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Alpha FX Group PLC (AFX)
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Alpha FX Group PLC
Full Year results
("Alpha FX" or the "Group")
Alpha FX (AIM: AFX), the UK-based foreign exchange service provider, is pleased to announce its audited Full Year Results for the year ended 31 December 2018.
· Revenue up 73% to £23.5m (2017 £13.5m)
· Underlying operating profit* up 48% to £10.0m (2017 £6.8m)
· Reported operating profit up 72% to £9.7m (2017 £5.6m)
· Underlying operating profit margin for the period of 43% (2017: 50%) and on a reported basis 41% (2017: 42%)
· Underlying basic earnings per share up 30% to 22.7p (2017: 17.5p) and on a reported basis 21.8p (2017: 14.2p)
· Final dividend of 4.6 pence per share, payable on 15 May 2019 to shareholders on the register as at 12 April 2019
Operational highlights
· 55% increase in client numbers, from 310 to 482
· Staff numbers increased from 51 to 82
· 51% of employees now Partners in the business***
· New headquarters secured at the Brunel Building in Paddington, which will be ready for occupation in Q3 2019
· Launch of institutional division, expanding our service offering to cover funds and institutions.
· New office opened in Toronto, focusing on the Canadian market
· Launch of international payments platform, Alpha Pay
* Underlying excludes the impact of the one-off costs relating to the IPO and non-cash share-based payments.
** The Group exclude Training Accounts (those that have generated less than £10,000 in revenue since being onboarded) in order to provide a clearer picture of client retention for the purposes of these figures.
*** The Group defines a Partner as an employee who held an equity stake prior to the Company's IPO; or is a participant in either the Group's B or C growth share schemes; or owns shares directly in one of the Group's trading subsidiaries.
Our strong performance to date demonstrates the appeal of our products and services in existing as well as new verticals and geographies. We are presently barely scratching the surface of the Group's potential, as our business volumes represent small proportions of every market in which we operate. Our new verticals and geographies increase the potential size of our addressable market further still and we will continue to invest accordingly to take full advantage of our growing market opportunity.
Q1 has begun well and with the dedication and focus of the high-quality team in place, the Board looks forward to another year of continued progress in all areas of the business.
Morgan Tillbrook, Chief Executive Officer of Alpha FX, commented:
"I'm very happy with the progress we have made during the year. As well as once again delivering strong revenue and profit growth, the impact of the investments made in the previous year highlight the strength of our strategy, and the returns that we are seeing give us great confidence for the future."
Clive Kahn, Non-Executive Chairman of Alpha FX, added:
"Alpha's success continues to be built on the passion, commitment and vision of its people, reinforced by the strength of its culture. On behalf of the Board, I would like to thank all our people for their contribution to Alpha's success, and look forward to building on it in 2019."
At the time of the IPO, the Board announced a target dividend policy of approximately 30% of the Group's underlying profits after tax in each financial year. In line with this dividend policy and following the payment of the interim dividend of 1.9 pence per share in October 2018, the Board is pleased to declare a final dividend of 4.6 pence per share, equating to an annual payment of 6.5 pence per share (2017: 4.9p). Subject to shareholder approval, the final dividend will be payable to Shareholders on the register as at 12 April 2019 and will be paid on 15 May 2019. The ex-dividend date is 11 April 2019.
Management believe there are numerous investment opportunities for the Group that will deliver significant and sustainable future return to shareholders. Accordingly, with effect from the start of the year ended 31 December 2019, the Group intends to adopt a progressive dividend policy, targeted at growing dividends each year, rather than basing a dividend paid on a fixed percentage of profits.
Morgan Tillbrook, Founder and CEO
Tim Kidd, CFO
via Alma PR
Liberum Capital Limited (Nominated Adviser and Sole Broker)
Richard Bootle
Kane Collings
Alma PR (Financial Public Relations)
Josh Royston
Helena Bogle
Rebecca Sanders-Hewett
This announcement is released by Alpha FX Group plc and contains inside information for the purposes of the Market Abuse Regulation (EU) 596/2014 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Alpha FX Group plc was Tim Kidd, Chief Financial Officer.
Alpha is a UK-based foreign exchange service provider focused on managing exchange rate risk for corporates and institutions that trade internationally. The Group's primary client base consists of corporates and institutions that have a requirement to convert currency for a commercial purpose, such as buying or selling goods and services overseas, repatriating profits, or expatriating payroll. Since it was incorporated in 2010, Alpha has been able to build and retain a high-quality client base that includes a number of highly respected household brands.
2018 was another excellent year for Alpha. We saw impressive revenue growth and strong levels of profitability, particularly given our increased cost base and investment in infrastructure throughout the year, designed to deliver future growth.
During 2018 we increased our client numbers by 55%, bringing our total number of clients to 482. We also grew revenue by 73%. This performance continued to be spearheaded by the core UK corporate market and by increasing penetration into European markets being serviced from our London headquarters. One of the most pleasing aspects has been the impact of the investments made in the previous year, highlighting the strength of our strategy and execution. These included broadening our product base and investing in service delivery to ensure that our existing client relationships grow with us, investing in infrastructure and technology to provide the right platforms for scalable growth, and attracting new talent to exploit new market segments. The returns that we are seeing give us great confidence in our continuing planned investment. Headcount in the year grew from 51 to 82, with resources added to all areas of both Front and Back office.
Whilst we continue to represent less than 1% of the UK corporate market the successful move into new geographies is strategically important for our ambitions and provides an even larger total addressable market. The sales performance this year has demonstrated that accessing the European market from a UK base is more than viable and that both the UK and Europe continue to represent huge opportunities for sustained, long-term growth. As a result of the growth in international business, we have consequently seen a diversification of the range of currencies being traded.
New Products and Divisions
The derivatives products that were launched in August 2017 have already proved valuable to a number of clients, achieving revenues in excess of £1m. Providing derivatives has enabled us to service a proportion of clients with more complex exposures and is an example of how at Alpha we are able to tailor our approach to ensure we cater effectively to the individual needs of all our clients.
