• Laird Superfood Reports Fourth Quarter & FY2020 Financial Results



    FY20 Net Sales Increase Nearly 100% Year Over Year to $26.0 Million

    Online Sales Contribute 56% of FY20 Net Sales, with Direct To Consumer Sales from Lairdsuperfood.com Up 143% Year Over Year

    SISTERS, Ore.–(BUSINESS WIRE)–Laird Superfood, Inc. (NYSE American: LSF) (“Laird Superfood”), today reported financial results for its fourth quarter and fiscal year ended December 31, 2020.

    Fourth Quarter 2020 Highlights

    • Net Sales increased to $7.3 million, an increase of 75% year over year.
    • Online sales contributed 61% of net sales, with lairdsuperfood.com sales growing 170% year over year, and subscribers growing 184%.
    • Black Friday saw single-day sales grow 474% year over year.
    • Wholesale sales contributed 37% of net sales, increasing 45% year over year, as retail door expansion reached approximately 7,100 locations.
    • Gross profit was $1.5 million and gross margin was 20.3% compared to gross profit of $1.4 million and gross margin of 34.7% in the prior year quarter.
    • Net loss attributable to common stockholders was $4.5 million, or $0.51 per diluted share, compared to net income attributable to common stockholders of $5.3 million, or $0.96 per diluted share, in the prior year period, which included a deemed contribution from the redemption of preferred stock of $7.4 million.
    • The Company’s active innovation slate included seven new product introductions, including the launch of Boost Coffee, the first ever coffee with Vitamin D from plant-based whole food sources, as well as Activate Prebiotic Daily Greens supplements, Harvest Pili Nuts and Dates, and Renew Protein.

    Paul Hodge Jr., Co-founder, President and Chief Executive Officer of Laird Superfood, commented, “We finished 2020 with an exceptional fourth quarter of 75% year over year revenue growth, completing a full year that saw our revenue nearly double from 2019. Thank you to our incredible team for their tireless work in a year where flexibility and creativity was key to further penetrating the multi-billion-dollar addressable markets we are pursuing. Through all the challenges presented by the pandemic, our supply chain was intact, and we successfully delivered our high quality, innovative products to a record number of customers and consumers, including over 100,000 new customers who came straight to our online platform and over 176,000 repeat orders during the year.”

    “We couldn’t be more excited to enter 2021 with considerable resources – including our enhanced senior leadership team, and with over $57.2 million in cash – to execute on our growth strategy centered on maximizing market penetration in our existing product lines, developing new products that conform to both our quality and value standards and further developing our vertically integrated business model. Mahalo to our dedicated team who achieved so much this year and stayed focused on our operating goals and true to our mission to provide healthy, sustainable plant-based products.”

    For the Three Months Ended December 31, 2020

    Three Months Ended December 31,

    2020

     

    2019

    $ % of Total $ % of Total
    Coffee Creamers

    $ 5,191,752

    71%

    $ 3,397,040

    81%

    Hydration and Beverage Enhancing Supplements

    1,006,066

    14%

    547,219

    13%

    Coffee, Tea, and Hot Chocolate Products

    1,794,091

    25%

    620,910

    15%

    Other

    306,357

    4%

    124,885

    3%

    Gross Sales

    8,298,266

    114%

    4,690,054

    112%

    Shipping income

    27,783

    0%

    135,209

    3%

    Returns and discounts

    (1,024,780)

    (14%)

    (654,177)

    (16%)

    Sales, net

    $ 7,301,269

    100%

    $ 4,171,086

    100%

     
    Three Months Ended December 31,

    2020

     

    2019

    $ % of Total $ % of Total
    Online

    $ 4,452,666

    61%

    $ 2,321,968

    56%

    Wholesale

    2,672,231

    37%

    1,845,083

    44%

    Food Service

    176,372

    2%

    4,035

    0%

    Sales, net

    $ 7,301,269

    100%

    $ 4,171,086

    100%

    Net sales increased 75% to $7.3 million in the fourth quarter of 2020 compared to $4.2 million in the fourth quarter of 2019. Growth in net sales in the fourth quarter of 2020 was driven primarily by a combination of growth in online and wholesale channels, primarily caused by an increase in sales volume across product lines. Black Friday single-day sales were up 474% year-over-year which also contributed to the increase of net sales.

