The world's top coronavirus vaccine drugmaker has been underperforming. I think 2021 will change that.
Receipts, like memories, tend to fade with time. That’s just one reason to digitize and track tax-related information. The right apps and habits can save space, time, money and hassle — but only if you use them. “Apps should make things easier, not more complicated,” says Clare Levison, a certified public accountant in Blacksburg, Virginia. “The definition of a good app is what works for you, not the one that’s the trendiest.” USE TOOLS YOU ALREADY HAVE Apps don’t have to be elaborate. The camera on your phone, for example, can capture receipts and other documentation. Levison recommends regularly transferring those images to a designated folder in your photo app to make them easier to find later. “You don’t want those photos mixed in with all your other selfies and whatever,” Levison says. Similarly, you can create folders in your email account to collect tax-related documents. If you’re an active investor, for example, you can put your trade confirmations there (or set up a filter so the confirmations are routed there automatically). If you purchase supplies for your business online, a folder can collect emailed receipts. Another commonplace tool that can be helpful, especially for anyone claiming business expenses or mileage, is a calendar app. These records can help document meetings with clients, business travel and other potentially deductible events. “The IRS auditor always asks for a copy of my calendar,” says Leonard Wright, a San Diego CPA who’s been audited four times. Calendar records should be kept for at least seven years, which is how long the IRS typically has to audit you. (There’s no time limit if the agency suspects tax fraud, however, so be sure your choice of electronic calendar lets you retain enough history. ) You also need to regularly download monthly statements from your financial institutions, says Kelley C. Long, a CPA and personal finance specialist in Chicago. If the IRS suspects you’ve underreported income, it may ask for bank and brokerage statements. If you use a credit card for business or other tax-related purposes, those statements can help support your deductions. While the institutions are required to keep your records for several years, you may have to pay fees to access older statements. BE SURE YOU’RE STORING FOR THE LONG TERM Ideally, your computer and phone are already being backed up into the cloud so that you can access your data if the devices are lost, stolen or destroyed. If not, you want to make sure that at least your tax information is regularly transferred to a secure cloud storage system or other safe, off-site location. The key is to keep information safe and accessible, which means choosing electronic over paper wherever possible. Paper is bulky, inefficient and vulnerable to all kinds of disasters, including fire and flood. Ink can fade, particularly on receipts needed to document expenses (credit card or bank statements typically aren’t considered enough documentation without the accompanying receipts). “I usually tell business owners, ‘No receipt, then no deduction,’” says Bob Fay, a CPA in Canton, Ohio, who is also a consumer financial education advocate for the American Institute of Certified Public Accountants. “This is a short message that sticks with them as they have so much on their plate every day.” But the time the IRS gets around to asking for those receipts, all you may have left is flimsy, unreadable paper if you haven’t captured a digital version, Levison says. Also, paper documents can cost you more. “People still give their CPAs literally a shoebox,” Long says. “What your CPA does then is pay one of their interns to scan all that stuff into their systems and they charge you for that.” CONSIDER SPECIALIZED APPS TO MAKE IT EASY Sometimes, specialized apps can make sense. Scanner apps can help you capture tax-related paperwork, and some have optical character recognition that allows you to turn images into editable — and searchable — files. If you have an iPhone or iPad and itemize your expenses, ItsDeductible and iDonatedIt can help you track charitable gifts throughout the year and find values for noncash donations, such as clothes and household goods. (These apps don’t have Android versions.) Apps that create expense reports, such as Expensify or Everlance, can help gig workers and other self-employed people track business-related costs. Wright, the much-audited CPA, swears by apps that help track mileage, such as MileIQ, TripLog or Everlance. “Many of these apps are easy to maintain and allow you to track and distinguish between business or personal use,” Wright says. “They’re so simple you can do that while you’re in line at the supermarket.” But it’s crucial to develop the habit of using the apps and other processes you set up, says CPA Tim Todd of Lynchburg, Virginia. Otherwise, you’re not creating the digital paper trail you’ll need to survive an audit. Plus, you could be costing yourself money. “Keeping records in real time can also help make sure you don’t forget those items come tax time,” Todd says. ____________________________ This column was provided to The Associated Press by the personal finance website NerdWallet. Liz Weston is a columnist at NerdWallet, a certified financial planner and author of “Your Credit Score.” Email: email@example.com. Twitter: @lizweston. RELATED LINK: NerdWallet: Tax prep checklist: What to gather before filing http://bit.ly/nerdwallet-tax-prep-checklist Liz Weston Of Nerdwallet, The Associated Press
Child soldiers and other victims of convicted Congolese militia leader Bosco Ntaganda should get a total of $30 million compensation, International Criminal Court judges ruled on Monday, in their highest ever reparation order. The judges said Ntaganda did not have the resources to pay the compensation himself. Instead they asked the tribunal's own Trust Fund to help set up and finance vocational and other programmes to support victims of his crimes.