In March 2018 we launched the Institutional division, the first time that we had utilised our subsidiary model, to attract a highly talented team by rewarding them through performance-based equity incentive mechanisms aligning their interests to the Group. The Institutional team has grown from 5 at inception to 7 employees at the year-end. The performance has been ahead of our expectations in its first year.
Our Canadian office was launched in October 2018 following careful market analysis and a successful trial period of penetrating the market from the UK. We set up an office in Toronto due to the significant time difference and the initial signs are encouraging, with revenue generating clients already onboarded in the first quarter of 2019.
At the year-end the team consisted of 5 individuals who are familiar with the local market but, importantly are also engrained with the Alpha philosophy and culture. The Canadian operation has also been incorporated as a subsidiary along similar lines to the Institutional division.
Technology remains important to the continued success of the Group. We have invested strategically in this area during 2018 and will continue to do so in the current financial year in order to drive operational efficiencies and deliver revenue growth opportunities. As our offering broadens to meet evolving customer requirements, the underlying technology needs to become ever more sophisticated to deliver the required outcomes. By leveraging cloud-based systems early on, we have been able to customise our platform to the bespoke needs of our customers, allowing the freedom and agility to adapt and improve our systems without having to remedy significant legacy issues. An important technological development in the year was the launch of Alpha Pay, an online international payments platform designed to reduce the time, cost and administrative burden of making cross-border payments and receiving international receipts by providing a simpler, faster and more reliable solution. The market reaction to Alpha Pay has been very positive and over 25 customers are already transacting regularly, despite the platform only launching at the end of 2018.
In the second half of the year Adam Dowling joined Alpha as Managing Director of Alpha Pay. Adam has spent more than 15 years working in payments and receivables, most recently as Director of Product at Saxo Payments Banking Circle, an innovative financial technology company, and prior to this as Vice President of Cash Management at Barclays. His appointment is a further example of Alpha's growing reputation. Adam's expertise will enable us to maximise the potential for Alpha Pay by opening it up to a wider audience in the future.
In March 2018 we welcomed Henry Lisney to the Board of Directors as Chief Operating Officer. Henry has been with the business since 2013 progressing through a variety of different roles and his knowledge of our markets and understanding of the right products and technology to serve them best has already proved invaluable.
Our move to London in December 2017 has proved to be a considerable success. It has enabled us to attract 8 members of staff who are fluent in foreign languages and who have been integral in the significant growth in the number of European companies that we are able to service from our UK headquarters. Having spent the last year in temporary offices in Paddington, we are now looking forward to moving to our new permanent office at Paddington Basin, designed to create an environment that reflects and supports our culture.
Our status as a PLC has proved to be a significant catalyst in attracting, motivating and retaining the very best talent. As well as helping us to incentivise staff in our core business, it has allowed us to launch new businesses through subsidiaries, within which, employees hold a minority stake. The success of this approach is already being evidenced by our Institutional division and early success in Canada. We expect this model to be replicated in additional areas in the future.
Investment in our Team
It is important we continue to refine and develop our culture in order to retain the highly talented individuals that we have brought into Alpha. We have made great strides in this respect over the past twelve months. Investing in people will always be a priority and takes precedence over chasing short-term profits as it provides the platform for long-term sustainable growth and differentiates us from our competitors. We have invested time and effort in codifying our culture in order to promote the behaviours and principles that we must all strive to maintain as we continue to grow and evolve. By focusing on our culture, Alpha can best realise its growth ambitions without ever losing the agile, dynamic nature that has already got us this far. We have created an environment that challenges each individual to expect more of themselves and rewards them accordingly. Alpha has been built on meritocracy and the performance of the Group to date is a reflection of each individual's ability to contribute and share in the collective success.
We would like to thank all of our employees for their ongoing dedication as well our shareholders for their continued support and for sharing our vision of building an exceptional culture capable of delivering sustained growth. Moving forward, we will continue to stay true to our purpose of being an exceptional community full of opportunity, that works hard but lives well. Whilst this may seem like an internal facing statement, the reason for this is simple: we believe the quality of a business and the service it provides is a by-product of its people and culture. Get this right and, as our growth to date has shown, the results will follow.
2018 was another very strong year for the business in which revenue grew by 73% to £23.5m (2017: 60% revenue growth to £13.5m). Growth has been driven by increasing client numbers both from the UK and overseas as well as the promising start made by the Institutional team that launched in March 2018. In the year ended 31 December 2018 there were no structural changes in forward commission rates in comparison to the prior year.
Underlying operating profit increased by 48% to £10.0m (2017: £6.8m) whilst on a reported basis operating profit was up 72% to £9.7m (2017: £5.6m). The year was one of continued investment in headcount in the Front Office with the expansion of the UK-based Corporate team as well as the launch of the Institutional and Canadian operations in the year. Investment also continued in the Back Office to support revenue growth and drive the technology agenda. During the year total headcount increased from 51 to 82. Due to the continued investment, the Group delivered an underlying operating profit margin of 43% (2017: 50%).
The effective rate of taxation for 2018 was 20%. This is slightly higher than the standard rate primarily due to start-up losses of the Canadian business.
Underlying basic earnings per share that excludes share-based payments and the related deferred tax impact on them, increased from 17.5p in 2017 to 22.7p in 2018. Basic earnings per share increased from 14.2p in 2017 to 21.8p in 2018.
On 3 October 2018, the Group announced that it had completed a £20m share placing to capitalise on current growth opportunities by the issue of 3,218,602 new shares, raising net £19.2m after expenses.
