SHANGHAI, June 3, 2021 /PRNewswire/ — With the theme of “Leading power digitalization for a zero-carbon and smart society”, Huawei Digital Power presents its Zero-carbon All-scenario solution at SNEC 2021, the world’s largest solar trade exhibition being held June 3-5 in Shanghai, China. As a trailblazer in the global solar PV industry, Huawei is doing its part to fuel PV to become the main energy source and to create a greener world.
One of the most eye-catching parts of this exhibition is Huawei FusionSolar All-scenario PV & Storage Solution, which was unveiled on June 3. It covers “4+1” scenarios: Smart PV Generator FusionSolar 8.0, Green Residential Power 2.0, Green C&I Power 1.0, and Off-grid (fuel removal) Power Supply Solutions + Energy Cloud, aiming to accelerate the shift to zero-carbon generation and bridge the energy divide. More details can be found at our website.
On top of the exhibition display, Huawei also hosts a two-day Huawei SNEC 2021 Global Virtual Summit, starting June 3, for customers and partners who cannot attend the exhibition in person. The online summit gives the audience a valuable chance to witness the new products launch, insightful expert interviews and highlights from the booth.
1. FusionSolar 8.0: Create A Future-proof Smart PV Generator
Disrupting the traditional structure, Huawei launched the future-proof smart PV generator, called FusionSolar 8.0. It offers customers two benefits: First, the smart PV generator promises improved grid stability; second, the world’s first “Gemini” ±1500V design can help to support larger sub-arrays, higher voltages, thus could reduce LCOE by 7%.
2. Green Residential Power 2.0: Start New Life in a Zero-carbon Home
The upgraded Green Residential Power 2.0 solution highlights the innovative “1+3+X”structure. With the Smart Energy Controller at the core, it is equipped with three key components— the optimizer, the smart string ESS and the Green Power Cloud to build the intelligent power ecosystem. The Green Residential Power 2.0 solution, focusing on smart power generation, storage and smart power consumption with multiple active safety features, can lower your energy bill and allow you to start a new zero-carbon life.
3. Green C&I Power 1.0: Let Green Power Empower All Industries
Huawei launched its new C&I solution this year, which fits for different application scenarios: solar only, storage only, solar + storage + charging and off-grid. With the application of optimizers and the smart string energy storage system, the solution can improve the energy yield by 30% and energy storage power by up to 15%. Huawei inverters support intelligent AFCI arc protection and automatically shut down within 0.5s, ensuring the active safety of systems.
4. Huawei’s Digital Power Zero-carbon All-scenario Solution: Lead the Power Digitalization for a Zero-carbon and Smart society
In addition to zero-carbon power generation, Huawei also displays the digital power zero-carbon all-scenario solution for the first time at SNEC. In the era of carbon neutrality, Huawei Digital Power business unit gives full play to its strengths in digital technology and power electronics and integrates the watt, thermal, energy storage, cloud, and AI technology, to accelerate the digitization of the energy industry and contribute to a zero-carbon smart society.
During the unfolding energy transition, renewables represented by solar PV will inevitably become the primary source of energy, and building a new power system with renewable energy as the main source is the key to achieve carbon neutrality. With profound expertise in the integration of digital technology and power electronics, Huawei works with customers and partners to promote the energy transition and build a zero-carbon and smart society.
About Huawei
Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We have more than 197,000 employees, and we operate in more than 170 countries and regions, serving more than three billion people around the world.
Our vision and mission is to bring digital to every person, home and organization for a fully connected, intelligent world. To this end, we will drive ubiquitous connectivity and promote equal access to networks; bring cloud and artificial intelligence to all four corners of the earth to provide superior computing power where you need it, when you need it; build digital platforms to help all industries and organizations become more agile, efficient, and dynamic; redefine user experience with AI, making it more personalized for people in all aspects of their life, whether they’re at home, in the office, or on the go. For more information, please visit Huawei online at www.huawei.com or follow us on:
SHANGHAI, June 3, 2021 /PRNewswire/ — Today, Huawei announced its Financial Partner Go Global Program (FPGGP) at the Huawei Intelligent Finance Summit 2021. FPGGP will collaborate with exciting new partners who wish to work with Huawei in the financial services industry. This global ecosystem will draw on their combined experience and expertise in technical innovation to drive digital transformation of finance. Together, they will develop industry-leading solutions, expand the global market, build the FinTech business ecosystem, create new value, and achieve shared business success.
Developing industry insights, improving services, and enabling collaboration
At the summit, Mr. Ma Yue, Executive Vice President of Enterprise BG and President of the Global Partner Development and Sales Dept, Huawei, said, “Consumer finance is developing towards full-scenario finance, which requires a cross-industry, full-scenario, and three-dimensional ecosystem After launching FPGGP, Huawei will work with global competent partners who are capable and willing to target international market expansion and establishing close partnerships to develop a strategy moving forward. Through our new partnerships, we will address digital transformation challenges, serve global financial customers, and create new value in the industry.”