Heineken NV, the world's second largest beer maker, said on Monday it will replace its chief financial officer as it continues with an overhaul of its leadership and embarks on a major cost-saving plan. Laurence Debroux, who took up her role in 2015, will step down after the Dutch brewer holds its annual shareholder meeting on April 22, and be succeeded on June 1 by Harold van den Broek, currently head of hygiene at Reckitt Benckiser. "He has led large scale business transformations, has decades of consumer goods experience and brings fresh external perspective," Heineken CEO Dolf van den Brink said of Van den Broek.
SITE Centers Affirms 2021 OFFO Guidance and Provides First Quarter 2021 Operational Update
IFF (NYSE: IFF) today announced that it has reached an agreement with Sachem Head Capital Management LP ("Sachem Head"), under which Sachem Head will have the option for Managing Partner Scott Ferguson to join IFF’s Board of Directors between September 10, 2021 and December 31, 2021. Should Sachem Head choose to have Mr. Ferguson join the IFF Board, the Board would expand from 13 to 14 directors.
Ryder CFO to present a company update at J.P. Morgan Industrials Conference.
The "Manufacture of Tanks, Cylinders, Reservoirs and Steam Generators in South Africa 2020" report has been added to ResearchAndMarkets.com's offering.
Capstone Companies, Inc. (OTC: CAPC) ("Capstone" or the "Company"), a designer, manufacturer and marketer of consumer inspired products that simplify daily living through technology announced today that Depository Trust Company ("DTC") has approved Capstone common stock for DWAC/FAST transfers. This newly approved stock transfer capability will enable Capstone Shareholders to transfer their shares of CAPC common stock electronically after buying or selling on the open market, without the extra expense and delay associated with the processing and transfer of physical share certificates.
Set on the final homesites within Covenant Hills at Ladera Ranch in south Orange County, California, The New Home Company (NEW HOME, NYSE: NWHM) has announced Sky Ranch Collection, a limited offering of eight custom-quality residences with exceptional architecture and dramatic views. Sales for Sky Ranch Collection, which will be the last homes to be built in Covenant Hills, are expected to begin in late March.
Bagsværd, Denmark, 8 March 2021 – On 3 February 2021, Novo Nordisk initiated a share repurchase programme in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules"). This programme is part of the overall share repurchase programme of up to DKK 17 billion to be executed during a 12-month period beginning 3 February 2021. Under the programme initiated 3 February 2021, Novo Nordisk will repurchase B shares for an amount up to DKK 3.0 billion in the period from 3 February 2021 to 3 May 2021. Since the announcement as of 1 March 2021, the following transactions have been made: Number ofB sharesAveragepurchase priceTransactionvalue, DKKAccumulated, last announcement1,974,017 885,959,5771 March 2021100,000446.8344,682,7632 March 2021115,000450.0351,753,6423 March 2021125,000442.7855,347,5274 March 2021125,000436.6054,574,5605 March 2021115,000430.4349,499,307Accumulated under the programme2,554,017 1,141,817,376 The details for each transaction made under the share repurchase programme are published on novonordisk.com. Transactions related to Novo Nordisk’s incentive programmes have resulted in a net transfer from Novo Nordisk of 1,318 B shares in the period from 1 March 2021 to 5 March 2021. The shares in these transactions were not part of the Safe Harbour repurchase programme. With the transactions stated above, Novo Nordisk owns a total of 41,456,629 B shares of DKK 0.20 as treasury shares, corresponding to 1.8% of the share capital. The total amount of A and B shares in the company is 2,350,000,000 including treasury shares. Novo Nordisk expects to repurchase B shares for an amount up to DKK 17 billion during a 12-month period beginning 3 February 2021. As of 5 March 2021, Novo Nordisk has since 3 February 2021 repurchased a total of 2,554,017 B shares at an average share price of DKK 447.07 per B share equal to a transaction value of DKK 1,141,817,376. Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 45,000 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn, YouTube. Further information Media: Anne Margrethe Hauge+45 3079 firstname.lastname@example.orgMichael Bachner (US)+1 609 664 email@example.com Investors: Daniel Muusmann Bohsen+45 3075 firstname.lastname@example.orgValdemar Borum Svarrer+45 3079 email@example.comAnn Søndermølle Rendbæk+45 3075 firstname.lastname@example.orgMark Joseph Root+45 3079 email@example.comKristoffer Due Berg (US)+1 609 235 firstname.lastname@example.org Company announcement No 17 /2021 Attachment CA_210308_SafeHarbour
LONDON — Britain and its royal family absorbed the tremors Monday from a sensational television interview by Prince Harry and Meghan, in which the couple said they encountered racist attitudes and a lack of support that drove the duchess to thoughts of suicide. In a two-hour soul-baring interview with Oprah Winfrey, the couple painted a deeply unflattering picture of life inside the royal household, depicting a cold, uncaring institution that they had to flee to save their lives. Meghan told Winfrey that at one point “I just didn’t want to be alive anymore” and had uncontrollable suicidal thoughts. She said she sought help through the palace’s human resources department, but was told there was nothing they could do. Meghan, 39, admitted that she was naive at the start of her relationship with Harry and unprepared for the strictures of royal life. The former television star, who identifies as biracial, described that when she was pregnant with son Archie, there were “concerns and conversations about how dark his skin might be when he’s born.” Harry