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Rimini Street Announces Fiscal Third Quarter 2019 Financial Results

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Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced results for the third quarter ended September 30, 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191107005743/en/

Rimini Street Announces Fiscal Third Quarter 2019 Financial Results (Graphic: Business Wire)

Rimini Street Announces Fiscal Third Quarter 2019 Financial Results (Graphic: Business Wire)

“In the third quarter, we continued to see improving performance from investments made over the past eighteen months in global sales capacity, productivity and infrastructure,” stated Seth A. Ravin, Rimini Street co-founder, CEO and Chairman of the Board. “We also continued expanding our global capabilities and new product and service offerings, opening operations in Dubai to serve the Gulf region and announcing the global availability of Application Management Services for SAP. In addition, today we announced the global availability of Application Management Services for Oracle Database and Applications.”

“Third quarter revenue, sales and marketing and general and administrative spend were all within our quarter guidance range, and gross margin for the third quarter and year-to-date are both above our previously provided guidance ranges,” stated Tom Sabol, Rimini Street CFO. “We remain committed to the long-term goals of top-line revenue growth, strong free cash flow and achieving sustained GAAP profitability.”

Third Quarter 2019 Financial Highlights

  • Revenue was $69.0 million for the 2019 third quarter, an increase of 10.1% compared to $62.6 million for the 2018 third quarter.
  • Annualized Subscription Revenue was approximately $274 million for the 2019 third quarter, an increase of 10% compared to $250 million for the 2018 third quarter.
  • Active Clients as of September 30, 2019 were 2,032, an increase of 17.3% compared to 1,732 Active Clients as of September 30, 2018.
  • Revenue Retention Rate was 91.5% for the trailing 12 months ended September 30, 2019 compared to 92.0% for the comparable period ended September 30, 2018.
  • Gross margin was 62.4% for the 2019 third quarter compared to 64.5% for the 2018 third quarter.
  • Operating income was $2.5 million for both the 2019 and 2018 third quarters.
  • Non-GAAP Operating Income was $7.5 million for the 2019 third quarter compared to $10.7 million for the 2018 third quarter.
  • Net income was $1.7 million for the 2019 third quarter compared to a net loss of $48.4 million for the 2018 third quarter.
  • Non-GAAP Net Income was $6.7 million for both the 2019 third quarter and the 2018 third quarter.
  • Adjusted EBITDA for the 2019 third quarter was $7.6 million compared to $10.8 million for the 2018 third quarter.
  • Basic and diluted earnings per share attributable to common stockholders was a net loss per share of $0.07 per share for the 2019 third quarter compared to a net loss per share of $0.85 per share for the 2018 third quarter.

Reconciliations of the non-GAAP financial measures provided in this press release to their most directly comparable GAAP financial measures are provided in the financial tables included at the end of this press release. An explanation of these measures, why we believe they are meaningful and how they are calculated is also included under the heading “About Non-GAAP Financial Measures and Certain Key Metrics.”

Third Quarter 2019 Company Highlights

  • Announced that global auto manufacturer, Hyundai-Kia Motors, selected Rimini Street for support and maintenance of its global database portfolio.
  • Announced the global availability of the Company’s Application Management Services for SAP, offering clients a turnkey support solution to run their SAP systems which integrates both AMS and Support Services for SAP.
  • Expanded investment in the Middle East, including the establishment of a new subsidiary and office in Dubai, and hiring local staff to support increasing demand in the Gulf region.
  • Closed over 7,500 support cases, and scored an overall average of 4.8 in client satisfaction (where 5.0 is excellent).
  • Delivered more than 15,000 tax, legal and regulatory updates to clients globally for PeopleSoft, JD Edwards, SAP and Oracle E-Business Suite products.
  • Announced numerous award wins including:
  • Presented at 13 CIO, CFO and IT procurement leader events including CFO.org in New York, IDC’s CIO Empowerment conference in Puerto Vallarta, Mexico, Gartner’s ITAM Summit in Dallas, and the Japan Information Systems User Association in Tokyo.

