Acorn International’s Shareholders Approve Going Private Transaction

January 22, 2021 TechENT Syndication Leave a comment

SHANGHAI, Jan. 22, 2021 — Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company"), a leading marketing and branding company in China, today announced that at an extraordinary general meeting of shareholders (the "EGM") held today, the Company’s shareholders voted in favor of, among other things, the proposal to authorize and approve the previously announced agreement and plan of merger (the "Merger Agreement") with First Ostia Port Ltd., a Cayman Islands exempted company ("Parent"), and Second Actium Coin Ltd., a Cayman Islands exempted company and a wholly-owned subsidiary of Parent ("Merger Sub"), the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands (the "Plan of Merger") in connection with the Merger; and the consummation of the transactions contemplated by the Merger Agreement and the Plan of Merger, including the Merger (collectively, the "Transactions").

Approximately 98% of the voting rights of the shares voting in person or by proxy were voted in favor of the proposal to authorize and approve the Merger Agreement, Plan of Merger and the Transactions contemplated by the Merger Agreement, including the merger. A two-thirds majority of the voting power represented by the shares of the Company present and voting in person or by proxy at the EGM was required for approving the merger.

The parties currently expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. Upon completion of the merger, the Company will become a privately held company and its American depositary shares will no longer be listed on the New York Stock Exchange.

About Acorn International, Inc.

Acorn International is a leading marketing and branding company in China, leveraging a twenty-year direct marketing history to monetize brand IP, content creation and distribution, and product sales, through digital media in China. For more information visit www.acorninternationalgroup.com.

Safe Harbor Statement

This news release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," "would," "potential," "proposal" and similar statements. Such statements are based on current expectations and current economic, market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond control, including whether certain conditions precedent to the Merger will be satisfied, which (if they are not) would mean the Merger may not close, and may cause actual results, performance, actions, or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

Investor Contacts:

Acorn International, Inc.	Compass Investor Relations
Mr. Jacob A. Fisch	Ms. Elaine Ketchmere, CFA
Phone +86-21-5151-8888	Phone: +1-310-528-3031
Email: ir@chinadrtv.com	Email: Eketchmere@compass-ir.com
www.acorninternationalgroup.com	www.compassinvestorrelations.com

Related Links :

http://www.acorninternationalgroup.com

PR Newswire

SoftBank Ventures Asia-backed Global Localization Service Iyuno Media Group Acquires SDI Media

January 22, 2021 TechENT Syndication Leave a comment

Creating the Media and Entertainment Industry’s Most Comprehensive Global Localization Services Company

LOS ANGELES, Jan. 22, 2021 — Iyuno Media Group, a market leader in localization services to the media and entertainment industry, announced today that it has entered into an agreement with Imagica Group Inc. to acquire 100% of SDI Media. This transaction, which is subject to review and approval from relevant authorities, brings together two companies with the shared mission of supporting, innovating and leading the art of global storytelling. Terms of the transaction were not disclosed.

Iyuno was supported in this transaction by SoftBank Ventures Asia (SBVA), Altor and Shamrock Capital, its primary financial partners. Iyuno counts SBVA – Iyuno’s first institutional investor – as one of its key backers.

Consumer spending on content is predicted to double from 2019 to 2024; this explosive growth brings with it a parallel increase in demand for high quality localized content.

“As two of the leading media and entertainment localization service providers in the world, together we will provide an unprecedented solution to the market,” said David Lee, Executive Chairman, Iyuno Media Group. “Both companies are perceived as leaders of quality services, global coverage and innovation. By combining the two, our goal is to effectively support the rapidly growing need from media businesses around the world – not only by offering scale, global coverage and end-to-end capabilities across our worldwide operations – but also by utilizing state-of-the-art technologies such as AI to bring true best-in-breed support for the industry.”

“We are excited to join Iyuno and become part of the industry’s leading localization services company,” said Mark Howorth, Chief Executive Officer, SDI Media. “We believe that the increasing global content distribution needs of the industry can only be served by a complementary service provider that can scale with them in support of their needs.”

JP Lee, CEO and Managing Partner of SoftBank Ventures Asia said, “Iyuno has become a significant market leader through this historical merger with SDI. As Iyuno’s first investor and partner, we have closely supported the company to grow to be a leading global player in the media localization space. We are pleased to see this exciting momentum in the expansion of Iyuno Media Group.”

ABOUT IYUNO MEDIA GROUP

Iyuno Media Group (www.iyunomg.com) is a market leader in media localization with leading-edge technology providing dubbing, subtitling and media engineering services in over 80 languages. An innovative trailblazer with grounded core values in an ever-changing industry, Iyuno Media Group uses its sophisticated in-house technology for all of its product and service offerings. Today, the company operates 35 local facilities globally, spanning a network of fully owned sites across 30 countries in Europe, Asia and The Americas – offering end-to-end solutions for broadcasters, all major film studios, OTT and streaming platforms.

ABOUT SDI MEDIA

SDI Media (www.sdimedia.com) is one of the world’s leading media localization providers offering dubbing, subtitling and media services to content owners, broadcasters and multi-platform distributors. SDI Media offers a complete end-to-end localization solution for theatrical releases and episodic series, using one of the most comprehensive suites of customizable localization software applications in the industry. Its network of 33 owned and operated dubbing facilities in Asia, EMEA and the Americas boast over 150 recording rooms and 85 mixing rooms globally.

ABOUT SOFTBANK VENTURES ASIA

Founded in 2000, SoftBank Ventures Asia is the early-stage venture capital arm of the SoftBank Group. Our expertise lies in ICT investments including AI, IoT, and smart robotics. We look for early to growth-stage startups that have strong business potential in the global market and assist them to be plugged into the SoftBank ecosystem by facilitating side-by-side growth. SoftBank Ventures Asia currently operates $1.3B under management, investing in innovative technology startups across the world.

Related Links :

http://www.softbank.co.kr/en2/

PR Newswire

New Oriental Announces FY2021 Second Quarter and Interim Financial Results (Ended November 30, 2020)

January 22, 2021 TechENT Syndication Leave a comment

Quarterly Net Revenues Increased by 13.1% Year-Over-Year

Quarterly Student Enrollments Increased by 10.4% Year-Over-Year

BEIJING, Jan. 22, 2021 — New Oriental Education & Technology Group Inc. (the "Company" or "New Oriental") (NYSE: EDU and SEHK: 9901), the largest provider of private educational services in China, today announced its unaudited financial results for the second fiscal quarter ended November 30, 2020, which is the second quarter of New Oriental’s fiscal year 2021.

Financial Highlights for the Second Fiscal Quarter Ended November 30, 2020

Total net revenues increased by 13.1% year-over-year to US$887.7 million for the second fiscal quarter of 2021.
Operating loss was US$32.1 million for the second fiscal quarter of 2021, compared to an income of US$25.3 million in the same period of the prior fiscal year.
Net income attributable to New Oriental was US$53.9 million, represented an increase of 0.9% in the same period of the prior fiscal year.