confirmed the conversation, saying: “I was a bit shocked.” He said he would not reveal who made the comment. The pair, known as the Duke and Duchess of Sussex, announced they were quitting royal duties last year, citing what they said were the unbearable intrusions and racist attitudes of the British media. That split became official earlier this year, and the interview was widely seen as their first opportunity to explain their decision. The implications for the interview — which was broadcast Sunday night in the United States and will air in Britain on Monday night — are only beginning to be understood. Emily Nash, royal editor at Hello! Magazine, said the revelations had left her and many other viewers “shell-shocked.” “I don’t see how the palace can ignore these allegations, they’re incredibly serious,” she said. “You have the racism allegations. Then you also have the claim that Megan was not supported, and she sought help even from the HR team within the household and was told that she couldn’t seek help.” Anti-monarchy group Republic said the interview gave a clearer picture of what the royal family is like — and it’s not pretty. “Whether for the sake of Britain or for the sake of the younger royals this rotten institution needs to go,’’ Graham Smith of the campaign group said. “Some people will say ‘well you would say that,’ but this interview has only served to highlight what a lot of people have known for years: The monarchy is rotten to the core and does not reflect British values.? Harry, born a royal prince, described how his wife’s experience had helped him realize how he and he rest of the family were stuck in an oppressive institution. “I was trapped, but I didn’t know I was trapped,” Harry said. “My father and my brother, they are trapped.” Meghan, he said, “saved me.” The younger royals — including Harry, Meghan, Harry's brother, Prince William, and William’s wife, Catherine — have made campaigning for support and awareness around mental health one of their priorities. But Harry described a royal family completely unable to offer that support to its own members. “For the family, they very much have this mentality of ‘This is just how it is, this is how it’s meant to be, you can’t change it, we’ve all been through it,’” Harry said. The couple had faced severe criticism in the United Kingdom during the run-up to the interview. Prince Philip, Harry’s 99-year-old grandfather, is in a London hospital after recovering from a heart procedure, and critics saw the decision to go forward as being a burden on the queen — even though, CBS, rather that Harry and Meghan, dictated the timing of the broadcast. In the United States, sympathy for the couple poured in after the interview. It will be shown later Monday in Britain, where some see Meghan and Harry as a couple who put personal happiness ahead of public duty. Tennis star Serena Williams, a friend who attended Harry and Meghan’s wedding, said on Twitter that the duchess’s words “illustrate the pain and cruelty she’s experienced.” “The mental health consequences of systemic oppression and victimization are devastating, isolating and all too often lethal,” Williams added. Meghan — then known as Meghan Markle, who had starred on the American TV legal drama “Suits” — married Harry, a grandson of Queen Elizabeth II, at Windsor Castle in May 2018. Their son, Archie, was born the following year. Holding hands, Harry and Meghan sat opposite Winfrey while she questioned them in a lush garden setting. The couple lives in Montecito, California, where they are Winfrey’s neighbours. Harry said he had lived in fear of a repeat of the fate of his mother, Princess Diana, who was covered constantly by the press and died in a car crash in Paris in 1997 while being pursued by paparazzi. “What I was seeing was history repeating itself, but definitely far more dangerous — because then you add race in, and you add social media in,” Harry said. Both Meghan and Harry praised the support they had received from Queen Elizabeth II, Harry's grandmother. “The queen has always been wonderful to me,” Meghan said. But Harry revealed he currently has a poor relationship with his brother, William, and said things got so bad with his father that at one point Prince Charles stopped taking his calls. “There is a lot to work through there,” Harry said about his relationship with his father. “I feel really let down. He’s been through something similar. He knows what pain feels like. And Archie is his grandson. I will always love him, but there is a lot of hurt that has happened.” In a rare positive moment in the interview, Harry and Meghan revealed their second child, due in the summer, would be a girl. Jill Lawless And Danica Kirka, The Associated Press
Dublin, March 08, 2021 (GLOBE NEWSWIRE) -- The "North America Course Authoring Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Deployment and End User" report has been added to ResearchAndMarkets.com's offering. Cloud Segment to Dominate North America Course Authoring Software Market during 2019-2027North America Course Authoring Software Market is expected to reach US$ 743.77 million by 2027 from US$ 296.96 million in 2019. The market is estimated to grow at a CAGR of 14.8% from 2020 to 2027. The report provides trends prevailing in the North America course authoring software market along with the drivers and restraints pertaining to the market growth. Cloud based solutions boosting the acceptance of course authoring software is the major factor driving the growth of the North America course authoring software market. However, issues associated with low commitment and encouragement to the deployment of course authoring software hinders the growth of North America course authoring software market.By the end user, is sub-segmented into educational institutes and enterprises. The educational institutes' segment is anticipated