,229

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

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
Cash flows from operating activities:
Net income $ 317,084 $ 185,989 $ 544,615 $ 213,064
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense 102,142 56,855 201,111 85,632
Amortization of deferred contract acquisition costs 41,626 24,494 79,392 40,781
Gains on strategic investments (32,076 ) (32,076 ) (2,538 )
Charitable donation of common stock 22,312 23,312
Provision for accounts receivable allowances 10,537 11,091 14,592 14,959
Depreciation and amortization 12,028 6,475 22,691 11,814
Non-cash operating lease cost 4,359 2,349 8,633 4,597
Amortization on marketable securities 7,041 947 12,637 1,190
Other (6 ) (36 ) 264 838
Changes in operating assets and liabilities:
Accounts receivable (41,594 ) (54,425 ) (117,259 ) (196,926 )
Prepaid expenses and other assets (27,395 ) (4,649 ) (57,370 ) (53,729 )
Deferred contract acquisition costs (54,784 ) (88,936 ) (102,597 ) (213,790 )
Accounts payable 42,368 9,115 43,960 10,871
Accrued expenses and other liabilities 5,153 34,744 93,809 202,066
Deferred revenue 85,740 196,287 296,636 519,149
Operating lease liabilities, net (4,211 ) (1,266 ) (7,724 ) (979 )
Net cash provided by operating activities 468,012 401,346 1,001,314 660,311
Cash flows from investing activities:
Purchases of marketable securities (669,136 ) (277,336 ) (2,094,587 ) (484,882 )
Maturities of marketable securities 500,859 150,324 791,906 287,338
Sales of marketable securities 119,569 10,284 119,569 36,897
Purchases of property and equipment (12,975 ) (27,981 ) (92,049 ) (35,253 )
Purchases of strategic investments (80,400 ) (86,900 ) (13,000 )
Cash paid for acquisition, net of cash acquired (2,121 ) (26,486 ) (2,121 ) (26,486 )
Purchase of intangible assets (1,332 ) (1,494 )
Other 1,319
Net cash used in investing activities (144,204 ) (172,527 ) (1,364,182 ) (235,561 )
Cash flows from financing activities:
Proceeds from issuance of common stock for employee stock purchase plan 37,846 20,760 37,846 20,760
Proceeds from employee equity transactions to be remitted to employees and tax authorities, net 28,884 15,925 18,900 234,465
Proceeds from exercise of stock options 4,653 7,831 8,021 17,417
Other 337
Net cash provided by financing activities 71,383 44,516 65,104 272,642
Net increase (decrease) in cash, cash equivalents, and restricted cash 395,191 273,335 (297,764 ) 697,392
Cash, cash equivalents, and restricted cash – beginning of period 1,600,161 758,139 2,293,116 334,082
Cash, cash equivalents, and restricted cash – end of period $ 1,995,352 $ 1,031,474 $ 1,995,352 $ 1,031,474

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

Three Months Ended July 31, Six Months Ended July 31,
2021 2020 2021 2020
GAAP income from operations $ 294,603 $ 188,104 $ 520,915 $ 211,489
Adjustments:
Stock-based compensation expense and related payroll taxes 116,742 61,602 221,117 91,848
Litigation settlements, net 66,916
Acquisition-related expenses 13,320 4,942 16,604 4,942
Charitable donation of common stock 22,312 23,312
Non-GAAP income from operations $ 424,665 $ 276,960 $ 825,552 $ 331,591
GAAP net income attributable to common stockholders $ 316,930 $ 185,742 $ 544,306 $ 212,759
Adjustments:
Stock-based compensation expense and related payroll taxes 116,742 61,602 221,117 91,848
Litigation settlements, net 66,916
Gains on strategic investments (32,076 ) (32,076 )
Acquisition-related expenses 13,320 4,942 16,604 4,942
Charitable donation of common stock 22,312 23,312
Undistributed earnings attributable to participating securities 154 247 309 305
Non-GAAP net income $ 415,070 $ 274,845 $ 817,176 $ 333,166
Net income per share – basic and diluted:
GAAP net income per share – basic $ 1.07 $ 0.66 $ 1.85 $ 0.76
Non-GAAP net income per share – basic $ 1.40 $ 0.97 $ 2.77 $ 1.18
GAAP net income per share – diluted $ 1.04 $ 0.63 $ 1.78 $ 0.72
Non-GAAP net income per share – diluted $ 1.36 $ 0.92 $ 2.67 $ 1.12
GAAP and non-GAAP weighted-average shares used to compute net income per share – basic 295,712,675 282,850,805 294,769,619 281,394,901
GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted 305,861,051 297,162,309 305,652,628 296,408,229
Net cash provided by operating activities $ 468,012 $ 401,346 $ 1,001,314 $ 660,311
Less:
Purchases of property and equipment (12,975 ) (27,981 ) (92,049 ) (35,253 )
Free cash flow (non-GAAP) $ 455,037 $ 373,365 $ 909,265 $ 625,058
Net cash used in investing activities $ (144,204 ) $ (172,527 ) $ (1,364,182 ) $ (235,561 )
Net cash provided by financing activities $ 71,383 $ 44,516 $ 65,104 $ 272,642

 

Junshi Biosciences Announces 2021 Interim Financial Results and Provides Corporate Updates

SHANGHAI, China, Aug. 31, 2021 (GLOBE NEWSWIRE) — Junshi Biosciences (HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial results for the six months ended June 30, 2021 and provided corporate updates.

