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Rimini Street Announces Fiscal Second Quarter 2020 Financial Results

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Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced results for the second quarter ended June 30, 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200805005274/en/

Rimini Street Announces Fiscal Second Quarter 2020 Financial Results (Graphic: Business Wire)

Rimini Street Announces Fiscal Second Quarter 2020 Financial Results (Graphic: Business Wire)

“For the second quarter, we continued to execute well against our strategic growth plan. We achieved record quarterly revenue, within guidance, delivered quarterly gross margin above guidance, maintained a revenue retention rate over 90 percent, produced another quarter of net income, generated $17.9 million of operating cash flow and further strengthened the balance sheet with record total cash of $73.0 million at quarter end,” stated Seth A. Ravin , Rimini Street co-founder, CEO and chairman of the board. “Prior to the pandemic, we were making investments to meet increasing global demand for our expanded product and service portfolio. We have since accelerated our investments to take advantage of additional demand driven by the pandemic and global economic slowdown. Today, we issue guidance for third quarter revenue growth, raise the low-end of 2020 revenue guidance and affirm our commitment to the long-term goals of improving free cash flow and growing GAAP profitability.”

Second Quarter 2020 Financial Highlights

  • Revenue was $78.4 million for the 2020 second quarter, an increase of 12.2% compared to $69.9 million for the same period last year.
  • Annualized Subscription Revenue was $311 million for the 2020 second quarter, an increase of 12.0% compared to $278 million for the same period last year.
  • Active Clients as of June 30, 2020 were 2,159, an increase of 13.9% compared to 1,896 Active Clients as of June 30, 2019.
  • Revenue Retention Rate was 92% for both the trailing 12 months ended June 30, 2020 and for the comparable period ended June 30, 2019.
  • Gross margin was 61.2% for the 2020 second quarter compared to 64.2% for the same period last year.
  • Operating income was $5.1 million for the 2020 second quarter compared to $7.2 million for the same period last year.
  • Non-GAAP Operating Income was $9.7 million for the 2020 second quarter compared to $8.4 million for the same period last year.
  • Net income was $3.5 million for the 2020 second quarter compared to $6.1 million for the same period last year.
  • Non-GAAP Net Income was $8.1 million for the 2020 second quarter compared to $7.3 million for the same period last year.
  • Adjusted EBITDA for the 2020 second quarter was $9.6 million compared to $8.5 million for the same period last year.
  • Basic and diluted net income (loss) per share attributable to common stockholders was a net loss per share of $(0.05) for the 2020 second quarter compared to a break even result for the same period last year.
  • Employee count as of June 30, 2020 was 1,343, a year-over-year increase of 14%.

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

Second Quarter 2020 Company Highlights

  • Announced the global availability of Rimini Street Support for SAP S/4HANA , broadening the Company’s SAP service portfolio to offer more choice to clients, regardless of software release. The Company also announced that leading pharmaceutical distributor in Mexico, Nadro , switched to Rimini Street Support for its highly customized hybrid deployment of SAP S/4HANA, SAP Business Suite 7 and SAP HANA Database.
  • Appointed seasoned IT veteran, Gerard Brossard , to the newly created role of executive vice president and chief operating officer responsible for the Company’s global field operations, and the global sales and success of Rimini Street’s Support and Application Management Services for Oracle and SAP.
  • Expanded investment in Latin America and appointed Alejandro González to the newly created role of general manager for Mexico and Central America to service the Company’s growing client base and meet the growing demand in the region for its enterprise software support services.
  • Introduced the Company’s new patent pending Rimini Street Artificial Intelligence Support Applications , which delivers a better client experience and has reduced software resolution times by 23%.
  • Named in Zippia Career Experts’ Top 20 Companies to Work for in Las Vegas .
  • Announced several companies globally who have switched from Oracle or SAP to Rimini Street Support including:
  • Announced that Airservices Australia , Australia’s air navigation service provider, further extended its maintenance and support agreement for its mission-critical SAP platform with Rimini Street.
  • Closed over 8,000 support cases across 49 countries, and delivered nearly 20,000 tax, legal and regulatory updates to clients in 38 countries, while achieving an average client satisfaction rating on the Company’s support delivery of over 4.8 out of 5.0 (where 5.0 is rated excellent).
  • Presented at eight virtual CIO, CFO and IT and procurement leader events worldwide, including the Japan Association for CFOs, HMG Strategy’s CIO Virtual Summit in St. Louis, MO, and IT for Business’ “Sustaining Your ERP Investments” event in France.
  • Donated to 30 charities around the world through the Rimini Street Foundation, including supporting charities via the Foundation’s Emergency Disaster Relief Fund.