to witness a higher CAGR during the forecast period due to the rising adoption of virtual classrooms and e-learning, particularly after the outbreak of the COVID-19 pandemic.North America is adversely affected by the COVID-19 pandemic. However, the pandemic is providing new opportunities for course authoring software market in North America. Though the impacts on the diverse businesses are well-known, the education sector is also facing the largest disruption in recent remembrance. Educational institutions in the region are offering online learning owing to travel bans as well as quarantine measures. Presently, the region is characterized by the presence of developed nations such as the US and Canada, where the demand for education technology solutions & services is quite high owing to the huge presence of course authoring software providers, smart device manufacturers, cloud service providers, and high adoption of advanced technologies among educational institutions and corporate organization. The education technology industry has been flourishing at an impressive pace in the US due to high adoption of advanced online course among end users and growing investment and funding in edtech start-ups. In terms of COVID-19 outbreak, the US is the worst affected country in terms of confirmed cases and deaths, as per latest WHO reports. However, in the first and second quarter of 2020, schools and universities were shutdown, which bolstered the growth in the adoption of e-learning. After second quarter of 2020, the educational institutes and corporate organization adopted the online course for the enhancement of their students' and employees' skills. The continuous adoption of distance learning through virtual classrooms and online exams & assessment tools, in the wake of ongoing pandemic and closure of schools across major North American countries, is propelling the demand for education technology in the region, which is driving the growth of the North America course authoring software market.Adobe Inc.; Articulate Global Inc.; Brainshark, Inc.; Easygenerator; Elucidat; Instructure, Inc.; iSpring Solutions Inc.; LearnWorlds; Lessonly, Inc.; SAP Litmos are among the leading companies in the North America course authoring software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, iSpring Solutions Inc. slashed the prices of its eLearning Authoring Toolkit by 90% in order to support training during pandemic. Key Topics Covered: 1. Introduction1.1 Study Scope1.2 Research Report Guidance1.3 Market Segmentation2. Key Takeaways3. Research Methodology4. North America Course Authoring Software Market Landscape4.1 Market Overview4.2 North America PEST Analysis4.3 Ecosystem Analysis4.4 Expert Opinion5. North America Course Authoring Software Market - Key Market Dynamics5.1.1 Cloud Based Solutions Boosting the Acceptance of Course Authoring Software5.1.2 Digital Advancements in Education Sector5.2 Market Restraints5.2.1 Low Commitment and Encouragement to the Deployment of Course Authoring Software5.3 Market Opportunities5.3.1 Growing Acceptance of Online Courses and Professional Certifications5.4 Market Trends5.4.1 Increasing Demand of Artificial Intelligence5.5 Impact Analysis of Drivers and Restraints6. Course Authoring Software Market- North America Analysis6.1 North America Course Authoring Software Market Overview6.2 North America Course Authoring Software Market- Revenue and Forecast to 2027 (US$ Million)6.3 Market Positioning - Five Key Players7. North America Course Authoring Software Market Analysis - By Deployment7.1 Overview7.2 North America Course Authoring Software Market Breakdown, By Deployment, 2019 & 20277.3 Cloud7.4 On-Premise8. North America Course Authoring Software Market Analysis - By End user8.1 Overview8.2 North America Course Authoring Software Market Breakdown, By End user, 2019 & 20278.3 Educational Institutes8.4 Enterprises9. North America Course Authoring Software Market -Country Analysis9.1 Overview9.1.1 North America: Course Authoring Software Market, by Key Country188.8.131.52 US: Course Authoring Software Market - Revenue and Forecast to 2027 (US$ Million)184.108.40.206 Canada: Course Authoring Software Market - Revenue and Forecast to 2027 (US$ Million)220.127.116.11 Mexico: Course Authoring Software Market - Revenue and Forecast to 2027 (US$ Million)10. Impact of COVID-19 Pandemic on North America Course Authoring Software Market10.1 North America: Impact Assessment of COVID-19 Pandemic11. Industry Landscape11.1 Overview11.2 Market Initiative11.3 Merger and Acquisition12. Company Profiles12.1 Key Facts12.2 Business Description12.3 Products and Services12.4 Financial Overview12.5 SWOT Analysis12.6 Key Developments Adobe Inc.Articulate Global Inc.Brainshark, Inc.EasygeneratorElucidatInstructure, Inc.iSpring Solutions Inc.LearnWorldsLessonly, Inc.SAP Litmos For more information about this report visit https://www.researchandmarkets.com/r/78qlqo CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Överumans Fisk AB, fully owned subsidiary of PRFoods, was issued in 2020 additional licence in Gaskeloukti, Västerbotten county, Sweden. Licence gave right to use 2400 tons of feed which would give output of 2200 tons of fish. Licence was challenged by local residents and Överumans Fisk AB itself to gain additional feed tonnage. Land and Environmental Court issued a verdict not to accept the challenge by local residents. Överumans Fisk AB complaint was fully accepted and feed amount was increased to 3600 tons. Verdict is valid (it may be challenged in Supreme Court, but it will not stop the validity of the permit) and Överumans Fisk AB can utilize the new permit already in 2020 and the company has started already necessary investments for increased feed amount. Gaskeloukti site requires investments in the amount of 2,5 million euros. New permit will allow Överumans Fisk to increase from 2022 or 2023 its sales compared to last years by 3,5 times and depending on fish prices will give additional sales of 13-15 million euros annually. PRFoods Ltd also signed a 1 million bridge financing loan with majority shareholders Amber Trust II S.C.A. to strengthen working capital and fish farming capacity. PRFoods has taken strategic direction to increase fish farming in the group with the aim to become region’s biggest rainbow trout producer in 2-3 years. Indrek KaselaAS PRFoodsMember of the Management BoardPhone: +372 452 firstname.lastname@example.org
