Monthly Archives: August 2021

PR Newswire

Bambuser CEO and CFO comment on the Interim Report for Q2 2021

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STOCKHOLM, Aug. 20, 2021 — Maryam Ghahremani, CEO and Sara Lundell CFO of Bambuser, will comment on the interim report from the second quarter of 2021. The interview will be broadcast today at 15:00 CEST, 9 AM EDT, held in English and last for approx 15 minutes.

Link to the broadcast: https://bambuser.com/ir/q2-2021

Contact information

Corporate Communications, Bambuser AB | +46 8 400 160 00 | ir@bambuser.com

Certified Adviser

Erik Penser Bank AB | +46 8 463 83 00 | certifiedadviser@penser.se

About Bambuser AB

Bambuser is a software company specializing in interactive live video streaming. The Company’s primary product, Live Video Shopping, is a cloud-based software solution that is used by customers such as global e-commerce and retail businesses to host live shopping experiences on websites, mobile apps and social media. Bambuser was founded in 2007 and has its headquarters in Stockholm.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/bambuser/r/bambuser-ceo-and-cfo-comment-on-the-interim-report-for-q2-2021,c3400508

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PR Newswire

Boqii Announces Fiscal 2022 First Quarter Unaudited Financial Results

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First Quarter Revenues of RMB321.8 million, up 35.0% year-over-year

First Quarter GMV of RMB792.1 million, up 42.9% year-over-year

SHANGHAI, Aug. 20, 2021 — Boqii Holding Limited ("Boqii" or the "Company") (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the first quarter of fiscal year 2022 (the quarter ended June 30, 2021).

Fiscal Q1 2022 Operational and Financial Highlights

  • Total revenues were RMB321.8 million (US$49.8 million), an increase of 35.0% from RMB238.4 million in the same quarter of fiscal year 2021.
  • Net loss was RMB37.4 million (US$5.8 million), compared to net loss of RMB42.3 million in the same quarter of fiscal year 2021.
  • Adjusted net loss was RMB31.5 million (US$4.9 million), compared to adjusted net loss of RMB44.4 million in the same quarter of fiscal year 2021.
  • EBITDA[1] was a loss of RMB35.6 million (US$5.5 million), compared to a loss of RMB35.4 million in the same quarter of fiscal year 2021.
  • Total GMV[2] was RMB792.1 million (US$122.7 million), an increase of 42.9% from RMB554.5 million in the same quarter of fiscal year 2021.
  • Active buyers were 1.6 million, an increase of 27.9% from 1.3 million in the same quarter of fiscal year 2021.

[1] EBITDA refers to net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, but including all the professional expenses in relation to initial public offering in the fiscal year of 2021. EBITDA is a Non-GAAP financial measurement. Please refer to "Non-GAAP financial measurement".

[2] GMV refers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or drop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts. The total GMV amount (i) includes GMV of products sold by Xingmu, (ii) excludes products sold through consignment model and (iii) excludes the value of services offered by us. GMV is subject to future adjustments (such as refunds) and represents only one measure of the Company’s performance and should not be relied on as an indicator of our financial results, which depend on a variety of factors.

CEO & CFO Quote

Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer commented, "We delivered another strong quarter of solid financial and operational results. Our relentless focus to expand and optimize our portfolio offerings powered solid topline growth and user engagement. GMV continued to see strong growth, with 42.9% year over year increase to RMB792.1 million. Total active buyers increased by 27.9% to 1.6 million, with 11.7% year-over-year growth in average spending per user. We are excited to see this continuous momentum of user development and remain committed to bringing in more buyers and retaining existing ones while growing their average spending over time."

Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO commented: "Our strong user growth continued to fuel topline expansion. In this quarter, total revenues grew 35.0% year over year to RMB321.8 million, with an exceptional revenue growth of nearly 20 times year over year from online marketing and information services and other revenue. Meanwhile, in addition to our topline growth, this quarter, our adjusted net loss narrowed down to RMB31.5 million, compared to adjusted net loss of RMB44.4 million in the same period last year, showing improving operational efficiency. Looking ahead, we are committed to execute on our growth strategies with a focus on quality and improved monetization capability, which we believe will bring long-term value to both our users and shareholders."

Fiscal Q1 2022 Financial Results

Total revenues were RMB321.8 million (US$49.8 million), representing an increase of 35.0% from RMB238.4 million in the same quarter of fiscal year 2021. The increase was primarily due to the continued organic growth of our business.

Revenues
(in million)

Three Months Ended June 30

%

2021

2020

change

RMB

RMB

YoY

Product sales

311.5

237.9

30.9

• Boqii Mall

108.3

89.8

20.5

• Third party e-commerce platforms

203.2

148.1

37.2

Online marketing and information services and other revenue

10.3

0.5

1,944.2

Total

321.8

238.4

35.0

Gross profit was RMB56.4 million (US$8.7 million), an increase of 30.3% from RMB43.3 million in the same quarter of fiscal year 2021.

Gross margin was 17.5%, compared with 18.1% in the same quarter of fiscal year 2021. The decrease was mainly due to the increased e-commerce promotions during the 618 Shopping Festival resulting in lower price points.

Operating expenses were RMB97.9 million, an increase of 14.6% from RMB85.4 million in the same quarter of fiscal year 2021. Operating expenses as a percentage of total revenues was 30.4%, down from 35.8% in the same quarter of fiscal year 2021.