    Gross profit was $1.5 million which is slightly higher compared to the prior year period of $1.4 million. Gross margin was 20.3% of net sales in the fourth quarter of 2020, compared to 34.7% of net sales in the prior year period. The decrease in gross margin was primarily due to elevated outbound shipping costs combined with the launch of a free shipping initiative for direct online purchases made on lairdsuperfood.com, elevated labor costs as we built out our team to support our second manufacturing line, and increased co-packing and disposal costs related to the production and distribution of our liquid creamer product line.

    Operating expenses were $6.0 million compared to $3.7 million in the year ago period and reflect General and Administrative expense increases of $1.7 million, primarily related to elevated personnel costs, professional fees, and insurance expense, as well as Sales and Marketing expense increases of $621,000, primarily related to elevated marketing expenses.

    Loss from operations was $4.5 million in the fourth quarter of 2020, compared to a loss of $2.2 million in the prior year period.

    Net loss attributable to common stockholders was $4.5 million, or $0.51 per diluted share, in the fourth quarter of 2020, compared to net income attributable to common stockholders of $5.3 million, or $0.96 per diluted share, in the prior year period, which included a deemed contribution from the redemption of preferred stock of $7.4 million.

    Valerie Ells, Chief Financial Officer, commented, “We are thrilled with our net sales performance in the fourth quarter, which furthers our conviction in the strength of our brand and the compelling addressable market opportunities in front of us. We remain confident that our business is set on a path for a strong 2021. This growth will be determined by a few key successful initiatives in the coming year including, but not limited to, timely and innovative new product introductions and a continued strong online performance. We also aim to add more wholesale doors using our liquid creamer as a means for creating these opportunities. Market share and customer growth are our major priorities and this quarter demonstrated that our authentic brand, and meeting consumers where they are across our omnichannel platform, resonates with today’s consumer seeking healthy, plant-based and sustainable products.”

    For the Twelve Months Ended December 31, 2020

    Years Ended December 31,

    2020

    2019

    $ % of Total $ % of Total
    Coffee Creamers

    $ 18,433,345

    70%

    $ 9,330,678

    71%

    Hydration and Beverage Enhancing Supplements

    3,887,198

    15%

    2,022,269

    15%

    Coffee, Tea, and Hot Chocolate Products

    5,961,254

    23%

    1,930,434

    15%

    Other

    675,339

    3%

    471,097

    4%

    Gross Sales

    28,957,136

    111%

    13,754,478

    105%

    Shipping income

    248,865

    1%

    464,551

    4%

    Returns and discounts

    (3,199,603)

    (12%)

    (1,115,301)

    (9%)

    Sales, net

    $ 26,006,398

    100%

    $ 13,103,728

    100%

     
    Years Ended December 31,

    2020

    2019

    $ % of Total $ % of Total
    Online

    $ 14,501,706

    56%

    $ 7,646,864

    59%

    Wholesale

    10,996,517

    42%

    5,295,024

    40%

    Food Service

    508,175

    2%

    161,840

    1%

    Sales, net

    $ 26,006,398

    100%

    $ 13,103,728

    100%

     

    Net sales increased 98% to $26.0 million for the twelve months ended December 31, 2020 compared to $13.1 million in the prior year period. This increase was primarily driven by a significant expansion of our customer base in both online and traditional wholesale channels.

    Gross profit was $6.8 million, or 26.2% of net sales, for the twelve months ended December 31, 2020, compared to $5.1 million, or 38.8% of net sales, in the prior year period. The increase in gross profit was primarily due to sales growth. The decrease in gross margin was primarily due to elevated outbound shipping costs combined with the launch of a free shipping initiative for direct online purchases made on lairdsuperfood.com, increased co-packing costs primarily associated with our liquid creamer product line, disposal costs related to the initial production and distribution of our liquid creamer product line, and elevated labor costs.

    Operating expenses were $19.7 million compared to $13.8 million in the prior year and reflect General and Administrative expense increases of $3.6 million, primarily related to the Company’s Initial Public Offering related expenses including accelerated stock option vesting, discretionary bonuses, and professional fees, as well as an asset impairment recorded during the second quarter of 2020. The change from the prior year further reflects Sales and Marketing increases of $2.1 million to $10.4 million from $8.3 million in the prior year period, primarily related to elevated advertising and marketing expenses and personnel costs.

