Perspecta’s VIIAD Provider Directory™ 5.0 and Perspecta Data Scorecard Ensures Provider Data Accuracy

PHILADELPHIA, Oct. 31, 2019 /PRNewswire/ — Perspecta, formerly known as VIIAD Systems, a leading healthcare technology company, has released the 5.0 upgrade of its VIIAD Provider Directory (VPD)™. This release incorporates Perspecta Data Scorecard (PDS). Perspecta Data Scorecard utilizes their industry leading master index of quality provider data, external data sources, and artificial intelligence to improve the accuracy of their client’s provider network data. There are new advanced search options and capabilities for adjusters, nurse case managers, employers and injured workers facilitating provider searches. VPD is a comprehensive solution providing users with a personalized experience with an intuitive smart provider search engine to deliver a better healthcare experience and drive greater efficiency for providers and clients.

Perspecta’s well-known track record in partnering with clients based on their business challenges in the workers’ compensation and healthcare industries continues to provide industry-leading products and client success. Perspecta’s deep subject matter expertise in provider data, provider directories, engagement portals, provider network management, and master data management has resulted in the Perspecta Data Scorecard. Howard Koenig, CEO said, “We have heard from our clients and the market that there needs to be a better solution for accurate provider data. This is the first in a series of new products that facilitate data accuracy, data scoring, and improved productivity. We positively impact our clients by providing them with a provider search tool that has a frictionless experience so that they can focus on finding the right provider for their injured workers.”

About Perspecta

See Perspecta’s New Provider Data Scorecard and VPD Release 5.0. Visit Perspecta at the National Workers’ Compensation and Disability Conference & Exposition (NWCDC)

November 6-8, 2019
Mandalay Bay, Las Vegas
Booth #2346

Perspecta is a healthcare technology company that elevates provider data to be intelligent and more efficient. Through their SaaS solutions and data insights, they enable workers’ compensation and health care organizations to deliver better provider directories and management of provider networks. Perspecta’s solutions enable clients to meet compliance standards as well as facilitate access to care experiences. For more information visit www.goperspecta.com.

For additional information contact:

April Stiles
COO, Perspecta
866-498-4423
April.stiles@goperspecta.com

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SOURCE Perspecta

Former BT CEO Gavin Patterson Joins Fractal’s Board of Directors

NEW YORK, Oct. 31, 2019 /PRNewswire/ — Fractal, (fractal.ai), a global leader in artificial intelligence and analytics, powering decision-making in Fortune 500 companies, today announced the addition of Gavin Patterson to its Board of Directors. Gavin will act as a strategic advisor, helping the company to continue its rapid growth and deepen its engagement with marquee clients.

“We are excited to welcome Gavin Patterson to our Board of Directors at this pivotal moment in our evolution,” said Srikanth Velamakanni, Co-founder, Group Chief Executive & Executive Vice Chairman of Fractal. “Gavin brings decades of consumer understanding, marketing and executive management experience to Fractal. We look forward to his guidance and involvement in accelerating our growth and helping us scale the business for even greater relevance to the clients that we serve.”

Prior to joining Fractal’s board, Patterson served as Chief Executive at BT for six years. During that time, Patterson negotiated the £15 billion acquisition of EE, which enabled BT to form UK’s leading converged communications provider. He also initiated BT’s entry into content with the launch of the award-winning BT Sport, led the development of BT’s market-leading cybersecurity practice and championed BT’s globally recognized social purpose agenda covering sustainability, volunteering and tech literacy in schools. In addition, he served as a group board director for 11 years.

“I am thrilled to serve as a board member for Fractal and to help drive its mission of powering every human decision in the enterprise,” said Patterson. “I look forward to working alongside my fellow board members and Fractal executives to further advance the company’s next phase of growth.”

Since 2000, Fractal has been a leading provider of AI and analytics solutions for the world’s largest and most admired companies. Fractal’s mission is to power every human decision in the enterprise, automate and augment human decisions by bringing AI algorithms and behavioral-science inspired design.

Today, Fractal has over 1,500 employees in 15 global offices in North America (New York, San Francisco bay area, Chicago, Bellevue), EMEA (London, Kiev, Geneva, Dubai) and APAC (Sydney, Guangzhou, Singapore, Mumbai, Delhi, Bengaluru). Fractal has been featured as a leader in the Customer Analytics Service Providers Wave™ 2019 by Forrester Research, a Great Place to Work by The Economic Times in partnership with the Great Place to Work® Institute and recognized as an “Honorable Vendor” in 2019 Magic Quadrant for data & analytics by Gartner.

About Fractal

Fractal is one of the most prominent players in the Artificial Intelligence space. Fractal’s mission is to power every human decision in the enterprise and uses the power of AI to help the world’s most admired Fortune 500 companies.

Fractal’s products include Qure.ai to assist radiologists in making better diagnostic decisions, Cuddle.ai to assists CEOs, and senior executives make better tactical and strategic decisions, Theremin.ai to improve investment decisions and Eugenie.ai to find anomalies in high-velocity data.

Fractal has more than 1,500 consultants spread across 15 global locations, including the United States, UK, and India. Fractal has consistently been rated as India’s best companies to work for, by The Great Place to Work® Institute, featured as a leader in the Customer Analytics Service Providers Wave™ 2019 by Forrester Research, and recognized as an “Honorable Vendor” in 2019 magic quadrant for data & analytics by Gartner. For more information: fractal.ai

 

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SOURCE Fractal

Nansha seizes the high ground of the AI industry

GUANGZHOU, China, Oct. 31, 2019 /PRNewswire/ — At the 2nd AI & I Guangzhou International Summit, Guangzhou Nansha District Artificial Intelligence Vocational Education and Training Center was launched. The center will partner with domestic and overseas universities such as the Hong Kong Polytechnic University, University of Southern California and South China University of Technology in terms of teaching resources, curriculum designing and reciprocal recognition of credits.

As a part of AI industrial ecosystem, vocational talents training is of vital importance. According to the report on World AI Industrial Distribution released by Goldman Sachs, among all the emerging AI projects in 2017, the number of Chinese ones accounted for 51% and exceeded that of the U.S. However, only 5% of global AI talents come from China. Experts believe the Center will help cultivate talents to support the industry’s in-depth development.

In recent years, Nansha has proactively pushed forward AI and relevant supporting industries, aiming to be a pillar of the industry. In 2017, Nansha planned to establish the Guangzhou AI Industry Fund with 10 billion yuan and attract a series of AI industry funds for building an AI Innovation Value Park covering 5 square kilometers in five to ten years. For high-end teams of the industry, the district will provide up to 100 million yuan for helping the financing of their projects in Nansha.

In 2018, Nansha, as one of the leading supporters of China for the AI industry, has introduced serial supporting policies such as Measures for Supporting the AI Industry Development, Working Plan on Open Data and Application Scenarios in Nansha District of Guangzhou, Three-year Action Plan on AI Industry Development in Nansha District of Guangzhou.

Guided and supported by policies, Nansha AI industrial cluster has been witnessing a rapid development, with four AI industry integrated platforms attracted including Guangzhou International Institute of Artificial Intelligence, Guangzhou Industrial Research Institute of Intelligent Software, iFLYTEK South China Institute of Artificial Intelligence, Cloudwalk AI Visual Images Innovation and Research Center (Cloudwalk is a unicorn company), which all help make breakthroughs in core technologies.

Meanwhile, more than 170 AI companies like Cloudwalk, Pony.ai, iFLYTEK, LinkDoc, NovuMind, Tongdun Technology, Makeblock Co., Ltd have been introduced in Nansha, covering businesses including AI chips, automatic driving, basic software algorithm, biometrics, natural language processing, new-type human-machine interaction and autonomous control.

Statistics show the total output of the relevant AI companies settled in Nansha has reached to 2.4 billion yuan. There are 15 and 10 companies, each contributing to an output of more than 10 million yuan and 100 million yuan respectively. The industrial agglomeration effect has occurred in Nansha.

According to Outline Development Plan for Guangdong-Hong Kong-Macao Greater Bay Area, Nansha will be developed in to a demonstration zone for comprehensive cooperation among Guangdong, Hong Kong and Macao. For the AI industry, Nansha also values partnerships with the other two regions. In September, the Guangzhou Campus of Hong Kong University of Science and Technology started construction. In the future, majors such as AI and data science will be offered there, providing intellectual support for the AI industry of the Greater Bay Area.