Operating income for the year increased 21% year over year to $40.6 million; Non-GAAP operating income for the year increased 20% year over year to $52.6 millionOr Yehuda, Israel, March 08, 2021 (GLOBE NEWSWIRE) -- Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC), a global provider of end-to-end integration and application development platform solutions and IT consulting services, announced today its financial results for the fourth quarter and full year ended December 31, 2020. Financial Highlights for the Fourth Quarter Ended December 31, 2020 Revenues for the fourth quarter increased 15% to a record-breaking $104.6 million compared to $90.9 million in the same period last year.Operating income for the fourth quarter increased 26% to $11.0 million compared to $8.7 million in the same period last year.Non-GAAP operating income for the fourth quarter increased 33% to $15.3 million compared to $11.4 million in the same period last year.Net income attributable to Magic’s shareholders for the fourth quarter increased 27% to $6.5 million, or income of $0.11 per fully diluted share, compared to $5.1 million, or loss of $0.03 per fully diluted share in the same period last year. Earnings per share for the fourth quarter of 2020 and 2019 were negatively impacted by accretion charges of $1.3 million and $6.4 million, respectively, with respect to change in the value of outstanding put options of redeemable non-controlling interests. The Company classifies redeemable non-controlling interests as mezzanine equity, separate from permanent equity on the consolidated balance sheets and measures it at each reporting period at the higher of its redemption amount or the non-controlling interest book value. The changes in the redemption value measured on each reporting period is reported as part of the retained earnings and allocated to earnings for the purpose of calculating the company’s net income attributable to Magic’s shareholders per share. Excluding the negative impact of the amount charged with respect to the value of outstanding put options of redeemable non-controlling interests, earnings per share for the fourth quarter was $0.13 per fully diluted share compared to $0.10 per fully diluted share in the same period last year. Non-GAAP net income attributable to Magic’s shareholders for the fourth quarter increased 63% to $10.3 million, or $0.21 per fully diluted share, compared to $6.3 million, or $0.13 per fully diluted share, in the same period last year. Financial Highlights for The Year Ended December 31, 2020 Revenues for the year increased 14% to $371.2 million compared to $325.6 million last year.Operating income for the year increased 21% to $40.6 million compared to $33.7 million last year.Non-GAAP operating income for the year increased 20% to $52.6 million compared to $43.9 million in the same period last year.Net income attributable to Magic’s shareholders for the year increased 24% to $25.2 million, or $0.49 per fully diluted share, compared to $20.3 million, or $0.26 per fully diluted share in the same period last year. Earnings per share for the year ended December 31, 2020 and 2019, were negatively impacted by accretion charges of $1.3 million and $7.4 million, respectively, with respect to the value of outstanding put options of redeemable non-controlling interests. Excluding the negative impact of the amount charged with respect to the value of outstanding put options of redeemable non-controlling interests, earnings per share for the year ended December 31, 2020 was $0.51 per fully diluted share compared to $0.41 per fully diluted share in the same period last year. Non-GAAP net income attributable to Magic’s shareholders for the year increased 32% to $37.2 million, or $0.76 per fully diluted share, compared to $28.2 million, or $0.58 per fully diluted share, in the same period last year.Cash flow from operating activities for the year ended December 31, 2020 amounted to $52.3 million compared to $45.9 million in the same period last year.As of December 31, 2020, Magic’s net cash, cash equivalents, short and long-term bank deposits and marketable securities amounted to $92.0 million.Magic is providing revenue guidance for 2021 of between $420 million to $430 million, reflecting annual growth of 13% to 16%. Declaration of Cash Dividend for the Second Half of 2020 In accordance with its dividend distribution policy, the Company’s board of directors declared a semi-annual cash dividend for the second half of 2020 in the amount of $0.21 per share and in the aggregate amount of approximately $10.2 million, which together with the dividend distributed for the first half of 2020, reflects 75% of the Company’s net income attributable to Magic’s shareholders for the year.The dividend is payable on April 7, 2021 to all of the Company’s shareholders of record at the close of the NASDAQ Global Select Market on March 25, 2021.In accordance with Israeli tax law, the dividend is subject to withholding tax at source at the rate of 30% (if the recipient of the dividend is at the time of distribution or was at any time during the preceding twelve-month period the holder of 10% or more of the Company’s share capital) or 25% (for all other dividend recipients) of the dividend amount payable to each shareholder of record, subject to applicable