    Loss from operations was $12.9 million for the twelve months ended December 31, 2020, compared to $8.8 million in the prior year period.

    Net loss attributable to common stockholders was $14.5 million, or $2.61 per diluted share, for the twelve months ended December 31, 2020 compared to $1.1 million, or $0.29 per diluted share, in the prior year period.

    Balance Sheet and Cash Flow Highlights

    The Company’s current assets include cash and cash equivalents of $57.2 million as of December 31, 2020. Total outstanding debt was $51,000 as of December 31, 2020. Net cash used in operating activities was $14.7 million in the twelve months ended December 31, 2020, compared to $9.4 million in the prior year period.

    Capital expenditures totaled $1.1 million for the twelve months ended December 31, 2020, compared to $2.4 million in the prior year period.

    2021 Outlook

    The Company’s guidance assumes that there are no significant disruptions to the supply chain, or its customers or consumers, including any disruptions from adverse macroeconomic factors. In addition, the Company’s guidance reflects management’s expectation that it will continue to execute on the following core strategies: a) the optimized roll out of liquid creamer, b) expansion into additional wholesale channels, c) timely and innovative new product introductions, and d) continuation of strong online performance coupled with the optimization of DTC shipping expenses.

    Given the uncertainty regarding the ultimate duration, magnitude and effects of the COVID-19 pandemic, management does not have certainty on the timing or execution of such strategies.

    For the full year 2021, management feels confident the business is on a path for strong, double digit growth and expects net revenue of at least $42 million. The Company has a full year 2021 margin goal of 28-30%, which they plan to achieve via the liquid packaging update, optimizing DTC shipping, and continuing to maximize fixed cost leverage available via vertical integration.

    Conference Call and Webcast Details

    The Company will host a conference call and webcast at 5:00 p.m. ET today to discuss results. The live conference call can be accessed by dialing (833) 772-0381 from the U.S. or (236) 384-2050 internationally. The conference I.D. code is 5471648. Alternatively, participants may access the live webcast on the Laird Superfood Investor Relations website at https://investors.lairdsuperfood.com under “Events.”

    About Laird Superfood

    Laird Superfood, Inc. creates award-winning, plant-based superfood products that are both delicious and functional. The Company’s products are designed to enhance your daily ritual and keep consumers fueled naturally throughout the day. The Company was co-founded in 2015 by the world’s most prolific big-wave surfer, Laird Hamilton. Laird Superfood’s offerings are environmentally conscientious, responsibly tested, and made with real ingredients. Shop all products online at lairdsuperfood.com and join the Laird Superfood community on social media for the latest news and daily doses of inspiration.

    Forward-Looking Statements

    This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding Laird Superfood’s future financial performance, including our outlook for fiscal year 2021. These forward-looking statements are based on Laird Superfood’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Laird Superfood’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. We expressly disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    The risks and uncertainties referred to above include, but are not limited to: (1) the effects of the current COVID-19 pandemic, or of other global outbreaks of pandemics or contagious diseases or fear of such outbreaks, including on our supply chain, the demand for our products, and on overall economic conditions and consumer confidence and spending levels; (2) our expectations regarding our revenue, expenses, including shipping expenses, and other operating results; (3) our ability to acquire new direct and wholesale customers and successfully retain existing customers; (4) our ability to attract and retain our suppliers, distributors and co-manufacturers, and effectively manage their costs and performance; (5) our expectations regarding real or perceived quality with our products or other issues that adversely affect our brand and reputation; (6) our ability to innovate on a timely and cost-effective basis, predict changes in consumer preferences and develop successful new products, or updates to existing products, and develop innovative marketing strategies; (7) expectations regarding prices and availability of raw materials and other inputs, a substantial amount of which come from a limited number of suppliers outside the United States, including in areas which may be adversely affected by climate change; (8) effects of changes in the tastes and preferences of our consumers and consumer preferences for natural and organic food products; (9) the financial condition of, and our relationships with, our suppliers, co-manufacturers, distributors, retailers and foodservice customers, as well as the health of the foodservice industry generally; (10) effects of real or perceived quality or health issues with our products or other issues that adversely affect our brand and reputation; (11) the ability of ourselves, our suppliers and co-manufacturers to comply with food safety, environmental or other laws or regulations; (12) our plans for future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (13) the costs and success of our marketing efforts, and our ability to promote our brand; (14) our reliance on our executive team and other key personnel and our ability to identify, recruit and retain skilled and general working personnel; (15) our ability to effectively manage our growth; (16) our ability to compete effectively with existing competitors and new market entrants; (17) the impact of adverse economic conditions; and (18) the growth rates of the markets in which we compete.