DM-AI, founded by world top professionals of the AI industry, was introduced in Nansha in April. Dong Le, assistant to its chairman, said Nansha boasts rich atmosphere, improved mechanism, and advantageous policies for innovation. The government has established close relationship with companies and helped advance the AI industry, thus allowing the companies to realize the government’s determination to and support for the AI industry.

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Salesforce Positioned as a Leader in 2019 Gartner Magic Quadrant for Configure, Price and Quote (CPQ) Application Suites

SAN FRANCISCO, Oct. 31, 2019 /PRNewswire/ — Salesforce (NYSE: CRM), the global leader in CRM, today announced that Gartner Inc. has positioned Salesforce as a Leader in its October 2019 Magic Quadrant for Configure, Price, Quote (CPQ) Application Suites. This is the third year in a row Salesforce has been positioned as a Leader in the annual report.

Salesforce (PRNewsFoto/salesforce.com) (PRNewsfoto/Salesforce)

“Salesforce CPQ enables sales reps to get an accurate quote to customers faster and easier than ever before for even the most complex deals,” said Pascal Yammine, SVP & GM, Salesforce CPQ. “We provide a complete solution from quote-to-cash to provide a better buying experience for your customers, and better alignment for your sales and finance teams.”

Salesforce CPQ & Billing
Salesforce CPQ & Billing helps companies build recurring customer relationships by enabling them to configure, price, quote, invoice, and collect payments all from one, unified platform. With CPQ & Billing, companies can automate overly manual and complex business processes and get increased visibility across the customer lifecycle with a complete view of sales & finance transaction data in one system. For more information visit https://www.salesforce.com/products/cpq/overview/.

Additional Information

  • A complimentary copy of the 2019 Gartner Magic Quadrant for Configure, Price and Quote Application Suites is available for download here.
  • Follow @salesforce and @SalesforceCPQ on Twitter.

Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Salesforce
Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Founded in 1999, Salesforce enables companies of every size and industry to take advantage of powerful technologies—cloud, mobile, social, internet of things, artificial intelligence, voice and blockchain—to create a 360-degree view of their customers. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.

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OpenText Reports First Quarter Fiscal Year 2020 Financial Results

Strong Performance Driven by 14% Cloud Growth

WATERLOO, Ontario, Oct. 31, 2019 /PRNewswire/ — 

First Quarter Highlights

Total Revenues

(in millions)

Annual Recurring Revenues

(in millions)

Cloud Revenues

(in millions)

Reported

Constant

Currency

Reported

Constant

Currency

Reported

Constant

 Currency

$696.9

$706.6

$549.6

$556.6

$237.3

$239.3

+4.5%

+5.9%

+5.8%

+7.1%

+14.0%

+15.0%

Annual Recurring Revenues represents 79% of Total Revenues

  • GAAP net income of $74.4 million, up 104.8% Y/Y
  • Adjusted EBITDA of $254.2 million, up 3.2%, margin of 36.5%, down 40 basis points Y/Y
  • GAAP diluted EPS of $0.27, up 107.7% Y/Y
  • Non-GAAP diluted EPS of $0.64, up 6.7%, and $0.65 in constant currency, up 8.3% Y/Y
  • Operating Cash Flows were $842.3 million during the trailing twelve months

Open Text Corporation (NASDAQ: OTEX), (TSX: OTEX), “The Information Company,” today announced its financial results for the first quarter ended September 30, 2019.

“I am pleased with our start to Fiscal 2020. In constant currency, total revenues of $706.6 million were up 5.9% year-over-year, and we delivered the highest Q1 revenues in the company’s history.  Annual Recurring Revenues (ARR) of $556.6 million were up 7.1% year-over-year, representing 79% of total revenues, driven by Cloud Services and Subscriptions revenues of $239.3 million, which increased significantly by 15% year-over-year,” said Mark J. Barrenechea, OpenText CEO & CTO. “The OpenText Cloud creates a modern platform for innovation and our leadership with the strongest Enterprise Information Management (EIM) offering in the industry positions OpenText to gain share in a shifting economic environment. With a durable business and high recurring revenues, we are tracking to our Fiscal 2020 target model.”

“With the continued strengthening of our balance sheet, Fiscal 2020 is off to a strong start.  OpenText ended the quarter with approximately $1 billion of cash and a 1.5x consolidated net leverage ratio. We are renewing our base shelf and expanding our revolving credit facility to $750 million, to ensure OpenText has ample capacity to support our Total Growth strategy”, said OpenText EVP, CFO, Madhu Ranganathan. “We delivered Adjusted EBITDA of $254 million in the quarter and we continue to invest in product innovation, go-to-market and strategic acquisitions. OpenText remains focused on productivity enhancements within all aspects of our business.”

Financial Highlights for Q1 Fiscal 2020 with Year Over Year Comparisons

Summary of Quarterly Results

(in millions except per share data)

Q1 FY20

Q1 FY19

$ Change

% Change
(Y/Y)

Q1 FY20
in CC*

% Change
in CC*

Revenues:

Cloud services and subscriptions

$237.3

$208.1

$29.2

14.0

%

$239.3

15.0

%

Customer support

312.3

311.6

0.7

0.2

%

317.3

1.8

%

Total annual recurring revenues**

$549.6

$519.6

$29.9

5.8

%

$556.6

7.1

%

License

77.9

76.9

1.0

1.3

%

79.1

2.9

%

Professional service and other

69.4

70.6

(1.2)

(1.7)

%

70.8

0.2

%

Total revenues

$696.9

$667.2

$29.7

4.5

%

$706.6

5.9

%

GAAP-based operating income

$132.5

$99.2

$33.3

33.5

%

N/A

N/A

Non-GAAP-based operating income (1)

$234.0

$222.4

$11.5

5.2

%

$238.4

7.2

%

GAAP-based EPS, diluted

$0.27

$0.13

$0.14

107.7

%

N/A

N/A

Non-GAAP-based EPS, diluted (1)(2)

$0.64

$0.60

$0.04

6.7

%

$0.65

8.3

%

GAAP-based net income attributable to OpenText

$74.4

$36.3

$38.1

104.8

%

N/A

N/A

Adjusted EBITDA (1)

$254.2

$246.3

$8.0

3.2

%

$258.6

5.0

%

Operating cash flows

$137.4

$171.4

($34.0)

(19.8)

%

N/A

N/A

(1)

Please see note 2 “Use of Non-GAAP Financial Measures” below

(2)

Please also see note 14 to the Company’s Fiscal 2018 Consolidated Financial Statements on Form 10-K. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period.

Note: Individual line items in tables may be adjusted by non-material amounts to enable totals to align to published financial statements.

*CC: Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period’s foreign exchange rate.

**Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue.

Dividend Program

As part of our quarterly, non-cumulative cash dividend program, the Board declared on October 30, 2019 a cash dividend of $0.1746 per common share. The record date for this dividend is November 29, 2019 and the payment date is December 19, 2019. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination and discretion of the Board of Directors.

Quarterly Business Highlights

  • Key customer wins in the quarter included Deutsche Bank AG, Daiichi Jitsugyo Co Ltd., International Committee of the Red Cross, Samsung R&D Institute, Auto Club Group, The UK Department for Work and Pensions, The Public Utilities Board Singapore, Electricity Generating Authority of Thailand, Baltimore County Public Schools, and CUHK Medical Centre
  • OpenText Core Experience Insights delivers end-to-end customer journey mapping for data-driven marketers
  • OpenText Core Share and Core Signature streamline secure document collaboration
  • OpenText announces Cloud Summit, a global 24-city tour to help customers transform with Enterprise Information Management
  • OpenText hosts 2019 Investor Day in New York City
  • OpenText elects directors at its Annual General Meeting of Shareholders
  • OpenText Enfuse 2019 to showcase the future of Secure Information Management

 

Summary of Quarterly Results

Q1 FY20

Q4 FY19

Q1 FY19

% Change
(Q1 FY20 vs
Q4 FY19)

% Change
(Q1 FY20 vs
Q1 FY19)

Revenue (million)

$696.9

$747.2

$667.2

(6.7)

%

4.5

%

GAAP-based gross margin

67.2

%

68.3

%

66.1

%

(110)

bps

110

bps

GAAP-based EPS, diluted

$0.27

$0.27

$0.13

%

107.7

%

Non-GAAP-based gross margin (1)

73.1

%

74.2

%

73.4

%

(110)

bps

(30)

bps

Non-GAAP-based EPS, diluted (1)(2)

$0.64

$0.72

$0.60

(11.1)

%

6.7

%

(1)

Please see note 2 “Use of Non-GAAP Financial Measures” below

(2)

Please also see note 14 to the Company’s Fiscal 2018 Consolidated Financial Statements on Form 10-K. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period.