  • Fulfillment Expenses were RMB32.9 million, a decrease of 2.2% from RMB33.6 million in the same quarter of fiscal year 2021. Fulfillment expenses as a percentage of total revenues were 10.2%, down from 14.1% in the same quarter of fiscal year 2021. The decrease was mainly due to: (i) the improved utilization of warehouses by adjusting inventory mix; (ii) more cost-efficient China warehouse relocations; and (iii) lower delivery service prices through renegotiation with third-party delivery service providers.
  • Sales and marketing expenses were RMB45.5 million, an increase of 30.2% from RMB34.9 million in the same quarter of fiscal year 2021. The increase was primarily due to: (i) the increased personnel expense of RMB3.2 million and increased advertising fee of RMB4.1 million which was in line with our revenue growth, and (ii) the increased share-based compensation expense of RMB1.3 million. Sales and marketing expenses as a percentage of total revenue were 14.1%, down from 14.7% in the same quarter of fiscal year 2021.
  • General and administrative expenses were RMB19.6 million, an increase of 16.0% from RMB16.9 million in the same quarter of fiscal year 2021. The increase was primarily due to the increased share-based compensation expense of RMB4.7 million, partially offset by the reduced professional expense of RMB2.2 million with the Company’s initial public offering in the same quarter of fiscal year 2021. General and administrative expenses as a percentage of total revenue were 6.1%, down from 7.1% in the same quarter of fiscal year 2021.

Operating loss was RMB41.5 million (US$6.4 million), compared to RMB42.1 million in the same quarter of fiscal year 2021.

EBITDA was a loss of RMB35.6 million (US$5.5 million), compared to a loss of RMB35.4 million in the same quarter of fiscal year 2021.

Net loss was RMB37.4 million (US$5.8 million), compared to net loss of RMB42.3 million in the same quarter of fiscal year 2021.

Adjusted net loss was RMB31.5 million (US$4.9 million), compared to adjusted net loss of RMB44.4 million in the same quarter of fiscal year 2021.

Diluted net loss per share was RMB0.52 (US$0.08), compared to diluted net loss per share of RMB4.06 in the same quarter of fiscal year 2021.

Total cash and cash equivalents and short-term investments were RMB415.7 million (US$64.4 million), compared to RMB460.8 million as of March 31, 2021.

Conference Call

Boqii’s management will hold a conference call to discuss the financial results at 8:00 AM on Friday, August 20, 2021, U.S. Eastern Time (8:00 PM on Friday, August 20, 2021, Beijing/Hong Kong Time).

To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers.

Phone Number

International

1-412-317-6061

United States

1-888-317-6003

Hong Kong

852 800 963-976

Mainland China

86 4001-206115

Passcode

7711990

A replay of the conference call may be accessed by phone at the following numbers until August 27, 2021.

Phone Number

International

1-412-317-0088

United States

1-877-344-7529

Replay Access Code

10159611

A live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.boqii.com/.

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is a leading pet-focused platform in China. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, 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 the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, namely adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) adjusted net loss as net loss excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) adjusted net loss margin as adjusted net loss as a percentage of total revenues, (iii) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, (iv) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes adjusted net loss, adjusted net loss margin, EBITDA and EBITDA margin enhance investors’ overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliation of GAAP and Non-GAAP Results." The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

The Blueshirt Group
Ms. Susie Wang
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: julia@blueshirtgroup.com

BOQII HOLDING LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data, unless otherwise noted)

As of

As of

As of

March 31,

June 30,

June 30,

2021

2021

2021

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

292,237

287,060

44,460

Short-term investments

168,546

128,678

19,930

Accounts receivable, net

45,732

74,277

11,504

Inventories, net

91,551

105,809

16,388

Prepayments and other current assets

85,261

74,613

11,556

Amounts due from related parties

11,465

34,294

5,311

Total current assets

694,792

704,731

109,149

Non-current assets:

Property and equipment, net

8,386

8,338

1,291

Intangible assets

29,537

28,540

4,420

Operating lease right-of-use assets

29,234

32,805

5,081

Long-term investments

74,330

79,232

12,271

Goodwill

40,184

40,684

6,301

Other non-current asset

4,111

4,024

624

Total non-current assets

185,782

193,623

29,988

Total assets

880,574

898,354

139,137

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current liabilities

Short-term borrowings

85,566

103,332

16,004

Accounts payable

71,848

114,384

17,716

Salary and welfare payable

6,309

4,860

753

Accrued liabilities and other current liabilities

30,055

30,096

4,661

Amounts due to related parties, current

910

10,178

1,577

Contract liabilities

3,866

3,474

538

Operating lease liabilities, current

8,063

9,639

1,493

Derivative liabilities

9,996

10,125

1,568

Total current liabilities

216,613

286,088

44,310

Non-current liabilities

Deferred tax liabilities

8,958

8,711

1,349

Operating lease liabilities, non-current

19,997

21,891

3,390

Long-term borrowings

68,075

49,674

7,693

Other debts, non-current

433,292

365,256

56,571

Total non-current liabilities

530,322

445,532

69,003

Total liabilities

746,935

731,620

113,313

Mezzanine equity

Redeemable non-controlling interests

5,946

6,086

943

Total mezzanine equity

5,946

6,086

943

Stockholders’ equity:

