CHICAGO, March 3, 2021 /PRNewswire-PRWeb/ — On February 26, 2021, in Irene Parry et. al. v. Farmers Insurance Exchange et al., Case. No. BC683856 (L.A.S.C.), California Superior Court Judge Amy D. Hogue certified a class of California insurance agents appointed by Farmers Insurance Exchange and affiliated companies.

Judge Hogue granted Plaintiffs' motion for class certification, adopting the Plaintiffs' class definition of “All individuals who signed a Farmers Agent Appointment Agreement and worked as a Farmers agent in the state of California,” from November 16, 2013 forward. Additionally, the court appointed Plaintiffs Irene Parry and Jeanette O'Sullivan as class representatives and Crueger Dickinson LLC, Wexler Wallace LLP, Nelson & Fraenkel LLP, and Greg Coleman Law PC as class counsel.

Charles Crueger, one of the designated class lawyers stated, “We are happy with the Court's decision and look forward to addressing the merits and a trial on Farmers' misuse of the independent contractor designation.”

Plaintiffs in this case allege that Defendants treated the Class Members, captive insurance agents, as employees under California law, and as a result violated California law by not reimbursing the Class Members for the business expenses they incurred running Farmers' agencies. Plaintiffs filed their motion for class certification on October 16, 2020. A copy of the court's February 26, 2021 order certifying the class can be found at https://static1.squarespace.com/static/5fc65ccf3dfdd95b60fa6bc8/t/603cef1ef34f6a4fbeccbca4/1614606111433/Order.pdf

“The order granting certification is clear and provides a roadmap of the important and necessary next steps to holding Farmers accountable,” said Edward A. Wallace of Wexler Wallace LLP.

For more information, contact Charles Crueger, Crueger Dickinson, (414) 273-8474, [email protected]

About Wexler Wallace LLP

Wexler Wallace is a high-stakes litigation law firm with a commitment to excellence and the achievement of meaningful relief for those they serve. Nationally recognized as a leading law firm in complex class action and multidistrict litigation, Wexler Wallace frequently serves as Co-Lead Counsel and other leadership roles against some of the largest and most powerful corporations in the country.

About Crueger Dickinson

Crueger Dickinson is a boutique litigation firm that leads or has been appointed to leadership positions in some of the most complex cases in the nation, including litigation involving the opioid crises, water pollution, vaping products, and independent contractor misclassification cases.

About Nelson & Fraenkel

Nelson & Fraenkel is a Los Angeles based law firm that specializes in handling high-stakes legal matters on behalf of plaintiffs, including in the areas of complex product liability, personal injury, securities, class action, antitrust, insurance bad faith, and business tort litigation.

About Greg Coleman Law PC

Greg Coleman Law has successfully prosecuted complex class actions around the country, obtaining class certification, and appointment of lead counsel resulting in hundreds of millions of dollars in settlements and verdicts in the areas of ERISA, employment law, product liability, consumer cases and all related categories of class litigation.

Media Contact

Edward A. Wallace, Wexler Wallace LLP, +1 3124850009, [email protected]

 

SOURCE Wexler Wallace LLP

DANVERS, Mass., March 3, 2021 /PRNewswire-PRWeb/ — Massachusetts based New Fed Mortgage Corp., a multi-state residential mortgage lender is pleased to announce their approval by the Michigan Department of Insurance and Financial Services and is now able to serve the state of Michigan with a wide array of mortgage lending programs. A family-owned business, focused on mortgage lending on the East Coast, New Fed Mortgage takes pride on its commitment for truly taking the time to get to know each of their clients on an individual basis.

New Fed Mortgage President, Brian D'Amico, commented, “Our goal is to Grow our geographic footprint this year and give us more opportunities to help more borrowers with the pursuit of home ownership. We have a consistent track record of offering competitive rates along with reliable customer service and look forward to lending in the state of Michigan.”

New Fed Mortgage, a Fannie Mae and Freddie Mac seller servicer, will be looking to create more lending opportunities in Michigan along with other states in the Mid-Atlantic region and on the East Coast.