Shelf Renewal

The Company also announced today that it is filing a renewed preliminary short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada. A final shelf prospectus, once a receipt has been issued by the Canadian securities regulatory authorities, will allow offers and sales, from time to time, of an aggregate of up to $1.5 billion of equity and debt securities, or any combination thereof, during the 25-month period that the shelf prospectus remains effective. The Company expects to file a corresponding automatic shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (the “SEC”) concurrently with the filing of the final shelf prospectus in Canada. The specific terms of any future offering will be established in a prospectus supplement to the shelf prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities and the SEC.

Conference Call Information

The public is invited to listen to the earnings conference call today at 5:00 p.m. ET (2:00 p.m. PT) by dialing 1-800-319-4610 (toll-free) or +1-604-638-5340 (international). Please dial-in 10 minutes ahead of time to ensure proper connection. Alternatively, a live webcast of the earnings conference call will be available on the Investor Relations section of the Company’s website at http://investors.opentext.com/investor-events-and-presentations.

A replay of the call will be available beginning October 31, 2019 at 7:00 p.m. ET through 11:59 p.m. on November 14, 2019 and can be accessed by dialing 1-855-669-9658 (toll-free) or +1-604-674-8052 (international) and using passcode 3664 followed by the number sign.

Please see below note (2) for a reconciliation of U.S. GAAP-based financial measures used in this press release, to non-U.S. GAAP-based financial measures. Additionally, “off-cloud” is a term we use to describe license transactions.

About OpenText

OpenText, The Information Company™, a market leader in Enterprise Information Management software and solutions, enabling companies to manage, leverage, secure and gain insight into their enterprise information, on premises or in the cloud. For more information about OpenText (NASDAQ/TSX: OTEX) visit www.opentext.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release, including statements about the focus of Open Text Corporation (“OpenText” or “the Company”) in our fiscal year ending June 30, 2020 (Fiscal 2020) on growth, anticipated benefits of our partnerships and next generation product lines, the strength of our operating framework and balance sheet flexibility, continued investments in product innovation, go-to-market and strategic acquisitions, M&A continuing to be our leading growth contributor, our capital allocation strategy, creating value through investments in broader Enterprise Information Management (EIM) capabilities, the Company’s presence in the cloud and in growth markets, expected growth in our revenue lines, total growth from acquisitions, innovation and organic initiatives, the focus on recurring revenues, improving operational efficiency, expanding cash flow and strengthening the business, adjusted operating income and cash flow, its financial condition, the adjusted operating margin target range, results of operations and earnings, announced acquisitions, ongoing tax matters, the integration of the acquired businesses, declaration of quarterly dividends, future tax rates, new platform and product offerings, scaling OpenText to new levels in Fiscal 2020 and beyond, and other matters, may contain words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “may”, “could”, “would”, “might”, “will” and variations of these words or similar expressions are considered forward-looking statements or information under applicable securities laws. In addition, any information or statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking, and based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management’s perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, such as certain assumptions about the economy, as well as market, financial and operational assumptions. Management’s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. Such forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions that may cause the actual results, performance or achievements to differ materially. Such factors include, but are not limited to: (i) the future performance, financial and otherwise, of OpenText; (ii) the ability of OpenText to bring new products and services to market and to increase sales; (iii) the strength of the Company’s product development pipeline; (iv) the Company’s growth and profitability prospects; (v) the estimated size and growth prospects of the EIM market including expected growth in the Artificial Intelligence market; (vi) the Company’s competitive position in the EIM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company’s products and services to be realized by customers; (viii) the demand for the Company’s products and services and the extent of deployment of the Company’s products and services in the EIM marketplace; (ix) downward pressure on our share price and dilutive effect of future sales or issuances of equity securities (including in connection with future acquisitions); (x) the Company’s financial condition and capital requirements; and (xi) statements about the impact of product releases. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the potential for the incurrence of or assumption of debt in connection with acquisitions and the impact on the ratings or outlooks of rating agencies on the Company’s outstanding debt securities; (iii) the possibility that the Company may be unable to meet its future reporting requirements under the U.S. Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, or applicable Canadian securities regulation; (iv) the risks associated with bringing new products and services to market; (v) failure to comply with privacy laws and regulations that are extensive, open to various interpretations and complex to implement including General Data Protection Regulation (GDPR) and Country by Country Reporting (CBCR); (vi) fluctuations in currency exchange rates; (vii) delays in the purchasing decisions of the Company’s customers; (viii) the competition the Company faces in its industry and/or marketplace; (ix) the final determination of litigation, tax audits (including tax examinations in the United States and elsewhere) and other legal proceedings; (x) potential exposure to greater than anticipated tax liabilities or expenses, including with respect to changes in Canadian, U.S. or international tax regimes including tax reform legislation enacted through the Tax Cuts and Jobs Act in the United States; (xi) the possibility of technical, logistical or planning issues in connection with the deployment of the Company’s products or services; (xii) the continuous commitment of the Company’s customers; and (xiii) demand for the Company’s products and services. For additional information with respect to risks and other factors which could occur, see the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the Securities and Exchange Commission (SEC) and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

OTEX-F

For more information, please contact:

Harry E. Blount
Senior Vice President, Global Head of Investor Relations
Open Text Corporation
415-963-0825
investors@opentext.com

Copyright ©2019 Open Text. OpenText is a trademark or registered trademark of Open Text. The list of trademarks is not exhaustive of other trademarks. Registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text. All rights reserved. For more information, visit: http://www.opentext.com/who-we-are/copyright-information.

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share data)

September 30, 2019

June 30,
2019

ASSETS

(unaudited)

Cash and cash equivalents

$

999,298

$

941,009

Accounts receivable trade, net of allowance for doubtful accounts of $16,290 as of September 30, 2019 and $17,011 as of June 30, 2019

410,981

463,785

Contract assets

20,204

20,956

Income taxes recoverable

21,054

38,340

Prepaid expenses and other current assets

91,753

97,238

Total current assets

1,543,290

1,561,328

Property and equipment

248,613

249,453

Operating lease right of use assets

203,329

Long-term contract assets

18,920

15,386

Goodwill

3,765,898

3,769,908

Acquired intangible assets

1,057,151

1,146,504

Deferred tax assets

995,262

1,004,450

Other assets

146,105

148,977

Long-term income taxes recoverable

40,939

37,969

Total assets

$

8,019,507

$

7,933,975

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

260,869

$

329,903

Current portion of long-term debt

10,000

10,000

Operating lease liability

60,687

Deferred revenues

584,193

641,656

Income taxes payable

36,104

33,158

Total current liabilities

951,853

1,014,717

Long-term liabilities:

Accrued liabilities

15,384

49,441

Pension liability

77,470

75,239

Long-term debt

2,603,506

2,604,878

Long-term operating lease liability

177,596

Deferred revenues

41,588

46,974

Long-term income taxes payable

191,268

202,184

Deferred tax liabilities

52,728

55,872

Total long-term liabilities

3,159,540

3,034,588

Shareholders’ equity:

Share capital and additional paid-in capital

270,189,544 and 269,834,442 Common Shares issued and outstanding at September 30, 2019 and June 30, 2019, respectively; authorized Common Shares: unlimited

1,791,689

1,774,214

Accumulated other comprehensive income

15,096

24,124

Retained earnings

2,141,278

2,113,883

Treasury stock, at cost (1,102,871 shares at September 30, 2019 and 802,871 shares at June 30, 2019, respectively)

(41,190)

(28,766)

Total OpenText shareholders’ equity

3,906,873

3,883,455

Non-controlling interests

1,241

1,215

Total shareholders’ equity

3,908,114

3,884,670

Total liabilities and shareholders’ equity

$

8,019,507

$

7,933,975

 

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands of U.S. dollars, except share and per share data)

(unaudited)

Three Months Ended September 30,

2019

2018

Revenues:

License

$

77,898

$

76,887

Cloud services and subscriptions

237,265

208,083

Customer support

312,298

311,551

Professional service and other

69,427

70,636

Total revenues

696,888

667,157

Cost of revenues:

