Day: January 19, 2023

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nCino Announces Chief Financial Officer Transition

Company Reaffirms Q4 and Full Fiscal Year 2023 Financial Guidance

Greg Orenstein

Greg Orenstein

WILMINGTON, N.C., Jan. 18, 2023 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced the appointment of Greg Orenstein as nCino’s Chief Financial Officer. Orenstein will succeed David Rudow, who will be leaving the Company effective January 31, 2023.

Orenstein has significant leadership experience at nCino, having joined the Company in 2015, and most recently serving as its Chief Corporate Development & Strategy Officer. Prior to that, he served as nCino’s Chief Corporate Development & Legal Officer and Secretary. Orenstein has played a critical role in driving the Company’s growth, corporate strategy, acquisition, investment and corporate finance activities, including leading nCino’s initial public offering and secondary offering in 2020.

“Greg is a seasoned public company executive with a proven track record of delivering strong results and creating value. His deep strategic and operational understanding of our business and his proven ability to build and lead global teams and partner with business leaders makes him the ideal person for this role,” said Pierre Naudé, Chairman and Chief Executive Officer of nCino. “I look forward to continuing to work closely with Greg as we execute on our profitable growth plan and drive long-term stockholder value.”

“On behalf of nCino, I want to thank David for his service, leadership and partnership over the past three years,” added Naudé. “David has made significant contributions while helping nCino scale as a public company, and we wish him all the best in his future endeavors.”

Company Reaffirms Financial Guidance

For the fourth quarter ending January 31, 2023, the Company reaffirms its financial guidance of:

  • Total revenues between $104 million and $105 million.
  • Subscription revenues between $90 million and $91 million.
  • Non-GAAP operating loss between ($3.0) million and ($4.0) million.
  • Non-GAAP net loss attributable to nCino per share of ($0.04) and ($0.05).

For the fiscal year 2023 ending January 31, 2023, the Company reaffirms its financial guidance of:

  • Total revenues between $403 million and $404 million.
  • Subscription revenues between $342 million and $343 million.
  • Non-GAAP operating loss between ($7.0) million and ($8.0) million.
  • Non-GAAP net loss attributable to nCino per share of ($0.15) to ($0.17).

About nCino

nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino’s single cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. For more information, visit www.ncino.com.

CONTACTS

INVESTOR CONTACT

JoAnn Horne
Market Street Partners
+1 415.407.5399
jhorne@marketstreetpartners.com

MEDIA CONTACT

Kathryn Cook
nCino
+1 919.691.4206
Kathryn.cook@ncino.com

This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, among others, risks and uncertainties relating to the market adoption of our solution and privacy and data security matters. Additional risks and uncertainties that could affect nCino’s business and financial results are included in reports filed by nCino with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC’s web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ff841d6-1ecc-44df-b31f-1409395e8cd3

GlobeNewswire Distribution ID 8732349

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New research reveals shifting identities of global fishing fleet to help bolster fisheries management

Scientific study fuses multiple data sources to advance global understanding of vessel identity and behavior

WASHINGTON, D.C., Jan. 18, 2023 (GLOBE NEWSWIRE) — A new study published today in Science Advances combines a decade’s worth of satellite vessel tracking data with identification information from more than 40 public registries to determine where and when vessels responsible for most of the world’s industrial fishing change their country of registration, a practice known as “reflagging”, and identify hotspots of potential unauthorized fishing and activity of foreign-owned vessels.

Using big data processing and a compilation of global datasets, researchers from Global Fishing Watch, the Marine Geospatial Ecology Lab from Duke University, and Stockholm Resilience Centre were able to track and analyze 35,000 commercial fishing and support vessels to reveal their changing identities and enable the reconstruction of vessel histories to demonstrate reflagging patterns.

The study, “Tracking Elusive and Shifting Identities of the Global Fishing Fleet” found that close to 20 percent of high seas fishing is carried out by vessels that are either internationally unregulated or not publicly authorized, with large concentrations of these ships operating in the Southwest Atlantic Ocean and the western Indian Ocean.

