Financial Archives - First Washington News

March 2, 2023

Desktop Metal Announces Fourth Quarter and Full Year 2022 Financial Results and Initiates 2023 Guidance

Record fourth quarter revenue of $60.6 million, up 6.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from the fourth quarter of 2021
Record full year 2022 revenue of $209.0 million, up 86.0{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 2021
Cost reduction initiatives on-track to deliver $100 million in aggregate, annualized cost savings in 2023, prioritizing path to profitability
Initiates full year 2023 revenue guidance of between $210 and $260 million

BOSTON, March 01, 2023–(BUSINESS WIRE)–Desktop Metal, Inc. (NYSE: DM) today announced financial results for the fourth quarter and full year ended December 31, 2022.

“Desktop Metal delivered record revenue for fourth quarter and full year 2022, fueled by our differentiated portfolio of AM 2.0 mass production solutions, our strong market position, and the team’s solid execution amidst an unsteady macro environment,” said Ric Fulop, Founder and CEO of Desktop Metal. “We also took actions to streamline the business and expanded our cost reduction plans to $100 million in annualized cost savings to prioritize our path to profitability and position the business for long-term growth. As a result, we enter 2023 a stronger, more resilient company focused on driving another year of revenue growth at scale, delivering on our cost reduction measures, and dramatically improving adjusted EBITDA and cash flow, in order to capitalize on the next stage of secular growth in the additive manufacturing market.”

Recent Business Highlights:

Continued and expanded the cost reduction plan announced in 2022 to add an additional $50 million in annualized savings after successfully completing $50 million in annualized savings in 2022. Total combined $100 million in annualized cost savings are on-track in order to reduce expense structure, drive margin expansion, and prioritize path to profitability
Announced strategic collaboration with Align Technology to accelerate adoption of digital dentistry in the $30 billion annual dental parts market. Align’s market-leading iTero intraoral scanners will be offered as a seamless managed service to dentists in a subscription model with recurring revenue, enabling a gateway for a connected suite of digital dentistry solutions with a workflow backed by Desktop Labs’ experienced network of digitized dental laboratories and premium Desktop Health 3D printers and materials
Commenced shipments of Production System™ P-50 in 2022 including continued traction with automotive, industrial, and other major end markets. Recently signed master supply agreement with one of the largest consumer electronics companies in the world
Launched the all-new S-Max Flex^® for affordable and scalable digital sand casting, leveraging Single Pass Jetting™ technology
Unveiled FreeFoam, a revolutionary, expandable 3D printable resin designed for volume production of foam parts
Launched Figur G15, the first commercial platform of its kind to shape standard sheet metal on demand using patent-pending Digital Sheet Forming (DSF) technology
Installations of additive manufacturing systems for metal parts surpassed 1,100 units including some of largest production deployments in additive manufacturing

Fourth Quarter 2022 Financial Highlights:

Revenue of $60.6 million, up 6.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from the fourth quarter of 2021
GAAP gross margin of 13.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}; non-GAAP gross margin of 24.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, a sequential improvement of 440 basis points from the third quarter of 2022
GAAP net loss of $312.4 million, including $269.3 million of goodwill impairment and $10.1 million of amortization of acquired intangible assets; non-GAAP net loss of $24.0 million
Adjusted EBITDA of $(21.1) million

Full Year 2022 Financial Highlights:

Revenue of $209.0 million, up 86.0{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 2021
Revenue contribution of 24{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from high-margin consumables, services, and subscription
GAAP gross margin of 7.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}; non-GAAP gross margin of 22.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}
GAAP net loss of $740.3 million, including $498.8 million of goodwill impairment and $38.7 million of amortization of acquired intangible assets; non-GAAP net loss of $130.7 million
Adjusted EBITDA of $(118.4) million
Cash, cash equivalents, and short-term investments of $184.5 million as of December 31, 2022

Outlook for Full Year 2023:

Revenue expectation of between $210 to $260 million for full year 2023
Adjusted EBITDA expectation of between $(50) to $(25) million for full year 2023, with expectation to achieve Adjusted EBITDA breakeven before year end 2023

Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See “Non-GAAP Financial Information.”

Conference Call Information:

Desktop Metal will host a conference call on Wednesday, March 1, 2023 at 4:30 p.m. ET to discuss fourth quarter and full year 2022 results. Participants may access the call at 1-877-407-4018, international callers may use 1-201-689-8471, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of https://ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.

About Desktop Metal:

Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal’s future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to risks associated with the integration of the business and operations of acquired businesses, our ability to realize the benefits from cost saving measures, and supply and logistics disruptions, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-K filed with the SEC on March 1, 2023, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

DESKTOP METAL, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts)