Key Financial Results

(in thousands US$, except per ADS⁽¹⁾ data)	2Q FY2021	2Q FY2020	% of change
Net revenues	887,689	785,211	13.1%
Operating (loss) / income	(32,147)	25,299	–
Non-GAAP operating (loss) / income ⁽²⁾⁽³⁾	(13,667)	36,514	–
Net income attributable to New Oriental	53,902	53,437	0.9%
Non-GAAP net income attributable to New Oriental ⁽²⁾⁽³⁾	69,140	56,987	21.3%
Net income per ADS attributable to New Oriental – basic	0.33	0.34	-0.9%
Net income per ADS attributable to New Oriental – diluted	0.33	0.34	-0.7%
Non-GAAP net income per ADS attributable to New Oriental – basic⁽³⁾⁽⁴⁾	0.43	0.36	19.1%
Non-GAAP net income per ADS attributable to New Oriental – diluted⁽³⁾⁽⁴⁾	0.43	0.36	19.4%

(in thousands US$, except per ADS⁽¹⁾ data)	1H FY2021	1H FY2020	% of change
Net revenues	1,874,055	1,856,988	0.9%
Operating income	118,158	271,495	-56.5%
Non-GAAP operating income ⁽²⁾⁽³⁾	152,471	293,730	-48.1%
Net income attributable to New Oriental	228,554	262,427	-12.9%
Non-GAAP net income attributable to New Oriental ⁽²⁾⁽³⁾	253,666	287,149	-11.7%
Net income per ADS attributable to New Oriental – basic	1.43	1.66	-13.9%
Net income per ADS attributable to New Oriental – diluted	1.42	1.65	-13.6%
Non-GAAP net income per ADS attributable to New Oriental – basic⁽³⁾⁽⁴⁾	1.58	1.81	-12.6%
Non-GAAP net income per ADS attributable to New Oriental – diluted⁽³⁾⁽⁴⁾	1.58	1.80	-12.4%

(1) Each ADS represents one common share. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

(2) GAAP represents Generally Accepted Accounting Principles in the United States of America.

(3) New Oriental provides net income attributable to New Oriental, operating income / (loss) and net income
per ADS attributable to New Oriental on a non-GAAP basis that excludes share-based compensation
expenses and loss from fair value change of long-term investments to provide supplemental information
regarding its operating performance. For more information on these non-GAAP financial measures,
please see the section captioned "About Non-GAAP Financial Measures" and the tables captioned
"Reconciliations of Non-GAAP Measures to the Most Comparable GAAP Measures" set forth at the end
of this release.

(4) The Non-GAAP net income per ADS attributable to New Oriental is computed using Non-GAAP net
income attributable to New Oriental and the same number of shares and ADSs used in GAAP basic and
diluted EPS calculation.

Operating Highlights for the Second Fiscal Quarter Ended November 30, 2020

Total student enrollments in academic subjects tutoring and test preparation courses increased by 10.4% year-over-year to approximately 4,183,100 for the second fiscal quarter of 2021.
The total number of schools and learning centers was 1,518 as of November 30, 2020, an increase of 214 compared to 1,304 as of November 30, 2019, and an increase of 46 compared to 1,472 as of August 31, 2020. The total number of schools was 117 as of November 30, 2020.

Michael Yu, New Oriental’s Executive Chairman, commented, "We are pleased to see the recovery of businesses for the autumn semester after the resumption of schools and learning centers since the end of September 2020. As the pandemic situation in China has been stabilized and effectively controlled during the quarter, our businesses in most of the cities resumed and managed to deliver encouraging results. Net revenue for the second quarter was in line with our expectation, up 13.1% year over year. Our key growth driver, K-12 all-subjects after-school tutoring business, achieved year-over-year revenue growth of approximately 26%. U-Can middle and high school all-subjects after-school tutoring business grew by approximately 27%, while our POP Kids program recorded a growth of approximately 24%. Overseas related businesses are still under pressure due to the uncertainty of the pandemic situation and travel restrictions around the globe. The overseas test preparation business declined by approximately 29%, yet the overseas consulting and study tour business increased by 6%, respectively. Looking ahead, we believe our business are in good recovery progress and will gradually pickup the momentum in the coming quarters. As one of the market leaders in China, we are confident that our exceptional products and services, as well as our constantly enhanced learning experience would enable us to capture more market share and deliver long-term value for our shareholders."

Chenggang Zhou, New Oriental’s Chief Executive Officer, added, "We expect the industry will undergo a wave of market consolidation once the pandemic fades away. We remain committed to ramp up our expansion effort to get prepared for further taking market share from other players post-COVID. During this quarter, we opened five new offline training schools in new cities. The total square meters of classroom area by the end of this quarter increased approximately 21% year-over-year, and 4% quarter-over-quarter. Student enrollments for K-12 after-school tutoring business during the quarter increase by 15% year-over-year. At the same time, we continued to execute our OMO (online merging offline) strategy, which enables our services to virtually reach a broader pool of students in existing cities and the surrounding satellite cities. In the autumn semester, we piloted the OMO online courses in vast majority existing cities and around 20 new surrounding satellite cities, attracting a promising number of new customers, accompanied by satisfactory student retention with low customer acquisition cost. We believe these OMO initiatives, featured with localized and differentiating content, will effectively boost enrollments and revenue with low customer acquisition cost and enable us to capture more market opportunity and improve our overall profitability over the long term. Last but not least, our pure online education platform, Koolearn.com has also invested more resources in upgrading their APP and online platforms, enhancing students’ overall in-class learning experience and the teacher training system."

Stephen Zhihui Yang, New Oriental’s Executive President and Chief Financial Officer, commented, "With the gradual recovery of our topline, our margins trended better. Our Non-GAAP operating margin for the quarter was negative 1.5%, down 620 basis points year-over-year, represented a smaller year-over-year decline comparing with the previous quarter. Non-GAAP net margin for the quarter was 7.8%, up 50 basis points year-over-year. We will continue to make efforts on cost control and reducing expenditures during pandemics period and be cautious in making investment in our OMO initiatives and pure online education platform to keep balancing the growth and profitability. We are confident in a better margin recovery when the pandemic is over. "

Financial Results for the Second Fiscal Quarter Ended November 30, 2020

Net Revenues

For the second fiscal quarter of 2021, New Oriental reported net revenues of US$887.7 million, representing a 13.1% increase year-over-year. Net revenues from educational programs and services for the second fiscal quarter were US$833.0 million, representing a 15.2% increase year-over-year. The growth was mainly driven by increases in student enrollments in K-12 after-school tutoring courses.

Total student enrollments in academic subjects tutoring and test preparation courses in the second fiscal quarter of 2021 increased by 10.4% year-over-year to approximately 4,183,100.

Operating Costs and Expenses

Operating costs and expenses for the quarter were US$919.8 million, representing a 21.0% increase year-over-year. Non-GAAP operating costs and expenses for the quarter, which exclude share-based compensation expenses, were US$901.4 million, representing a 20.4% increase year-over-year.

Cost of revenues increased by 26.4% year-over-year to US$453.7 million, primarily due to increases in teachers’ compensation for more teaching hours and higher rental costs for the increased number of schools and learning centers in operation.
Selling and marketing expenses increased by 23.9% year-over-year to US$133.6 million, primarily due to the addition of a number of customer service representatives and marketing staffs with the aim of capturing the new market opportunity during the COVID-19 period, especially for new initiatives in K-12 tutoring on our pure online education platform, Koolearn.com.
General and administrative expenses for the quarter increased by 13.5% year-over-year to US$332.6 million. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, were US$319.8 million, representing a 13.4% increase year-over-year.