FPGGP enables new efficiencies and shared benefits
The initial FPGGP has 25 members, including seven on the board of directors from Huawei, Sunline, Tongdun Technology, Netis, Wallyt, Sinosoft, and Chinasoft International. The program will focus on policies and regulations, application scenarios, technical architecture, operational support, as well as collaboration and promotion.
In addition, FPGGP members enjoy Huawei’s six core partner benefits, which include: sharing business opportunities, capacity improvement, marketing, brand growth, support in investment and financing, and operational guidance, promoting joint efforts and shared success among Huawei and partners. Member enterprises will be able to leverage each other’s insights, share resources, and collaborate closely to succeed together. Huawei will also host several activities related to financial digital transformation across China to discuss relevant trends and strategies to ‘go-global’ with the industry. Ambitious enterprises with an eye for international growth are welcome to join FPGGP.
Huawei alone cannot build the foundation of the digital world — and so, collaboration is critical. For digital transformation, companies need to work together to survive and grow. Huawei will create and share value with partners and customers. At the end of 2020, Huawei had worked with more than 30,000 partners in the enterprise market, but the company doesn’t want to stop there. Huawei continues to grow by nurturing, motivating and supporting new partners in what is a shared goal: creating new value together.
At the end of 2020, Huawei worked with over 2,000 financial institutions from more than 60 countries and regions, including 47 of the world’s top 100 banks.
SHANGHAI, June 3, 2021 /PRNewswire/ — Today, was the first day of the Huawei Intelligent Finance Summit 2021 held at Shanghai, with the theme “Accelerate Financial Digitization, New Value Together.” The two-day event attracted more than 3,000 global financial industry customers, partners, industry experts, and media. Huawei detailed how financial institutions can utilize technology to upgrade the industry and range of services on offer by constructing an ecosystem that is agile and intelligent, and ultimately transform themselves into digital-capable eco-enterprises. Huawei presented three strategic initiatives for their work in the financial sector: fully embracing cloud-native technology, diversifying and improving use cases within the industry and aggregating different SaaS products to help financial institutions become better digital enterprises.
The Financial Industry Needs to Adapt and Accelerate the Pace of Transformation
Peng Zhongyang, Member of the Board, President of the Enterprise Business Group, Huawei, in his opening speech made the point that as industries upgrade and converge, the financial services sector will transform to have their operations based on cloud through a more connected device ecosystem built for all scenarios. He added that Huawei is currently collaborating with its customers and partners to enable them to become more sustainable, resilient digital ecosystem-based enterprises, through the co-creation of technology, scenarios, and sustainability.
In the keynote speech on “Global Economic Recovery: Certainty and Uncertainty”, Dr. Fan Gang, Professor of Economics, Peking University; Vice President, China Society of Economic Reform, said, “The global pandemic is far from over. As the new engine of economic recovery, the most important component of the digital economy is not the production of digital equipment and digital technology itself, but the application of new information technology to transform various industries. Digital finance is the driving force of the development of the digital economy. It is therefore necessary to accelerate financial technology innovation, as FinTech will play a leading role in upgrading the digital transformation of thousands of industries.”
Cao Tong, President of HDFH and First President of WeBank; Hou Weirong, General Manager, Transaction Banking Department, China Merchants Bank; Chen Kunte Chief Digital Transformation Officer of Global Financial Services Business Unit, Enterprise BG, Huawei and Ye Tan, Well-Known Financial Critic joined the Panel: Intelligent Finance Transformation.
“The world is going through a digital revolution, which is closely related to finance and affects us all. Traditional banks are expanding their boundaries. I’m looking forward to the day when bankers and experts in technology can customize asset packages for users based on their age, wealth, and family structure.” Said by Ye Tan.
Huawei Announces Three Strategic Initiatives to Turn Financial Institutions intoBetter Digital Ecosystem-based Enterprises
Huawei announced three strategic initiatives it would develop in the financial sector to help financial institutions become better digital ecosystem-based enterprises. These included:
(1) Encouraging institutions to fully embrace cloud native, innovative technologies that provide optimal infrastructure to accelerate digital and intelligent convergence and create an agile platform.
(2) Deepening digitalization across all industry scenarios to enhance safe and secure data transfer, unlock the potential value of big data, and build out financial inclusion.
(3) Aggregating different SaaS products to build an open ecosystem for all scenarios, and enable scenario-based financial services.
Jason Cao, President of the Global Financial Services Business Enterprise BG, Huawei, said in his speech, “Huawei has been working with the global financial industry for 10 years and has become an important partner in digital transformation for the industry. Huawei will continue to work with this industry to drive cloud-native computing to ensure financial institutions benefit from a modern and dynamic digital ecosystem that can be continually updated and developed, making use of the latest innovations. Huawei’s ethos is to help financial institutions grow into better digital ecosystem-based enterprises and develop fully connected, intelligent, and ecosystem-based finance together”.