First Half 2021 Financial Highlights

  • Total revenue reached RMB 2,114 million in the first half of 2021, representing an increase of 268% compared to the corresponding period of 2020. The increase was mainly due to the growth of revenue from out-licensing income.
  • Total research and development (“R&D”) expenses were RMB 947 million in the first half of 2021, representing an increase of 34% compared to the corresponding period of 2020. The increase in R&D expenses was mainly due to increased investment in in-house R&D projects, expansion of innovative R&D fields, and a greater number of R&D collaborations and license-in activities.
  • Profits in the first half of 2021 were RMB 11 million compared to a loss of RMB 598 million in the corresponding period of 2020. The turnaround in profit was mainly due to significant increase in revenue.
  • Net cash from operating activities was RMB 48 million for the six months ended June 30, 2021. Net cash from financing activities was RMB2,028 million during the period, which was mainly due to the successful placing of new H shares with net proceeds of approximately RMB 2,106 million in June 2021.
  • As of June 30, 2021, we had cash and cash equivalents of RMB 4,269 million as compared to the RMB 3,385 million as of December 31, 2020. The increase was mainly due to funds raised from the aforementioned stock offering and cash inflow from operations.

Business Highlights
During the six months ended June 30, 2021, we have achieved significant progress with respect to our product commercialization, clinical trials and pipeline expansion. Our innovative R&D field has expanded from monoclonal antibodies to the development of more drug modalities, including small molecules, polypeptides, antibody drug conjugates (ADCs), bi-specific or multi-specific antibodies and nucleic acid drugs, as well as the exploration of next-generation innovative therapies for cancer and autoimmune diseases. Our drug candidates cover 5 major therapeutic categories including malignant tumors, autoimmune diseases, chronic metabolic diseases, neurologic diseases, and infectious diseases. Currently, we have 2 commercialized products (toripalimab and etesevimab), one filed NDA (adalimumab), 16 drug candidates under clinical trials (among which senaparib, ongericimab and bevacizumab were in Phase III trials) and 25 drug candidates in pre-clinical drug development.

  • In January 2021, toripalimab for the first-line treatment of mucosal melanoma was granted the Fast Track Designation by the United States Food and Drug Administration (the “FDA”). Meanwhile, the FDA also approved the Investigational New Drug (“IND”) application for a global Phase III clinical trial of toripalimab in combination with axitinib for the first-line treatment of mucosal melanoma. In March 2021, the indication was granted Breakthrough Therapy Designation (“BTD”) by the National Medical Products Administration (the “NMPA”) of China.
  • In February 2021, we entered into an exclusive license and commercialization agreement with Coherus BioSciences, Inc. (“Coherus”). Pursuant to the agreement, we granted Coherus an exclusive license for toripalimab and two option programs in the United States and Canada (the “Coherus Territory”), as well as the rights of first negotiation for 2 early-stage checkpoint inhibitor antibodies, and may receive an aggregate of up to US$1.11 billion in upfront payments, exercise fees and milestone payments. Coherus paid us an upfront payment of US$150 million.
  • In February 2021, the supplemental new drug application (“sNDA”) for toripalimab in combination with cisplatin and gemcitabine as the first-line treatment for patients with locally recurrent or metastatic nasopharyngeal carcinoma (“NPC”) was accepted by the NMPA.
  • In February 2021, the sNDA for toripalimab for the treatment of patients with recurrent or metastatic NPC after failure of at least two lines of prior systemic therapy was granted conditional approval by the NMPA.
  • In January and February 2021, TAB006/JS006 (specific anti-TIGIT monoclonal antibody) received IND approval from the NMPA and the FDA, respectively.
  • In February 2021, the FDA granted Eli Lilly and Company (“Lilly”), our partner, an Emergency Use Authorization (“EUA”) for etesevimab (JS016/LY-CoV016) 1,400 mg and bamlanivimab (LY-CoV555) 700 mg together.
  • In February 2021, the IND applications for JS110 (XPO1 inhibitor) and JS111 (EGFR exon20 insertion and other uncommon mutation inhibitor) jointly developed by Wigen Biomedicine Technology (Shanghai) Co., Ltd. and us were accepted by the NMPA. They were subsequently approved in April 2021.
  • In February 2021, the IND application for our drug candidate JS201 (anti-PD-1/TGF-β bifunctional fusion protein) was accepted by the NMPA and was later approved in May 2021. In July 2021, the dosing of the first patient was completed in a Phase I clinical trial (NCT04956926).
  • In February 2021, we entered into an exclusive promotion agreement with AstraZeneca Pharmaceutical Co., Ltd. (“AstraZeneca”), pursuant to which we granted AstraZeneca the exclusive promotion right of toripalimab for the urinary cancer indications to be approved subsequently in mainland China and the exclusive promotion right for all indications approved and to be approved in non-core urban areas. We will continue to be responsible for the promotion of other indications approved and to be approved, excluding urinary cancer indications in core urban areas.
  • In March 2021, we initiated the rolling submission of a Biologics License Application (“BLA”) for toripalimab to the FDA for the treatment of recurrent or metastatic NPC, and obtained a rolling review.
  • In March 2021, the IND application for our drug candidate JS103 (pegylated uricase derivative) was accepted by the NMPA. It was later approved in May 2021.
  • In March 2021, the IND application for our drug candidate JS007 (anti-CTLA-4 monoclonal antibody) was accepted by the NMPA. It was later approved in June 2021.
  • In April 2021, the sNDA for toripalimab for the treatment of patients with locally advanced or metastatic urothelial carcinoma (“UC”) who failed platinum-containing chemotherapy or progressed within 12 months of neoadjuvant or adjuvant platinum-containing chemotherapy was granted conditional approval by the NMPA.
  • In April 2021, the Independent Data Monitoring Committee (IDMC) determined that toripalimab in combination with paclitaxel/cisplatin as the first-line treatment for patients with advanced or metastatic esophageal squamous cell carcinoma (“ESCC”) had reached its pre-specified primary endpoints of Progression Free Survival (“PFS”) and Overall Survival (“OS”) at the interim analysis of a randomized, double-blind, placebo-controlled, multi-center, Phase III clinical study “JUPITER-06 study” (NCT03829969). In July 2021, the sNDA for toripalimab in combination with platinum-containing chemotherapy as the first-line treatment for patients with locally advanced or metastatic ESCC was accepted by the NMPA.
  • In June 2021, the IND application for our drug candidate JS014 (recombinant IL-21 – a nanobody fusion protein of anti-human serum albumin (HSA)) was accepted by the NMPA.
  • In August 2021, the IND application for our drug candidate UBP1213sc (recombinant humanized anti-B lymphocyte stimulator (BLyS) monoclonal antibody) was accepted by the NMPA.

