Gross Profit – Event Planer http://eventplaner.net/ Sat, 12 Jun 2021 01:24:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://eventplaner.net/wp-content/uploads/2021/03/cropped-favicon-32x32.jpg Gross Profit – Event Planer http://eventplaner.net/ 32 32 Will airlines ever really ban alcohol? https://eventplaner.net/will-airlines-ever-really-ban-alcohol/ Fri, 11 Jun 2021 23:33:10 +0000 https://eventplaner.net/will-airlines-ever-really-ban-alcohol/

On April 1, 2019, long before the alcohol-fueled COVID-19 mask challenge, I wrote, “Drunk and out of control passengers are becoming a real problem, groping and assaulting flight attendants, fighting other passengers and the flight attendants, trying to open the door of the aircraft in mid-flight and attempt to enter the cockpit. The title of the April Fool’s story? “Should airlines consider banning alcohol on planes? ”

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Since then, the situation has not improved. Passengers released from COVID-19 “house arrest” have gone wild. A woman literally broke his teeth of a flight attendant from the Southwest. Since February, US airlines have forwarded more than 1,300 unruly passenger reports to the Federal Aviation Agency. Passengers were held on board, planes turned around, police or the FBI arrested or questioned passengers. Delta threatened to be banned from SkyMiles. the Washington post proposed an alcohol ban, despite 70 years serving adult drinks, onbard?

Two years ago it was April Fool’s Day, because

  • Alcohol on board is a valuable perk when traveling in First or Business Class, which pays the bills of most airlines.
  • Alcohol can be both a pacifier and a source of profit in economics; that $ 7 beer on board could cost the airline a dollar.
  • Drinking (in moderation) can help passengers navigate today’s flight conditions.

But bad behavior recently prompted Southwest and American to temporarily cut (not “ban”) alcohol sales. Southwest, like other U.S. airlines, suspended all onboard service at the start of the pandemic. Social distancing and limiting contact between flight attendants and passengers was the idea. The temporary end of in-flight service may have helped – it is believed that the airlines do not be major COVID vectors.

Southwest slowly returned to serving snacks and drinks to passengers. However, “following an increase in in-flight and industry-wide incidents involving disruptive passengers, we have suspended previously announced plans to resume on-board alcohol service.” Southwest currently does not have a timeline for “full restoration of pre-pandemic onboard service”, that is, alcohol.

Such incidents, as Henry H. Harteveldt, president / travel industry analyst at Atmosphere Research Group, says are “why we can’t have nice things.”

At American, a note to flight crews said, “We recognize that alcohol can contribute to atypical behavior on the part of customers on board and we owe it to our crew not to potentially exacerbate what may already be a situation. new and stressful for our customers… American alcohol suspended sales in the main cabin at the end of March 2020, and this service will remain suspended until September 13. ”

It is no coincidence that September 13 is the date the FAA said the the mandate of airplane masks will end. Unfortunately, as many states have already ditched mask mandates, this can lead to a long hot summer on board airlines.

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American’s limitation on alcohol service may be more controversial than Southwest’s, where no customer will be served alcohol until the “break” is over. But on American, Premium cabin customers can get “a free drink at the pointed end of the plane,” as Harteveldt puts it.

Unfortunately, this feeds current concerns about “social inequalities”. A Bloomberg opinion piece asserts that the “air rage” is not “about alcohol or reduced legroom”, but is actually caused by class warfare. The article states that a 2016 university study found that “the presence of a first-class section made it 3.84 times more likely that a person in economy class would behave.”

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“We’ve all been in the cave too long, and when you come out it’s Lord of the Flies,” says Bryan Del Monte, president of The Aviation Agency. While flying over the last year, senior flight attendants told him, “We are trying to reduce the number of people who are drunk and upset by the mask requirement.”

His modest proposal to limit alcohol-related incidents: cut beverage service. “Catering is a big cost that airlines really hate. With less catering, this is an easy way to increase revenue per flight.

Del Monte says service standards are already low. “Passengers say ‘Oh my God, I have a whole can of soda.’” He notes that smoking is long gone and airlines have banned emotional safety animals, so alcohol might go away as well.

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“Airlines are looking for ways to reduce supply chain costs. On domestic flights, you can remove alcohol and quote passenger safety. It’s like the COVID-19 school year; Clearly, Zoom school is not the same as teaching in person, but I haven’t seen a lot of universities paying back. The airline has been using this strategy for years, providing a service where you get less and less for the same price.

Although some carriers (like Emirates internationally and JetBlue and Alaska nationally) try to differentiate themselves based on food and drink offerings, airline food remains a joke staple and costs are high. essential. Harteveldt says, “Jet Blue went from Coke to Pepsi because Coke was too expensive.

Whether alcohol service is a passenger convenience or a profit center is less clear. If a case of Corona beer sells for $ 24 and an airline sells a bottle for $ 6, that might seem like a profit of 500%. But most food and alcohol for airlines is supplied by catering companies. A September 2020 study found that “the global in-flight catering market is expected to reach US $ 22.4 billion by 2025, owing to increasing air passenger traffic and increasing demand. resulting airline food demand ”. the ResearchAndMarkets.com study claimed the the growing popularity of gourmet catering ”is a“ competitive strategy for differentiating services between airlines ”.

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While alcohol is not as important to airlines as kerosene, there may be gold at the bottom of the bottle. MEL Magazine interviewed Ajai Ammachathram, assistant professor in the School of Nutritional and Health Sciences at the University of Nebraska. He estimated the gross margin on alcohol sales at over 50 percent, citing the captive audience. “I compare the sale of alcohol on a theft to popcorn and candy in a movie theater. The thing about the cinema is you go there to relax, but I think no one is going to say that about the flight experience.

Cowen’s airline analyst Helane Becker says, “I’ve never seen revenue figures for this segment. I suspect there is a profit there, but I’m not sure. Would passengers accept an alcohol ban? She says, “If people persist in drinking and acting, maybe not having alcohol available is the solution. It is unacceptable for anyone to think of hitting a flight attendant on a plane.

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But would the end of the service motivate passengers to smuggle alcohol on board, whether in their carry-on baggage or in blood? Flight attendants learn to watch for signs of intoxication on board. At the boarding gate, if a passenger appears to be intoxicated, they may be denied boarding.

“Flight attendants get full training on how to deal with unruly passengers, but they don’t want confrontations. If they smell alcohol, they may suggest coffee. Or add a little more ice or water to dilute the drink. Or less alcohol, ”says Harteveldt. “An airplane is not a flying bar. It is a shared means of transportation. And rule number one for this plane is safety.

Nonetheless, he said, “if airline A says there is no alcohol for nobody, airline B says we always have alcohol.”

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China’s producer prices increased the most since 2008, squeezed profits https://eventplaner.net/chinas-producer-prices-increased-the-most-since-2008-squeezed-profits/ Wed, 09 Jun 2021 04:26:32 +0000 https://eventplaner.net/chinas-producer-prices-increased-the-most-since-2008-squeezed-profits/

Workers check rolls of aluminum sheet at a factory in Wuhan, China.

STR | AFP | Getty Images

BEIJING – China’s producer price index rose 9% in May from a year ago, as commodity prices rose, the National Bureau of Statistics said on Wednesday.

This marked the fastest increase in production costs since September 2008, when the index rose 9.13%, according to Wind Information.

While the gains exceeded expectations of an 8.5% increase, according to a Reuters poll, the rise came from a weak base. The index fell 3.7% in May 2020 during the first months of the coronavirus pandemic.

Rising commodity prices are of particular concern to companies in the building materials industry, as well as iron and steel, said Gan Jie, professor of finance and academic director of MBA programs at Cheung Kong. Beijing Graduate School of Business.

“These companies are more pessimistic. They see a very big increase in costs, and they think it will last until the end of the year,” she said on Wednesday, noting that other companies are moving forward. expected prices to normalize earlier. This is based on his team’s follow-up last week on a survey of more than 2,000 Chinese companies in the industrial sector.

The initial survey conducted in late March and April found that business sentiment remained unchanged in the first quarter compared to the previous quarter. However, the study found that the proportion of companies reporting a gross profit margin of less than 15% rose to around 70%.

“They are definitely in a hurry,” Gan said. “A few companies have even said they can’t take orders at this time because the more they produce, the more money they lose. Their bottom line is negative.”

Learn more about China from CNBC Pro

In recent weeks, China’s central government has announced additional support for small businesses, especially those affected by rising commodity prices.

The impact on small and medium-sized enterprises is “quite large,” Wang Jiangping, deputy minister of the Ministry of Industry and Information Technology, told reporters last week in Mandarin, according to a translation by CNBC.

He noted that their 6% operating profit margin in the first four months of the year was 2 percentage points lower than that of large companies – a widening gap.

Wednesday’s data release showed prices nearly doubled, rising 99.1 percent, for China’s oil and natural gas extraction industry, and 34.3 percent for oil processors, coal and other fuels.

In contrast, the costs for private consumers have increased only slightly. The statistics bureau said on Wednesday that the consumer price index rose 1.3% year-on-year in May, falling short of expectations of a 1.6% increase. The index was pulled down by lower pork prices, after having soared over the past two years.

Trade war worries


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REV: Discussion and analysis by management of the financial position and operating results. (form 10-Q) https://eventplaner.net/rev-discussion-and-analysis-by-management-of-the-financial-position-and-operating-results-form-10-q/ Mon, 07 Jun 2021 20:21:57 +0000 https://eventplaner.net/rev-discussion-and-analysis-by-management-of-the-financial-position-and-operating-results-form-10-q/

This management's discussion and analysis should be read in conjunction with the
Condensed Unaudited Consolidated Financial Statements and risk factors contained
in this Form 10-Q as well as the Management's Discussion and Analysis and Risk
Factors and audited consolidated financial statements and the related notes
included in our Annual Report on Form 10-K filed on January 7, 2021.

Overview


REV is a leading designer, manufacturer, and distributor of specialty vehicles
and related aftermarket parts and services. We serve a diversified customer
base, primarily in the United States, through three segments: Fire & Emergency,
Commercial, and Recreation. We provide customized vehicle solutions for
applications, including essential needs for public services (ambulances, fire
apparatus, school buses, and transit buses), commercial infrastructure (terminal
trucks and industrial sweepers) and consumer leisure (recreational vehicles).
Our diverse portfolio is made up of well-established principal vehicle brands,
including many of the most recognizable names within their industry. Several of
our brands pioneered their specialty vehicle product categories and date back
more than 50 years. We believe that we hold the first, second and third market
share positions, and approximately 89% of our net sales during the second
quarter of fiscal year 2021 came from products where we believe we hold such
share position.

Segments

We serve a diverse clientele mainly in United States via the following segments:


Fire & Emergency - The Fire & Emergency segment sells fire apparatus equipment
under the Emergency One ("E-ONE"), Kovatch Mobile Equipment ("KME"), Ferrara,
Spartan, Smeal and Ladder Tower brands, and ambulances under the American
Emergency Vehicles ("AEV"), Horton Emergency Vehicles ("Horton"), Leader
Emergency Vehicles ("Leader"), Road Rescue, Wheeled Coach and Frontline brands.
We believe we are the largest manufacturer by unit volume of fire and emergency
vehicles in the United States and have one of the industry's broadest portfolios
of products including Type I ambulances (aluminum body mounted on a heavy
truck-style chassis), Type II ambulances (van conversion ambulance), Type III
ambulances (aluminum body mounted on a van-style chassis), pumpers (fire
apparatus on a custom or commercial chassis with a water pump and water tank to
extinguish fires), ladder trucks (fire apparatus with stainless steel or
aluminum ladders), tanker trucks and rescue, aircraft rescue firefighting
("ARFF"), custom cabs & chassis and other vehicles. Each of our individual
brands is distinctly positioned and targets certain price and feature points in
the market such that dealers often carry, and customers often buy more than one
REV Fire & Emergency product line.

Commercial - Our Commercial segment serves the bus market through the Collins
Bus and ENC brands. We serve the terminal truck market through the Capacity
brand and the sweeper market through the Lay-Mor brand. Our products in the
Commercial segment include transit buses (large municipal buses where we build
our own chassis and body), Type A school buses (small school bus built on
commercial chassis), sweepers (three- and four-wheel versions used in road
construction activities), and terminal trucks (specialized vehicles which move
freight in warehouses, intermodal yards, distribution and fulfillment centers
and ports). Within each market, we produce many customized configurations to
address the diverse needs of our customers.

Recreation - Our Recreation segment serves the RV market through the following
principal brands: American Coach, Fleetwood RV, Holiday Rambler, Renegade,
Midwest and Lance. We believe our brand portfolio contains some of the longest
standing, most recognized brands in the RV industry. Under these brands, REV
provides a variety of highly recognized motorized and towable RV models such as:
American Eagle, Bounder, Pace Arrow, Discovery LXE, Verona, Weekender and Lance,
among others. Our products in the Recreation segment include Class A motorized
RVs (motorhomes built on a heavy-duty chassis with either diesel or gas engine
configurations), Class C and "Super C" motorized RVs (motorhomes built on a
commercial truck or van chassis), Class B RVs (motorhomes built out within a van
chassis and high-end luxury van conversions), and towable travel trailers and
truck campers. The Recreation segment also includes Goldshield Fiberglass, which
produces a wide range of custom molded fiberglass products for the heavy-duty
truck, RV and broader industrial markets.

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Factors affecting our performance

The main factors affecting our results of operations include:

General economic conditions


Our business is impacted by the U.S. economic environment, employment levels,
consumer confidence, municipal spending, municipal tax receipts, changes in
interest rates and instability in securities markets around the world, among
other factors. In particular, changes in the U.S. economic climate can impact
demand in key end markets. In addition, we are susceptible to supply chain
disruptions resulting from the impact of tariffs and global macro-economic
factors (refer to "Impact of COVID-19" section below), which can have a dramatic
effect, either directly or indirectly, on the availability, lead-times and costs
associated with raw materials and parts.

RV purchases are discretionary in nature and therefore sensitive to the
availability of financing, consumer confidence, unemployment levels, levels of
disposable income and changing levels of consumer home equity, among other
factors. RV markets are affected by general U.S. and global economic conditions,
which create risks that future economic downturns will further reduce consumer
demand and negatively impact our sales.

While less economically sensitive than the Recreation segment, the Fire &
Emergency and the Commercial segments are also impacted by the overall economic
environment. Local tax revenues are an important source of funding for fire and
emergency response departments. Fire and emergency products and buses are
typically a larger cost item for municipalities and their service life is
relatively long, making the purchase more deferrable, which can result in
reduced demand for our products. In addition to commercial demand, local, state
and federal tax revenues can be an important source of funding for many of our
bus products including Type A school buses and transit buses. Volatility in tax
revenues or availability of funds via budgetary appropriation can have a
negative impact on the demand for these products.

A decrease in employment levels, consumer confidence or the availability of
financing, or other adverse economic events, or the failure of actual demand for
our products to meet our estimates, could negatively affect the demand for our
products. Any decline in overall customer demand in markets in which we operate
could have a material adverse effect on our operating performance.

Seasonality


In a typical year, our operating results are impacted by seasonality.
Historically, the slowest sales volume quarter has been the first fiscal quarter
when the purchasing seasons for vehicles, such as school buses, RVs and sweepers
are the lowest due to the colder weather and the relatively long time until the
summer vacation season, and the fact that the school year is underway with
municipalities and school bus contractors utilizing their existing fleets to
transport student populations. Sales of our products have typically been higher
in the second, third and fourth fiscal quarters (with the fourth fiscal quarter
typically being the strongest) due to better weather, the vacation season,
buying habits of RV dealers and end-users, timing of government/municipal
customer fiscal years, and the beginning of a new school year. Our quarterly
results of operations, cash flows, and liquidity are likely to be impacted by
these seasonal patterns. Sales and earnings for other vehicles that we produce,
such as essential emergency vehicles and commercial bus fleets, are less
seasonal, but fluctuations in sales of these vehicles can also be impacted by
timing surrounding the fiscal years of municipalities and commercial customers,
as well as the timing and amounts of multi-unit orders.

Impact of acquisitions


We actively evaluate opportunities to improve and expand our business through
targeted acquisitions that are consistent with our strategy. We also may dispose
of certain components of our business that no longer fit within our overall
strategy. Historically, a significant component of our growth has been through
acquisitions of businesses. We typically incur upfront costs as we integrate
acquired businesses and implement our operating philosophy at newly acquired
companies, including consolidation of supplies and materials, purchases,
improvements to production processes, and other restructuring initiatives. The
benefits of these integration efforts and divestiture activities may not
positively impact our financial results until subsequent periods.

We recognize acquired assets and liabilities at fair value. This includes the
recognition of identified intangible assets and goodwill which, in the case of
definite-life intangible assets, are then amortized over their expected useful
lives, which typically results in an increase in amortization expense. In
addition, assets acquired and liabilities assumed generally include tangible
assets as well as contingent assets and liabilities.

                                       21

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Ongoing impact of COVID-19


During our second quarter of fiscal year 2020, the novel coronavirus known as
COVID-19 spread throughout the world creating a global pandemic. The impact of
COVID-19, and related mutations, continues to be present throughout the world,
including in all global and regional markets served by us, and our manufacturing
facilities are located in areas that continue to be affected by the pandemic. As
a result of the spread of COVID-19, we have experienced labor disruptions,
disruption and delays in our supply chain, customer demand changes, and
logistics challenges, including our customers' ability to inspect and take
delivery of vehicles.

Many of the vehicles and parts we supply are vital to serving communities across
our nation. The Cybersecurity and Infrastructure Security Agency (CISA), which
implements the Secretary of Homeland Security's responsibilities, has designated
our fire trucks, ambulances, transit and school buses and terminal trucks as
essential to the nation's health and safety, and are critical to the emergency
service and transportation infrastructure.