    LAIRD SUPERFOOD, INC.
    STATEMENTS OF OPERATIONS
     
    For the Three Months Ended
    December 31,
    For the Years Ended
    December,

     

    2020

     

     

    2019

     

     

    2020

     

     

    2019

    Sales, net

    $

    7,301,270

    $

    4,171,086

    $

    26,006,398

    $

    13,103,728

    Cost of goods sold

     

    (5,819,762)

     

    (2,722,605)

     

    (19,204,642)

     

    (8,019,094)

    Gross profit

     

    1,481,508

     

    1,448,481

     

    6,801,756

     

    5,084,634

     
    General and administrative
    Salaries, wages and benefits

     

    880,979

     

    664,925

     

    3,533,478

     

    2,423,005

    Stock-based compensation

     

    835,203

     

    263,388

     

    1,424,803

     

    700,384

    Professional fees

     

    316,368

     

    129,331

     

    963,791

     

    491,465

    Insurance expense

     

    519,848

     

    51,330

     

    666,045

     

    132,637

    Office expense

     

    139,300

     

    110,085

     

    503,817

     

    416,160

    Occupancy

     

    62,151

     

    61,711

     

    229,303

     

    157,697

    Merchant service fees

     

    127,437

     

    46,054

     

    375,792

     

    157,737

    Netsuite subscription expense

     

    35,425

     

    45,194

     

    125,916

     

    157,752

    Impairment on asset held for sale

     

     

     

    239,734

     

    Other expense

     

    260,737

     

    119,365

     

    765,600

     

    564,347

    Total general and administrative expenses

     

    3,177,448

     

    1,491,383

     

    8,828,279

     

    5,201,184

     
    Research and product development
    Salaries, wages and benefits

     

    70,318

     

    83,966

     

    225,305

     

    216,657

    Product Development Expense

     

    67,769

     

    41,880

     

    209,275

     

    80,724

    Stock-based compensation

     

    3,567

     

    2,192

     

    10,261

     

    7,741

    Other expense

     

    2,526

     

    9,834

     

    63,329

     

    19,162

    Total research and product development expenses

     

    144,180

     

    137,872

     

    508,170

     

    324,284

     
    Sales and marketing
    Salaries, wages and benefits

     

    611,868

     

    679,340

     

    2,669,384

     

    2,609,825

    Stock-based compensation

     

    30,570

     

    106,536

     

    661,026

     

    207,686

    Advertising

     

    1,116,621

     

    714,854

     

    4,457,213

     

    3,131,332

    General marketing

     

    696,263

     

    296,880

     

    1,592,180

     

    1,157,920

    Amazon selling fee

     

    168,668

     

    154,361

     

    743,981

     

    541,009

    Travel expense

     

    5,276

     

    63,142

     

    84,148

     

    330,121

    Other expense

     

    37,634

     

    30,727

     

    186,546

     

    333,244

    Total sales and marketing expenses

     

    2,666,900

     

    2,045,840

     

    10,394,478

     

    8,311,137

    Total expenses

     

    5,988,528

     

    3,675,095

     

    19,730,927

     

    13,836,605

    Operating loss

     

    (4,507,020)

     

    (2,226,614)

     

    (12,929,171)

     

    (8,751,971)

     
    Other income (expense)
    Interest and dividend income

     

    13,423

     

    89,843

     

    64,943

     

    239,175

    Gain on sale of available-for-sale securities

     

     

    7,664

     

    13,927

     

    7,664

    Interest expense

     

     

    (29,988)

     

     