Total share-based compensation expenses, which were allocated to related operating costs and expenses, increased by 64.8% to US$18.5 million in the second fiscal quarter of 2021.

Operating Loss / Income and Operating Margin

Operating loss for the quarter was US$32.1 million, compared to an income of US$25.3 million in the same period of the prior fiscal year. Non-GAAP loss from operations for the quarter was US$13.7 million, compared to an income of US$36.5 million in the same period of the prior fiscal year.

Operating margin for the quarter was negative 3.6%, compared to 3.2% in the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses, for the quarter was negative 1.5%, compared to 4.7% in the same period of the prior fiscal year.

Net Income and EPS

Net income attributable to New Oriental for the quarter was US$53.9 million, representing a 0.9% increase from the same period of the prior fiscal year. Basic and diluted earnings per ADS attributable to New Oriental were US$0.33 and US$0.33, respectively.

Non-GAAP Net Income and Non-GAAP EPS

Non-GAAP net income attributable to New Oriental for the quarter was US$69.1 million, representing a 21.3% increase from the same period of the prior fiscal year. Non-GAAP basic and diluted earnings per ADS attributable to New Oriental were US$0.43 and US$0.43, respectively.

Cash Flow

Net operating cash flow for the second fiscal quarter of 2021 was approximately US$410.7 million. Capital expenditures for the quarter were US$62.0 million, which were primarily attributable to opening of 78 facilities and renovations at existing learning centers.

Balance Sheet

As of November 30, 2020, New Oriental had cash and cash equivalents of US$2,643.2 million, as compared to US$915.1 million as of May 31, 2020. In addition, the Company had US$416.1 million in term deposits, US$3,035.3 million in short-term investments.

New Oriental’s deferred revenue balance, which is cash collected from registered students for courses and recognized proportionally as revenue as the instructions are delivered, at the end of the second quarter of fiscal year 2021 was US$1,987.1 million, an increase of 26.5% as compared to US$1,570.4 million at the end of the second quarter of fiscal year 2020.

Financial Results for the Six Months Ended November 30, 2020

For the first six months of fiscal year 2021, New Oriental reported net revenues of US$1,874.1 million, representing a 0.9% increase year-over-year.

Total student enrollments in academic subjects tutoring and test preparation courses in the first six months of fiscal year 2021 increased by 11.7% to approximately 7,144,200.

Operating income for the first six months of fiscal year 2021 was US$118.2 million, representing a 56.5% decrease year-over-year. Non-GAAP operating income for the first six months of fiscal year 2021 was US$152.5 million, representing a 48.1% decrease year-over-year.

Operating margin for the first six months of fiscal year 2021 was 6.3%, compared to 14.6% for the same period of the prior fiscal year. Non-GAAP operating margin, which excludes share-based compensation expenses for the first six months of fiscal year 2021, was 8.1%, compared to 15.8% for the same period of the prior fiscal year.

Net income attributable to New Oriental for the first six months of fiscal year 2021 was US$228.6 million, representing a 12.9% decrease year-over-year. Basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2021 amounted to US$1.43 and US$1.42, respectively.

Non-GAAP net income attributable to New Oriental for the first six months of fiscal year 2021 was US$253.7 million, representing an 11.7% decrease year-over-year. Non-GAAP basic and diluted net income per ADS attributable to New Oriental for the first six months of fiscal year 2021 amounted to US$1.58 and US$1.58, respectively.

Koolearn’s Financial Highlights for the Six Months Ended November 30, 2020

New Oriental’s subsidiary, Koolearn Technology Holdings Limited ("Koolearn") (1797.SEHK), a leading online extracurricular education service provider in China listed on the Hong Kong Stock Exchange, announced its financial results under International Financial Reporting Standards ("IFRS") for the first six months of fiscal year 2021. Koolearn’s financial information in this section is presented in accordance with IFRS.

For the first six months ended November 30, 2020, Koolearn recorded revenues of RMB676.8 million (US$102.9 million), representing a 19.2% increase year-over-year, and recorded a net loss of RMB674.4million (US$102.6 million), a 670.6% increase compared to a net loss of RMB87.5 million (US$13.3 million) in the same period of the prior fiscal year. Koolearn’s gross profit was RMB153.1 million (US$23.3 million) and gross profit margin was 22.6% for the six months ended November 30, 2020.

To capture the huge market opportunity in online education area, Koolearn continued to invest more resources in executing new initiatives in online K-12 after school tutoring business in fiscal year 2021. This includes content development, teacher recruitment and training, sales and marketing, R&D and other costs and expenses that are necessary to drive the growth of new online programs. Starting from fiscal year 2021, Koolearn also conducted a restructuring of the college education business line with more focus on redesigning and upgrading of products and services and improving operational efficiency with more synergies between Koolearn and offline schools in respect of branding, education resources and services and multi-channel marketing. The online K-12 after-school tutoring business reported a year-over-year revenue growth of approximately 162.9% and a year-over-year student enrollment growth of approximately 143.4%. More specifically, student enrolments for its location-based live interactive after-school tutoring courses ("DFUB") and Koolearn K-12 courses grew by 170.3% and 134.4% year-over-year, respectively. As of November 30, 2020, the DFUB courses have been released in 271 cities in China.

The translations of RMB amounts into U.S. dollars in this section are presented solely for the convenience of the readers. The conversion of RMB into U.S. dollars is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of November 30, 2020, which was RMB6.5760 to US$1.00. The percentages stated in this section are calculated based on the RMB amounts.

Other Developments

On November 9, 2020, New Oriental successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "9901", with a global offering of 9,786,500 new common shares (including the exercise of the over-allotment option on November 16, 2020). The Hong Kong-listed shares are fully fungible with our ADSs listed on the New York Stock Exchange, based on the ratio of one common share to one ADS. The net proceeds from the global offering (including the issuance under the over-allotment option), after deducting underwriting fees and offering expenses, amounted to approximately HK$11,493.2 million (US$1,482.8 million).

Outlook for Third Quarter of Fiscal Year 2021

New Oriental anticipates total net revenues in the third quarter of fiscal year 2021 (December 1, 2020 to February 28, 2021) to be in the range of US$ 1,098.6 million to US$1,144.8 million, representing year-over-year growth in the range of 19% to 24%.

The above figures reflect New Oriental’s current and preliminary view, which is subject to change.

Conference Call Information

New Oriental’s management will host an earnings conference call at 8 AM on January 22, 2021, U.S. Eastern Time (9 PM on January 22, 2021, Beijing/Hong Kong Time). Participants can join the conference using the below options:

Dialling-in to the conference call:

Please register in advance of the conference, using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique registrant ID.

Conference call registration link: https://apac.directeventreg.com/registration/event/1083313. It will automatically direct you to the registration page of "New Oriental Second Fiscal Quarter 2021 Earnings Conference Call" where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter "1083313".

In the 10 minutes prior to the call start time, you may use the conference access information (including dial in number(s), direct event passcode and registrant ID) provided in the confirmation email received at the point of registering.

