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Logitech’s Q3 Sales Grow 85%, Operating Income Triples

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Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the third quarter of Fiscal Year 2021.

  • Q3 sales were $1.67 billion, up 85 percent in US dollars and 80 percent in constant currency, compared to Q3 of the prior year.
  • Q3 GAAP operating income grew 248 percent to $448 million, compared to $129 million in the same quarter a year ago. Q3 GAAP earnings per share (EPS) grew 222 percent to $2.22, compared to $0.69 in the same quarter a year ago.
  • Q3 non-GAAP operating income grew 214 percent to $476 million, compared to $152 million in the same quarter a year ago. Q3 non-GAAP EPS grew 192 percent to $2.45, compared to $0.84 in the same quarter a year ago.
  • Cash flow from operations was $530 million, compared to $181 million in the same period a year ago.

“This quarter’s record results demonstrate the strength of our portfolio, addressing long-term growth trends in remote work and education, video collaboration, esports, and digital content creation,” said Bracken Darrell, Logitech president and chief executive officer. “We are increasingly investing in our capabilities and people for the growth potential we see in the future. Logitech has never been more relevant to our customers’ work, play and creativity.”

Outlook

Logitech raised its Fiscal Year 2021 annual outlook to between 57 and 60 percent sales growth in constant currency, and approximately $1.05 billion in non-GAAP operating income. The Company’s previous outlook was between 35 and 40 percent sales growth in constant currency, and a range of $700 million to $725 million in non-GAAP operating income.

Prepared Remarks Available Online

Logitech has made its prepared written remarks for the financial results videoconference and livestream available online on the Logitech corporate website at http://ir.logitech.com.

Financial Results Videoconference and Livestream

Logitech will hold a financial results videoconference to discuss the results for Q3 FY 2021 on Tuesday, January 19, 2021 at 8:30 a.m. Eastern Standard Time and 2:30 p.m. Central European Time. A livestream of the event will be available on the Logitech corporate website at http://ir.logitech.com.

Use of Non-GAAP Financial Information and Constant Currency

To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures, which exclude share-based compensation expense, amortization of intangible assets, acquisition-related costs, change in fair value of contingent consideration for business acquisition, restructuring charges (credits), loss (gain) on investments, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below. Logitech also presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for Fiscal Year 2021.

About Logitech

Logitech designs products that have an everyday place in people's lives, connecting them to the digital experiences they care about. Almost 40 years ago, Logitech started connecting people through computers, and now it’s a multi-brand company designing products that bring people together through music, gaming, video, and computing. Brands of Logitech include Logitech, Logitech G, ASTRO Gaming, Streamlabs, Blue Microphones, Ultimate Ears and Jaybird. Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog or @Logitech.

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three months ended December 31, 2020, long-term growth trends, our investment in our capabilities and people, growth potential, our relevance to our customers, and outlook for Fiscal Year 2021 sales growth and non-GAAP operating income. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if we are not able to maintain and enhance our brands; if our products and marketing strategies fail to separate our products from competitors’ products; the COVID-19 pandemic and its potential impact; if we do not fully realize our goals to lower our costs and improve our operating leverage; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates; changes in trade policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; risks associated with acquisitions. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2020, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

Note that unless noted otherwise, comparisons are year over year.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS *

(In thousands, except per share amounts) - unaudited

Three Months Ended

Nine Months Ended

December 31,

December 31,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

2020

2019

2020

2019

Net sales

$

1,667,302

$

902,687

$

3,716,354

$

2,266,603

Cost of goods sold

914,851

564,283

2,082,088

1,410,605

Amortization of intangible assets

3,441

3,951

9,800

10,493

Gross profit

749,010

334,453

1,624,466

845,505

Operating expenses:

Marketing and selling

204,485

134,950

496,520

392,138

Research and development

53,910

43,292

157,014

127,499

General and administrative

37,606

22,344

98,341

68,551

Amortization of intangible assets and acquisition-related costs

4,946

5,084

13,886

12,898

Change in fair value of contingent consideration for business acquisition

5,716

Restructuring charges (credits), net

(45

)

(54

)