About New Fed Mortgage Corporation:
New Fed Mortgage has specialized in residential retail mortgage lending since 2001. Licensed in 13 states, the company offers Conventional, Jumbo, FHA, VA, USDA and various state housing programs along with access to various portfolio products. Products range from 1st time home buyer programs with little or “0” down, the “pick your own term” traditional fixed rate products, ARM programs, construction loans, 203k renovation loans, and access to custom fit portfolio programs that can be tailored to meet a borrower's specific needs.

Complimentary pre-qualifications are available to both first time buyers and repeat homebuyers looking to purchase which gives them confidence in what they can afford. A strong advantage of being an East Coast regional lender unlike most of the big banks, New Fed's focus is solely just on mortgage lending. The company takes an all-in team approach right from the beginning of the process providing personalized service, open communication all the way through loan processing to loan closing.

For more information, contact New Fed Mortgage Corp. at (877) 639-3331 or email to info(at)newfed.com.

New Fed Mortgage Corp. was founded in 2001 as a residential mortgage lender. NMLS#1881 MA License No. MC1881, CT License ML-1881, NH License No. 9474-MB, RI License No. 20041817LL, NJ Residential Mortgage Lender License, FL License No. MLD652, Maine Lender License#SLM8185, Maryland Mortgage Lender License No. 23542, PA Mortgage Lender License No. 69370. Virginia License # MC-6914, Mississippi Lender License 1881, MI FR0023182. IL Lender MB.6761394. New Fed Mortgage is an Equal Housing Lender. Member of the MA Mortgage Bankers Association and Better Business Bureau of Eastern MA.

Media Contact

Brian Damico, New Fed Mortgage Corp, 7812411200, [email protected]

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SOURCE New Fed Mortgage Corp

SHANGHAI, March 3, 2021 /PRNewswire/ — Boqii Holding Limited (“Boqii” or the “Company”) (NYSE: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the third quarter of fiscal year 2021 (the quarter ended December 31, 2020).

Fiscal Q3 2021 Operational and Financial Highlights

• Total revenues were RMB312.9 million (US$48.0 million), an increase of 23.2% from RMB254.1 million in the same quarter of fiscal year 2020.
• Net loss was RMB81.9 million (US$12.6 million), compared to net loss of RMB56.4 million in the same quarter of fiscal year 2020.
• Adjusted net loss was RMB30.5 million (US$4.7million), representing a decrease of 49.8% from the adjusted net loss of RMB60.8 million in the same quarter of fiscal year 2020.
• EBITDA^[1] was a loss of RMB79.2 million (US$12.1 million), representing a 109.2% setback from a loss of RMB37.9 million in the same quarter of fiscal year 2020.
• Total GMV^[2] was RMB763.8 million (US$117.1 million), an increase of 51.5% from RMB504.0 million in the same quarter of fiscal year 2020.
• Active buyers were 1.5 million, an increase of 21.0% from 1.3 million in the same quarter of fiscal year 2020.

CEO & CFO Quote

“Solid Q3 results were a testament to Boqii's relentless efforts on execution and user engagement,” said Mr. Hao Liang, Boqii's Founder, Chairman and Chief Executive Officer. “We continued to influence pet parents with an extensive and appealing selection of content and products, fostering stronger user bonding and stickiness. We endeavor to build a pet ecosystem that provides full lifecycle coverage and a seamlessly integrated online and offline channel that offers an unparalleled customer experience.”

Ms. Yingzhi (Lisa) Tang, Boqii's Co-Founder, Co-CEO and CFO commented: “We had another strong quarter, generating solid operational and financial results. Total revenues grew 23.2% year over year to RMB312.9 million. Adjusted net loss improved significantly from RMB60.8 million in the same quarter of last fiscal year to RMB30.5 million. Notably, during the quarter we considerably improved our operating efficiency, manifested in lower fulfillment cost and reduced inventory turnover days. As a result, our adjusted net loss decreased by 49.8% year-on-year to RMB30.5 million. These results demonstrated our strong execution and potential to translate promising topline growth to profitability. Looking ahead, we will continue to drive rapid growth by expanding user reach and providing all-round user care. This will deliver differentiated growth by attracting high value customers in a large growing addressable market, thus further consolidating our position as an industry leader.”

Fiscal Third Quarter Financial Results

Total revenues were RMB312.9 million (US$48.0 million), representing an increase of 23.2% from RMB254.1 million in the same quarter of fiscal year 2020. The increase was primarily due to the continued organic growth of our business.