	December 31,
	2022			2021
Assets
Current assets:
Cash and cash equivalents	$	76,291		$	65,017
Current portion of restricted cash		4,510			2,129
Short‑term investments		108,243			204,569
Accounts receivable		38,481			46,687
Inventory		91,736			65,399
Prepaid expenses and other current assets		17,155			18,208
Total current assets		336,416			402,009
Restricted cash, net of current portion		1,112			1,112
Property and equipment, net		56,271			58,710
Goodwill		112,955			639,301
Intangible assets, net		219,830			261,984
Other noncurrent assets		27,763			25,480
Total Assets	$	754,347		$	1,388,596
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	25,105		$	31,558
Customer deposits		11,526			14,137
Current portion of lease liability		5,730			5,527
Accrued expenses and other current liabilities		26,723			33,829
Current portion of deferred revenue		13,719			18,189
Current portion of long‑term debt, net of deferred financing costs		584			825
Total current liabilities		83,387			104,065
Long-term debt, net of current portion		311			548
Convertible notes		111,834			—
Contingent consideration, net of current portion		—			4,183
Lease liability, net of current portion		17,860			13,077
Deferred revenue, net of current portion		3,664			4,508
Deferred tax liability		8,430			10,695
Other noncurrent liabilities		1,359			3,170
Total liabilities		226,845			140,246
Commitments and Contingencies (Note 17)
Stockholders’ Equity
Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively		—			—
Common Stock, $0.0001 par value—500,000,000 shares authorized; 318,235,106 and 311,737,858 shares issued at December 31, 2022 and December 31, 2021, respectively, 318,133,434 and 311,473,950 shares outstanding at December 31, 2022 and December 31, 2021, respectively		32			31
Additional paid‑in capital		1,874,792			1,823,344
Accumulated deficit		(1,308,954	)		(568,611	)
Accumulated other comprehensive loss		(38,368	)		(6,414	)
Total Stockholders’ Equity		527,502			1,248,350
Total Liabilities and Stockholders’ Equity	$	754,347		$	1,388,596

DESKTOP METAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)

	Years Ended December 31,
	2022			2021			2020
Revenues
Products	$	190,248		$	105,994		$	13,718
Services		18,775			6,414			2,752
Total revenues		209,023			112,408			16,470
Cost of sales
Products		178,952			87,450			26,945
Services		15,000			6,665			4,574
Total cost of sales		193,952			94,115			31,519
Gross profit (loss)		15,071			18,293			(15,049	)
Operating expenses
Research and development		96,878			68,131			43,136
Sales and marketing		68,091			47,995			13,136
General and administrative		83,065			78,041			20,734
In-process research and development assets acquired		—			25,581			—
Goodwill impairment		498,800			—			—
Total operating expenses		746,834			219,748			77,006
Loss from operations		(731,763	)		(201,455	)		(92,055	)
Change in fair value of warrant liability		—			(56,576	)		56,417
Interest expense		(1,743	)		(149	)		(328	)
Interest and other (expense) income, net		(8,335	)		(11,822	)		1,011
Loss before income taxes		(741,841	)		(270,002	)		(34,955	)
Income tax benefit		1,498			29,668			940
Net loss	$	(740,343	)	$	(240,334	)	$	(34,015	)
Net loss per share—basic and diluted	$	(2.35	)	$	(0.92	)	$	(0.22	)
Weighted average shares outstanding, basic and diluted		314,817			260,770			157,906

DESKTOP METAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands)

	Years Ended December 31,
	2022			2021			2020
Net loss	$	(740,343	)	$	(240,334	)	$	(34,015	)
Other comprehensive (loss) income, net of taxes:
Unrealized gain (loss) on available-for-sale marketable securities, net		(290	)		(40	)		(84	)
Foreign currency translation adjustment		(31,664	)		(6,365	)		—
Total comprehensive (loss) income, net of taxes of $0	$	(772,297	)	$	(246,739	)	$	(34,099	)

DESKTOP METAL, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands, except share amounts)

													Accumulated
													Other
								Additional					Comprehensive		Total
	Legacy Convertible Preferred Stock				Common Stock			Paid‑in		Accumulated			(Loss)		Stockholders’
	Shares		Amount		Shares	Amount		Capital		Deficit			Income		Equity

BALANCE—January 1, 2020	100,038,109		$	436,553	26,813,113	$	3	$	16,722	$	(294,262	)	$	75	$	(277,462	)
Retroactive application of recapitalization (Note 1)	(100,038,109	)

March 1, 2023

CFPB Shuts Down Mortgage Loan Business of RMK Financial for Repeat Offenses Against Military Families

WASHINGTON, D.C. – Currently, the Shopper Economic Security Bureau (CFPB) permanently banned RMK Monetary Corporation, which does business as Majestic Home Loans, from the house loan lending industry by prohibiting RMK from partaking in any house loan lending pursuits or getting remuneration from home finance loan lending. In 2015, the CFPB issued an agency get versus RMK for, among the other factors, sending commercials to military services families that led the recipients to think the business was affiliated with the United States governing administration. In spite of the 2015 order’s prohibition on these and other steps, the organization engaged in a sequence of repeat offenses, like disseminating millions of house loan adverts to army family members that deceptively employed bogus U.S. Section of Veterans Affairs (VA) seals, the Federal Housing Administration (FHA) symbol, and other language or design and style things to falsely imply that RMK was affiliated with the authorities. In addition to the ban, RMK will also pay back a $1 million penalty that will be deposited into the CFPB’s victims aid fund.

“Even just after the 2015 legislation enforcement purchase, RMK ongoing to lie to military services households by falsely implying federal government endorsement of its dwelling loans,” explained CFPB Director Rohit Chopra. “Our motion demonstrates our commitment to weed out repeat offenders, and we are shutting down this outfit for fantastic.”

RMK is a privately held corporation with its principal position of company in Ontario, California. RMK is a nonbank that is licensed as a home finance loan broker or financial institution in at the very least 30 states and Puerto Rico. RMK originates customer home loans, which includes home loans confirmed by the VA and home loans insured by the FHA. Even so, RMK is affiliated with neither authorities company.

In 2015, the CFPB took action in opposition to RMK to close its use of misleading home finance loan promotion techniques, which includes adverts that led probable homebuyers to believe that the organization was affiliated with the VA or FHA. RMK sent these deceptive adverts to tens of 1000’s of armed forces people as properly as to other holders of VA-certain home loans. In addition to paying out a fine, RMK was needed to end its unlawful and misleading practices.