In November 2018 the Group signed a lease for new premises for its Head Office in Paddington. It is anticipated that the Group will relocate from its existing temporary office in Q3-2019 following the completion and fit-out of the new building.
On a statutory basis, net cash and cash equivalents increased by £25.3m to £38.4m. However, the Group's cash position can fluctuate significantly from year to year due to: the impact of changes in the collateral received from clients, early settlement of trades, or the unrealised mark to market profit or loss from client swaps, resulting in an increase or decrease in cash with a corresponding change in other payables and trade receivables. Therefore, in addition to the statutory cash flow, the Group presents an adjusted net cash summary below which excludes the above items. In the year ended 31 December 2018 net cash on the non-statutory basis increased by £22.0m to £35.7m, largely due to proceeds of the placing.
£'000
Net cash and cash equivalents
Variation margin paid to banking counterparties
Margin received from clients & client held funds*
Net MTM timing loss/(profit) from client drawdowns and extensions within trade receivables
Adjusted net cash**
* Included in 'other payables' within 'trade and other payables'
** Excluding collateral received from clients, early settlements and the unrealised mark to market profit or loss from client swaps
The table below presents the operating cash conversion on a similar basis, which excludes collateral received from clients, early settlements and the unrealised mark to market profit or loss from client swaps. Cash conversion for the year ended 31 December 2018 increased to 73% from 47% in the prior year. The increase is due to a higher proportion of trades being derived from spot and options transactions where the revenue is immediately converted into cash, together with the average tenure of forward trades for the Institutional business being less than that for the Corporate business.
It is anticipated that the cash conversion will reduce in 2019 due to the impact of an increase in capitalised costs relating to the office move and the capitalisation of technology projects.
Year ended
Underlying operating profit
Depreciation & amortisation
Loss on sale of fixed assets
Increase in debtors**
Increase in creditors**
Less capital expenditure
Cash from operations before tax, and after capex**
B Share Growth Scheme
The Group has previously implemented the B Share Growth Scheme pursuant to which B Shares were issued to certain full-time employees of the Group. The B Share Growth Scheme is administered and managed by the Board. The B Shares contain a put option, such that, when and to the extent vested, they can be converted into ordinary shares in the Company. The B Shares vest in five equal tranches, occurring annually, starting on 31 December 2017 until 31 December 2021. The requirement for revenue growth of Alpha FX Limited in the first three years is 30% per annum, whilst vesting in years four and five requires 20% annual revenue growth.
Since Alpha FX Limited achieved revenue growth in excess of 30% in the year ended 31 December 2018, the second tranche of B shares has vested. The Company will issue 576,442 ordinary shares to employees under the B Share Growth Scheme.
Application has been made for the new ordinary shares to be issued under the B Share Growth Scheme to be admitted to trading on the AIM market of the London Stock Exchange and admission is expected to occur on or about 25 March 2019. Following the issue of the new ordinary shares, the issued share capital of the Company will comprise 37,122,410 ordinary shares, each with one voting right. This figure will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
C Share Growth Scheme
On 5 September 2018, the Company announced the terms of its C Share Growth Scheme, pursuant to which 863 C ordinary shares ("C Shares") were issued to full-time employees of the Company. The C Shares contain a put option, such that, when and to the extent vested, they can be converted into ordinary shares in the Company. The C Shares will vest in five tranches, occurring annually, starting on 31 December 2018 until 31 December 2022. The first tranche to vest will be equal to 10%. of the participant's C Share entitlement and thereafter will be equal to 22.5%. of the participant's C Share entitlement over the following four years. A participant may choose to roll each tranche of C Shares into the next year provided that no rollover is permitted after the final vesting date (March 2023).
Consolidated statement of comprehensive income
(13,781,984)
Cost associated with the IPO
Share-based payments
Finance income
Finance expenses
Profit before taxation
Profit for the year
Other comprehensive income:
Currency translation differences arising from consolidation
Total comprehensive income for the year
Profit for the year attributable to:
Equity owners of the parent
Non-controlling interests
Earnings per share attributable to equity owners of the parent (pence per share)
- basic
21.8p
- diluted
- underlying basic
- underlying diluted
As at 31 December 2018
As at
Property, plant and equipment
Trade and other receivables
Other cash balances
Share premium account
Capital redemption reserve
Merger reserve
Translation reserve
Equity attributable to equity holders of the parent
Trade and other payables
Current tax liability
Total equity and liabilities
Year ended 31 December 2018
Net finance (income)/expense
Depreciation of property, plant and equipment
Loss on disposal of fixed assets
Share-based payment expense
Provision charged in year
(Increase) in other receivables
Increase/(decrease) in other payables
(Increase) in derivative financial assets
Increase/(decrease) in derivative financial liabilities
(Increase)/decrease in other cash balances
Cash inflows/(outflows) from operating activities
Tax paid
Net cash inflows/(outflows) from operating activities
Payments to acquire property, plant and equipment
Expenditure on internally developed intangible assets
Net cash outflows from investing activities
Proceeds from borrowings
Repayment of borrowings
Dividends paid to equity owners of the Parent Company
Dividends paid to non-controlling interests
Issue of ordinary shares by Parent Company
Share issue costs
Issue of ordinary shares by subsidiary
Net interest received/(paid)
Net cash outflows from financing activities
Increase in net cash and cash equivalents in the year
Net cash and cash equivalents at beginning of year
Foreign currency movements
Net cash and cash equivalents at end of year
Attributable to the owners of the parent
Balance at 1 January 2017
Profit and total comprehensive income for the financial year
Transactions with owners
Bonus shares issued
Cancellation of shares in Parent Company
Shares issued on listing
Costs of issue of equity shares
Dividends paid
Balance at 31 December 2017
Shares issued on vesting of share option scheme
Issue of shares to non-controlling interests in subsidiary undertakings
Shares issued on placing
Cost of shares issued on placing
1. General information
Alpha FX Group plc, (the 'Company') is a public limited company having listed its shares on AIM, a market operated by The London Stock Exchange, on 7 April 2017. The Company is incorporated and domiciled in the UK (registered number 07262416) and its registered office is 2 Eastbourne Terrace, London, W2 6LG. The consolidated financial statements incorporate the results of the Company and its subsidiary undertakings, Alpha FX Limited, Alpha FX Institutional Limited and Alpha Foreign Exchange (Canada) Limited.