Joining the conference call via a live webcast:

Additionally, a live and archived webcast of the conference call will be available at http://investor.neworiental.org.

Listening to the conference call replay:

A replay of the conference call may be accessed by phone at the following number until January 28, 2021:

International:	+61 2 8199 0299
Passcode:	1083313

About New Oriental

New Oriental is the largest provider of private educational services in China offering a wide range of educational programs, services and products to a varied student population throughout China. New Oriental’s program, service and product offerings consist of K-12 after-school tutoring, test preparation, language training for adults, pre-school education, primary and secondary school education, education materials and distribution, online education, and other services. New Oriental is listed on NYSE (NYSE: EDU) and SEHK (9901.SEHK) respectively. New Oriental’s ADSs, each of which represents one common share. The Hong Kong-listed shares are fully fungible with the ADSs listed on NYSE.

For more information about New Oriental, please visit http://www.neworiental.org/english/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the outlook for the third quarter of fiscal year 2021, quotations from management in this announcement, as well as New Oriental’s strategic and operational plans, contain forward-looking statements. New Oriental may also make written or oral forward-looking statements in its reports filed or furnished to the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about New Oriental’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: our ability to attract students without a significant decrease in course fees; our ability to continue to hire, train and retain qualified teachers; our ability to maintain and enhance our "New Oriental" brand; our ability to effectively and efficiently manage the expansion of our school network and successfully execute our growth strategy; the outcome of ongoing, or any future, litigation or arbitration, including those relating to copyright and other intellectual property rights; competition in the private education sector in China; changes in our revenues and certain cost or expense items as a percentage of our revenues; the expected growth of the Chinese private education market; Chinese governmental policies relating to private educational services and providers of such services; health epidemics and other outbreaks in China; and general economic conditions in China. Further information regarding these and other risks is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. New Oriental does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and New Oriental undertakes no duty to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement New Oriental’s consolidated financial results presented in accordance with GAAP, New Oriental uses the following measures defined as non-GAAP financial measures by the SEC: net income excluding share-based compensation expenses and gain / (loss) from fair value change of long-term investments, operating income / (loss) excluding share-based compensation expenses, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, operating margin excluding share-based compensation expenses, and basic and diluted net income per ADS and per share excluding share-based compensation expenses and gain / (loss) from fair value change of long-term investments. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" set forth at the end of this release.

New Oriental believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses and gain / (loss) from fair value change of long-term investments that may not be indicative of its operating performance from a cash perspective. New Oriental believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to New Oriental’s historical performance and liquidity. New Oriental believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP measures is that they exclude share-based compensation expenses and gain / (loss) from fair value change of long-term investments that has been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Contacts

For investor and media inquiries, please contact:

Ms. Rita Fong	Ms. Sisi Zhao
FTI Consulting	New Oriental Education & Technology Group Inc.
Tel: +852 3768 4548	Tel: +86-10-6260-5568
Email: rita.fong@fticonsulting.com	Email: zhaosisi@xdf.cn

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	As of November 30	As of May 31
	2020	2020
	(Unaudited)	(Audited)
	USD	USD
ASSETS:
Current assets:
Cash and cash equivalents	2,643,243	915,057
Term deposits	416,134	284,793
Short-term investments	3,035,283	2,318,280
Accounts receivable, net	6,122	4,178
Inventory, net	30,737	31,324
Prepaid expenses and other current assets, net	226,835	199,404
Amounts due from related parties, current	5,866	3,384
Total current assets	6,364,220	3,756,420

Restricted cash, non-current	4,881	4,367
Property and equipment, net	779,193	672,455
Land use rights, net	13,511	6,037
Amounts due from related parties, non-current	2,335	22,709
Long-term deposits	66,296	62,116
Intangible assets, net	10,141	10,246
Goodwill, net	93,195	80,366
Long-term investments, net	507,733	431,101
Deferred tax assets, non-current, net	57,509	63,324
Right-of-use assets	1,562,225	1,425,466
Other non-current assets	16,721	22,278
Total assets	9,477,960	6,556,885

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (including accounts payable of the consolidated variable interest entities without recourse to New Oriental of US$31,658 and US$32,400 as of May 31, 2020 and November 30, 2020, respectively)	32,975	33,147
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated variable interest entities without recourse to New Oriental of US$581,576 and US$593,688 as of May 31, 2020 and November 30, 2020, respectively)	652,821	634,619
Income taxes payable (including income tax payable of the consolidated variable interest entities without recourse to New Oriental of US$87,331 and US$90,299 as of May 31, 2020 and November 30, 2020, respectively)	104,553	101,385
Amounts due to related parties (including amounts due to related parties of the consolidated variable interest entities without recourse to New Oriental of US$1,590 and US$97 as of May 31, 2020 and November 30, 2020, respectively)	104	1,590
Deferred revenue (including deferred revenue of the consolidated variable interest entities without recourse to New Oriental of US$1,317,645 and US$1,982,534 as of May 31, 2020 and November 30, 2020, respectively)	1,987,106	1,324,384
Operating lease liabilities-current (including operating lease liabilities-current of the consolidated variable interest entities without recourse to New Oriental of US$376,177 and US$397,735 as of May 31, 2020 and November 30, 2020, respectively)	436,480	384,239

Total current liabilities	3,214,039	2,479,364

Deferred tax liabilities, non-current (including deferred tax liabilities, non-current of the consolidated variable interest entities without recourse to New Oriental of US$12,392 and US$17,312 as of May 31, 2020 and November 30, 2020, respectively)	19,296	11,906
Long term loan (including Long term loan of the consolidated variable interest entities without recourse to New Oriental of nil and nil as of May 31, 2020 and November 30, 2020, respectively)	–	117,881
Unsecured senior notes (including unsecured senior notes of the consolidated variable interest entities without recourse to the New Oriental of nil and nil as of May 31, 2020 and November 30, 2020, respectively)	299,969	–
Operating lease liabilities (including operating lease liabilities of the consolidated variable interest entities without recourse to New Oriental of US$1,054,149 and US$1,126,587 as of May 31, 2020 and November 30, 2020, respectively)	1,128,128	1,077,923

Total long-term liabilities	1,447,393	1,207,710

Total liabilities	4,661,432	3,687,074

Equity
New Oriental Education & Technology Group Inc. shareholders’ equity	4,703,903	2,733,295
Non-controlling interests	112,625	136,516
Total equity	4,816,528	2,869,811

Total liabilities and equity	9,477,960	6,556,885

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for per share and per ADS amounts)

	For the Three Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD
Net revenues	887,689	785,211

Operating cost and expenses (note 1)
Cost of revenues	453,663	358,962
Selling and marketing	133,588	107,847
General and administrative	332,585	293,103

Total operating cost and expenses	919,836	759,912
Operating (loss)/income	(32,147)	25,299
(Loss)/gain from fair value change of long-term investments	(3,400)	6,713

Other income, net	65,929	27,216
Provision for income taxes	(6,817)	(14,077)
Gain from equity method investments	4,214	4,432
Net income	27,779	49,583

Add: Net loss attributable to non-controlling interests	26,123	3,854

Net income attributable to New Oriental Education & Technology Group Inc.’s shareholders	53,902	53,437

Net income per common share / ADS
– Basic	0.33	0.34
– Diluted	0.33	0.34

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
(In thousands except for per share and per ADS amounts)