Class A ordinary shares (US$0.001 par value; 129,500,000 shares authorized,
   54,505,108 and 54,556,503 shares issued and outstanding as of March 31
   and June 30, 2021, respectively)

364

365

56

Class B ordinary shares (US$0.001 par value; 15,000,000 shares authorized,
   13,037,729 shares issued and outstanding as of March 31 and June 30,
   2021, respectively)

82

82

13

Additional paid-in capital

3,272,612

3,279,409

507,916

Statutory reserves

3,047

3,117

483

Accumulated other comprehensive loss

(20,172)

(28,884)

(4,474)

Accumulated deficit

(2,759,882)

(2,794,987)

(432,888)

Receivable for issuance of ordinary shares

(413,377)

(343,068)

(53,135)

Total Boqii Holding Limited shareholders’ equity

82,674

116,034

17,971

Non-controlling interests

45,019

44,614

6,910

Total shareholders’ equity

127,693

160,648

24,881

Total liabilities, mezzanine equity and shareholders’ equity

880,574

898,354

139,137

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.4566
on June 30, 2021 published by the Federal Reserve Board.

 

 

BOQII HOLDING LIMITED

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(All amounts in thousands, except for share and per share data, unless otherwise noted)

Three Months Ended June 30,

2020

2021

2021

RMB

RMB

US$

Net revenues:

Product sales

237,932

311,493

48,244

Online marketing and information services and other revenue

506

10,353

1,604

Total revenues

238,438

321,846

49,848

Total cost of revenue

(195,168)

(265,465)

(41,115)

Gross profit

43,270

56,381

8,733

Operating expenses:

Fulfillment expenses

(33,632)

(32,887)

(5,094)

Sales and marketing expenses

(34,944)

(45,485)

(7,045)

General and administrative expenses

(16,868)

(19,571)

(3,031)

Other income, net

47

12

2

Loss from operations

(42,127)

(41,550)

(6,435)

Interest income

1,716

5,187

803

Interest expense

(7,143)

(6,062)

(939)

Other gain, net

2,897

3,128

484

Fair value change of derivative liabilities

2,106

162

25

Loss before income tax expenses

(42,551)

(39,135)

(6,062)

Income taxes expenses

309

1,009

156

Share of results of equity investees

(57)

766

119

Net loss

(42,299)

(37,360)

(5,787)

Less: Net income/(loss) attributable to the non-controlling
   interest shareholders

279

(2,467)

(382)

Net loss attributable to Boqii Holding Limited

(42,578)

(34,893)

(5,405)

Less: Accretion on convertible redeemable preferred shares to
   redemption value

(35,137)

–

–

Less: Accretion on redeemable non-controlling interests to
   redemption value

–

(140)

(22)

Less: Deemed dividend to preferred shareholders

(12,547)

–

–

Net loss attributable to Boqii Holding Limited‘s ordinary
   shareholders

(90,262)

(35,033)

(5,427)

Net loss

(42,299)

(37,360)

(5,787)

Other comprehensive loss:

Foreign currency translation adjustment, net of nil tax

(801)

(8,712)

(1,349)

Unrealized securities holding gains

1,195

–

–

Total comprehensive loss

(41,905)

(46,072)

(7,136)

Less: Total comprehensive income/(loss) attributable to non-
   controlling interests shareholders

279

(2,467)

(382)

Total comprehensive loss attributable to Boqii Holding
   Limited

(42,184)

(43,605)

(6,754)

Net loss per share attributable to Boqii Holding Limited’s
   ordinary shareholders

— basic

(4.06)

(0.52)

(0.08)

— diluted

(4.06)

(0.52)

(0.08)

Weighted average number of ordinary shares

— basic

22,238,454

67,640,952

67,640,952

— diluted

22,238,454

67,640,952

67,640,952

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of
USD1.00=RMB6.4566 on June 30, 2021 published by the Federal Reserve Board.

 

 

Boqii Holding Limited

Reconciliation of GAAP and Non-GAAP Results

(In thousands)

Three Months Ended June 30,

2020

2021

RMB

RMB

Net loss

(42,299)

(37,360)

Fair value change of derivative liabilities

(2,106)

(162)

Share-based compensation

–

5,986

Adjusted Net Loss

(44,405)

(31,536)

Adjusted Net Loss Margin

(18.6%)

(9.8%)

Three Months Ended June 30,

2020

2021

RMB

RMB

Net loss

(42,299)

(37,360)

Income tax expenses

(309)

(1,009)

Interest expenses

7,143

6,062

Interest income

(1,716)

(5,187)

Depreciation and amortization

1,750

1,928

EBITDA

(35,431)

(35,566)

EBITDA Margin

(14.9%)

(11.1%)

 

PR Newswire

Dada Group and CP Group Retail Division Partner to Provide Omni-channel On-demand Delivery Services for CP Lotus and CP Fresh Mart

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SHANGHAI, Aug. 20, 2021 — Dada Group (Nasdaq: DADA), China’s leading local on-demand delivery and retail platform, and Charoen Pokphand Group (CP Group)’s Retail Business Division, today announced a partnership to provide omni-channel on-demand delivery services for CP Group’s CP Lotus, a leading supermarket chain, and CP Fresh Mart, a community-based supermarket in China. CP Group is one of the world’s most influential multinational company operating by ethnic Chinese.