Shi Jilin, Vice President of HUAWEI CLOUD BU and President of Global Marketing and Sales Service, said in her keynote speech that the financial industry has always been at the forefront of digital transformation, and is at the stage of developing to digital finance, from a single scene to a multi-scenario.
She said, “Huawei and the financial industry grow together to build multi-purpose and intelligent FinTech solutions. We put forward four proposals: first, fully embrace cloudification, solve the core problems of enterprise cloud access, and guide digital transformation on the right path; second, full-scenario intelligent connection, create “finance+X ” to serve all kinds of industries; third, to carry out intelligence to the end, AI will enter the finance core production system and main business processes; fourth, build a financial ecosystem around scenarios and create an ecological financial industry. ”
Realizing New Value in the Financial Industry with Global Banking Customers to Build a New Financial Future Together
Various banking executives shared their stories and achievements of digital transformation of Chinese financial enterprises at the meeting today.
Huawei has been working closely with DBS Bank to enable their digital transformation to meet their evolving needs. In 2020, Huawei was awarded by DBS the 2020 Most Valuable Technology Partner Award from a selection of 64 other global technology vendors.
Tan Choon Boon, Head of Cloud Engineering and Services at DBS Singapore, said: “DBS has developed a strategy focusing on five key elements for digital transformation: driving comprehensive organizational change, including business success-oriented organizations; moving from ‘projects to platforms; taking onboard modern system design; building excellent agile teams; and moving towards complete automation. In the future, the two sides will continue to strengthen cooperation in cloud, artificial intelligence, and IoT. We have been working closely with Huawei to meet the bank’s evolving requirements and drive digital transformation.”
The financial industry varies greatly across regions around the world, there are still many people as well as small and medium-sized enterprises that cannot access basic financial services. Financial institutions in many countries have taken rapid steps to build digital platforms such as mobile wallets and mobile payments with partners such as Huawei. These platforms are used to build a super app ecosystem, such as Kenya NCBA, to help these financial institutions achieve significant progress in enhancing their service offerings. Added keynote1 to the customer’s speech.
During the summit, Sitoyo Lopokoiyit, CEO, M-PESA Africa said, “We’ve seen the power of M-PESA and mobile money in Africa in transforming how we can make an impact in terms into society .Today we have over 350,000 businesses and over 5 million micro SMEs that use our services. On the other side, we have 58 million customers who use our various products and services. At the core of this is our technology and partners such as Huawei play a key role in ensuring that our technology architecture addresses the needs of our business and customers.”
Huawei Launches the Financial Partner Go Global Program (FPGGP)
During the summit, Huawei announced the official launch of the Financial Partner Go Global Program (FPGGP). The company will work with partners in the financial services industry to leverage Huawei’s deep experience and technological innovation capabilities in financial digital transformation.
The initial FPGGP has 25 members, including seven on the board of directors from Huawei, Sunline, Tongdun Technology, Netis, Wallyt, Sinosoft, and Chinasoft International.
Huawei’s vision is to build a multi-purpose open ecosystem and enable global financial institutions to serve users in various industries. During the summit, Huawei explores additional cooperation agreements with financial institutions such as Temenos, and plans 15 joint solutions to be released covering a diverse set of use cases.
BEIJING, June 3, 2021 /PRNewswire/ — A news report by China.org.cn on Expert optimistic about China’s open-source capability, 28nm chip mass production.
China should devote more efforts to strengthening its open-source capability as it continues to expand its hardware industry, a top expert in computer science said on May 27.
Ni Guangnan, an academician of the Chinese Academy of Engineering, underscored the importance of staying at the forefront of the open-source competition at a keynote speech in Shenzhen, southern China’s Guangdong province, according to a report by cs.com.cn, a website run by the China Securities Journal.
Ni said the open-source software is more widely used in artificial intelligence, big data, cloud computing and other leading technologies and is gradually replacing traditional proprietary software. In recent years, the open-source designing, building, and customizing of hardware has also grown in popularity.
China is an open-source global leader in terms of the number of people working and contributing to the field, Ni noted. By 2019, there were 10.50 million open-source contributors worldwide, among which 3.8 million came from Asia, including 1.18 million Chinese contributors, accounting for 31% of Asia’s total.
Despite its large scale, China should also devote more efforts to strengthen its open-source capability, he said.
Those who stay at the forefront of open-source development are bound to become leaders in the next-generation IT development, Ni added.
In an interview earlier this month with weiot.net, a media outlet focused on the IoT industry, Ni also stressed the importance of staying at the forefront of the advanced chipmaking industry to catch up with other leading countries.