Statutory accounts for the year ended 31 December 2017 have been delivered to the Registrar of Companies. The statutory accounts for the year ended 31 December 2018 will be delivered to the Registrar of Companies following the Group's Annual General Meeting.
The auditors' reports on the financial statements for 31 December 2018 and 31 December 2017 were unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
Basis of preparation
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and adopted by the European Union ("IFRS").
The financial information set out above does not constitute statutory accounts for the purposes of section 435 of the Companies Act 2006, for the years ended 31 December 2018 and 31 December 2017, but is derived from those accounts.
The Directors have assessed the Group's projected business activities and available financial resources together with detailed forecasts for cash flow and relevant sensitivity analysis. The directors believe that the Group remains well placed to manage its business risks successfully. After making appropriate enquiries the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the statutory accounts for the year ended 31 December 2018.
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The accounting policies adopted in these financial statements are identical to those adopted in the Group's most recent annual financial statements for the year ended 31 December 2018 except as described below.
On 1 January 2018 the Group adopted IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. The adoption of these standards has had no impact on the results presented in the financial statements.
Segment reporting
The revenue for the Group is generated through the provision of commercial and wholesale foreign exchange services. The Group has two reportable segments based on the type of clients. In 2018, 70% of the Group's revenue derived from within the UK. Details of segmental reporting are shown in Note 4.
3. Earnings per share
Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of the parent, by the weighted average number of ordinary shares during the year. Diluted earnings per share additionally includes in the calculation, the weighted average number of ordinary shares that would be issued on conversion of any dilutive potential ordinary shares.
The Group additionally discloses an underlying earnings per share calculation that excludes the impact of the one-off costs relating to the IPO in 2017, share-based payments and their tax effect, which better enables comparison of financial performance in the current year with comparative years.
Underlying - basic
Underlying - diluted
The calculation of basic and diluted earnings per share is based on the following number of shares:
Basic weighted average shares
Contingently issuable shares
Diluted weighted average shares
The earnings used in the calculation of basic, diluted and underlying earnings per share are set out below:
Profit after tax for the year
Earnings - basic and diluted
Costs associated with the IPO
Tax effect
Deferred tax asset impact on share-based payments
Earnings - underlying
4. Segmental reporting
During the year the Group generated revenue from the sale of forward currency contracts, foreign exchange spot transactions and option contracts.
The Group has two reportable segments, based on the type of clients, Corporate and Institutional. Revenue from Corporate clients represents the revenue generated by Alpha FX Limited and Alpha Foreign Exchange (Canada) Limited, whilst revenue from Institutional clients represents revenue from Alpha FX Institutional Limited.
Option contracts
5. Dividends
Interim dividend for the year ended 31 December 2017 of 1.5p per share
Final dividend for the year ended 31 December 2017 of
3.4p per share
Interim dividend for the year ended 31 December 2018 of
The Directors propose that a final dividend in respect of the year ended 31 December 2018 of 4.6p per share amounting to £1,681,115 will be paid on 15 May 2019 to all shareholders on the register of members on 12 April 2019. This dividend is subject to approval by shareholders at the AGM and has not been included as a liability in these Financial Statements in accordance with IAS 10 'Event after the reporting period'.
6. Trade and other receivables
Trade receivables represent the fair value of derivative financial assets arising as a result of matched principal transactions.
Trade receivables (derivative financial assets)
Other receivables
At 31 December 2018 and 31 December 2017, the receivables are shown net of the Credit Value Adjustment.
7. Cash
Cash and cash equivalents comprise cash balances and deposits held at call with banks.
Other cash balances comprise cash held as collateral with banking counterparties for which the Group does not have immediate access.
Cash balances included within derivative financial assets relate to the variation margin called against out of the money trades with banking counterparties.
Variation margin called by counterparties*
Total cash
*Included within trade receivables and trade payables
8. Trade and other payables
Trade payables represent the fair value of derivative financial liabilities arising as a result of matched principal transactions.
Trade payables (derivative financial liabilities)
Other payables
Other taxation and social security
Accruals and deferred income
Other payables consist of margin received from clients and client held funds. The carrying value of trade and other payables classified as financial liabilities measured at amortised cost, approximates fair value.
9. Provisions
The onerous lease provision represents the present value of the estimated obligations under a lease where the unavoidable costs of the lease exceed the economic benefit expected to be received from it.
10. Share capital
As at 31 December
Authorised, issued and fully paid
Ordinary shares of £0.002 each
Ordinary shares
Deferred shares
At 1 Jan 2017
Bonus issue
Conversion to £0.002 each
Re-designation
Cancellation of shares
Issue of new shares on IPO
At 31 Dec 2017
The following movements of share capital occurred during the year ended 31 December 2018:
On 26 March 2018, the Company issued 565,387 new shares following the vesting of shares under the Growth Share Scheme the B share scheme.
On 3 October 2018, the Company issued 3,218,602 new shares following a placing.
11. Subsequent events
On 19 March 2019 the Company determined that following the vesting of shares under the Growth Share Schemes for the year ended 31 December 2018, it would be issuing 576,442 shares on 25 March 2019.
12. Availability of Annual Financial Report
The Group notes that the Annual Report & Accounts for the year ended 31 December 2018 will be posted to Alpha FX shareholders in the first week of April 2019. The document will also be available on the Group's website at www.alphafx.co.uk and in hard copy at 2 Eastbourne Terrace, Paddington London W2 6LG.
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text:
Q: Why an JS object with a property [name] becomes an object with a 'result' property when console logged? I have defined a JS object like below:
var obj = {
    [name]: 'TESTING 201909061509'
}
But when I console log it, the printed content became something like below:
{result: "TESTING 201909061509"}
Thanks!