The data used in the study is intended to complement the Food and Agriculture Organization of the United Nations’ Global Record of Fishing Vessels, Refrigerated Transport Vessels and Supply Vessels, a flagship transparency initiative which serves as the official database of information on vessels used for fishing and fishing-related activities. Together with the International Maritime Organization’s ship identification number scheme, these resources can provide fisheries authorities with the information needed to adequately monitor vessel activity, implement flag State responsibilities, and inform responsible fisheries management.

“Until now, we’ve had limited information linking together the identity and activity of specific vessels,” said Jaeyoon Park, senior data scientist at Global Fishing Watch and lead author of the study. “When a vessel’s identity is changed, it makes tracking them all the more difficult, allowing bad actors the opportunity to take advantage of information gaps and avoid oversight. We need to close that loophole.”

Of the 116 States involved in reflagging, the study found that one-fifth of them were responsible for about 80 percent of this practice over the past decade, with most reflagging occurring in Asia, Latin America, Africa, and the Pacific Islands. The study found that reflagging takes place in just a few ports—Las Palmas de Gran Canaria, Busan, Zhoushan, and Kaohsiung have the highest activity. Vessels are often reflagged to States that are unrelated to the ports in which they are changing their registrations. This means that a vessel can change its flag from one country to another without ever having to enter port in either of those countries.

While there are legitimate reasons for a vessel to change its identity, abusive reflagging, or “flag hopping,” is one way that operators avoid oversight. The study found that fleets with prevalent reflagging are over five times more likely to be composed of vessels under foreign ownership which are often registered to “flags of convenience,” defined by the International Transport Workers’ Federation as countries that offer foreign shipowners the ability to register, or fly the flag, of their own State.

While reflagging and foreign ownership are lawful, when not properly regulated and monitored, they can indicate a risk of illegal, unreported and unregulated (IUU) fishing. IUU fishing accounts for as much as 20 percent of the global seafood catch with annual losses valued at up to $23.5 billion.

“Knowing the identities of vessels fishing the high seas is critical for uncovering the connection between the potential IUU fishing behavior and vessels that repeatedly change their name, flag State or registered owner,” said co-author Gabrielle Carmine, a doctoral candidate at Duke University’s Nicholas School of the Environment. “This analysis could be used to help monitor fisheries more effectively and for accountability in the use and protection of marine biodiversity.”

The study also identified concentrations of fishing activity by foreign-owned vessels, which are focused in parts of the high seas and certain national waters, including the southwest Pacific, the northwest Indian Ocean, Argentina and the Falkland Islands (Malvinas), and West Africa where vessels are typically owned by China, Chinese Taipei, and Spain. The hotspots in this study correspond to the areas in which multiple nongovernmental organizations have called for better governance systems.

“By synthesizing more than 100 billion GPS positions with consolidated identity information from 200,000 vessels, we were able to reveal patterns about vessel activity from the past decade,” added Park. “This study represents a major step forward in our ability to enhance monitoring efforts and help authorities direct enforcement resources.”

The data used in this study will be periodically updated and shared publicly to help enable better understanding of vessel behavior and bolster international fisheries management.

Notes to the editor:

  • Download data visualizations, video, and figures from the paper here: https://drive.google.com/drive/folders/11T-UNkRQmlktINuTw5ufurNFuzAIxTu8?usp=share_link
  • Data visualization caption: Data analysis in this study’s assessment of fishing compliance revealed hotspots of fishing activity by foreign-owned vessels in the southwest Pacific, the west Indian oceans, and certain national waters.
  • About vessel identity data: The data used to determine vessel identities in this study were based on public registries. A lack of vessel identity information exists at the national level, while the high seas are predominantly covered by registries published by regional fisheries management organizations. The identity data used in this study has more extensive coverage for vessels that are 24 meters and longer, as these vessels are more likely to be registered to national or international public registries than smaller ones.
  • About AIS data: First developed as a collision-avoidance system, AIS is essential to vessel and crew safety. But AIS is easily manipulated, as it can simply be switched off or allow the transmission of false information, such as a vessel’s name, type or location. Currently there is no global mandate for all fishing vessels to broadcast on AIS. And due to the varying quality of satellite reception by region, there is also unequal coverage of AIS data throughout the world. Most vessels larger than 24 meters are equipped with AIS while only a small fraction of vessels smaller than 24 meters use AIS, resulting in limitations in AIS data.
  • Paper citation: J. Park, J. Van Osdel, J. Turner, C. M. Farthing, N. A. Miller, H. L. Linder, G. Ortuño Crespo, G. Carmine, D. A. Kroodsma, Tracking elusive and shifting identities of the global fishing fleet. Sci. Adv. 9, eabp8200 (2023).
  • Download the data at: https://globalfishingwatch.org/data-download/datasets/public-vessel-identity:v20230118 