The CFPB has beforehand warned about VA home bank loan frauds. A lot of servicemembers, veterans, and armed service spouses get fraudulent phone calls and mailers from providers boasting to be affiliated with the governing administration, the VA, or their dwelling bank loan servicer.

In the circumstance of RMK, the CFPB observed that the firm disseminated tens of millions of house loan advertisements to army households that made deceptive representations or contained insufficient or impermissible disclosures in violation of the 2015 get, the Buyer Monetary Safety Act, the House loan Acts and Practices Advertising and marketing Rule, and the Reality in Lending Act. Specially, the corporation harmed navy people and other consumers by sending hundreds of thousands of commercials for home loans that:

Tricked armed service households about the government’s function in sending the adverts or giving the loans: RMK despatched advertisements that misrepresented that RMK was, or was affiliated with, the VA or the FHA, that the VA or FHA sent the notices, or that the advertised financial loans ended up provided by the VA or FHA. Navy family members or other folks who perspective these advertisements may possibly choose to buy the marketed mortgage centered on the rely on they have in the federal government businesses.
Deceived borrowers about curiosity fees and vital conditions: RMK’s adverts illegally disclosed a simple once-a-year desire rate extra conspicuously than the once-a-year percentage charge, illegally advertised unavailable credit terms, and applied the name of the homeowner’s present-day lender in a deceptive way. People who perspective these kinds of commercials may perhaps be misled about the phrases remaining supplied or mistakenly believe their present-day financial institution is sending the advertisement.
Falsely misrepresented mortgage needs and lied about projected discounts from refinancing: RMK’s adverts misrepresented that the positive aspects available to these who competent for VA or FHA financial loans were being time limited. Moreover, RMK’s advertisements misrepresented that military households could receive VA cash-out refinancing loans without the need of an appraisal and devoid of incurring the value of an appraisal, that an appraisal was not a issue of qualifying for VA funds-out refinancing financial loans, and that no bare minimum credit rating and no income verification were necessary to qualify for VA dollars-out refinancing loans. Lastly, RMK’s commercials misrepresented the volume of every month payments, the once-a-year financial savings underneath the marketed loans, and the cash accessible in link with the marketed loans.

Enforcement Motion

Beneath the Client Economic Safety Act, the CFPB has the authority to just take action against establishments violating federal customer economical protection legislation, which includes the Fact in Lending Act, which is intended to guarantee that consumers can assess credit phrases extra readily and knowledgeably. Today’s order calls for RMK to:

Exit the mortgage loan lending company: RMK is forever banned from partaking in any house loan lending functions, like advertising, promoting, promoting, supplying, furnishing, originating, administering, servicing, or selling house loan financial loans, or normally collaborating in or obtaining remuneration from mortgage lending, or helping some others in undertaking so.
Shell out a $1 million fine: RMK should pay a $1 million penalty to the CFPB, which will be deposited into the CFPB’s victims relief fund.

Today’s action is a person in a collection of actions the CFPB is taking to halt repeat offenders, specifically individuals that violate agency and court orders. The CFPB just lately proposed a registry to detect repeat offenders in the money market. The action also enhances broader efforts, which include rulemaking by the Federal Trade Fee, to discourage authorities and business enterprise impersonator frauds.

Browse today’s order.

Read through I am a servicemember or veteran and I have decided to buy a household. How do I know if a VA personal loan is the correct match for me?

Browse a lot more about VA financial loans.

Find out far more about mortgage protections for veterans.

Buyers can submit issues about fiscal products and solutions and products and services by checking out the CFPB’s web-site or by calling (855) 411-CFPB (2372).

Personnel who believe their organizations have violated federal shopper monetary security legislation, such as the Truth in Lending Act, are inspired to send out info about what they know to whistleblower@cfpb.gov. To discover more about reporting potential industry misconduct, visit the CFPB’s website.

###

The Shopper Economical Safety Bureau (CFPB) is a 21st century company that will help buyer finance marketplaces function by earning regulations a lot more helpful, by persistently and quite imposing those people regulations, and by empowering consumers to choose more handle around their financial lives. For additional data, stop by www.consumerfinance.gov.

February 21, 2023

Keep Agile: How Project Management Has Changed in Financial Services Today

Furnishing value and better outcomes a lot quicker to bank shoppers is one gain of applying agile implementation in undertaking administration and software package advancement. It is a person way to retain up with shopper demands and amplified opposition. To properly adopt agile implementation across an organization, it is essential to set up an agile frame of mind from the major down. From there, it’s attainable to assemble and coach the right cross-purposeful teams primarily based on product or service attributes. By giving teams with autonomy to travel collaboration, transparency, and adaptation to client requires, agile venture frameworks deliver bigger buyer gratification.

Why agile is vital in the money services marketplace

Agile delivers price to customers incrementally and constantly, in more compact parts of code, capabilities, or companies. These increments are regarded as “sprints” and refer to a specified amount of money of time the group can take to deal with large-priority responsibilities primarily based on item aims. This technique makes agile implementation a best healthy for any computer software-connected or any non-growth work that has a higher probability of needs staying transformed in excess of time owing to industry improvements, political, environmental, or regulatory impacts, or any interior or external components that can strike economic and expense institutions. The lesser the dash, the much more quickly the group will learn vital data to adapt and strengthen. In other terms, quicker failure benefits in quicker studying. In a speedily shifting and digitally reworking market, financial investment banking and economic expert services need an iterative method to better tackle purchaser and stakeholder wants, knowledgeable by ongoing comments and discoveries from prior iterations.

