Technology
UScellular reports fourth quarter and full year 2023 results
Published
7 months agoon
By
Provides guidance for 2024
CHICAGO, Feb. 16, 2024 /PRNewswire/ —
As previously announced, UScellular will hold a teleconference on February 16, 2024 at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.uscellular.com.
United States Cellular Corporation (NYSE: USM) reported total operating revenues of $1,000 million for the fourth quarter of 2023, versus $1,048 million for the same period one year ago. Net income (loss) attributable to UScellular shareholders and related diluted earnings (loss) per share were $14 million and $0.16, respectively, for the fourth quarter of 2023 compared to $(28) million and $(0.33), respectively, in the same period one year ago.
UScellular reported total operating revenues of $3,906 million and $4,169 million for the years ended 2023 and 2022, respectively. Net income attributable to UScellular shareholders and related diluted earnings per share were $54 million and $0.63, respectively, for the year ended 2023 compared to $30 million and $0.35, respectively, for the year ended 2022.
Full-year 2023 Highlights*
Postpaid ARPU grew 2%Delivering on growth initiativesFixed wireless customers grew 46% to 114,000Tower rental revenues grew 8% to $100 millionIncreased profitabilityNet income, Adjusted OIBDA and Adjusted EBITDA upGenerated positive free cash flow and increased cash flows from operating activitiesBegan launching 5G mid-band network – providing low latency and faster speeds
*Comparisons are Year Ended December 31, 2023 to Year Ended December 31, 2022
“At UScellular, we are focused on connecting people to what matters most,” said Laurent Therivel, UScellular President and CEO. “In 2023, Postpaid ARPU increased 2%, we made significant progress on our 5G network deployment, and we delivered strong results in fixed wireless. Even though we experienced challenging subscriber results in an aggressive competitive environment, I’m pleased with the improvements we were able to drive in profitability year over year.
“In 2024, we plan to continue focusing on improving subscriber results, driving growth in fixed wireless and towers, and maintaining financial discipline as we advance the network through our mid-band deployment.”
Recent Development: On August 4, 2023, Telephone and Data Systems, Inc. (TDS) and UScellular announced that the Boards of Directors of both companies decided to initiate a process to explore a range of strategic alternatives for UScellular. The process is still ongoing.
2024 Estimated Results
UScellular’s current estimates of full-year 2024 results are shown below. Such estimates represent management’s view as of February 16, 2024 and should not be assumed to be current as of any future date. UScellular undertakes no duty to update such estimates, whether as a result of new information, future events, or otherwise. There can be no assurance that final results will not differ materially from estimated results.
2024 Estimated
Results
Actual Results for
the Year Ended
December 31, 2023
(Dollars in millions)
Service revenues
$2,950-$3,050
$3,044
Adjusted OIBDA1, 2
$750-$850
$818
Adjusted EBITDA1, 2
$920-$1,020
$986
Capital expenditures
$550-$650
$611
The following table reconciles EBITDA, Adjusted EBITDA, and Adjusted OIBDA to the corresponding GAAP measures, Net income or Income before income taxes. In providing 2024 estimated results, UScellular has not completed the below reconciliation to Net income because it does not provide guidance for income taxes. Although potentially significant, UScellular believes that the impact of income taxes cannot be reasonably predicted; therefore, UScellular is unable to provide such guidance.
2024 Estimated
Results2
Actual Results for
the Year Ended
December 31, 2023
Actual Results for
the Year Ended
December 31, 2022
(Dollars in millions)
Net income (GAAP)
N/A
$58
$35
Add back:
Income tax expense
N/A
53
37
Income before income taxes (GAAP)
$40-$140
$111
$72
Add back:
Interest expense
195
196
163
Depreciation, amortization and accretion expense
665
656
700
EBITDA (Non-GAAP)1
$900-$1,000
$963
$935
Add back or deduct:
Expenses related to strategic alternatives review
—
8
—
Loss on impairment of licenses
—
—
3
(Gain) loss on asset disposals, net
20
17
19
(Gain) loss on sale of business and other exit costs, net
—
—
(1)
(Gain) loss on license sales and exchanges, net
—
(2)
—
Adjusted EBITDA (Non-GAAP)1
$920-$1,020
$986
$956
Deduct:
Equity in earnings of unconsolidated entities
160
158
158
Interest and dividend income
10
10
8
Adjusted OIBDA (Non-GAAP)1
$750-$850
$818
$790
1
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliation above. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. UScellular does not intend to imply that any such items set forth in the reconciliation above are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of UScellular’s operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented above as they provide additional relevant and useful information to investors and other users of UScellular’s financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of UScellular while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The table above reconciles EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income or Income before income taxes. Additional information and reconciliations related to Non-GAAP financial measures for December 31, 2023, can be found on UScellular’s website at investors.uscellular.com.