2019 Revenue Guidance

The Company is maintaining the midpoint of our full year guidance of $275 million, while narrowing the range to $274.5 million to $275.5 million and guiding fourth quarter 2019 revenue to be in the range of $71.3 million to $72.3 million.

CFO Transition

Rimini Street announced today that Thomas Sabol has resigned as CFO effective November 15, 2019 to pursue another opportunity in the state in which he resides. Stanley Mbugua, previously the Company’s Vice President and Corporate Controller, was appointed Group Vice President and Chief Accounting Officer effective November 5, 2019. The Company is actively recruiting a new Chief Financial Officer. “I want to thank Tom for his financial stewardship over the past three years, which included the successful completion of several substantial refinancing transactions and taking the company public in 2017. We wish him well in his new role,” stated Mr. Ravin.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the third quarter 2019 results at 5:00 p.m. Eastern / 2:00 p.m. Pacific time on November 7, 2019. A live webcast of the event will be available on Rimini Street’s Investor Relations site at https://investors.riministreet.com/events-and-presentations/upcoming-and-past-events. Dial-in participants can access the conference call by dialing (855) 213-3942 in the U.S. and Canada and enter the code 8398042. A replay of the webcast will be available for at least 90 days following the event.

Company’s Use of Non-GAAP Financial Measures

This press release contains certain “non-GAAP financial measures.” Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles. This non-GAAP information supplements, and is not intended to represent a measure of performance in accordance with disclosures required by U.S. generally accepted accounting principles, or GAAP. Non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, financial measures determined in accordance with GAAP. A reconciliation of GAAP to non-GAAP results is included in the financial tables included in this press release. Presented under the heading “About Non-GAAP Financial Measures and Certain Key Metrics” is a description and explanation of our non-GAAP financial measures.

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. Over 2,000 global Fortune 500, midmarket, public sector and other organizations from a broad range of industries rely on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com/, follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn. (IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation (including our pending appeal of the permanent injunction) or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on November 7, 2019, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2019 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

RIMINI STREET, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

ASSETS

September 30,
2019

 

December 31,
2018

Current assets:

 

 

 

Cash and cash equivalents

$

41,725

 

 

$

24,771

 

Restricted cash

436

 

 

435

 

Accounts receivable, net of allowance of $477 and $489, respectively

61,829

 

 

80,599

 

Prepaid expenses and other

11,198

 

 

7,099

 

Total current assets

115,188

 

 

112,904

 

Long-term assets:

 

 

 

Property and equipment, net of accumulated depreciation and amortization of $9,949 and $8,543, respectively

3,605

 

 

3,634

 

Deposits and other

1,632

 

 

1,438

 

Deferred income taxes, net

907

 

 

909

 

Total assets

$

121,332

 

 

$

118,885

 

LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Current liabilities:

 

 

 

Current maturities of long-term debt

$

 

 

$

2,372

 

Accounts payable

2,580

 

 

12,851

 

Accrued compensation, benefits and commissions

22,337

 

 

22,503

 

Other accrued liabilities

22,506

 

 

20,424

 

Deferred revenue

167,024

 

 

180,358

 

Total current liabilities

214,447

 

 

238,508

 

Long-term liabilities:

 

 

 

Deferred revenue

33,489

 

 

28,898

 

Accrued PIK dividends payable

1,149

 

 

1,056

 

Other long-term liabilities

2,326

 

 

2,011

 

Total liabilities

251,411

 

 

270,473

 

Redeemable Series A Preferred Stock:

 

 

 

Authorized 180 shares; issued and outstanding 154 shares and 141 as of September 30, 2019 and December 31, 2018, respectively. Liquidation preference of $154,082, net of discount of $25,444 and $140,846, net of discount of $26,848, as of September 30, 2019 and December 31, 2018, respectively

128,638

 

 

113,998

 

Stockholders’ deficit:

 

 

 

Preferred Stock, $0.0001 par value per share. Authorized 99,820 shares (excluding 180 shares of Series A Preferred Stock); no other series has been designated

 

 

 

Common Stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 67,109 and 64,193 shares as of September 30, 2019 and December 31, 2018, respectively