Just like any other marketplace segment that embraces electronic transformation, the expense banking and economic providers sector is employing technology to automate processes and layout cloud-primarily based solutions to continue to be competitive. Currently, synthetic intelligence (AI) prospects the revolution to minimize or remove “low price-added” activities, which are needed enterprise pursuits that consume resources but never contribute immediate benefit to consumers. AI equipment and cloud capabilities help functions such as automated fraud detection and avoidance, threat assessment, 24/7 chatbots for speaking with exterior consumers or inside stakeholders and lessening human mistake. Agile implementation tends to make rolling out such solutions that deal with crucial customer requirements achievable more rapidly and for fewer cost by building a Minimal Practical Merchandise (MVP). An MVP defines the options essential for a productive product launch by implementing various prioritization techniques to determine the leading five to 10 capabilities that are most crucial for products good results. Development and management teams have constrained ability and time-to-current market impacts a product’s competitiveness. All these factors phone for agile implementation in expenditure and monetary products and services to deliver price that matters most to the consumers.

Five methods to accomplish effective agile implementation

It can be a challenge to accomplish and maintain alignment amongst IT, business functions, and other interior and exterior stakeholders. Due to the fact products proprietors have their individual full-time employment in addition to solution operator duties to carry out new technologies, it sometimes leads to their decreased involvement in advancement. Even so, this is required to deal with purchaser expectations, stakeholder input, and do the job prioritization with the crew. Further more, given that the shopper is also a stakeholder in this market, various interests are unavoidable. Agile implementation can be the answer to greater interaction and alignment across the total organization ecosystem to embrace digital transformation as an ongoing, firm-wide have to have, somewhat than a one-time event delegated to IT. To carry out this, economical providers organizations can consider an agile strategy with these five ways:

Step #1: Build an agile state of mind from the major down. In contrast to common project administration, agile is not a phase-by-step course of action with deadlines and a linear framework. In its place, it’s a methodology that calls for adaptation, experimentation, and alignment. This calls for agile prospects, or scrum masters, who can connect and practice the way of thinking and approach across the business, setting up with executives, supervisors, and other leaders, trickling down to developers and other staff members.

Step #2: Assemble and educate the ideal cross-purposeful groups. Agile teams consist of a product proprietor with a very clear eyesight of the product or service in growth, a scrum master to lead all members, a improvement staff, and stakeholders. No matter if crew members are “right” for the crew is primarily based on merchandise attributes, company ambitions, and their means to contribute to the product’s alternative. Alignment across groups and stakeholder groups is essential to determining solution targets in tandem with abilities and purchaser dreams, specifically across business enterprise operations, information administration, and source.

Stage #3: Guarantee groups are armed with autonomy, mastery, and intent. Daniel Pink discovered a few crucial aspects of commitment in his reserve Generate — autonomy, mastery, and objective. Crew users who have autonomy have manage in excess of what they do to far better fully grasp their impacts, imagine creatively, and get responsibility. Mastery is not only acquiring the appropriate skillsets in the 1st put but an ongoing desire to increase. Team associates inspired to grow in their observe will need chances to do so from collaborative group customers and mentors, as perfectly as inner academic elements, or obtain to exterior assets, activities, and specialists. Objective is realizing the solution to “why am I executing this?” and strengthening their capacity to see their have impacts on the large photograph. When team associates really don’t know the solution to this question, they can grow to be demotivated and disengaged. A balance of all three features drives collaboration, innovation, and alignment.

Stage #4: Plainly articulate objectives, development, and changes to buyers, potential customers, staff members, vendors, and stakeholders. As a result of ongoing collaborative periods, agile helps make consistent communication and alignment about current and potential aims a created-in component of the method. This involves quarterly planning, sprint scheduling, overview and retrospective, and daily scrum.

Sprint organizing kicks off a sprint where by the entire scrum team collaborates to determine the sprint aim, determine which responsibilities are the recent precedence and ensure ability is aligned with capacity.

&#13

Every day scrum is a shorter, centered conference each and every day of the dash to inspect progress toward the sprint goal, make adjustments, and collaborate when necessary.

&#13

Sprint assessment occurs when the products has achieved an iteration that is most likely shippable and invites stakeholders to collaborate and deliver suggestions.

&#13

Dash retrospective takes place just after a merchandise has shipped, to detect what parts of the agile process went perfectly and what demands enhancement for long term jobs. It also incorporates client feedback.

&#13

Stage #5: Set up dedicated agile resources. This includes devoted management and teaching roles, as very well as time and finances. Typical frameworks involve Scrum, Kanban, or a mix of the two named Scrumban. In monetary solutions, a hybrid framework is normally the suitable solution to handle the specialised requires of the small business and attain scalable growth. With these frameworks, corporations establish value streams and fund them at the prime stage, a procedure recognised as lean budgeting. This guarantees that budgeting is not happening at the microscopic, person job stage, which typically qualified prospects to inefficient useful resource allocation and significant backtracking to re-approve budgets.

Agile potential customers to upcoming-experiencing, buyer-oriented growth

With the adoption of technological know-how in just economical providers sectors, there is also been an enhanced need to have for innovation in venture administration to address technological innovation desires, digital transformation, and shopper interests. Agile implementation serves as the apparent remedy to executing projects in fiscal and financial investment services currently. It signifies the excellent corporation attitude and framework to help economic services corporations be the to start with to marketplace and meet fast changing consumer needs. Agile has the flexibility to retain daily functions easy and income-building though fostering expansion by way of a devoted agile framework and fully commited attitude shared across the complete corporation.

About the Author:
Sahil Khullar retains an undergraduate degree from College of Nebraska at Omaha with majors in finance, banking, and investments. He also attained a master’s degree in management information units from the University of Nebraska at Omaha. Presently, Sahil is working as a senior guide in fintech and he specializes in agile task management.