	For the Three Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD

General and administrative expenses	332,585	293,103
Less: Share-based compensation expenses in general and administrative expenses	12,794	10,988
Non-GAAP general and administrative expenses	319,791	282,115

Total operating cost and expenses	919,836	759,912
Less: Share-based compensation expenses	18,480	11,215

Non-GAAP operating cost and expenses	901,356	748,697

Operating (loss)/income	(32,147)	25,299
Add: Share-based compensation expenses	18,480	11,215

Non-GAAP operating (loss)/income	(13,667)	36,514

Operating margin	-3.6%	3.2%
Non-GAAP operating margin	-1.5%	4.7%

Net income attributable to New Oriental	53,902	53,437
Add: Share-based compensation expenses	11,838	10,263
Less: (Loss)/gain from fair value change of long-term investments	(3,400)	6,713
Non-GAAP net income attributable to New Oriental	69,140	56,987

Net income per ADS attributable to New Oriental- Basic (note 2)	0.33	0.34
Net income per ADS attributable to New Oriental- Diluted (note 2)	0.33	0.34

Non-GAAP net income per ADS attributable to New Oriental – Basic (note 2)	0.43	0.36
Non-GAAP net income per ADS attributable to New Oriental – Diluted (note 2)	0.43	0.36

Weighted average shares used in calculating basic net income per ADS (note 2)	161,336,407	158,429,080
Weighted average shares used in calculating diluted net income per ADS (note 2)	161,931,458	159,374,555

Non-GAAP income per share – basic	0.43	0.36
Non-GAAP income per share – diluted	0.43	0.36

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating cost and expenses as follows:

	For the Three Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD
Cost of revenues	2,353	21
Selling and marketing	3,333	206
General and administrative	12,794	10,988
Total	18,480	11,215

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	For the Three Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD

Net cash provided by operating activities	410,678	291,757
Net cash used in investing activities	(327,896)	(226,638)
Net cash provided by/(used in) financing activities	1,465,618	(6,291)
Effect of exchange rate changes	47,245	15,654

Net change in cash, cash equivalents and restricted cash	1,595,645	74,482

Cash, cash equivalents and restricted cash at beginning of period	1,052,479	976,883

Cash, cash equivalents and restricted cash at end of period	2,648,124	1,051,365

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except for per share and per ADS amounts)

	For the Six Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD
Net revenues	1,874,055	1,856,988

Operating costs and expenses (note 1):
Cost of revenues	918,529	799,191
Selling and marketing	250,471	209,040
General and administrative	586,897	577,262

Total operating costs and expenses	1,755,897	1,585,493
Operating income	118,158	271,495
Loss from fair value change of long-term investments	(2,154)	(4,569)

Other income, net	127,501	47,169
Provision for income taxes	(65,939)	(64,913)
Gain from equity method investments	1,047	3,629
Net income	178,613	252,811

Add: Net loss attributable to non-controlling interests	49,941	9,616

Net income attributable to New Oriental Education & Technology Group Inc.	228,554	262,427


Net income per share attributable to New Oriental-Basic	1.43	1.66

Net income per share attributable to New Oriental-Diluted	1.42	1.65

Net income per ADS attributable to New Oriental-Basic (note 2)	1.43	1.66

Net income per ADS attributable to New Oriental-Diluted (note 2)	1.42	1.65

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES
(In thousands except for per share and per ADS amounts)

	For the Six Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD

General and administrative expenses	586,897	577,262
Less: Share-based compensation expenses in general and administrative expenses	24,547	21,607
Non-GAAP general and administrative expenses	562,350	555,655

Total operating costs and expenses	1,755,897	1,585,493
Less: Share-based compensation expenses	34,313	22,235
Non-GAAP operating costs and expenses	1,721,584	1,563,258

Operating income	118,158	271,495
Add: Share-based compensation expenses	34,313	22,235
Non-GAAP operating income	152,471	293,730

Operating margin	6.3%	14.6%
Non-GAAP operating margin	8.1%	15.8%

Net income attributable to New Oriental	228,554	262,427
Add: Share-based compensation expenses	22,958	20,153
Less: Loss from fair value change of long-term investments	(2,154)	(4,569)
Non-GAAP net income to New Oriental	253,666	287,149

Net income per ADS attributable to New Oriental- Basic (note 2)	1.43	1.66
Net income per ADS attributable to New Oriental- Diluted (note 2)	1.42	1.65

Non-GAAP net income per ADS attributable to New Oriental – Basic (note 2)	1.58	1.81
Non-GAAP net income per ADS attributable to New Oriental – Diluted (note 2)	1.58	1.80

Weighted average shares used in calculating basic net income per ADS (note 2)	160,127,052	158,337,268
Weighted average shares used in calculating diluted net income per ADS (note 2)	160,843,974	159,520,563

Non-GAAP income per share – basic	1.58	1.81
Non-GAAP income per share – diluted	1.58	1.80

Notes:

Note 1: Share-based compensation expenses (in thousands) are included in the operating costs and expenses as follows:

	For the Six Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD
Cost of revenues	3,836	57
Selling and marketing	5,930	571
General and administrative	24,547	21,607
Total	34,313	22,235


Note 2: Each ADS represents one common share.

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	For the Six Months Ended November 30
	2020	2019
	(Unaudited)	(Unaudited)
	USD	USD

Net cash provided by operating activities	802,276	656,326
Net cash used in investing activities	(796,800)	(1,001,867)
Net cash provided by/(used in) financing activities	1,641,471	(4,722)
Effect of exchange rate changes	81,753	(16,599)

Net change in cash, cash equivalents and restricted cash	1,728,700	(366,862)

Cash, cash equivalents and restricted cash at beginning of period	919,424	1,418,227

Cash, cash equivalents and restricted cash at end of period	2,648,124	1,051,365

Related Links :

http://english.neworiental.org

PR Newswire

TÜV Rheinland Technical Expert Dr. Christos Monokroussos Wins the “IEC 1906 Award”

January 22, 2021 TechENT Syndication Leave a comment

SHANGHAI, Jan. 22, 2021 — Recently, the International Electrotechnical Commission (IEC) granted Dr. Christos Monokroussos, technical expert of Greater China Solar & Commercial Products and the head of the technical competence centres for Solar and R&D at TÜV Rheinland, the "IEC 1906 Award," recognizing the major contribution that he has made to furthering standardization in the field of electrotechnology.

Founded in 1906, the IEC is the world’s leading international electrotechnical standards organization, responsible for formulating international standards in the electrical and electronic engineering fields. Engaging in committee work helps members proactively master the entire process of related products from design, planning, and production to acceptance. As expert committee members, they not only need to understand the current technical standards, but also foresee their development trends.

The "IEC 1906 Award," as one of the three important IEC awards, was established by the IEC Executive Committee to commemorate the establishment of the IEC, and is used to commend technical experts from various countries who have made outstanding contributions to IEC international electrotechnical standards. It’s awarded once per year. The Chairs and Secretaries of the IEC technical committees deliver the nominee shortlist first, and then the technical officials of the IEC Central Office conduct a review and grant awards to winners.