7

 

 

6

 

Additional paid-in capital

97,896

 

 

108,347

 

Accumulated other comprehensive loss

(1,898

)

 

(1,567

)

Accumulated deficit

(354,722

)

 

(372,372

)

Total stockholders' deficit

(258,717

)

 

(265,586

)

Total liabilities, redeemable preferred stock and stockholders' deficit

$

121,332

 

 

$

118,885

 

RIMINI STREET, INC.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2019

 

2018

 

2019

 

2018

Revenue

$

68,952

 

 

$

62,629

 

 

$

203,168

 

 

$

185,083

 

Cost of revenue

25,915

 

 

22,220

 

 

74,786

 

 

71,845

 

Gross profit

43,037

 

 

40,409

 

 

128,382

 

 

113,238

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

26,716

 

 

22,312

 

 

76,437

 

 

65,616

 

General and administrative

10,472

 

 

8,585

 

 

34,162

 

 

29,714

 

Litigation costs and related recoveries:

 

 

 

 

 

 

 

Professional fees and other costs of litigation

3,642

 

 

6,990

 

 

6,127

 

 

25,002

 

Litigation appeal refunds

 

 

 

 

(12,775

)

 

(21,285

)

Insurance costs and recoveries, net

(339

)

 

 

 

4,000

 

 

(7,583

)

Litigation costs and related recoveries, net

3,303

 

 

6,990

 

 

(2,648

)

 

(3,866

)

Total operating expenses

40,491

 

 

37,887

 

 

107,951

 

 

91,464

 

Operating income

2,546

 

 

2,522

 

 

20,431

 

 

21,774

 

Non-operating income and (expenses):

 

 

 

 

 

 

 

Interest expense

(27

)

 

(9,499

)

 

(375

)

 

(32,231

)

Other debt financing expenses

 

 

(48,375

)

 

 

 

(58,331

)

Gain from change in fair value of embedded derivatives

 

 

7,800

 

 

 

 

1,600

 

Other expense, net

(329

)

 

(306

)

 

(629

)

 

(1,546

)

Income (loss) before income taxes

2,190

 

 

(47,858

)

 

19,427

 

 

(68,734

)

Income tax expense

(451

)

 

(510

)

 

(1,777

)

 

(1,573

)

Net income (loss)

$

1,739

 

 

$

(48,368

)

 

$

17,650

 

 

$

(70,307

)

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

$

(4,780

)

 

$

(53,070

)

 

$

(1,219

)

 

$

(75,009

)

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic and diluted

$

(0.07

)

 

$

(0.85

)

 

$

(0.02

)

 

$

(1.24

)

Weighted average number of shares of Common Stock outstanding:

 

 

 

 

 

 

 

Basic and diluted

66,696

 

 

62,590

 

 

65,625

 

 

60,565

 

RIMINI STREET, INC.

GAAP to Non-GAAP Reconciliations

(In thousands)

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2019

 

2018

 

2019

 

2018

Non-GAAP operating income reconciliation:

 

 

 

 

 

 

 

Operating income

$

2,546

 

 

$

2,522

 

 

$

20,431

 

 

$

21,774

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Litigation costs and related recoveries, net

3,303

 

 

6,990

 

 

(2,648

)

 

(3,866

)

Stock-based compensation expense

1,621

 

 

1,178

 

 

3,829

 

 

3,143

 

Non-GAAP operating income

$

7,470

 

 

$

10,690

 

 

$

21,612

 

 

$

21,051

 

Non-GAAP net income (loss) reconciliation:

 

 

 

 

 

 

 

Net income (loss)

$

1,739

 

 

$

(48,368

)

 

$

17,650

 

 

$

(70,307

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Litigation costs and related recoveries, net

3,303

 

 

6,990

 

 

(2,648

)

 

(3,866

)

Post-judgment interest in litigation awards

 

 

 

 

(212

)

 

(199

)

Write-off of deferred debt financing costs

 

 

 

 

 

 

704

 

Extinguishment charges upon payoff of Credit Facility:

 

 

 

 

 

 

 