August 27, 2022

NIO Inc. to Report Second Quarter 2022 Financial Results on Wednesday, September 7, 2022

SHANGHAI, China, Aug. 26, 2022 (World NEWSWIRE) — NIO Inc. (NYSE: NIO HKEX: 9866 SGX: NIO) (“NIO” or the “Company”), a pioneer and a major organization in the premium smart electrical car sector, these days announced that it will report its 2nd quarter 2022 unaudited monetary outcomes on Wednesday, September 7, 2022, ahead of the open up of the U.S. marketplaces.

The Company’s management will host an earnings convention phone at 8:00 AM U.S. Jap Time on September 7, 2022 (8:00 PM Beijing/Hong Kong/Singapore Time on September 7, 2022).

A stay and archived webcast of the convention contact will be out there on the Company’s trader relations web page at https://ir.nio.com/information-situations/activities.

For participants who desire to join the meeting using dial-in quantities, please sign-up in progress using the hyperlink presented below and dial in 10 minutes prior to the simply call. Dial-in quantities, passcode and distinctive entry PIN would be furnished on registering.

https://s1.c-conf.com/diamondpass/10024719-87cksh.html

A replay of the convention call will be accessible by cellphone at the subsequent numbers, till September 14, 2022:

United States:	+1-855-883-1031
Hong Kong, China:	+852-800-930-639
Mainland, China:	+86-400-1209-216
Singapore:	+65-800-1013-223
International:	+61-7-3107-6325
Replay PIN:	10024719

About NIO Inc.

NIO Inc. is a pioneer and a major business in the top quality clever electric auto industry. Founded in November 2014, NIO’s mission is to condition a joyful lifestyle. NIO aims to make a group beginning with sensible electrical cars to share pleasure and improve alongside one another with consumers. NIO layouts, develops, jointly manufactures and sells quality smart electric cars, driving innovations in up coming-technology systems in autonomous driving, electronic systems, electrical powertrains and batteries. NIO differentiates itself via its constant technological breakthroughs and innovations, these kinds of as its industry-major battery swapping technologies, Battery as a Company, or BaaS, as perfectly as its proprietary autonomous driving systems and Autonomous Driving as a Provider, or ADaaS. NIO’s product or service portfolio is made up of the ES8, a 6- or seven-seater flagship top quality smart electrical SUV, the ES7, a mid-substantial five-seater quality clever electric powered SUV, the ES6, a five-seater substantial-efficiency high quality clever electric SUV, the EC6, a five-seater top quality wise electric powered coupe SUV, the ET7, a flagship quality wise electric sedan, and the ET5, a mid-measurement quality intelligent electric sedan.

For a lot more facts, make sure you stop by: http://ir.nio.com

Trader Relations

ir@nio.com

Media Relations

world.press@nio.com

May 31, 2022

MeaTech Reports Financial Results for Q1 2022 and Provides Business Update

The company continued to develop the technology, R&D and marketing infrastructure necessary to accelerate toward commercialization of cultured meat

REHOVOT, Israel, May 31, 2022 /PRNewswire/ — MeaTech 3D Ltd. (Nasdaq: MITC) (“MeaTech”) today reported its financial results for Q1 2022 and provided a business update. MeaTech is an international group of deep-tech food companies at the forefront of the cultured meat industry. MeaTech Group uses science and technology to develop high-quality real meat products made from cells rather than farm-raised animals that are delicious, nutritious and safer than conventional meat.

Q1 2022 Financial Results Summary

Research and development expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $1.1 million in the same period in 2021. The 90{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase is mainly due to the addition of the company’s Belgian subsidiary and reflects MeaTech Group’s growing investment in research and development as it achieves its milestones and expands its cultured meat technology capabilities.
General and administrative expenses totaled $2.1 million in the three months ending March 31, 2022, compared to $2.7 million in the same period in 2021. The 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} decrease is driven by lower share-based payment expenses, partially offset by higher D&O insurance expenses in the three months ending March 31, 2022.
Marketing expenses totaled $1.1 million in the three months ending March 31, 2022, compared to $0.3 million in the same period in 2021. The 228{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase is mainly the result of share-based payment expenses of $0.5 million, and the company’s growing investment in marketing activities.
Operating loss totaled $5.3 million in the three months ending March 31, 2022, compared to $4.2 million in the same period in 2021. The 26{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase in the operating loss reflects the growing investment of MeaTech Group in research and development as well as marketing activities.
Total comprehensive loss totaled $5.7 million in the three months ending March 31, 2022, or 40 cents per ordinary share ($4.00 per ADS), compared to $4.4 million, or 40 cents per ordinary share ($4.00 per ADS), in the same period in 2021.
Cash flow used in operating activities totaled $2.8 million in the three months ending March 31, 2022, compared to $1.2 million in the same period in 2021, reflecting a 137{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase, driven mainly by increased research and development expenditures of MeaTech Group.
Cash flow used in investment activities totaled $1.0 million in the three months ending March 31, 2022, compared to $5.4 million in the same period in 2021, reflecting an 81{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} decrease. This resulted mainly from the $4.8 million cash component paid in the acquisition of Peace of Meat in Q1 2021.
Cash flow from financing activities was $0.0 million in the three months ending March 31, 2022, compared to $28.2 million in the same period in 2021, during which the company completed its Nasdaq initial public offering.
Cash and cash equivalents were $15.3 million on March 31, 2022, compared to $19.2 million at year-end 2021, a decrease of 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The decrease was mainly due to the company’s ongoing operations.
Current assets decreased by 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $16.9 million on March 31, 2022 from $22.1 million at year-end 2021, as a result of ongoing operations.
Non-current assets increased by 25{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $23.2 million on March 31, 2022 from $18.5 million at year-end 2021, due mainly to a $4.1 million long-term lease asset of its new premises, offset by the recognition of a lease liability in the same amount in accordance with IFRS requirements.
Total capital decreased 13{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $32.6 million on March 31, 2022, down from $37.6 million at year-end 2021. The decrease was mainly the result of ongoing operations.