2
2024 Estimated Results do not reflect any anticipated costs, expenses or results of the strategic alternatives review referenced above.
Conference Call Information
UScellular will hold a conference call on February 16, 2024 at 9:00 a.m. Central Time.
Access the live call on the Events & Presentations page of investors.uscellular.com or at https://events.q4inc.com/attendee/105947395Access the call by phone at (888) 330-2384 (US/Canada), conference ID: 1328528
Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.uscellular.com. The call will be archived on the Events & Presentations page of investors.uscellular.com.
About UScellular
United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to customers with 4.6 million retail connections in 21 states. The Chicago-based company had 4,300 full- and part-time associates as of December 31, 2023. At the end of the fourth quarter of 2023, Telephone and Data Systems, Inc. owned approximately 83% of UScellular. For more information about UScellular, visit uscellular.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company’s plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: whether any strategic alternatives for UScellular will be successfully identified or completed; whether any such strategic alternative will result in additional value for UScellular and its shareholders and whether the process will have an adverse impact on UScellular’s business; intense competition; the ability to attract people of outstanding talent throughout all levels of the organization; UScellular’s smaller scale relative to larger competitors; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms and changes in roaming practices; the ability to obtain access to adequate radio spectrum to meet current or anticipated future needs, including participation in FCC auctions; changes in demand, consumer preferences and perceptions, price competition, or churn rates; advances in technology; impacts of costs, integration problems or other factors associated with acquisitions, divestitures or exchanges of properties or wireless spectrum licenses and/or expansion of UScellular’s businesses; the ability of the company to successfully construct and manage its networks; difficulties involving third parties with which UScellular does business; uncertainties in UScellular’s future cash flows and liquidity and access to the capital markets; the ability to make payments on UScellular indebtedness or comply with the terms of debt covenants; conditions in the U.S. telecommunications industry; the value of assets and investments; the state and federal regulatory environment; pending and future litigation; cyber-attacks or other breaches of network or information technology security; potential conflicts of interests between TDS and UScellular; disruption in credit or other financial markets; deterioration of U.S. or global economic conditions; and the impact, duration and severity of public health emergencies. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under “Risk Factors” in the most recent filing of UScellular’s Form 10-K.
For more information about UScellular, visit: www.uscellular.com
United States Cellular Corporation
Summary Operating Data (Unaudited)
As of or for the Quarter Ended
12/31/2023
9/30/2023
6/30/2023
3/31/2023
12/31/2022
Retail Connections
Postpaid
Total at end of period
4,106,000
4,159,000
4,194,000
4,223,000
4,247,000
Gross additions
129,000
128,000
125,000
137,000
154,000
Handsets
80,000
84,000
83,000
93,000
105,000
Connected devices
49,000
44,000
42,000
44,000
49,000
Net additions (losses)
(50,000)
(35,000)
(28,000)
(24,000)
(17,000)
Handsets
(53,000)
(38,000)
(29,000)
(25,000)
(20,000)
Connected devices
3,000
3,000
1,000
1,000
3,000
ARPU1
$ 51.61
$ 51.11
$ 50.64
$ 50.66
$ 50.60
ARPA2
$ 131.63
$ 130.91
$ 130.19
$ 130.77
$ 130.97
Handset upgrade rate3
5.8 %
4.5 %
4.8 %
4.9 %
7.0 %
Churn rate4
1.44 %
1.30 %
1.21 %
1.27 %
1.35 %
Handsets
1.22 %
1.11 %
1.01 %
1.06 %
1.12 %
Connected devices
3.03 %
2.64 %
2.65 %
2.78 %
2.99 %
Prepaid
Total at end of period
451,000
462,000
462,000
470,000
493,000
Gross additions
43,000
52,000
50,000
43,000
61,000
Net additions (losses)
(11,000)
—
(8,000)
(23,000)
—
ARPU1, 5
$ 32.32
$ 33.44
$ 33.86
$ 33.19
$ 33.34
Churn rate4
3.87 %
3.68 %
4.18 %
4.63 %
4.11 %
Market penetration at end of period
Consolidated operating population
32,350,000
32,350,000
32,350,000
32,350,000
32,370,000
Consolidated operating penetration6
15 %
15 %
15 %
15 %
15 %
Capital expenditures (millions)
$ 148
$ 111
$ 143
$ 208
$ 176
Total cell sites in service
7,000
6,973
6,952
6,950
6,945
Owned towers
4,373
4,356
4,341
4,338
4,336
Due to rounding, the sum of quarterly results may not equal the total for the year.