Write-off of debt discount and issuance costs

 

 

47,367

 

 

 

 

47,367

 

Make-whole applicable premium

 

 

7,307

 

 

 

 

7,307

 

Stock-based compensation expense

1,621

 

 

1,178

 

 

3,829

 

 

3,143

 

Gain from change in fair value of embedded derivatives

 

 

(7,800

)

 

 

 

(1,600

)

Non-GAAP net income (loss)

$

6,663

 

 

$

6,674

 

 

$

18,619

 

 

$

(17,451

)

Non-GAAP Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

Net income (loss)

$

1,739

 

 

$

(48,368

)

 

$

17,650

 

 

$

(70,307

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Interest expense

27

 

 

9,499

 

 

375

 

 

32,231

 

Income tax expense

451

 

 

510

 

 

1,777

 

 

1,573

 

Depreciation and amortization expense

496

 

 

449

 

 

1,462

 

 

1,399

 

EBITDA

2,713

 

 

(37,910

)

 

21,264

 

 

(35,104

)

Non-GAAP adjustments:

 

 

 

 

 

 

 

Litigation costs and related recoveries, net

3,303

 

 

6,990

 

 

(2,648

)

 

(3,866

)

Post-judgment interest in litigation awards

 

 

 

 

(212

)

 

(199

)

Write-off of deferred debt financing costs

 

 

 

 

 

 

704

 

Stock-based compensation expense

1,621

 

 

1,178

 

 

3,829

 

 

3,143

 

Gain from change in fair value of embedded derivatives

 

 

(7,800

)

 

 

 

(1,600

)

Other debt financing expenses

 

 

48,375

 

 

 

 

58,331

 

Adjusted EBITDA

$

7,637

 

 

$

10,833

 

 

$

22,233

 

 

$

21,409

 

About Non-GAAP Financial Measures and Certain Key Metrics

To provide investors and others with additional information regarding Rimini Street’s results, we have disclosed the following non-GAAP financial measures and certain key metrics. We have described below Active Clients, Annualized Subscription Revenue and Revenue Retention Rate, each of which is a key operational metric for our business. In addition, we have disclosed the following non-GAAP financial measures: non-GAAP operating income, non-GAAP net income (loss), EBITDA, and adjusted EBITDA. Rimini Street has provided in the tables above a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Due to a valuation allowance for our deferred tax assets, there were no tax effects associated with any of our non-GAAP adjustments. These non-GAAP financial measures are also described below.

The primary purpose of using non-GAAP measures is to provide supplemental information that management believes may prove useful to investors and to enable investors to evaluate our results in the same way management does. We also present the non-GAAP financial measures because we believe they assist investors in comparing our performance across reporting periods on a consistent basis, as well as comparing our results against the results of other companies, by excluding items that we do not believe are indicative of our core operating performance. Specifically, management uses these non-GAAP measures as measures of operating performance; to prepare our annual operating budget; to allocate resources to enhance the financial performance of our business; to evaluate the effectiveness of our business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of our results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communications with our board of directors concerning our financial performance. Investors should be aware however, that not all companies define these non-GAAP measures consistently.

Active Client is a distinct entity that purchases our services to support a specific product, including a company, an educational or government institution, or a business unit of a company. For example, we count as two separate active clients when support for two different products is being provided to the same entity. We believe that our ability to expand our active clients is an indicator of the growth of our business, the success of our sales and marketing activities, and the value that our services bring to our clients.

Annualized Subscription Revenue is the amount of subscription revenue recognized during a fiscal quarter and multiplied by four. This gives us an indication of the revenue that can be earned in the following 12-month period from our existing client base assuming no cancellations or price changes occur during that period. Subscription revenue excludes any non-recurring revenue, which has been insignificant to date.

Revenue Retention Rate is the actual subscription revenue (dollar-based) recognized over a 12-month period from customers that were clients on the day prior to the start of such 12-month period, divided by our Annualized Subscription Revenue as of the day prior to the start of the 12-month period.

Non-GAAP Operating Income is operating income adjusted to exclude: litigation costs and related recoveries, net, and stock-based compensation expense. The exclusions are discussed in further detail below.