Christos Monokroussos earned his doctorate degree in photovoltaics at the Centre for Renewable Energy Systems Technology (CREST), Loughborough University. He is currently engaged in R&D work in the characterization of solar cells and photovoltaic modules, and in quality management of measurement systems, standardization processes, and reliability of photovoltaic modules at TÜV Rheinland. Dr. Monokroussos is also the project leader for three standardization projects in WG 2 and WG 8 working groups for the Technical Committee 82 Solar Photovoltaic Energy Systems of the International Electrotechnical Commission (IEC/TC82). He won the IEC’s "Outstanding Contribution Award" in 2018.

Having been engaged in the field for almost 40 years, TÜV Rheinland has a team of experts with rich laboratory and project experience in photovoltaics. With its global laboratory network covering major solar centres in Germany, China, the US, India, Japan, the Middle East, and South America, it’s committed to providing customers with all-round, diversified, one-stop services to promote the sound and sustainable development of the photovoltaic industry.

Related Links :

https://www.tuv.com

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Sungrow Supplies a 100 MW Energy Storage Project in Texas

January 22, 2021 TechENT Syndication Leave a comment

FORT WORTH, TX., Jan. 22, 2021 — Sungrow, the global leading inverter solution supplier for renewables, announced that it has forged a contract to supply its fully integrated Energy Storage System to the 100 MWac Chisholm Grid project in Fort Worth, Texas. Chisholm Grid has been under construction since August of 2020 and will be one of the largest battery energy storage facilities in Texas when work onsite is completed this June. The facility, utilizing industry leading NMC battery technology, will generate revenue from the sale of energy and grid stabilization services to the ERCOT wholesale electricity market.

The Chisholm Grid Battery Energy Storage Project is owned by Astral Electricity, LLC, a privately-held energy storage power producer, and was developed by Able Grid Infrastructure Holdings, LLC, a joint venture between Able Grid and MAP RE/ES. Able Grid will provide operational asset management services for the site following commercial operations in mid-2021.

Sungrow’s ESS solution deployed for this project is the latest product lineup. At the heart of the technology are lithium-ion batteries, combined with Sungrow’s advanced converters and controls. Sungrow Services will maintain the asset under a long-term services agreement, reducing operating costs and extending the life span of the assets.

As an industry leading company, Sungrow must do everything possible to maintain its safety edge. "The safe operation of the project is of vital concern to us," said Neil Bradshaw, the Senior Technical Sales Manager. "Not only is every cell protected electrically in a three-tier BMS system and supervisory controls, but each small battery module has internal thermal barriers and suppression technology. Sungrow is eager to show the world that battery energy storage at this scale is a safe, reliable and sustainable solution to ensure grid reliability amidst demanding market operating conditions," he added.

"Years of innovation by Sungrow as a global technology leader now allows companies like Astral Electricity to deploy market-driven solutions that will accelerate the decarbonization of electricity supplies while also improving grid performance. Sungrow’s highly-integrated offering, history of successful deployment and collaboration with technology providers were key factors in our supplier decision. We are looking forward Sungrow’s product providing reliable operations for many years to come," commented Aaron Zubaty, CEO of MAP RE/ES.

"The landmark Chisholm Grid energy storage project is another exciting milestone in the US energy storage market which is strongly positioned for immense growth," said Mizhi Zhang, Managing Director of Energy Storage, Sungrow Americas. "We’re poised to pioneer more energy storage innovations backed by the industry’s largest R&D team and 24-year proven track record. Our agile local team can offer responsive technical support, sales and industry-leading after-sales service," he added.

As one of the key players in the energy storage market, Sungrow is an early entrant in the North American storage market with a deployment footprint spreading across multiple states including California, Massachusetts and Texas, achieving milestones both in the utility scale storage market as well as the C&I market where Sungrow currently maintains a strong position in North America. The Company acquired orders totaling 1.4 GWh in North America in 2020 including both standalone energy storage projects and storage in combination with power plants.

About MAP RE/ES

MAP RE/ES has been an innovating and leading investor in renewable energy projects since 2005 and has directly funded the development of more than 16,000 MW of operating wind and solar generating capacity located across the United States. In December 2020, MAP RE/ES announced the acquisition by Global Infrastructure Partners Fund IV of 100% of the MAP RE/ES investment platform, team, and renewable energy assets under management.

About Astral Electricity, LLC

Astral Electricity is a privately-held energy storage power producer that sees an opportunity where others see risk. Astral leverages decades of experience funding and developing wind and solar projects throughout the country to create a unique view on the future fabric of power generation, transmission and energy consumption. Astral’s deployment of large-scale standalone energy storage systems provides a new dimension of market-based solutions that balance electricity grids while catalyzing electricity sector decarbonization.

www.astralelectricity.com

About Able Grid Energy Solutions, Inc.

Able Grid Energy Solutions, Inc. ("Able Grid") is a utility-scale energy storage developer. In partnership with utilities, municipalities, communities, and leading corporate buyers, Able Grid is developing low-cost energy storage assets that provide reliable, emissions-free capacity to manage the physical and financial volatility of energy markets. We focus on investing in communities and markets where energy storage will provide long-term value to utilities managing a diverse energy portfolio to provide low-cost and sustainable power for their customers. www.ablegridenergy.com

About Sungrow

Sungrow Power Supply Co., Ltd ("Sungrow") is the world’s most bankable inverter brand with over 120 GW installed worldwide as of June 2020. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 24-year track record in the PV space, Sungrow products power installations in over 120 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com.

Related Links :

http://www.sungrowpower.com

PR Newswire

FirstString – The Recruitment App Built By HokuApps Helping Job Seekers During COVID-19

January 22, 2021 TechENT Syndication Leave a comment

FirstString Specializes in Connecting Life Science Professionals with Top-Tier Companies

ATHENS, Ga., Jan. 22, 2021 — In an effort to overcome the new challenges to the corporate and hospital hiring process due to the COVID-19 pandemic, Singapore’s leading app company, HokuApps, has developed and deployed an innovative app for Georgia-based recruitment firm, Career Crafters, LLC. Since its launch, the app, FirstString, has proven to be an essential tool for Career Crafters – and an opportunity to maintain a human connection in a rapidly-distancing world. Career Crafters’ FirstString mobile employment app connects selected high-performing Pharmaceutical and Biotech commercial individuals to top-tier Health Science companies. It also provides a critical need during the pandemic of connecting hospitals to residents and other healthcare professionals who are looking for their first job to help an already overburdened healthcare system. The app is designed to take away bias and adds transparency to the job search process by allowing individuals the opportunity to provide a video resume and tell their own story of success and accomplishment.

FirstString was engineered to serve as a complementary tool for corporate HR and Talent Acquisition teams. It provides confidential portal access to two types of candidates: those that have been professionally sourced and screened, and those that have appropriate experience and documentable performance. FirstString provides this premium service at a fraction of the cost of a traditional recruiter with an absolute guarantee for every placement.

One of the key aspects of FirstString for job seekers is the fact that it’s one of the only career connection platforms which is completely confidential – employers can only see a profile if they receive permission from the job seeker. So, this enables job seekers to search for a new job while employed in complete security. Interviews with potential employers can be easily scheduled through the app and job offers are sent directly in real-time. Additionally, it offers valuable resources to job seekers such as professional interview coaching, the option to upload video recommendations from previous customers and employers, and in-app resume assistance to help stand out from the crowd. FirstString is also the first platform to offer secure storage of your professional portfolio, including your Bragg Book, licensing, and video references to be easily accessed by future employers.