A: It's because the value of your variable name is actually the string "result".
This way of accessing object's properties is called Square Bracket Notation and it's mostly used when you want your object's attribute to be a Symbol (a primitive value) instead of a valid JavaScript identifier.
You can even make it the result of an expression:
var obj = { [3+5]: "some value" };

Which will result in:
{ 8: "some value" }

A: When you write the name in square brackets, it is treated like a variable.
If name has a value of "result". Your object looks like
{result: "TESTING 201909061509"}
If you want name in object key it should be
var obj = {
    name: 'TESTING 201909061509'
}

A: Somewhere in your code you must using
var name = "result"; is present or name is getting assigned this value "result"

That's why you are getting result like {result: "TESTING 201909061509"}
To fix the issue try below code
var obj = {
name: 'TESTING 201909061509'
}

Note: When we define object in JS we define using key and value
var obj = {
key1: value1,
key2: value2
};

Or Using dot notation
obj.key3 = "value3";

When we try the way you have tried
Like this
 var obj = {
    [name]: 'TESTING 201909061509'
    }

Javascript will get the value of [name] and than object will be made if your name is variable which is not defined result will be
{"": "TESTING 201909061509"}

If it has some value the value will become key like in your case
name has value "result"

hence result is  {result: "TESTING 201909061509"}

A: In javascript, the keys can be define with or without quotation marks, if you prefer to use square brackets in your key you can put the key name inside quotation marks like the below method
var obj = {
    ['name']: 'TESTING 201909061509'
}

Or
var name = 'name';
var obj = {
   [name]: 'TESTING 201909061509'
}

Normally we can use like below
var obj = {
    name: 'TESTING 201909061509'
}

A: In addtion to Maiko Morales Roman's answer, if the expression inside the bracket is a Object type, the properties you defined would become [Object Object]. In other words, the Object will transform into String first.
const keyA = {a: 1};
const keyB = {b: 2};

const myObject = {
  [keyA]: 'valueA',
  [keyB]: 'valueB'
};

myObject // Object {[object Object]: "valueB"}

If you want to set attribute use the variable and its value, you could write your code like this:
let birth = '2000/01/01';

const Person = {
  // birth: birth
  birth

};

redpajama_set_name: RedPajamaStackExchange


2014 is on its way, and people the world over will be saying goodbye to 2013 in their own fashion. Where are some of the most popular celebrations taking place across the globe? Read on to find out!
The Land Down Under will be one of the first countries to ring in the New Year, so it only makes sense that it welcomes 2014 in spectacular fashion. Fireworks over the Sydney Harbour draw over a million people annually, and the pyrotechnics show is all the more visually stunning alongside landmarks like the Harbour Bridge and the Sydney Opera House.
New Year's Eve in Times Square may sound a bit cliché, but every cliché is based on some truth. After all, watching the ball drop on the 31st is an exciting and awesome experience. Standing out in the cold, shoulder-to-shoulder with other revelers in the heart of the theatre district may not sound all that appealing to some, but when the countdown begins and the confetti starts coming down, there won't be anywhere else in the world you'd rather be!
If you're spending December 31st in Germany's capital, Brandenberg Gate is where you'll find Berlin's largest and most popular celebration. The open-air party takes place in and around the historic city gate, with the Party Mile stretching 1.2 miles behind it, housing various food and alcohol stands, DJ booths and dance floors along its path. The main stage will sit on Pariser Platz, for an all-around gorgeous setting that is enhanced by the midnight fireworks show.
Want to inject a dose of Latin flavah to your New Year's Eve? The main event in Rio takes place at Copacabana Beach, drawing in revelers from across the globe. The New Year is synonymous with renewal, and many attendees honour the tradition of wearing white, and once midnight arrives, they flock to the shoreline and throw flowers into the water, in hope that their wishes may be granted. What is more enticing than sand between your toes, a night sky brightly lit by fireworks, and the prospect of a fresh start?
With a vantage spot along the River Thames, you can watch London's impressive fireworks display at the London Eye as the imposing bongs of Big Ben ring in the New Year. It's one of the world's most iconic and stunning backgrounds, and wherever you'll find yourself in the city on the 31st-be it within the crowds of the Victoria Embankment and Westminster Bridge, or more quiet areas like Hampstead Heath and Primrose Hill-you're in for quite an experience!
For a spectacular fireworks show in the Chinese city, look no further than the gorgeous display above Victoria Harbour. Take a walk along the (albeit crowded) Tsim Sha Tsui waterfront promenade, where views will be incomparable. Another alternative: the countdown in Times Square, a shopping complex that plays host to the annual event, clearly inspired by the New York City version.
The New Year's Eve celebration in this Spanish metropolis marries an off-the-chain outdoor party with a time honoured tradition. Taking place in the city's Puerta del Sol square, once its famous clock chimes at the stroke of midnight, revelers start eating 12 grapes-one for each of the 12 bongs the clock rings out. The 12 grapes is a Spanish-Catholic ritual, with each grape said to give you good luck for each month of the New Year.
While the City of Love's New Year's Eve festivities have been without official fireworks in recent years, a great party is still to be had! Open-air festivities take place all along the Champs-Elysées, but beware people launching small fireworks within the crowd. A more fun (and safer) tradition is the popping of papillottes, which hide sweet treats within, and enjoying a flute of champagne along the brightly lit street. For a more relaxed celebration, ring in the New Year at the base of the Eiffel Tower, or on the front steps of the Sacré-Coeur Basilica.
Scotland's capital city is host to a New Year's Eve celebration known as Hogmanay. It is one huge party that begins on the eve of the 31st with a breathtaking torchlight procession, starting in Edinburgh's Old Town, and lighting up the city to the sounds of pipes and drums. The next day, partygoers gather in the city's downtown centre for a night of drinking, music, and fireworks, ready to ring in the New Year. And if you're up and about the next morning, many take part in Loony Dook, which involves taking a dip into the frigid River Forth. You game?
There is nothing more spectacular than ringing in the New Year in Quebec's capital city. We suggest skipping the traditional réveillon, and head over to Grande-Allée, a restaurant- and pub-lined street where most of the action will take place. Patios will be open (worry not: heaters will be in abundance!) and the music will be blaring. And come midnight, revelers will pour out into the streets for a spectacular fireworks show. Bonne année!


As one of six large parks developed during the nineteeth century to serve the recreational needs of the people of Chicago, Washington Park, known as South Park until 1881, was one of the south side's largest and most popular amusement spaces during the early twentieth century. Today, Washington Park remains an important public amusement space for south side Chicagoans. The administration building is now home to the DuSable Museum of African American History.