2020 Revenue Guidance

The Company is currently providing third quarter 2020 revenue guidance to be in the range of $78.5 million to $80.5 million. The Company is also raising the low-end of full year revenue guidance from $310 million to $314 million and currently providing full year 2020 revenue guidance to be in the range of $314 million to $320 million.

Webcast and Conference Call Information

Rimini Street will host a conference call and webcast to discuss the second quarter 2020 results and select third quarter 2020 performance to-date commentary at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time on August 5, 2020. A live webcast of the event will be available on Rimini Street’s Investor Relations site at https://investors.riministreet.com. Dial-in participants can access the conference call by dialing (800) 773-2954 in the U.S. and Canada and enter the code 49852238. A replay of the webcast will be available for at least 90 days following the event.

Company’s Use of Non-GAAP Financial Measures

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

About Rimini Street, Inc.

Rimini Street, Inc. (Nasdaq: RMNI) is a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner. The Company offers premium, ultra-responsive and integrated application management and support services that enable enterprise software licensees to save significant costs, free up resources for innovation and achieve better business outcomes. Over 2,100 Fortune 500, Fortune Global 100, midmarket, public sector and other organizations from a broad range of industries rely on Rimini Street as their trusted application enterprise software products and services provider. To learn more, please visit http://www.riministreet.com/ , follow @riministreet on Twitter and find Rimini Street on Facebook and LinkedIn . (IR-RMNI)

Forward-Looking Statements

Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “should,” “would,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seem,” “seek,” “continue,” “future,” “will,” “expect,” “outlook” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, the duration of and economic, operational and financial impacts on our business of the COVID-19 pandemic, as well as the actions taken by governmental authorities, clients or others in response to the COVID-19 pandemic; catastrophic events that disrupt our business or that of our current and prospective clients, changes in the business environment in which Rimini Street operates, including inflation and interest rates, and general financial, economic, regulatory and political conditions affecting the industry in which Rimini Street operates; adverse developments in pending litigation or in the government inquiry or any new litigation; our need and ability to raise additional equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the terms and impact of our outstanding 13.00% Series A Preferred Stock; changes in taxes, laws and regulations; competitive product and pricing activity; difficulties of managing growth profitably; the customer adoption of our recently introduced products and services, including our Application Management Services (AMS), Rimini Street Advanced Database Security, and services for Salesforce Sales Cloud and Service Cloud products, in addition to other products and services we expect to introduce in the near future; the loss of one or more members of Rimini Street’s management team; uncertainty as to the long-term value of Rimini Street’s equity securities; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on August 5, 2020, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication.

© 2020 Rimini Street, Inc. All rights reserved. “Rimini Street” is a registered trademark of Rimini Street, Inc. in the United States and other countries, and Rimini Street, the Rimini Street logo, and combinations thereof, and other marks marked by TM are trademarks of Rimini Street, Inc. All other trademarks remain the property of their respective owners, and unless otherwise specified, Rimini Street claims no affiliation, endorsement, or association with any such trademark holder or other companies referenced herein.

RIMINI STREET, INC.

