NEW YORK, Nov. 30, 2017 /PRNewswire/ — Yext, Inc. (NYSE: YEXT), the leader in digital knowledge management, today announced its results for the three months ended October 31, 2017, or the Company’s third quarter of fiscal 2018.

Yext logo. (PRNewsFoto/Yext) (PRNewsFoto/Yext)

“We are very pleased with our results this quarter, highlighted by revenue growth of 39% over the third quarter last year and the continued expansion of our gross margins, which increased 290 basis points over the year ago quarter,” said Howard Lerman, Co-Founder and Chief Executive Officer of Yext.

“We experienced record attendance at our recent ONWARD user conference, where this year’s theme was the Intelligent Future.  A world-class line-up of speakers, including technology leaders from Amazon, Google, Microsoft and others, discussed how artificial intelligence, machine learning and voice search are revolutionizing the way businesses need to engage with their customers.  Yext is ideally positioned to provide our customers with the tools and resources they need to respond to the Intelligent Future.

“With the launch of our new services, such as Yext for Food and Yext for Events, and new features, like Yext Knowledge Assistant – which lets companies keep all of their critical information up to date through a conversational user interface – our addressable market continues to grow and we continue to make it even easier for customers to work with Yext.  We continue to believe we are well positioned for long-term success.”

Third Quarter Fiscal 2018 Highlights:

  • Revenue of $44.3 million, a 39% increase as compared to the $31.9 million reported in third quarter fiscal 2017.  The revenue increase was primarily due to the continued growth of our customer base and higher revenue from existing customers, primarily due to expanded subscriptions.
  • Gross Profit of $32.7 million, a 45% increase as compared to the $22.6 million reported in third quarter fiscal 2017.  Gross margin of 73.7% as compared to the 70.8% reported in third quarter fiscal 2017.
  • Net Loss and Non-GAAP Net Loss:
    • Net loss of $17.1 million as compared to the $10.2 million net loss in third quarter fiscal 2017.  The increased loss was driven by increased operating expenses, primarily in sales and marketing, due to efforts to acquire new customers.
    • Non-GAAP net loss of $11.1 million as compared to the $7.7 million non-GAAP net loss in the third quarter fiscal 2017.
  • Net Loss Per Share and Non-GAAP Net Loss Per Share:
    • Net loss per share of $0.19 based on 90.4 million weighted-average shares outstanding, compared to the net loss per share of $0.33 based on 31.1 million weighted-average shares outstanding in the third quarter fiscal 2017.
    • Non-GAAP net loss per share of $0.12 based on 90.4 million weighted-average shares outstanding at quarter end, as compared to the $0.25 non-GAAP net loss per share in the third quarter fiscal 2017 based on 31.1 million weighted-average shares outstanding at quarter end.
    • Readers are encouraged to review the tables labeled “Reconciliation of GAAP to Non-GAAP Financial Measures” at the end of this release.
  • Balance Sheet:  Cash, cash equivalents and marketable securities of $113.5 million as of October 31, 2017. 
  • Cash Flow:  Cash used in operating activities for the third quarter of fiscal 2018 was $16.4 million as compared to cash used in operating activities of $9.0 million in the same period in fiscal 2017.  The higher use of cash in the current period reflects a greater use from working capital, driven primarily by a higher balance in accounts receivable due to the timing of new business signed during the quarter.

Third Quarter Fiscal 2018 and Other Recent Business Highlights:

  • Managed approximately 27.1 million attributes through approximately 1.4 million licenses1 to Yext’s digital knowledge platform as of October 31, 2017, representing increases of 66% and 58%, respectively, as compared to October 31, 2016.
  • Announced the appointment of Tamar Yehoshua, Google’s Vice President of Product Management for Search, to the Company’s Board of Directors.
  • Expanded the capabilities of the Yext App Directory through additional integrations with the world’s leading business technologies, including Salesforce, StoreForce, Trabon, Radar, Dasheroo, Tiger Pistol and Hotfrog.  The Yext App Directory allows customers to connect the digital knowledge they are managing within Yext to other software systems used across their enterprise.
  • Expanded the global reach of the industry-leading PowerListings® Network with new publishing partners in North America (Public Reputation, YellowPages.ca), South America (Paginas Amarillas), and Europe (golocal, Meinungsmeister), and enhanced the Reviews service by launching monitoring with TripAdvisor.
  • Awarded a Best in Biz International Award (silver) for Enterprise Product of the Year in Software.
  • Named one of the 100 Best Workplaces for Women by Great Place to Work® and Fortune Magazine.

1. The term licenses represents the number of entities subscribed to the Yext Knowledge Manager, and includes not only the number of physical locations but also the number of persons and other entities managed with our platform, such as physicians, wealth advisors, insurance agents, etc.  It is comparable to previous disclosures under the term locations and was changed to reflect the broadening of our business into new services as well as our current pricing methodology.

Financial Outlook:

Yext is also providing the following guidance for its fourth fiscal quarter ending January 31, 2018 and the fiscal year ending January 31, 2018. 

  • Fourth Quarter Fiscal 2018 Outlook:
    • Revenue is projected to be $47.3 million to $48.3 million.
    • Non-GAAP net loss per share is projected to be $0.10 to $0.12, which assumes 91.9 million weighted-average shares outstanding.
  • Full Year Fiscal 2018 Outlook:
    • Revenue is projected to be $169.5 million to $170.5 million.
    • Non-GAAP net loss per share is projected to be $0.48 to $0.50, which assumes 93.2 million non-GAAP shares outstanding.
    • Readers are encouraged to review the tables labeled “Reconciliation of GAAP to Non-GAAP Financial Measures” at the end of this release.

Conference Call Information
Yext will host a conference call at 5:00 P.M. Eastern Time (2:00 P.M. Pacific Time) today to discuss its financial results.  To join, participants may call 1.877.883.0383 (U.S. callers) or 1.412.902.6506 (international callers) using conference ID number 9855093.  A live audio webcast of the call will also be available on the Investor Relations section of the Company’s website at investors.yext.com.  A replay of the call will be available until December 7, 2017 at 11:59 P.M. Eastern Time by dialing 1.877.344.7529 (U.S. callers) or 1.412.317.0088 (international) and entering passcode 10114295.

About Yext
Yext is pioneering a new category called Digital Knowledge Management, which gives businesses control of all of the public facts that they want consumers to know across the intelligent ecosystem.  The Yext Knowledge Engine™ lets companies manage their digital knowledge in the cloud and sync it to over 100 services in the PowerListings® Network.  Yext Listings, Pages, and Reviews help businesses around the globe to facilitate face-to-face and digital interactions that boost brand awareness, drive foot traffic, and increase sales.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release includes forward-looking statements including, but not limited to, statements regarding our revenue and non-GAAP net loss and shares outstanding for our fourth quarter of fiscal 2018 and full-year fiscal 2018 in the paragraphs under “Financial Outlook” above, and other statements regarding our expectations regarding the growth of our company and our industry.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “might,” “would,” “continue,” or the negative of these terms or other comparable terminology.  Actual events or results may differ from those expressed in these forward-looking statements, and these differences may be material and adverse.

We have based the forward-looking statements contained in this release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, strategy, short- and long-term business operations, prospects, business strategy and financial needs.  Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, our ability to renew existing customers and attract new customers; our ability to successfully compete in new geographies; our ability to recruit and retain our enterprise-level sales force; our ability to expand our publishing network to obtain new partners; our ability to develop new product and platform offerings; our ability to manage our growth effectively; and the number of options exercised by our employees and former employees.  For a detailed discussion of these and other risk factors, please refer to the risks detailed in our filings with the Securities and Exchange Commission, including, without limitation, our most recent Quarterly Report on Form 10-Q, which is available at http://investors.yext.com and on the SEC’s website at http://sec.gov.  Further information on potential risks that could affect actual results will be included in other filings we make with the SEC from time to time.  Moreover, we operate in a very competitive and rapidly changing environment.  New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this release.  We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this release relate only to events as of the date on which such statements are made.  We undertake no obligation to update any forward-looking statements after the date hereof or to conform such statements to actual results or revised expectations, except as required by law.