License

2,323

3,872

Cloud services and subscriptions

102,162

87,703

Customer support

29,387

30,465

Professional service and other

54,338

56,796

Amortization of acquired technology-based intangible assets

40,298

47,477

Total cost of revenues

228,508

226,313

Gross profit

468,380

440,844

Operating expenses:

Research and development

81,178

77,470

Sales and marketing

128,618

120,182

General and administrative

51,535

50,924

Depreciation

20,277

23,854

Amortization of acquired customer-based intangible assets

49,158

45,876

Special charges

5,101

23,311

Total operating expenses

335,867

341,617

Income from operations

132,513

99,227

Other income (expense), net

(2,785)

1,522

Interest and other related expense, net

(32,210)

(34,531)

Income before income taxes

97,518

66,218

Provision for (recovery of) income taxes

23,091

29,850

Net income for the period

$

74,427

$

36,368

Net (income) loss attributable to non-controlling interests

(26)

(44)

Net income attributable to OpenText

$

74,401

$

36,324

Earnings per share—basic attributable to OpenText

$

0.28

$

0.14

Earnings per share—diluted attributable to OpenText

$

0.27

$

0.13

Weighted average number of Common Shares outstanding—basic

270,013

268,028

Weighted average number of Common Shares outstanding—diluted

271,251

269,387

 

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars)

(unaudited)

Three Months Ended September 30,

2019

2018

Net income for the period

$

74,427

$

36,368

Other comprehensive income (loss)—net of tax:

Net foreign currency translation adjustments

(5,611)

(3,520)

Unrealized gain (loss) on cash flow hedges:

Unrealized gain (loss) – net of tax expense (recovery) effect of $(206) and $181 for the three months ended September 30, 2019 and 2018, respectively

(572)

502

(Gain) loss reclassified into net income – net of tax (expense) recovery effect of $3 and $132 for the three months ended September 30, 2019 and 2018, respectively

8

366

Actuarial gain (loss) relating to defined benefit pension plans:

Actuarial gain (loss) – net of tax expense (recovery) effect of $(1,249) and $306 for the three months ended September 30, 2019 and 2018, respectively

(3,084)

1,197

Amortization of actuarial (gain) loss into net income – net of tax (expense) recovery effect of $146 and $73 for the three months ended September 30, 2019 and 2018, respectively

231

66

Total other comprehensive income (loss) net, for the period

(9,028)

(1,389)

Total comprehensive income

65,399

34,979

Comprehensive (income) loss attributable to non-controlling interests

(26)

(44)

Total comprehensive income attributable to OpenText

$

65,373

$

34,935

 

OPEN TEXT CORPORATION

 CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands of U.S. dollars and shares)

(unaudited)

Three Months Ended September 30, 2019

Common Shares and
Additional Paid in Capital

Treasury Stock

Retained

Earnings

Accumulated 
Other

Comprehensive

Income

Non-
Controlling
Interests

Total

Shares

Amount

Shares

Amount

Balance as of June 30, 2019

269,834

$

1,774,214

(803)

$

(28,766)

$

2,113,883

$

24,124

$

1,215

$

3,884,670

Issuance of Common Shares

Under employee stock option plans

184

4,576

4,576

Under employee stock purchase plans

172

6,008

6,008

Share-based compensation

6,891

6,891

Purchase of treasury stock

(300)

(12,424)

(12,424)

Dividends declared

($0.1746 per Common Share)

(47,006)

(47,006)

Other comprehensive income – net

(9,028)

(9,028)

Net income for the quarter

74,401

26

74,427

Balance as of September 30, 2019

270,190

$

1,791,689

(1,103)

$

(41,190)

$

2,141,278

$

15,096

$

1,241

$

3,908,114

Three Months Ended September 30, 2018

Common Shares and
Additional Paid in Capital

Treasury Stock

Retained

Earnings

Accumulated 
Other

Comprehensive

Income

Non-
Controlling
Interests

Total

Shares

Amount

Shares

Amount

Balance as of June 30, 2018

267,651

$

1,707,073

(691)

$

(18,732)

$

1,994,235

$

33,645

$

1,037

$

3,717,258

Adoption of ASU 2016-16 – cumulative effect

(26,780)

(26,780)

Adoption of Topic 606 – cumulative effect

29,786

29,786

Issuance of Common Shares

Under employee stock option plans

494

12,431

12,431

Under employee stock purchase plans

187

5,569

5,569

Share-based compensation

6,555

6,555

Purchase of treasury stock

(304)

(11,719)

(11,719)

Issuance of treasury stock

(70)

3

70

Dividends declared

($0.1518 per Common Share)

(40,466)

(40,466)

Other comprehensive income – net

(1,389)

(1,389)

Non-controlling interest

(625)

42

(583)

Net income for the quarter

36,324

44

36,368

Balance as of September 30, 2018

268,332

$

1,730,933

(992)

$

(30,381)

$

1,993,099

$

32,256

$

1,123

$

3,727,030

 

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(unaudited)

Three Months Ended September 30,

2019

2018

Cash flows from operating activities:

Net income for the period

$

74,427

$

36,368

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of intangible assets

109,733

117,207

Share-based compensation expense

6,891

6,555

Pension expense

1,436

1,145

Amortization of debt issuance costs

1,127

1,078

Loss on sale and write down of property and equipment

7,789

Deferred taxes

6,244

7,769

Share in net (income) loss of equity investees

(682)

(2,372)

Changes in operating assets and liabilities:

Accounts receivable

58,431

73,875

Contract assets

(7,201)

(5,346)

Prepaid expenses and other current assets

(1,612)

9,732

Income taxes and deferred charges and credits

7,053

12,561

Accounts payable and accrued liabilities

(62,979)

(40,001)

Deferred revenue

(61,169)

(57,403)

Other assets

5,684

2,444

Operating lease assets and liabilities, net

64

Net cash provided by operating activities

137,447

171,401

Cash flows from investing activities:

Additions of property and equipment

(18,614)

(24,495)

Purchase of Guidance Software, Inc., net of cash acquired

(2,279)

Other investing activities

(2,036)

(1,004)

Net cash used in investing activities

(20,650)

(27,778)

Cash flows from financing activities:

Proceeds from issuance of Common Shares from exercise of stock options and ESPP

11,117

18,127

Repayment of long-term debt and revolver

(2,500)

(2,500)

Debt issuance costs

(322)

Purchase of Treasury Stock

(12,424)

(11,719)

Purchase of non-controlling interest

(583)

Payments of dividends to shareholders

(47,006)

(40,466)

Net cash provided by (used in) financing activities

(50,813)

(37,463)

Foreign exchange gain (loss) on cash held in foreign currencies

(7,711)

428

Increase (decrease) in cash, cash equivalents and restricted cash during the period

58,273

106,588

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

943,543

683,991

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

$

1,001,816

$

790,579

Reconciliation of cash, cash equivalents and restricted cash:

September 30, 2019

September 30, 2018

Cash and cash equivalents

999,298

787,919

Restricted cash included in Other assets

2,518

2,660

Total Cash, cash equivalents and restricted cash

$

1,001,816

$

790,579

Notes

(1)

All dollar amounts in this press release are in U.S. Dollars unless otherwise indicated.

(2)

Use of Non-GAAP Financial Measures: In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP). These Non-GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company’s definition may be different from similar Non-GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company’s financial performance to that of other companies. However, the Company’s management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of these Non-GAAP financial measures both in its reconciliation to the U.S. GAAP financial measures and its consolidated financial statements, all of which should be considered when evaluating the Company’s results.

The Company uses these Non-GAAP financial measures to supplement the information provided in its consolidated financial statements, which are presented in accordance with U.S. GAAP. The presentation of Non-GAAP financial measures are not meant to be a substitute for financial measures presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with and as a supplement to such U.S. GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the U.S. GAAP measures with certain Non-GAAP measures defined below.

Non-GAAP-based net income and Non-GAAP-based EPS, attributable to OpenText, are consistently calculated as GAAP-based net income or earnings per share, attributable to OpenText, on a diluted basis, excluding the effects of the amortization of acquired intangible assets, other income (expense), share-based compensation, and Special charges (recoveries), all net of tax and any tax benefits/expense items unrelated to current period income, as further described in the tables below. Non-GAAP-based gross profit is the arithmetical sum of GAAP-based gross profit and the amortization of acquired technology-based intangible assets and share-based compensation within cost of sales. Non-GAAP-based gross margin is calculated as Non-GAAP-based gross profit expressed as a percentage of total revenue. Non-GAAP-based income from operations is calculated as income from operations, excluding the amortization of acquired intangible assets, Special charges (recoveries), and share-based compensation expense.