Arik Kaufman, MeaTech’s Chief Executive Officer: “In just the first quarter of 2022, we have shown our rapid pace of progress toward commercialization. Our recent technological and scientific advancements and business activities have put us firmly on a path toward scaling our unique solution for the sustainable production of a wide variety of cultured meat products.”

Business highlights and developments during Q1 2022

Promising results with muscle stem cell differentiation: In February, MeaTech announced the successful development of a novel technology process in which muscle cells are fused into significant muscle fibers that better resemble those in whole cuts of meat. Bovine stem cells were isolated, proliferated in the lab, and differentiated into matured muscle cells with improved muscle fiber density, thickness and length. Based on these improvements, MeaTech has filed a provisional patent application with the USPTO.
New headquarters to widen R&D activity: In March, the company moved to new, more spacious headquarters with state-of-the-art laboratories in Rehovot, Israel, the epicenter of the country’s food-tech sector. The new space allows the company to enhance its cultured meat R&D and 3D bioprinting technology and continue growing the biology and engineering teams with a more expansive lab facility. The new headquarters also features a tasting kitchen.
Expansion of cultivated meat operation into the US to accelerate go-to-market strategy: In March 2022, MeaTech announced that it will be opening a US office. The new space will include activities in research and development, investor relations, and business development. MeaTech US will be another indication of the company’s rapid growth and scaling efforts.
Peace of Meat pilot plant and R&D facility in Belgium: In March, MeaTech announced that its wholly owned Belgian subsidiary, Peace of Meat, will build an R&D facility and pilot plant in Belgium, with construction expected to commence in 2022. The new facility will expand and accelerate the MeaTech Group’s cultured avian technology and R&D capabilities and help propel the company’s market entry.
First-of-its-kind tasting event with Israeli anchor investors: In March, MeaTech hosted a tasting event at the company’s headquarters with its Israeli anchor investors, including prominent food industry investors. Guests toured the labs and R&D facilities, observed the company’s 3D printing capabilities, and tasted hybrid chicken nuggets made with plant protein combined with cultured chicken developed by Peace of Meat.
Breakthrough in 3D bioprinting capabilities: In May, MeaTech announced the development of a unique, multi-nozzle 3D bioprinting system for industrial scale production of complex cultured meat products without impacting cell viability. The company plans to offer the technology to third parties via a wholly owned private MeaTech subsidiary as an additional revenue stream and to accelerate commercialization.
Strategic agreement between Peace of Meat and ENOUGH: In May, Peace of Meat signed a strategic agreement with ENOUGH, a leader in the field of mycoprotein, a fungi-based fermented food ingredient, to accelerate commercialization. This innovative initiative is expected to create game-changing hybrid alternative meat products that better resemble the flavor, aroma, texture, and even nutritional value of conventional meat.
MeaTech joins the United Nations Global Compact: In May, the company joined the UN Global Compact initiative, committing to ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption and to act in support of UN goals and issues embodied in the UN’s Sustainable Development Goals (SDGs).

Unaudited Condensed Consolidated Interim Information on the Financial Position

	As of March 31		As of March 31		As of December 31
	2022		2021		2021
	USD thousands		USD thousands		USD thousands
Current assets

Cash and cash equivalents		15,257		35,971		19,176
Other investment		151		144		154
Receivables and prepaid expenses		1,513		391		2,782
Total current assets		16,921		36,506		22,112

Non-current assets

Restricted deposits		415		50		405
Other investment		1,333		1,259		1,355
Right-of-use asset		4,050		294		407
Intangible assets		13,196		9,805		13,453
Fixed assets, net		4,183		1,797		2,922

Total non-current assets		23,177		13,205		18,542

Total Assets		40,098		49,711		40,654

Current liabilities

Trade payables		746		1,357		382
Other payables		2,628		1,419		2,239
Current maturities of lease liabilities		488		207		165

Total current liabilities		3,862		2,983		2,786

Non-current liabilities

Long-term lease liabilities		3,595		96		246

Total non-current liabilities		3,595		96		246

Equity

Share capital and premium on shares		70,059		67,243		69,610
Capital reserves		4,026		2,004		3,708
Currency translation differences reserve		515		(8)		1,275
Accumulated deficit		(41,959)		(22,607)		(36,971)

Total Equity		32,641		46,632		37,622
Total liabilities and Equity		40,098		49,711		40,654

Unaudited Condensed Consolidated Interim Information on Comprehensive Income

	3-month period ended March 31,		3-month period ended March 31,		Year ended December 31,
	2022		2021		2021
	USD thousands, except share data		USD thousands, except share data		USD thousands, except share data

Research and development expenses		2,142		1,126		7,594
Marketing expenses		1,051		320		1,628
General and administrative expenses		2,118		2,760		8,010

Operating loss		5,311		4,206		17,232

Financing expenses (income), net		(323)		(548)		790

Loss for the period		4,988		3,658		18,022

Currency translation differences loss (income) that might be transferred to profit or loss over ILS		515		551		(1,942)
Currency translation differences loss that might be transferred to profit or loss over EUR		245		237		1,447