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

 

ASSETS

June 30,
2020

 

December 31,
2019

Current assets:

 

 

 

Cash and cash equivalents

$

72,672

 

 

$

37,952

 

Restricted cash

 

333

 

 

 

436

 

Accounts receivable, net of allowance of $1,191 and $1,608, respectively

 

63,475

 

 

 

111,574

 

Deferred contract costs, current

 

12,061

 

 

 

11,754

 

Prepaid expenses and other

 

12,517

 

 

 

15,205

 

Total current assets

 

161,058

 

 

 

176,921

 

Long-term assets:

 

 

 

Property and equipment, net of accumulated depreciation and amortization of $10,562 and $9,847, respectively

 

3,339

 

 

 

3,667

 

Operating lease right-of-use assets

 

17,403

 

 

 

 

Deferred contract costs, noncurrent

 

17,323

 

 

 

16,295

 

Deposits and other

 

1,521

 

 

 

3,089

 

Deferred income taxes, net

 

1,197

 

 

 

1,248

 

Total assets

$

201,841

 

 

$

201,220

 

LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT

Current liabilities:

 

 

 

Accounts payable

$

4,646

 

 

$

2,303

 

Accrued compensation, benefits and commissions

 

28,913

 

 

 

27,918

 

Other accrued liabilities

 

19,207

 

 

 

23,347

 

Operating lease liabilities, current

 

4,165

 

 

 

 

Deferred revenue, current

 

195,603

 

 

 

205,771

 

Total current liabilities

 

252,534

 

 

 

259,339

 

Long-term liabilities:

 

 

 

Deferred revenue, noncurrent

 

22,903

 

 

 

29,727

 

Operating lease liabilities, noncurrent

 

14,125

 

 

 

 

Accrued PIK dividends payable

 

1,175

 

 

 

1,156

 

Other long-term liabilities

 

865

 

 

 

2,275

 

Total liabilities

 

291,602

 

 

 

292,497

 

Redeemable Series A Preferred Stock:

 

 

 

Authorized 180 shares; issued and outstanding 158 shares and 155 as of June 30, 2020 and December 31, 2019, respectively. Liquidation preference of $157,554, net of discount of $20,801 and $155,231, net of discount of $23,915, as of June 30, 2020 and December 31, 2019, respectively

 

136,753

 

 

 

131,316

 

Stockholders' Deficit:

 

 

 

Preferred Stock, $0.0001 par value per share. Authorized 99,820 shares (excluding

180 shares of Series A Preferred Stock); no other series has been designated

 

 

 

 

 

Common Stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding 68,530 and 67,503 shares as of June 30, 2020 and December 31, 2019, respectively

 

7

 

 

 

7

 

Additional paid-in capital

 

83,959

 

 

 

93,484

 

Accumulated other comprehensive loss

 

(1,840

)

 

 

(1,429

)

Accumulated deficit

 

(308,640

)

 

 

(314,655

)

Total stockholders' deficit

 

(226,514

)

 

 

(222,593

)

Total liabilities, redeemable preferred stock and stockholders' deficit

$

201,841

 

 

$

201,220

 

RIMINI STREET, INC.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2020

 

2019

 

2020

 

2019

Revenue

$

78,402

 

 

$

69,869

 

 

$

156,434

 

 

$

135,742

 

Cost of revenue

 

30,437

 

 

 

25,034

 

 

 

60,636

 

 

 

48,871

 

Gross profit

 

47,965

 

 

 

44,835

 

 

 

95,798

 

 

 

86,871

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

26,836

 

 

 

26,899

 

 

 

55,248

 

 

 

50,854

 

General and administrative

 

13,133

 

 

 

10,630

 

 

 

25,134

 

 

 

23,618

 

Litigation costs and related recoveries:

 

 

 

 

 

 

 

Professional fees and other costs of litigation

 

2,722

 

 

 

444

 

 

 

5,474

 

 

 

2,485

 

Litigation appeal refunds

 

 

 

 

 

 

 

 

 

 

(12,775

)

Insurance costs and recoveries, net

 

141

 

 

 

(300

)

 

 

1,062

 

 

 

4,339

 

Litigation costs and related recoveries, net

 

2,863

 

 

 

144

 

 

 