For recruiters, it provides a confidential portal with features such as the ability to securely import candidates, post-screening notes of vetted candidates for employers, and easy tracking of candidate interviews with instant alerts when they are scheduled along with progress reports at every step of the hiring process. All of these assets are provided without a contract with the employer.

"HokuApps has been great to work with", said Barry Jones, Founder of FirstString. "All of our goals and functionalities were combined into an efficient and also great-looking app. Along the way, they suggested some features that we hadn’t thought about ourselves. We highly recommend them for anyone’s mobile development needs."

"FirstString makes job searching much simpler and also discreet for the high-level life science professionals", said Nand Kapoor, Director of HokuApps, LLC. "But it is much more than just a job search board. FirstString approached us with the plan to create a comprehensive career advancement tool with features such as resume assistance, interview coaching, and even career path validation services."

About HokuApps

HokuApps helps businesses to turn their business ideas into elegant mobile applications at an incredible speed. HokuApps develops the most technologically advanced and secure omnichannel applications, with an excellent user experience, empower employees with actionable insights wherever they are and whenever they need it. It helps seamlessly connect to anything and everything, build an app once, and deploy on all the platforms.

PR Newswire

Pasternack Unveils New Line of Bi-Directional Amplifiers

January 22, 2021 TechENT Syndication Leave a comment

Amplifier Models Cover Popular VHF/UHF, L, S and C Frequency Bands

IRVINE, Calif., Jan. 22, 2021 — Pasternack, an Infinite Electronics brand and a leading provider of RF, microwave and millimeter wave products, has just released a new line of bi-directional amplifiers that are used to transmit high-quality signals while amplifying Rx signals with advanced LNA to produce the highest possible data rates.

Pasternack has added four new models to its existing line of bi-directional amplifiers, making a total of six different models now available. This portfolio consists of a comprehensive offering covering popular VHF/UHF, L, S, C and broadband RF frequency bands that range from 0.225 MHz to 5.875 MHz. These rugged, mil-grade designs are in compact, environmentally-sealed, SMA-connectorized packages and feature either quick-connect or D-SUB connectors for DC and control functions.

The designs in this line offer sensitive receiver performance with 2.5 dB noise figures. Some also incorporate highly efficient GaN semiconductor technology. Transmit (Tx) output Psat levels range from 8 to 20 Watts that boost performance of data links and transmitters. These models feature manual or auto-sensing transmit/receive (T/R) control with fast switching times of 1-2 µsec.

"Pasternack’s new selection of bi-directional amplifiers offers higher frequency capability and GaN technology with higher efficiency, which is ideal for broadband RF telemetry, tactical communication and unmanned aerial vehicle applications," said Tim Galla, Product Line Manager.

Pasternack’s bi-directional amplifiers are all in-stock and available for immediate shipping with no minimum order quantity (MOQ) required.

For inquiries, Pasternack can be contacted at +1-949-261-1920.

About Pasternack:

A leader in RF products since 1972, Pasternack is an ISO 9001:2015 certified manufacturer and supplier offering the industry’s largest selection of active and passive RF, microwave, and millimeter wave products available for same-day shipping. Pasternack is an Infinite Electronics brand.

About Infinite Electronics:

Based in Irvine, Calif., Infinite Electronics offers a broad range of components, assemblies, and wired/wireless connectivity solutions, serving the aerospace/defense, industrial, government, consumer electronics, instrumentation, medical and telecommunications markets. Infinite’s brands include Pasternack, Fairview Microwave, L-com, MilesTek, Aiconics, KP Performance Antennas, PolyPhaser, Transtector, RadioWaves, ShowMeCables, INC Installs and Integra Optics. Infinite Electronics serves a global engineering customer base with deep technical expertise and support, with one of the broadest inventories of products available for immediate shipment.

Press Contact:

Peter McNeil

Pasternack

17792 Fitch

Irvine, Calif. 92614

(978) 682-6936

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PR Newswire

FIC, the CES 2021 Honoree, Intelligent AR HUD for Commercial Vehicle

January 22, 2021 TechENT Syndication Leave a comment

TAIPEI, Jan. 22, 2021 — In recent years, FIC (First International Computer) group focuses its core business in automotive electronic design, especially for car manufacturers and Tier 1, Tier 2 suppliers. After years of efforts, FIC has successfully developed full color laser beam scanning (FCLBS) technology for AR HUD product; and in early 2021, FIC was awarded as the CES 2021 Innovation Honoree. Mr. Alex Dee, the vice president of automotive electronic R&D department of FIC group, said: "many of the HUD products out there in the market today are built by applying TFT or DLP technology, and most of them will reduce the display clarity due to the influence of natural light, which will cause the driver’s eyes to be tired easily and the projected images become blur in some way. FCLBS technology is mainly designed to prevent from direct sunlight affecting the projected images, and through the automatic sensing system to detect environment light source and automatically adjust the projection brightness during driving. It gives drivers the most comfortable, clearest and safest imaging effect from any weather while driving.

FIC, the CES 2021 Honoree, Intelligent AR HUD for Commercial Vehicle

In recent years, augmented reality technology has evolved from 2D images to 3D projection, which is integrated into our real life environment, bringing people diverse and different life experience and convenience. Similarly, when AR technology is applied to our daily driving, all data information of vehicle will no longer be limited just to the digital instrument cluster, or the advanced driver assistance system (ADAS), which will integrate with traffic environment in 3D virtual projection and directly display information on the windshield in front of the driver’s eyes, making driving safer and more convenient.

As the core technology of FIC AR HUD, FCLBS can still clearly project the AR images to 5-50 meters ahead on the road under strong sunlight, heavy rain and foggy situations, which becomes a new way of driver’s safety navigation warning path while driving. In addition, eye tracking technology has been applied into the FIC augmented reality head-up display system, so it can automatically track on drivers’ eyes and provide vehicle information like speed, navigation, traffic warning, forward collision detection, lane departure warning, pedestrian detection, traffic sign recognition and other important warning signals on the windshields in order to assist the drivers pay more attention on the road instead of looking down on the cluster upon driving, which gives more safety and convenient driving experience.

At the same time, when these messages are displayed through AR technology, the virtual images and the real traffic environment are integrated in 3D in order to provide the driver with clearer, safer and more convenient driving experience; even through the combination with ADAS technology, the driver can quickly response to any sudden situation such as pedestrians, objects, blind spots and dead corners around the vehicle as being a traffic safety reminder.

Hence, Alex believes FCLBS will become a significant core patented technology of FIC for future HUD product design and widely be embedded into electric and commercial vehicles starting from 2023.

Related Links :

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SAP Hong Kong and Deloitte Help Cross-Border Businesses Navigate Ongoing Trade Complexity

January 22, 2021 TechENT Syndication Leave a comment

HONG KONG, Jan. 22, 2021 — As COVID-19 continues to disrupt the trade industry, SAP Hong Kong and Deloitte are working continuously to help enterprises navigate a more complex and turbulent trade environment with SAP Global Trade Services (SAP GTS).