Non-GAAP Measurements
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables include non-GAAP net loss and non-GAAP net loss per share.  Non-GAAP net loss and non-GAAP net loss per share are financial measures that are not calculated in accordance with GAAP.  We define these non-GAAP financial measures as our GAAP net loss as adjusted to exclude the effects of stock-based compensation expenses.  We believe these non-GAAP financial measures provide investors and other users of our financial information consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our results of operations.  We also believe these non-GAAP financial measures are useful in evaluating our operating performance compared to that of other companies in our industry, as these metrics eliminate the effects of stock-based compensation, which may vary for reasons unrelated to overall operating performance.

We use these non-GAAP financial measures in conjunction with traditional GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance.  Our definition may differ from the definitions used by other companies and therefore comparability may be limited.  In addition, other companies may not publish this or similar metrics.  Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, nor superior to or in isolation from, measures prepared in accordance with GAAP.

These non-GAAP financial measures may be limited in their usefulness because they do not present the full economic effect of our use of stock-based compensation.  We compensate for these limitations by providing investors and other users of our financial information a reconciliation of non-GAAP net loss to net loss and non-GAAP net loss per share to net loss per share, the most closely related GAAP financial measures.  However, we have not reconciled the non-GAAP guidance measures disclosed under “Financial Outlook” to their corresponding GAAP measures because certain reconciling items such as stock-based compensation and the corresponding provision for income taxes depend on factors such as the stock price at the time of award of future grants and thus cannot be reasonably predicted.  Accordingly, reconciliations to the non-GAAP guidance measures is not available without unreasonable effort.  We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view non-GAAP net loss and non-GAAP net loss per share in conjunction with net loss and net loss per share.

For Further Information Contact:
James Hart
Yext Investor Relations
212.994.6768
[email protected]

 

 

YEXT, INC.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

(unaudited)

October 31,
 2017

January 31,
 2017

Assets

Current assets:

Cash and cash equivalents

$

21,112

$

24,420

Marketable securities

92,358

Accounts receivable, net of allowances of $118 and $189, respectively

23,861

27,646

Prepaid expenses and other current assets

5,551

3,511

Deferred commissions

6,633

6,252

Total current assets

149,515

61,829

Restricted cash

500

Property and equipment, net

11,496

11,613

Goodwill

4,701

4,444

Intangible assets, net

2,763

3,128

Other long term assets

3,442

4,951

Total assets

$

171,917

$

86,465

Liabilities, convertible preferred stock and stockholders’ equity (deficit)

Current liabilities:

Accounts payable, accrued expenses and other current liabilities

$

22,807

$

25,633

Deferred revenue

59,562

57,112

Deferred rent

1,271

936

Total current liabilities

83,640

83,681

Deferred rent, non-current

3,442

4,348

Long term debt

5,000

Other long term liabilities

710

576

Total liabilities

87,792

93,605

Commitments and contingencies (Note 12)

Convertible preferred stock:

Convertible preferred stock, $0.001 par value per share; zero and 43,705,690 shares authorized at October 31, 2017 and January 31, 2017, respectively; zero and 43,594,753 shares issued and outstanding at October 31, 2017 and January 31, 2017, respectively

120,615

Stockholders’ equity (deficit):

Preferred stock, $0.001 par value per share; 50,000,000 and zero shares authorized at October 31, 2017 and January 31, 2017, respectively; zero shares issued and outstanding at October 31, 2017 and January 31, 2017

Common stock, $0.001 par value per share; 500,000,000 and 200,000,000 shares authorized at October 31, 2017 and January 31, 2017, respectively; 97,413,737 and 37,900,051 shares issued at October 31, 2017 and January 31, 2017, respectively; 90,908,403 and 31,394,717 shares outstanding at October 31, 2017 and January 31, 2017, respectively

98

38

Additional paid-in capital

313,930

52,805

Accumulated other comprehensive loss

(1,546)

(1,808)

Accumulated deficit

(216,452)

(166,885)

Treasury stock, at cost

(11,905)

(11,905)

Total stockholders’ equity (deficit)

84,125

(127,755)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

$

171,917

$

86,465

 

 

 

YEXT, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

(unaudited)

Three Months Ended
October 31,

Nine Months Ended
October 31,

2017

2016

2017

2016

Revenue

$

44,332

$

31,909

$

122,181

$

88,590

Cost of revenue

11,658

9,324

31,887

27,226

Gross profit

32,674

22,585

90,294

61,364

Operating expenses:

Sales and marketing

32,756

20,393

91,891

55,368

Research and development

6,958

4,764

18,437

14,208

General and administrative

10,196

7,548

29,103

20,222

Total operating expenses

49,910

32,705

139,431

89,798

Loss from operations

(17,236)

(10,120)

(49,137)

(28,434)

Investment income

419

8

741

34

Interest expense

(104)

(37)

(274)

(72)

Other expense, net

(132)

(70)

(667)

(101)

Loss from operations before income taxes

(17,053)

(10,219)

(49,337)

(28,573)

Provision for income taxes

(9)

(3)

(230)

(4)

Net loss

$

(17,062)

$

(10,222)

(49,567)

$

(28,577)

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

$

(0.19)

$

(0.33)

$

(0.67)

$

(0.92)

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

90,353,608

31,092,270

73,992,705

31,031,276

Other comprehensive income (loss):

Foreign currency translation adjustment

$

53

$

(347)

$

410

$

(556)

Unrealized loss on marketable securities

(88)

(148)

Total comprehensive loss

$

(17,097)

$

(10,569)

$

(49,305)

$

(29,133)

 

 

YEXT, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

Nine Months Ended
October 31,

2017

2016

Cash flows from operating activities:

Net loss

$

(49,567)

$

(28,577)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

3,751

2,949

Provision for bad debts

321

322

Stock-based compensation expense

15,002

6,316

Change in fair value of convertible preferred stock warrant liability

491

106

Deferred income taxes

(13)

(5)

Amortization of deferred financing costs

105

Amortization of premium on marketable securities

108

Gain on sale of marketable securities

(1)

Changes in operating assets and liabilities:

Restricted cash

500

5,789

Accounts receivable

3,629

7,492

Prepaid expenses and other current assets

(1,989)

(2,156)

Deferred commissions

(1,152)

(2,507)

Other long term assets

(161)

(405)

Accounts payable, accrued expenses and other current liabilities

(2,625)

719

Deferred revenue

2,263

3,542

Deferred rent

(581)

(437)

Other long term liabilities

89

14

Net cash used in operating activities

(29,830)

(6,838)

Cash flows from investing activities:

Purchases of marketable securities

(106,155)

Maturities of marketable securities

7,500

Sales of marketable securities

6,041

Capital expenditures

(2,747)

(2,898)

Purchases of intangible assets

(298)

Net cash used in investing activities

(95,361)

(3,196)

Cash flows from financing activities:

Proceeds from initial public offering, net of underwriting discounts and commissions

123,527

Payments of deferred offering costs

(4,263)

Proceeds from exercise of stock options

4,686

847

Proceeds from exercise of warrants

79

Repayments on Revolving Line

(5,000)

Payments of deferred financing costs

(99)

Proceeds from employee stock purchase plan

2,724

Net cash provided by financing activities

121,654

847

Effect of exchange rate changes on cash and cash equivalents

229

(113)

Net decrease in cash and cash equivalents

(3,308)

(9,300)

Cash and cash equivalents at beginning of period

24,420

30,028

Cash and cash equivalents at end of period

$

21,112

$

20,728

Supplemental disclosures of non-cash investing and financing information:

Non-cash capital expenditures, including capitalized stock-based compensation, and items in accounts payable, accrued expenses and other current liabilities

$

451

$

104

Conversion of convertible preferred stock to common stock

$

120,615

$

Conversion of convertible preferred stock warrants to common stock warrants

$

1,435

$

Cash paid on interest

$

71

$

183

Cash paid on income taxes

$

983

$

4

 

 

 

YEXT, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands)

(unaudited)

Three months ended October 31, 2017

GAAP

Stock-Based
Compensation
Expense

Non-GAAP

Cost and expenses:

Cost of revenue

$

11,658

$

(461)