Ni said new technology breakthroughs in the 28 nanometer (nm) node and the more advanced 14nm process will raise morale in China’s semiconductor industry, and facilitate growth in cutting-edge sectors like new energy vehicles and artificial intelligence.
Considering cost and technical factors, the 28nm chip is regarded as the demarcation point between mature and advanced processes.
Ni said, once China’s 28nm chips are fully localized, many downstream application industries will be able to achieve self-sufficiency and use domestic chips. This will also meet the needs of most electronic products other than mobile phones.
He said looking at the current domestic chip industry, leading companies are devoted to research and development in each and every section, completely covering the entire industrial chain. As the technology rapidly develops, the domestic chip industry is now fully equipped to begin mass producing 28nm process chips.
SHENZHEN, China, June 2, 2021 /PRNewswire/ — Mindray (SZSE: 300760), a global leading developer and provider of medical devices and solutions, has announced the release of its latest general imaging diagnostic ultrasound system, Resona I9, to its suite of general imaging solutions. With innovations both inside and out, Resona I9 provides accurate and timely answers for clinicians, while delivering outstanding efficiency and a remarkable user experience.
Resona I9 was developed based on Mindray’s in-depth insights into complex clinical scenarios and is a state-of-the-art ultrasound system equipped with all the latest technologies. Delivering innovation in every facet, Resona I9 features a customizable control panel, foldable structure to a height of one-meter, extended battery life and super silent design — all of which help reduce fatigue to a minimum during scans. Mindray’s revolutionary ZST+ platform powers the system and elevates it to an unparalleled level in its class by delivering exceptional image quality for infinite imaging solutions.
“At Mindray, we are constantly striving to provide better healthcare solutions for clinicians. To do this, we need to deeply understand our customers, be inspired by their daily work, and harness these insights to deliver innovations that make a difference to their workflow. Resona I9 has evolved with the changing demands of diagnostic imaging and includes a suite of innovative features, all powered by our advanced ZST+ platform,” said He Xujin, General Manager of Mindray Imaging System Division.
Resona I9’s iConsole control panel features a breakthrough design and adaptive layout for different clinical scenarios. Its E-ink keys are customizable for functions that are most frequently used during scans, while the full-space floating control panel can be adjusted for better space utilization allowing Resona I9 to easily meet various scanning needs for patients. These revolutionary design elements enable new possibilities for ultrasound exams and improve workflow efficiency from the beginning.
The solution’s high frame-rate (HiFR) STE delivers consistent shear waves and precise tissue stiffness access to bring more sensitive motion detection for greater stability and accuracy during scans. Resona I9 is also equipped with Smart Breast and Smart Thyroid automatic standard lesion analysis, which shortens examination times for more effective scanning.
With its innovative features and unlimited scanning flexibility, Mindray’s Resona I9 provides clinicians with the comprehensive tools required for more precise diagnostic treatment – enabling enhanced diagnostic confidence for better patient care.
ROTTERDAM, June 02, 2021 (GLOBE NEWSWIRE) — The challenging year 2020 saw the blossoming of plant-based ingredient manufacturer Fooditive BV, a Dutch company set on revolutionising healthy eating. Through upcycling third – grade and side-streams of fruit and vegetables into 100% natural products, it has created one of the keys to a more sustainable future. It all started with a Jordanian man and his hate for waste and want for change.
Having experienced scarce availability of food during his childhood in Jordan, founder and food scientist Moayad Abushokhedim vowed to create healthy and affordable food for all.
Packed with a strong food science and business background, he developed his own unique process of creating affordable plant-based ingredients, simply using the science of fermentation.
In recognition of his drive for success in the food and beverage industry, Abushokhedim was named as one of the Food100 2020, an award that celebrates changemakers who are working towards transitioning to a sustainable food system.
“For a Jordanian guy like me, who cannot believe he is living his dream of changing the world, receiving this award made me realise that if you can dream it, you can achieve it. And it reminded me that I am not alone in this endeavour because there are so many others in the world who believe in making a difference,” said Moayad Abushokhedim.
Moayad Abushokhedim
Food Scientist and Founder of Fooditive Group
Fooditive’s first product, the game-changing zero-calorie sweetener made from apples and pears, was only just the beginning. Since launching the sweetener, the company has expanded its range of creative products, including a thickening agent made from banana skins, a carrot-based preservative, and an emulsifier made from potato extracts.
The innovation behind Fooditive’s products and its dedication to delivering what consumers deserve have led to the company being nominated for the Foodvalley Champions 2020 award in the category Food & Health. The new collaboration with Frutco AG in Switzerland, which will use Fooditive’s unique continuous fermentation process to produce a sweetener from banana side-streams, is the company’s latest step towards making the world greener and more sustainable.