Adjusted earnings (loss) before interest, taxes, depreciation and amortization (Adjusted EBITDA) is consistently calculated as GAAP-based net income, attributable to OpenText, excluding interest income (expense), provision for income taxes, depreciation and amortization of acquired intangible assets, other income (expense), share-based compensation and Special charges (recoveries).

The Company’s management believes that the presentation of the above defined Non-GAAP financial measures provides useful information to investors because they portray the financial results of the Company before the impact of certain non-operational charges. The use of the term “non-operational charge” is defined for this purpose as an expense that does not impact the ongoing operating decisions taken by the Company’s management. These items are excluded based upon the way the Company’s management evaluates the performance of the Company’s business for use in the Company’s internal reports and are not excluded in the sense that they may be used under U.S. GAAP.

The Company does not acquire businesses on a predictable cycle, and therefore believes that the presentation of non-GAAP measures, which in certain cases adjust for the impact of amortization of intangible assets and the related tax effects that are primarily related to acquisitions, will provide readers of financial statements with a more consistent basis for comparison across accounting periods and be more useful in helping readers understand the Company’s operating results and underlying operational trends. Additionally, the Company has engaged in various restructuring activities over the past several years, primarily due to acquisitions, that have resulted in costs associated with reductions in headcount, consolidation of leased facilities and related costs, all which are recorded under the Company’s “Special Charges (recoveries)” caption on the Consolidated Statements of Income. Each restructuring activity is a discrete event based on a unique set of business objectives or circumstances, and each differs in terms of its operational implementation, business impact and scope, and the size of each restructuring plan can vary significantly from period to period. Therefore, the Company believes that the exclusion of these special charges (recoveries) will also better aid readers of financial statements in the understanding and comparability of the Company’s operating results and underlying operational trends.

In summary the Company believes the provision of supplemental Non-GAAP measures allow investors to evaluate the operational and financial performance of the Company’s core business using the same evaluation measures that management uses, and is therefore a useful indication of OpenText’s performance or expected performance of future operations and facilitates period-to-period comparison of operating performance (although prior performance is not necessarily indicative of future performance). As a result, the Company considers it appropriate and reasonable to provide, in addition to U.S. GAAP measures, supplementary Non-GAAP financial measures that exclude certain items from the presentation of its financial results.

The following charts provide (unaudited) reconciliations of U.S. GAAP-based financial measures to Non-U.S. GAAP-based financial measures for the following periods presented.

 

Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended September 30, 2019.

(In thousands except for per share amounts)

Three Months Ended September 30, 2019

GAAP-based

Measures

GAAP-based
Measures

% of Total
Revenue

Adjustments

Note

Non-GAAP-
based

Measures

Non-GAAP-
based
Measures

% of Total
Revenue

Cost of revenues

Cloud services and subscriptions

$

102,162

$

(383)

(1)

$

101,779

Customer support

29,387

(316)

(1)

29,071

Professional service and other

54,338

(243)

(1)

54,095

Amortization of acquired technology-based intangible assets

40,298

(40,298)

(2)

GAAP-based gross profit and gross margin (%) /

Non-GAAP-based gross profit and gross margin (%)

468,380

67.2

%

41,240

(3)

509,620

73.1

%

Operating expenses

Research and development

81,178

(1,221)

(1)

79,957

Sales and marketing

128,618

(2,116)

(1)

126,502

General and administrative

51,535

(2,612)

(1)

48,923

Amortization of acquired customer-based intangible assets

49,158

(49,158)

(2)

Special charges (recoveries)

5,101

(5,101)

(4)

GAAP-based income from operations / Non-GAAP-based income from operations

132,513

101,448

(5)

233,961

Other income (expense), net

(2,785)

2,785

(6)

Provision for (recovery of) income taxes

23,091

5,154

(7)

28,245

GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

74,401

99,079

(8)

173,480

GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

$

0.27

$

0.37

(8)

$

0.64

(1)

Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

(2)

Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

(3)

GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.

(4)

Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.

(5)

GAAP-based and Non-GAAP-based income from operations stated in dollars.

(6)

Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.

(7)

Adjustment relates to differences between the GAAP-based tax provision rate of approximately 24% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and “book to return” adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

(8)

Reconciliation of GAAP-based net income to Non-GAAP-based net income:

 

Three Months Ended September 30,
2019

Per share diluted

GAAP-based net income, attributable to OpenText

$

74,401

$

0.27

Add:

Amortization

89,456

0.33

Share-based compensation

6,891

0.03

Special charges (recoveries)

5,101

0.02

Other (income) expense, net

2,785

0.01

GAAP-based provision for (recovery of) income taxes

23,091

0.09

Non-GAAP-based provision for income taxes

(28,245)

(0.11)

Non-GAAP-based net income, attributable to OpenText

$

173,480

$

0.64

 

Reconciliation of Adjusted EBITDA

Three Months Ended September 30,
2019

GAAP-based net income, attributable to OpenText

$

74,401

Add:

Provision for (recovery of) income taxes

23,091

Interest and other related expense, net

32,210

Amortization of acquired technology-based intangible assets

40,298

Amortization of acquired customer-based intangible assets

49,158

Depreciation

20,277

Share-based compensation

6,891

Special charges (recoveries)

5,101

Other (income) expense, net

2,785

Adjusted EBITDA

$

254,212

 

Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended June 30, 2019.

(In thousands except for per share amounts)

Three Months Ended June 30, 2019

GAAP-based

Measures

GAAP-based
Measures

% of Total
Revenue

Adjustments

Note

Non-GAAP-
based

Measures

Non-GAAP-
based
Measures

% of Total
Revenue

Cost of revenues

Cloud services and subscriptions

$

103,719

$

(75)

(1)

$

103,644

Customer support

30,761

(361)

(1)

30,400

Professional service and other

55,183

(434)

(1)

54,749

Amortization of acquired technology-based intangible assets

42,946

(42,946)

(2)

GAAP-based gross profit and gross margin (%) /

Non-GAAP-based gross profit and gross margin (%)

510,484

68.3

%

43,816

(3)

554,300

74.2

%

Operating expenses

Research and development

83,708

(1,323)

(1)

82,385

Sales and marketing

139,416

(2,006)

(1)

137,410

General and administrative

52,954

(2,419)

(1)

50,535

Amortization of acquired customer-based intangible assets

49,200

(49,200)

(2)

Special charges (recoveries)

2,232

(2,232)

(4)

GAAP-based income from operations / Non-GAAP-based income from operations

157,974

100,996

(5)

258,970

Other income (expense), net

3,191

(3,191)

(6)

Provision for (recovery of) income taxes

56,309

(24,651)

(7)

31,658

GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

71,983

122,456

(8)

194,439

GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

$

0.27

$

0.45

(8)

$

0.72

(1)

Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

(2)

Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

(3)

GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.

(4)

Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.

(5)

GAAP-based and Non-GAAP-based income from operations stated in dollars.

(6)

Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.

(7)

Adjustment relates to differences between the GAAP-based tax provision rate of approximately 44% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and “book to return” adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

(8)

Reconciliation of GAAP-based net income to Non-GAAP-based net income:

 

Three Months Ended June 30, 2019

Per share diluted

GAAP-based net income, attributable to OpenText

$

71,983

$

0.27

Add:

Amortization

92,146

0.34

Share-based compensation

6,618

0.02

Special charges (recoveries)

2,232

0.01

Other (income) expense, net

(3,191)

(0.01)

GAAP-based provision for (recovery of) income taxes

56,309

0.21

Non-GAAP-based provision for income taxes

(31,658)

(0.12)

Non-GAAP-based net income, attributable to OpenText

$

194,439

$

0.72

 

Reconciliation of Adjusted EBITDA

Three Months Ended June 30, 2019

GAAP-based net income, attributable to OpenText

$

71,983

Add:

Provision for (recovery of) income taxes

56,309

Interest and other related expense, net

32,841

Amortization of acquired technology-based intangible assets

42,946

Amortization of acquired customer-based intangible assets

49,200

Depreciation

25,000

Share-based compensation

6,618

Special charges (recoveries)

2,232

Other (income) expense, net

(3,191)

Adjusted EBITDA

$

283,938

 

Reconciliation of selected GAAP-based measures to Non-GAAP-based measures for the three months ended September 30, 2018.