When necessary, we have taken a number of precautionary steps to safeguard our
employees and our business from the effects of the outbreak of COVID-19,
including closing Recreation vehicle manufacturing locations for 3-6 weeks and
shuttle bus manufacturing locations for 2 weeks (during the second quarter of
fiscal year 2020), substantially limiting the presence of personnel in our
offices and manufacturing locations, implementing travel restrictions and
withdrawing from various industry events. We have requested that office
employees work from home from time to time, and implemented business continuity
plans in an effort to minimize further business disruption and to protect our
employees and operations. At times, we have limited discretionary spending,
furloughed salaried employees, deferred capital investments and temporarily
lowered the salaries of our leadership team.

Our Recreation vehicles dealer network was significantly impacted by the
pandemic and many of them suspended normal production activity temporarily
before reopening in the third quarter of fiscal year 2020 when consumer demand
for recreation vehicles began to accelerate due to an increase in consumer
preference to vacation in a safe and socially distant manner. As of April 30,
2021, Recreation segment backlog was significantly higher than the same period
in the prior year.

As the global economy continues to recover from COVID-19 related disruption,
labor and significant supply chain challenges, such as shortages in
semiconductors, subcomponents and increased prices of raw materials, such as
steel and aluminum, have impacted operations of companies on a global scale.
Such supply chain disruptions during the second quarter of fiscal year 2021
impacted our ability to obtain certain raw materials and purchased components
that are necessary to our production processes, including the ability to obtain
chassis from third party suppliers. We continue to monitor these disruptions and
take measures to mitigate the associated risks. However, the impact of possible
disruption remains largely out of our control and the risk of unfavorable impact
on production at our facilities will likely continue throughout fiscal year
2021.

In certain geographies around the globe there has been a resurgence of COVID-19
cases and governmental authorities continue to implement numerous measures in an
attempt to contain and mitigate the spread of COVID-19. While the global market
impacts, closures and limitations on movement are expected to be temporary, the
duration of any demand changes, production and supply chain disruptions, and
related financial impacts, cannot be reliably estimated at this time.

                                       22

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Results of Operations



                                           Three Months Ended           Six Months Ended
                                                April 30,                   April 30,
($ in millions)                             2021          2020         2021          2020
Net sales                                $    643.6      $ 547.0     $ 1,197.6     $ 1,079.1
Gross profit                                   87.4         52.4         149.1          99.8
Selling, general and administrative            48.7         58.1          95.8         104.1
Restructuring                                     -          2.9           1.0           3.5
Loss on early extinguishment of debt            1.4            -           1.4             -
Loss on business held for sale                    -            -           3.8             -
Loss on sale of business                          -          8.8             -           8.8
(Gain) loss on acquisition of business            -        (11.9 )         0.4         (11.9 )
Provision (benefit) for income taxes            7.2        (10.1 )         7.2         (12.7 )
Net income (loss)                              20.6         (7.6 )        

20.6 (16.7)


Net income (loss) per common share
Basic                                    $     0.32      $ (0.12 )   $    0.32     $   (0.27 )
Diluted                                  $     0.31      $ (0.12 )   $    0.32     $   (0.27 )
Dividends declared per common share      $        -      $  0.05     $       -     $    0.10

Adjusted EBITDA                          $     45.5      $   7.6     $    68.9     $    18.4
Adjusted Net Income (Loss)               $     25.7      $  (5.8 )   $    34.6     $    (8.8 )






Net Sales                   Three Months Ended                          Six Months Ended
                   April 30,                   April 30,      April 30,                  April 30,
($ in millions)      2021         Change         2020            2021        Change         2020
Net sales         $     643.6        17.7 %   $     547.0     $  1,197.6        11.0 %   $  1,079.1




Net Sales. Consolidated net sales increased $96.6 million for the three months
ended April 30, 2021 compared to the prior year quarter, which included $43.8
million of revenue attributable to two shuttle bus businesses in the Commercial
segment that were sold on May 8, 2020. Refer to Note 8, Divestiture Activities,
of the Notes to the Condensed Unaudited Consolidated Financial Statements for
further details. Excluding the impact of the shuttle bus divestiture, net sales
increased $140.4 million for the three months ended April 30, 2021 compared to
the prior year quarter, primarily due to increased sales within the F&E and
Recreation segments. The increase in sales volume in the F&E segment was
primarily due to increased unit shipments of fire apparatus and price
realization within the fire group partially offset by decreased shipments of
ambulance units. The increase in sales volume in the Recreation segment was
primarily the result of increased unit shipments within all product categories
driven by retail demand for RVs, and lower discounts and allowances compared to
the prior year quarter which was impacted by COVID-19 related disruptions.

Consolidated net sales increased $118.5 million for the six months ended April
30, 2021 compared to the prior year period. Net sales for the prior year period
included $96.7 million of revenue attributable to the shuttle bus businesses and
$62.6 million of revenue attributable to Spartan ER. Excluding the impact of the
shuttle bus divestiture and Spartan ER acquisition, organic net sales increased
by $143.9 million for the six months ended April 30, 2021 compared to the prior
year period which was impacted by COVID-19 related disruptions, primarily within
the second quarter of fiscal year 2020. The increase in organic net sales was
primarily due to increased sales within the F&E and Recreation segments,
partially offset by a decrease in the Commercial segment sales due to lower
shipments of school buses and municipal transit buses due to market softness and
production disruptions, partially offset by increased shipments of terminal
trucks and street sweepers.

Gross Profit                Three Months Ended                           

Six months ended

                   April 30,                   April 30,       April 30,                   April 30,
($ in millions)      2021         Change         2020            2021         Change         2020
Gross profit      $      87.4        66.8 %   $      52.4     $     149.1        49.4 %   $      99.8
% of net sales           13.6 %                       9.6 %          12.4 %                       9.3 %


Gross Profit. Consolidated gross profit increased $35.0 million for the three
months ended April 30, 2021 compared to the prior year quarter. Consolidated
gross profit, as a percentage of consolidated net sales, was 13.6% for the three
months ended April 30, 2021, an increase compared to 9.6% for the three months
ended April 30, 2020. The increase in gross profit was primarily attributable

                                       23

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better price realization, reduced discounts and rebates, and better operating leverage through higher sales volumes and productivity initiatives.


Consolidated gross profit increased $49.3 million for the six months ended April
30, 2021 compared to the prior year period. Consolidated gross profit, as a
percentage of consolidated net sales, was 12.4% for the six months ended April
30, 2021, an increase compared to 9.3% for the six months ended April 30, 2020.
The increase in gross profit was primarily attributable to greater price
realization, lower discounting and allowances and improved operating leverage as
a result of higher sales volumes and productivity initiatives.

Selling, General and Administrative             Three Months Ended                            Six Months Ended
                                       April 30,                   April 30,       April 30,                    April 30,
($ in millions)                          2021         Change         2020   

2021 Change 2020 Sales, general and administrative $ 48.7 -16.2% $ 58.1 $ 95.8 -8.0% $ 104.1



Selling, General and Administrative. Consolidated selling, general and
administrative ("SG&A") costs decreased $9.4 million for the three months ended
April 30, 2021 compared to the prior year quarter. The decrease in SG&A costs
for the three months ended April 30, 2021 was primarily due to reduced
restructuring related charges, travel and marketing costs as well as lower
depreciation expense.

Consolidated SG&A costs decreased $8.3 million for the six months ended April
30, 2021 compared to the prior year period. The decrease in SG&A costs for the
six months ended April 30, 2021, was primarily due to reduced restructuring
related charges, travel and marketing costs as well as lower depreciation
expense.

Restructuring               Three Months Ended                           Six Months Ended
                  April 30,                    April 30,       April 30,                   April 30,
($ in millions)      2021         Change         2020            2021         Change         2020
Restructuring     $        -       -100.0 %   $       2.9     $       1.0       -71.4 %   $       3.5


Restructuring. Consolidated restructuring costs decreased $2.9 million for the
three months ended April 30, 2021 compared to the prior year quarter. The
restructuring costs for the three months ended April 30, 2020, were primarily
related to headcount reductions in Corporate and the Fire division, as well as
lease termination costs related to the closure of a Spartan ER facility.

Consolidated restructuring costs decreased $2.5 million for the six months ended
April 30, 2021 compared to the prior year period. The restructuring costs for
the six months ended April 30, 2021, were primarily related to reductions in
workforce in Corporate. The restructuring costs for the six months ended April
30, 2020, were primarily related to headcount reductions in Corporate and the
Fire division, as well as lease termination costs related to the closure of a
Spartan ER facility.

Loss on Early Extinguishment of Debt            Three Months Ended                         Six Months Ended
                                       April 30,                  April 30,       April 30,                 April 30,
($ in millions)                           2021         Change       2020    

2021 Change in 2020 Loss on early extinguishment of debt $ 1.4 n / m $ – $ 1.4 n / m $ –

Loss on early extinguishment of debt. Reflects losses recognized on the extinguishment of our ABL facility and our 2017 term loan. The loss consists entirely of unamortized debt issuance costs that were written off as part of this extinction.


Loss on Business Held for Sale                Three Months Ended                           Six Months Ended
                                    April 30,                     April 30,       April 30,                 April 30,
($ in millions)                       2021            Change        2020            2021         Change       2020
Loss on business held for sale     $         -             n/m   $         

$ 3.8 n / m $ –



Loss on Business Held for Sale. In the first quarter of fiscal year 2021, in
connection with a strategic review of the product portfolio, we made the
decision to divest our REV Brazil business. As a result, a loss of $3.8 million
was recorded during the six months ended April 30, 2021. Refer to Note 8,
Divestiture Activities, of the Notes to Condensed Unaudited Consolidated
Financial Statements for further details.

Loss on Sale of Business                     Three Months Ended                          Six Months Ended
                                    April 30,                  April 30,       April 30,                  April 30,
($ in millions)                       2021          Change       2020             2021         Change       2020
Loss on sale of business           $         -          n/m   $       8.8     $          -         n/m   $       8.8


                                       24
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Loss on Sale of Business. Effective May 8, 2020, we completed the sale of our
shuttle bus businesses for $49.0 million in cash. As a result, we recorded a
loss on sale of $8.8 million during the three and six months ended April 30,
2020. Refer to Note 8, Divestiture Activities, of the Notes to Condensed
Unaudited Consolidated Financial Statements for further details.

(Gain) Loss on Acquisition of
Business                                      Three Months Ended                            Six Months Ended
                                    April 30,                    April 30,       April 30,                    April 30,
($ in millions)                       2021          Change         2020            2021          Change         2020
(Gain) loss on acquisition of
business                           $         -       -100.0 %   $     (11.9 

) $ 0.4 -103.4% $ (11.9)



(Gain) Loss on Acquisition of Business. During the first quarter of fiscal year
2021, the preliminary purchase price allocation of the Spartan ER acquisition
was updated to reflect immaterial measurement period adjustments made to
inventories, warranty, and certain other assets acquired and liabilities
assumed. These updates resulted in a decrease to the cumulative gain on
acquisition of $0.4 million. Refer to Note 4, Acquisition, of the Notes to
Condensed Unaudited Consolidated Financial Statements for further details.

During the second quarter of fiscal year 2020, we recorded the preliminary
purchase accounting for the acquisition of Spartan ER, which resulted in a gain
on acquisition of $11.9 million. Refer to Note 4, Acquisition, of the Notes to
Condensed Unaudited Consolidated Financial Statements for further details.

Provision (Benefit) for Income Taxes             Three Months Ended                           Six Months Ended
                                        April 30,                   April 30,       April 30,                   April 30,
($ in millions)                           2021         Change         2020  

2021 Change in 2020 Provision (benefit) for income taxes $ 7.2 171.3% $ (10.1) $ 7.2 156.7% $ (12.7)



Provision (Benefit) for Income Taxes. Consolidated income tax expense was $7.2
million for the three months ended April 30, 2021, or 25.8% of pre-tax income,
compared to $10.1 million of benefit, or 56.1% of pre-tax loss, for the three
months ended April 30, 2020. Results for the three months ended April 30, 2021,
were favorably impacted by $0.1 million of net discrete tax benefits primarily
related to stock-based compensation tax deductions. Results for the three months
ended April 30, 2020 were favorably impacted by $5.7 million of net discrete tax
benefits primarily related to net operating loss carrybacks allowable under the
CARES Act and the nontaxable gain on the acquisition of Spartan ER.

Consolidated income tax expense was $7.2 million for the six months ended April
30, 2021, or 25.9% of pre-tax income, compared to $12.7 million of benefit, or
42.5% of pre-tax loss, for the six months ended April 30, 2020. Results for the
six months ended April 30, 2021, were favorably impacted by $1.2 million of net
discrete tax benefits primarily related to the recognition of deferred taxes on
assets classified as held for sale and stock-based compensation tax deductions.
Results for the six months ended April 30, 2020 were favorably impacted by $5.4
million of net discrete tax benefits primarily related to net operating loss
carrybacks allowable under the CARES act and the nontaxable gain on the
acquisition of Spartan ER.

Net Income (Loss)                            Three Months Ended                           Six Months Ended
                                    April 30,                   April 30,       April 30,                   April 30,
($ in millions)                       2021         Change         2020            2021         Change         2020
Net income (loss)                  $      20.6       371.1 %   $      (7.6

) $ 20.6 223.4% $ (16.7)



Net Income (Loss). Consolidated net income increased $28.2 million for the three
months ended April 30, 2021 compared to the prior year quarter primarily due to
the factors detailed above.

Consolidated net income increased $37.3 million for the six months ended April
30, 2021 compared to the prior year period primarily due to the factors detailed
above.

Adjusted EBITDA             Three Months Ended                           Six Months Ended
                   April 30,                   April 30,       April 30,                   April 30,
($ in millions)      2021         Change         2020            2021         Change         2020
Adjusted EBITDA   $      45.5       498.7 %   $       7.6     $      68.9       274.5 %   $      18.4


                                       25
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Consolidated Adjusted EBITDA increased $37.9 million for the three months ended
April 30, 2021 compared to the prior year quarter, due to an increase in
Adjusted EBITDA in the F&E and Recreation segments, partially offset by lower
Adjusted EBITDA in the Commercial segment.

Consolidated Adjusted EBITDA increased $50.5 million for the six months ended
April 30, 2021 compared to the prior year period, due to an increase in Adjusted
EBITDA in the Fire & Emergency and Recreation segments, partially offset by
lower Adjusted EBITDA in the Commercial segment. Refer to Adjusted EBITDA and
Adjusted Net Income section of "Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations" of this Quarterly Report on Form
10-Q for a reconciliation of Net Income (Loss) to Adjusted EBITDA tables and
related footnotes.

Adjusted Net Income (Loss)                   Three Months Ended                           Six Months Ended
                                    April 30,                   April 30,       April 30,                   April 30,
($ in millions)                       2021         Change         2020      

Change 2021 Adjusted net income (loss) 2020 $ 25.7 543.1% $ (5.8) $ 34.6 493.2% $ (8.8)

Refer to the Adjusted EBITDA and Adjusted Net Income section of Heading 2. Management’s discussion and analysis of the financial condition and results of operations of this Quarterly Report on Form 10-Q for a reconciliation of net income (loss net) with the Adjusted EBITDA tables and related tables. footnotes.

Fire & Emergency Segment



                                       Three Months Ended                   Six Months Ended
                                            April 30,                           April 30,
($ in millions)                   2021       Change       2020        2021       Change       2020
Net sales                        $ 307.6         6.3 %   $ 289.3     $ 588.2        18.6 %   $ 495.8
Adjusted EBITDA                     21.7       112.7 %      10.2        31.9       163.6 %      12.1
Adjusted EBITDA % of net sales       7.1 %                   3.5 %       5.4 %                   2.4 %



Net sales of the Fire and Emergency segment increased $ 18.3 million for the three months ended April 30, 2021 compared to the prior year quarter, primarily due to higher unit shipments of fire apparatus and the realization of price increases in the fire business, partially offset by lower shipments of firefighters. ‘ambulance units.


Fire & Emergency segment net sales increased $92.4 million for the six months
ended April 30, 2021 compared to the prior year period. Net sales for the prior
year period included $62.6 million of revenue attributable to Spartan ER.
Excluding the impact of the Spartan ER acquisition, organic net sales increased
by $21.1 million for the six months ended April 30, 2021 compared to the prior
year period which was primarily due to increased unit shipments of fire
apparatus and the realization of price increases in fire businesses, partially
offset by decreased shipments of ambulances units.

Fire & Emergency segment Adjusted EBITDA increased $11.5 million for the three
months ended April 30, 2021 compared to the prior year quarter primarily due to
higher sales volume within the fire group and productivity initiatives that
resulted in performance improvements including direct labor efficiencies and
lower operating expense within both the fire and ambulance businesses, partially
offset by lingering disruptions related to COVID-19.

Fire & Emergency segment Adjusted EBITDA increased $19.8 million for the six
months ended April 30, 2021 compared to the prior year period. Spartan ER
contributed $3.4 million of Adjusted EBITDA during the prior year period.
Excluding the impact of Spartan ER, Fire & Emergency Adjusted EBITDA increased
$17.8 million for the six months ended April 30, 2021 compared to the prior year
period which was primarily due to higher sales volume within the fire group and
productivity initiatives that resulted in performance improvements, including
direct labor efficiencies and lower operating expense, within both the fire and
ambulance businesses.