Global Fishing Watch is an international nonprofit organization dedicated to advancing ocean governance through increased transparency of human activity at sea. By creating and publicly sharing map visualizations, data and analysis tools, we aim to enable scientific research and transform the way our ocean is managed. We believe human activity at sea should be public knowledge in order to safeguard the global ocean for the common good of all.

Attachment

Lisa Tossey
Global Fishing Watch
+1-302-448-6638
lisa.tossey@globalfishingwatch.org

GlobeNewswire Distribution ID 8732331

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Northern Highway sections not progress, there are many outstanding tasks

No progress has been reported for the development of sections 2 and 3 of the Northern Highway construction project (Vang Vieng to Luang Prabang, Luang Prabang to Udomxay, and Udomxay to Laos-China border (BoTen-BoHan)).

Although its construction has been surveyed and studied for many years, the highway project has not progressed and there are still many outstanding tasks.

The Ministry of Planning and Investment of the Lao PDR has reviewed a Chinese company’s request to continue studying the feasibility of the highway ranges.

Yunnan Construction and Investment Holding Group has already renewed a Memorandum of Understanding (MOU) with the ministry three times, but the project has not progressed and there are still many outstanding tasks.

Realizing that is necessary to choose a company that is ready in various aspects to continue the development of section 2 – Vang Vieng to Luang Prabang and section 3 – Luang Prabang to Udomxay to complete the infrastructure project as soon as possible, the Prime Minister’s Office issued on March 30, 2022 Notice No. 431 denying the company’s additional request for MoU renewal, canceling section 2 (Vang Vieng to Luang Prabang) and section 3 (Luang Prabang to Udomxay) of the highway project.

The office states in its notice that Yunnan Construction and Investment Holding Group can continue to develop section 4 of the highway (from Udomxay to the Laos-China border (BoTent-BoHan)) because the company has already conducted a feasibility study on the state of the highway and has some data, but the time frame for the implementation of the project must be clearly defined.

Source: Lao News Agency

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Singer-songwriter David Crosby Dies at 81

David Crosby, one of the most influential rock singers of the 1960s and ’70s with the Byrds and Crosby, Stills, Nash & Young, has died at age 81, Variety reported Thursday, citing a statement from Crosby’s wife.

“It is with great sadness after a long illness, that our beloved David (Croz) Crosby has passed away,” Variety quoted his wife, Jan Dance, as saying in the statement.

Crosby’s UK-based representatives could not immediately be reached for comment by Reuters.

Crosby was a founding member of two revered rock bands: the country- and folk-influenced Byrds, for whom he co-wrote the hit “Eight Miles High,” and CSNY, who defined the smooth side of the Woodstock generation’s music. He was inducted into the Rock and Roll Hall of Fame as a member of both groups.

Musically, Crosby stood out for his intricate vocal harmonies, unorthodox open tunings on guitar and incisive songwriting. His work with both the Byrds and CSN/CSNY blended rock and folk in new ways, and their music became a part of the soundtrack for the hippie era.

“I don’t know what to say other than I’m heartbroken to hear about David Crosby. David was an unbelievable talent — such a great singer and songwriter. And a wonderful person,” Beach Boys leader Brian Wilson said on Twitter.

Personally, Crosby was the embodiment of the credo “sex, drugs and rock ‘n’ roll,” and a 2014 Rolling Stone magazine article tagged him “rock’s unlikeliest survivor.”