A Dada Now rider takes online orders for delivery at a CP Lotus store in Beijing
A Dada Now rider takes online orders for delivery at a CP Lotus store in Beijing

Dada Now, Dada’s on-demand delivery platform, launched a customized service program "Dedicated Delivery" for chain merchants. This program provides a "stationed + crowdsourcing" delivery model and services. Through the cooperation, the service will be adopted in CP Lotus and CP Fresh Mart’s stores, covering Beijing, Zhengzhou and Chongqing in the first round.

CP Lotus and CP Fresh Mart stores started to launch on JDDJ (JD Daojia), the on-demand retail platform of Dada Group, in 2016 and 2017 respectively, while Dada Now has provided on-demand delivery and online order fulfillment services. Under the cooperation, besides orders from JDDJ, Dada Now will fulfill online orders from WeChat mini program and third-party grocery platform. The cooperation will further expand to more categories and businesses, and improve order fulfillment efficiency in more regions throughout the country.

According to JDDJ data, in the first half of 2021, CP Lotus’ sales on JDDJ increased by over 1.5 times year-on-year. The average delivery time for CP Lotus and Fresh Mart’s online orders on JDDJ was about 40 minutes from January 1st to July 31st, 2021.

Mr. Liu Liu, President of the Retail Business Department at CP Group Head Office, said that Dada Group has fully demonstrated its powerful strengths in online operations. Through its retail empowerment strategy, Dada Group improves consumers’ online shopping experience by creating better online consumption platform and providing omni-channel order fulfillment. In terms of retail business, CP Group will leverage strengths in the "from the farm to the table" across its full industry chain, community business and services, and partner with Dada Group to offer better online and offline consumption services, facilitate the development of O2O business, put consumer needs first, and provide solutions for diversified shopping scenarios.

Mr. Mingyang Zhu, Head of Key Account Business at Dada Now, said that as a well-known multinational company, CP Group has advanced retail operation strategy, and pioneered in diverse retail ecosystem. Its established community retail experience system is getting stronger, striving to become the closest partner in consumer’s family life.  Dada Now will assist CP Group in establishing the community retail experience system with high delivery efficiency and lower costs, by leveraging innovations in delivery models and technologies. Working together, Dada Group and CP Group will provide consumers with a more convenient and efficient shopping experience.

About Dada Group

Dada Group is a leading platform of local on-demand retail and delivery in China. It operates JDDJ, one of China’s largest local on-demand retail platforms for retailers and brand owners, and Dada Now, a leading local on-demand delivery platform open to merchants and individual senders across various industries and product categories. The company’s two platforms are inter-connected and mutually beneficial. The Dada Now platform enables improved delivery experience for participants on the JDDJ platform through its readily accessible fulfillment solutions and strong on-demand delivery infrastructure. Meanwhile, the vast volume of on-demand delivery orders from the JDDJ platform increases order volume and density for the Dada Now platform. In June 2020, Dada Group began trading on the Nasdaq Global Market, under the ticker symbol "DADA."

About CP Group

Charoen Pokphand Group (CP Group) is one of the largest ethnic Chinese multinational companies in the world. Its vision is to be the kitchen of the world and energy for human beings. Its retail business has hundreds of CP Fresh Mart, more than 100 CP Lotus and nearly 10000 CP Food direct-sale stores in Guangzhou, Beijing, Shanghai, Changsha, Zhengzhou, Chongqing, Qingdao, Lanzhou and other cities in China. CP Group is continuously expanding its geographic scope of online and offline retail business.

Related Links :

http://imdada.cn

Lifestyle, News

[Update] OnlyFans is Going SFW! Yes, Really It Is!

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Update: OnlyFans has reversed their decision on banning sexually explicit content. The originally cited pressure from banks has apparently be worked out. OnlyFans has only said that they have secured financial assurances to support their content creators and as much creative freedom as before.

We haven’t spoke about OnlyFans much. That is because, as novel as the platform’s visions are, it inevitably became exploited to a little more than that. The platform quickly gained popularity as a sort of “Patreon for Porn” since its boom in 2020. It became popular for all sorts of wrong reasons.

You might think that OnlyFans is mostly about paying for explicit contents, and you can be forgiven for that. Since the platform came under limelight, its most popular contents are mostly what can only be described as porn in all kinds of form. At the very least, you can pay your way to getting photos of naked people on the platform.

The thing is, if you try to download OnlyFans for Android (OFTV) on the Google Play Store, you will find an app that is strictly SFW (safe for work). You cannot be accessing contents with naked people from the Android app at all. You can thank Google’s Play Store policies for that, Google does not want porn in their app store ecosystem.

As we have stated before, the idea behind the content subscription service is a novel one. On the OFTV app, the platform pushes differing content creators that reflects the novel idea of OnlyFans. It pushes content creators that dabbles in soft skills like cooking, crafting, and even photography for its users. That was the main idea of OnlyFans though.

Of course, OnlyFans garnered plenty of attention since it allows content creators the freedom to bring any form of contents into the platform, including sexually explicit ones. To be fair, the porn industry, in today’s day and age, is one of the most lucrative in the world. At the same time, the nature of the pandemic since 2020 has pushed the industry way forward with digital availability and demand skyrocketing.

It did not just gather the attention of users though. The platform got plenty of attention from authorities and drew plenty of criticism from everywhere. Investigators started scouring the platform for illicit contents. Critics say that the platform gives its creators too much freedom in infringing the platform’s own content guidelines.