$

11,197

Gross profit

$

32,674

$

(461)

$

33,135

Sales and marketing

$

32,756

$

(2,741)

$

30,015

Research and development

$

6,958

$

(1,121)

$

5,837

General and administrative

$

10,196

$

(1,614)

$

8,582

Loss from operations

$

(17,236)

$

(5,937)

$

(11,299)

Net loss

$

(17,062)

$

(5,937)

$

(11,125)

 

Three months ended October 31, 2016

GAAP

Stock-Based
Compensation
Expense

Non-GAAP

Cost and expenses:

Cost of revenue

$

9,324

$

(156)

$

9,168

Gross profit

$

22,585

$

(156)

$

22,741

Sales and marketing

$

20,393

$

(1,044)

$

19,349

Research and development

$

4,764

$

(508)

$

4,256

General and administrative

$

7,548

$

(809)

$

6,739

Loss from operations

$

(10,120)

$

(2,517)

$

(7,603)

Net loss

$

(10,222)

$

(2,517)

$

(7,705)

 

 

YEXT, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands)

(unaudited)

Nine months ended October 31, 2017

GAAP

Stock-Based
Compensation
Expense

Non-GAAP

Cost and expenses:

Cost of revenue

$

31,887

$

(947)

$

30,940

Gross profit

$

90,294

$

(947)

$

91,241

Sales and marketing

$

91,891

$

(7,477)

$

84,414

Research and development

$

18,437

$

(2,433)

$

16,004

General and administrative

$

29,103

$

(4,145)

$

24,958

Loss from operations

$

(49,137)

$

(15,002)

$

(34,135)

Net loss

$

(49,567)

$

(15,002)

$

(34,565)

 

Nine months ended October 31, 2016

GAAP

Stock-Based

Compensation

Expense

Non-GAAP

Cost and expenses:

Cost of revenue

$

27,226

$

(454)

$

26,772

Gross profit

$

61,364

$

(454)

$

61,818

Sales and marketing

$

55,368

$

(2,710)

$

52,658

Research and development

$

14,208

$

(1,397)

$

12,811

General and administrative

$

20,222

$

(1,755)

$

18,467

Loss from operations

$

(28,434)

$

(6,316)

$

(22,118)

Net loss

$

(28,577)

$

(6,316)

$

(22,261)

 

 

 

YEXT, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(in thousands, except share and per share data)

(unaudited)

Three months ended October 31,

2017

2016

Net loss

$

(17,062)

$

(10,222)

Stock-based compensation expense

5,937

2,517

Non-GAAP net loss

$

(11,125)

$

(7,705)

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

$

(0.19)

$

(0.33)

Stock-based compensation expense per share

0.07

0.08

Non-GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.12)

$

(0.25)

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

90,353,608

31,092,270

 

Nine Months Ended October 31,

2017

2016

Net loss

$

(49,567)

$

(28,577)

Stock-based compensation expense

15,002

6,316

Non-GAAP net loss

$

(34,565)

$

(22,261)

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

$

(0.67)

$

(0.92)

Stock-based compensation expense per share

0.20

0.20

Non-GAAP unweighted adjustment

0.09

Non-GAAP net loss per share attributable to common stockholders, basic and diluted

$

(0.38)

$

(0.72)

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

73,992,705

31,031,276

Non-GAAP unweighted adjustment

16,915,698

78,937

Non-GAAP number of shares outstanding in computing non-GAAP net loss per share attributable to common stockholders, basic and diluted

90,908,403

31,110,213

 

Note: the Company’s IPO transaction closed on April 19, 2017, at which time the Company’s convertible preferred stock converted to approximately 43.5 million shares and the Company issued an additional 12.1 million shares to investors in that offering.  In order to serve as a better comparison for future periods, the Company calculated non-GAAP net loss per share for the nine months ended October 31, 2017, and 2016 on a comparative basis, using the shares outstanding as of the end of the period, as if they had been outstanding for the whole period.

The Company calculated non-GAAP net loss per share for the three months ended October 31, 2017 and 2016 using the weighted-average number of shares outstanding for the respective periods.

 

YEXT, INC.

Condensed Cash Flow Data

(in thousands)

(unaudited)

Three months ended October 31,

2017

2016

Net cash (used in) provided by:

      Net loss

$

(17,062)

$

(10,222)

          Adjustments to net loss for non-cash items

7,535

3,685

          Changes in operating assets and liabilities

(6,854)

(2,494)

   Operating activities

(16,381)

(9,031)

   Investing activities

971

(1,261)

   Financing activities

3,692

336

   Effect of exchange rate changes on cash and cash equivalents

(49)

(24)

Net decrease in cash and cash equivalents

(11,767)

(9,980)

Cash and cash equivalents at beginning of period

32,879

30,708

Cash and cash equivalents at end of period

$

21,112

$

20,728

 

 

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SOURCE Yext, Inc.

BEIJING, Nov. 30, 2017 /PRNewswire/ — China Internet Nationwide Financial Services Inc. (“CIFS” or the “Company”) (NASDAQ: CIFS), a leading financial advisory services company, today announced its unaudited financial results for the three and nine months ended September 30, 2017.

Third Quarter 2017 Highlights (all comparisons to prior year unless noted)

For the Three Months Ended September 30,

($ thousands, except per share data)

2017

2016

% Change

Revenue

$              5,134

$               4,068

26.2%

Gross profit

5,001

3,972

25.9%

Gross margin

97.4%

97.6%

-0.2 pp

Operating income

4,013

3,684

8.9%

Operating margin

78.2%

90.6%

-12.4 pp

Net Income

5,014

3,802

31.9%

EPS – basic & diluted

0.23

0.19

23.2%

  • Net revenue increased by 26.2% to $5.13 million for the third quarter of 2017, as total amount of financing advised increased by 35.1% to $500 million.
  • Net income was $5.01 million, or $0.23 per basic and diluted share, for the third quarter of 2017, compared to $3.80 million, or $0.19 per basic and diluted share, for the same period last year. The increases in net income and earnings per share were mainly due to expansion of our business and growth in our revenue.
  • On November 6, 2017, the Company launched its FinTech initiative which specifically centers around the development of a big data platform that would allow the Company to leverage big data access, analytics, artificial intelligence (“AI”) and machine learning in acquiring and retaining customers through precision marketing and effective risk control.
  • On November 14, 2017, the Company entered into an equity transfer agreement to acquire a 100% equity interest in Beijing Anytrust Science & Technology Co., Ltd., a big data company focusing on providing data infrastructure design, big data access and analytics, and document automation for enterprises and government agencies in China, for a total cash consideration of RMB12 million (approximately US$1.8 million).
  • On October 25, 2017, the Company announced the expansion of its service offerings with the launch of its supply chain financing services with an initial focus on the medical supplies and medical equipment, airline catering and bulk commodity supply chains.

“We are pleased to report strong third quarter financial results that highlighted continued momentum in our business with revenue and net income growing by 26.2% and 31.9%, respectively for the third quarter 2017,” commented Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS.

Mr. Lin continued, “During the third quarter, we also made significant progress in executing our long-term growth plan. In October, we launched the supply chain financing services with an initial focus on the medical supplies and medical equipment, airline catering and bulk commodity supply chains. In November, we signed agreement to acquire a 100% equity interest in Beijing Anytrust Science & Technology Co., Ltd., a big data company focusing on providing data infrastructure design, big data access and analytics, and document automation for enterprises and government agencies in China, just weeks after the launch of our FinTech Initiative. Kudos to our dedicated team and we look forward to ending the year on a strong note.”

Third Quarter of 2017 Financial Results

Revenue

For the three months ended September 30, 2017, net revenue increased by $1.07 million, or 26.2%, to $5.13 million from $4.07 million for the same period last year. The increase in net revenue was primarily due to the increase in total amount of financing advised which increased by $130 million, or 35.1%, to $500 million for the three months ended September 30, 2017 from $370 million for the same period last year. The increase in net revenue and amount of financing advised was related to commercial payment advisory services and partially offset by the decrease in revenue generated from intermediary loan advisory services.