As pioneers of healthy eating, Fooditive’s actions have also a-peel-ed to Gary Clarke, former general manager of Mars International Travel Retail. With more than 20 years of consumer packaged goods experience, Clarke felt that “as a next step, joining Fooditive as a partner seemed like such an obvious thing to do.”
“When I learned about Fooditive’s approach to developing a circular economy and producing foods that are better for you, I really thought they were leading the charge to evolve the food industry. I believe that Fooditive really can drive the industry to a new future for food. One that is not only good for people but also good for the planet, and should we be able to scale this idea then the difference can be enormous”, added Clarke.
Fooditive is currently funding up to €6.5M for the year of 2021 to revolutionize the plant-based food business and create healthy and affordable food for everyone.
Later this year, the company will share its exciting new products, a healthy fat replacer from avocado seeds and a vegan milk formation from peas, so be sure to keep an eye out for Fooditive.
Now that it is backed by even more committed partners and equipped with un-pear-alleled competitively priced ingredients, the Fooditive fever is catching on and inspiring others along the way to think more about what they eat.
About Fooditive BV
In 2018, the plant-based ingredient manufacturer Fooditive BV was established in Rotterdam, the Netherlands. The company is committed to making healthy food available for all with its 100% natural ingredients. Since its launch, Fooditive has received several awards for its innovative ideas, sustainable approaches, and contributions to a circular economy, including being nominated for the Index Award 2021.
Photos accompanying this announcement are available at
NEW YORK, June 02, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a ten-acre development site, which includes plans to develop a second 250-unit multifamily tower. The portfolio is part of Metropica, a four million-square-foot master planned community comprised of luxury residences, modern office towers and high-end retail offerings located in Sunrise, Florida.
Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date. Madison’s loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the adjacent 250-unit second condominium tower. In addition to the first tower, the Metropica master planned development will include 500 multifamily units, 550,000 square feet of commercial space for luxury retail, dining and entertainment destinations as well as 246 hotel keys.
“We are pleased to deliver a customized and flexible financing solution for the remaining condo inventory in the Metropica Development,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Madison’s ability to finance residential projects through every stage of development was highly attractive to Metropica, an experienced local development firm, and we look forward to working with Joseph and his team to support this unique and ambitious project.”
Located at 2000 Metropica Way, adjacent to the Sawgrass Mills shopping mall and BB&T Center, the 28-story Metropica Tower offers luxury residences with an average of 1,034 square feet, top-of-the-line finishes and high-concept designs from Oppenheim Architecture and YOO Studio. The tower’s resort-style amenities consist of a saltwater swimming pool, lounges, movie theater, fitness center, massage and yoga centers, and a children’s playroom.
Melissa Rose of JLL Capital Markets arranged the financing from Madison Realty Capital.
About Madison Realty Capital
Madison Realty Capital is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $14 billion of transactions in the multifamily, retail, office, industrial and hotel sectors nationwide. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
Firstquarter total revenue of $956.2 million, up 191% year over year
Number of customers contributing more than $100,000 in TTM revenue up 160% year over year
Approximately 497,000 customers with more than 10 employees, up 87% year over year
SAN JOSE, Calif., June 01, 2021 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM) today announced financial results for the first fiscal quarter ended April 30, 2021.
“We kicked off the fiscal year with a very strong first quarter, posting 191% total year-over-year revenue growth combined with strong profitability and cash flow. Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results. With this solid start, we are pleased to raise our total guidance range to $3.975 billion to $3.990 billion for the full fiscal year,” said Zoom founder and CEO, Eric S. Yuan. “We have also opened our technology portfolio to developers through our powerful video SDK and to businesses to expand their reach through Zoom Events. Work is no longer a place, it’s a space where Zoom serves to empower your teams to connect and bring their best ideas to life. We are energized to help lead the evolution to hybrid work that allows greater flexibility, productivity, and happiness to both in-person and virtual connections.”
First Quarter Fiscal Year 2022 Financial Highlights:
Revenue: Total revenue for the first quarter was $956.2 million, up 191% year over year.
Income from Operations and Operating Margin: GAAP income from operations for the first quarter was $226.3 million, up from $23.4 million in the first quarter of fiscal year 2021. After adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, and litigation settlements, net, non-GAAP income from operations for the first quarter was $400.9 million, up from $54.6 million in the first quarter of fiscal year 2021. For the first quarter, GAAP operating margin was 23.7% and non-GAAP operating margin was 41.9%.
Net Income and Net Income Per Share: GAAP net income attributable to common stockholders for the first quarter was $227.4 million, or $0.74 per share, up from $27.0 million, or $0.09 per share in the first quarter of fiscal year 2021.
Non-GAAP net income for the quarter was $402.1 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, litigation settlements, net, and undistributed earnings attributable to participating securities. Non-GAAP net income per share was $1.32. In the first quarter of fiscal year 2021, non-GAAP net income was $58.3 million, or $0.20 per share.
Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of April 30, 2021 was $4.7 billion.
Cash Flow: Net cash provided by operating activities was $533.3 million for the first quarter, compared to $259.0 million in the first quarter of fiscal year 2021. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $454.2 million, compared to $251.7 million in the first quarter of fiscal year 2021.
Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the first quarter of fiscal year 2022, Zoom had:
Approximately 497,000 customers with more than 10 employees, up approximately 87% from the same quarter last fiscal year.
1,999 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 160% from the same quarter last fiscal year.
A trailing 12-month net dollar expansion rate in customers with more than 10 employees above 130% for the 12th consecutive quarter.
Financial Outlook: Zoom is providing the following guidance for its second quarter fiscal year 2022 and its full fiscal year 2022.
Second Quarter Fiscal Year 2022: Total revenue is expected to be between $985.0 million and $990.0 million and non-GAAP income from operations is expected to be between $355.0 million and $360.0 million. Non-GAAP diluted EPS is expected to be between $1.14 and $1.15 with approximately 311 million non-GAAP weighted average shares outstanding.
Full Fiscal Year 2022: Total revenue is expected to be between $3.975 billion and $3.990 billion. Non-GAAP income from operations is expected to be between $1.425 billion and $1.440 billion. Non-GAAP diluted EPS is expected to be between $4.56 and $4.61 with approximately 311 million non-GAAP weighted average shares outstanding.
Additional information on Zoom’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom’s results computed in accordance with GAAP.
A supplemental financial presentation and other information can be accessed through Zoom’s investor relations website at investors.zoom.us.
Zoom Video Earnings Call
Zoom will host a Zoom Video Webinar for investors on June 1, 2021 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company’s financial results and business highlights. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/
About Zoom
Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for large enterprises, small businesses, and individuals alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.
Forward-Looking Statements
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the second quarter of fiscal year 2022 and full fiscal year 2022, Zoom’s growth strategy and business aspirations to lead the evolution to hybrid work. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers and hosts, renewals or upgrades, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, continued uncertainty regarding the extent and duration of the impact of COVID-19 and the responses of government and private industry thereto, including the potential effect on our user growth rate once the impact of the COVID-19 pandemic tapers, particularly as a vaccine becomes widely available, and users return to work or school or are otherwise no longer subject to shelter-in-place mandates, as well as the impact of COVID-19 on the overall economic environment, any or all of which will have an impact on demand for remote work solutions for businesses as well as overall distributed, face-to-face interactions and collaboration using Zoom, delays or outages in services from our co-located data centers, and failures in internet infrastructure or interference with broadband access which could cause current or potential users to believe that our systems are unreliable. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our annual report on Form 10-K for the fiscal year ended January 31, 2021. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.
Non-GAAP Financial Measures
Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Non-GAAP Income From Operations and Non-GAAP Operating Margins. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition-related expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense and expenses related to charitable donation of common stock because they are non-cash in nature and excluding these expenses provides meaningful supplemental information regarding Zoom’s operational performance and allows investors the ability to make more meaningful comparisons between Zoom’s operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom’s operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In particular, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses and assist in the comparison with the results of other companies in the industry.
Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income and non-GAAP net income per share, basic and diluted, as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, basic and diluted, respectively, adjusted to exclude stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition-related expenses, litigation settlements, net, and undistributed earnings attributable to participating securities. Zoom excludes undistributed earnings attributable to participating securities because they are considered by management to be outside of Zoom’s core operating results, and excluding them provides investors and management with greater visibility to the underlying performance of Zoom’s business operations, facilitates comparison of its results with other periods and may also facilitate comparison with the results of other companies in the industry.
In order to calculate non-GAAP net income per share, basic and diluted, Zoom uses a non-GAAP weighted-average share count. Zoom defines non-GAAP weighted-average shares used to compute non-GAAP net income per share, basic and diluted, as GAAP weighted average shares used to compute net income per share attributable to common stockholders, basic and diluted, adjusted to reflect the common stock issued in connection with the IPO, including the concurrent private placement, that are outstanding as of the end of the period as if they were outstanding as of the beginning of the period for comparability.
Free Cash Flow. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business.
Customer Metrics
Zoom defines a customer as a separate and distinct buying entity, which can be a single paid host or an organization of any size (including a distinct unit of an organization) that has multiple paid hosts.
Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue (“ARR”) from all customers with more than 10 employees as of 12 months prior (“Prior Period ARR”). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. We then calculate the ARR from these customers as of the current period end (“Current Period ARR”), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months.