69

Total operating expenses

300,947

205,625

771,423

601,155

Operating income

448,063

128,828

853,043

244,350

Interest income

311

2,063

1,444

7,006

Other income, net

6,483

1,101

9,661

2,852

Income before income taxes

454,857

131,992

864,148

254,208

Provision for income taxes

72,334

14,467

142,638

18,405

Net income

$

382,523

$

117,525

$

721,510

$

235,803

Net income per share:

Basic

$

2.26

$

0.70

$

4.28

$

1.41

Diluted

$

2.22

$

0.69

$

4.21

$

1.39

Weighted average shares used to compute net income per share:

Basic

169,050

167,063

168,448

166,678

Diluted

172,587

169,685

171,378

169,173

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS *

(In thousands) - unaudited

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2020

March 31, 2020

Current assets:

Cash and cash equivalents

$

1,388,743

$

715,566

Accounts receivable, net

894,937

394,743

Inventories

476,802

229,249

Other current assets

117,741

74,920

Total current assets

2,878,223

1,414,478

Non-current assets:

Property, plant and equipment, net

96,683

76,119

Goodwill

400,993

400,917

Other intangible assets, net

103,314

126,941

Other assets

333,733

345,019

Total assets

$

3,812,946

$

2,363,474

Current liabilities:

Accounts payable

$

811,786

$

259,120

Accrued and other current liabilities

704,573

455,024

Total current liabilities

1,516,359

714,144

Non-current liabilities:

Income taxes payable

60,799

40,788

Other non-current liabilities

134,021

119,274

Total liabilities

1,711,179

874,206

Shareholders’ equity:

Registered shares, CHF 0.25 par value:

30,148

30,148

Issued shares — 173,106 at December 31 and March 31, 2020

Additional shares that may be issued out of conditional capitals — 50,000 at December 31 and March 31, 2020

Additional shares that may be issued out of authorized capital — 17,311 at December 31 and 34,621 at March 31, 2020

Additional paid-in capital

108,140

75,097

Shares in treasury, at cost — 4,243 at December 31, 2020 and 6,210 at March 31, 2020

(198,435

)

(185,896

)

Retained earnings

2,264,831

1,690,579

Accumulated other comprehensive loss

(102,917

)

(120,660

)

Total shareholders’ equity

2,101,767

1,489,268

Total liabilities and shareholders’ equity

$

3,812,946

$

2,363,474

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS *

(In thousands) - unaudited

Three Months Ended

Nine Months Ended

December 31,

December 31,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

2020

2019

2020

2019

Cash flows from operating activities:

Net income

$

382,523

$

117,525

$

721,510

$

235,803

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

13,409

10,768

36,010

32,154

Amortization of intangible assets

8,388

8,223

23,627

21,958

Loss on investments

2,173

709

4,692

772

Share-based compensation expense

19,814

13,831

64,714

40,301

Deferred income taxes

17,531

9,458

37,683

480

Change in fair value of contingent consideration for business acquisition

5,716

Other

207

(1,010

)

(1,670

)

(1,012

)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable, net

(129,966

)

(61,337

)

(476,804

)

(147,292

)

Inventories

(78,258

)

32,603

(239,378

)

(15,170

)

Other assets

(21,714

)

16,949

(53,281

)

2,866

Accounts payable

141,848

26,089

541,024

155,190

Accrued and other liabilities

173,945

7,327

264,576

(1,896

)

Net cash provided by operating activities

529,900

181,135

928,419

324,154

Cash flows from investing activities:

Purchases of property, plant and equipment

(18,389

)

(10,575

)

(46,163

)

(28,667

)

Investment in privately held companies

(120

)

(140

)

(3,525

)

(310

)

Acquisitions, net of cash acquired

(360

)

(91,203

)

(360

)

(91,569

)

Proceeds from the sale of property, plant and equipment

1,037

1,037

Proceeds from return of strategic investments

2,934

2,934

Purchases of trading investments

(2,473

)

(546

)

(10,672

)

(3,071

)

Proceeds from sales of trading investments

2,493

568

11,332

3,139

Net cash used in investing activities

(15,915

)

(100,859

)

(46,454

)

(119,441

)

Cash flows from financing activities:

Payment of cash dividends

(146,705

)

(124,180

)

Purchases of registered shares

(50,271

)

(72,725

)

(15,127

)

Proceeds from exercises of stock options and purchase rights

3,643

2,209

29,709

11,540

Tax withholdings related to net share settlements of restricted stock units

(3,731

)

(2,188

)

(29,475

)