Today is a big step for OnlyFans though since they have announced that they are no longer allowing sexually explicit contents on the platform from the 1st of October 2021 onward. The move as reportedly due to the rising pressures from OnlyFans’ bankers and investors in its recent bid to secure funding to hit US$ 1 billion in valuation. This is not the end of nudity on the platform though as OnlyFans has stated that it would allow its content to post nude contents if it complies with their content guidelines.

Of course, not all of the platform’s users would be happy with the announcement. Plenty of content creators who have kept themselves sustainable on the platform will be majorly affected by the changes that is to come October 2021 onward. On the bright side, OnlyFans could keep its lofty ideas of creating a reliable platform for its content creators to live off their contents without relying on brand sponsors or ads.

Source: Bloomberg

PR Newswire

Sennheiser new product XS Lav mics providing a simple and effective audio solution for vloggers and podcasters

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BEIJING, Aug. 20, 2021 — There probably isn’t a faster and simpler way to add a high-quality vocal track to videos: Just clip on Sennheiser’s new XS Lav mic, connect it to the mobile device or computer and start rolling. Whether users are podcasting, recording a voice-over, interviewing or vlogging – this omni-directional clip-on mic will deliver clear and natural sound. Available as XS Lav Mobile with TRRS connector, XS Lav USB-C with USB-C connector, and XS Lav USB-C Mobile Kit with an additional Manfrotto PIXI Mini Tripod and Sennheiser Smartphone Clamp.

"Simple, straightforward audio recording and a clearly noticeable upgrade in sound quality – this is what the XS Lav family will give you," says Nicole Fresen, Product Manager at Sennheiser. "These mics will become your indispensable audio companions for content creation."

Mic up like a pro

Upgrading the audio is in fact one of the most efficient ways to improve the overall quality of the content. The built-in microphones of mobile devices and laptops simply don’t perform well enough as they are caged within the device’s housing and capture environmental sounds in addition to the voice. This also requires users to remain at the same distance from the device for consistent audio levels and sound quality.

Using a dedicated microphone from the XS Lav family will reveal all the difference that a lavalier microphone can make. By placing the microphone closer to the sound source, users are able to isolate their voice and attenuate distracting noise from the surrounding environment. Despite the cable, it also gives users more freedom to move in front of the camera without deteriorating the audio, making listening an enjoyable experience for the audience.


Furthermore, the omni-directional lavalier microphone is a commonly used type in professional broadcast applications. Being able to discreetly clip the mic to clothing offers a professional look and enhanced sound.

Simple and effective

XS Lav is hassle-free – the smartphone or computer will power the microphone and automatically switch from the internal mic. All is need is to plug the 2m cable into the device and users will be ready to record. A standard USB-C to USB-A adapter will make the XS Lav ready for legacy products, too. For video conferencing, simply choose XS Lav USB-C, as the 3.5 mm jack on XS Lav Mobile will disable the device’s audio output.

Versions and accessories

All XS Lav mics include a microphone clip, removable foam windshield and a draw-string storage pouch as a standard. The XS Lav USB-C Mobile Kit additionally contains a Sennheiser Smartphone Clamp and Manfrotto PIXI Mini Tripod.

About Sennheiser

Shaping the future of audio and creating unique sound experiences for customers – this aim unites Sennheiser employees and partners worldwide. Founded in 1945, Sennheiser is one of the world’s leading manufacturers of headphones, loudspeakers, microphones and wireless transmission systems. Since 2013, Sennheiser has been managed by Daniel Sennheiser and Dr. Andreas Sennheiser, the third generation of the family to run the company. www.sennheiser.com

Discreet and effective: the XS Lav mics will improve audio quality and provide a professional look and feel
Discreet and effective: the XS Lav mics will improve audio quality and provide a professional look and feel

PR Newswire

Bambuser’s Nomination Committee proposes that Sonia Gardner and Jørgen Madsen Lindemann be elected as new board members – Alexander Mcintyre has announced his intention to resign from the board

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STOCKHOLM, Aug. 20, 2021 — To further strengthen the board of directors competence the Nomination Committee of Bambuser proposes that Sonia Gardner and Jørgen Madsen Lindemann, respectively, be elected as new board members of Bambuser. At the same time, Alexander Mcintyre has announced that he intends to resign from the board of directors.

In light of the Nomination Committee’s proposal, the board of directors intends to convene an Extraordinary General Meeting whereas the notice will be published separately. Alexander Mcintyre will leave the board of directors in connection to the Extraordinary General Meeting.

"The board of directors thanks Alexander for his efforts and contributions to the Company over recent years. We wish Alexander every success in the future," said Joel Citron, Chairman of Bambuser’s board of directors.

Sonia Gardner (born 1962) is President, Managing Partner and Co-Founder of Avenue Capital Group, a global alternative investment manager with over $11 billion in assets under management. She is the Partner in charge of managing the firm, which she co-founded with her brother in 1995. Sonia previously served as Chair of the Global Board of Directors of 100 Women in Finance, and continues to serve as Chairman Emeritus. She currently serves as a member on the Client Advisory Board of Citi Private Bank. Ms. Gardner is the United Nations Capital Development Fund (UNCDF) Goodwill Ambassador for Gender Equality in Access to Finance. Her focus is advocating for ways to give women access to economic resources to start and grow businesses, lift their families out of poverty, and help achieve the U.N.’s Sustainable Development Goals. Sonia Gardner is independent in relation to the Company and its management as well as to the Company’s major shareholders.