    (48,816)

    Grant income

     

     

     

     

    50,000

    Total other income

     

    13,423

     

    67,519

     

    78,870

     

    248,023

    Loss before income taxes

     

    (4,493,597)

     

    (2,159,095)

     

    (12,850,301)

     

    (8,503,948)

    Benefit from income taxes

     

     

     

     

    Net loss

    $

    (4,493,597)

    $

    (2,159,095)

    $

    (12,850,301)

    $

    (8,503,948)

    Add deemed contribution from the redemption of preferred stock

     

     

    7,448,879

     

     

    7,448,879

    Less deemed dividend of beneficial conversion feature

     

     

     

    (825,366)

     

    Less deemed dividend on warrant discount

     

     

     

    (825,366)

     

    Net loss attributable to Laird Superfood, Inc. common stockholders

    $

    (4,493,597)

    $

    5,289,784

    $

    (14,501,033)

    $

    (1,055,069)

     
    Net loss per share attributable to Laird Superfood, Inc common stockholders:
    Basic

    $

    (0.51)

    $

    1.31

    $

    (2.61)

    $

    (0.29)

    Diluted

    $

    (0.51)

    $

    0.96

    $

    (2.61)

    $

    (0.29)

    Weighted-average shares of common stock outstanding used in computing net loss per share of
    common stock, basic

     

    8,876,431

     

    4,045,056

     

    5,546,078

     

    3,668,050

    Weighted-average shares of common stock outstanding used in computing net loss per share of
    common stock, diluted

     

    8,876,431

     

    5,532,032

     

    5,546,078

     

    3,668,050

    LAIRD SUPERFOOD, INC.
    STATEMENTS OF CASH FLOWS
    For the Years Ended December 31,

     

    2020

     

    2019

    Cash flows from operating activities
    Net loss

    $

    (12,850,301)

    $

    (8,503,948)

    Adjustments to reconcile net loss to net cash from operating activities:
    Depreciation

     

    474,621

     

    300,561

    Loss on disposal of equipment

     

     

    483

    Stock-based compensation

     

    2,318,502

     

    851,338

    Noncash conversion of note payable to grant income

     

     

    (50,000)

    Impairment on asset held for sale

     

    239,734

     

    Gain on sale of investment securities available-for-sale

     

    13,927

     

    7,664

    Changes in operating assets and liabilities:
    Accounts receivable

     

    (454,853)

     

    (9,934)

    Inventory

     

    (3,859,933)

     

    (1,253,732)

    Prepaid expenses and other current assets

     

    (2,256,511)

     

    (136,669)

    Deferred rent

     

    360,786

     

    (1,131,393)

    Deposits

     

    30,954

     

    80,750

    Other assets

     

    10,151

     

    2,598

    Accounts payable

     

    591,213

     

    (60,741)

    Payroll liabilities

     

    231,823

     

    307,911

    Accrued expenses

     

    403,497

     

    161,881

    Net cash from operating activities

     

    (14,746,390)

     

    (9,433,231)

     
    Cash flows from investing activities
    Purchase of property, equipment, and software

     

    (1,059,858)

     

    (2,423,965)

    Deposits on equipment to be acquired

     

     

    (14,699)

    Purchase of investment securities available-for-sale

     

    (8,171,129)

     

    (12,493,099)

    Proceeds from maturities of investment securities available-for-sale

     

    4,950,000

     

    7,000,000

    Net cash from investing activities

     

    (4,280,987)

     

    (7,931,763)

     
    Cash flows from financing activities
    Payments on line of credit

     

     

    (5,000,000)

    Draw on line of credit

     

     

    5,000,000

    Issuance of common stock

     

    66,110,517

     

    9,698,296

    Redemption of preferred stock

     

     

    (7,503,195)

    Issuance of preferred stock

     

    10,000,006

     

    Common stock issuance costs

     

    (1,268,772)

     

    (71,102)

    Preferred stock issuance costs

     

    (147,721)

     

    Restricted capital contribution

     

    298,103

     

    Common stock issuance costs

     

    (20,532)

     

    (1,145,968)

    Stock options exercised

     

    259,747

     

    51,049

    Net cash from financing activities

     

    75,231,348

     