Gross profit was RMB56.1 million (US$8.6 million), an increase of 19.0% from RMB47.2 million in the same quarter of fiscal year 2020.

Gross margin was 17.9%, compared with 18.6% in the same quarter of fiscal 2020.

Operating expenses were RMB150.5 million, an increase of 67.3% from RMB90.0 million in the same quarter of fiscal year 2020.  Operating expenses as a percentage of total revenues was 48.1%, compared to 35.4% in the same quarter of fiscal year 2020. The increase was primarily due to share-based compensation expenses, amounting to RMB51.4 million. Pursuant to the Amended and Restated 2018 Global Share Plan, the performance condition for options granted thereunder was satisfied upon completion of the first public offering; and as a result, the company, upon the completion of this offering, recorded RMB44.1 million of cumulative share-based compensation expenses for those options for which the vesting conditions have been satisfied as of such date. For the three months ended December 31, 2020, additional RMB7.3 million of share-based compensation expense was recorded.

• Fulfillment Expenses were RMB33.6 million, a decrease of 7.9% from RMB36.5 million in the same quarter of fiscal year 2020. Fulfillment expenses as a percentage of total revenues were 10.7 %, compared to 14.3% in the same quarter of fiscal year 2020. The decrease was mainly due to: (i) the improved utilization of warehouses by adjusting inventory mix; (ii) relocation of warehouses across China to be more cost-efficient; and (iii) lower delivery service prices through renegotiation with third-party delivery service providers.
• Sales and marketing expenses were RMB55.1 million, an increase of 53.2% from RMB36.0 million in the same quarter of fiscal year 2020. Sales and marketing expenses as a percentage of total revenue were 17.6%, compared to 14.2% in the same quarter of fiscal year 2020. The increase was primarily due to share-based compensation expense of RMB 11.6 million.
• General and administrative expenses were RMB61.8 million, an increase of 252.7% from RMB17.5 million in the same quarter of fiscal year 2020. General and administrative expenses as a percentage of total revenue were 19.8%, compared to 6.9% in the same quarter of fiscal year 2020. The increase was primarily due to share-based compensation expense of RMB 39.8 million.

Operating loss^[3] was RMB93.6 million (US$14.3 million), an increase of 119.0% compared to RMB42.7 million in the same quarter of fiscal year 2020.

EBITDA^[4] was a loss of RMB79.2 million (US$12.1 million), representing a 109.2% setback from a loss of RMB37.9 million in the same quarter of fiscal year 2020.

Net loss was RMB81.9 million (US$12.6 million), compared to net loss of RMB56.4 million in the same quarter of fiscal year 2020.

Adjusted net loss was RMB30.5 million (US$4.7million), representing a decrease of 49.8% from the adjusted net loss of RMB60.8 million in the same quarter of fiscal year 2020.

Diluted net earnings per share was RMB1.61 (US$0.25), compared to diluted net loss per share of RMB4.12 in the same quarter of fiscal year 2020.

Total cash and cash equivalents and short-term investments were RMB475.4 million (US$72.9 million), compared to RMB127.8 million in the second quarter of fiscal year 2021.

Conference Call

Boqii's management will hold a conference call to discuss the financial results at 8:00 AM on Wednesday, March 3, 2021, U.S. Eastern Time (9:00 PM on Wednesday, March 3, 2021, Beijing/Hong Kong Time).

To join the conference, please dial in 15 minutes before the conference is scheduled to begin using below numbers.

A replay of the conference call may be accessed by phone at the following numbers until March 10, 2021.

A live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.boqii.com/.

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is China's largest pet-focused platform We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, namely adjusted net loss, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) adjusted net loss as net loss excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) EBITDA as net loss excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses, and (iii) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes adjusted net loss, EBITDA and EBITDA margin enhance investors' overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. As these non-GAAP financial measures have limitations as analytical tools and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliation of GAAP and Non-GAAP Results.” The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.5250 to US$1.00, the noon buying rate in effect on December 31, 2020 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: [email protected]

The Blueshirt Group
Ms. Susie Wang
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: [email protected]

 

 

 

 

 

 

 

 

 

 

SOURCE Boqii Holding Limited