For the Three Months Ended September 30,

2017

2016

No. of
Clients
Advised

Amount of
Financing
Advised
($ Millions)

Revenue
($ Millions)

No. of
Clients
Advised

Amount of
Financing
Advised
($ Millions)

Revenue
($ Millions)

Commercial Payment

8

$               373

$          4.22

3

$         187

$       2.11

International Corporate Financing

1

$               100

$          0.40

1

$          100

$       0.38

Intermediary Loan

1

$                 27

$          0.52

2

$            83

$       1.57

Total

10

$               500

$          5.13

6

$          370

$       4.07

Revenue from commercial payment advisory services increased by $2.10 million, or 99.5%, to $4.22 million for the three months ended September 30, 2017 from $2.11 million in the same period last year. The Company assisted 8 small to medium sized enterprises (“SMEs”) in obtaining acceptance bills from banks with a total amount of financing of $373 million during the three months ended September 30, 2017, compared to 3 SMEs and $187 million, respectively, during the same period last year. Revenue from international corporate financing advisory services increased by $0.01 million, or 3.8%, to $0.40 million for the three months ended September 30, 2017 from $0.38 million for the same period last year. The Company provided international corporate financing advisory services to 1 SME with a total amount of financing of $100 million during the three months ended September 30, 2017, essentially unchanged from the same period last year. Revenue from intermediary loan advisory services decreased by $1.05 million, or 67.0%, to $0.52 million for the three months ended September 30, 2017 from $1.57 million for the same period last year. The Company provided intermediary loan advisory services to 1 SME with a total financing amount of $27 million during the three months ended September 30, 2017, compared to 2 SMEs and $83 million, respectively, during the same period last year.

Cost of Revenue

Total cost of revenue, which is mainly comprises revenue-generating staffing costs, increased by $0.04 million, or 38.1%, to $0.13 million for the three months ended September 30, 2017 from $0.10 million for the same period last year.

Gross Profit and Gross Margin

Gross profit increased by $1.03 million, or 25.9%, to $5.00 million for the three months ended September 30, 2017 from $3.97 million for the same period last year. The increase in gross profit was in line with the growth of net revenue. Gross margin was 97.4% for the three months ended September 30, 2017, compared to 97.6% for the same period last year.

Operating Expenses

Selling and marketing expenses increased by $0.05 million, or 547.3%, to $0.06 million for the three months ended September 30, 2017, compared to $0.01 million for the same period last year. The increase in selling and marketing expenses was primarily related to increased costs associated with a more expansive marketing campaign to promote the Company and an increase in staffing costs. General and administrative expenses increased by $0.65 million, or 232.5%, to $0.93 million for the three months ended September 30, 2017 from $0.28 million for the same period last year. The increase in general and administrative expenses was primarily due to an increase in expenses related to a new office lease, professional fees, travelling and entertainment expenses as well as expenses related to our initial public offering. As a result, total operating expenses increased by $0.70 million, or 243.0%, to $0.99 million for the three months ended September 30, 2017 from $0.29 million for the same period last year. As a percentage of net revenue, total operating expenses was 19.2% for the three months ended September 30, 2017, compared to 7.1% for the same period last year.

Operating Income and Operating Margin

Operating income increased by $0.33 million, or 8.9%, to $4.01 million for the three months ended September 30, 2017 from $3.68 million for the same period last year. Operating margin was 78.2% for the three months ended September 30, 2017, compared to 90.6% for the same period last year.

Other Income (Expenses)

Total net other income, which primarily comprises interest income from loans to third parties as well as interest income on bank deposits and other expenses, increased by $0.50 million, or 71.8%, to $1.19 million for the three months ended September 30, 2017 from $0.69 million for the same period last year.

Income Tax Expenses

Income tax expense was $0.19 million for the three months ended September 30, 2017, compared to $0.58 million for the same period last year. The decrease of income tax expense was mainly due to the transition of operating business from one subsidiary – Sheng Ying Xin (Beijing) Management Consulting Co., Ltd. during the third quarter of 2016, which is subject to the 25% income tax rate, to another subsidiary – Kashgar Sheng Yingxin Enterprise Consulting Co., Ltd., which is exempted from income tax from its inception to December 31, 2020.

Net Income and EPS

Net income increased by $1.21 million, or 31.9%, to $5.01 million for the three months ended September 30, 2017 from $3.80 million for the same period last year. The increase in net income was primarily related to the increase in net revenue and decrease in income tax expenses and partially offset by the increase in operating expenses. Basic and diluted earnings share was $0.23 for the three months ended September 30, 2017, compared to $0.19 for the same period last year.

Nine Months Ended September 30, 2017 Financial Results

For the Nine Months Ended September 30,

($ thousands, except per share data)

2017

2016

% Change

Revenue

$            13,107

$             10,976

19.4%

Gross profit

12,791

10,703

19.5%

Gross margin

97.6%

97.5%

0.1 pp

Operating income

11,166

9,884

13.0%

Operating margin

85.2%

90.1%

-4.9 pp

Net Income

13,254

9,495

39.6%

EPS – basic & diluted

0.65

0.47

38.3%

Revenue

For the nine months ended September 30, 2017, net revenue increased by $2.13 million, or 19.4%, to $13.11 million from $10.98 million for the same period last year. The increase in net revenue was primarily due to the increase in total amount of financing advised which increased by $246 million, or 24.2%, to $1,264 million for the nine months ended September 30, 2017 from $1,018 million for the same period last year. The increase in net revenue and amount of financing advised was related to commercial payment advisory services and international corporate financing advisory services.

For the Nine Months Ended September 30,

2017

2016

No. of
Clients
Advised

Amount of
Financing
Advised
($ Millions)

Revenue
($ Millions)

No. of
Clients
Advised

Amount of
Financing
Advised
($ Millions)

Revenue
($ Millions)

Commercial Payment

17

$               827

$          9.36

13

$         650

$       7.59

International Corporate Financing

3

$               300

$          1.16

3

$         230

$       0.87

Intermediary Loan

5

$               137

$          2.59

5

$         138

$       2.52

Total

25

$            1,264

$        13.11

21

$      1,018

$     10.98

Revenue from commercial payment advisory services increased by $1.78 million, or 23.4%, to $9.36 million for the nine months ended September 30, 2017 from $7.59 million for the same period last year. The Company assisted 17 SMEs in obtaining acceptance bills from banks with a total amount of financing of $827 million during the nine months ended September 30, 2017, compared to 13 SMEs and $650 million, respectively, during the same period last year. Revenue from international corporate financing advisory services increased by $0.29 million, or 32.8%, to $1.16 million for the nine months ended September 30, 2017 from $0.87 million for the same period last year. The Company provided international corporate financing advisory services to 3 SMEs with a total amount of financing of $300 million during the nine months ended September 30, 2017, compared to 3 SMEs and $230 million, respectively, during the same period last year. Revenue from intermediary loan advisory services increased by $0.07 million, or 2.8%, to $2.59 million for the nine months ended September 30, 2017 from $2.52 million for the same period last year. The Company provided intermediary loan advisory services to 5 SMEs with a total amount of financing of $137 million during the nine months ended September 30, 2017, compared to 5 SMEs and $138 million, respectively, during the same period last year.

Cost of Revenue

Total cost of revenue, which mainly comprises revenue-generating staffing costs, increased by $0.04 million, or 15.8%, to $0.32 million for the nine months ended September 30, 2017 from $0.27 million for the same period last year.

Gross Profit and Gross Margin

Gross profit increased by $2.09 million, or 19.5%, to $12.79 million for the nine months ended September 30, 2017 from $10.70 million for the same period last year. The increase in gross profit was in line with the growth of net revenue. Gross margin was 97.6% for the nine months ended September 30, 2017, compared to 97.5% for the same period last year.