We expanded our product pipeline through forming joint ventures with our partners and other means. Apart from developing drug candidates on our own technology platforms, we also actively collaborated with outstanding domestic and overseas biotechnology companies to further expand our product pipeline, deploy next-generation innovative drug technology platforms and augment drug combination therapies.

  • In July 2021, we entered into an agreement with Immorna (Hangzhou) Biotechnology Co., Ltd. (“Immorna”) to jointly create a new company. The newly created company will mainly engage in R&D and commercialization of products in the fields of tumors, infectious diseases, rare diseases and other diseases on the mRNA technology platform globally. Upon its formation, 50% of the new company will be owned by Junshi Biosciences and 50% by Immorna.

In June 2021, we issued an aggregate of 36,549,200 new H shares at the placing price of HK$70.18 per H share to no less than six placees (the “Placing”). The net proceeds from the Placing are approximately RMB 2,106 million. The proceeds from the Placing are intended for increased R&D, expansion of the commercialization team, domestic and overseas investments, mergers and acquisitions, business development, and general corporate purposes.

About Junshi Biosciences
Founded in December 2012, Junshi Biosciences is an innovation-driven biopharmaceutical company dedicated to the discovery, development and commercialization of innovative therapeutics. The Company has established a diversified R & D pipeline comprising 44 drug candidates, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Junshi Biosciences was the first Chinese pharmaceutical company that obtained marketing approval for an anti-PD-1 monoclonal antibody in China. Its first-in-human anti-BTLA antibody for solid tumors was the first in the world to be approved for clinical trials by the FDA and NMPA and its anti-PCSK9 monoclonal antibody was the first in China to be approved for clinical trials by the NMPA. In early 2020, Junshi Biosciences joined forces with the Institute of Microbiology of Chinese Academy of Science and Eli Lilly to co-develop JS016 (etesevimab), China’s first neutralizing fully human monoclonal antibody against SARS-CoV-2. JS016 administered with bamlanivimab has obtained the EUA in more than 12 countries and regions worldwide. The JS016 program is a part of our continuous innovation for disease control and prevention of the global pandemic. Junshi Biosciences has over 2,500 employees in the United States (San Francisco and Maryland) and China (Shanghai, Suzhou, Beijing and Guangzhou). For more information, please visit: http://junshipharma.com.

Contact Information

IR Team:
Junshi Biosciences
info@junshipharma.com
+86 021-2250 0300

Solebury Trout
Bob Ai
bai@soleburytrout.com
+1 646-389-6658

PR Team:
Junshi Biosciences
Zhi Li
zhi_li@junshipharma.com
+86 021-6105 8800