1
Average Revenue Per User (ARPU) – metric is calculated by dividing a revenue base by an average number of connections and by the number of months in the period. These revenue bases and connection populations are shown below:
Postpaid ARPU consists of total postpaid service revenues and postpaid connections.Prepaid ARPU consists of total prepaid service revenues and prepaid connections.
2
Average Revenue Per Account (ARPA) – metric is calculated by dividing total postpaid service revenues by the average number of postpaid accounts and by the number of months in the period.
3
Handset upgrade rate calculated as total handset upgrade transactions divided by average postpaid handset connections.
4
Churn rate represents the percentage of the connections that disconnect service each month. These rates represent the average monthly churn rate for each respective period.
5
Fourth quarter 2023 Prepaid ARPU excludes a $6 million reduction of prepaid revenue related to an adjustment to correct a prior period error recorded in the fourth quarter of 2023.
6
Market penetration is calculated by dividing the number of wireless connections at the end of the period by the total estimated population of consolidated operating markets.
United States Cellular Corporation
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023 vs.
2022
2023
2022
2023 vs.
2022
(Dollars and shares in millions, except per share amounts)
Operating revenues
Service
$ 755
$ 774
(3) %
$ 3,044
$ 3,125
(3) %
Equipment sales
245
274
(10) %
862
1,044
(17) %
Total operating revenues
1,000
1,048
(5) %
3,906
4,169
(6) %
Operating expenses
System operations (excluding Depreciation, amortization and accretion reported below)
183
181
1 %
740
755
(2) %
Cost of equipment sold
280
330
(15) %
988
1,216
(19) %
Selling, general and administrative
349
374
(7) %
1,368
1,408
(3) %
Depreciation, amortization and accretion
166
179
(8) %
656
700
(6) %
Loss on impairment of licenses
—
—
—
—
3
N/M
(Gain) loss on asset disposals, net
3
11
(67) %
17
19
(9) %
(Gain) loss on sale of business and other exit costs, net
—
—
N/M
—
(1)
N/M
(Gain) loss on license sales and exchanges, net
(2)
—
N/M
(2)
—
N/M
Total operating expenses
979
1,075
(9) %
3,767
4,100
(8) %
Operating income (loss)
21
(27)
N/M
139
69
N/M
Investment and other income (expense)
Equity in earnings of unconsolidated entities
37
36
3 %
158
158
–
Interest and dividend income
2
3
(24) %
10
8
26 %
Interest expense
(49)
(49)
(3) %
(196)
(163)
(21) %
Total investment and other income (expense)
(10)
(10)
(10) %
(28)
3
N/M
Income (loss) before income taxes
11
(37)
N/M
111
72
54 %
Income tax expense (benefit)
(4)
(9)
64 %
53
37
43 %
Net income (loss)
15
(28)
N/M
58
35
67 %
Less: Net income attributable to noncontrolling interests, net of tax
1
—
(53) %
4
5
(24) %
Net income (loss) attributable to UScellular shareholders
$ 14
$ (28)
N/M
$ 54
$ 30
80 %
Basic weighted average shares outstanding
85
85
1 %
85
85
–
Basic earnings (loss) per share attributable to UScellular shareholders
$ 0.17
$ (0.33)
N/M
$ 0.64
$ 0.35
81 %
Diluted weighted average shares outstanding
88
85
3 %
87
86
–
Diluted earnings (loss) per share attributable to UScellular shareholders
$ 0.16
$ (0.33)
N/M
$ 0.63
$ 0.35
79 %
N/M – Percentage change not meaningful
United States Cellular Corporation
Consolidated Statement of Cash Flows
(Unaudited)
Year Ended December 31,
2023
2022
(Dollars in millions)
Cash flows from operating activities
Net income
$ 58
$ 35
Add (deduct) adjustments to reconcile net income to net cash flows from operating activities
Depreciation, amortization and accretion
656
700
Bad debts expense
104
132
Stock-based compensation expense
23
24
Deferred income taxes, net
47
33
Equity in earnings of unconsolidated entities
(158)
(158)
Distributions from unconsolidated entities
150
145
Loss on impairment of licenses
—
3