Operating Expenses

Selling and marketing expenses increased by $0.06 million, or 208.0%, to $0.09 million for the nine months ended September 30, 2017, compared to $0.03 million for the same period last year. The increase in selling and marketing expenses was primarily related to an increase n costs associated with a more expansive marketing campaign to promote the Company and an increase in staffing costs. General and administrative expenses increased by $0.75 million, or 94.5%, to $1.54 million for the nine months ended September 30, 2017 from $0.79 million for the same period last year. The increase in general and administrative expenses was primarily due to an increase in expenses related to a new office lease, professional fees, travelling and entertainment expenses as well as expenses related to our initial public offering. As a result, total operating expenses increased by $0.81 million, or 98.5%, to $1.63 million for the nine months ended September 30, 2017 from $0.82 million for the same period last year. As a percentage of net revenue, total operating expenses was 12.4% for the nine months ended September 30, 2017, compared to 7.5% for the same period last year.

Operating Income and Operating Margin

Operating income increased by $1.28 million, or 13.0%, to $11.17 million for the nine months ended September 30, 2017 from $9.88 million for the same period of last year. Operating margin was 85.2% for the nine months ended September 30, 2017, compared to 90.1% for the same period last year.

Other Income (Expenses)

Total net other income, which primarily comprises interest income from loans to third parties as well as interest income on bank deposits and other expenses, increased by $0.54 million, or 26.1%, to $2.63 million for the nine months ended September 30, 2017 from $2.08 million for the same period last year.

Income Tax Expenses

Income tax expense was $0.54 million for the nine months ended September 30, 2017, compared to $2.47 million for the same period last year. The decrease of income tax expense was mainly due to the transition of operating business from one subsidiary – Sheng Ying Xin (Beijing) Management Consulting Co., Ltd. which is subject to the 25% income tax rate, to another subsidiary – Kashgar Sheng Yingxin Enterprise Consulting Co., Ltd., which is exempted from income tax from its inception to December 31, 2020.

Net Income and EPS

Net income increased by $3.76 million, or 39.6%, to $13.25 million for the nine months ended September 30, 2017 from $9.50 million for the same period last year. The increase in net income was primarily related to the increase in net revenue and decrease in income tax expenses and partially offset by the increase in operating expenses. Basic and diluted earnings share were $0.65 for the nine months ended September 30, 2017, compared to $0.47 for the same period last year.

Liquidity and Capital Resources

As of September 30, 2017, the Company had cash and cash equivalents of $23.20 million, compared to $1.88 million at the end of 2016. Balance of loans to third parties was $33.96 million as of September 30, 2017, compared to $19.24 million at the end of 2016.

Net cash provided by operating activities was $13.60 million for the nine months ended September 30, 2017, compared to $10.51 million for the same period last year.

Recent Developments

On November 14, 2017, the Company entered into an equity transfer agreement to acquire a 100% equity interest in Beijing Anytrust Science & Technology Co., Ltd., a big data company focusing on providing data infrastructure design, big data access and analytics, and document automation for enterprises and government agencies in China, for a total cash consideration of RMB12 million (approximately US$1.8 million). The acquisition was consummated on November 23, 2017.

On November 6, 2017, the Company announced plans to make “FinTech” or financial technologies a core competency and a key growth driver for the Company’s next phase of growth (the “FinTech Initiative”). The Company’s FinTech Initiative specifically centers around the development of a big data platform that would allow the Company to leverage big data access, analytics, artificial intelligence (“AI”) and machine learning in acquiring and retaining customers through precision marketing and effective risk control. The Company plans to fulfill the FinTech Initiative through a combination of key employee recruitment and targeted acquisitions.

On October 25, 2017, the Company announced the expansion of its service offerings with the launch of its supply chain financing services (the “SCF Services”). The SCF Services provide owners of SMEs with holistic supply chain financing solutions and value-added services in order to reduce financing costs and improve efficiency during a business transaction. With an initial focus on the medical supplies and medical equipment, airline catering and bulk commodity supply chains, the SCF Services will be operated through Fu Hui (Shenzhen) Commercial Factoring Co., Ltd., a recently incorporated, wholly owned subsidiary of the Company.

On October 16, 2017, Mr. Kam Cheng Leong tendered his resignation as director of the Company, Chairman of the Nominating and Corporate Governance Committee and member of both Audit Committee and Compensation Committee of the Company. Mr. Leong’s resignation was for personal reasons and was not a result of any dispute with the Company. The Board accepted Mr. Leong’s resignation with immediate effect. On the same day, the Board resolved to appoint Mr. Buting Yang to replace Mr. Leong in the abovementioned capacities, effective immediately.

About China Internet Nationwide Financial Services Inc.

Incorporated in 2014 and headquartered in Beijing, China Internet Nationwide Financial Services Inc. provides financial advisory services, including commercial payment advisory, intermediary bank loan advisory, and international corporate financing advisory, to meet the financing and capital needs of its clients, comprised largely of small-to-medium sized enterprises. More information about the Company can be found at www.cifsp.com.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties, Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.

INVESTOR RELATIONS:

China Internet Nationwide Financial Services Inc.
Email: [email protected]
Phone: +86 10 8587 8166

Tony Tian, CFA
Weitian Group LLC
Email: [email protected]
Phone: +1 732 910 9692

 

CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In US$)

 

As of
September 30,

 

As of
December 31,

2017

2016

ASSETS

Current assets

Cash and cash equivalents

$

23,196,608

$

1,880,425

Accounts receivable (including $0 and $0 of receivable from related parties as of September 30, 2017 and December 31, 2016, respectively)

5,885,278

8,088,511

Other receivables and prepayments

355,386

94,474

Loan to third parties

33,955,717

19,237,422

Deferred offering cost                                        

312,202

Total Current Assets

63,392,989

29,613,034

Non-current assets

Equipment, net

131,324

28,777

Intangible assets, net

5,445

2,772

Long-term office rental deposit

514,950

208,695

Total Assets

$

64,044,708

$

29,853,278

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Accrued payroll

$

575,933

$

490,875

Other payables and accruals

28,631

53,827

Due to a related party

163,603

163,361

Taxes payable

4,929,438

3,755,872

Total Current Liabilities

5,697,605

4,463,935

Shareholders’ equity

Common Stock ($0.001 par value, unlimited authorized shares, and 22,023,146 and 20,000,000 share issued and outstanding as of September 30, 2017 and December 31, 2016, respectively)

22,023

20,000

Additional paid in capital

27,362,710

9,147,398

Statutory reserve

1,657,084

1,657,084

Retained earnings

30,932,971

17,679,458

Accumulated other comprehensive loss

(1,627,685)

(3,114,597)

Total Shareholders’ Equity

58,347,103

25,389,343

Total Liabilities and Shareholders’ Equity

$

64,044,708

$

29,853,278

CHINA INTERNET NATIONWIDE FINANCIAL SERVICES INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

(In US$)

Three Months
Ended 
September 30,
2017

Three Months
Ended 
September 30,
2016

Nine Months
Ended 
September 30,
2017

Nine Months
Ended 
September 30,
2016

Revenue

International corporate financing advisory

$

395,744

$

381,222

$

1,159,283

$

873,137

Intermediary bank advisory services

519,438

1,572,127

2,587,585

2,517,229

Commercial payment advisory services

4,218,708

2,114,950

9,360,236

7,585,555

Total revenue

5,133,890

4,068,299

13,107,104

10,975,921

Cost of revenues

133,370

96,548

315,884

272,869

Gross profit

5,000,520

3,971,751

12,791,220

10,703,052

Operating expenses

Selling and marketing expenses

62,271

9,620

88,566

28,752

General and administrative expenses

925,114

278,224

1,536,974

790,273

Total Operating expenses

987,385

287,844

1,625,540

819,025

Income from operations

4,013,135

3,683,907

11,165,680

9,884,027

Other income (expenses)

Interest income on bank deposit

3,079

418

7,697

2,365

Other income(expenses), net

(26,452)

51

(52,851)

(7,377)

Interest income from loans to third parties

1,216,416

693,914

2,672,108

2,087,992

Total other income, net

1,193,043

694,383

2,626,954

2,082,980

Income before income tax expenses

5,206,178

4,378,290

13,792,634

11,967,007

Income tax expenses

191,821

576,285

539,123

2,471,844

Net Income

$

5,014,357

$

3,802,005

$

13,253,511

$

9,495,163

Other comprehensive loss

Foreign currency translation gain/(loss)

757,926

(149,163)

1,486,914

(551,420)

Comprehensive Income

$

5,772,283

$

3,652,842

$

14,740,425

$

8,943,743

Weighted average number of shares, basic and diluted*

21,429,397

20,000,000

20,481,701

20,000,000

Basic and diluted earnings per share

$

0.23

$

0.19

$

0.65

$

0.47

View original content:http://www.prnewswire.com/news-releases/china-internet-nationwide-financial-services-inc-reports-unaudited-third-quarter-2017-financial-results-300564615.html

SOURCE China Internet Nationwide Financial Services Inc.