(In thousands except for per share amounts)

Three Months Ended September 30, 2018

GAAP-based

Measures

GAAP-based
Measures

% of Total
Revenue

Adjustments

Note

Non-GAAP-
based

Measures

Non-GAAP-
based
Measures

% of Total
Revenue

Cost of revenues

Cloud services and subscriptions

$

87,703

$

(317)

(1)

$

87,386

Customer support

30,465

(300)

(1)

30,165

Professional service and other

56,796

(524)

(1)

56,272

Amortization of acquired technology-based intangible assets

47,477

(47,477)

(2)

GAAP-based gross profit and gross margin (%) /

Non-GAAP-based gross profit and gross margin (%)

440,844

66.1

%

48,618

(3)

489,462

73.4

%

Operating expenses

Research and development

77,470

(1,359)

(1)

76,111

Sales and marketing

120,182

(1,801)

(1)

118,381

General and administrative

50,924

(2,254)

(1)

48,670

Amortization of acquired customer-based intangible assets

45,876

(45,876)

(2)

Special charges (recoveries)

23,311

(23,311)

(4)

GAAP-based income from operations / Non-GAAP-based income from operations

99,227

123,219

(5)

222,446

Other income (expense), net

1,522

(1,522)

(6)

Provision for (recovery of) income taxes

29,850

(3,542)

(7)

26,308

GAAP-based net income / Non-GAAP-based net income, attributable to OpenText

36,324

125,239

(8)

161,563

GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText

$

0.13

$

0.47

(8)

$

0.60

(1)

Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results.

(2)

Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.

(3)

GAAP-based and Non-GAAP-based gross profit stated in dollars, and gross margin stated as a percentage of total revenue.

(4)

Adjustment relates to the exclusion of Special charges (recoveries) from our Non-GAAP-based operating expenses as Special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations, and are therefore excluded from our internal analysis of operating results.

(5)

GAAP-based and Non-GAAP-based income from operations stated in dollars.

(6)

Adjustment relates to the exclusion of Other income (expense) from our Non-GAAP-based operating expenses as Other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in non-marketable securities investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results.

(7)

Adjustment relates to differences between the GAAP-based tax provision rate of approximately 45% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, Special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and “book to return” adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense.

(8)

Reconciliation of GAAP-based net income to Non-GAAP-based net income:

 

Three Months Ended September 30,
2018

Per share diluted

GAAP-based net income, attributable to OpenText

$

36,324

$

0.13

Add:

Amortization

93,353

0.35

Share-based compensation

6,555

0.02

Special charges (recoveries)

23,311

0.09

Other (income) expense, net

(1,522)

(0.01)

GAAP-based provision for (recovery of) income taxes

29,850

0.11

Non-GAAP-based provision for income taxes

(26,308)

(0.09)

Non-GAAP-based net income, attributable to OpenText

$

161,563

$

0.60

 

Reconciliation of Adjusted EBITDA

Three Months Ended September 30,
2018

GAAP-based net income, attributable to OpenText

$

36,324

Add:

Provision for (recovery of) income taxes

29,850

Interest and other related expense, net

34,531

Amortization of acquired technology-based intangible assets

47,477

Amortization of acquired customer-based intangible assets

45,876

Depreciation

23,854

Share-based compensation

6,555

Special charges (recoveries)

23,311

Other (income) expense, net

(1,522)

Adjusted EBITDA

$

246,256

(3)

The following tables provide a composition of our major currencies for revenue and expenses, expressed as a percentage, for the three months and year ended September 30, 2019 and 2018:

 

Three Months Ended September 30,
2019

Three Months Ended September 30,
2018

Currencies

% of Revenue 

% of Expenses* 

% of Revenue 

% of Expenses* 

EURO

22

%

14

%

23

%

14

%

GBP

5

%

5

%

6

%

6

%

CAD

3

%

10

%

4

%

11

%

USD

60

%

53

%

58

%

50

%

Other

10

%

18

%

9

%

19

%

Total

100

%

100

%

100

%

100

%

*Expenses include all cost of revenues and operating expenses included within the Condensed Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and Special charges (recoveries).

 

 

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SOURCE Open Text Corporation

ArtMarket.com – 24 October 2023: How the Art Market Saves the World From Economic and Financial Apocalypse

PARIS, Oct. 31, 2019 /PRNewswire/ — Artprice by Art Market invited a number of social science fiction authors to write near-term finance-fiction, as a prospective experiment including the Art Market.  

Salvator Mundi ©2019 thierry Ehrmann - courtesy of Organ Museum / Abode of Chaos (PRNewsfoto/Artprice.com)

It is Tuesday, 24 October 2023… here is the economic column by the editorial team of “Protect your Money”: 

The French government has just issued 45 billion euros of long-term debt in a single day at negative rates. This is the second time France has issued tens of billions worth of 30-yr bonds at negative rates. The issue rate on its long-term debt has risen from -1.10% to -1.15% today.  

Like every EU country, France is now borrowing at negative rates on short, medium and long-term debt. In the United States, President Trump’s insistent demands in 2019 that the Fed adopt negative rates were heard after his re-election in 2020. Meanwhile… Larry Gagosian – America’s wealthiest man – has been appointed as Donald Trump’s personal advisor. His acquisition, for $4.8 billion, of Leonardo da Vinci’s Salvator Mundi, now hanging in the Oval Office, undoubtedly played a role in his nomination. 

Salvator Mundi ©2019 thierry Ehrmann – courtesy of Organ Museum / Abode of Chaos

[https://imgpublic.artprice.com/img/wp/sites/11/2019/10/salvator-mundi-999-thierry-ehrmann.jpg]

In stark defiance of rationality, investors looking for safe investments are ready to lend more and more money at a loss… a paradox that masks the fundamental reality that many financiers are actually gambling on an abysmal pursuit of negative rates throughout the world.

Numerous economists and commentators have alerted policy-makers to this practice, which is contrary to the fundamental rules of money-lending that have governed the global economy since time began. They point to the growing danger that the longer negative rates become the norm, the harder it will be to return to the healthier and sounder foundation of positive interest rates.

In his editorial in the New York Times, Chinese economist Wan Huan Xi – this year’s Nobel Prize winner for Economics – says This process is irreversibleIt basically signals the death of the banking system as we know it, adding… The only way out is the concentration of the banking system… a planetary ‘nationalization’ by global supra-central regulatory authorities.

Faced with the destructive spiral that savings and capital have entered, a number of bold and enlightened investors have been exploring successful alternative investment paths for several years:

  • Cryptocurrencies,
  • Gold,
  • Art.

Cryptocurrencies had the wind in their sails in the late 2020s, but demand tailed off because the crash of a “helicopter money” causes massive dilution that destroys its value. Eurobit, for example, lost 44% of its value last week, triggering a major panic amongst savers, investors and central banks alike. A joint statement from the ECB and the FED has announced a cryptocurrency rescue plan with negative rates of up to -3.6% and an immediate restart of QE (Quantitative Easing). The CEO of the startup Bitcoin Europa admitted that the risk is increasing every day. If the helicopter money strategy continues, we fear a collapse of prices… since cryptocurrencies essentially obey the same economic rules as physical currencies… they devalue with each new issue

Moreover, we urgently need to reiterate our warnings about the permanent associated IT risk, the likes of which we saw in October 2021 when a complete paralysis of trading and trading systems for five days led to the first full-scale crash on cryptocurrency markets. 

Gold has always been a safe haven and its value peaked not long ago. However, since the Chinese quantum calculator World Master defined the basis of an alchemical equation that is reasonably foreseeable in the near-term, gold prices have contracted substantially on profit-taking and are down 35% versus their peaks.

According to the Icelandic chemical engineer, Ragnar Eriksson, who participated in an international team to develop the Chinese World Master programme, conversion to gold is no longer a dream. We know how to produce gold using a reasonable amount of energy and producing a metal that fetches USD 450 an ounce.

Our advice on gold is now ‘neutral’ given that we can now envisage its industrial production under controlled costs.

Art has maintained its values for 25 years. In fact, it’s the big winner from globalization and dematerialization. As Artmarket.com (formerly Artprice) – a global player in the Art Market – points out, we have stable returns on Old Master Art and growing returns on Modern and Contemporary Art.