(Gain) loss on asset disposals, net
17
19
(Gain) loss on sale of business and other exit costs, net
—
(1)
(Gain) loss on license sales and exchanges, net
(2)
—
Other operating activities
6
9
Changes in assets and liabilities from operations
Accounts receivable
17
(59)
Equipment installment plans receivable
(20)
(199)
Inventory
62
(88)
Accounts payable
(85)
12
Customer deposits and deferred revenues
(9)
47
Accrued taxes
—
121
Other assets and liabilities
—
57
Net cash provided by operating activities
866
832
Cash flows from investing activities
Cash paid for additions to property, plant and equipment
(608)
(602)
Cash paid for licenses
(130)
(585)
Other investing activities
17
8
Net cash used in investing activities
(721)
(1,179)
Cash flows from financing activities
Issuance of long-term debt
315
800
Repayment of long-term debt
(453)
(329)
Issuance of short-term debt
—
110
Repayment of short-term debt
(60)
(50)
Common Shares reissued for benefit plans, net of tax payments
(6)
(5)
Repurchase of Common Shares
—
(43)
Payment of debt issuance costs
(1)
(1)
Distributions to noncontrolling interests
(3)
(3)
Cash paid for software license agreements
(66)
(22)
Other financing activities
—
(1)
Net cash provided by (used in) financing activities
(274)
456
Net increase (decrease) in cash, cash equivalents and restricted cash
(129)
109
Cash, cash equivalents and restricted cash
Beginning of period
308
199
End of period
$ 179
$ 308
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
December 31,
2023
2022
(Dollars in millions)
Current assets
Cash and cash equivalents
$ 150
$ 273
Accounts receivable, net
957
1,072
Inventory, net
199
261
Prepaid expenses
57
68
Income taxes receivable
1
4
Other current assets
36
45
Total current assets
1,400
1,723
Assets held for sale
15
26
Licenses
4,693
4,690
Investments in unconsolidated entities
461
452
Property, plant and equipment, net
2,576
2,624
Operating lease right-of-use assets
915
918
Other assets and deferred charges
690
686
Total assets
$ 10,750
$ 11,119
United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
December 31,
2023
2022
(Dollars in millions, except per share amounts)
Current liabilities
Current portion of long-term debt
$ 20
$ 13
Accounts payable
248
356
Customer deposits and deferred revenues
229
239
Accrued taxes
32
35
Accrued compensation
83
84
Short-term operating lease liabilities
135
133
Other current liabilities
154
335
Total current liabilities
901
1,195
Deferred liabilities and credits
Deferred income tax liability, net
755
708
Long-term operating lease liabilities
831
843
Other deferred liabilities and credits
565
604
Long-term debt, net
3,044
3,187
Noncontrolling interests with redemption features
12
12
Equity
UScellular shareholders’ equity
Series A Common and Common Shares, par value $1.00 per share
88
88
Additional paid-in capital
1,726
1,703
Treasury shares
(80)
(98)
Retained earnings
2,892
2,861
Total UScellular shareholders’ equity
4,626
4,554
Noncontrolling interests
16
16
Total equity
4,642
4,570
Total liabilities and equity
$ 10,750
$ 11,119
United States Cellular Corporation
Financial Measures and Reconciliations
(Unaudited)
Free Cash Flow
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(Dollars in millions)
Cash flows from operating activities (GAAP)
$ 148
$ 180
$ 866
$ 832
Cash paid for additions to property, plant and equipment
(155)
(192)
(608)
(602)
Cash paid for software license agreements
(37)
(17)
(66)
(22)
Free cash flow (Non-GAAP)1
$ (44)
$ (29)
$ 192
$ 208
1
Free cash flow is a non-GAAP financial measure which UScellular believes may be useful to investors and other users of its financial information in evaluating liquidity, specifically, the amount of net cash generated by business operations after deducting Cash paid for additions to property, plant and equipment and Cash paid for software license agreements.