Tragedies, illnesses

In addition to drug addictions that ultimately led to a transplant to replace a liver worn out by decades of excess, his tumultuous life included a serious motorcycle accident, the death of a girlfriend, and battles against hepatitis C and diabetes.

“I’m concerned that the time I’ve got here is so short, and I’m pissed at myself, deeply, for the 10 years — at least — of time that I wasted just getting smashed,” Crosby told the Los Angeles Times in July 2019. “I’m ashamed of that.”

He fell “as low as a human being can go,” Crosby told the Times.

He also managed to alienate many of his famous former bandmates for which he often expressed remorse in recent years.

His drug habits and often abrasive personality contributed to the demise of CSNY, and the members eventually quit speaking to each other. In the 2019 documentary “David Crosby: Remember My Name,” he made clear he hoped they could work together again but conceded the others “really dislike me, strongly.”

Crosby fathered six children — two as a sperm donor to rocker Melissa Etheridge’s partner and another who was placed for adoption at birth and did not meet Crosby until he was in his 30s. That son, James Raymond, would eventually become his musical collaborator.

“Thank you @thedavidcrosby I will miss you my friend,” Etheridge said on Twitter alongside a photo of the two of them.

Looking back at the turbulent 1960s and his life, Crosby told Time magazine in 2006: “We were right about civil rights; we were right about human rights; we were right about peace being better than war. … But I think we didn’t know our butt from a hole in the ground about drugs and that bit us pretty hard.”

Music was ‘joyous’

Crosby was born August 14, 1941, in Los Angeles. His father was a cinematographer who won a Golden Globe for “High Noon” in 1952, and his mother exposed him to the Weavers, a folk group, and to classical music.

As a teenager, Crosby wrote, playing music “was absolutely joyous to me. I always loved it. I always will love it.”

After a stay in New York’s Greenwich Village music scene, Crosby was back in California in 1963 and helped Roger McGuinn start the Byrds, whose first hit, a cover of Bob Dylan’s “Mr. Tambourine Man,” came in 1965, followed by “Turn! Turn! Turn!”

Crosby was kicked out of the Byrds because the band did not want to play his songs, with the flashpoint being “Triad,” about a menage a trois, and disputes over onstage political rants.

Crosby and Stephen Stills, whose band with Neil Young, Buffalo Springfield, had fallen apart, then began playing together. Graham Nash of the Hollies, who met Crosby in 1966 and went on to become his closest collaborator and a closer friend, joined them. Their first album, “Crosby, Stills and Nash,” was a big seller in 1969 with such songs as “Marrakesh Express,” “Suite: Judy Blue Eyes” and “Guinnevere.”

Guitarist and singer-songwriter Young fell in with them that year, and Crosby, Stills, Nash & Young came to be considered one of the greatest amalgams of talent in rock history.

Their second performance together was the landmark Woodstock music festival in 1969, and their 1970 album “Deja Vu” contained the hits “Teach Your Children,” “Woodstock” and one of Crosby’s signature songs, “Almost Cut My Hair.”

Girlfriend’s death

As CSNY was taking off, Crosby was in a drug-fueled downward spiral caused by the 1969 death of girlfriend Christine Hinton in a car accident.

“I had no way to deal with that, nothing in my life had prepared me for that,” wrote Crosby, who had added cocaine and heroin to his drug repertoire.

The next decade was a blur of drug arrests, album releases and women. “I was not into being monogamous — I made that plain to everybody concerned. I was a complete and utter pleasure-seeking sybarite,” he wrote in his autobiography.

Crosby had a daughter with a girlfriend but soon left her for Jan Dance, who moved in with him in 1978. That relationship lasted and they had a son, Django, in 1995.

Crosby introduced Dance to heroin and the free-basing method of smoking cocaine. “We went down the tubes together, but we did it with our hearts intertwined,” he wrote.