Total comprehensive loss for the period		5,748		4,446		17,527

Loss per ordinary share, no par value (USD)

Basic and diluted loss per share (USD)		0.040		0.040		0.155

Weighted-average number of shares outstanding – basic and diluted (shares)		126,235,376		90,346,518		115,954,501

Unaudited Condensed Consolidated Interim Information on Changes in Equity (Deficit)

	Share and capital premium		Fair value of financial assets reserve		Transactions with related parties reserve		Currency translation differences reserve		Share-based payments reserve		Accumulated deficit		Total
	USD thousands

Balance as of January 1, 2022		69,610		(334)		14		1,275		4,028		(36,971)		37,622

Share-based payments		–		–		–		–		714		–		714
Exercise of options		449								(396)				53
Other comprehensive (loss)		–		–		–		(760)		–		–		(760)
Loss for the period		–		–		–		–		–		(4,988)		(4,988)

Balance as of March 31, 2022		70,059		(334)		14		515		4,346		(41,959)		32,641

Balance as of January 1, 2021		30,481		(334)		14		780		3,639		(18,949)		15,631

Share-Based Payment		–		–		–		–		1,879		–		1,879
Issuance of shares and warrants, net		30,357		–		–		–		–		–		30,357
Exercise of options		6,405								(3,194)				3,211
Other comprehensive (loss)				–		–		(788)		–		–		(788)
Loss for the period		–		–		–		–		–		(3,658)		(3,658)

Balance as of March 31, 2021		67,243		(334)		14		(8)		2,324		(22,607)		46,632

Balance as of January 1, 2021		30,481		(334)		14		780		(3,639)		(18,949)		15,631

Share-based payments		–		–		–		–		3,965		–		3,965
Issuance of shares and warrants, net		32,330												32,330
Exercise of options		6,799		–		–		–		(3,576)		–		3,223
Other comprehensive income		–		–		–		495		–		–		495
Loss for the period		–		–		–		–		–		(18,022)		(18,022)

Balance as of December 31, 2021		69,610		(334)		14		1,275		4,028		(36,971)		37,622

Unaudited Condensed Consolidated Interim Information on Cash Flows

	Three months ended March 31, 2022		Three months ended March 31, 2021		Year ended December 31, 2021
	USD thousands		USD thousands		USD thousands
Cash flows – operating activities
Net Loss for the period		(4,988)		(3,658)		(18,022)

Adjustments:
Depreciation and amortization		382		109		680
Change in fair value of derivative		–		(304)		(316)
Change in fair value of other investment		(44)		(74)		(193)
Changes in net foreign exchange expenses		(340)		(174)		1,279
Share-based payment expenses		714		1,879		3,965

Changes in asset and liability items:
Decrease (increase) in receivables and prepaid expenses		1,203		(50)		(2,351)
Increase (decrease) in trade payables		(382)		736		(97)
Increase in other payables		615		336		1,095
Net cash (used in) operating activities		(2,840)		(1,200)		(13,960)

Cash flows – investment activities
Acquisition of fixed assets		(800)		(219)		(1,828)
Increase of restricted deposit		(19)		–		(337)
Loan provided		–		(367)		(367)
Acquisition of subsidiary, net of cash acquired		(188)		(4,848)		(6,808)

Net cash used in investing activities		(1,007)		(5,434)		(9,340)

Cash flows – financing activities
Proceeds from issuance of shares and warrants		–		29,281		29,281
Issuance costs		–		(3,283)		(3,283)
Repayment of liability for lease		(118)		(58)		(346)
Proceeds on account of other investment		38		37		149
Proceeds from exercise of share options		53		3,211		3,222

Net cash provided by (used in) financing activities		(27)		29,188		29,023

Increase (decrease) in cash and cash equivalents		(3,874)		22,554		5,723
Effect of exchange differences on cash and cash equivalents		(45)		(137)		(103)
Cash and cash equivalents at the beginning of the period:		19,176		13,556		13,556

Cash and cash equivalents at end of period		15,257		35,973		19,176

Noncash activities
Purchase of fixed assets		756		222		57
Issue of shares and options against intangible asset		–		4,359		6,332

About MeaTech

MeaTech is an international group of deep-tech food companies at the forefront of the cultured meat revolution. The company initiated activities in 2019 and is listed on the Nasdaq Capital Market under the ticker “MITC”. MeaTech maintains facilities in Rehovot, Israel and Antwerp, Belgium and is in the process of expanding activities to the US. The company believes cultivated meat technologies hold significant potential to improve meat production, simplify the meat supply chain, and offer consumers a range of new product offerings.

MeaTech aims to provide an alternative to industrialized animal farming that dramatically reduces carbon footprint, minimizes water and land usage, and prevents the slaughtering of animals. With a modular factory design, MeaTech aims to offer a sustainable solution for producing a variety of beef, chicken and pork products, both as raw materials and whole cuts.

For more information, please visit: https://meatech3d.com

Forward-Looking Statements

This press release contains forward-looking statements concerning MeaTech’s business, operations and financial performance and condition as well as plans, objectives, and expectations for MeaTech’s business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. Forward-looking statements reflect MeaTech’s current views with respect to future events and are based on assumptions and subject to known and unknown risks and uncertainties, which change over time, and other factors that may cause MeaTech’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan” or words or phases of similar meaning and include, without limitation, MeaTech’s expectations regarding the success of its cultured meat manufacturing technologies it is developing, which will require significant additional work before MeaTech can potentially launch commercial sales; MeaTech’s research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; MeaTech’s ability to obtain and enforce its intellectual property rights and to operate its business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; and other risks and uncertainties, including those identified in MeaTech’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on March 24, 2022. New risks and uncertainties may emerge from time to time, and it is not possible for MeaTech to predict their occurrence or how they will affect MeaTech. If one or more of the factors affecting MeaTech’s forward-looking information and statements proves incorrect, then MeaTech’s actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, MeaTech cautions you not to place undue reliance on its forward-looking information and statements. MeaTech disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

SOURCE MeaTech 3D Ltd.