6,536

 

 

 

(5,951

)

Total operating expenses

 

42,832

 

 

 

37,673

 

 

 

86,918

 

 

 

68,521

 

Operating income

 

5,133

 

 

 

7,162

 

 

 

8,880

 

 

 

18,350

 

Non-operating income and (expenses):

 

 

 

 

 

 

 

Interest expense

 

(12

)

 

 

(116

)

 

 

(25

)

 

 

(348

)

Other expenses, net

 

(567

)

 

 

(343

)

 

 

(785

)

 

 

(300

)

Income before income taxes

 

4,554

 

 

 

6,703

 

 

 

8,070

 

 

 

17,702

 

Income tax expense

 

(1,084

)

 

 

(621

)

 

 

(2,055

)

 

 

(1,326

)

Net income

$

3,470

 

 

$

6,082

 

 

$

6,015

 

 

$

16,376

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

$

(3,217

)

 

$

(238

)

 

$

(7,302

)

 

$

3,285

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

$

(0.05

)

 

$

 

 

$

(0.11

)

 

$

0.05

 

Diluted

$

(0.05

)

 

$

 

 

$

(0.11

)

 

$

0.05

 

Weighted average number of shares of Common Stock outstanding:

 

 

 

 

 

 

 

Basic

 

68,290

 

 

 

65,535

 

 

 

68,076

 

 

 

65,080

 

Diluted

 

68,290

 

 

 

65,535

 

 

 

68,076

 

 

 

69,202

 

RIMINI STREET, INC.

GAAP to Non-GAAP Reconciliations

(In thousands)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2020

 

2019

 

2020

 

2019

Non-GAAP operating income reconciliation:

 

 

 

 

 

 

 

Operating income

$

5,133

 

$

7,162

 

$

8,880

 

$

18,350

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Litigation costs and related recoveries, net

 

2,863

 

 

144

 

 

6,536

 

 

(5,951

)

Stock-based compensation expense

 

1,726

 

 

1,052

 

 

3,236

 

 

2,208

 

Non-GAAP operating income

$

9,722

 

$

8,358

 

$

18,652

 

$

14,607

 

Non-GAAP net income reconciliation:

 

 

 

 

 

 

 

Net income

$

3,470

 

$

6,082

 

$

6,015

 

$

16,376

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Litigation costs and related recoveries, net

 

2,863

 

 

144

 

 

6,536

 

 

(5,951

)

Post-judgment interest in litigation awards

 

 

 

 

 

 

 

(212

)

Stock-based compensation expense

 

1,726

 

 

1,052

 

 

3,236

 

 

2,208

 

Non-GAAP net income

$

8,059

 

$

7,278

 

$

15,787

 

$

12,421

 

Non-GAAP Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

Net income

$

3,470

 

$

6,082

 

$

6,015

 

$

16,376

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Interest expense

 

12

 

 

116

 

 

25

 

 

348

 

Income tax expense

 

1,084

 

 

621

 

 

2,055

 

 

1,326

 

Depreciation and amortization expense

 

438

 

 

474

 

 

886

 

 

966

 

EBITDA

 

5,004

 

 

7,293

 

 

8,981

 

 

19,016

 

Non-GAAP adjustments:

 

 

 

 

 

 

 

Litigation costs and related recoveries, net

 

2,863

 

 

144

 

 

6,536

 

 

(5,951

)

Post-judgment interest in litigation awards

 

 

 

 

 

 

 

(212

)

Stock-based compensation expense

 

1,726

 

 

1,052

 

 

3,236

 

 

2,208

 

Adjusted EBITDA

$

9,593

 

$

8,489

 

$

18,753

 

$

15,061

 

About Non-GAAP Financial Measures and Certain Key Metrics

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

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

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

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

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

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

Non-GAAP Net Income is net income adjusted to exclude: litigation costs and related recoveries, net, post-judgment interest in litigation awards, and stock-based compensation expense. These exclusions are discussed in further detail below.