exemptions.The dividend will be paid in US dollars on the ordinary shares of Magic Software Enterprises that are traded both on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market. Guy Bernstein, Chief Executive Officer of Magic Software Enterprises, said: “I am pleased to report that Magic delivered a strong finish to the year, with record breaking revenues of $104.6 million for the fourth quarter, reflecting 15% increase from the same period last year and exceeding the 100 million-dollar-mark for the first time. The company’s results of operations for the year demonstrate our ability to manage our business during uncertain times introduced by the COVID-19 global pandemic while emerging from it much stronger. As we well managed to execute on our strategy while ensuring our employees’ safety and productivity, controlling our expenses, and improving our financial position.” “For the full year of 2020, Magic’s revenues increased 14% year over year to $371 million and non-GAAP operating income increased 20% year over year to $53 million. Focusing on growth strategy, offering diversity and an even stronger balance sheet, Magic continues to be well positioned for future success and growth.” Conference Call Details Magic’s management will host a conference call on Monday, March 8, 2020 at 11:00 am Eastern Daylight Time (5:00 p.m. Israel Daylight Time) to review and discuss Magic’s results. To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, call the international dial-in number. NORTH AMERICA: +1-888-668-9141 UK: 0-800-917-5108 ISRAEL: 03-918-0609 ALL OTHERS: +972-3-918-0609 For those unable to join the live call, a replay of the call will be available under the Investor Relations section of Magic’s website, www.magicsoftware.com. Non-GAAP Financial Measures This press release contains the following non-GAAP financial measures: Non-GAAP gross profit, Non-GAAP operating income, Non-GAAP net income attributable to Magic’s shareholders and Non-GAAP basic and diluted earnings per share. Magic believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Magic’s financial condition and results of operations. Magic’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company’s board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors. Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Magic urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business. Non-GAAP measures used in this press release are included in the financial tables of this release. These non-GAAP measures exclude the following items: Amortization of purchased intangible assets and other related costs;In-process research and development capitalization and amortization;Equity-based compensation expenses;The related tax, non-controlling interests and redeemable non-controlling interest effects of the above items;Change in valuation of contingent consideration related to acquisitions; andAcquisition-related costs; Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included in the financial tables of this release. About Magic Software Enterprises Magic Software Enterprises Ltd. (NASDAQ and TASE: MGIC) is a global provider of mobile and cloud-enabled application and business integration platforms. For more information, visit www.magicsoftware.com. Forward Looking Statements Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as “will,” “look forward”, “expect,” “believe” and similar expressions are used to identify these forward-looking statements (although not all forward-looking statements include such words). These forward-looking statements, which may include, without limitation, projections regarding our future performance and financial condition, are made based on management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in our Annual Report on Form 20-F for the year ended December 31, 2019 and subsequent reports and filings made from time to time with the Securities and Exchange Commission. Magic® is a registered trademark of Magic Software Enterprises Ltd. All other product and company names mentioned herein are for identification purposes only and are the property of, and might be trademarks of, their respective owners. Press Contact: Noam Amir Magic Software Enterprises email@example.com MAGIC SOFTWARE ENTERPRISES LTD.CONDENSED CONSOLIDATED STATEMENTS OF INCOMEU.S. Dollars in thousands (except per share data) Three months ended Year ended December 31, December 31, 2020 2019 2020 2019 Unaudited Unaudited Revenues $104,573 $90,927 $371,194 $325,630 Cost of revenues 73,688 63,059 261,602 223,501 Gross profit 30,885 27,868 109,592 102,129 Research and development, net 2,310 1,962 8,789 8,239 Selling, marketing and general and administrative expenses 16,520 17,176 59,127 59,983 Increase in valuation of contingent consideration related to acquisitions 1,088 - 1,088 255 Total operating costs and expenses 19,918 19,138 69,004 68,477 Operating income 10,967 8,730 40,588 33,652 Financial expenses, net 1,312 352 917 1,180 Increase in valuation of contingent consideration related to acquisitions 666 - 2,268 - Income before taxes on income 8,989 8,378 37,403 32,472 Taxes on income 1,178 1,977 7,286 6,874 Net income $7,811 $6,401 $30,117 $25,598 Net income attributable to non-controlling interests and redeemable non-controlling interests (1,300) (1,280) (4,931) (5,332)Net income attributable to Magic’s shareholders $6,511 $5,121 $25,186 $20,266 Net earnings (loss) per share attributable to Magic’s shareholders : Net Income attributable to Magic Shareholder’s 6,511 5,121 25,186 20,266 Accretion of redeemable non-controlling interests (1,317) (6,441) (1,317) (7,441)Net Income (loss) attributable to Magic Shareholder’s after accretion of redeemable non-controlling interests $5,194 $(1,320) $23,869 $12,825 Weighted average number of shares used in computing net earnings per share Basic 49,035 48,921 49,029 48,896 Diluted 49,053 49,021 49,048 