Non-GAAP Net Income (Loss) is net income (loss) adjusted to exclude: litigation costs and related recoveries, net, post-judgment interest in litigation awards, write-off of deferred debt financing costs, extinguishment charges upon payoff of credit facility, stock-based compensation expense, and gain from change in fair value of embedded derivatives. These exclusions are discussed in further detail below.

Specifically, management is excluding the following items from its non-GAAP financial measures, as applicable, for the periods presented:

Litigation Costs and Related Recoveries, Net: Litigation costs and the associated insurance and appeal recoveries relate to outside costs of litigation activities. These costs and recoveries reflect the ongoing litigation we are involved with, and do not relate to the day-to-day operations or our core business of serving our clients.

Stock-Based Compensation Expense: Our compensation strategy includes the use of stock-based compensation to attract and retain employees. This strategy is principally aimed at aligning the employee interests with those of our stockholders and to achieve long-term employee retention, rather than to motivate or reward operational performance for any particular period. As a result, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

Post-judgment interest in litigation awards: Post-judgment interest resulted from our appeals of ongoing litigation and does not relate to the day-to-day operations or our core business of serving our clients.

Write-off of Deferred Debt Financing Costs: The write-off of deferred financing costs related to certain costs that were expensed in 2018 due to an unsuccessful debt financing.

Extinguishment charges upon payoff of Credit Facility: These costs included interest expense and other debt financing expenses, including the make-whole applicable premium and the write-off of debt discount and issuance costs that resulted from the payoff of our former credit facility on July 19, 2018. Since these amounts related to our debt financing structure, we have excluded them since they do not relate to the day-to-day operations or our core business of serving our clients.

Gain from Change in Fair Value of Embedded Derivatives: Our former credit facility included features that were determined to be embedded derivatives requiring bifurcation and accounting as separate financial instruments. We have determined to exclude the gains and losses on embedded derivatives related to the change in fair value of these instruments given the financial nature of this fair value requirement. We were not able to manage these amounts as part of our business operations, nor were the costs core to servicing our clients, so we have excluded them.

Other Debt Financing Expenses: Other debt financing expenses included non-cash write-offs (including write-offs due to payoff), accretion, amortization of debt discounts and issuance costs, and collateral monitoring and other fees payable in cash related to our former credit facility. Since these amounts related to our debt financing structure, we have excluded them since they do not relate to the day-to-day operations or our core business of serving our clients.

EBITDA is net income (loss) adjusted to exclude: interest expense, income tax expense, and depreciation and amortization expense.

Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs and related recoveries, net, write-off of deferred debt financing costs, post-judgment interest in litigation awards, write-off of deferred debt financing costs, stock-based compensation expense, gain from change in fair value of embedded derivatives, and other debt financing expenses, as discussed above.

Contact information

Investor Relations Contact
Dean Pohl
Rimini Street, Inc.
+1 203 347-4446
dpohl@riministreet.com

Media Relations Contact
Michelle McGlocklin
Rimini Street, Inc.
+1 925 523-8414
mmcglocklin@riministreet.com

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C-Band Alliance Files U.S. Treasury Contribution Proposal with Federal Communications Commission15.11.2019 16:05:00 CETPress release

The C-Band Alliance (“CBA”), comprised of the leading global satellite operators Intelsat (NYSE: I), SES (Euronext Paris: SESG), and Telesat, filed with the Federal Communications Commission today its Treasury Contribution Proposal. The contribution proposal states that if the FCC adopts the CBA proposal, the CBA commits to pay a portion of net proceeds of a CBA-led auction to the U.S. Treasury using a progressive formula which ranges from 30% to 75% of proceeds depending on the outcome of the auction. This payment to the U.S. Treasury would be calculated after the netting of all costs incurred to plan for and take all actions to implement the CBA proposal to clear 300 MHz of spectrum and is inclusive of all federal income tax liabilities incurred by the CBA member companies as a direct result of the auction. Further, in order to ensure that all Americans receive the benefits of 5G, the CBA has initiated discussions with members of Congress to develop a proposal to fund the deployment