Jørgen Madsen Lindemann (born 1966) has an upper secondary education from Gentofte Gymnasium. Jørgen Madsen Lindemann is currently a board member of Miinto Group and WaterBear Network. He has previously held roles such as the President and Chief Executive Officer of Modern Times Group MTG AB and board member of Zalando. Jørgen Madsen Lindemann is independent in relation to the company and its management and dependent in relation to the company’s major shareholders.

The Nomination Committee assesses that Sonia Gardner and Jørgen Madsen Lindemann have competence and backgrounds that are well suited for the work of the company’s board of directors and that the election of Sonia Gardner and Jørgen Madsen Lindemann is well in line with the discussions held within the Nomination Committee regarding competence development and gender equality.

PR Newswire

Y Combinator-Backed Lofty AI Launches Tokenized, Liquid Marketplace for A.I.-Vetted Real Estate on Algorand

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LOS ANGELES, Aug. 20, 2021 — Lofty AI today announces the launch of its liquid real estate marketplace on the Algorand blockchain, including the introduction of a sixth tokenized property listing as it gains momentum in disrupting access to real estate ownership. Lofty AI’s model allows anyone to become a direct owner in real estate and earn rental income for as little as $50 per token and in as few as five minutes, made possible with its blockchain-based solution on Algorand. Unique to Lofty AI, properties listed within the marketplace are vetted by both their local investment team and proprietary artificial intelligence, designed to more accurately evaluate market indicators that drive appreciation, including social media data, retail trends, and more.

Lofty AI’s mission is to bring liquidity and accessibility to the notoriously illiquid real estate market. Algorand’s blockchain technology enables this via minimal transaction fees, advanced smart contracts that allow for the automation of many functions, and industry-leading transaction throughput speed. These factors allow investors to participate with significantly lower minimums and to liquidate their investments at any time of their choosing, thereby reducing risk.

Property tokens on Lofty AI can be purchased via credit card or ACH transfer, and soon, will be eligible for purchase using Algorand-based currencies. Rental income is distributed to owners in USD, with forthcoming options for rental income to be sent directly to a user’s Algorand wallet.

"We believe that real estate investing should not just be reserved for the ultra-wealthy. Our team ran into this issue when investing in real estate personally, so we set out to create a platform that makes it super easy to invest in vetted properties in minutes, for only $50," said Max Ball, COO of Lofty AI. "Building on top of Algorand was a no-brainer for us––honestly it was probably the easiest decision we’ve had to make so far."

"We are excited about Lofty AI’s success on Algorand, and congratulate them on today’s sixth tokenized property launch," said David Markley, Director of Business Solutions at Algorand. "We believe that blockchain technology is the key to democratizing finance, including real estate investment opportunities, and have designed our protocol to facilitate the ease of use, speed, scalability, and true decentralization needed to enable this future."

The sixth property to be listed on the Lofty AI marketplace goes live today, with 2509 tokens available for investment.

About Lofty AI
Lofty AI lets people invest in tokenized investment properties for only $50. All properties are vetted by their local investment team and proprietary artificial intelligence, and tokens can be sold anytime for no penalties or fees. Lofty AI has raised over $5M in total funding and is backed by leading investors including Y Combinator, Rebel Fund, Jason Calacanis, Hustle Fund, and more.

About Algorand Inc.
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 700 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.

Media contact:
Lofty AI
Max Ball
max@lofty.ai

Algorand, Inc.
algorand@dittopr.co

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Secureworks® Commended by Frost & Sullivan for Enhancing Organizations’ Security Posture with Taegis™ XDR for Extended Threat Detection and Response

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Secureworks simplifies the adoption and maximizes the value of XDR for customers

SANTA CLARA, Calif., Aug. 19, 2021 — Based on its recent analysis of the global extended detection and response (XDR) market, Frost & Sullivan recognizes Secureworks® with the 2021 Global Customer Value Leadership Award for protecting users’ expanding attack surface with  Secureworks Taegis™ XDR. This cloud-native, SaaS solution, built on 20+ years of security operations and threat intelligence expertise, prioritizes customer experience, interactivity, and cooperation, helping customers detect more true positives, accelerate investigations and response, boost the efficiency of security operations, and maximize the ROI of existing security tools.

Secureworks
Secureworks

"Taegis XDR collects and analyzes telemetry from the network, cloud, endpoints, and other touchpoints. By automatically correlating logs and events from different security sources to validate and prioritize alerts, Taegis ensures security personnel do not waste time reacting to false alerts," said Lucas Ferreyra, Research Analyst. "Taegis’ AI-powered advanced analytics engines analyze billions of events against purpose built analytics. Being a unified platform, it includes a comprehensive threat-hunting toolkit to alleviate the challenge of manually stitching data together or switching between disparate tools."

With Taegis XDR, customers can reduce mean-time-to-respond (MTTR) down to minutes using automated playbooks that are based on best practices from Secureworks’ 1,400 incident-response engagements each year. Its customers have reported a dramatic reduction in the number of alerts due to the solution’s ability to validate alerts. The solution combines human intelligence with AI-driven advanced analytics to empower security operations professionals.