JERSEY CITY, N.J., Nov. 30, 2017 /PRNewswire-iReach/ — Today Responsive Translation announced their new human-edited machine translation (HEMT) service, which is available in many major language pairs.

“Human-edited machine translation provides our clients with the speed and cost of machine translation combined with the expertise of a human translator’s touch,” says Yoko Clark, CEO of Responsive Translation.

Why Human-Edited Machine Translation?

Responsive Translation found that there is increasing pressure on successful companies to provide a greater amount of information to multiple stakeholders more often and in more languages. Many companies are struggling to keep up with the expectation to be multilingual in today’s business environment.

Recently, artificial intelligence and machine learning have made considerable progress with machine translation, which is very fast and economical to produce. However, in most cases, machine translation still isn’t good enough to be used as is for human audiences.

To solve this problem and help companies rapidly expand internationally, Responsive Translation has introduced their new human-edited machine translation service. This service instantly brings greater efficiency and lower costs to any company’s translation program.

How Does the HEMT Service Work?

Responsive Translation provides human-edited machine translation as an on-demand service or as a custom solution for companies in ambitious industries.

Website visitors can get an instant quote for the on-demand HEMT service at the following link: http://www.responsivetranslation.com/quote-form/

Custom solutions are tailored to each client following Responsive Translation’s ISO-certified processes.

“We want to help companies get to the next level internationally,” says Ken Clark, COO at Responsive Translation. “Some of the custom HEMT solutions we offer include glossary creation for specific industries and languages, and secure integrations for greater efficiency.”

Human-edited machine translation helps internationally-minded companies provide their customers, suppliers and employees with information in their own language at a lower cost.

About Responsive Translation: Responsive Translation is a New Jersey-based language services company that provides translation, interpreting, localization, validation and review services in more than 150 languages and dialects. The company is ISO 9001 certified as well as a WBENC-certified Women’s Business Enterprise. Learn more at: www.responsivetranslation.com.  

For additional information, contact: Ken Clark at [email protected] or 212-355-4455 ext 208.

Media Contact: Ken Clark, Responsive Translation, 212-355-4455 ext 208, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

 

SOURCE Responsive Translation

SANTA CLARA, Calif., Nov. 30, 2017 /PRNewswire/ — Based on its recent analysis of the artificial intelligence-based digital pathology solutions market, Frost & Sullivan recognizes Fimmic Oy (Fimmic) with the 2017 European New Product Innovation Award for its proprietary WebMicroscope® Platform, a cloud-based image analysis solution that uses deep learning artificial intelligence (AI) to analyse digital pathology samples.

Fimmic Oy

“Fimmic’s WebMicroscope is a first-of-its-kind software solution in the European image analysis market that operates as an extremely advanced version of the conventional method,” said Supratik Paul, Senior Industry Analyst.

The company’s WebMicroscope platform works on the principle of AI-based deep learning algorithms for automatic image analysis. Once the system is trained on what to detect in the scanned tissue images, it can be used to analyse new samples and bring quantitative and qualitative information for human verification. Frost & Sullivan recognises Fimmic’s WebMicroscope as a premier image analysis platform that delivers rapid automation of complex image analysis tasks with superior accuracy and sensitivity. Conventional methods require a pathologist to visually view and analyse each sample, which is time-consuming and prone to human error. WebMicroscope speeds up the workflow significantly, while providing consistent analysis. WebMicroscope’s high-performance image processing and storage services are directly accessible via the end-user’s web browser, eliminating the need for local data centers or for extensive IT team involvement.

Frost & Sullivan finds that Fimmic’s software-as-a-service model is an industry-first in meeting the needs of customers with low-volume, case-by-case use of digital pathology systems, as well as customers who prefer to avoid the significant upfront capital investment installation costs required by traditional systems. The annual subscription for the tool is competitively priced, and users are charged based on use. In the near future, Fimmic also plans to collaborate with microscopy scanner manufacturers, and other ecosystem players, which will expand the services the company can offer to its customers.

“Fimmic’s groundbreaking WebMicroscope platform allows users to experience superior process automation, along with significant improvement in analysis accuracy. The company also plans to apply for the CE mark for its WebMicroscope platform to make it available for diagnostic use in Europe under the EU In-Vitro Diagnostics Directive, allowing the company to further its reach with its innovative, future-ready products,” said Paul.

Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased return on investment (ROI) it gives customers, which, in turn, raises customer acquisition and overall market penetration potential.

Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.

About Fimmic

Fimmic, founded in 2013, is a spin-off company from the Finnish Institute for Molecular Medicine at the University of Helsinki. Their next-generation WebMicroscope AI Platform was launched in spring 2017 and has since been used in a wide range of image analysis applications globally.
For more information, please visit www.webmicroscope.com

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion.

Contact:

Samantha Park
P: 210.348.1001
F: 210.348.1003
E: [email protected]

Fimmic Oy
Kaisa Helminen, CEO
+358 40 679 0669
[email protected]

 

View original content with multimedia:http://www.prnewswire.com/news-releases/fimmic-earns-frost–sullivans-recognition-with-its-groundbreaking-ai-based-digital-pathology-software-solution-300563773.html

SOURCE Frost & Sullivan

MOUNTAIN VIEW, Calif., Nov. 30, 2017 /PRNewswire/ — AliveCor, the leader in FDA-cleared personal electrocardiogram (EKG) technology, today announced FDA clearance of KardiaBand in the U.S., allowing Apple Watch users to discreetly capture their EKG anytime, anywhere in order to quickly detect normal sinus heart rhythms and atrial fibrillation (AFib), the most common heart arrhythmia. The first FDA-cleared medical device accessory for Apple Watch, KardiaBand can record an EKG in 30 seconds with just a touch of its integrated sensor. Results from the Kardia App are displayed on the face of Apple Watch.

AliveCor

AliveCor is also introducing SmartRhythm, a new feature within the Kardia app for Apple Watch. SmartRhythm uses artificial intelligence in concert with inputs from Apple Watch’s heart rate and activity sensors to continuously evaluate the correlation between heart activity and physical activity. When SmartRhythm detects that heart rate and activity are out of sync, the device notifies users to capture an EKG with KardiaBand, or with KardiaMobile, AliveCor’s popular, portable EKG reader.

“KardiaBand paired with SmartRhythm technology will be life-changing for people who are serious about heart health,” said Vic Gundotra, CEO, AliveCor. “These capabilities will allow people to easily and discreetly check their heart rhythms when they may be abnormal, capturing essential information to help doctors identify the issue and inform a clear path of care to help manage AFib, a leading cause of stroke, and other serious conditions.”

Atrial Fibrillation (AFib), is the most common heart arrhythmia, and a leading cause of stroke. AFib affects more than 30 million people worldwide, and one in four people over the age of 40 are at risk for developing it. Millions of people around the world are unknowingly living with AFib. Yet, two out of three strokes are preventable when AFib is detected and treated appropriately.

“This is a paradigm shift for cardiac care as well as an important advance in healthcare,” said Dr. Ronald P. Karlsberg, MD FACC, Board Certified Cardiologist and Clinical Professor of Medicine, Cedars Sinai Heart Institute and David Geffen School of Medicine UCLA. “Today, EKGs are available only in offices and hospitals, using complex equipment, and usually only after a life threatening event, for example a stroke. With an EKG device on the wrist, AFib can be detected wherever the patient is, 24 hours a day. In randomized research trials, KardiaMobile, the first AliveCor EKG device, proved to be superior to routine care provided by physicians. Today, KardiaBand is a giant leap in personalized health care.”