There were several failed attempts at rehab, and Crosby developed a reputation as a bloated, hapless addict. In 1985, Nash told Rolling Stone: “I’ve tried everything — extreme anger, extreme compassion. I’ve gotten 20 of his best friends in the same room with him. I’ve tried hanging out with him. I’ve tried not hanging out with him.”

Crosby beat a series of drug charges but lost in Texas after being arrested with a drug pipe and gun at a club in Dallas and went to prison in 1985. The prison system required him to shave his trademark bushy mustache, but he found solace in playing in the prison band during his year of incarceration.

“Playing and singing straight was an unfamiliar feeling,” he wrote. “I hadn’t been onstage with a drug-free system in more than 25 years.”

After his release, Crosby told People magazine he had beaten his addictions.

“Most people who go as far as I did with drugs are dead,” he said. “Hard drugs will hook anyone. I don’t care who you are. … I have a Ph.D. in drugs.”

He was also arrested on gun and marijuana charges in New York in 2004.

In 2014 he released “Croz,” his first solo album since 1993, but his tour to promote the record was interrupted in February by heart surgery.

He continued recording and was an active presence on Twitter, in addition to writing an advice column in Rolling Stone.

In March 2021, The Guardian reported that Crosby sold the recorded music and publishing rights to his entire music catalog to Irving Azoff’s Iconic Artists Group for an undisclosed sum. He was quoted as saying that the COVID-19 pandemic prevented him from playing concerts and that the widespread use of music streaming “stole my money.”

Source: Voice of America

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China to launch 200-plus spacecraft in 2023

The China Aerospace Science and Technology Corporation (CASC) plans to launch more than 200 spacecraft with over 60 space missions in 2023, according to a company report released Wednesday.

The CASC report unveiled plans for the country’s space science and technology activities in 2023. It said that the Tianzhou-6 cargo craft, the Shenzhou-16 and the Shenzhou-17 flight missions would take place within the year to improve China’s capability of entering, using and exploring space.

The BeiDou-3 Navigation Satellite System will witness the launches of three backup satellites, according to the CASC. It added that the construction of a new-generation commercial remote-sensing satellite system will be accelerated this year.

The corporation also pledged to release information on surplus rocket-carrying capacities and provide launch opportunities to commercial users.

In 2023, the CASC will comprehensively push forward the fourth phase of lunar exploration and planetary exploration, and develop the lunar probe Chang’e-7, Mars probe Tianwen-2, as well as stationary orbit-microwave detection satellite.

The carrier rocket Long March-6C will make its maiden flight in 2023, while the Long March carrier rocket series are expected to exceed 500 launches in aggregate, said the CASC report.

Source: Lao News Agency

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FBI Chief Says He’s ‘Deeply Concerned’ by China’s AI Program

FBI Director Christopher Wray said Thursday that he was “deeply concerned” about the Chinese government’s artificial intelligence program, asserting that it was “not constrained by the rule of law.”

Speaking during a panel session at the World Economic Forum in Davos, Switzerland, Wray said Beijing’s AI ambitions were “built on top of massive troves of intellectual property and sensitive data that they’ve stolen over the years.”

He said that left unchecked, China could use artificial intelligence advancements to further its hacking operations, intellectual property theft and repression of dissidents inside the country and beyond.

“That’s something we’re deeply concerned about. I think everyone here should be deeply concerned about,” he said.

More broadly, he said, “AI is a classic example of a technology where I have the same reaction every time. I think, ‘Wow, we can do that?’ And then I think, ‘Oh God, they can do that.’”

Such concerns have long been voiced by U.S. officials. In October 2021, for instance, U.S. counterintelligence officials issued warnings about China’s ambitions in AI as part of a renewed effort to inform business executives, academics and local and state government officials about the risks of accepting Chinese investment or expertise in key industries.

Earlier that year, an AI commission led by former Google CEO Eric Schmidt urged the U.S. to boost its AI skills to counter China, including by pursuing “AI-enabled” weapons.

A spokesperson for the Chinese Embassy in Washington did not immediately respond to a request seeking comment Thursday about Wray’s comments. Beijing has repeatedly accused Washington of fearmongering and attacked U.S. intelligence for its assessments of China.

Source: Voice of America