Meanwhile, for organizations that need additional resources or expertise, Secureworks provides Taegis ManagedXDR, a managed service offering. An assigned Threat Engagement Manager provides reports, reviews, and recommendations to improve the customer’s security posture, and a Secureworks’ Incident Response team is available to deliver round-the-clock support. Secureworks’ advanced solutions, cybersecurity expertise, and emphasis on customer experience help organizations make the most of XDR.

"With Taegis, Secureworks gives customers access to the tools, best practices, and threat research used by its own experts, adding interactive features to help with investigations," noted Ferreyra. "Overall, the benefits of the Taegis™ XDR, as well as ManagedXDR’s cross-layered detection and response, allow organizations to ease their transition to XDR."

"When we put our XDR solution in the hands of our customers, we did so with the commitment to double down on helping them protect their organization while achieving a clear return on their investment," said Wendy Thomas, president of Customer Success and incoming CEO. "Our customers are at the heart of everything we do, so it is a special honor to be recognized by Frost & Sullivan for the customer value we are delivering." 

Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company’s unique focus on augmenting the value that its customers receive, beyond simply good customer service, leading to improved customer retention and customer base expansion.

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

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Kristen Moore
P: 210.247.3823
E: kristen.moore@frost.com

Connect with Secureworks via Twitter, LinkedIn and Facebook, and read the Secureworks Blog

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Netflix Now Supports Spatial Audio on Apple iPhone and iPad

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Spatial audio for Apple devices was announced back in 2020. It is Apple’s idea of a sort of 3D audio on Dolby Atmos. 3D audio was not really a new concept either at this point. Major electronic vendors like Sony have started experimenting with their own version of 3D audio with their 360 Reality Audio technology and their very own 3D Audio on the PlayStation 5. In a sense, if you want to describe Spatial Audio, it is like a virtual surround sound.

There is a sort of hardware limitation to the technology though. Not every audio hardware can support the technology at this time. That said, Apple’s latest TWS headphones line up like the AirPods Pro and AirPods Max supports the technology. Then you have a problem with the software side of things, not every software supports the technology yet. Why would you launch a technology that is not supported by any contents then?

There are no straight answers here. One of the answers is simply because they can. At the same time though, the announcement is a sort of signal to all the developers that are developing on the iOS platform. A sort of notice to tell people that Apple has the technology and developers can take advantage of the technology on their apps, with the right support of course.

Spatial Audio is not just beneficial for music or the illusion of live music though. It has the potential to really elevate your audio experience without spending thousands upon thousands of top dollars on top of what you already have. It is, in a sense, a cheap way to get immersive audio. Of course, the audio quality really depends on your audio hardware itself, and its tuning; you cannot defy the law of physics still.

This opens up the avenue for immersive entertainment experience on the go too. You can bring the cinema experience in your pockets. You can watch a movie on your Apple iPhone, for example, and feel like you are in the theatres while you are flying from Johannesburg to London.

Now, you can watch Netflix on iPhone and iPad with Spatial Audio. The first app that supported Apple’s Spatial Audio was Apple’s very own Music app in 2021. The support for Spatial Audio then extends to the Apple TV 4K as well at the same time.

Weirdly, Netflix is not the first third party app that received Spatial Audio treatment. Instead, apps like Disney Plus, and HBO Max are the first third party apps to receive the support. Of course, Apple would have equipped their Apple TV Plus app with Spatial Audio capabilities early on. In that sense, the support for Spatial Audio for Netflix is a long time coming. That is not to say that the update is not a welcome update though.

Users should expect to see the update rolling into their Apple iPad and Apple iPhone devices in the coming days. If you do not have Netflix, you can always try Apple’s Spatial Audio technology via Apple TV Plus app. Just make sure you have an Apple AirPods Pro or AirPods Max to go with your Apple iPhone and iPad. For Netflix users, you can turn on Spatial Audio from Netflix’s settings menu. If you do not see the option yet, you might want to check if your app is updated or wait for the latest app update from the Apple App Store.

PR Newswire

Cloopen Group Holding Limited (NYSE: RAAS) Announces Financial Results for Second Quarter 2021

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BEIJING, Aug. 19, 2021 — The thriving stay-at-home economy that emerged in 2020 unleashed the potential of the cloud-based communications market. Rising alongside the ongoing improvement of the communications infrastructure, the market is entering a golden age. The cloud-based communications market in China will continue to grow rapidly in the coming years and is expected to exceed RMB100 billion by 2024, according to a report from China Investment Corporation (CIC). 


With the sector’s anticipated growth, industry players are fulfilling expectations by continually delivering notable performances. Recently, Cloopen Group Holding Limited (NYSE: RAAS) ("Cloopen" or the "Company") announced its financial results for the second quarter of 2021. According to the report, the Company’s revenues for the second quarter were RMB274 million, representing a 47.9% increase year-over-year or a 33.9% increase quarter-over-quarter. Its core CC (Cloud-based Contact Center) solutions business performed especially well, achieving revenues of RMB108 million, an increase of 105.1% year-over-year. In terms of profitability, the Company’s gross margin increased to 43.1%. Adjusted EBITDA loss was RMB29.966 million, while adjusted EBITDA loss margin (as a percentage of revenue) decreased markedly to 10.9%, a nearly 6% decrease year-over-year and an 18% decrease quarter-over-quarter.