Press Relations
Colleen Rodriguez
Global Public Relations Lead for Zoom press@zoom.us
Zoom Video Communications, Inc. Condensed Consolidated Balance Sheets (Unaudited, in thousands)
As of
April 30, 2021
January 31, 2021
Assets
Current assets:
Cash and cash equivalents
$
1,557,270
$
2,240,303
Marketable securities
3,132,309
2,004,410
Accounts receivable, net
366,346
294,703
Deferred contract acquisition costs, current
148,645
136,630
Prepaid expenses and other current assets
136,326
116,819
Total current assets
5,340,896
4,792,865
Deferred contract acquisition costs, noncurrent
155,295
157,262
Property and equipment, net
192,410
149,924
Operating lease right-of-use assets
93,780
97,649
Goodwill
24,340
24,340
Other assets, noncurrent
81,890
75,953
Total assets
$
5,888,611
$
5,297,993
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
8,324
$
8,664
Accrued expenses and other current liabilities
450,678
393,018
Deferred revenue, current
1,069,334
858,284
Total current liabilities
1,528,336
1,259,966
Deferred revenue, noncurrent
25,089
25,211
Operating lease liabilities, noncurrent
86,433
90,415
Other liabilities, noncurrent
56,020
61,634
Total liabilities
1,695,878
1,437,226
Stockholders’ equity:
Preferred stock
—
—
Common stock
293
292
Additional paid-in capital
3,292,241
3,187,168
Accumulated other comprehensive income
200
839
Retained earnings
899,999
672,468
Total stockholders’ equity
4,192,733
3,860,767
Total liabilities and stockholders’ equity
$
5,888,611
$
5,297,993
Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $28.8 million and $24.6 million as of April 30, 2021 and January 31, 2021, respectively.
Zoom Video Communications, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except share and per share amounts)
Three Months Ended April 30,
2021
2020
Revenue
$
956,237
$
328,167
Cost of revenue
264,994
103,707
Gross profit
691,243
224,460
Operating expenses:
Research and development
65,175
26,389
Sales and marketing
245,667
121,556
General and administrative
154,089
53,130
Total operating expenses
464,931
201,075
Income from operations
226,312
23,385
Interest income and other, net
2,619
5,790
Income before provision for income taxes
228,931
29,175
Provision for income taxes
1,400
2,100
Net income
227,531
27,075
Undistributed earnings attributable to participating securities
(148
)
(39
)
Net income attributable to common stockholders
$
227,383
$
27,036
Net income per share attributable to common stockholders:
Basic
$
0.77
$
0.10
Diluted
$
0.74
$
0.09
Weighted-average shares used in computing net income per share attributable to common stockholders:
Basic
293,794,778
279,891,111
Diluted
305,412,419
295,184,958
Zoom Video Communications, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands)
Three Months Ended April 30,
2021
2020
Cash flows from operating activities:
Net income
$
227,531
$
27,075
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense
98,969
28,777
Amortization of deferred contract acquisition costs
37,766
16,287
Charitable donation of common stock
—
1,000
Provision for accounts receivable allowances
4,055
3,868
Depreciation and amortization
10,663
5,339
Non-cash operating lease cost
4,274
2,248
Other
5,866
(1,421
)
Changes in operating assets and liabilities:
Accounts receivable
(75,665
)
(142,501
)
Prepaid expenses and other assets
(29,975
)
(49,080
)
Deferred contract acquisition costs
(47,813
)
(124,854
)
Accounts payable
1,592
1,756
Accrued expenses and other liabilities
88,656
167,322
Deferred revenue
210,896
322,862
Operating lease liabilities, net
(3,513
)
287
Net cash provided by operating activities
533,302
258,965
Cash flows from investing activities:
Purchases of marketable securities
(1,425,451
)
(207,546
)
Maturities of marketable securities
291,047
137,014
Sales of marketable securities
—
26,613
Purchases of property and equipment
(79,074
)
(7,272
)
Purchase of equity investment
—
(8,000
)
Purchase of convertible promissory note
(6,500
)
(5,000
)
Purchase of intangible assets
—
(162
)
Other
—
1,319
Net cash used in investing activities
(1,219,978
)
(63,034
)
Cash flows from financing activities:
Proceeds from employee equity transactions (remitted) to be remitted to employees and tax authorities, net
(9,984
)
218,540
Proceeds from exercise of stock options
3,368
9,586
Other
337
—
Net cash (used in) provided by financing activities
(6,279
)
228,126
Net (decrease) increase in cash, cash equivalents, and restricted cash
(692,955
)
424,057
Cash, cash equivalents, and restricted cash – beginning of period
2,293,116
334,082
Cash, cash equivalents, and restricted cash – end of period
$
1,600,161
$
758,139
Zoom Video Communications, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in thousands, except share and per share amounts)
Three Months Ended April 30,
2021
2020
GAAP income from operations
$
226,312
$
23,385
Add:
Stock-based compensation expense and related payroll taxes
104,375
30,246
Litigation settlements, net
66,916
—
Acquisition-related expenses
3,284
—
Charitable donation of common stock
—
1,000
Non-GAAP income from operations
$
400,887
$
54,631
GAAP net income attributable to common stockholders
$
227,383
$
27,036
Add:
Stock-based compensation expense and related payroll taxes
104,375
30,246
Litigation settlements, net
66,916
—
Acquisition-related expenses
3,284
—
Charitable donation of common stock
—
1,000
Undistributed earnings attributable to participating securities