Commercial Segment



                                       Three Months Ended                    Six Months Ended
                                            April 30,                           April 30,
($ in millions)                   2021      Change        2020        2021       Change        2020
Net sales                        $ 98.4       (31.3 )%   $ 143.2     $ 181.5       (39.8 )%   $ 301.3
Adjusted EBITDA                     8.3         3.8 %        8.0        15.5       (13.4 )%      17.9
Adjusted EBITDA % of net sales      8.4 %                    5.6 %       8.5 %                    5.9 %


                                       26
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Commercial segment net sales decreased $44.8 million for the three months ended
April 30, 2021 compared to the prior year quarter. The decrease in net sales
compared to the prior year quarter was primarily due to net sales of our shuttle
bus businesses, which were sold on May 8, 2020. Excluding the impact of the
shuttle bus divestiture, net sales decreased by $1.0 million for the three
months ended April 30, 2021 compared to the prior year quarter. The decrease in
net sales was primarily due to lower shipments of school buses and municipal
transit buses due to COVID-19 related market softness and production
disruptions, partially offset by increased shipments of terminal trucks and
street sweepers.

Commercial segment net sales decreased $119.8 million for the six months ended
April 30, 2021 compared to the prior year period. The decrease in net sales
compared to the prior year period was primarily due to net sales of our shuttle
bus businesses, which were sold on May 8, 2020. Excluding the impact of the
shuttle bus divestiture, net sales decreased by $23.1 million for the six months
ended April 30, 2021 compared to the prior year period. The decrease in net
sales was primarily due to lower shipments of school buses and municipal transit
buses due to COVID-19 related market softness and production disruptions,
partially offset by increased shipments of terminal trucks and street sweepers.

Commercial segment Adjusted EBITDA increased $0.3 million for the three months
ended April 30, 2021 compared to the prior year quarter primarily due to
improved profitability as a result of increased sales volumes and productivity
initiatives in the terminal truck and street sweeper businesses as well as SG&A
spend reductions across all businesses, partially offset by lower sales volume
and production disruptions within the bus group.

Commercial segment Adjusted EBITDA decreased $2.4 million for the six months
ended April 30, 2021 compared to the prior year period primarily due to lower
sales volume within the Bus group, partially offset by improved profitability as
a result of increased sales volume and productivity initiatives in the terminal
truck and street sweeper businesses as well as SG&A spend reductions across all
businesses.

Recreation Segment



                                        Three Months Ended                   Six Months Ended
                                            April 30,                            April 30,
($ in millions)                   2021        Change       2020        2021       Change       2020
Net sales                        $ 237.9        108.7 %   $ 114.0     $ 428.0        52.4 %   $ 280.9
Adjusted EBITDA                     25.1       2381.8 %      (1.1 )      40.2       581.4 %       5.9
Adjusted EBITDA % of net sales      10.6 %                   -1.0 %       9.4 %                   2.1 %




Recreation segment net sales increased $123.9 million for the three months ended
April 30, 2021 compared to the prior year quarter primarily due to increased
unit sales in all product categories as well as lower discounting and allowances
versus the prior year quarter which was impacted by COVID-19 related
disruptions, including the suspension of normal production activities at all
businesses.

Recreation segment increased $147.1 million for the six months ended April 30,
2021 compared to the prior year period primarily due to increased unit sales in
all product categories as well as lower discounting and allowances versus the
prior year period which was impacted by COVID-19 related disruptions, including
the suspension of normal production activities at all businesses, primarily
within the second quarter of fiscal year 2020.

Recreation segment Adjusted EBITDA increased $26.2 million for the three months
ended April 30, 2021 compared to the prior year quarter primarily due to
increased sales volume, lower discounting and allowances and productivity
initiatives that resulted in improved performance and lower operating expense
across all businesses.

Recreation segment Adjusted EBITDA increased $34.3 million for the six months
ended April 30, 2021 compared to the prior year period primarily due to
increased sales volume, lower discounting and allowances and productivity
initiatives that resulted in improved performance and lower operating expense
across all businesses.

Backlog

The order book represents firm orders received from dealers or directly from end customers. The following table presents a summary of our order book by segment:




                                       27

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                   April 30,       January 31,      April 30,
($ in millions)       2021            2021             2020
Fire & Emergency   $  1,099.0     $     1,017.9     $  1,111.7
Commercial              303.1             234.0          413.2
Recreation              940.5             754.3          122.9
Total Backlog      $  2,342.6     $     2,006.2     $  1,647.8

Each of our three segments has an order book for new vehicles that typically spans two to twelve months.


Orders from our dealers and end customers are evidenced by a contract, firm
purchase order or reserved production slot for delivery of one or many vehicles.
These orders are reported in our backlog at the aggregate selling prices, net of
discounts or allowances.

As of April 30, 2021, our backlog was $2,342.6 million compared to $1,647.8
million as of April 30, 2020. The increase in total backlog was due to a
significant increase in the Recreation segment, partially offset by a decrease
in the Fire & Emergency and Commercial segments. The increase in Recreation
segment backlog was primarily the result of strong order intake across all
product categories. The decrease in Fire & Emergency segment backlog was
primarily the result of increased throughput within the fire group and a
decrease in orders for legacy fire apparatus related to end market softness
throughout the latter half of fiscal year 2020, partially offset by an increase
of orders for ambulance units. The decrease in Commercial segment backlog was
primarily the result of the divestiture of two shuttle bus businesses, a
decrease in orders for school buses related to COVID-19 disruptions and timing
of a large municipal transit order partially offset by strong order intake in
the terminal trucks and street sweepers.

Liquidity and capital resources

General


Our primary requirements for liquidity and capital are working capital, the
improvement and expansion of existing manufacturing facilities, debt service
payments and general corporate needs. Historically, these cash requirements have
been met through cash provided by operating activities, cash and cash
equivalents and borrowings under our term loan and ABL credit facility.

We believe that our sources of liquidity and capital will be sufficient to
finance our continued operations and growth strategy. However, we cannot assure
you that cash provided by operating activities and borrowings under the current
ABL facility will be sufficient to meet our future needs. If we are unable to
generate sufficient cash flows from operations in the future, and if
availability under the current ABL facility is not sufficient due to the size of
our borrowing base or other external factors, we may have to obtain additional
financing. If additional capital is obtained by issuing equity, the interests of
our existing stockholders will be diluted. If we incur additional indebtedness,
that indebtedness may contain financial and other covenants that may
significantly restrict our operations or may involve higher overall interest
rates.

Cash Flow

The following table shows summary cash flows for the six months ended April 30,
2021 and April 30, 2020:



                                                         Six Months Ended
                                                             April 30,
($ in millions)                                          2021         2020
Net cash provided by operating activities              $    37.1     $  

22.0

Net cash provided by (used in) investing activities          3.3       (58.5 )
Net cash (used in) provided by financing activities        (44.1 )      54.7
Net (decrease) increase in cash and cash equivalents   $    (3.7 )   $  18.2


Net cash provided by operating activities


Net cash provided by operating activities for the six months ended April 30,
2021 was $37.1 million, compared to $22.0 million for the six months ended April
30, 2020. The generation of positive cash from operating activities for the six
months ended April 30, 2021, was related to higher net income and a receipt of a
tax refund related to the CARES Act, partially offset by decreases from the
timing of payables.

                                       28

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Net cash provided by (used in) investing activities


Net cash provided by investing activities for the six months ended April 30,
2021 was $3.3 million and was primarily related to the proceeds from the sale of
land ($8.7 million) and other assets, offset by cash paid for capital
expenditures. Net cash used in investing activities for the six months ended
April 30, 2020 was $58.5 million and was primarily related to the acquisition of
Spartan ER on February 1, 2020.

Net cash (Used in) Provided by fundraising activities


Net cash used in financing activities for the six months ended April 30, 2021
was $44.1 million, which primarily consisted of net proceeds from our 2021 ABL
Facility offset by the use of those proceeds to repay the 2017 ABL Facility and
Term Loan, and payments for debt issuance costs. Net cash provided by financing
activities for the six months ended April 30, 2020 was $54.7 million, which
primarily consisted of net borrowings to fund the acquisition of Spartan ER and
to pay quarterly dividends.

Dividends

Subject to legally available funds and the discretion of our board of directors,
we may or may not pay a quarterly cash dividend in the future on our common
stock. We announced the suspension of our quarterly dividend beginning the
second quarter of fiscal year 2020. In the six months ended April 30, 2020, we
paid cash dividends of $6.3 million.

On June 3, 2021, our Board of Directors reinstated a quarterly cash dividend in
the amount of $0.05 per share of common stock, which equates to a rate of $0.20
per share of common stock on an annualized basis and declared the initial
regular dividend for the three months ended April 30, 2021, payable on July 15,
2021, to shareholders of record on June 30, 2021.

ABL 2021 facility


On April 13, 2021, we entered into a $550.0 million revolving credit agreement
(the "2021 ABL Facility" or "2021 ABL Agreement") with a syndicate of lenders.
The 2021 ABL Facility provides for revolving loans and letters of credit in an
aggregate amount of up to $550.0 million. The total credit facility is subject
to a $30.0 million sublimit for swing line loans and a $35.0 million sublimit
for letters of credit (plus up to an additional $20.0 million of letters of
credit at issuing bank's discretion), along with certain borrowing base and
other customary restrictions as defined in the Credit Agreement. The Credit
Agreement allows for incremental facilities in an aggregate amount of up to
$100.0 million, plus the excess, if any, of the borrowing base then in effect
over total commitments then in effect. Any such incremental facilities are
subject to receiving additional commitments from lenders and certain other
customary conditions. The 2021 ABL Agreement serves as refinancing of
indebtedness and terminates the Company's 2017 ABL Facility and Term Loan.

The ABL 2021 facility matures on April 13, 2026. We can prepay the principal, in whole or in part, at any time without penalty.




We were in compliance with all financial covenants under the 2021 ABL Agreement
as of April 30, 2021. As of April 30, 2021, the Company's availability under the
2021 ABL Facility was $223.1 million.

Refer to Note 9, Long-term debt, of the notes to the unaudited condensed consolidated financial statements for further details.

Adjusted EBITDA and adjusted net income


In considering the financial performance of the business, management analyzes
the primary financial performance measures of Adjusted EBITDA and Adjusted Net
Income. Adjusted EBITDA is defined as net income for the relevant period before
depreciation and amortization, interest expense, income taxes and loss on early
extinguishment of debt, as adjusted for certain items described below that we
believe are not indicative of our ongoing operating performance. Adjusted Net
Income is defined as net income, as adjusted for certain items described below
that we believe are not indicative of our ongoing operating performance.

                                       29

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We believe Adjusted EBITDA and Adjusted Net Income are useful to investors
because these performance measures are used by our management and our Board of
Directors for measuring and reporting our financial performance and as a
measurement in incentive compensation for management. These measures exclude the
impact of certain items which we believe have less bearing on our core operating
performance because they are items that are not needed or available to our
managers in the daily activities of their businesses. We believe that the core
operations of our business are those which can be affected by our management in
a particular period through their resource allocation decisions that affect the
underlying performance of our operations conducted during that period. We also
believe that decisions utilizing Adjusted EBITDA and Adjusted Net Income allow
for a more meaningful comparison of operating fundamentals between companies
within our markets by eliminating the impact of capital structure and taxation
differences between the companies.

To determine Adjusted EBITDA, we adjust Net Income for the following items:
non-cash depreciation and amortization, interest expense, income taxes, loss on
early extinguishment of debt and other items as described below. Stock-based
compensation expense and sponsor expense reimbursement is excluded from both
Adjusted Net Income and Adjusted EBITDA because it is an expense, which cannot
be impacted by our business managers. Stock-based compensation expense also
reflects a cost which may obscure trends in our underlying vehicle businesses
for a given period, due to the timing and nature of the equity awards. We also
adjust for exceptional items, which are determined to be those that in
management's judgment are not indicative of our ongoing operating performance
and need to be disclosed by virtue of their size, nature or incidence, and
include non-cash items and items settled in cash. In determining whether an
event or transaction is exceptional, management considers quantitative as well
as qualitative factors such as the frequency or predictability of occurrence.

Adjusted EBITDA and Adjusted Net Income have limitations as analytical tools.
These are not presentations made in accordance with U.S. GAAP, are not measures
of financial condition and should not be considered as an alternative to net
income or net loss for the period determined in accordance with U.S. GAAP. The
most directly comparable U.S. GAAP measure to Adjusted EBITDA and Adjusted Net
Income is Net Income for the relevant period. Adjusted EBITDA and Adjusted Net
Income are not necessarily comparable to similarly titled measures used by other
companies. As a result, you should not consider this performance measure in
isolation from, or as a substitute analysis for, our results of operations as
determined in accordance with U.S. GAAP. Moreover, such measures do not reflect:

• our cash expenditures or our future capital expenditure needs or

        contractual commitments;


  • changes in, or cash requirements for, our working capital needs;

• the cash requirements necessary to service interest or principal payments

        on our debt;


  • the cash requirements to pay our taxes.



                                       30
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The following table reconciles Net Income (Loss) to Adjusted EBITDA for the
periods presented:



                                                 Three Months Ended             Six Months Ended
                                                      April 30,                     April 30,
($ in millions)                                2021               2020         2021           2020
Net income (loss)                            $    20.6          $   (7.6 )   $    20.6      $  (16.7 )
Depreciation and amortization                      8.0              10.9          16.7          21.7
Interest expense, net                              5.5               7.3          11.0          14.6
Loss on early extinguishment of debt               1.4                 -           1.4             -
Provision (benefit) for income taxes               7.2             (10.1 )         7.2         (12.7 )
EBITDA                                            42.7               0.5          56.9           6.9
Transaction expenses(a)                            0.3               0.9           2.7           2.0
Sponsor expense reimbursement(b)                     -                 -           0.2           0.1
Restructuring costs(c)                               -               2.9           1.0           3.5
Restructuring related charges(d)                   0.3               3.2           0.3           3.2
Stock-based compensation expense(e)                1.7               2.9           3.6           5.5
Legal matters(f)                                     -               1.4           0.4           1.5
Net loss on sale of assets and business
held for sale(g)                                     -                 -           2.7             -
Loss on sale of business(h)                          -               8.8             -           8.8
(Gain) loss on acquisition of business(i)            -             (11.9 )         0.4         (11.9 )
Losses (earnings) attributable to assets
held for sale(j)                                   0.5              (1.1 )         0.7          (1.3 )
Deferred purchase price payment(k)                   -                 -             -           0.1
Adjusted EBITDA                              $    45.5          $    7.6     $    68.9      $   18.4




The following table reconciles Net Income (Loss) to Adjusted Net Income (Loss)
for the periods presented:



                                               Three Months Ended             Six Months Ended
                                                   April 30,                      April 30,
($ in millions)                               2021            2020           2021           2020
Net income (loss)                          $     20.6       $    (7.6 )   $     20.6      $   (16.7 )
Amortization of intangible assets                 2.5             3.4            5.1            7.4
Transaction expenses(a)                           0.3             0.9            2.7            2.0
Sponsor expense reimbursement(b)                    -               -            0.2            0.1
Restructuring costs(c)                              -             2.9            1.0            3.5
Restructuring related charges(d)                  0.3             3.2            0.3            3.2
Stock-based compensation expense(e)               1.7             2.9            3.6            5.5
Legal matters(f)                                    -             1.4            0.4            1.5
Net loss on sale of assets and business
held for sale(g)                                    -               -            2.7              -
Loss on sale of business(h)                         -             8.8              -            8.8
(Gain) loss on acquisition of
business(i)                                         -           (11.9 )          0.4          (11.9 )
Losses (earnings) attributable to assets
held for sale(j)                                  0.5            (1.1 )          0.7           (1.3 )
Deferred purchase price payment(k)                  -               -              -            0.1
Loss on early extinguishment of debt(l)           1.4               -            1.4              -
Impact of tax rate change(m)                        -            (3.5 )            -           (3.5 )
Income tax effect of adjustments(n)              (1.6 )          (5.2 )         (4.5 )         (7.5 )
Adjusted Net Income (Loss)                 $     25.7       $    (5.8 )   $     34.6      $    (8.8 )


                                       31
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(a) Reflects costs incurred in connection with business acquisitions and fixed assets

market operations. These expenses mainly consist of legal, accounting

and due diligence costs.

(b) Reflects reimbursement of expenses to our primary shareholder.

(c) Restructuring costs for the half-year ended April 30, 2021, composed of

personnel costs, including severance pay, vacation and other social benefits

payments associated with downsizing within the company.



Restructuring expenses for the three and six months ended April 30, 2020,
consisted of personnel costs, including severance, vacation and other employee
benefit payments associated with headcount reductions in Corporate and the Fire
division, as well as lease termination costs related to the closure of a Spartan
ER facility.

(d) Reflects costs directly attributable to restructuring activities,

including changes in management, but do not meet the definition of restructuring

under ASC 420.

(e) Reflects expenses associated with the vesting of share awards.

(f) Reflects legal fees and costs incurred to litigate and settle legal claims

against us out of the ordinary course of business. Costs include

payments: (i) for non-ordinary litigation and settlement fees and charges

intellectual property disputes and (ii) for litigation fees and costs

putative securities class actions and derivative action pending against us

and some of our directors and officers.

(g) In the first quarter of fiscal 2021, as part of a strategic transaction

review of the product portfolio, we have decided to sell our REV

Brazil business. As a result, a loss of $ 3.8 million was recorded during the

during the first quarter of fiscal 2021. We also recorded $ 1.1 million

gain related to the sale of land previously included in the Fire &

Emergency segment. Refer to Note 8, Divestiture Activities, Notes to

Unaudited condensed consolidated financial statements for further details.

(h) Reflects losses related to the sale of our shuttle business, which was

finished on May 8, 2020. Refer to Note 8, Disposal activities, of

Notes to unaudited condensed consolidated financial statements for further information

details.

(i) Reflects the initial gain and subsequent adjustments on the acquisition of

    Spartan ER, which was completed on February 1, 2020. Refer to Note 4,
    Acquisition, of the Notes to Condensed Unaudited Consolidated Financial
    Statements for further details.