Three-month Period Ended, 

June 30, 

June 30, 

June 30, 

2020

2021

2021

RMB 

RMB 

USD 

(in thousands, except for per share data) 

Revenues

185,255

273,905

42,422

Cost of revenues

(113,856)

(155,805)

(24,131)

Gross profit 

71,399

118,100

18,291

Operating expenses: 

Research and development expenses

(36,644)

(61,970)

(9,598)

Sales and marketing expenses

(46,643)

(72,842)

(11,282)

General and administrative expenses

(46,240)

(79,664)

(12,338)

Total operating expenses 

(129,527)

(214,476)

(33,218)

Operating loss 

(58,128)

(96,376)

(14,927)

Other income (expense):

Interest expenses

(4,141)

(119)

(18)

Interest income

479

1,265

196

Loss from disposal of subsidiaries, net

(335)

(4)

(1)

Share of income (loss) of equity method investments

(1,021)

8

1

Change in fair value of warrant liabilities

722

—

—

Impairment loss of long-term investments

—

(15,667)

(2,427)

Foreign currency exchange gains (losses), net

(270)

4,028

624

Loss before income taxes 

(62,694)

(106,865)

(16,552)

Income tax benefit

529

1,232

191

Net loss 

(62,165)

(105,633)

(16,361)

Cloopen optimized revenue structure by increasing proportion of businesses with higher gross margins

Cloopen, began to provide cloud-based communications solutions in 2014, went public in the US in February of this year, becoming the first Chinese SaaS company to do so. After over a decade of development, the Company’s businesses now include communications platform as a service (CPaaS)，Cloud-based Contact center (CC) and Cloud-based Unified Communications and Collaboration(UC&C).

In terms of revenue composition, CPaaS revenue reached RMB115 million in the second quarter,maintaining organic growth rate of 13% year-over-year. The high-margin CC and UC businesses contributed more than 50% of total revenue for the first time, and CC solutions contributed significantly to revenue growth. In recent years, the CC solutions market has maintained rapid growth, attracting the attention of the industry’s powerful players.

Against the backdrop of a thriving market, Cloopen delivered positive news regarding its CC solutions business. During the reporting period, the Company’s CC business achieved revenues of RMB108 million, an increase of over 100% year-over-year.

Two factors account for the exceptional performance of the CC business. First, Cloopen’s acquisition of CRM software provider EliteCRM in March of this year and its integration enabled strategic synergies. Second, the Company expanded its CC business by adding CRM and CPaaS products, producing a compound sales effect and further growing market share.

Another part of Cloopen’s revenue composition consists of UC&C solutions, which include IM and CV services. Compared to CPaaS and CC solutions, the UC&C solutions business is smaller in volume, having achieved revenues of RMB49 million in the second quarter, an impressive increase of 74.9%.

In addition to strong revenues, Cloopen’s performance showed laudable profitability. The financial report revealed the Company’s gross margin to be 43.1%, compared to 38.5% in the second quarter of 2020. Cloopen’s improved profitability was primarily driven by an increase in the proportion of the Company’s higher gross margin businesses. According to previous financial reports, the gross margins of Cloopen’s CC and UC&C businesses are considerably higher than that of its CPaaS business. In the second quarter of this year, the proportion of the Company’s higher gross margin businesses surpassed 50% for the first time, boosting the overall gross margin while significantly optimizing the Company’s revenue structure. Meanwhile, the Company’s reduced the red ink considerably, with an adjusted EBITDA loss of RMB29.966 million.

According to Chinese information platform Zhitong Caijing, Cloopen’s second quarter financial report showed overall positive results in its core financial data, once again demonstrating indications of growth.  

Potential for growth in the industry

Cloopen is situated within a thriving industry. As aforementioned, the cloud-based communications industry is expected to become a RMB100 billion market in the near future. The CIC report indicated that the cloud-based communication solutions market increased from RMB16.3 billion in 2015 to RMB35.7 billion in 2019, representing a compound annual growth rate of 21.7%.

The market is expected to maintain strong growth momentum. CIC forecasted that the market is expected to reach RMB100 billion by 2024, with a compound annual growth rate of 23.3% during the 2019 to 2024 period.

Cloopen has the potential for greater growth in this market. The cloud-based communications market consists of three major segments: CPaaS, CC and UC&C. Cloopen boasts a comprehensive product portfolio that covers the three major segments CPaaS, CC and UC&C, enabling the Company to accommodate a multitude of business scenarios and provide customers with versatile solutions.

Cloopen also has a competitive edge due to its technology and customer base. First let’s consider technological advantages and look at Cloopen’s newest product developments as an example. At the World Artificial Intelligence Conference in June 2021 (WAIC 2021), Cloopen debuted Rongxi Robot, which features intelligent voice response systems and outbound solutions, intelligent training capabilities, and AI-assisted customer support. By combining the technologies operating at every level – algorithms at the bottom, AI data in the middle, and AI applications at the top, the Company delivered a comprehensive upgrade of CC solutions that can be applied to the full customer lifecycle.

Next let’s examine Cloopen’s customer base. According to the financial report, the Company had 12,976 active customers as of the end of June this year, with a dollar-based net customer retention rate of around 110%. A large customer base combined with a high retention rate helps provide the Company’s with stable revenues.

Aside from its strong performance, the outlook for the Company’s future development is also promising. In terms of its industry, Cloopen conducts business in a fast-growing industry that has entered a golden age. In terms of its performance, there has been continual evidence of the Company’s growth. One can expect Cloopen to further unlock its growth potential, owing to its dominant position in product offerings, research and development, and customer base.