    1,029,080

     
    Net change in cash, cash equivalents, and restricted cash

     

    56,203,971

     

    (16,335,914)

    Cash,cash equivalents, and restricted cash beginning of period

     

    1,004,109

     

    17,340,023

    Cash, cash equivalents, and restricted cash end of period

    $

    57,208,080

    $

    1,004,109

     
    Supplemental disclosures of cash flow information
    Interest paid

    $

    $

    48,816

    Supplemental disclosures of non-cash information
     
    Deemed contribution from redemption of preferred stock

    $

    $

    7,448,879

     
    Conversion of preferred stock to common stock

    $

    16,575,236

    $

     
    Unrealized gain (loss) on available-for-sale securities

    $

    14,433

    $

    (226)

     
    Purchases of equipment included in deposits at the beginning of the period

    $

    14,699

    $

    4,577

     
    Purchases of land included in prepaids and other current assets at the
    beginning of the period

    $

    $

    40,000

    LAIRD SUPERFOOD, INC.
    BALANCE SHEETS
     
    As of
    December 31, 2020 December 31, 2019
    Assets
    Current assets
    Cash and cash equivalents

    $

    57,208,080

    $

    1,004,109

    Accounts receivable, net

     

    839,659

     

    384,806

    Investment securities available-for-sale

     

    8,706,844

     

    5,485,209

    Inventory

     

    6,295,898

     

    2,435,965

    Prepaid expenses and other current assets

     

    2,847,319

     

    590,808

    Deposits

     

    97,674

     

    143,327

    Total current assets

     

    75,995,474

     

    10,044,224

     
    Noncurrent assets
    Property and equipment, net

     

    3,263,488

     

    3,153,286

    Fixed assets held for sale

     

    250,000

     

    Licensing agreement – intangible

     

    132,100

     

    132,100

    Deferred rent

     

    2,696,646

     

    3,057,432

    Other assets

     

    4,992

     

    15,143

    Total noncurrent assets

     

    6,347,226

     

    6,357,961

    Total assets

    $

    82,342,700

    $

    16,402,185

     
    Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
    Current liabilities
    Accounts payable

    $

    1,315,964

    $

    724,751

    Payroll liabilities

     

    722,915

     

    491,092

    Accrued expenses

     

    704,543

     

    301,046

    Total current liabilities

     

    2,743,422

     

    1,516,889

     
    Long-term liabilities
    Note payable

     

    51,000

     

    51,000

    Total long-term liabilities

     

    51,000

     

    51,000

    Total liabilities

     

    2,794,422

     

    1,567,889

     
    Commitments and contingencies (Note 9)
     
    Convertible preferred stock
    Preferred stock, $0.001 par value, 5,000,000 and 1,329,680 shares authorized
    as of December 31, 2020 and December 31, 2019, respectively;
    Series A-1 Preferred Stock, 0 shares authorized, issued, and outstanding
    as of December 31, 2020; 1,177,426 shares authorized, 162,340 issued and outstanding, and  
    609,078 undesignated as of December 31, 2019; Series A-2 Preferred Stock 0 shares  
    authorized, issued, and outstanding as of December 31, 2020; 152,253 shares
    authorized, issued, and outstanding as of December 31, 2019

     

     

    6,722,951

    Total convertible preferred stock

     

     

    6,722,951

     
    Stockholders’ equity
    Common stock, $0.001 par value, 100,000,000 and 9,600,000 shares authorized as of  
    December 31 and December 31, 2019; 9,247,758 and 8,883,010
    issued and outstanding at December 31, 2020, respectively; 4,551,950
    and 4,188,558 issued and outstanding at December 31, 2019, respectively

     

    8,893

     

    4,188

    Additional paid-in capital

     

    111,452,346

     

    27,184,250

    Accumulated other comprehensive income (loss)

     

    14,207

     

    (226)

    Accumulated deficit

     

    (31,927,168)

     

    (19,076,867)

    Total stockholders’ equity

     

    79,548,278

     

    8,111,345

    Total liabilities, convertible preferred stock and stockholders’ equity

    $

    82,342,700

    $

    16,402,185

    Contacts

    Investors:

    Ashley DeSimone

    [email protected]
    646-677-1827

    Read full story here

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