(j) Adjusted EBITDA attributable to activities that are or have been classified as

held for sale, which represents REV Brazil during the first and second

quarters of fiscal year 2021 and the REV coach and shuttle activities for

the same period last year.

(k) Reflects expenses associated with deferred payments of the purchase price to

Lance sellers.

(l) Reflects the losses recognized on the termination of our ABL 2017 facility and

Term loan. The loss consists entirely of the issuance costs of unamortized debt securities.

which were written off as part of this extinction.

(m) Reflects the provisional impact of net operating loss carryforwards resulting from

of the CARES law. Refer to Note 12, Income taxes, of the notes to

Unaudited Consolidated Financial Statements for more details.

(n) Income tax effect of adjustments using an effective tax rate of 26.5% for

the three and six months ended April 30, 2021 and April 30, 2020, with the exception of

certain transaction costs, impact of tax rate change and losses

attributable to assets held for sale.

Off-balance sheet provisions


We have not created, and are not party to, any special-purpose or off-balance
sheet entities for the purpose of raising capital, incurring debt or operating
our business. We do not have any off-balance sheet arrangements or relationships
with entities that are not consolidated into or disclosed in our consolidated
financial statements that have, or are reasonably likely to have, a material
current or future effect on our financial condition, revenues, expenses, results
of operations, liquidity, capital expenditures and capital resources. In
addition, we do not engage in trading activities involving non-exchange traded
contracts. Refer to Note 13, Commitments and Contingencies, of the Notes to
Condensed Unaudited Consolidated Financial Statements for additional discussion.

Critical accounting conventions and estimates


The preparation of consolidated financial statements in conformity with GAAP
requires us to make estimates, assumptions and judgments that affect amounts
reported in the consolidated financial statements and accompanying notes. Our
disclosures of critical accounting policies are reported in our Annual Report on
Form 10-K for the fiscal year ended October 31, 2020. In the first quarter of
fiscal year 2021, we adopted ASU 2016-13 relating to measurement of credit
losses on financial instruments, as discussed in Note 1 of the Notes to
Condensed Unaudited Consolidated Financial Statements.

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Recent accounting positions

Refer to Note 1 of the notes to the unaudited condensed consolidated financial statements for a discussion of the impact on our financial statements of the new accounting standards.

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Financial Services Security Software Market Forecast and Development Analysis – The Courier https://eventplaner.net/financial-services-security-software-market-forecast-and-development-analysis-the-courier/ Mon, 07 Jun 2021 00:45:08 +0000 https://eventplaner.net/financial-services-security-software-market-forecast-and-development-analysis-the-courier/

Business Intelligence survey onGlobal Financial Services Security Software Market Strives to provide holistic information on various growth dynamics, technical and regulatory frameworks and recent disruptive forces. Research analysts have conducted an in-depth study of macroeconomic trends and microeconomic factors to understand the forces shaping the supply and demand chain of the global financial services security software market. This study provides a quantitative assessment of the various impulses and constraints on the growth trajectory of the market and its consumer segment over the past few years. The role of technology in shaping new business models has come under scrutiny in the financial services security software market.

The Covid-19 pandemic has led to a restructuring of tactical, operational and strategic frameworks between companies in different sectors. The widespread impact of pandemics and associated economic turmoil provides a detailed assessment of the Financial Services Security Software market in this study. The pandemic has helped the industry adopt new business models and frameworks to recover from the aftermath of Covid-19.

Get Free Sample Financial Services Security Software Market @ Brochure, including full table of contents, tables, and figures. https://www.researchmoz.us/enquiry.php?type=S&repid=2636687

This study provides a detailed assessment of the emergence of new scenarios that could change the industry as a whole as businesses could embrace value-driven consumer marketing in Covid-19 and beyond. The information has been developed by incorporating the forecasts and views provided by various political organizations, non-profit organizations, and thought leaders in the industries served by the Financial Services Security Software market. This study provides an in-depth assessment of the B2C and B2C buying behavior that is influencing the growth dynamics of the Financial Services Security Software market.

Some of the key stakeholders covered by the Financial Services Security Software Market research are: Floating and Rotating Hotel Tower, Conrad Maldives (Hilton), Dragon Inn, Four Seasons, Punta Caracol Aqua Lodge (Panama), River Kwai Jungle Rafts (Thailand), Queen Mary (California)
Regional market segments and regional analysis are covered

  • North America (United States, Canada, Mexico)
  • Europe (Germany, France, United Kingdom, Russia, Italy)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia)
  • South America (Brazil, Argentina, Colombia, etc.)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria, South Africa)

Market segments by type, Financial Services Security Software Market report shows each type of manufacturing, profit, value, market segment and growth rate.,blanket::

  • Software
  • File security
  • Database security
  • Web application security
  • Other
  • a service
  • Professional service
  • Managed Services

Market segment by applicationThe Financial Services Security Software Market report focuses on major applications / end users, sales size, market share, and the position and growth rate outlook of each application, which can be classified as follows:

  • Small business (SME)
  • Large companies

Get the best discount on this report: https://www.researchmoz.us/enquiry.php?type=D&repid=2636687

Some of the key information and aspects covered by the Financial Services Security Software market research are:

  • New technology defining the early start strategy
  • Regulations that shape the strategic framework of the major players in the financial services security software market
  • Launch of new products inspired by recent developments in natural and environmental factors
  • New strategies gain relevance in micromarketing by a variety of key players
  • A customer relationship management approach appears after Covid in the financial services security software market

Table of Contents: Financial Services Security Software Market

  • Chapter 1: Financial Services Security Software Market Overview
  • Chapter 2: Global market situation and forecast by region
  • Chapter 3: Global Market Situation and Forecast by Type
  • Chapter 4: Global Market Status and Forecast by Downstream Industry
  • Chapter 5: Market Drivers Analysis
  • Chapter 6: Market Competition from Major Manufacturers
  • Chapter 7: Major Manufacturers Overview and Market Data
  • Chapter 8: Upstream and Downstream Market Analysis
  • Chapter 9: Analysis of Gross Costs and Benefits
  • Chapter 10: Marketing Status Analysis
  • Chapter 11: Summary of Market Reports
  • Chapter 12: Survey methods and background documents

Contact us for more information on this report @ https://www.researchmoz.us/enquiry.php?type=E&repid=2636687

Important questions answered in this report

  1. What is the size and growth rate of the market in 2026?
  2. What are the major market trends?
  3. What is driving this market?
  4. What are the challenges of market growth?
  5. Who are the main suppliers in this market?
  6. What are the market opportunities and threats facing major vendors?
  7. What are the strengths and weaknesses of the main suppliers?

Major trends report

Thanks for reading the report. Please do not hesitate to contact us with any further questions or inquiries regarding customization. Our team makes sure the report is customized to meet your needs...

About ResearchMoz:

Researchmoz is a one-stop online site for finding and purchasing market research reports and industry analysis. We help businesses of all sizes and across industries bridge the gap between success and failure, primarily through the insights and analytics solutions provided in the report. Researchmoz has a dedicated team that identifies the most important aspects of the business landscape and develops a framework for including them in ongoing reports. Any business intelligence solutions provided or provided by third parties can help you achieve this goal. Our experienced analysts can also act as consultants to provide analytical information and help you stay ahead of the competition. The expertise contained in tens of thousands of reports strives to provide tailor-made solutions that meet the new needs of our customers. We help businesses decipher trends and trends in people to help them understand their customers.

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Financial Services Security Software Market Forecast and Development Analysis – The Courier

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In-depth analysis of augmented reality and virtual reality components market including major players Blippar, Daqri, Eon Reality – The Manomet Current https://eventplaner.net/in-depth-analysis-of-augmented-reality-and-virtual-reality-components-market-including-major-players-blippar-daqri-eon-reality-the-manomet-current/ Sat, 05 Jun 2021 13:53:16 +0000 https://eventplaner.net/in-depth-analysis-of-augmented-reality-and-virtual-reality-components-market-including-major-players-blippar-daqri-eon-reality-the-manomet-current/

Recently announced JCMR Augmented reality and virtual reality component study with more than 200 market data tables and figures spread over pages and a detailed and easy to understand table of contents on the “Global Augmented Reality and Virtual Reality Components Market”. Global Augmented Reality and Virtual Reality Components Market allows you to get different methods to maximize your profit. The research study provides estimates for forecasting augmented reality and virtual reality components through 2028 *. Some of the top key companies covered for this research are Blippar, Daqri, Eon Reality, Google, Himax Technologies, Intel

Our report will be revised to take into account the effects of COVID-19 on the global augmented reality and virtual reality components market.

Click for a sample Global Augmented Reality and Virtual Reality Components Market Research PDF here @: jcmarketresearch.com/report-details/1330803/sample

The global market for augmented reality and virtual reality components for a leading company is an intelligent process of collecting and analyzing digital data related to services and products. This research provides insight into the understanding, needs and wants of your targeted customer. In addition, reveals the efficiency with which a company can meet their requirements. Market research collects data on customers, marketing strategy, competitors. The augmented reality and virtual reality component manufacturing industry is becoming increasingly dynamic and innovative, with more private players entering the industry.

Important features being offered and highlights of the report:

1) Who are the major key companies in the Global Augmented Reality and Virtual Reality Component Data Surway report?

Here is the list of players currently featured in the Blippar, Daqri, Eon Reality, Google, Himax Technologies, Intel report

** List of companies mentioned may vary in final report subject to name change / merger etc.

2) What will the market size be in 2028 and what will the growth rate be?

In 2019, the global augmented reality and virtual reality components market size was $ xx million and is expected to reach $ xx million by the end of 2028, with a CAGR of xx% in 2019-2028.

3) What are the applications and types of market:

The study is segmented by the following product type: [Type]

The main end user applications / industries are: [Application]

** The market is valued based on the Weighted Average Selling Price (WASP) and includes all applicable taxes to manufacturers. All currency conversions used in creating this report have been calculated using constant 2019 average annual exchange rates.

To understand the global augmented reality and virtual reality components market dynamics around the world mainly, the global augmented reality and virtual reality components market is analyzed into major regions. The JCMR also provides customized reports at the regional and national level for the following areas.

• North America: United States, Canada and Mexico.

• South and Central America: Argentina, Chile and Brazil.

• Middle East & Africa: Saudi Arabia, United Arab Emirates, Turkey, Egypt and South Africa.

• Europe: United Kingdom, France, Italy, Germany, Spain and Russia.

• Asia-Pacific: India, China, Japan, South Korea, Indonesia, Singapore and Australia.

Inquire about a segment purchase @ jcmarketresearch.com/report-details/1330803/enquiry

Find more research reports on Augmented reality and virtual reality components industry. By JC Market Research.

Competitive analysis:

The main players are strongly focusing on innovation in production technologies to improve efficiency and shelf life. The best long-term growth opportunities for this industry can be seized by ensuring continuous process improvements and financial flexibility to invest in optimal strategies. Company Profile section of players like Blippar, Daqri, Eon Reality, Google, Himax Technologies, Intel includes their basic information like legal name, website, registered office, market position , its history and the top 10 closest competitors by market capitalization / income as well as Contact information. The revenue figures, growth rate and gross profit margin for each player / manufacturer are provided in an easy-to-understand table form for the past 5 years and a separate section on recent developments such as mergers, acquisitions or any. new product / service launch including SWOT analysis of each key player. etc.

Research Parameter / Research Methodology

Primary research:

Primary sources involve experts in the augmented reality and virtual reality components industry including management organizations, processing organizations, industry value chain analysis service providers. All primary sources were interviewed to collect and authenticate qualitative and quantitative information and determine future prospects.

In the broad primary research process undertaken for this study, the main sources – industry experts such as CEOs, vice presidents, chief marketing officers, technology and innovation directors, founders and associated key executives of various companies and key organizations in the Global Bio-Waste Container in the industry were interviewed to obtain and verify the qualitative and quantitative aspects of this research study.

Secondary research:

In high school, research crucial information on industries value chain, total pool of key players, and application areas. He has also helped segment the market based on industry trends down to the lowest level, geographies, and key developments from a market and technology perspective.

Buy a full copy at an exclusive discount in the global augmented reality and virtual reality components market Surway @ jcmarketresearch.com/report-details/1330803/discount

In this study, the years considered to estimate the market size of Augmented Reality and Virtual Reality Component are as follows:

Year of history: 2013-2018

Baseline year: 2019

Estimated year: 2020

Forecast year 2020 to 2028

Key players in the global augmented reality and virtual reality components market:

Manufacturers of augmented reality and virtual reality components

Distributors / traders / wholesalers of augmented reality and virtual reality components

Manufacturers of augmented reality and virtual reality component subcomponents

Industry association

Downstream suppliers

** Actual figures and in-depth analysis, business opportunities, market size estimate available in the full report.

Buy the most recent research report directly instantly @ jcmarketresearch.com/checkout/1330803

Thank you for reading this article; you can also get a section by chapter or a report version by region, such as North America, Europe or Asia.

About the Author:

The global market intelligence and research consultancy JCMR is uniquely positioned to not only identify growth opportunities, but also empower and inspire you to create visionary growth strategies for the future, through to our extraordinary depth and breadth of thought leadership, research, tools, events and experience that help you make your goals a reality. Our understanding of the interplay between industry convergence, megatrends, technologies and market trends provides our clients with new business models and opportunities for expansion. We are focused on identifying ‘accurate forecasts’ in each industry we cover so that our clients can take advantage of early market entrants and meet their ‘goals and objectives’.

Contact us:

JCMARKETRESEARCH

Mark Baxter (Business Development Manager)

Telephone: +1 (925) 478-7203

Email: sales@jcmarketresearch.com

Connect with us at – LinkedIn

www.jcmarketresearch.com


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QUOTIENT: Management report and analysis of financial position and operating results (Form 10-K) https://eventplaner.net/quotient-management-report-and-analysis-of-financial-position-and-operating-results-form-10-k/ Thu, 03 Jun 2021 20:06:03 +0000 https://eventplaner.net/quotient-management-report-and-analysis-of-financial-position-and-operating-results-form-10-k/

You should read the following discussion and analysis of our financial condition
and results of operations in conjunction with the financial statements and the
related notes to those statements included later in this Annual Report on Form
10-K. Our discussion of results for the fiscal year ended March 31, 2019 is
included in Part II, Item 7 of the annual report on Form 10-K for the fiscal
year ended March 31, 2020. In addition to historical financial information, the
discussion below contains forward-looking statements that reflect our plans,
estimates, beliefs and expectations that involve risks and uncertainties. Our
actual results and the timing of events could differ materially from those
discussed in these forward-looking statements. Factors that could cause or
contribute to these differences include those discussed below and elsewhere in
this Annual Report, particularly in "Risk Factors."

Overview


We were incorporated in Jersey, Channel Islands on January 18, 2012. On
February 16, 2012, we acquired the entire issued share capital of Alba
Bioscience Limited (or Alba), Quotient Biodiagnostics, Inc. (or QBDI) and QBD
(QS IP) Limited (or QSIP) from Quotient Biodiagnostics Group Limited (or QBDG),
our predecessor.

Our Business

We are a commercial-stage diagnostics company committed to reducing healthcare
costs and improving patient care through the provision of innovative tests
within established markets. Our initial focus is on blood grouping and donor
disease screening, which is commonly referred to as transfusion diagnostics.
Blood grouping involves specific procedures performed at donor or patient
testing laboratories to characterize blood, which includes antigen typing and
antibody detection. Disease screening involves the screening of donor blood for
unwanted pathogens using two different methods, a serological approach (testing
for specific antigens or antibodies) and a molecular approach (testing for DNA
or RNA).

We have over 35 years of experience developing, manufacturing and
commercializing conventional reagent products used for blood grouping within the
global transfusion diagnostics market. We are developing MosaiQ, our proprietary
technology platform, to better address the comprehensive needs of this large and
established market. We believe MosaiQ has the potential to transform transfusion
diagnostics, significantly reducing the cost of blood grouping in the donor and
patient testing environments, while improving patient outcomes.

We currently operate as one business segment with 435 employees in the United
Kingdom, Switzerland and the United States as of March 31, 2021. Our principal
markets are the United States, Europe and Japan. Based on the location of the
customer, revenues outside the United States accounted for 35%, 45% and 49% of
total revenue during the years ended March 31, 2021, 2020 and 2019,
respectively.

We have incurred net losses and negative cash flows from operations in each year
since we commenced operations in 2007. As of March 31, 2021, we had an
accumulated deficit of $591.9 million. We expect our operating losses will
continue for at least the next fiscal year as we continue our investment in the
commercialization of MosaiQ. Our total revenue was $43.4 million for the year
ended March 31, 2021, $32.7 million for the year ended March 31, 2020 and
$29.1 million for the year ended March 31, 2019. Our net loss was $108.5 million
for the year ended March 31, 2021, $102.8 million for the year ended March 31,
2020 and $105.4 million for the year ended March 31, 2019.

From our incorporation in 2012 to March 31, 2020, we have raised $160.0 million
of gross proceeds through the private placement of our ordinary and preference
shares and warrants, $346.7 million of gross proceeds from public offerings of
our shares and issuances of ordinary shares upon exercise of warrants and $145.0
million of gross proceeds from the issuance of 12% Senior Secured Notes, or the
Secured Notes.

On September 15, 2020, we completed a public offering of 20,294,117 newly issued
ordinary shares at a price of $4.25 per share which raised $86.3 million of
gross proceeds before deducting underwriting discounts and other offering
expenses of $5.6 million. In May 2021, we issued $95.0 million aggregate
principal amount of the Convertible Notes. On or prior to June 2, 2021, we may
issue up to an additional $15.0 million aggregate principal amount of the
Convertible Notes in one or more subsequent offerings.