(23,096

)

Net cash provided (used) in financing activities

(50,359

)

21

(219,196

)

(150,863

)

Effect of exchange rate changes on cash and cash equivalents

7,896

1,285

10,408

(2,320

)

Net increase in cash and cash equivalents

471,522

81,582

673,177

51,530

Cash and cash equivalents, beginning of the period

917,221

574,464

715,566

604,516

Cash and cash equivalents, end of the period

$

1,388,743

$

656,046

$

1,388,743

$

656,046

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS *

(In thousands) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three Months Ended

Nine Months Ended

December 31,

December 31,

NET SALES

2020

2019

Change

2020

2019

Change

Net sales by product category:

Pointing Devices

$

213,638

$

154,540

38

%

$

503,228

$

409,293

23

%

Keyboards & Combos

218,269

156,333

40

565,246

424,061

33

PC Webcams

131,700

32,165

309

295,020

89,041

231

Tablet & Other Accessories

138,052

31,256

342

267,186

103,442

158

Gaming (1)

436,426

245,736

78

916,040

541,265

69

Video Collaboration

292,500

91,964

218

659,278

254,941

159

Mobile Speakers

72,566

92,969

(22

)

145,156

200,617

(28

)

Audio & Wearables

152,952

81,934

87

338,592

208,576

62

Smart Home

10,593

15,790

(33

)

25,976

35,088

(26

)

Other (2)

606

632

279

127

Total sales

$

1,667,302

$

902,687

85

%

$

3,716,354

$

2,266,603

64

%

(1) Gaming revenue includes streaming services revenue generated by Streamlabs.

(2) Other category includes products that we currently intend to phase out, or have already phased out, because they are no longer strategic to our business.

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS *

(In thousands, except per share amounts) - Unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three Months Ended

Nine Months Ended

December 31,

December 31,

GAAP TO NON-GAAP RECONCILIATION (A)

2020

2019

2020

2019

Gross profit - GAAP

$

749,010

$

334,453

$

1,624,466

$

845,505

Share-based compensation expense

1,747

1,210

4,919

3,552

Amortization of intangible assets

3,441

3,951

9,800

10,493

Gross profit - Non-GAAP

$

754,198

$

339,614

$

1,639,185

$

859,550

Gross margin - GAAP

44.9

%

37.1

%

43.7

%

37.3

%

Gross margin - Non-GAAP

45.2

%

37.6

%

44.1

%

37.9

%

Operating expenses - GAAP

$

300,947

$

205,625

$

771,423

$

601,155

Less: Share-based compensation expense

18,067

12,621

59,795

36,749

Less: Amortization of intangible assets and acquisition-related costs

4,946

5,084

13,886

12,898

Less: Change in fair value of contingent consideration for business acquisition

5,716

Less: Restructuring charges (credits), net

(45

)

(54

)

69

Operating expenses - Non-GAAP

$

277,934

$

187,965

$

692,080

$

551,439

% of net sales - GAAP

18.0

%

22.8

%

20.8

%

26.5

%

% of net sales - Non - GAAP

16.7

%

20.8

%

18.6

%

24.3

%

Operating income - GAAP

$

448,063

$

128,828

$

853,043

$

244,350

Share-based compensation expense

19,814

13,831

64,714

40,301

Amortization of intangible assets and acquisition-related costs

8,387

9,035

23,686

23,391

Change in fair value of contingent consideration for business acquisition

5,716

Restructuring charges (credits), net

(45

)

(54

)

69

Operating income - Non - GAAP

$

476,264

$

151,649

$

947,105

$

308,111

% of net sales - GAAP

26.9

%

14.3

%

23.0

%

10.8

%

% of net sales - Non - GAAP

28.6

%

16.8

%

25.5

%

13.6

%

Net income - GAAP

$

382,523

$

117,525

$

721,510

$

235,803

Share-based compensation expense

19,814

13,831

64,714

40,301

Amortization of intangible assets and acquisition related costs

8,387

9,035

23,686

23,391

Change in fair value of contingent consideration for business acquisition

5,716

Restructuring charges (credits), net

(45

)

(54

)

69

Loss on investments

2,173

709

4,692

772

Non-GAAP income tax adjustment

10,165

2,123

31,564

(6,476

)

Net income - Non - GAAP

$

423,062

$

143,178

$

851,828

$

293,860

Net income per share:

Diluted - GAAP

$

2.22

$

0.69

$

4.21

$

1.39

Diluted - Non - GAAP

$

2.45

$

0.84

$

4.97

$

1.74

Shares used to compute net income per share:

Diluted - GAAP and Non - GAAP

172,587

169,685

171,378

169,173

LOGITECH INTERNATIONAL S.A.