The “Artprice 100” art investment fund managed by Artmarket.com – whose assets are steadily growing with new subscriptions from investors and savers – generates an annual yield of 27% on Contemporary Art. Indeed, people all over the world, seduced by its novelty and originality, are turning towards art as a means of social distinction. Today Artmarket has 18 representatives of the largest banks in North America, Europe and Asia on its supervisory board.

Regularly cited by the IMF and the World Bank, the Artmarket conglomerate has become the standard reference to which savers and investors burned by repeated disasters turn for stability, growth and security in the Art Market. The Art market is now controlled by Artmarket via its presence on five continents.

thierry Ehrmann, founder/CEO of Artmarket.com, the world’s leading Art Market reference, says: We knew the Art Market would be a haven, but the reality has far exceeded our most ambitious forecasts. The rush towards art has been so strong we are now receiving offers from the GAFAs almost every day… because they understand that our knowledge goes back almost three centuries, with the largest collection of scrolls, manuscripts and catalogues tracing the history of artworks in an ultra-secure bunker in a secret location. (However, the Wall Street Journal / Wired says that reliable sources, in secret collaboration with the Icelandic government, have located the bunker in a militarized zone in the middle of the volcanic island…). Our ultra-secure servers based on Artificial Intelligence hold all of the meta-data without which any investment in Art would be similar to Russian Roulette.

thierry Ehrmann concludes… “Since 1999 we have understood that the Art Market is essentially the oldest in the world… Man exchanged artworks commercially before money was ever minted… In this time of global financial and economic chaos, we are holding the key to the world’s financial salvation.

Artprice by Art Market invited social science fiction authors to write near-term finance-fiction as a prospective experiment. Naturally, because of its fictional nature, this press release cannot be interpreted in any shape or form as an element of legal, financial or economic information.

Copyright 1987-2019 thierry Ehrmann www.artprice.com – www.artmarket.com

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: https://en.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©:

https://imgpublic.artprice.com/img/wp/sites/11/2019/10/biographie_oct2019_WhosWho_thierryEhrmann.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 700,000 artists.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 6300 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 4.5 million ‘members log in’ users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket with its Artprice department, has been awarded the State label “Innovative Company” by the Public Investment Bank (BPI) (for the second time in November 2018 for a new period of 3 years) which is supporting the company in its project to consolidate its position as a global player in the market art.

Artprice by Artmarket’s 2018 Global Art Market Report published in March 2019: https://fr.artprice.com/artprice-reports/le-marche-de-lart-en-2018

Index of press releases posted by Artmarket with its Artprice department:

http://serveur.serveur.com/press_release/pressreleasefr.htm

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:

https: // www .facebook.com / artpricedotcom  (4.5 million followers)

https://twitter.com/artmarketdotcom

https://twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department http: //web.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013

L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o

https://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999   
(4 million followers)

https://vimeo.com/124643720 

https://www.facebook.com/the.demeure.du.chaos.theabodeofchaos999 

Contact Artmarket.com and its Artprice department  

Contact: Thierry Ehrmann, ir@artmarket.com 

 

Art Market logo (PRNewsfoto/Artprice.com)

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SOURCE Artprice.com

U.S. Healthcare Data Analytics Market Radar 2019 – More Than 150 Companies are Offering Both Modular & Plug-in Based Analytics Solutions

DUBLIN, Oct. 31, 2019 /PRNewswire/ — The “Radar in the US Healthcare Data Analytics Market” report has been added to ResearchAndMarkets.com’s offering.

Research and Markets Logo

US-based providers lose an estimated $260 billion to $270 billion annually due to poor financial risk management and lack of infrastructure to support data-driven business decisions. For every dollar claimed, private and public payers on average offer a reimbursement of 86 cents to providers, resulting in a negative margin of 14% per dollar per patient.

Large integrated hospitals incur operating expenses of between $200 million and $700 million annually to embrace value-based payment programs that require an interoperable IT ecosystem that consists of an integrated electronic medical record (EMR), a payer-agnostic revenue cycle management platform, and a cross-functional supply chain management solution.

Healthcare data analytics solutions collect data from these underlying sources and normalize evidence at patient, provider, and payer levels. They allow healthcare end users to identify gaps in care early and to intervene with evidence that quantifies how to save money, increase revenue, and improve outcomes.

As a result, the US healthcare data analytics market is growing rapidly as all types of healthcare organizations rely on IT-enabled data management, business intelligence, and quality reporting capabilities to transform their clinical performance, operational agility, and financial competitiveness.

Early adopters have shown the intent to move beyond traditional use cases of analytics to pioneer advanced applications such as imaging analytics, genomics analytics, social vulnerability index classification, automated claims preadjudication, and real-time supply chain management reporting. Consequently, more than 150 companies are offering both modular and plug-in based analytics solutions in the US marketplace.

Of these, 70 have demonstrated adequate levels of technological sophistication to meet the current and future industry needs;

  • 40 out of 70 companies have an industry-leading ability to offer advanced clinical, financial, or operational analytics for a wide range of customers, including payers, providers, life sciences, and government agencies. These 40 companies are broadly classified as leaders and challengers.
  • Companies scoring high on both growth and innovation are considered leaders. They have a history of being at the forefront of innovation.
  • Companies scoring higher on innovation but delivering lower growth, and those that are implementing visionary innovation around specific analytics capabilities but embracing slower growth, are considered challengers.

Finally 14 out of 40 companies have been profiled to demonstrate their visionary capabilities in the US healthcare analytics market.

  • Leaders: Six companies are positioned higher on the growth and innovation indices as they cumulatively manage or process data of 90% of US patient population, yield positive margins with revenue worth $4 billion to $5 billion from data analytics solutions, and invest as much as $1 billion every year to build progressive capabilities around data analytics
  • Challengers: These companies have grown at a slower pace compared to leaders but have demonstrated a strong appetite to incorporate more advanced technologies such as artificial intelligence (natural language processing and machine learning) and blockchain to personalize clinical diagnosis, automate financial risk management, and consider patients’ social determinants of health. Some continue to innovate new strategies to optimize performance of one specific healthcare vertical.

The Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Radar methodology. The document presents competitive profiles on each of the companies in the Radar based on their strengths, opportunities, and a small discussion on their positioning. The authors analyze hundreds of companies in the industry and benchmark them across 10 criteria on the Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.

Companies Mentioned

  • Allscripts
  • Alteryx
  • Athenahealth
  • Cerner
  • Cotiviti (Part of Verscend)
  • Dimensional Insight
  • Health Catalyst
  • IBM Watson Health
  • Inovalon
  • LexisNexis
  • Optum
  • Qlik
  • Salesforce (Parent Company of Tableau)
  • SAP

Key Topics Covered

Industry Overview

  • Definition and Segmentation: Healthcare Data Analytics
  • Industry Overview

The Radar – US Healthcare Data Analytics Market

  • Radar – Description of Companies Plotted

C2A – Market Participant Profiles

  • Allscripts
  • Alteryx
  • Athenahealth
  • Cerner
  • Cotiviti (Part of Verscend)
  • Dimensional Insight
  • Health Catalyst
  • IBM Watson Health
  • Inovalon
  • LexisNexis
  • Optum
  • Qlik
  • Salesforce (Parent Company of Tableau)
  • SAP

The Last Word

For more information about this report visit https://www.researchandmarkets.com/r/u6glj4

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

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SOURCE Research and Markets

tellic Launches drug360 Knowledge Graph to Unlock Genetic Insights from Biomedical Data

NEW YORK, Oct. 31, 2019 /PRNewswire-PRWeb/ — drug360 graph, a breakthrough knowledge graph product, has just been released by pharma artificial intelligence pioneer tellic. drug360 brings tellic’s expertise in biomedical language processing and machine learning to bear on biomedical big data. This new tool allows researchers to quickly uncover relationships between genes, diseases, variants, phenotypes, and other biomedical entities. Researchers and analysts can use drug360 graph to dramatically increase their efficiency searching multiple data sources and uncover valuable genetic knowledge supporting decisions around their pipelines.

“drug360 graph provides greater confidence around the crucial decisions researchers make regarding advancing drug candidates or abandoning them,” says Richard Wendell, tellic CEO. “Research shows that genetic evidence can double the chances of a clinical trial’s success.”

drug360 graph contains proprietary data on 180 million relationships between diseases, genes, gene variants, phenotypes, and other biomedical entities. This data is generated by tellic’s patent-pending deep learning algorithms, which scan biomedical text to extract entities, normalize them to the desired concept within biomedical ontologies, and quantify the strength of relationships. Quantifying the strength of these relationships is crucial, because it helps remove the “noise” from the signal. “tellic’s proprietary deep learning technologies incorporate biomedical context which results in high quality genetic evidence data that can improve clinical trial success,” says Wendell.