As a medtech leader, AliveCor uses advanced artificial intelligence, mobile, cloud and micro-electrode technology to change the dynamic in cardiac care. AliveCor empowers people worldwide to proactively manage heart health and to vastly improve the quality of care in the fight against heart disease. AliveCor’s KardiaMobile and KardiaBand enable people and their care teams to easily, quickly and inexpensively detect and manage possible abnormal heart rhythms.

KardiaBand is available starting today for $199 and requires subscription to AliveCor’s Premium service for $99 a year. The combined system includes SmartRhythm notifications on Apple Watch; unlimited EKG recordings; automatic detection of Atrial Fibrillation or normal sinus rhythm; the unlimited ability to send EKG readings to anyone via email; unlimited cloud history and reporting of all EKGs ever taken; weight and medication tracking; and a mailed monthly paper report on readings taken each calendar month.

About AliveCor
AliveCor, Inc. is pioneering the creation of FDA-cleared machine learning techniques to enable proactive heart care and is recognized around the world for transforming cardiac care. The FDA-cleared KardiaMobile is the most clinically validated mobile EKG solution on the market. It is recommended by leading cardiologists and used by people worldwide for accurate EKG recordings. KardiaMobile, and KardiaBand, when paired with the Kardia app provide instant analysis for detecting atrial fibrillation (AF) and normal sinus rhythm in an EKG. Kardia is the first A.I. enabled platform to help clinicians manage patients for the early detection of atrial fibrillation, the most common cardiac arrhythmia and one that leads to a five times greater risk of stroke. KardiaBand is the first FDA-cleared medical device accessory for Apple Watch. AliveCor was recognized by Fast Company as one of 2017’s most innovative companies in health (#3). AliveCor is a privately-held company headquartered in Mountain View, Calif. For more information, please visit alivecor.com.

For more information on partnership inquiries, please contact the following:
US: [email protected]
International: [email protected]
Media Contact: Morgan Mathis at Highwire PR for AliveCor
[email protected]

 

 (PRNewsfoto/AliveCor)

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SOURCE AliveCor

SANTA MONICA, Calif., Nov. 30, 2017 /PRNewswire/ — Embedded Systems Conference (ESC) Silicon Valley today announced its newest programming features for the 2017 event including workshops headlined by Amazon, a women in engineering panel and networking session, and product showcases from leading exhibitors in the field. ESC Silicon Valley takes place December 5-7, 2017, at the San Jose Convention Center. To register as press for ESC Silicon Valley, please visit: sanjose.am.ubm.com/Media.

“This year, we focused heavily on curating not only a robust lineup of technical content, but also facilitating networking opportunities and leveraging key leaders in the industry, like Amazon, to provide our attendees with a well-rounded experience,” said Suzanne Deffree, ESC Content Director. “We feel confident that the content of our conference and expo is unparalleled, and the addition of Amazon’s Smart Life Roadshow and the return of our women in engineering panel provide additional opportunities that will not be found at any other industry event.”

This year’s offerings and content highlights include:

  • Amazon Workshops: As a featured exhibitor at ESC Silicon Valley, Amazon will be bringing its Smart Life Roadshow to the event, a rolling demo trailer outfitted with Intel and Amazon’s latest voice-forward technology, as well as smart tech from Sonos, ecobee, Logitech, and more. Amazon will also present three different sessions/hands-on workshops, including:
    • Designing Far-Field Speech Processing Systems with Intel and Alexa Voice Service
    • Build Alexa-Enabled Prototypes with the AVS Device SDK
    • Integrate Alexa Into Your Product
  • Women in Engineering panel & networking: Back by popular demand, ESC Silicon Valley will host its second annual Women in Engineering panel and networking session on Thursday, December 7 from 8:00am11:00am. The panel will examine professional opportunities for women in engineering and why women represent a fraction of electrical and mechanical engineers. During this panel, Kimberly Clavin, VP of Embedded Engineering, Loop; Sandra Larrabee, Senior Manager, Global Events, Rambus; Elizabeth Simon, Lead Hardware Engineer, Schweitzer Engineering Laboratories; and Megan Wachs, Engineer, SiFive Inc., will discuss their first-hand experiences in the industry.
  • Keynote Speakers: Technical repair expert Kyle Wiens, CEO of iFixit, will address right-to-repair laws as he takes the audience inside Apple’s brand-new iPhone X and dissects its never-before-seen augmented reality sensor on stage. On day two, Dr. Gunnar Newquist, a pioneer in the artificial intelligence world, will bring his background in neuroscience to a discussion about the implications and limitations of deep learning and the next revolution in AI.
  • Exhibitor Product Showcases: Leading industry brands from Rohde & Schwarz and Teledyne LeCroy will be on-site demoing their products and answering questions about their technologies. Click here to see a full list of the exhibitors participating at ESC Silicon Valley.
  • Sensors Zone: Advancements in sensor technologies are enabling engineers to push the boundaries in a variety of industries including bionics, wearables, digital health, consumer electronics, IoT, robotics, and defense. ESC Silicon Valley will spotlight sensors this year, with a guided tour of advanced sensing tech on the show floor, sensor-related presentations across the expo, and a dedicated sensors zone featuring leaders in the field like FUTEK Advanced Sensor Technology and Samtec Inc.
  • IEEE Continuing Education Units: ESC Silicon Valley will offer continuing education units from the Institute of Electrical and Electronics Engineers (IEEE) for all sessions attended, giving attendees the opportunity to work toward an official IEEE certificate. IEEE accreditation helps professionals stand out to employers, maintain engineering licenses, and meet training requirements.

ESC Silicon Valley is co-located with BIOMEDevice San Jose, which showcases advanced medical design technologies enhancing attendee experience and expanding their access to innovations in the medtech manufacturing industry. For a full conference overview, please visit: http://escsiliconvalley.com/conference

Register for ESC Silicon Valley:
To register as press for ESC Silicon Valley, please visit: sanjose.am.ubm.com/Media

To register for ESC Silicon Valley, please visit: sanjose/ConferencePass

Connect with ESC Silicon Valley: #ESCconf

About Advanced Manufacturing Expos & Conferences
UBM’s Advanced Manufacturing portfolio is the leading B-to-B event producer, publisher, and digital media business for the world’s $3 trillion advanced, technology-based manufacturing industry. Our print and electronic products deliver trusted information to the advanced manufacturing market and leverage our proprietary 1.3 million name database to connect suppliers with buyers and purchase influencers. We produce more than 50 events and conferences in a dozen countries, connecting manufacturing professionals from around the globe. The Advanced Manufacturing portfolio is organized by UBM plc. UBM is the largest pure-play B2B Events organizer in the world. Our 3,750+ people, based in more than 20 countries, serve more than 50 different sectors. Our deep knowledge and passion for these sectors allow us to create valuable experiences which enable our customers to succeed.  Please visit www.ubm.com for the latest news and information about UBM.  

 

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SOURCE Advanced Manufacturing Expos & Conferences

MCLEAN, Va., Oct. 30, 2017 /PRNewswire-iReach/ — Project Performance Company, LLC (PPC) was awarded an application modernization task with the U.S. Department of Justice (DOJ) for transformation of the legacy Victim Notification System (VNS) for which the company has been providing operations and maintenance support since 2009. VNS provides standardized and automated notifications to victims of Federal crimes at various stages of the criminal justice process. This new effort will modernize the VNS application architecture through use of the low‐code Pega 7 platform from Pegasystems Inc., a world‐ class application development platform that provides business process and case management automation. This modernization will also establish VNS in the cloud using Amazon Web Services (AWS). The value of these modernization tasks exceeds $6 million.

Paul Strasser, PPC’s Chief Executive Officer, said: ” PPC is pleased to continue our important work with the Department of Justice on the Victims Notification System. This award further validates our services and solutions in modernizing Federal, mission‐critical, legacy systems through low‐code platforms and cloud‐based strategies. It also adds to our impressive list of legacy system modernizations and helping our clients realize the benefits of lower Total Cost of Ownership while increasing cyber security posture.”