As discussed further below under "-Liquidity and Capital Resources," we have
approximately $35.0 million of cash invested in two funds that have suspended
redemptions, and there can be no assurance as to the timing or amount of future
distributions from these funds.

As of March 31, 2021, we had available cash, cash equivalents and short-term
investments of $111.7 million and $9.0 million of restricted cash held as part
of the arrangements relating to our Secured Notes and the lease of our property
in Eysins, Switzerland.

                                     - 46 -
--------------------------------------------------------------------------------

Regulatory and commercial milestones


You should read the following regulatory and commercial milestones update in
conjunction with the discussion included under the sections "Item 1. Business"
and "Item 1A. Risk Factors".


• Initial European regulatory approval – we have applied for European regulations

the approval of our first MosaiQ IH Microarray at the end September 2018 and were

notified of its approval on April 30, 2019. We have also filed a European application

regulatory approval of the first MosaiQ SDS Microarray in June 2019 and

was notified of its approval on February 14, 2020.

Development of microarray menus in progress – our activities for the expansion of our

IH and SDS, the test menus included completion of validation and

verification, or “V&V”, concordance study for the extended MosaiQ IH

The Microarray menu, which we announced in October 2019. The V&V study for the

MosaiQ SDS Microarray extended is planned for the coming months.

• Field tests – we have started field tests for the extended MosaiQ IH

Microarray in Europe in the first quarter of calendar year 2020. These tests

were initially suspended due to the COVID-19 pandemic in March 2020, But

the end of May 2020, the quarantine and containment measures and restrictions had

relaxed in the three test locations, allowing work to be resumed. however,

subsequent government restrictions implemented towards the end of 2020

    impacted our ability to conduct these trials, as discussed below. We
    announced the initial results from these trials in November 2020. Based on
    our internal performance testing, we subsequently determined to enhance a

limited number of tests on the extended MosaiQ IH Microarray. Since,

further field trials in Europe and United States for the extended MosaiQ

IH Microarray has been postponed due to the COVID-19 pandemic. We are waiting

these tests must resume in the second quarter of calendar year 2021 in

Europe and in the second semester of calendar year 2021 in United States. We

MosaiQ SDS extended microarray field trials to begin

towards the end of calendar year 2021.

• Regulatory approval process underway – we have applied for we regulatory approval

for our first MosaiQ SDS Microarray on 23 december 2019. At December 10,

2020, we received a request from the FDA for additional test data related

to the specific individual performance characteristics of the tests on this

DNA chip. We plan to resubmit our dossier and receive 510 (k)

Authorization for the initial MosaiQ SDS Microarray in the calendar year

2021. We plan to make the first European regulatory submissions for our

extended MosaiQ IH Microarray in the third quarter of calendar year 2021,

    with the U.S. regulatory submissions following in the fourth quarter of
    calendar year 2021 or first quarter of calendar year 2022. We expect to
    receive the CE mark for the expanded MosaiQ IH Microarray by the fourth
    quarter of calendar year 2021. We expect to make a European regulatory

submission for the extended MosaiQ SDS Microarray in the second quarter of

calendar year 2022, with the we regulatory submission following the

second or third quarter of calendar year 2022. As noted above, our progress

towards regulatory approvals has been affected by the disruption

effect of the COVID-19 pandemic. Our timing expectations outlined in this

paragraph are subject to a variety of factors, including COVID-19 impacts,

this could cause further delays.

• Patient IH Microarray – we are developing the MosaiQ IH3 for Ortho

    Microarray, and we expect to submit it for CE mark in the first half of
    calendar year 2022.




COVID-19 Pandemic

You should read the following update regarding the COVID-19 pandemic in conjunction with the discussion included in the “Item 1. Business” and “Item 1A” sections. Risk factors “.




On March 11, 2020, the World Health Organization declared the novel strain of
coronavirus (COVID-19) a global pandemic and recommended containment and
mitigation measures worldwide. The governments of each of the major locations in
which we operate, the United Kingdom, Switzerland and the United States, have
implemented varying measures and restrictions to combat the COVID-19 pandemic.



The restrictions implemented at the beginning of the pandemic directly impacted
our on-going clinical trials for our expanded MosaiQ IH Microarray in Europe and
the commencement of clinical trials for our expanded MosaiQ IH Microarray in the
United States. All external work on these trials was suspended in March 2020
until such time as the existing restrictions in the relevant jurisdictions are
removed or moderated. By the end of May 2020, quarantine and containment
measures and restrictions had eased in all of the three European trial locations
allowing the work to recommence.

                                     - 47 -

--------------------------------------------------------------------------------


In addition, on April 6, 2020, we announced the completion of the development
phase of the MosaiQ COVID-19 Microarray, in response to the COVID-19 pandemic.
On April 27, 2020, we published the final performance data for the MosaiQ
COVID-19 Microarray, achieving 100% sensitivity and 99.8% specificity, and on
May 1, 2020, we announced the CE Mark for this Microarray. In addition, in May
2020, we submitted an application to the FDA for an Emergency Use Authorization
(EUA) of the MosaiQ COVID-19 Microarray in the United States, and in September
2020, we announced the EUA had been issued by the FDA for this Microarray. We
signed the first commercial contract for the sale of the MosaiQ COVID-19
Microarray in May 2020, and we have subsequently entered into nine additional
contracts with customers in Europe and the United States. In addition, we
developed an enhanced, semi-quantitative MosaiQ COVID-19 Microarray, which was
CE marked as of January 29, 2021.

Towards the end of 2020 and beginning of 2021, there was a widespread increase,
or "second wave," in reported infections from COVID-19, including in Europe and
the United States. In response, various countries including in Europe announced
the re-imposition of some restrictions on social, business and other activities.
Government travel restrictions and lockdowns imposed in response to the second
wave seriously affected our operations in Europe and the United Kingdom.



In spite of this widespread increase of COVID-19 infections, the COVID-19
pandemic and the associated restrictions have not had a material adverse impact
on our conventional reagent revenues. Customer demand has remained robust since
March 31, 2020 and, to date, supply chain disruptions have been minimal. Our
manufacturing operations in Edinburgh, Scotland have been adapted to meet social
distancing requirements, which impacted our operating costs during the year
ended March 31, 2021.



However, the second wave negatively affected the on-going field trials for our
expanded MosaiQ IH Microarray, with travel restrictions and lockdowns making it
difficult for relevant teams to spend time on-site and resulting in trials
repeatedly stopping and restarting. Furthermore, these restrictions and
lockdowns have impacted our research and development activities, slowed down the
regulatory approval process and delayed the timing of customer tenders.



The extent to which the COVID-19 pandemic will impact our business, operations
and financial results will depend on future developments and numerous evolving
factors, which are highly uncertain and difficult to predict. See Item 1A. Risk
Factors - "We face risks related to health pandemics, epidemics and outbreaks,
including the outbreak of the current COVID-19 pandemic, which could
significantly disrupt our operations and could have a material adverse impact on
us."



Revenue

We generate product sales revenue from the sale of conventional reagent products
directly to hospitals, donor collection agencies and independent testing
laboratories in the United States, the United Kingdom and to distributors in
Europe and the rest of the world, and indirectly through sales to our OEM
customers. We recognize revenues in the form of product sales when the goods are
shipped. Products sold by standing purchase orders as a percentage of product
sales revenue were 67%, 70% and 68% for the years ended March 31, 2021, 2020 and
2019, respectively. We also provide product development services to our OEM
customers. We recognize revenue from these contractual relationships in the form
of product development fees, which are included in Other revenues. In addition,
during the year ended March 31, 2021, we began to generate sales revenue from
the MosaiQ COVID-19 Microarray in Europe and the United States, and our product
sales from this microarray were approximately $1.3 million during this period.
Although we believe that these product sales could continue in the first half of
the next financial year, we believe there is ultimately a limited opportunity
for future revenue from our MosaiQ COVID-19 Microarray beyond that timeframe,
based on the limited demand for COVID-19 antibody testing that we are observing.
For a description of our revenue recognition policies, see "-Critical Accounting
Policies and Significant Judgments and Estimates-Revenue Recognition and
Accounts Receivable."

Our revenue is denominated in multiple currencies. Sales in the United States
and to certain of our OEM customers are denominated in U.S. Dollars. Sales in
Europe and the rest of the world are denominated primarily in U.S. Dollars,
Pounds Sterling or Euros. Our expenses are generally denominated in the
currencies in which our operations are located, which are primarily in the
United Kingdom, Switzerland and the United States. We operate globally and
therefore changes in foreign currency exchange rates may become material to us
in the future due to factors beyond our control. See "-Quantitative and
Qualitative Disclosure About Market Risk-Foreign Currency Exchange Risk."

Cost of operating income and expenses


Cost of revenue consists of direct labor expenses, including employee benefits,
overhead expenses, material costs and freight costs, along with the depreciation
of manufacturing equipment and leasehold improvements. Our gross profit
represents total revenue less the cost of revenue, gross margin represents gross
profit expressed as a percentage of total revenue, and gross margin on product
sales represents gross margin excluding other revenues as a percentage of
revenues excluding other revenues. We expect our overall cost of revenue to
increase in absolute U.S. Dollars as we continue to increase our product sales
volumes. However, we also believe that we can achieve efficiencies in our
manufacturing operations, primarily through increasing production volumes.

                                     - 48 -

--------------------------------------------------------------------------------


Our sales and marketing expenses include costs associated with our sales
organization for conventional reagent products, including our direct sales
force, as well as our marketing and customer service personnel, and the costs of
the MosaiQ commercial team. These expenses consist principally of salaries,
commissions, bonuses and employee benefits, as well as travel and other costs
related to our sales and product marketing activities. We expense all sales and
marketing costs as incurred. We expect sales and marketing expense to increase
in absolute U.S. Dollars, primarily as a result of commissions on increased
product sales in the United States and as we grow the MosaiQ commercial team.

Our research and development expenses include costs associated with performing
research, development, field trials and our regulatory activities, as well as
production costs incurred in advance of the commercial launch of MosaiQ.
Research and development expenses include research personnel-related expenses,
fees for contractual and consulting services, travel costs, laboratory supplies
and depreciation of laboratory equipment.

We expense all research and development costs as incurred, net of government
grants received and tax credits. Our UK subsidiary claims certain tax credits on
its research and development expenditures and these are included as an offset to
our research and development expenses. Our research and development efforts are
focused on developing new products and technologies for the global transfusion
diagnostics market. We segregate research and development expenses for the
MosaiQ project from expenses for other research and development projects. We do
not maintain detailed records of these other costs by activity. We are nearing
completion of the initial development of MosaiQ and expect our costs associated
with field trials and regulatory approvals will increase at the same time as our
development costs decrease. As we move to commercialization of MosaiQ in the
donor testing market, we expect our overall research and development expense to
decrease.

Our general and administrative expenses include costs for our executive,
accounting and finance, legal, corporate development, information technology and
human resources functions. We expense all general and administrative expenses as
incurred. These expenses consist principally of salaries, bonuses and employee
benefits for the personnel performing these functions, including travel costs.
These expenses also include share-based compensation, professional service fees
(such as audit, tax and legal fees), costs related to our Board of Directors,
and general corporate overhead costs, which include depreciation and
amortization. We expect our general and administrative expenses to increase as
our business develops and also due to the costs of operating as a public
company, such as additional legal, accounting and corporate governance expenses,
including expenses related to compliance with the Sarbanes-Oxley Act, directors'
and officers' insurance premiums and investor relations expenses.

Net interest expense consists primarily of interest charges on our Secured Notes
and the amortization of debt issuance costs (which includes amortization of the
one-time consent payment of $3.9 million paid to holders of our Secured Notes in
December 2018), as well as accrued dividends on the 7% cumulative redeemable
preference shares issued in January 2015. We amortize debt issuance costs over
the life of the note and report them as interest expense in our statements of
operations. Net interest also includes the expected costs of the royalty rights
agreements we entered into in October 2016, June 2018, December 2018 and May
2019 with the purchasers or holders of the Secured Notes, as applicable. See
Note 3 "Debt" and Note 8 "Ordinary and Preference Shares - Preference shares" to
our consolidated financial statements included in this Annual Report for
additional information.

Other income (expense), net consists primarily of exchange fluctuations. These
include realized exchange fluctuations resulting from the settlement of
transactions in currencies other than the functional currencies of our
businesses. Monetary assets and liabilities that are denominated in foreign
currencies are measured at the period-end closing rate with resulting unrealized
exchange fluctuations. The functional currencies of our business are Pounds
Sterling, Swiss Franc and U.S. Dollars depending on the entity. Other income
(expense) also includes exceptional costs related to deferred debt issue costs
expensed on the repayment of debt facilities and certain other non-recurring
items as mentioned below under "-Results of Operations- Comparison of Years
ended March 31, 2021 and 2020- Other income (expense)" and "-Results of
Operations- Comparison of Years ended March 31, 2020 and 2019- Other income
(expense)."

As discussed in more detail below, provision for income taxes in the year ended
March 31, 2021 reflected the taxes payable on the taxable income of a subsidiary
and the resolution of a major tax uncertainty related to the treatment of
certain tax depreciation allowances. Provision for income taxes in the years
ended March 31, 2020 and March 31, 2019 reflected a reduction in the net
operating losses available to be carried forward in a subsidiary as a result of
the offset of historic tax losses against the profits of this subsidiary and
adjustments for uncertain tax positions.

                                     - 49 -

--------------------------------------------------------------------------------

Results of operations

Comparison of completed years March 31, 2021 and 2020

The following table presents, for the periods indicated, the amounts of certain components of our income statements and the percentage of total revenues represented by these elements, showing the variations from one period to another.



                                                  Year ended March 31,
                                         2021                              2020                         Change
                               Amount        % of revenue        Amount        % of revenue       Amount         %
                                                        (in thousands, except percentages)
Revenue:
Product sales                $   35,787                 82 %   $   31,601                 97 %   $  4,186          13 %
Other revenues                    7,592                 18 %        1,055                  3 %      6,537         620 %
Total revenue                    43,379                100 %       32,656                100 %     10,723          33 %
Cost of revenue                  20,074                 46 %       17,800                 55 %      2,274          13 %
Gross profit                     23,305                 54 %       14,856                 45 %      8,449          57 %
Operating expenses:
Sales and marketing               9,849                 23 %        9,853                 30 %         (4 )         0 %
Research and development         54,168                125 %       53,744                165 %        424           1 %
General and administrative       41,796                 96 %       31,950                 98 %      9,846          31 %
Total operating expenses        105,813                244 %       95,547                293 %     10,266          11 %
Operating (loss)                (82,508 )             -190 %      (80,691 )             -247 %     (1,817 )         2 %
Other income (expense):
Interest expense, net           (25,918 )              -60 %      (23,859 )              -73 %     (2,059 )         9 %
Other, net                        1,882                  4 %        2,438                  7 %       (556 )       -23 %
Total other expense, net        (24,036 )              -55 %      (21,421 )              -66 %     (2,615 )        12 %
Loss before income taxes       (106,544 )             -246 %     (102,112 )             -313 %     (4,432 )         4 %
Provision for income taxes       (1,926 )               -4 %         (661 )               -2 %     (1,265 )       191 %
Net loss                     $ (108,470 )             -250 %   $ (102,773 )             -315 %   $ (5,697 )         6 %




Revenue

Product sales revenue increased by 13% to $35.8 million for the year ended March
31, 2021, compared with $31.6 million for the year ended March 31, 2020. The
increase in product sales revenue was primarily attributable to incremental
direct sales of conventional reagent products to customers in the United States
and product sales to OEM customers. Products sold by standing purchase order
were 67% of product sales for the year ended March 31, 2021, compared with 70%
for the year ended March 31, 2020. Total revenue for the year ended March 31,
2021 increased by 33% to $43.4 million compared with $32.7 million in the year
ended March 31, 2020, and included other revenues arising from the achievement
of product development milestones of $7.6 million and $1.1 million,
respectively.

The table below shows the revenues by product group:




                                              Year ended March 31,
                                       2021                           2020                       Change
                             Amount      % of revenue       Amount      % of revenue       Amount         %
                                                    (in thousands, except percentages)
Revenue:
Product sales - OEM
customers                   $ 23,224                54 %   $ 21,217                65 %   $  2,007         9.5 %
Product sales - direct
customers
  and distributors            11,287                26 %     10,384                32 %        903         8.7 %
Product sales - MosaiQ         1,276                 3 %          -                 0 %      1,276         100 %
Other revenues                 7,592                17 %      1,055                 3 %      6,537         620 %
Total revenue               $ 43,379               100 %   $ 32,656               100 %   $ 10,723          33 %


                                     - 50 -
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OEM Sales. Product sales to OEM customers increased 10% to $23.2 million for the
year ended March 31, 2021, compared with $21.2 million for the year ended
March 31, 2020. The increase was due to increased sales to existing customers
and the impact and an additional shipment of red blood cell-based products in
March 2021.

Direct Sales to Customers and Distributors. Direct product sales increased 9% to
$11.3 million for the year ended March 31, 2021 compared with $10.4 million for
the year ended March 31, 2020. This mainly consisted of direct sales in the
United States which increased to $10.2 million in the year ended March 31, 2021
compared with $9.5 million in the year ended March 31, 2020 as a result of
recent product launches and the expansion of our customer base.

MosaiQ Product Sales. MosaiQ sales in the year ended March 31, 2021 consisted of
revenues from our MosaiQ COVID-19 Microarray. There were no MosaiQ sales in the
year ended March 31, 2020.

Other Revenues. Other revenues for the year ended March 31, 2021 arose from the
recognition of an initial milestone payment of $7.5 million received from Ortho
in respect of the development of the MosaiQ IH3 Microarray and a small
development project for an OEM customer. Other revenues in the year ended March
31, 2020 arose from the achievement of product development milestones on another
development contract, which was completed during the year ended March 31, 2020.
See Note 1 "Summary of Significant Accounting Policies - Revenue Recognition" to
our consolidated financial statements included in this Annual Report for
additional information.