48,994 Basic and diluted earnings (loss) per share attributable to Magic’s shareholders $0.11 $(0.03) $0.49 $0.26 Net earnings per share attributable to Magic’s shareholders : excluding accretion of redeemable non-controlling interest Basic $0.13 $0.11 $0.51 $0.41 Diluted $0.13 $0.10 $0.51 $0.41 SUMMARY OF NON-GAAP FINANCIAL INFORMATIONU.S. Dollars in thousands (except per share data) Three months ended Year ended December 31, December 31, 2020 2019 2020 2019 Unaudited Unaudited Revenues $104,573 100% $90,927 100% $371,194 100% $325,630 100%Gross profit 32,498 31.1% 29,394 32.3% 116,059 31.3% 107,886 33.1%Operating income 15,254 14.6% 11,437 12.6% 52,629 14.2% 43,945 13.5%Net income attributable to Magic’s shareholders 10,311 9.9% 6,331 7.0% 37,240 10.0% 28,153 8.6% Basic earnings per share $0.21 $0.13 $0.76 $0.58 Diluted earnings per share $0.21 $0.13 $0.76 $0.58 MAGIC SOFTWARE ENTERPRISES LTD.RECONCILIATION OF GAAP AND NON-GAAP RESULTSU.S. Dollars in thousands (except per share data) Three months ended Year ended December 31, December 31, 2020 2019 2020 2019 Unaudited Unaudited GAAP gross profit $30,885 $27,868 $109,592 $102,129 Amortization of capitalized software and acquired technology 1,345 1,293 5,310 4,972 Amortization of other intangible assets 268 233 1,157 785 Non-GAAP gross profit $32,498 $29,394 $116,059 $107,886 GAAP operating income $10,967 $8,730 $40,588 $33,652 Gross profit adjustments 1,613 1,526 6,467 5,757 Amortization of other intangible assets 1,973 2,129 6,308 6,988 Change in valuation of contingent consideration related to acquisitions 1,088 - 1,088 255 Capitalization of software development (828) (955) (3,302) (4,083)Acquisition-related costs 441 7 1,207 1,301 Litigation and other acquisition costs - - 273 - Stock-based compensation - - - 75 Non-GAAP operating income $15,254 $11,437 $52,629 $43,945 GAAP net income attributable to Magic’s shareholders $6,511 $5,121 $25,186 $20,266 Operating income adjustments 4,287 2,707 12,041 10,293 Amortization expenses attributed to non-controlling interests and redeemable non-controlling interests (326) (540) (734) (1,268)Changes in unsettled fair value of contingent consideration related to acquisitions 666 - 2,268 - Deferred taxes on the above items (827) (957) (1,521) (1,138)Non-GAAP net income attributable to Magic’s shareholders $10,311 $6,331 $37,240 $28,153 Non-GAAP basic net earnings per share $0.21 $0.13 $0.76 $0.58 Weighted average number of shares used in computing basic net earnings per share 49,035 48,921 49,029 48,896 Non-GAAP diluted net earnings per share $0.21 $0.13 $0.76 $0.58 Weighted average number of shares used in computing diluted net earnings per share 49,053 49,021 49,048 48,990 MAGIC SOFTWARE ENTERPRISES LTD.CONDENSED CONSOLIDATED BALANCE SHEETSU.S. Dollars in thousands December 31, December 31, 2020 2019 Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents $88,127 $81,915 Short-term bank deposits 289 6,996 Marketable securities 1,238 6,600 Trade receivables, net 111,059 96,694 Other accounts receivable and prepaid expenses 10,513 12,845 Total current assets 211,226 205,050 LONG-TERM RECEIVABLES: Severance pay fund 4,673 4,013 Deferred tax assets 2,334 2,188 Operating lease right-of-use assets 24,509 14,956 Other long-term receivables 3,211 3,594 Other long-term deposits 2,296 2,285 Total long-term receivables 37,023 27,036 PROPERTY AND EQUIPMENT, NET 5,988 3,649 IDENTIFIABLE INTANGIBLE ASSETS AND GOODWILL, NET 189,086 168,871 TOTAL ASSETS $443,323 $404,606 LIABILITIES AND EQUITY CURRENT LIABILITIES: Short-term debt $11,529 $7,079 Trade payables 14,250 10,990 Accrued expenses and other accounts payable 41,846 32,619 Current maturities of operating lease liabilities 3,413 3,833 Liabilities due to acquisition activities 4,998 3,638 Deferred revenues and customer advances 8,793 8,724 Total current liabilities 84,829 66,883 NON-CURRENT LIABILITIES: Long-term debt 13,352 15,540 Deferred tax liability 13,580 11,069 Long-term operating lease liabilities 21,109 11,119 Long-term liabilities due to acquisition activities 10,926 8,613 Accrued severance pay 5,545 4,770 Total non-current liabilities 64,512 51,111 REDEEMABLE NON-CONTROLLING INTERESTS 24,980 21,915 EQUITY: Magic Software Enterprises equity 260,427 247,838 Non-controlling interests 8,575 16,859 Total equity 269,002 264,697 TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY $443,323 $404,606 MAGIC SOFTWARE ENTERPRISES LTD.CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWSU.S. Dollars in thousands For the Year ended December 31, 2020 2019 Unaudited Cash flows from operating activities: Net income $30,117 $25,598 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 13,939 14,025 Stock-based compensation - 74 Amortization of marketable securities premium and accretion of discount (70) 117 Decrease (increase) in trade receivables, net (3,939) 6,550 Decrease in other long-term and short-term accounts receivable and prepaid expenses 3,399 9,594 Increase (decrease) in trade payables 1,899 (5,273)Change in exchange rate of loans 1,362 1,895 Increase (decrease) in accrued expenses and other accounts payable 8,175 (7,673)Increase (decrease) in deferred revenues (936) 2,934 Change in deferred taxes, net (1,650) (1,893)Net cash provided by operating activities 52,296 45,948 Cash flows from investing activities: Capitalized software development costs (3,302) (4,143)Purchase of property and equipment (2,772) (1,379)Cash paid in conjunction with acquisitions, net of acquired cash (16,534) (22,603)Proceeds from maturity and sale of marketable securities 5,429 3,356 Proceeds from short-term bank deposits 7,575 10,043 Investment in long-term bank deposits - (714)Net cash used in investing activities (9,604) (15,440) Cash flows from financing activities: Proceeds from exercise of options by employees 256 69 Issuance of ordinary shares, net - 104 Dividend paid (12,503) (14,963)Dividend paid to non-controlling interests (5,109) (457)Dividend paid to redeemable non-controlling interests (4,592) (3,395)Purchase of redeemable non-controlling interest (18,016) (5,592)Short term and long-term loans received 9,686 878 Repayment of short-term and long-term loans (9,369) (13,624)Net cash used in financing activities (39,647) (36,980) Effect of exchange rate changes on cash and cash equivalents 3,167 1,261 Change in cash and cash equivalents 6,212 (5,211)Cash and cash equivalents at the beginning of the period 81,915 87,126 Cash and cash equivalents at end of the period $88,127 $81,915