View original content:https://www.prnewswire.com/news-releases/uscellular-reports-fourth-quarter-and-full-year-2023-results-302063543.html
SOURCE United States Cellular Corporation
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IFIC Monthly Investment Fund Statistics – August 2024
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58 mins agoon
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Mutual fund and exchange-traded fund (ETF) assets and sales
TORONTO, Sept. 20, 2024 /CNW/ – The Investment Funds Institute of Canada (IFIC) today announced investment fund net sales and net assets for August 2024.
Mutual fund assets totalled $2.145 trillion at the end of August, up by $7.7 billion or 0.4 per cent since July. Mutual fund net sales were $2.4 billion in August.
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August insights
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Mutual fund net sales/net redemptions ($ millions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
YTD 2024
YTD 2023
Long-term funds
Balanced
(1,383)
(1,025)
(4,750)
(21,271)
(31,002)
Equity
1,093
2,088
(2,152)
1,212
(13,584)
Bond
2,538
3,307
(427)
16,339
8,591
Specialty
547
800
366
5,157
2,642
Total long-term funds
2,795
5,169
(6,963)
1,436
(33,353)
Total money market funds
(420)
31
1,302
2,194
10,142
Total
2,375
5,200
(5,661)
3,630
(23,211)
Mutual fund net assets ($ billions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
Dec 2023
Long-term funds
Balanced
964.3
962.9
893.6
904.3
Equity
823.5
821.3
701.3
714.4
Bond
268.7
264.7
234.5
242.3
Specialty
34.1
33.7
25.8
27.0
Total long-term funds
2,090.6
2,082.6
1,855.2
1,888.0
Total money market funds
54.4
54.8
45.7
50.7
Total
2,145.0
2,137.4
1,900.9
1,938.7
*
See below for important information about this data.
ETF net sales/net redemptions ($ millions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
YTD 2024
YTD 2023
Long-term funds
Balanced
464
558
140
3,305
1,103
Equity
1,748
2,380
330
22,822
6,776
Bond
1,176
1,463
641
13,359
7,085
Specialty
991
254
(280)
1,288
1,047
Total long-term funds
4,378
4,655
832
40,775
16,011
Total money market funds
(94)
310
1,051
863
6,864
Total
4,285
4,965
1,883
41,638
22,875
ETF net assets ($ billions)*
Asset class
Aug 2024
Jul 2024
Aug 2023
Dec 2023
Long-term funds
Balanced
20.2
19.6
13.9
15.1
Equity
290.5
286.6
219.7
232.5
Bond
109.2
107.7
86.3
94.6
Specialty
17.8
17.7
11.7
14.4
Total long-term funds
437.8
431.7
331.6
356.7
Total money market funds
26.3
26.4
23.1
25.3
Total
464.0
458.1
354.7
382.0
*
See below for important information about data.
IFIC direct survey data (which accounts for approximately 87 per cent of total mutual fund industry assets and approximately 80 per cent of total ETF industry assets) is complemented by estimated data to provide comprehensive industry totals.
IFIC makes every effort to verify the accuracy, currency, and completeness of the information, however, IFIC does not guarantee, warrant, represent or undertake that the information provided is correct, accurate or current.
© The Investment Funds Institute of Canada. No reproduction or republication in whole or in part is permitted without permission.
* Important information about investment fund data
Mutual fund data is adjusted to remove double counting arising from mutual funds that invest in other mutual funds.Starting with January 2022 data, ETF data is adjusted to remove double counting arising from Canadian-listed ETFs that invest in units of other Canadian-listed ETFs. Any references to IFIC ETF assets and sales figures prior to 2022 data should indicate that the data has not been adjusted for ETF of ETF double counting.The balanced funds category includes funds that invest directly in a mix of stocks and bonds or obtain exposure through investing in other funds.Mutual fund data reflects the investment activity of Canadian retail investors.ETF data reflects the investment activity of Canadian retail and institutional investors.