148
39
Non-GAAP net income
$
402,106
$
58,321
Net income per share – basic and diluted:
GAAP net income per share – basic
$
0.77
$
0.10
Non-GAAP net income per share – basic
$
1.37
$
0.21
GAAP net income per share – diluted
$
0.74
$
0.09
Non-GAAP net income per share – diluted
$
1.32
$
0.20
GAAP and non-GAAP weighted-average shares used to compute net income per share – basic
293,794,778
279,891,111
GAAP and non-GAAP weighted-average shares used to compute net income per share – diluted
305,412,419
295,184,958
Net cash provided by operating activities
$
533,302
$
258,965
Less:
Purchases of property and equipment
(79,074
)
(7,272
)
Free cash flow (non-GAAP)
$
454,228
$
251,693
Net cash used in investing activities
$
(1,219,978
)
$
(63,034
)
Net cash (used in) provided by financing activities
London, UK, June 01, 2021 (GLOBE NEWSWIRE) — 2020 has been a year like no other in the world’s recent history. The COVID-19 pandemic has impacted the health and well-being of a global community, and, in doing so, has necessitated shifts in the way the world conducts business, engages with colleagues, and, at a personal level, connects with family and friends. The continued dedication and service of healthcare providers globally, despite the new demands placed on them as a result of the pandemic, cannot be overstated.
SNOMED International’s 2020 Annual Report, “A new chapter powered by a global coalition,” demonstrates the vast breadth of progress made possible by the will of a growing and committed community. The start of the year was marked by the delivery of necessary COVID-19 terminology to equip healthcare systems globally in their management of the pandemic, an activity which continued steadily throughout the year. Further, 2020 marked the first year of a new five-year strategy, the focus of which tackled many imperatives for the organization’s product and services enhancement and innovation.
The organization continued to strengthen its connections with Members through refreshed statements of the value SNOMED CT delivers to its complement of stakeholders, further underlining the case for investment in SNOMED CT — a product uniquely positioned to support innovation in medicine with artificial intelligence and personalized medicine playing an increasingly prevalent role in safe and informed care delivery.
As SNOMED International continues to satisfy the mission and vision that guide its new strategy, the organization is energized by the desire for innovation and commitment to excellence observed from Members, governance bodies and the SNOMED CT Community of Practice.
SNOMED International is proud of its collective achievements in 2020 and looks forward to sharing them with the global SNOMED CT community. Read SNOMED International’s 2020 Annual Report and contact info@snomed.org with inquiries.
About SNOMED International
SNOMED International is a not-for-profit organization that owns and develops SNOMED CT, the world’s most comprehensive healthcare terminology product. We play an essential role in improving the health of humankind by determining standards for a codified language that represents groups of clinical terms. This enables healthcare information to be exchanged globally for the benefit of patients and other stakeholders. A Member oriented organization, we are committed to the rigorous evolution of our products and services, to deliver continuous innovation for the global healthcare community. SNOMED International is the trading name of the International Health Terminology Standards Development
NEW YORK, June 01, 2021 (GLOBE NEWSWIRE) — via InvestorWire — BAND Royalty today announces its placement in an editorial published by NetworkNewsWire (“NNW”), one of 50+ trusted brands within the InvestorBrandNetwork (“IBN”), a multifaceted financial news and publishing company for private and public entities.
To view the full publication, “NFTs Flipping the Script, Bringing Value Back to Music Artists,” please visit: https://nnw.fm/dvON4
Currently retail investors can only get exposure to the music industry by buying stock in a public music label, investing in funds that buy/sell music royalties, or via websites that auction royalty rights, often well into the six-figure dollar range. In what many perceive as a ground-floor opportunity, BAND Royalty is changing the landscape and making it accessible for retail investors to participate by owning NFTs.
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About BAND Royalty
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NOTE TO INVESTORS: The latest news and updates relating to BAND are available in the company’s newsroom at https://ibn.fm/BAND
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness.
NNW is where news, content and information converge.
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Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
![Ni Guangnan, an academician of the Chinese Academy of Engineering, talks about open-source chips at a forum during the 6th World Internet Conference in Wuzhen, Zhejiang province, on Oct. 21, 2019. [Photo/VCG]](https://mma.prnewswire.com/media/1525050/Ni_Guangnan.jpg "Ni Guangnan, an academician of the Chinese Academy of Engineering, talks about open-source chips at a forum during the 6th World Internet Conference in Wuzhen, Zhejiang province, on Oct. 21, 2019. [Photo/VCG]")