QUETTA, Pakistan — Pakistani security forces, acting on intelligence, raided a suspected hideout of a separatist group in southwestern Baluchistan province on Monday, triggering a shootout that killed five insurgents, the province's counter-terrorism department said. In a statement, it said police also seized a cache of weapons in the raid in the district of Mastung. The slain men were members of the Baluch Liberation, a separatist group that often targets police and troops in Baluchistan, according to the police. The raid came hours after insurgents killed a sailor and wounded two others in an attack on a Pakistani Navy vehicle in Baluchistan. The Baluchistan Liberation Army claimed responsibility for the attack. The province has been the scene of frequent militant attacks and a long-running insurgency by separatist groups that seek independence for the mineral and gas-rich province that borders Iran and Afghanistan, and a greater share in the province's resources. The Pakistani Taliban also have a presence there. The Associated Press
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A letter from Jack Newton, CEO and Co-founder, Clio Clio is laying the groundwork for an even greater impact on legal and it starts with a new mission to transform the legal experience for all. Learn more at clio.com/mission. Vancouver, BC, March 08, 2021 (GLOBE NEWSWIRE) -- At Clio, we believe—on a foundational level—that we have a responsibility to change the world around us with our words, our choices, and our actions. We envision a world in which our legal and judicial systems promote justice in the truest sense of the word—a world in which it is easy for anyone who needs legal services to access them; for lawyers to have the freedom to practice the way they want; and for underrepresented groups in our society to get the advocacy they deserve. Being the market leader for legal technology means that we have an added responsibility to set the tone for the next generation—and to help ensure that the technology shaping legal experiences is also serving the greater good. That is why, this year, we have revised our company’s mission statement to better reflect our vision for the future. Historically, our mission has been to transform the practice of law, for good. While this mission has served as an important North Star for our company, we want to take it a step further. Over the past year, we saw the issues facing the legal industry become magnified, and we quickly realized that our mission could do more to reflect our broader ambitions. To better support the permanent changes we experienced as a global community in 2020, Clio is expanding its mandate to include how society engages with, delivers, and experiences legal services. We are extremely excited to announce that our mission statement has evolved: As of today, Clio’s mission is to transform the legal experience for all. By focusing on the legal experience, Clio’s new mission encompasses every stakeholder within our legal and judicial systems—from legal professionals to legal organizations, clients, and consumers. This encompasses more than improving our software products; it’s about the larger impact we can have on the legal experience, on a global scale. At the core of our philosophy is the belief that the future of legal services is cloud-based and client-centered, and that fostering these advancements will drive positive social change. By centralizing and simplifying business operations for law firms and enabling legal professionals to connect with clients anywhere, anytime, we can transform the ways in which legal services are sought out and delivered. This is an opportunity for a paradigm shift, requiring lawyers to adopt a client-centered approach to pricing, packaging, and delivering legal services. We believe doing this will break down barriers to legal services for consumers and make it easier for clients and law firms to work together more thoughtfully and effectively. It’s time to create a more inclusive legal community and a more equitable legal system. On behalf of everyone at Clio, we are thrilled to be on this journey of transforming the legal experience for all—with you. Sincerely, Jack Newton CEO and Co-founder of Clio ### About Clio Clio, the leader in cloud-based legal technology, empowers lawyers to be both client-centered and firm focused through a suite of cloud-based solutions, including legal practice management software and client intake and legal CRM software. Clio has been transforming the industry for over a decade with 150,000 customers spanning 100 countries, and the approval of over 66 bar associations and law societies globally. Clio continues to lead the industry with initiatives like the Legal Trends Report, the Clio Cloud Conference, and the Clio Academic Access Program. Clio has been recognized as one of Canada’s Best Managed Companies, a Deloitte Fast 50 and Fast 500 company, and, most recently, Company of the Year, Anchor Success by the British Columbia Tech Association. Learn more at clio.com. Attachment Social_Marketing_Clio_2021_Approved for Distribution_Mission Statement Social Post copy CONTACT: Chloe Phillips Clio 1-800-347-8314 firstname.lastname@example.org
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