About IFIC
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canada’s savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation. Learn more about IFIC
SOURCE The Investment Funds Institute of Canada
Technology
VINFAST REPORTS UNAUDITED SECOND QUARTER 2024 FINANCIAL RESULTS
Published
58 mins agoon
September 20, 2024By
SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VinFast Auto Ltd. (“VinFast” or the “Company”) (Nasdaq: VFS), a subsidiary of Vingroup JSC, and Vietnam’s only pure-play electric vehicle manufacturer, today announced its unaudited financial results for the second quarter ended June 30, 2024.
VinFast delivered 13,172 EVs in Q2, up by 44% QoQ and 43% YoY, bringing its delivery total for the first half of 2024 to 22,348 vehicles, a 101% increase compared to the same period last year.The Company recorded $357 million in revenue for Q2, up by 33% QoQ and 9% YoY.Vietnam, where momentum is accelerating, will play a key role in driving VinFast’s revenue in the remainder of 2024.
Madam Thuy Le, Chairwoman of VinFast, said: “We remain focused on our mission to contribute to a sustainable future for everyone. Our strategy is unchanged with regards to being a vertically-integrated green mobility solutions company providing high quality and good-value electric vehicles. With the delivery of VF 3 starting in Q3, we have completed the development of all 7 e-SUV models.”
Ms. Lan Anh Nguyen, Chief Financial Officer of VinFast, added: “Q2 of 2024 aligned with our forecasts, driven in large part by the increasing demand for VinFast’s EVs in Vietnam. This growth in our home market has been crucial in advancing our mission to promote EV adoption and green mobility. The momentum we’ve built in Vietnam has laid a solid foundation for our strong position in this key market to continue thriving.”
VinFast EV Deliveries Rose 44% QoQ and Revenue Grew 33% QoQ
During the quarter, VinFast delivered 13,172 vehicles, a 44% increase compared to the previous quarter and a 43% increase year-over-year. This brings total deliveries for the first half of 2024 to 22,348 vehicles, representing a 101% increase compared to the same period last year.
One of the key drivers behind this growth was the increasing adoption of electric vehicles in the Vietnamese market, where VinFast recorded a 108% year-over-year increase in B2C deliveries in Q2.
VinFast reported $357 million in revenue in Q2, up by 9% year-over-year and by 33% quarter-over-quarter.
The Company’s gross loss for Q2 was ($224) million, equivalent to a gross margin of (62.7%). This was primarily due to an impairment charge on Net Residual Value (NRV) of $104 million, compared to $5 million in Q1.
Expanding Global Footprint to Drive Sales
VinFast’s strategic expansion through dealership network has shown progress.
As of August 31, VinFast had 155 showrooms across all markets, of which around 70% were dealerships.
Strengthening Presence in Key Markets
Vietnam
VinFast achieved its highest year-over-year growth for Vietnam in the first half of 2024. The VF 5 model has been instrumental in driving the Company’s strong sales performance, securing the VF 5’s position as a domestic leader in its segment. Additionally, the Company began delivering its highly anticipated VF 3, VinFast’s mini electric SUV, in the third quarter of 2024.
North America
In the second quarter of 2024, VinFast continued to build its foundation in the U.S. by introducing its products and strategies to key dealerships. To bolster brand awareness, VinFast expanded customer outreach through its dealer network and established a Dealer Advisory Council to gain valuable insights. As of the second quarter, VinFast now operates in eight states, California, Connecticut, Florida, Kansas, Kentucky, North Carolina, New York, and Texas, with a combined network of dealer stores and VinFast-owned showrooms.
In Canada, VinFast recorded 15% quarter-over-quarter growth in the second quarter and is seeing this momentum continue in the third quarter, with July and August seeing its highest delivery levels for North America in the past year.
Southeast Asia
VinFast entered the Indonesian market less than six months ago and has since established 15 showrooms across major cities, including Jakarta and Surabaya. VinFast began delivering its first batch of VF e34 electric vehicle during the third quarter of 2024, making Indonesian customers the first globally to receive right-hand drive VinFast EVs. VinFast also broke ground its completely knocked down (CKD) facility in Indonesia.
VinFast’s innovative battery subscription offer has been a key driver of sales in Indonesia, accounting for nearly 100% of its total sales and orders. This program has also garnered positive feedback in the Philippines, further validating its commitment to making electric vehicles more accessible.
Building on the positive response from dealers in the Philippines, VinFast is eager to introduce additional models to the market in the coming months, further expanding its footprint and product offerings in the region.