May 30, 2022

Your Funds: Focus on tomorrow’s goals, not today’s financial pains | Business News

If you wanted to justify any investment decision moves your head is contemplating ideal now, you had no dilemma getting confirmations and explanations for almost almost everything at the Morningstar Expense Conference earlier this month.

Among the messages that may have sent your head spinning at the venerable expenditure forum, which has been bringing investment professionals (and me as well) to Chicago since the mid-1990s, had been these chestnuts:

“Buy only domestic corporations.” “Focus completely on mega-caps.” “Don’t participate in all over with your portfolio right now stand pat.” “Bond yields are up and bonds are a secure haven all over again.” “Put a slug of your portfolio in cryptocurrency.” “Use dividend-having to pay shares — relatively than bonds — to generate cash flow.” “Dividends are desirable in the U.S.” “The best bargains in the environment are in international markets.” “The rally in little-cap stocks is about to commence.” “Bonds can’t continue to keep rate with inflation, they are dangerous now.” “Dividends are a lot more desirable in rising marketplaces.” “This is a great time to do housekeeping on your portfolio.“ “Cryptocurrency is not a authentic asset.

Every single pro statement seemingly experienced an equal and reverse counter.

It felt like the previous British comedy sketch about investing in the time of the great financial crisis, which was summed up this way: “Market members really don’t know no matter if to invest in on the rumor and provide on the information, do the opposite, do each or do neither based on which way the wind is blowing.”

There was a concept hidden amidst these audio bites at Morningstar, nonetheless, and it goes like this:

You are not on the lookout for “the just one ideal way to spend,” you are as a substitute trying to locate the way that’s correct for you.

“Right for you” has lots of permutations and problems. It typically — but not always — avoids the excesses, as you must stay with and accept the results and the effects of your choices.

But it plays out in really sensible ways at an occasion like Morningstar.

If foreign marketplaces make you nervous, for instance, there was David Giroux, supervisor of the T. Rowe Selling price Funds Appreciation (whole disclosure: I am a longtime trader in the fund), expressing there’s no price to owning worldwide stocks, investing in rising marketplaces and owning nearly anything but investing in U.S. equities.

He designed a potent case, noting that multinational firms headquartered in America however get a large chunk of their revenues from international operations and sales he prefers to get his international publicity that way, and an “America-Overseas strategy” of shopping for U.S. shares with huge overseas operating units has lengthy been a well known solution.

But David Lubchenco of the Chautauqua Global Progress Fund — in one particular of numerous interviews from the meeting that aired on my podcast “Money Everyday living with Chuck Jaffe” — countered that investors have a good deal of rationale to place income to perform internationally, most notably that the diversification gains of investing globally are readily evident, particularly in troubling moments like now.

A easy comparison of domestic indexes with world-wide indexes that exclude domestic shares shows that markets do the job in cycles. Lubchenco says that when domestic shares have led the way for the very last 10 years, he does not believe that they are most likely to direct for the coming 10 many years.

There is also the straightforward attraction of “owning the most effective [companies/bargains/values] in the globe.”

Each other argument I listened to at the convention could be aspect of a related two-sided conversation, with followers and detractors.

What I heard from people equally in attendance at the Morningstar convention and from the viewers to my display is, “Who’s appropriate?”

Eventually, we won’t know that for decades, and that winner will depend on how we are deciding the contest. (Ideal complete functionality? Most steady returns? Greatest effects modified for dangers taken? Did you access your aims pursuing the strategy?)

Relatively than browsing for the winner, glimpse as an alternative for the appropriate system for you, the one that lets you sleep at evening assured that you are effectively invested, ride out current gatherings and conditions, and has a large diploma of likelihood that you attain your fiscal objectives.

It is possibly not heading to be an all-or-practically nothing tactic, but it also doesn’t have to be a kitchen area-sink, individual-every little thing diversification deal.

I still left Morningstar’s expense conference this 12 months wondering how recent financial situations and the innumerable expenditure strategies introduced there — but also in the day to day economical media ideal now — could depart investors susceptible to earning moves based on what is occurring now without the need of regard for how it could influence their lengthy-phrase effects.

The concept behind investing isn’t to stay away from today’s pains so considerably as to achieve tomorrow’s plans.

If the headlines and your account statements are unnerving, give a great assumed as to how you might alter your portfolio, your investments and your attitude.

Don’t forget that there will be someone on the other side of your trades, and that they disagree with you (or they wouldn’t be acquiring what you market or advertising what you are heading for). If it feels like issues are spinning, gradual down do not be scared to do almost nothing until finally the feeling passes.

Stress less about the number on the account statements and extra about obtaining a strategy that you can are living with as it carries you previous the purpose line. Your approach is the suitable just one, so long as it will get you there.

Chuck Jaffe is a nationally syndicated money columnist and the host of “Money Existence With Chuck Jaffe.” You can get to him at itschuckjaffe@gmail.com and tune in at moneylifeshow.com.

Enforcement Motion

Why agile is vital in the money services marketplace

Five methods to accomplish effective agile implementation

Agile potential customers to upcoming-experiencing, buyer-oriented growth

Men and women are also reading…