Ferla MP, Patrick WM. Bacterial methionine biosynthesis. Microbiology. 2014 Aug;160(Pt 8):1571-84.
PMID: 24939187, doi: 10.1099/mic.0.077826-0 and pdf.
It was crammed with facts and a couple of deductions that in my opinion are correct. However, there were a lot of hypotheses and conjectures, from plausible to wild, that did not make it into paper. Here I thought I might mention a few.
MetC and MetB are close homologues and it is really hard to tell them apart in a phylogram —with the bold assumption that the uncharacterised genes are what have been guess.
Catalytically a metC and metB in a single active site would be a disaster.
Cystathionine is a cysteine/alanine and a homocysteine/homoalanine joined together with a thioether. It has a short side (S is on the β) and a long side (S on the γ).
MetC is cysthationine β-lyase, it eliminates cystathionine at the thioether bond. On the shorter side (β).
MetB is cystathionine synthase it eliminates O-acetyl-homoserine at the ester bond and then attacks it with cysteine's thiol making cystathionine.
The two PLP enzymes hold cystathionine at some point but in radically different ways, one on the β side (MetC), the other on the γ (MetB).
Taking a step back, we have two types of cystathionine lyase and what controls the specificity between a β-lyase and a γ-lyase is not known —there have been a few papers looking into making MetC into a MetB and viceverse, but unfortunately nothing tackling this simpler issue. Cystathionine looks nearly identical from both sides: the sulfur bridge is hard to tell apart from a methyl group as there is only a slight size and charge difference. Methionine can be substituted with norleucine in protein with only minimal effect. Therefore it is intriguing how the enzymes bind it tightly in a specific way. My theory is that sulfur-π interactions may be involved as there are several tyrosines in the active site of MetC. Additionally, a β-elimination might be easier than a γ-elimination, therefore it is shame that there is a decent amount of data of the lack of γ-elimination activity in the β-lyase, but not viceversa. Therefore it would seem more likely to have a powerful bifunctional β- γ- cystathionine lyase than have retrained one that is strongly specific. However, this bifunctional enzyme is not an evolutionary a good idea due to the number of round trips it would do. Specifically, cysteine or homocysteine would go into making cystathionine, which the uncommitted lyase would either correctly transform or return a starting substrate —at the cost of ATP. The reason for this fascinating parenthesis is to conclude that cystathionine synthase/lyase combo that could do both, would be equally as bad of an idea —it would work due to flux from excess substrate to product in demand, but it is just extremely inefficient.
It is dominating the threonine branch point and there is not enough threonine being produced.
I like the idea of enzymes being repressed from doing something easy, but bad on an aside (e.g. MetC can eliminate serine), but I don't think it's the case here. Unfortunately the only way to find out is to actually test whether the oddity perseveres when threonine and cysteine are added.
Here is the alignment file of manually aligned genes of various metB metC etc.


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Home Movies Star Wars: Episode IX Oscar Isaac Says People Will be Blown Away by Episode IX
Oscar Isaac Says People Will be Blown Away by Episode IX
Ashley Wilbanks
Oscar Isaac is currently doing press for his upcoming film Triple Frontier starring Ben Affleck, Charlie Hunnam and the aforementioned Isaac. The Associated Press caught up with Isaac and of course got the usual Star Wars question in. The reporter simply asked Isaac to give his opinion of the film.
It was the most fun it's been. There was just an energy and a looseness and excitement to the whole production. And knowing that this was the conclusion of not only our time there but the nine stories, these nine episodes of the Skywalker Saga, it's incredible. And I think people are gonna be just blown away.
About Star Wars: Episode IX:
The cast includes Daisy Ridley, Adam Driver, John Boyega, Oscar Isaac, Lupita Nyong'o, Domhnall Gleeson, Kelly Marie Tran, Joonas Suotamo, and Billie Lourd. Joining the cast of Episode IX are Naomi Ackie, Richard E. Grant, and Keri Russell, who will be joined by veteran Star Wars actors Mark Hamill, Anthony Daniels, Carrie Fisher and Billy Dee Williams, who will reprise his role as Lando Calrissian.
Star Wars: Episode IX will be produced by Kathleen Kennedy, J.J. Abrams, and Michelle Rejwan, and executive produced by Callum Greene and Jason McGatlin. The crew includes Dan Mindel (Director of Photography), Rick Carter and Kevin Jenkins (Co-Production Designers), Michael Kaplan (Costume Designer), Neal Scanlan (Creature and Droid FX), Maryann Brandon and Stefan Grube (Editors), Roger Guyett (VFX Supervisor), Tommy Gormley (1st AD), and Victoria Mahoney (2nd Unit Director).
Release is scheduled for December 2019.
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A Star Wars fan since 1978, he has a passion for all things Star Wars and wonders why May the 4th is not a national holiday. He lives in the wastelands of middle Georgia with his wife, two girls, and two dogs.
'THE BOOK OF BOBA FETT' OFFICIAL TITLE REVEAL

redpajama_set_name: RedPajamaCommonCrawl


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The Puffy have a strong group of professionals busy in r & d tasks. Probably this is the factor behind that high discovering contour this cushion manufacturer is complying with.
The Puffy as its stated on their site is using handcrafted cushions. Well, in this age of automation it is rather difficult to locate genuine handmade bed mattress, which is why our team believe Puffy is an excellent option. The feature-rich handmade mattresses they are supplying come with significant benefits and also a certain edge over other bed mattress which are made with automated processes saatva king vs puffy mattress review.
The Puffy Mattress is made to do its task regardless of its host surface. Talking you think about anything like flat frameworks, box springs, flexible structures, slats or even the floor. Your cushion is mosting likely to generate exact same outcomes till and also unless you will not determine to come up with something out of routines like yards or open areas saatva king vs puffy mattress review.
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Simply like many various other services the Puffy is operating with a really well designed CSR job. Therefore, preferring Puffy while looking for a spending plan bed mattress could make you join a very noble reason.
Of all, it is important that you understand the surveys of fulfillment levels over buying a bed mattress has actually offered similar results to those who acquired them on the internet as well as offline by visiting a shop. Of all, the benefit of really getting to try on the bed mattress that you get when you visit a store is normally covered by thousands of user assesses one can find on the internet. If a thousand out of thousand people are stating that a mattress is comfy, the possibilities are it is in reality comfy.
Now that you understand purchasing a cushion online will not make you regret at the end, allow's see the points you could do it make your choice as much better as possible. There are cushions which are much better for back sleepers compared to side sleepers. Know specifically just what you are going for, as well as after that begin surfing for the bed mattress that would match all your needs.
As mentioned over as well, one of the largest advantages of on the internet shopping is the accessibility to thousands of individual testimonials. There are uncommon possibilities that a product is a whole lot better compared to what it has actually been described by the customers, however many of the time if the evaluations are reliable, it would give you a great understanding right into the experience of utilizing the bed mattress that you can not obtain from anywhere else.
Another concern when you buy mattress online is the price. Usually, getting goods on-line come with an additional expense for the delivery. There are lots of mattress firms on the internet which would certainly prepare the distribution for complimentary. Take a while to seek them. Or else, you would be shedding your advantage of purchasing online. There are sales in the stores nearing seasonal times of the year. Attempt to obtain big items like cushions on sale where sometimes they provide to 50% discount rates. Maintain an eye on coupon supplies. If you have a little patience to do some good excavating on online, you will probably be able to buy the best cushion for the very best price possible.
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Puffy is a self-adjusting bed mattress, and it will certainly obtain accustomed to your requirements within an hour or two – this showcases it an excellent choice for customers from numerous histories and age.
The Puffy have a strong team of professionals active in r & d activities. Probably this is the factor behind that steep knowing contour this bed mattress maker is following.