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

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

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

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

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

Adjusted EBITDA is EBITDA adjusted to exclude: litigation costs and related recoveries, net, post-judgment interest in litigation awards, and stock-based compensation expense, as discussed above.

Contact information

Investor Relations Contact
Dean Pohl
Rimini Street, Inc.
+1 925 523-7636
dpohl@riministreet.com

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

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US-Cable Operator Armstrong Turns To Verimatrix To Streamline & Secure VOD Launch28.9.2020 08:15:00 EESTPress release

Regulatory News: Verimatrix, (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that Butler, Pennsylvania-based Armstrong, a leading U.S. cable company offering service in more than 469 zip codes, deployed the Verimatrix Video Content Authority System (VCAS™). Founded 74-years ago, Armstrong is committed to securely offering a wide array of popular streaming options for its large customer base. Armstrong recently incorporated a more sophisticated TiVo platform into its set-top boxes in order to remain at the cutting-edge of technological changes in the television industry. In order to make the transition worthwhile, the company required a high-quality, easy-to-integrate encryption solution that would allow it to offer as many streaming options – and it selected the Verimatrix VCAS solution. “Their high-level anti-piracy software is widely accepted by content owners, something other encryption services simp

Spirit of Wipro Run Brings Together Thousands of Participants Globally27.9.2020 09:52:00 EESTPress release

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today organized the 15th edition of the ‘Spirit of Wipro’ (SOW) Run globally with thousands of participants across 35 countries, running separately, yet together in spirit, at a time of their choosing. The theme for this year’s Run was “United. Unstoppable”, which celebrated camaraderie, resilience and a shared sense of community among several thousands of Wipro employees, their friends and families, alumni, customers, partners and suppliers. The SOW Run is an annual, global tradition at Wipro and has been held every year since its inception. This year too, the Run was organized on schedule despite the pandemic induced constraints. The runners strictly adhered to the local COVID-19 guidelines and safety protocols in various countries while participating in the event. Commenting on the Run, Thierry Delaporte, Chief Executive Officer and Managing

BCG Collaborates with Tencent Marketing Insight to Release 2020 BCG x Tencent Digital Luxury Report25.9.2020 13:21:00 EESTPress release

Since early 2020 when the COVID-19 pandemic broke out worldwide, the luxury market has been hit hard and is expected to decline 25% to 45% compared to the previous year. The Chinese luxury market, however, which has benefitted from successful domestic control of the pandemic and has taken the lead in recovery against a depressed global market environment, is forecast to grow from 20% to 30% in the whole year of 2020. Thanks to its stunning market performance, China has become the main battleground of each major luxury brand. In was in this environment that Boston Consulting Group (BCG) joined hands with Tencent Marketing Insight (TMI) to release the 2020 BCG x Tencent Digital Luxury Report, drawing on deep insights into post COVID-19 trends in the luxury market and consumers based on BCG and TMI’s quantitative consumer research and industry experience, as well as TMI’s marketing and big data capabilities. Crystal Hao, Managing Director & Partner of BCG said, “The luxury market in China

U.S. MRTP Authorization Pathway Explored in PMI’s Latest Scientific Update25.9.2020 13:15:00 EESTPress release

Philip Morris International (PMI) (NYSE: PM) has released the 11th edition of its Scientific Update, a regularly issued publication on its research efforts to develop and scientifically assess a range of smoke-free alternatives to cigarettes. The latest edition features an overview of the historic decision made by the U.S. Food and Drug Administration (FDA) to authorize the marketing of the IQOS Tobacco Heating System with reduced exposure information. The Scientific Update explains the various MRTP decisions under U.S. law; the steps, processes, and timeline PMI undertook; and the ongoing post-market surveillance and studies that will monitor the impact of the orders on consumer perceptions, behavior, and health. “The FDA undertook a scientific and regulatory evaluation of IQOS and determined that it is ‘appropriate for the promotion of public health’” said Dr. Gizelle Baker, director of Global Scientific Engagement at PMI. “In this edition of our Scientific Update, we describe how th

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