PRELIMINARY RESULTS *

(In thousands) - unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

Three Months Ended

Nine Months Ended

December 31,

December 31,

SHARE-BASED COMPENSATION EXPENSE

2020

2019

2020

2019

Share-based Compensation Expense

Cost of goods sold

$

1,747

$

1,210

$

4,919

$

3,552

Marketing and selling

8,390

6,216

27,559

20,016

Research and development

3,482

2,242

10,348

6,644

General and administrative

6,195

4,163

21,888

10,089

Total share-based compensation expense

19,814

13,831

64,714

40,301

Income tax benefit

(3,471

)

(3,135

)

(15,540

)

(12,658

)

Total share-based compensation expense, net of income tax benefit

$

16,343

$

10,696

$

49,174

$

27,643

* Note: These preliminary results for the three and nine months ended December 31, 2020 are subject to adjustments, including subsequent events that may occur through the date of filing our Quarterly Report on Form 10-Q.

(A) Non-GAAP Financial Measures

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the quarter ended December 31, 2020 and previous periods, we excluded items in the following general categories, each of which are described below:

Share-based compensation expense. We believe that providing non-GAAP measures excluding share-based compensation expense, in addition to the GAAP measures, allows for a more transparent comparison of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine share-based compensation expense. We believe that excluding share-based compensation expense enhances our ability and the ability of investors to understand the impact of non-cash share-based compensation on our operating results and to compare our results against the results of other companies.

Amortization of intangible assets. We incur intangible asset amortization expense, primarily in connection with our acquisitions of various businesses and technologies. The amortization of purchased intangibles varies depending on the level of acquisition activity. We exclude these various charges in budgeting, planning and forecasting future periods and we believe that providing the non-GAAP measures excluding these various non-cash charges, as well as the GAAP measures, provides additional insight when comparing our gross profit, operating expenses, and financial results from period to period.

Acquisition-related costs and change in fair value of contingent consideration for business acquisition. We incurred expenses and credits in connection with our acquisitions which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related costs include all incremental expenses incurred to effect a business combination. Fair value of contingent consideration is associated with our estimates of the value of earn-outs in connection with certain acquisitions. We believe that providing the non-GAAP measures excluding these costs and credits, as well as the GAAP measures, assists our investors because such costs are not reflective of our ongoing operating results.

Restructuring charges (credits). These expenses are associated with re-aligning our business strategies based on current economic conditions. We have undertaken several restructuring plans in recent years. In connection with our restructuring initiatives, we incurred restructuring charges related to employee terminations, facility closures and early cancellation of certain contracts. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges (credits) are not reflective of our ongoing operating results in the current period.

Loss (gain) on investments. We recognized loss (gain) related to our investments in various companies, which varies depending on the operational and financial performance of those companies in which we invested, and sales of these investments. We believe that providing the non-GAAP measures excluding these charges, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operations.

Non-GAAP income tax adjustment. Non-GAAP income tax adjustment primarily measures the income tax effect of non-GAAP adjustments excluded above and other events; the determination of which is based upon the nature of the underlying items, the mix of income and losses in jurisdictions and the relevant tax rates in which we operate.

Each of the non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. We compensate for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information.

Additional Supplemental Financial Information - Constant Currency

In addition, Logitech presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales.

(LOGIIR)

Contact information

Editorial Contacts:
Ben Lu, CFA
Vice President, Investor Relations - USA
(510) 713-5568

Nicole Kenyon
Head of Global Corporate & Employee Communications - USA
(510) 988-8553