Cost of revenue and gross margin


Cost of revenue increased by 13% to $20.1 million for the year ended March 31,
2021, compared with $17.8 million for the year ended March 31, 2020. The
increase in cost of revenue reflected additional costs associated with operating
social distancing restrictions and the incremental costs associated with the 13%
increase in product sales in the year ended March 31, 2021. For the year ended
March 31, 2021 salaries, benefits and other employee expenses represented 29.0%
of total cost of revenue compared to 31.7% in the year ended March 31, 2020.



Gross profit on total revenue in the year ended March 31, 2021 was $23.3
million, an increase of 57% when compared with $14.9 million for the year ended
March 31, 2020. The increase was attributable to the $6.5 million increase in
other revenues (the associated cost of which was included in research and
development expenses) in the year ended March 31, 2021 and the increase in gross
margin on product sales described below.

Gross profit on product sales, which excludes other revenues, was $15.7 million
for the year ended March 31, 2021 compared with $13.8 million for the year ended
March 31, 2020. This increase was due to the gross profit on increased sales to
existing and new customers, offset in part by higher costs associated with
social distancing requirements. Gross margin on product sales, which excludes
other revenues, was 44% for the year ended March 31, 2021 compared with 44% for
the year ended March 31, 2020.

Sales and marketing costs


Sales and marketing expense were unchanged at $9.9 million for the year ended
March 31, 2021, compared with $9.9 million for the year ended March 31, 2020.
Cost reductions associated with reduced travel expenses and the cancellation of
sales conferences due to the COVID-19 pandemic were offset by increased
headcount and staff benefit costs. As a percentage of total revenue, sales and
marketing expenses were 23% for the year ended March 31, 2021 compared to 30%
for the year ended March 31, 2020. For the year ended March 31, 2021 salaries,
benefits and other employee expenses represented 75.8% of total sales and
marketing expenses compared to 69.5% in the year ended March 31, 2020.

Research and development costs




                                              Year ended March 31,
                                       2021                           2020                       Change
                             Amount      % of revenue       Amount      % of revenue       Amount         %
                                                    (in thousands, except percentages)
Research and development
expenses:
MosaiQ research and
development                 $ 53,546               123 %   $ 52,202               160 %   $  1,344           3 %
Other research and
development                    1,426                 3 %      2,035                 6 %       (609 )       -30 %
Tax credits                     (804 )              -2 %       (493 )              -1 %       (311 )        63 %
Total research and
development
  expenses                  $ 54,168               125 %   $ 53,744               165 %   $    424           1 %




                                     - 51 -
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Research and development expenses increased by 1% or $0.4 million to $54.2
million for the year ended March 31, 2021, compared with $53.7 million for the
year ended March 31, 2020. Our research and development expenses included
expenses of $1.0 million in both the year ended March 31, 2021 and March 31,
2020 related to the costs of our intellectual property license with TTP. During
the year ended March 31, 2021, we recorded inventory provisions of $2.0 million
in respect of certain raw materials and work-in-progress items following
evaluation of further development data and corresponding changes in
manufacturing processes. We also incurred additional development costs for the
MosaiQ COVID-19 Microarray and higher employee costs in the year ended March 31,
2021. These expenses were offset by a $3.5 million decrease in depreciation
charges as a result of certain leasehold improvements becoming fully depreciated
in the year ended March 31, 2021, as well as the impact of extending the useful
economic lives of certain operating equipment. In addition, termination benefit
costs of $0.7 million were included in the year ended March 31, 2020. There were
no termination benefit costs in the year ended March 31, 2021. For the year
ended March 31, 2021 salaries, benefits and other employee expenses represented
40.6% of total research and development expenses compared to 38.8% in the year
ended March 31, 2020.

General and administrative expenses


General and administrative expenses increased 31% to $41.8 million for the year
ended March 31, 2021, compared with $32.0 million for the year ended March 31,
2020. In the year ended March 31, 2021, our general and administrative expenses
included $4.2 million in costs associated with the appointment of our new Chief
Executive Officer, $1.2 million in transition benefits payable to our former
Chief Executive Officer and $0.4 million transition benefits payable to our
former Chief Operating Officer. This compared to termination and transition
benefit costs of $1.3 million in the year ended March 31, 2020. The increase in
general and administrative expenses also included additional legal expenses of
$2 million related to our dispute with Ortho, higher D&O insurance costs of $2.3
million and increases in other advisory fees. We recognized $5.0 million of
stock compensation expense in the year ended March 31, 2021 compared with $4.5
million in the year ended March 31, 2020. Stock compensation expense is
recognized over the expected vesting period of incentive awards. As a percentage
of total revenue, general and administrative expenses increased to 96% for the
year ended March 31, 2021, compared with 98% for the year ended March 31, 2020.
For the year ended March 31, 2021 salaries, benefits and other employee expenses
(including stock compensation expenses) represented 58.9% of total general and
administrative expenses compared to 58.7% in the year ended March 31, 2020.



Other income (expenses)


Net interest expense was $25.9 million for the year ended March 31, 2021,
compared with $23.9 million for the year ended March 31, 2020. Interest expense
in the year ended March 31, 2021 included $17.4 million of interest charges on
our Secured Notes compared with $17.1 million in the year ended March 31, 2020.
The increase was due to the additional issuance of $25 million of Secured Notes
on May 15, 2019. Interest expense in the years ended March 31, 2021 and March
31, 2020 included amortization of deferred debt issue costs of $9.1 million and
$7.0 million, respectively. The increased expense reflected changes in the
royalty cost estimates. In each of the years ended March 31, 2021 and March 31,
2020, net interest expense also included $1.1 million of accrued dividends on
the 7% cumulative redeemable preference shares issued in January 2015. In
addition, in the year ended March 31, 2021 we earned interest income of $1.6
million on our money market deposits as compared with $1.3 million in the year
ended March 31, 2020.

Other, net in the year ended March 31, 2021 was comprised of $4.2 million of
foreign exchange gains arising on monetary assets and liabilities denominated in
foreign currencies and an impairment charge of $2.3 million in respect of our
short term investments. Other, net comprised $2.4 million of foreign exchange
gains for the year ended March 31, 2020.

Provision for income taxes


Provision for income taxes in the year ended March 31, 2021 reflected the taxes
payable on the taxable income of a subsidiary and the resolution of a major tax
uncertainty related to the treatment of tax depreciation allowances, which
resulted in a one-time tax charge of $1.5 million, and on-going tax charges of
$0.4 million. Provision for income taxes in the year ended March 31, 2020
reflects both adjustments to net operating losses carried forward and current
tax accruals in a subsidiary as a result of an uncertain tax position.





Quarterly operating results




Our quarterly product sales can fluctuate depending upon the shipment cycles for
our red blood cell-based products, which account for approximately two-thirds of
our current product sales. For these products, we typically experience 13
shipping cycles per year. This equates to three shipments of each product per
quarter, except for one quarter per year when four shipments occur. In fiscal
2021 we made 14 shipments with the additional shipments in the first and fourth
quarters. In fiscal 2020, the greatest impact of extra product shipments
occurred in our first quarter. The timing of shipment of bulk antisera products
to our OEM customers may also move

                                     - 52 -

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revenues from quarter to quarter. We also experience some seasonality in demand
around holiday periods in both Europe and the United States. As a result of
these factors, we expect to continue to see seasonality and quarter-to-quarter
variations in our product sales.

The timing of product development costs included in other income depends primarily on the achievement of pre-negotiated project milestones.

Liquidity and capital resources


Since our commencement of operations in 2007, we have incurred net losses and
negative cash flows from operations. As of March 31, 2021, we had an accumulated
deficit of $591.9 million. During the year ended March 31, 2021, we incurred a
net loss of $108.5 million and used $77.6 million of cash for operating
activities. During the year ended March 31, 2020, we incurred a net loss of
$102.8 million and used $80.6 million of cash for operating activities. During
the year ended March 31, 2019, we incurred a net loss of $105.4 million and used
$75.7 million of cash for operating activities. As described under results of
operations, our use of cash during the years ended March 31, 2021 and March 31,
2020 was primarily attributable to our investment in the development of MosaiQ
and corporate costs, including costs related to being a public company.

From our incorporation in 2012 to March 31, 2020, we have raised $160.0 million
of gross proceeds through the private placement of our ordinary and preference
shares and warrants, $346.7 million of gross proceeds from public offerings of
our shares and issuances of ordinary shares upon exercise of warrants and $145.0
million of gross proceeds from the issuance of the Secured Notes.

At September 15, 2020, we carried out a public offering of 20,294,117 newly issued ordinary shares at the price of $ 4.25 by action that raised $ 86.3 million gross proceeds before deduction of subscription discounts and other costs of offering $ 5.6 million.




On March 12, 2021, we announced that two funds managed by CSAM in which we had
invested an aggregate of approximately $110.35 million had suspended
redemptions. The investments into these funds were made in accordance with our
investment policy of making individual investments with a minimum of an A rating
from a leading credit-rating agency. Each fund holds short-term credit
obligations of various obligors. According to a press release issued by CSAM,
redemptions in the funds were suspended because "certain part of the Subfunds'
assets is currently subject to considerable uncertainties with respect to their
accurate valuation." CSAM subsequently began a liquidation of the funds.
Pursuant to the liquidation, we have already received cash distributions of
approximately $75.6 million. Based on information provided by Credit Suisse, we
expect to receive further cash distributions from the funds in the next several
months; however, there can be no assurance as to the amount or timing of any
such distributions.



While Credit Suisse has advised that the credit assets held by the funds are
covered by insurance that potentially will be available to cover losses the
funds would incur if any of the obligors on the funds' credit assets were to
default, we do not know if the funds will incur losses (net of insurance) on the
credit assets held by the funds. We believe, and have advised Credit Suisse,
that any such losses should be borne by Credit Suisse.

As of March 31, 2021, we had available cash, cash equivalents and short-term
investments of $111.7 million and $9.0 million of restricted cash held as part
of the arrangements relating to our Secured Notes and the lease of our property
in Eysins, Switzerland.

On May 26, 2021, we issued and sold $95.0 million aggregate principal amount of
the Convertible Notes in a private offering to institutional investors. The
Convertible Notes are guaranteed by our material subsidiaries. The Convertible
Notes are our unsecured, senior obligations and rank equally in right of payment
with all of our existing and future unsecured, unsubordinated indebtedness. The
Convertible Notes are convertible at the option of the holders at an initial
conversion rate of 176.3668 ordinary shares per $1,000.00 principal amount of
Convertible Notes, subject to adjustment. We have the right to redeem the
Convertible Notes in certain circumstances. On or prior to June 2, 2021, we may
issue up to an additional $15.0 million aggregate principal amount of the
Convertible Notes in one or more subsequent offerings. For further information
about the Convertible Notes, please see our Current Report on Form 8-K filed
with the SEC on May 27, 2021.



We currently expect that the additional net cash generated from the Convertible
Notes issuance combined with our existing available cash and short-term
investment balances are adequate to meet our forecasted cash requirements for
the next twelve months.



We expect to fund our operations in the near-term, including the ongoing
development of MosaiQ through successful field trial completion, achievement of
required regulatory authorizations and commercialization from a combination of
funding sources. These expected funding sources include the use of existing
available cash and short-term investment balances, the sale of rights and other
assets, and the issuance of new equity or debt.

Contractual obligations

                                     - 53 -

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We have contractual obligations for non-cancellable facility leases, our secured tickets and related royalty rights agreements, equipment leases and purchase commitments. The following table presents a summary of our contractual obligations at March 31, 2021.


                                                       Payment by period
                                              Less than       1 to 3        3 to 5       After 5
Contractual Obligations          Total         1 year          years        years         years
12% Senior Secured Notes due
2024                           $ 145,000     $    24,167     $  90,625     $ 30,208     $       -
Interest on 12% Senior
Secured Notes                     39,875          16,675        21,387        1,813             -
Royalty rights agreements
with note
  purchasers                     106,448               -         2,190       17,795        86,463
7% Cumulative Redeemable
Preference
  Shares (1)                      15,000               -        15,000            -             -
Dividends on 7% Cumulative
  Redeemable Preference
Shares (1)                         6,475               -         6,475            -             -
Operating and capital leases      88,728           4,754         7,044        5,583        71,347
STRATEC Biomedical
manufacturing
  agreement (2)                   68,840           3,451        24,446       40,943             -
Other                             20,603          15,691         4,912            -             -
Total contractual
obligations                    $ 490,969     $    64,738     $ 172,079     $ 96,342     $ 157,810



(1) Preference Shares Redeemable at 7% Cumulative are redeemable at the option

of shareholders at a non-prior date January 29, 2023, who can be

extended at our discretion in one year increments up to January 29, 2025. We can

pay dividends at any time on the 7% Cumulative Redeemable Preference Shares,

but are not required to do so until redemption.

(2) We have entered into a manufacturing agreement with STRATEC within the framework

with the supply of MosaiQ instruments over a period of six years. Total

the remaining purchase obligation under this agreement is $ 68.8 million using

March 31, 2021 exchange rate.

12% senior secured notes due 2024


On October 14, 2016, we completed a private placement of our Secured Notes. Our
obligations under the Secured Notes and the related indenture are
unconditionally guaranteed on a secured basis by the guarantors, which include
all our subsidiaries, and the indenture contains customary events of default. We
are also required to comply with certain customary affirmative and negative
covenants, including a requirement to maintain six-months of interest in a cash
reserve account maintained with the collateral agent.

We issued $84 million aggregate principal amount of the Secured Notes on October
14, 2016, an additional $36 million aggregate principal amount of the Secured
Notes on June 29, 2018 and an additional $25 million of the Secured Notes on May
15, 2019.

Upon the occurrence of a Change of Control, subject to certain conditions, or
certain Asset Sales (each, as defined in the indenture), holders of the Secured
Notes may require us to repurchase for cash all or part of their Secured Notes
at a repurchase price equal to 101% or 100%, respectively, of the principal
amount of the Secured Notes to be repurchased, plus accrued and unpaid interest
to the date of repurchase.

We paid $7.2 million of the total proceeds of the October 2016 and June 2018
issuances into the cash reserve account maintained with the collateral agent
under the terms of the indenture, $2.2 million of which related to the second
issuance. We paid a further $1.5 million into the cash reserve account on May
15, 2019 in connection with the issuance of the additional $25 million of
Secured Notes on that date.

Interest on the Secured Notes accrues at a rate of 12% per annum and is payable
semi-annually on April 15 and October 15 of each year commencing on April 15,
2017. Commencing on April 15, 2021, we will also pay an installment of principal
of the Secured Notes on each April 15 and October 15 until April 15, 2024
pursuant to a fixed amortization schedule.

In connection with the October 2016, June 2018 and May 2019 issuances of the
Secured Notes as well as the December 2018 amendment of the related indenture,
we entered into royalty rights agreements, pursuant to which we agreed to pay
3.4% of the aggregate net sales of MosaiQ instruments and consumables made in
the donor testing market in the United States and the European Union. The
royalties will be payable beginning on the date that we make our first sale of
MosaiQ consumables in the donor testing market in the European Union or the
United States and will end on the last day of the calendar quarter in which the
eighth anniversary of the first sale date occurs.

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Cash flow for the years ended March 31, 2021 and 2020

Operating activities


Net cash used in operating activities was $77.6 million during the year ended
March 31, 2021, which included net losses of $108.5 million and non-cash items
of $29.7 million. Non-cash items were depreciation and amortization expense of
$8.6 million, share-based compensation expense of $5.0 million, deferred lease
rentals of $0.7 million, Swiss pension costs of $1.1 million, amortization of
deferred debt issue costs of $9.1 million, impairment of short term investments
of $2.3 million, accrued preference share dividends of $1.0 million and deferred
income taxes of $1.9 million. We also experienced a net cash inflow of $1.2
million from changes in operating assets and liabilities during the period,
consisting of a $0.5 million increase in inventories, a $0.5 million increase in
other assets and a $2.5 million decrease in accounts payable and accrued
liabilities, offset by a $0.6 million decrease in accounts receivable and a $4.0
million increase in accrued compensation and benefits.

Net cash used in operating activities was $80.6 million during the year ended
March 31, 2020, which included net losses of $102.8 million and non-cash items
of $26.3 million. Non-cash items were depreciation and amortization expense of
$12.3 million, share-based compensation expense of $4.5 million, deferred lease
rentals of $0.3 million, Swiss pension costs of $0.8 million, amortization of
deferred debt issue costs of $7.0 million, accrued preference share dividends of
$1.0 million and deferred income taxes of $0.4 million. We also experienced a
net cash outflow of $4.1 million from changes in operating assets and
liabilities during the period, consisting of a $5.0 million increase in
inventories, a $0.7 million increase in other assets and a $2.1 million increase
in accounts receivable, offset by a $2.5 million increase in accounts payable
and accrued liabilities and a $1.2 million increase in accrued compensation and
benefits.

Investing activities

Net cash from investing activities was $43.4 million in the year ended March 31,
2021, compared to net cash used in investing activities of $30.2 million in the
year ended March 31, 2020. We divested $47.7 million net from our short-term
investments in the year ended March 31, 2021, compared to investing $25.6
million net in our short term investments in the year ended March 31, 2020.
Purchases of property and equipment in the year ended March 31, 2021 were $4.3
million and were mainly related to payments for MosaiQ instruments and IT
upgrades. Purchases of property and equipment in the year ended March 31, 2020
were $4.6 million, and were mainly related to payments for an additional
assembly unit for our MosaiQ manufacturing facility.