The PPC team includes Appriss, Inc. and Pegasystems Inc. Appriss, Inc, a company whose focus is to provide innovative software‐based services that help hundreds of local, state, and Federal criminal justice agencies serve and protect their citizens. Appriss, Inc. is the developer of VINE®, which is a notification service that helps to protect victims in thousands of communities in 48 states, including most of the nation’s largest metropolitan areas. Pegasystems Inc. is a leader in software that streamlines business and enhances customer engagement. With more than 30 years of proven innovation, Pega seamlessly connects organizations with their customers across multiple channels in real time using market‐leading CRM, advanced artificial intelligence, and powerful automation. Pega’s adaptive, cloud‐ architected applications – built on its unified Pega® Platform – empower people with comprehensive visual tools to easily extend and change applications to meet strategic business needs.

About Project Performance Company

PPC, a wholly owned subsidiary of Data Systems Analysts, Inc. (DSA) of Trevose, Pennsylvania is a leading Information Technology and Management Consulting firm, delivering mission critical solutions to Federal, State, and Local governments and commercial industry. We are best known for Energy Management & Environmental Sustainability Consulting, Records and Knowledge Management solutions, Information Systems Development & Integration, and Cyber Security and Information Assurance services. With offices in the DC Metropolitan Area and across the nation, we serve Fortune 500 decision makers and Federal, State, and local government agencies to meet mission‐critical challenges. Please visit www.ppc.com for more information.

Media Contact: Matt McDonald, Project Performance Company, 7037487040, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Project Performance Company, LLC


BEIJING, Nov. 30, 2017 /PRNewswire/ — The evolution and application of Artificial Intelligence is the main topic at Global Tech 2017 which is held by Global Times Online (huanqiu.com) on Nov. 30th in Beijing. China as one of the AI leading countries expects to demonstrate the future of AI and smart life.

Global Tech 2017 in Beijing

To illustrate how AI influences our lives, Huawei, the 5G frontier, talks about how the IoT world is influenced with the introduction of 5G, while Microsoft reveals the secrets about human affection of AI. Alibaba discusses the future of smart cities and Samsung shares information about the revolution of the intelligent smart phones. Baidu, as the biggest AI company in China, shares their insights on intelligent transportation.

Microsoft Chief Software Architect, Dr. Zhou Li, said the most important two directions of “AI & human affection” are the ability of conversation and understanding emotions. It is the biggest difference from a machine and a human being. “When it comes to ‘smiles’, there are many different kinds of expressions such as grinning, and even bitter smiling,” he said.

In relation to the major trends of this year’s conference, AI will be a popular topic in the industry. Whilst attending developers’ forums in China, more people will pay attention to AI instead of other subjects such as Hadoop and Docker in the year of 2017. 

Within the AI trend, the vice president of Alibaba Hau, Xian-Sheng, commented that the city brain has become the infrastructure like electricity, and it can’t be accomplished only by human beings, and there is an extremely large value placed on AI to deeply analyze the big data.

McKinsey estimates say that as many as 60 percent of today’s professional categories could outsource up to 30 percent of their workload to AI. With the global market of AI expected to grow at 36% annually, reaching a valuation of $3 trillion by 2025 from $126 bn in 2015.

The AI revolution is well and truly upon the modern age, and society is at a significant moment where AI could become the new “electricity” – pervasive and touching every aspect of life. While many industries including healthcare, education, retail and banks have already started adopting AI in key business aspects, there are also new business models which are reliant on AI.

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SOURCE Huanqiu.com

PHILADELPHIA, Nov. 30, 2017 /PRNewswire-USNewswire/ — Since Isaac Asimov created the three laws of robotics in 1942, artificial intelligence has been a distant unattainable vision for business. On November 15, Temple University’s Institute for Business and Information Technology (IBIT)  gathered academic and industry leaders to create a pragmatic path for generating value from Artificial Intelligence (AI) and related technologies such as machine learning.

The IBIT symposium on “The Practical Path Forward: Cognitive Computing, Artificial Intelligence, and Analytics” organized in cooperation with Emtec Inc., an advisory firm, attracted about 100 local and national experts.

Keynote speaker Jeff Hamilton, Senior Vice President, Pfizer, demonstrated how AI is in action today at Pfizer and other firms in improving healthcare such as physician interaction, patient adherence, and access. Jeff Szuba, Vice President of Analytics at NBCU and voted by attendees as one of the symposium’s highest-rated speakers, showed how analytics is driving consumer engagement using scalable data foundations in the media industry.

Another highly rated speaker, Ron Kim, a private equity expert at TPG Global, and former CIO of Exelon, showed how to separate hype from practical reality. David Schuff, Professor and Chair of MIS at Temple University presented research directions relating to the role of unsupervised algorithms in shaping business. Sunil Misra, President, Emtec, presented a well-received use case on robotic process automation (RPA).

Speakers from DARPA, Alexion, QVC, LiquidHub, AmerisourceBergen, Comcast, Aetna and MuHu covered topics such as cognitive networking, infrastructure, consumer personalization and real time insights, and AI self-service platforms.

“The speakers provided tangible, practical, and measurable examples of the role of AI,” said Dr. Munir Mandviwalla, IBIT executive director, “It was an excellent day of knowledge sharing, which is — after all — the essence of a university.”

FOR IMMEDIATE RELEASE
Christopher A. Vito
Associate Director of Communications
[email protected], 215-204-4115

 

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SOURCE Temple University’s Institute for Business and Information Technology

COSTA MESA, Calif., Nov. 30, 2017 /PRNewswire/ — SYSPRO, a global provider of industry-built ERP software, is gaining growing third-party market recognition for its cloud-enabled ERP solutions for large enterprises. SYSPRO recently released its new SYSPRO 8  community preview program to customers and partners at the same time that it has been named a Contender in the new ‘IDC MarketScape: Worldwide SaaS and Cloud-Enabled Large Enterprise ERP Applications 2017 Vendor Assessment’ (Doc #US42219217, October 2017).  In September 2017, SYSPRO was also named a Major Player in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Midmarket ERP Applications 2017 Vendor Assessment (Doc #US42216017, September 2017).

SYSPRO Logo

SYSPRO’s advanced new capabilities target business optimization needs for global manufacturers and distributors of both large and mid-sized organizations and support either cloud, on-premise or hybrid deployment. SYSPRO customers and partners are now able to preview SYSPRO 8 and contribute feedback that will be included in the final product set, scheduled for general availability in 2018.

The technology analyst community has also been previewing SYSPRO’s new ERP enhancements, and is receiving acclaim for introducing leading-edge IT capabilities like Machine Learning (artificial intelligence) and social media as a collaboration tool. The company’s newest third-party recognition by IDC as a market contender in the category of large enterprise software-as-a-service (SaaS) solutions also follows SYSPRO’s recent naming in September as a market leader in in the 2017 Nucleus Research ERP Technology Value Matrix.

“SYSPRO’s reputation for maintaining a strong relationship with customers and sharing a commitment to their success is well known throughout the manufacturing and distribution industry,” said Joey Benadretti, President of SYSPRO USA.  “Through the years we’ve also enjoyed IT analyst community attention for introducing some of the newest technology capabilities in pragmatic, useful ways that add real business value. Our new SYSPRO 8 product release plan continues our practice of inclusive customer and partner guidance on what we bring to market.”

The IDC MarketScape: ‘Worldwide SaaS and Cloud-Enabled Large Enterprise ERP Applications 2017 Vendor Assessment’ is available via www.IDC.com.

About SYSPRO 
SYSPRO is a global, independent provider of industry-built ERP software designed to simplify business complexity for manufacturers and distributors. Focused on delivering optimized performance and complete business visibility, the SYSPRO solution is highly scalable, and can be deployed on-premise, in the cloud, or accessed via a mobile device. SYSPRO’s strengths lie in a simplified approach to technology, expertise in a range of industries, and a commitment to future-proofing customer and partner success.

SYSPRO has more than 15,000 licensed companies in over 60 countries across six continents. For more information, visit www.syspro.com.

Press Contacts:

Stanley Goodrich

Erin Schlee

Public Relations Manager

Marketing Communications Manager

SYSPRO – United States

 SYSPRO – United States

+1(714) 437-1000

+1(714) 437-1000

[email protected]     

[email protected]  

All company names and products mentioned in this release are trademarks or registered trademarks of their respective holders. 

 

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SOURCE SYSPRO