text:
Israeli Soccer Fans Rejoice Over Long-Awaited World Cup Win for Messi, Argentina
Israeli soccer fans were among millions worldwide to celebrate Argentina's hard-fought victory over France on Sunday, December 18, in a nail-biting finale game for the 2022 World Cup championship.
Fans rejoiced in cities nationwide, waving Argentinian flags and shirts as the team, led by Lionel Messi, beat France 4-2 on penalties in a stunning finale after the game ended 3-3 in extra time.
In Tel Aviv, fans poured into Dizengoff Square to sing, dance, and play in the famous water fountain to mark the win. In locales with a strong population of immigrants from Latin America, the joy was palpable.
"Messi is our Judah the Maccabee," one fan from Kibbutz Or Haner in southern Israel told media, a fitting reference to the ancient rebel leader of the Maccabees, whose story is told on the Jewish holiday of Hanukkah.
"We dreamed of this day, we were with them all the way. It's a victory they deserve, the team and the Argentinian people. We deserve this" said the fan, a resident of the kibbutz, which was largely set up by immigrants from Argentina and Chile in the mid-1950s.
The sentiments echoed those in Buenos Aires, where fans were also overjoyed by the victory. Throughout the match, many watching in a public square in Buenos Aires chanted the name of the team captain, often considered the world's greatest soccer player who had long talked about how he yearned for a World Cup victory. (TOI / VFI News)