Fundraising activities

The net cash provided by financing activities was $ 80.3 million during the year ended March 31, 2021, composed of $ 80.7 million generated by the issuance of ordinary shares on September 15, 2020 and $ 0.2 million generated by the exercise of stock options, offset by $ 0.6 million reimbursements of finance leases.


Net cash provided by financing activities was $114.6 million during the year
ended March 31, 2020, consisting of $24.1 million of net proceeds from the
issuance of additional Secured Notes on May 15, 2019, $90.5 million of net
proceeds from the issuance of ordinary shares on November 12, 2019 and $0.5
million of proceeds from the exercise of share options, offset by $0.5 million
of repayments on finance leases.

Operating and capital expenditure requirements


We have not achieved profitability on an annual basis since we commenced
operations in 2007 and we expect to incur net losses for at least the next
fiscal year. As we move towards the commercial launch of MosaiQ in the donor
testing market, we expect our operating expenses during the year ended March 31,
2022 to be similar to those of the year ended March 31, 2021, as we continue to
invest in growing our customer base, expanding our marketing and distribution
channels, completing field trials and regulatory filings, hiring additional
employees and investing in other product development opportunities while
development expenditure on MosaiQ reduces.

As of March 31, 2021, we had available cash, cash equivalents and short-term
investments of $111.7 million and $9.0 million of restricted cash held as part
of the arrangements relating to our Secured Notes and the lease of our property
in Eysins, Switzerland.

Our future capital needs will depend on many factors, including:

• our progress in the development and commercialization of MosaiQ and the cost

necessary to complete development, obtain regulatory approvals and complete

our manufacturing to scale;

• our ability to seek successful alternatives for the marketing of MosaiQ

in the patient market;

• our ability to manufacture and sell our conventional reactive products,

        including the costs and timing of further expansion of our sales and
        marketing efforts;

• the impact of the COVID-19 pandemic on the global economy, our business

        and our development timeline for MosaiQ;


                                     - 55 -
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• our ability to recover the remainder approximately $ 35 million funds

        invested in two funds that have suspended redemptions;


  • our ability to collect our accounts receivable;


  • our ability to generate cash from operations;

• any acquisition of businesses or technologies that we may undertake; and

• our ability to penetrate our existing market and new markets.



On May 26, 2021, we issued and sold $95.0 million aggregate principal amount of
the Convertible Notes in a private offering to institutional investors. The
Convertible Notes are guaranteed by our material subsidiaries. The Convertible
Notes are our unsecured, senior obligations and rank equally in right of payment
with all of our existing and future unsecured, unsubordinated indebtedness. The
Convertible Notes are convertible at the option of the holders at an initial
conversion rate of 176.3668 ordinary shares per $1,000.00 principal amount of
Convertible Notes, subject to adjustment. We have the right to redeem the
Convertible Notes in certain circumstances. On or prior to June 2, 2021, we may
issue up to an additional $15.0 million aggregate principal amount of the
Convertible Notes in one or more subsequent offerings. For further information
about the Convertible Notes, please see our Current Report on Form 8-K filed
with the SEC on May 27, 2021.



We currently expect that the additional net cash generated from the Convertible
Notes issuance combined with our existing available cash and short-term
investment balances are adequate to meet our forecasted cash requirements for
the next twelve months.



We expect to fund our operations in the near-term, including the ongoing
development of MosaiQ through successful field trial completion, achievement of
required regulatory authorizations and commercialization from a combination of
funding sources. These expected funding sources include the use of existing
available cash and short-term investment balances, the sale of rights and other
assets, and the issuance of new equity or debt.

Critical accounting policies and significant judgments and estimates


We have prepared our consolidated financial statements in accordance with U.S.
GAAP. Our preparation of these consolidated financial statements requires us to
make estimates, assumptions and judgments that affect the reported amounts of
assets, liabilities, expenses and related disclosures at the date of the
consolidated financial statements, as well as revenue and expenses during the
reporting periods. We evaluate our estimates and judgments on an ongoing basis.
We base our estimates on historical experience and on various other factors that
we believe are reasonable under the circumstances, the results of which form the
basis for making judgments about the carrying value of assets and liabilities
that are not readily apparent from other sources. Actual results could therefore
differ materially from these estimates under different assumptions or
conditions.

While our significant accounting policies are described in more detail in Note 1
to our consolidated financial statements included in this Annual Report, we
believe the following accounting policies to be critical to the judgments and
estimates used in the preparation of our financial statements.

Revenue recognition and accounts receivable


Revenue is recognized in accordance with Accounting Standards Update, or ASU,
2014-09, Revenue from Contracts with Customers. Product revenue is recognized at
a point in time upon transfer of control of a product to a customer, which is
generally at the time of delivery at an amount based on the transaction price.
Customers have no right of return except in the case of damaged or ineffective
goods and we have not experienced any significant returns of our products.

We also earn revenue from the provision of development services to a small
number of OEM customers. These development service contracts are reviewed
individually to determine the nature of the performance obligations and the
associated transaction prices. In recent years, our product development revenues
have been commensurate with achieving milestones specified in the respective
development agreements relating to those products. These milestones may include
the approval of new products by the European or U.S. regulatory authorities,
which are not within our control. While there can be no assurance that this will
continue to be the case, the nature of the milestones has been such that they
effectively represent completion of our performance obligations under a
particular part of a development program. Should we fail to achieve these
milestones, we are not entitled under the terms of the development agreements to
any compensation related to the work undertaken to date. As a result, we
typically fully recognize milestone-related revenues as the contractual
milestones are achieved.

                                     - 56 -

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Accounts receivable consist primarily of amounts due from OEM customers,
hospitals, donor testing laboratories, and distributors. Accounts receivable are
reported net of an allowance for uncollectible accounts, which we also refer to
as doubtful accounts. The allowance for doubtful accounts represents a reserve
for estimated losses resulting from our inability to collect amounts due from
our customers. Direct sales, where we may make many low value sales to a large
number of customers, represents a larger risk of doubtful accounts, as opposed
to OEM customer sales consisting primarily of a small number of well established
businesses with whom we have a long trading history. The collectability of our
trade receivables balances is regularly evaluated based on a combination of
factors such as the aging profile of our receivables, past history with our
customers, changes in customer payment patterns, customer credit-worthiness and
any other relevant factors. Based on these assessments, we adjust the reserve
for doubtful accounts recorded in our financial statements.

Inventories


We record inventories at the lower of cost (at standard costs, approximating
average costs) or market (net realizable value), net of reserves. We record
adjustments to inventory based upon historic usage, expected future demand and
shelf life of the products held in inventory. We also calculate our inventory
value based on the standard cost of each product. This approach requires us to
analyze variances arising in the production process to determine whether they
reflect part of the normal cost of production, and should therefore be reflected
as inventory value, or whether they are a period cost and should thus not be
included in inventory.

Income taxes

We account for income taxes under the asset and liability method, which
requires, among other things, that deferred income taxes be provided for
temporary differences between the tax basis of our assets and liabilities and
their financial statement reported amounts. In addition, deferred tax assets are
recorded for the future benefit of utilizing NOLs and research and development
credit carry forwards. A valuation allowance is established when necessary to
reduce deferred tax assets to the amount expected to be realized.

We follow the accounting guidance for uncertainties in income taxes, which
prescribes a recognition threshold and measurement process for recording
uncertain tax positions taken, or expected to be taken, in a tax return in the
financial statements. Additionally, the guidance also prescribes the
derecognition, classification, accounting in interim periods and disclosure
requirements for uncertain tax positions. We accrue for the estimated amount of
taxes for uncertain tax positions if it is more likely than not that we would be
required to pay such additional taxes. An uncertain tax position will not be
recognized if it has less than a 50% likelihood of being sustained.

We had no accrued interest or penalties associated with unrecognized tax positions, and no such interest or penalties were accrued during the year ended. March 31, 2021.

Equity compensation expense


Stock compensation expense is measured at the grant date based on the fair value
of the award and is recognized as an expense in the income statement over the
vesting period of the award. The calculation of the stock compensation expense
is sensitive to the fair value of the underlying ordinary shares. The fair value
of option awards at the grant date is calculated using the Black-Scholes model
or other valuation models, which use a number of assumptions to determine the
fair value. Details of the assumptions used are set out in the notes to the
consolidated financial statements included in this Annual Report.

Defined benefit pension plan obligations




We account for the pension obligations of our Swiss subsidiary as a defined
benefit plan under Accounting Standards Codification Topic 715 Compensation -
Retirement Benefits, or ASC 715. This requires that an actuarial valuation be
performed to determine the funded status of the pension arrangements. The
actuarial valuation is based on a number of assumptions including the expected
return on plan assets, withdrawal and mortality rates, discount rate, and rate
of increase in employee compensation levels.



Assumptions are determined based on our data and appropriate market indicators,
and are evaluated each year as of the plans' measurement date. Should any of
these assumptions change, they would have an effect on net periodic pension
costs and the unfunded benefit obligation.



The expected long-term rate of return on plan assets reflects the average rate
of earnings expected on the funds invested, or to be invested, to provide for
the benefits included in the projected benefit obligations. In determining the
expected long-term rate of return on plan assets, we consider the relative
weighting of plan assets, the historical performance of total plan assets and
individual asset classes and economic and other indicators of future
performance.

                                     - 57 -

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The discount rate reflects the rate we would pay to purchase high quality investments that would provide sufficient liquidity to meet our current pension obligations. A 25 basis point change in the discount rate changes the projected benefit obligation by approximately $ 1.1 million for our plan.


Royalty Liability

The royalty rights agreements entered into in connection with the issuances of
our Secured Notes and the amendment of the related indenture are treated as
sales of future revenues that meet the requirements of Accounting Standards
Codification Topic 470 "Debt" to be treated as debt. The estimated future cash
outflows under the royalty rights agreements have been combined with the Secured
Notes issuance costs and interest payable to calculate the effective interest
rate of the Secured Notes and will be expensed through interest expenses using
the effective interest rate method over the term of the Secured Notes and
royalty rights agreements. Estimating the future cash outflows under the royalty
rights agreements requires us to make certain estimates and assumptions about
future sales of MosaiQ products. These estimates of the magnitude and timing of
MosaiQ sales are subject to significant variability due to the current status of
development of MosaiQ products, and thus are subject to significant uncertainty.
Therefore, the estimates are likely to change as we gain experience of marketing
MosaiQ, which may result in future adjustments to the accretion of the interest
expense and the amortized cost based carrying value of the Secured Notes.



Valuation and impairment of long-lived assets




Long-lived assets to be held and used, including property, plant, and equipment,
are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of the assets or asset group may not be recoverable.
Factors we consider important that could trigger an impairment review include,
but are not limited to, the following:



• significant underperformance compared to historical or projected expectations

     future operating results;


  • significant negative industry or economic trends; or

• significant changes or developments in strategy or operations which

     affect the utilization of our long-lived assets.




Given the status of the project the valuation of the property, plant and
equipment associated with MosaiQ are reviewed each quarter. Determination of
recoverability is based on an estimate of undiscounted future cash flows
resulting from the use of the assets and their eventual disposition. In the
event that such cash flows are not expected to be sufficient to recover the
carrying amount of the assets, the assets are written down to their fair values.
Estimating the future cash outflows for this purpose requires us to make certain
estimates and assumptions about future sales of MosaiQ products. These estimates
of the magnitude and timing of MosaiQ sales are subject to significant
variability due to the current status of development of MosaiQ products, and
thus are subject to significant uncertainty. We measure any impairment based on
a projected discounted cash flow method using a discount rate determined by
management to be commensurate with the risk inherent in our current business
model.


Changes in these estimates and assumptions could have a material impact on the determination of the fair value of these assets.

Valuation of short-term investments




On March 12, 2021, we announced that two funds managed by CSAM in which we had
invested an aggregate of approximately $110.35 million had suspended
redemptions. The investments into these funds were made in accordance with our
investment policy of making individual investments with a minimum of an A rating
from a leading credit-rating agency. Each fund holds short-term credit
obligations of various obligors. According to a press release issued by CSAM,
redemptions in the funds were suspended because "certain part of the Subfunds'
assets is currently subject to considerable uncertainties with respect to their
accurate valuation." CSAM subsequently began a liquidation of the funds.
Pursuant to the liquidation, we have already received cash distributions of
approximately $75.6 million. Based on information provided by Credit Suisse, we
expect to receive further cash distributions from the funds in the next several
months; however, there can be no assurance as to the timing or amount of any
such distributions.



While Credit Suisse has advised that the credit assets held by the funds are
covered by insurance that potentially will be available to cover losses the
funds would incur if any of the obligors on the funds' credit assets were to
default, we do not know if the funds will incur losses (net of insurance) on the
credit assets held by the funds.



On April 22, 2021, Credit Suisse published its FY 2021 Q1 press release with
commentary related to the Credit Suisse Supply Chain Finance Investment Grade
Fund and the Credit Suisse (Lux) Supply Chain Finance Fund. Notably, Credit
Suisse indicated that investors in the funds should assume losses will be
incurred.



                                     - 58 -
--------------------------------------------------------------------------------


As of March 31, 2021, we evaluated the investments in the CSAM managed funds for
impairment and determined that our investment in one of the funds was impaired.
We recognized an impairment expense of $2.3 million at March 31, 2021 related to
this fund.



We view the liquidation of the supply chain finance funds as a fluid situation
with a significant amount of valuation uncertainty. We will closely monitor the
situation and in the event that new information is released that provides
valuation clarity will evaluate the accounting implications accordingly. We
believe, and has advised Credit Suisse, that any losses on the supply chain
funds should be borne by Credit Suisse. We will pursue all available options to
recoup the full amount of its investment in the supply chain funds prior to
liquidation.

Leases



At the inception of an arrangement, we determine whether the arrangement is or
contains a lease based on the unique facts and circumstances present. A lease is
a contract, or part of a contract, that conveys the right to control the use of
identified property, plant or equipment (an identified asset) for a period of
time, in exchange for consideration. We determine if the contract conveys the
right to control the use of an identified asset for a period of time. We assess
throughout the period of use whether we have both of the following: (1) the
right to obtain substantially all of the economic benefits for use of the
identified asset, and (2) the right to direct the use of the identified asset.
This determination is reassessed if the terms of the contract are changed. We
also review the terms of the lease in accordance with Accounting Standards
Update, or "ASU", 2016-02, "Leases" in order to determine whether the lease
concerned is a finance or an operating lease. Most leases with a term greater
than one year are recognized on the balance sheet as right-of-use assets, lease
liabilities and, if applicable, long-term lease liabilities. We have elected not
to recognize on the balance sheet leases with terms of one year or less.



For finance leases, an asset is included within property and equipment and a
lease liability equal to the present value of the minimum lease payments is
included in current or long-term liabilities. Interest expense is recorded over
the life of the lease at a constant rate.

Operating lease liabilities and their corresponding right-of-use assets are
recorded based on the present value of lease payments over the expected
remaining lease term. The operating lease right-of-use assets also include any
lease payments made prior to the commencement date and any initial direct costs
incurred, less any lease incentives received. The interest rate implicit in
lease contracts is typically not readily determinable. As a result, we utilize
our incremental borrowing rates, which are the rates incurred to borrow on a
collateralized basis over a similar term an amount equal to the lease payments
in a similar economic environment. The incremental borrowing rate is determined
at lease commencement, or as of April 1, 2019 for operating leases existing upon
the adoption of ASU 2016-02. The incremental borrowing rate is subsequently
reassessed upon modification to the lease arrangement. Operating lease expense
is recognized on a straight-line basis over the lease term.



In accordance with the guidance in ASU 2016-02, components of a lease should be
split into three categories: lease components (e.g., land, building, etc.),
non-lease components (e.g., common area maintenance, maintenance, consumables,
etc.), and non-components (e.g., property taxes, insurance, etc.). Although
separation of lease and non-lease components is required, certain practical
expedients are available. In particular, entities may elect a practical
expedient to not separate lease and non-lease components and instead account for
each lease component and the related non-lease component together as a single
component. We have elected to account for the lease and non-lease components of
each of its operating leases as a single lease component and allocate all of the
contract consideration to the lease component only. The lease component results
in an operating lease right-of-use asset being recorded on the balance sheet and
amortized on a straight-line basis as lease expense.

Finance lease assets and operating lease right-of-use assets are tested for impairment in accordance with our accounting policy for long-lived assets.

Recent accounting positions


Refer to Note 1 to our accompanying audited consolidated financial statements
included elsewhere in this Annual Report for a discussion of recently issued
accounting pronouncements.



                                     - 59 -

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© Edgar online, source Previews


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Pabbly Email Marketing, Benchmark Email, SendinBlue, Moosend – Renewable Energy Zone https://eventplaner.net/pabbly-email-marketing-benchmark-email-sendinblue-moosend-renewable-energy-zone/ Wed, 02 Jun 2021 10:02:54 +0000 https://eventplaner.net/pabbly-email-marketing-benchmark-email-sendinblue-moosend-renewable-energy-zone/

The Global Paid Messaging Services Market The report provides a comprehensive analysis of key market trends in the global Paid Messaging Services market. It also includes a discussion on historical trends, current market conditions, competitive landscape, growth opportunities, and factual challenges. The report quantifies the market share held by key players of the industry and provides an in-depth view of the competitive landscape. In terms of revenue (US $) and production, the market size is calculated over the study period with details on the factors (drivers and constraints) influencing market growth.