Ben Starkie
Corporate Communications - Europe
+41 (0) 79-292-3499

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Regulatory News: Verimatrix, (Paris:VMX) (Euronext Paris: VMX), the leader in powering the modern connected world with people-centered security, today announced that Lu Bolden, Chief Revenue Officer, is scheduled to participate in a virtual panel discussion during this year’s SportsPro OTT Summit USA from 10:30 to 11:45 a.m. PST on Thursday, March 4. Titled, “Taking on Piracy in 2021,” the panel is moderated by Chris Kuelling, Executive Director of the International Broadcaster Coalition Against Piracy, and includes the following other speakers: Michele Gosetti, Head of Global Sales & Marketing, Eurovision Daniel Ghosh-Roy, Chief Digital Officer, Professional Fighters League The value of sports content remains strong, with broadcast revenue growing in emerging sectors such as niche sporting events and e-sports. But the industry is undergoing massive changes driven by new technologies and business models -- with some sectors under duress. Securing live sports revenue is critical to the

Deque Systems Launches axe DevTools Pro1.3.2021 17:00:00 CETPress release

Deque Systems, the trusted leader in digital accessibility, announced today the availability of axe™ DevTools Pro. Built upon the wildly popular free axe browser extension, axe DevTools Pro is a huge step forward for digital equality, enabling dev teams to address accessibility at the source, using groundbreaking human and machine learning technology. Developers and novices alike can use axe DevTools Pro to run automated and Intelligent Guided Tests™ on their websites and applications, which directly address the core blockages preventing people with disabilities from enjoying all the web has to offer. Axe DevTools Pro can identify 76 to 84 percent of accessibility issues on a webpage, the industry’s broadest range of options for detecting and remediating accessibility problems. Over 19,000 developers and other users provided input to refine axe DevTools Pro during the 16-month beta period. Many of these suggestions have already been implemented. Axe DevTools Pro is available now at www

CMG Chief: 'Ancient Chinese Literature' TV Show Reveals Nation's Soul1.3.2021 16:05:00 CETPress release

The new hit television show "Ancient Chinese Literature" has promoted traditional Chinese culture and did well in telling Chinese stories to the world, said Shen Haixiong, the president of China Media Group (CMG) on Monday. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210301005624/en/ The CMG production interprets ancient Chinese books and brings classics to life with short stage plays. The show premiered on February 12, the first day of the Chinese New Year, and has set record ratings in its category, becoming a hot topic on Chinese social media. "It's not out of our expectation," wrote Shen in an article titled "Why we created the program 'Ancient Chinese Literature'," which was published in the fifth issue of Qiushi, the flagship magazine of the Communist Party of China (CPC) Central Committee. Shen said that the profound Chinese culture has carried forward for 5,000 years and is still full of vitality, noting that the

Auth0 Names Jameeka Green Aaron as Chief Information Security Officer1.3.2021 15:00:00 CETPress release

Auth0, the identity platform for application teams, today announced that Jameeka Green Aaron has joined the company as Chief Information Security Officer (CISO). Aaron brings more than 20 years of industry experience and will be responsible for the holistic security and compliance of Auth0’s platform, products, and corporate environment. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210301005173/en/ Jameeka Green Aaron joins Auth0 as CISO (Photo: Business Wire) Aaron is a recognized industry thought leader and has dedicated two decades to managing and improving information security systems at each of her previous positions, including Nike, Hurley, Lockheed Martin, and the U.S. Navy. She is also committed to advancing women and people of color in Science, Technology, Engineering, and Mathematics (STEM) fields and has participated in the U.S. State Department’s TechWomen program and the National Urban League of Young Professi

Former SAP Co-CEO Jim Snabe Joins C3 AI Board of Directors1.3.2021 15:00:00 CETPress release

C3 AI (NYSE: AI), a leading enterprise AI software provider, today announced that software industry veteran Jim H. Snabe has joined the C3 AI Board of Directors. Mr. Snabe’s renowned career spans more than three decades in the information technology industry, including as former co-CEO of SAP, one of the world’s leading ERP software companies. Mr. Snabe currently serves as Chairman of the Supervisory Board of the German industrial giant Siemens AG, and as Chairman of the Board of A.P. Møller – Mærsk A/S, the world’s largest shipping and transportation company, based in Denmark. Mr. Snabe is a member of the Board of Trustees of the non-profit World Economic Forum, based in Switzerland. Prior to joining the C3 AI Board, Mr. Snabe has served as a senior advisor to C3 AI CEO Tom Siebel. “I have come to rely on Jim as a trusted advisor as we work to establish C3 AI as a leading global enterprise software company,” said C3 AI CEO Thomas M. Siebel. “The addition of Jim to our Board of Directo

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