With drug360 graph, researchers can:

  • Immediately be up and running with a biomedical knowledge graph pre-populated with 180 million genetic relationships
  • Easily import their internal data into tellic’s proprietary data to create a Knowledge Graph that is unique to their organization
  • Quickly identify unexpected genetic linkages to inform target selection, clinical trial design, BD and biotech investment decisions.
  • Drill down and search genetic relationships of interest to pinpoint each sentence in the source data that was used to generate the relationship
  • Export search results into a CSV or Excel for further analysis

drug360 currently contains millions of additional relationships between genes or gene variants than those found in public databases. Available as software as a service, the product is easy to use and is well supported.

About tellic
Big data, machine learning, and natural language processing are brought together by tellic into drug360 to form a single, unparalleled source of clear-cut insights about associations between genes and diseases. The company was founded in 2015 by Richard Wendell, a Fortune 500 Chief Data Officer, whose vision was to make it easy for pharma companies to apply emerging data science technologies to their pipelines. tellic pioneers a new category of enterprise-scale biomedical language processing and knowledge discovery powered by machine learning. For more information or to arrange a demo of drug360 graph, please contact info@tellic.com

Additional Contact:
Ryan Leventhal
VP, Business Development
ryan.leventhal@tellic.com
Direct: 212-221-8612
SOURCE: tellic
http://www.tellic.com

 

SOURCE tellic

Writable and Houghton Mifflin Harcourt Partner with Ecree for AI Revision Recommendations in RevisionAid

PALO ALTO, Calif., Oct. 31, 2019 /PRNewswire/ — Writing practice and formative assessment platform, Writable, together with learning company Houghton Mifflin Harcourt (HMH), today announced the selection and availability of AI feedback solution, Ecree, as the sole AI source of automated revision recommendations in Writable’s RevisionAid. By incorporating Ecree’s AI feedback into Writable’s platform, which supports educators within HMH’s ELA programs and its digital learning platform Ed: Your Friend in Learning, teachers now have more choices for guiding student writing growth and students can access specific, real-time suggestions for improving their work throughout the writing process.

With the addition of AI feedback from Ecree, Writable now provides a four-part feedback engine (peer-, self-, teacher-, and AI review) and a set of skill-, state, and genre-focused writing assignments that save teachers time on preparation and feedback, while simultaneously scaffolding and motivating students. The addition of Ecree into Writable’s RevisionAid supports Writable’s pedagogy, which builds from a teacher’s existing instruction and writing routines, transitioning the teacher from grader to guide and freeing teachers to spend more time working with students to improve their thinking and communication.

“We created a new approach to writing technology that starts where it should: mirroring what humans do successfully.  Understanding the critiques of AI writing products, Ecree developed a solution to overcome the limitations and fill in the gaps that other tools lacked. We use a clear set of rules to assess student work and provide feedback in the same way a human expert does. The difference is that through the power of technology, Ecree can provide this feedback immediately and at scale,” says Jamey Heit, co-founder and CEO at Ecree.

“Educators consistently ask us for more authentic types of feedback for their classrooms – helping to reach students earlier in the writing process when they still have the ability and mindset to improve their work,” said Andrew Goldman, co-founder and CEO of Writable. “After evaluating a wide range of technologies, Ecree was the unparalleled choice for the millions of students accessing Writable across our standalone and combined HMH ELA programs. Ecree is the only technology that supports teachers creating their own prompts alongside AI feedback, allowing more relevant, engaging prompts for students during all phases of a writing assignment.”

“At HMH, we believe that the best and most promising AI solutions empower educators by extending their capacity, not by replacing them,” said Matthew Mugo Fields, EVP and general manager of supplemental and intervention solutions at HMH. “Writable and Ecree’s revision solution does just this by helping to increase student writing proficiency using a guided approach, ultimately giving teachers more time to spend on differentiating instruction and supporting students.”

About Writable
Writable helps teachers scaffold and motivate students to become purposeful, proficient writers, and helps schools assess and monitor writing growth. With hundreds of customizable assignment templates and rubrics, Writable helps over 5,000 schools and districts with custom assessment, practice and feedback goals.  Founded in 2016, Writable is venture funded by Omidyar Technology Ventures and Houghton Mifflin Harcourt. For more information, visit www.writable.com.

About Ecree
Ecree is the only AI virtual writing tool that provides unlimited, immediate, and consistent teacher-quality feedback on essay organization, argumentation, evidence, analysis, and grammar.  Founded in 2014, Ecree is on a mission to provide widespread access to fast, easy, and personalized writing feedback aimed at helping students become better writers and better thinkers. Learn more at www.ecree.com.

On-demand writing tutor by Ecree

Writing practice with purpose from Writable.

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SOURCE Ecree; Writable

UST Global Announces Partnership With Agtools

ALISO VIEJO, California, Oct. 31, 2019 /PRNewswire/ — UST Global, a leading digital transformation solutions company, has launched a partnership with Agtools Inc., a provider of a cutting-edge data analytics service for the Food Supply Chain.  Agtools’ online service covers over 500 fruits, vegetables, nuts, herbs and ornamentals enabling supply chain stakeholders, including all major food retailers, to optimize their forecasting, planning, purchasing and merchandising which results in reduced food waste, and increased sustainability for both farmer/shippers and buyers.

UST Global (PRNewsfoto/UST Global)

UST Global and Agtools Inc. will collaborate to deliver this unique tool which is the first of its kind in the agriculture supply chain. Retailers in particular will benefit as Agtools will provide real time and historical data on factors such as volumes, pricing, exchange rates, weather, labor availability, and 60 more factors to improve their bottom line. Time management across the purchasing, merchandising and replenishment retail teams is becoming scarce. Agtools data with UST Global established high level of systems integration and quality service to the industry, will save time for retailers and ensure decisions are based on industry transparent data.

Agtools is founded by both agriculture and retail industry veterans who have the native knowledge to ensure the data service is streamlined, effective and delivered to any device. Retailers across the USA are looking for tools impacting their sustainability agenda. Agtools Inc., in partnership with UST Global’s established relationship with the retail industry, will allow retailers to have visibility of actionable data on an intuitive dashboard that will help them adjust their purchasing patterns to avoid waste and allow a reduced carbon footprint throughout the process. Elements such as currency swings, geopolitical patterns, sustainability calculator and more will impact not only on the profitability and reduction of food waste to retailers, but will impact positively their dialogue with farmer/shippers for true sustainability up and down the food chain.

“We are very excited to partner with AgTools and believe that this solution will bring substantial process improvement in fresh produce department and help buying team significantly,” said Subhodip Bandyopadhyay, General Manager, Emerging Digital Retail Technology, UST Global.

About Agtools, Inc.:

Agtools, Inc. (www.Ag.Tools) provides web-based solutions to help growers, processors, and distributors be more profitable throughout the food supply chain. Winner of the Microsoft Machine Learning and Artificial Intelligence award, AGTools is a customizable solution that is designed to provide information in real time. The data provided by AGTools is critical to decision making pre-, during and post-harvest season, based on present and/or historical market status. Agtools’ commitment is to help customers – growers, packers, shippers, exporters and importers worldwide – get a better value for their crops by maintaining excellent quality and reducing losses. Agtools is backed by a number of minority-certified companies and is actively pursuing minority certification itself.

To learn more about the company or register, visit: www.AG.Tools

About UST Global:

UST Global is a leading digital technology solutions company that provides advanced computing and digital services to large private and public enterprises around the world. Its clients include Fortune 500 companies in banking and financial services, insurance, healthcare, retail, manufacturing, shipping, technology, semi-conductor and telecom. UST Global believes in building long term, strategic business partnerships through client-centric global engagement models that combine local experts and resources with the cost, scale, and quality advantages of global operations. For more information, please visit: www.ust-global.com 

Media Contacts, UST Global:
Tinu Cherian Abraham
+91-7899045194
Neha Misri
+91-9284726602
media.relations@ust-global.com

Media Contacts, Agtools Inc:
Charles Harrison
Charles@ag.tools
+1(714) 272-0637

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SOURCE UST Global