Outlook for the Remainder of 2024
VinFast reaffirms its target to deliver approximately 80,000 units in 2024.
Vietnam is expected to play a key role in driving revenue for the remainder of 2024. The growing success of the VF 5 model, along with VinFast’s extensive charging infrastructure, flexible battery subscription program, and strong after-sales services, are expected to reinforce its leadership position in the Vietnamese electric vehicle market.
While international markets continue to face near-term challenges, they remain integral to VinFast’s longer-term growth strategy as the company expands its global brand and distribution network.
VinFast remains committed to its mission of accelerating the global shift to sustainable electric mobility through continuous innovation, product expansion, and market presence./.
Conference Call
The Company’s management will host its second quarter 2024 earnings conference call at 8:00 AM U.S. Eastern Time on September 20, 2024.
Live Webcast: https://edge.media-server.com/mmc/p/urnhoxtg
For additional information, please visit https://vinfastauto.us/investor-relations/
Investor Relations – Email: ir@vinfastauto.com
Media Relations – Email: info@vingroup.com
About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses. VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at www.vinfastauto.us
Forward-Looking Statements
Forward-looking statements in this announcement, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of VinFast, market size and growth opportunities, competitive position and technological and market trends and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the effect of the consummation of the business combination and the public listing of the Company’s securities on its business relationships, performance, financial condition and business generally, (ii) the risk that the Company’s securities may experience a material price decline and volatility in the price of such securities due to a variety of factors, (iii) the adverse impact of any legal proceedings and regulatory inquiries and investigations on the Company’s business, (iv) the Company’s potential inability to maintain the listing of its securities on Nasdaq, (v) the risk associated with the Company’s limited operating history, (vi) the ability of the Company to achieve profitability, positive cash flows from operating activities and a net working capital surplus, (vii) the ability of the Company to fund its capital requirements through additional debt and equity financing under commercially reasonable terms and the risk of shareholding dilution as a result of additional capital raising, if applicable, (viii) risks associated with being a new entrant in the EV industry, (ix) the risks of the Company’s brand, reputation, public credibility and consumer confidence in its business being harmed by negative publicity, (x) the Company’s ability to successfully introduce and market new products and services, (xi) competition in the automotive industry, (xii) the Company’s ability to adequately control the costs associated with its operations, (xiii) the ability of the Company to obtain components and raw materials according to schedule at acceptable prices, quality and volumes acceptable from its suppliers, (xiv) the Company’s ability to maintain relationships with existing suppliers who are critical and necessary to the output and production of its vehicles and to create relationships with new suppliers, (xv) the Company’s ability to establish manufacturing facilities outside of Vietnam and expand capacity in a timely manner and within budget, (xvi) the risk that the Company’s actual vehicle sales and revenue could differ materially from expected levels based on the number of reservations received, (xvii) the demand for, and consumers’ willingness to adopt, EVs, (xiii) the availability and accessibility of EV charging stations or related infrastructure, (xix) the unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EV manufacturers and buyers, (xx) failure to maintain an effective system of internal control over financial reporting and to accurately and timely report the Company’s financial condition, results of operations or cash flows, (xxi) battery pack failures in the Company or its competitor’s EVs, (xxii) failure of the Company’s business partners to deliver their services, (xxiii) errors, bugs, vulnerabilities, design defects or other issues related to technology used or involved in the Company’s EVs or operations, (xxiv) the risk that the Company’s research and development efforts may not yield expected results, (xxv) risks associated with autonomous driving technologies, (xxvi) product recalls that the Company may be required to make, (xxvii) the ability of the Company’s controlling shareholder to control and exert significant influence on the Company, (xxiii) the Company’s reliance on financial and other support from Vingroup and its affiliates and the close association between the Company and Vingroup and its affiliates, (xxix) conflicts of interests with or any events impacting the reputation of Vingroup affiliates or unfavorable market conditions or adverse business operations of Vingroup and Vingroup affiliates and (xxx) other risks discussed in our reports filed or furnished to the Securities and Exchange Commission.
All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. You are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date of this announcement. VinFast does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If VinFast updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this announcement does not constitute an admission by VinFast or any other person that the events or circumstances described in such statement are material. Undue reliance should not be placed upon the forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/vinfast-reports-unaudited-second-quarter-2024-financial-results-302254421.html
SOURCE VinFast
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