Key Topics Covered in These Paid Email Services Market Reports: Market Summary, Table of Contents, List of Figures, List of Tables, Report Structure, Segmentation

To understand how our report can make a difference in your business strategy, request a sample report: https://www.worldwidemarketreports.com/sample/448077

Competition analysis
Players in the global paid messaging services market are defending and expanding their respective market share by focusing on mergers and acquisitions, joint ventures and strategic partnerships. Some of the key players described in the study are Pabbly Email Marketing, Benchmark Email, SendinBlue, Moosend, GetResponse, Octeth, Inc, ConstantContact, AWeber, Bronto (Oracle)

Key player information is as follows:

  • Company Profile
  • Market information
  • SWOT analysis
  • Market share
  • Sales, Revenue, Price, Gross Margin

This report studies the global Paid Messaging Services market and analyzes and studies the development status and forecast in five different regions: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

Main benefits for stakeholders

  • This study includes market analysis, paid messaging services market trends, and future projections to determine an impending investment pocket.
  • This report provides insights into the key drivers, limitations and opportunities in the Paid Messaging Service market.
  • The paid messaging service market size is quantitatively analyzed from 2019 to 2027 to highlight the financial capabilities of the industry.
  • Porter’s Five Forces Analysis shows the potential buyers and suppliers in the Paid Courier Services market.

The Market Intelligence Platform helps you understand:

  • Benchmark against competitors and industry
  • Competitive strategy and market share exploration
  • Discover the opportunities of the local market
  • Identify trends and dynamics in emerging markets
  • Market information with quality and precision

Frequently Asked Questions

What is covered in the report?

This report contains an analysis of the factors that are driving the growth of the market. This report presents the competitive landscape of the global market. It also provides a variety of market segments and applications which have been affected by the impact of COVID 19 or may impact the market in the future. The analysis is based on current market trends and historical growth data. It includes detailed market segmentation, regional analysis, and competition patterns in the industry.

How has Covid 19 affected the paid messaging services market?

The current estimate for 2027 is expected to be higher than the pre-COVID-19 estimate. The COVID-19 pandemic has dramatically increased the growth rate of the paid messaging services market. The report effectively assesses the current market size and provides industry forecast. The value of this market in 2019 is $ XXX Million and the compound annual growth rate is expected to be XX% in 2020-2027. (* To note: X values ​​are provided in the final report.)

Get a specific research report based on Covid 19: https://www.worldwidemarketreports.com/covidimpact/448077

What are the most influential segments growing in the Paid Messaging Services market report?

Personal, Company held a significant share of the Paid Courier Service market types segment, and Annual license, Monthly license in Applications segment is expected to experience remarkable growth rate during the forecast period.

Can Personalization be used in this report?

The report also provides specific consumer preferences and expectations to better understand the changing needs and behaviors of consumers. As a result, we provide more reliable, accurate and actionable information that is specifically tailored to your business needs. If you have any special requirements, please let us know and we will provide you with the report you want.

Why did you choose us?

We work with clients all over the world. So far, we have cooperated with customers from 44 countries. Our point of view means that we know what is happening in your local market and what is happening elsewhere in the world.

We have cooperated with companies like you. Worldwide Market Reports benefits from the completion of numerous consulting projects in all sectors. Whatever you do, chances are we already have very similar experiences.

Need more?

Ask an analyst to understand how this study was structured. Add more segments or countries to your lineup as part of your free personalization. Understand how this report can have a direct impact on your bottom line.

Need more information, talk to our analyst: https://www.worldwidemarketreports.com/quiry/448077

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How ViacomCBS’s Content Offerings Cost U.S. Taxpayers $ 4 Billion https://eventplaner.net/how-viacomcbss-content-offerings-cost-u-s-taxpayers-4-billion/ Tue, 01 Jun 2021 16:28:38 +0000 https://eventplaner.net/how-viacomcbss-content-offerings-cost-u-s-taxpayers-4-billion/

Critically rejected and devoured by fans, “Transformers: Age of Extinction” was the best film at the box office of 2014, grossing $ 1.1 billion, of which more than three-quarters of that came from overseas. .

Paramount Pictures of ViacomCBS, which distributed the computer-animated action festival, saved much of that money by licensing international rights through a complex strategy designed to avoid paying U.S. taxes, according to a published study Tuesday by the Center for Research on Multinational Corporations, a non-profit group partly funded by the Dutch Ministry of Foreign Affairs.

It is common for multinational companies to take advantage of tax shelters. The report offers rare insight into how successful a business has been.

ViacomCBS, a media giant born after the 2019 merger of sister companies, used the same strategy for all of its entertainment properties, according to the report.

Since 2002, ViacomCBS and its predecessors Viacom and CBS have together avoided paying $ 3.96 billion in corporate tax in the United States through a system that involved subsidiaries in Barbados, Bahamas, Luxembourg, Netherlands and Great Britain, according to the report.

Much of the $ 30 billion in non-US royalty revenue generated by the company’s film and television franchises, such as “SpongeBob,” “Star Trek,” and “Mission: Impossible,” has not been submitted to the corporate tax, according to the study.

ViacomCBS disputed the study’s findings, saying in a statement that it was “deeply flawed and misleading” and “demonstrated a fundamental misunderstanding of US tax law.”

“It is filled with false characterizations, significant omissions and many false claims,” ​​the company said in a statement. “ViacomCBS meets its tax obligations in more than 180 countries and territories in which we operate, and all of our income – including that identified in this report – is fully taxed in relevant jurisdictions around the world, including the United States, such as required by applicable law. . “

ViacomCBS added that its “overall effective tax rate” was 32.6% for Viacom between 2006 and 2019 and 33.8% for CBS during this period.

The ViacomCBS Tax Structure Study came out weeks after President Biden proposed a minimum 15% overseas profit tax for U.S. businesses, an effort to prevent countries from competing by lowering their tax rates. The suggested overall rate is part of a larger plan to overhaul the tax code that would raise U.S. corporate tax to 28%, from 21%.

ViacomCBS, which is led by Shari Redstone, has sought to take advantage of the ever-changing tax laws in other countries in a “cat-and-mouse” game, according to the study. Before the merger, Viacom and CBS, both of which were controlled by the Redstone family, used the same strategy of transferring foreign intellectual property license rights to subsidiaries outside the United States when rates became more favorable, according to The report.

The Multinational Companies Research Center said it chose to focus on ViacomCBS because it had established a number of Dutch subsidiaries, known as letterbox companies, to absorb large amounts of revenue from television.

“Most entities didn’t even have a single employee,” Maarten Hietland, one of the study’s authors, said in an interview.

ViacomCBS said in its statement that it has overseas locations “for strategic business purposes and not for perceived tax benefits.” The statement added that in the Netherlands, the company has 300 employees and a production studio and generates “$ 1 billion in annual revenue outside of licenses.”

Licensing, or royalty income, has always been a big part of the business, accounting for around 24% of annual sales since 2018. Media businesses are now driven by streaming, a relatively new business that is losing money. as she tries to attract as many subscribers as possible from all over the world.

Unlike companies that produce physical goods, media companies can take advantage of the intangible nature of their products. Transferring SpongeBob license rights from one country to another is just a matter of paperwork.

Jeffery Kadet, an international tax expert and instructor at the University of Washington Law School, said the measures amounted to personal transactions.

“If you take money or other assets as license fees and move them from one branch to another, have you done something that changes the whole group economically? The answer is you didn’t, ”he says. “It’s like taking a dollar bill out of your left front pocket and moving it to your right back pocket. You still have the dollar.

ViacomCBS’s tax provisions, which appear to be legal, take advantage of disparate tax codes from country to country, according to the study. Income which may be considered taxable in the United States may be considered exempt from such levies in the Netherlands, for example.

Since 2002, tax specialists working for Viacom, CBS and ViacomCBS have devised structures to take advantage of these mismatches, thereby lowering its taxable income, according to the study. Almost all of these plans were for one country: the Netherlands.

The Dutch tax authorities, in an effort to compete with other European countries, offered rulings favorable to multinational companies, allowing some companies to pay taxes on just 0.8% on income from international distribution rights licenses. In other words, for every dollar that Viacom raised overseas for a blockbuster like “Transformers” (after converting reals, lira, or renminbi), less than a penny was likely subject to corporate tax, according to the study.

The Dutch authorities have created what tax experts call a “conduit” system in which most, if not all, of a U.S. company’s international income is channeled to a region with favorable tax codes. Alphabet, Starbucks, Dell and others American companies also had units in the Netherlands.

ViacomCBS – and its predecessor companies – have established several subsidiaries in the Netherlands to hold foreign license rights to their television programs and films, content largely created in the United States. The companies then used the subsidiaries as a springboard to sublicense these rights in other markets. The money for these transactions goes to Dutch entities, where most of it is not subject to corporate tax.

A Viacom executive objected to the strategy. In 2016, she filed a lawsuit against the company for “dismissal in retaliation” after speaking out about what she saw as “an illegal tax evasion scheme in violation of federal law.” (A few months after the complaint was filed, the two sides settled down and the terms were not disclosed. “We thought the claims were without merit and the case was resolved,” the company said.)

In the lawsuit, the executive accused Viacom of “devising a plan to allocate” the income from the popular “Teenage Mutant Ninja Turtles” franchise to the Netherlands for tax benefits. While the rights to the franchise belong to a Dutch entity, “all the cases regarding these rights took place in New York,” the lawsuit reads. “The sole purpose of transferring the license rights to the Dutch company was to avoid the US tax burden,” the lawsuit added.

The study noted that Viacom transferred its intellectual property rights to a subsidiary in Great Britain in 2015 while keeping the Dutch entities (operating as a sub-branch of the UK unit) as a starting point for the sale. foreign rights.

The transfer – essentially a sale from one Viacom subsidiary to another – created a tax advantage, according to the study. The transaction was worth $ 1.8 billion, according to company records cited by the study, an amount it can amortize over many years.

From 2015 to 2019, the UK unit of Viacom collected $ 4.5 billion in revenue and gross profits of $ 1.25 billion, but ‘UK corporate income tax during this period n ‘was only about $ 18 million,’ according to the report. Since depreciation is considered an expense, the company was able to reduce the amount of profit it recorded.

The tax overhaul proposed by President Biden could prevent ViacomCBS and other large companies from exploiting these mismatches. Even so, U.S. companies could still move much of their business overseas, as tax rates in other countries are likely to remain low, Kadet said.

“As a country,” he said, “we would be better off overall with the same rate everywhere.”

Susan Beachy contributed to the research.


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Orascom Investment Announces 10% YoY Drop in Revenue to EGP 730.5 Million in 2020 https://eventplaner.net/orascom-investment-announces-10-yoy-drop-in-revenue-to-egp-730-5-million-in-2020/ Mon, 31 May 2021 22:38:39 +0000 https://eventplaner.net/orascom-investment-announces-10-yoy-drop-in-revenue-to-egp-730-5-million-in-2020/

Orascom Investment Holding (OIH) reported revenue of EGP 730.5 million in 2020, up from EGP 811.4 million in 2019, reflecting a 10% year-on-year decline.

The cables business, notably the Pakistani submarine fiber optic cable operator, Pakistan Cables, was the main contributor to revenue, with 91% in 2020, or -1.3pps year-on-year), registering 664 , EGP 2 million (-11.1% year-on-year).

The company’s investment properties (Victore Investment Holding, RE investment in Sao Paulo, Brazil) contributed 8.4% of total turnover in 2020, i.e. + 11.7% year-on-year and recording 61.6 million EGP (+ 0.53% year-on-year).

Meanwhile, OIH’s gross profit fell to EGP 355.4 million in 2020 from EGP 418.3 million in 2019, implying a 15% year-on-year decline, mainly due to lower revenues, taking into account a 5% year-on-year drop in COGS. As a result, the GPM fell to 49% in 2020 (-6pps year-on-year).

OIH reported net losses from continuing operations of EGP 60.8 million in 2020, compared to net losses of EGP 402.5 million in 2019. This was supported by lower recorded provisions, an irregular interest gain of EGP 61.7 million realized in the first quarter (Q1) of 2020 related to the Brazilian investment and lower foreign exchange losses.

Net income was supported by lower provisions recognized in 2020, amounting to EGP 22.5 million compared to EGP 89.87 million in 2019 (-75% year-on-year), due to the spin-off.

OIH recorded net finance income in 2020 of EGP 20.2 million, compared to net finance costs of EGP 170.4 million in 2019. This resulted in interest income of EGP 74.1 million versus 14 EGP 0 million in 2019, due to settlement, at a discount, of a loan from an international bank.

This was linked to the Brazilian investment contributing EGP 61.7 million to 83% of the reported interest income gain. In addition, interest expense simultaneously declined from EGP 149.8 million in 2019 to EGP 45.7 million in 2020 (-69% year-on-year).

Pharos Research sees potential catalysts that could improve the operational performance of the company.

The first of these is a clear resolution on the repatriation of Koryolink profits or the sustainable payment of dividends in euros, which could potentially add 0.54 EGP per share to OIH FV.

Other catalysts include: the proper use of the claims from the termination of the Lebanese OIH contract; and a clear investment strategy / value-creating acquisitions over the next few years.




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Report on the interim financial results of the AUGA, AB Group for the three-month period ended March 31, 2021 https://eventplaner.net/report-on-the-interim-financial-results-of-the-auga-ab-group-for-the-three-month-period-ended-march-31-2021/ Mon, 31 May 2021 06:06:36 +0000 https://eventplaner.net/report-on-the-interim-financial-results-of-the-auga-ab-group-for-the-three-month-period-ended-march-31-2021/


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The financial results of the AUGA group, AB and its subsidiaries (hereinafter the Group) improved, revenues and profitability increased.

The Group’s overall sales amounted to 19.48 million euros in the first quarter of 2021, an increase of 14% compared to the same period last year, when total sales amounted to to 17.04 million euros.

During the first three months of 2021, the Group’s gross margin amounted to 4.51 million euros. This represents an increase of 21% compared to the equivalent period of the previous year, when the gross margin was 3.74 million euros. In 2021, the Group achieved a net profit of 0.67 million euros, compared to 0.18 million euros a year earlier.

In 2021, the Group’s EBITDA amounted to 5.74 million euros, an increase of 16% compared to the previous year, when the EBITDA amounted to 4.95 million euros.

Main financial results, In millions of euros 3 months out of 2021 3 months out of 2020 Switch, %
Sales 19.48 04.17 14%
Gross profit (loss) 4.51 3.74 21%
Net profit (loss) 0.67 0.18 280%
EBITDA 5.74 4.95 16%

“The AUGA group companies are making great efforts to achieve the goals of the strategy. Financial and human resources are increasingly allocated for this purpose. In addition, we continue to focus on our efficiency program and improving financial results quarter by quarter. », Says Kęstutis Juščius, CEO of AUGA AB Group.

Cultivation of cultures segment

According to Group data, current conditions are favorable for agricultural production: the weather conditions for winter sowing in autumn and last winter were good and market prices are rising.

Due to the increase in the area under winter crops and the reasons mentioned above, the Group recognized a total gain of € 3.61 million on the initial recognition of biological assets at fair value for winter crops and clover seeds. This compares to a total gain of 2.72 million euros in the first quarter of 2020 and represents an increase of 33%. It should be noted that at December 31, 2020, the Group recognized a gain of € 2.02 million on the initial recognition of biological assets at fair value for crops in the 2020/2021 campaign. Thus, the gain on the initial recognition of biological assets at fair value recognized in the first quarter of 2021 amounts to € 1.59 million.

Including the results of sales of agricultural products, the gain (loss) on changes in fair value of biological assets and agricultural subsidies, the gross margin for the segment amounts to 3.43 million euros. This shows an increase of 16% compared to 2.96 million euros during the same period of 2020.

Dairy segment

The turnover of the dairy products segment amounted to 3.28 million euros in 2021. This compares to the total sales of 3.49 million euros during the same period in 2020 and represents a decrease of 6%.

Milk yields were lower than expected as changes in livestock feed did not give the desired impact. However, the Group will continue to pursue its planned program to increase its efficiency and achieve better results in this segment. As expected, the Group is increasing its number of cows and expects to reach 3.6 thousand by the end of this year.

The gross result of the dairy segment improved compared to the previous year. During the 3 months of 2021, the gross margin of the dairy segment amounted to 0.21 million euros, compared to 0.09 million euros of gross margin in 2020.

Mushroom growing segment

Overall sales in the mushroom growing segment remained similar to the previous year. Revenue for the 3-month period of 2021 was 7.26 million euros, compared to 7.28 million euros for the same period last year.

The gross margin of the mushroom growing segment amounted to 0.50 million euros in the first 3 months of 2021, demonstrating a decrease of 20% compared to the same period last year , when the gross margin of the segment was 0.62 million euros.

Although a comparison of the results shows a decrease in gross margin, the company assesses these results positively, as this segment remains affected by the COVID-19 pandemic at the beginning of 2021, while this impact did not yet exist at the first quarter 2020. In addition, a greater focus on products with higher added value has led to an improvement in profitability compared to the last quarters of 2020.

Consumer goods segment (FMCG)

This segment is of strategic importance for the Group and continues to show significant growth. Total segment sales amounted to 1.42 million euros in the first quarter of 2021. In the equivalent period last year, FMCG segment sales amounted to 0.91 million euros.

The increase in business volumes has a positive impact on profitability. In the first 3 months of 2021, the gross margin of the FMCG segment jumped to 0.38 million euros. During the same period in 2020, the gross margin amounted to 0.06 million euros.

Functionnary costs

The Group’s operating expenses in 2021 amounted to € 2.53 million compared to € 2.25 million for the same period last year. The increase is mainly related to the increase in salaries, office administration and selling expenses. In addition, Grybai LT, KB operating expenses are shown in 2021, but were not included in the same period last year, the relevant entity being included in the consolidated financial statements as of June 1, 2020 .

Financial data in an MS Excel file

In order to ensure more practical access and analysis to the Group’s financial data, the AUGA, AB group has prepared and published the data from previous and most recent reporting periods in MS Excel format available at the following link: http://auga.lt/en/investors/reports-and-presentations/#tabs

Contacts:
Mindaugas Ambrasas, AUGA group, AB financial director
Phone: +370620 67296
Email: m.ambrasas@auga.lt


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