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Printed from https://ideas.repec.org/p/cpr/ceprdp/6401.html
The Deterrent Effects of Prison: Evidence from a Natural Experiment
Drago, Francesco
Galbiati, Roberto
Vertova, Pietro
Francesco Drago
Roberto Galbiati
In this paper we test for the theory of deterrence. We exploit the natural experiment provided by the Collective Clemency Bill passed by the Italian Parliament in July 2006. As a consequence of the provisions of the bill, expected punishment to former inmates recommitting a crime can be considered as good as randomly assigned. Based on a unique data set on post-release behaviour of former inmates, we find that an additional month in expected sentence reduces the propensity to recommit a crime by 1.24 percent: this corroborates the general deterrence hypothesis. However, this effect depends on the time previously served in prison: the behavioural response to an additional month of expected sentence decreases with the length of the prison spell. This second result can be hardly reconciled with the specific deterrence hypothesis according to which a stronger past experience of punishment should increase the sensitivity to future expected sanctions.
Drago, Francesco & Galbiati, Roberto & Vertova, Pietro, 2007. "The Deterrent Effects of Prison: Evidence from a Natural Experiment," CEPR Discussion Papers 6401, C.E.P.R. Discussion Papers.
Handle: RePEc:cpr:ceprdp:6401
File URL: http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=6401
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Francesco Drago & Roberto Galbiati & Pietro Vertova, 2009. "The Deterrent Effects of Prison: Evidence from a Natural Experiment," Journal of Political Economy, University of Chicago Press, vol. 117(2), pages 257-280, April.
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Kessler, Daniel P & Levitt, Steven D, 1999. "Using Sentence Enhancements to Distinguish between Deterrence and Incapacitation," Journal of Law and Economics, University of Chicago Press, vol. 42(1), pages 343-363, April.
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Steven D. Levitt, 1996. "The Effect of Prison Population Size on Crime Rates: Evidence from Prison Overcrowding Litigation," The Quarterly Journal of Economics, Oxford University Press, vol. 111(2), pages 319-351.
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Edward C. Norton & Hua Wang & Chunrong Ai, 2004. "Computing interaction effects and standard errors in logit and probit models," Stata Journal, StataCorp LP, vol. 4(2), pages 154-167, June.
Levitt, Steven D, 1998. "Why Do Increased Arrest Rates Appear to Reduce Crime: Deterrence, Incapacitation, or Measurement Error?," Economic Inquiry, Western Economic Association International, vol. 36(3), pages 353-372, July.
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Emily G. Owens, 2009. "More Time, Less Crime? Estimating the Incapacitative Effect of Sentence Enhancements," Journal of Law and Economics, University of Chicago Press, vol. 52(3), pages 551-579, August.
Rafael Di Tella & Ernesto Schargrodsky, 2004. "Do Police Reduce Crime? Estimates Using the Allocation of Police Forces After a Terrorist Attack," American Economic Review, American Economic Association, vol. 94(1), pages 115-133, March.
David S. Lee & Justin McCrary, 2005. "Crime, Punishment, and Myopia," NBER Working Papers 11491, National Bureau of Economic Research, Inc.
Jeffrey R. Kling, 2006. "Incarceration Length, Employment, and Earnings," American Economic Review, American Economic Association, vol. 96(3), pages 863-876, June.
Jeffrey R. Kling, 2004. "Incarceration Length, Employment, and Earnings," Working Papers 873, Princeton University, Department of Economics, Industrial Relations Section..
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Patrick Bayer & Randi Hjalmarsson & David Pozen, 2009. "Building Criminal Capital behind Bars: Peer Effects in Juvenile Corrections," The Quarterly Journal of Economics, Oxford University Press, vol. 124(1), pages 105-147.
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Jesse M. Shapiro, 2007. "Do Harsher Prison Conditions Reduce Recidivism? A Discontinuity-based Approach," American Law and Economics Review, Oxford University Press, vol. 9(1), pages 1-29.
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Francesco Drago & Roberto Galbiati, 2010. "Indirect Effects of a Policy Altering Criminal Behaviour: Evidence from the Italian Prison Experiment," CSEF Working Papers 270, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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Drago, Francesco & Galbiati, Roberto, 2010. "Indirect Effects of a Policy Altering Criminal Behaviour: Evidence from the Italian Prison Experiment," IZA Discussion Papers 5414, Institute of Labor Economics (IZA).
Francesco Drago & Roberto Galbiati, 2012. "Indirect Effects of a Policy Altering Criminal Behavior: Evidence from the Italian Prison Experiment," Sciences Po publications info:hdl:2441/53r60a8s3ku, Sciences Po.
Steven N. Durlauf & Daniel S. Nagin, 2010. "The Deterrent Effect of Imprisonment," NBER Chapters, in: Controlling Crime: Strategies and Tradeoffs, pages 43-94, National Bureau of Economic Research, Inc.
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repec:pri:cepsud:189lee is not listed on IDEAS
David S. Lee & Justin McCrary, 2009. "The Deterrence Effect of Prison: Dynamic Theory and Evidence," Working Papers 1171, Princeton University, Department of Economics, Industrial Relations Section..
David S. Lee & Justin McCrary, 2009. "The Deterrence Effect of Prison: Dynamic Theory and Evidence," Working Papers 1168, Princeton University, Department of Economics, Center for Economic Policy Studies..
Santiago Tobón Zapata & Maria Antonia Escobar Bernal & Martin Vanegas Arias, 2021. "Criminal capital persistence: Evidence from 90,000 inmates' releases," Documentos de Trabajo CIEF 019297, Universidad EAFIT.
Markus Gehrsitz, 2016. "Speeding, Punishment, and Recidivism - Evidence from a Regression Discontinuity Design," Working Papers 11, City University of New York Graduate Center, Ph.D. Program in Economics.
Eide, Erling & Rubin, Paul H. & Shepherd, Joanna M., 2006. "Economics of Crime," Foundations and Trends(R) in Microeconomics, now publishers, vol. 2(3), pages 205-279, December.
David S. Abrams, 2012. "Estimating the Deterrent Effect of Incarceration Using Sentencing Enhancements," American Economic Journal: Applied Economics, American Economic Association, vol. 4(4), pages 32-56, October.
Songman Kang, 2016. "Inequality and crime revisited: effects of local inequality and economic segregation on crime," Journal of Population Economics, Springer;European Society for Population Economics, vol. 29(2), pages 593-626, April.
Jonathan Klick & Alexander Tabarrok, 2010. "Police, Prisons, and Punishment: The Empirical Evidence on Crime Deterrence," Chapters, in: Bruce L. Benson & Paul R. Zimmerman (ed.), Handbook on the Economics of Crime, chapter 6, Edward Elgar Publishing.
Kevin T. Schnepel, 2016. "Economics of Incarceration," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 49(4), pages 515-523, December.
crime; deterrence; natural experiment; recidivism;
K42 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Illegal Behavior and the Enforcement of Law
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Scientific paper in Nature using the Monitor of All-sky X-ray Image (MAXI) on Kibo and the Swift satellite (USA) observations - First observation of a massive black hole swall...
The Monitor of All-sky X-ray Image (MAXI) on Kibo, in coordination with the gamma-ray burst satellit
The Monitor of All-sky X-ray Image (MAXI) on Kibo, in coordination with the gamma-ray burst satellite Swift (USA), observed the instant that a massive black hole swallowed a star for the first time in the world, located in the center of a galaxy 3.9 billion light years away. This result was published in Nature online, issued on August 25 Japan time. The title of the paper is "Relativistic Jet Activity from the Tidal Disruption of a Star by a Massive Black Hole".
The Swift team, led by Prof. David Burrows of Penn State University, who is also the main author of this paper, detected a strong gamma ray coming from the object located in Draco constellation with a BAT instrument at 21:57 on March 28, 2011 (JST). This object, named Swift J1644+57, continued strong X-ray emissions, so we understood it as different from a gamma-ray burst, as is often observed when a massive star dies and a black hole is born.
Alerted by information from the Swift team, the MAXI team, including JAXA, Riken, and Profs. Nobuyuki Kawai in Tokyo Tech and Hitoshi Negoro in Nihon University, both of whom co-authored the Nature paper, reviewed the MAXI data of this object and found that MAXI had detected X-rays from Swift J1644+57 several hours before the Swift discovery. They also found that there had been no previous X-ray emission before the activity this time.
Detailed analysis of MAXI and Swift observations revealed that the X-ray came from a black hole located in the center of a galaxy sucking down a star. This was the first time that a nucleus with no X-ray emission had ever suddenly started such activity. The strong X-ray and rapid variation indicated that the X-ray came from a jet. Although there have been some other observations to date, namely considered to be tidal disruption and a black hole swallowing a star, they were not as violent as seen this time, and the beginning had not previously been observed.
MAXI was mounted on the Japanese experimental module Kibo on the ISS in July 2009 and has been monitoring the whole sky since August 2009. Moreover, MAXI can not only detect transient objects, but is also capable of investigating the state of objects prior to the phenomenon, which led to the current discovery. The X-ray camera with MAXI can detect low-energy X-rays, enabling wide-ranging coverage when combined with Swift BAT. Continual monitoring of MAXI will lead to further new discoveries in future.
"Relativistic Jet Activity from the Tidal Disruption of a Star by a Massive Black Hole"
(10.1038/nature10374) by David Burrows (Penn State University, USA)
Co-authors in the MAXI team?
Nobuyuki Kawai, Ryuichi Usui (Tokyo Tech)
Mutsumi Sugizaki (Riken)
Yoshihiro Ueda, Kazuo Hiroi (Kyoto University)
Hitoshi Negoro (Nihon University)
Home page of MAXI
http://maxi.riken.jp/
Home page of Swift
http://swift.gsfc.nasa.gov/
X-ray Image of Swift J1644+57 by MAXI


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