As the market share leader in the global trade compliance systems sector, SAP has various solutions including GTS that have been successfully deployed in nearly 3,000 enterprises in 25 industries and more than 170 countries. A centralized global trade management platform that automates and streamline trade processes, SAP GTS enables enterprises to better control costs, manage free-trade agreements and customs procedures, and reduce non-compliance risk. Deployed on-premises or in the cloud, it serves as a repository for all compliance master data and content, allowing businesses to integrate all of their trade services.

Working closely with SAP, Deloitte offers one-stop end-to-end global trade services, including SAP GTS-enabled Smart GTS serving as a "direct train" to global trade and help enterprises achieve compliance, cost reduction, intelligence and synergy for global trade management in the increasingly complex international trade environment, and thus implement their global development strategies. Its integrated global practice offers a mix of multidisciplinary trade specialists with extensive experience in compliance, customs, preferential trade agreements, technology implementation know-how and unmatched experience across industries worldwide.

Fabian Padilla Crisol, Managing Director, SAP Hong Kong, said, "Business leaders in high-tech, life sciences, luxury goods, industrial machinery and other sectors understand the importance of optimizing cross-border supply chains. With the support of SAP GTS and Deloitte, these businesses are now well positioned to navigate an increasingly volatile and complex global trade environment in 2021 and beyond."

Andy Zhou, Deloitte Consulting China SAP Offering Leader, said, "To prosper in the dynamic global trade environment, enterprises are required to keep up with the cross-border trade policies and regulations, meet new consumer demand and the development needs of complex supply chains. The combination of Deloitte’s services and SAP GTS technology allows deep integration and seamless connection to establish a stable, efficient and compliant global trade management model and solution."

Key features of SAP GTS include:

Customs management: The system enables the seamless flow of corporate supply chain data to external suppliers and regulators, with customs declarations and documentation being automatically generated, shared and managed. This process automation decreases errors and accelerates the customs clearance process for faster and more efficient business operations.
Compliance management: SAP GTS enables enterprises to automatically run compliance checks, which includes managing licenses and export controls and scanning up-to-date blacklisted and embargoed countries. This reduces compliance risks and avoids supply chain disruption for business continuity.
Trade preference management: The system helps enterprises determine the rules of origin and conduct free-trade agreement planning and management so as to take advantage of preferential tariff treatments and lower business cost.
Global trade analytics: SAP GTS integrates directly with SAP S/4HANA®, SAP ERP and other business software systems. This supports sales, procurement, and logistics processes that are essential to efficient export and import management.

About SAP

SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP® system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com/hk.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the "Deloitte organization") serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 330,000 people make an impact that matters at www.deloitte.com.

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No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.

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Zendesk Research Predicts: APAC Business Success in 2021 Hinges on Delivering Exceptional Customer Experiences

January 22, 2021 TechENT Syndication Leave a comment

Global Annual Customer Experience Trends Report 2021 shows customers continue to be more demanding, making it harder for businesses in APAC to meet expectations in a post-pandemic world

SINGAPORE, Jan. 22, 2021 — Despite 2020 being a year of far-reaching and rapid transformation in how people live, collaborate, and connect, the global Zendesk (NYSE: ZEN) Customer Experience (CX) Trends Report 2021 shows the customer experience is increasingly crucial to business success and that the most successful companies are adopting new technology at record speed. In fact, new data released today shows that half (53%) of organisations in APAC are planning to invest in CX software more in 2021. At the same time, two in five (44%) customers in the region say that experience is more important to them now compared to a year ago and 67% of companies say their organisation prioritises CX more than a year ago.

Further highlighting the acceleration of technology, a Gartner survey conducted in 2020 found that 91% of organisations said that CX was one of or the primary goal of their digital business transformation efforts.^{^[1]}

"We’ve seen companies in APAC embrace digitalisation at an incredible speed this year in response to the dramatic shifts in the operating landscape they’ve had to navigate. Customer experience has never been more important, and we think this accelerated adoption of technology is likely to continue in 2021. Organisations need to ensure they have the right strategies, processes and technology in place to empower customer support teams and drive business success," said Wendy Johnstone, Chief Operating Officer, APAC, Zendesk.

From navigating changing behaviours to adopting new channels to reimagining the workforce, the Zendesk CX Trends Report 2021 gives companies a roadmap to navigate this new CX landscape so they can champion good customer service at every turn. Top findings include:

Stay ahead of the digital curve: Companies are adopting technology at light speed, and it’s adapt or get left behind. Organisations identified as ‘high-performing’ in APAC based on customer service metrics such as CSAT and reply speed, are more likely to have adopted omnichannel solutions, with over half (54%) offering self-service in addition to other key channels including phone, email or messaging, compared to just 20% of low performers.

Be part of a more conversational world: As customers adopt new behaviours, the soaring popularity of messaging apps opens the door for more streamlined, conversational experiences. Sixty-nine percent of customers in APAC have tried a new way to get in touch with customer service in the last year. For many, that includes using messaging for support requests over apps like WhatsApp and Facebook Messenger, which have spiked significantly during the pandemic with social messaging up 117% in APAC since February 2020.

Realise the power of employee experience: In an increasingly distributed world, companies must rethink how they work smarter across teams. Many employees still don’t feel like they have the right tools to succeed in this new and often distributed environment, whether it’s keeping track of their performance indicators, staying connected with their colleagues, or feeling supported by their companies. Forty-one percent of managers in APAC say they don’t have the right analytics tools to measure success for remote teams, and 49% of agents don’t have the right tools to work successfully from home.

Set teams up for success by emphasising agility: Facing continued volatility, service and support organisations must find ways to keep up with their customers. Customer experience leaders cited the ability to quickly adapt to the evolving needs of customers as their biggest challenge in 2020 and the highest priority going forward.

Make it easier for customers with a focus on CX: Unprecedented in speed and scale, the recent surge in online channels puts pressure on companies to meet rising expectations as customer experience takes center stage. The vast majority (74%) of customers in APAC say they are willing to spend more with a company that offers a good customer experience, while 75% will still take their business elsewhere following bad experiences.

^[1] Gartner, Survey Analysis: Customer Experience Maturity and Investment Priorities, 2020, Ed Thompson, Varun Agarwal, Melissa Davis, 28 July 2020

Additional resources

For more, including data and insights by region, industry and company size, go here to read the full report.
Check out the virtual event, "CX Trends 2021" here

Methodology

This annual look at the top trends in customer experience combines analysis of the Zendesk Benchmark, a unique data index on how more than 90,000 companies use their support solutions, with the results of surveys gauging the attitudes of more than 8,000 consumers, customer service agents and managers, and technology buyers, in 15 countries, including US, UK, Australia, Brazil, France, Germany, Spain, Japan, Mexico, India, Singapore, Korea, Italy, the Nordics, and Benelux.

About Zendesk

Zendesk is a service-first CRM company that builds support, sales, and customer engagement software designed to foster better customer relationships. From large enterprises to startups, we believe that powerful, innovative customer experiences should be within reach for every company, no matter the size, industry or ambition. Zendesk serves more than 160,000 customers across a multitude of industries in over 30 languages. Zendesk is headquartered in San Francisco, and operates offices worldwide. Learn more at www.zendesk.com.

techENT

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