Velodyne Lidar Debuts Alpha Prime™, the Most Advanced Lidar Sensor on the Market15.11.2019 16:00:00 CETPress release

Velodyne Lidar, Inc. today introduced Alpha Prime™, the next generation lidar sensor utilizing Velodyne’s patented surround view technology to deliver the combined highest performance specifications for the autonomous mobility industry in one sensor. The sensor is an unmatched solution in perception, field-of-view and range for autonomous markets including transportation, trucking and robotics. Offering a new level of power efficiency, the Alpha Prime is available now for orders and delivery. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191115005071/en/ Velodyne Alpha Prime™ is an unmatched solution in perception, field-of-view and range for autonomous markets including transportation, trucking and robotics. (Photo: Velodyne Lidar) The Alpha Prime’s unique combination of breakthrough innovations allows vehicles to navigate in unfamiliar and dynamic settings. Its best-in-class capabilities help improve vehicle safety and en

The Estée Lauder Companies Becomes First Prestige Beauty Company to Execute a Virtual Power Purchase Agreement for Renewable Energy15.11.2019 14:00:00 CETPress release

The Estée Lauder Companies Inc. (NYSE:EL) has signed a virtual power purchase agreement (VPPA) for the Ponderosa wind farm in Beaver County, Oklahoma, adding renewable energy to the electricity grid. This agreement makes The Estée Lauder Companies Inc. the first prestige beauty company to execute a VPPA1 and bolsters its renewable electricity footprint in the U.S. and Canada. The VPPA is the company’s largest renewable energy contract globally. The Ponderosa wind farm alone will cover more than half of the company’s global electricity footprint with renewable energy technologies, putting the company on target to meet its global 2020 Net Zero carbon emissions RE100 commitment. The company announced it would build upon this existing Net Zero commitment and set a science-based target covering Scopes 1, 2 and 3 by the end of 2020. Through the company’s renewable energy solutions in its portfolio, the company has achieved 100% renewable electricity (RE100) in the United States and Canada ah

INNIO Signs Agreement with EGAT to Develop Advanced Microgrid Solutions in Thailand15.11.2019 13:18:00 CETPress release

INNIO announced today that it has signed a memorandum of understanding (MOU) with the Electricity Generating Authority of Thailand (EGAT) to support the development of a microgrid demonstration at EGAT’s proposed zero-emissions energy excellence center in Thailand. EGAT is planning to install a Jenbacher gas engine from INNIO that runs on 100% renewable gases such as biogas and green hydrogen and support the green microgrid demonstration. The MOU ceremony was held at the EGAT learning center in Bangkok. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191115005236/en/ From left to right: Tawatchai Sumranwanich (EGAT, Generation and Transmission System Planning Division), Patana Sangsriroujana (EGAT, Deputy Governor Strategy), Carlos Lange (INNIO, President & CEO) and Anand Anton (INNIO, General Manager Sales and Services APAC). Copyright: EGAT New and improved technologies are helping power producers generate electricity with

Celgene Receives CHMP Positive Opinion for REVLIMID® (lenalidomide) in Combination With Rituximab for the Treatment of Adult Patients With Previously Treated Follicular Lymphoma15.11.2019 12:30:00 CETPress release

Celgene Corporation (NASDAQ:CELG) today announced that the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion, recommending the approval of REVLIMID® (lenalidomide) in combination with rituximab (anti-CD20 antibody) (R²) for the treatment of adult patients with previously treated follicular lymphoma (FL) (Grade 1-3a). If approved by the European Commission (EC), R2 will be the first combination treatment regimen for patients with FL that does not include chemotherapy. “Since its initial approval in 2007, REVLIMID has continued to demonstrate its benefits across a range of serious blood disorders in Europe and a CHMP positive opinion for this combination with rituximab is very good news for patients with follicular lymphoma. We look forward to the European Commission decision,” said Tuomo Pätsi, President of Hematology/Oncology for Celgene Worldwide Markets. In FL, a subtype of indolent NHL, the immune system is not fun