Technology

Workday Announces Fiscal 2024 Fourth Quarter and Full Year Financial Results

Published

9 months ago

February 26, 2024

Fiscal Fourth Quarter Total Revenues of $1.9 Billion, Up 17% Year Over Year
Subscription Revenues of $1.8 Billion, Up 18% Year Over Year

Fiscal Year 2024 Total Revenues of $7.3 Billion, Up 17% Year Over Year
Subscription Revenues of $6.6 Billion, Up 19% Year Over Year
Operating Cash Flows of $2.1 Billion, Up 30% Year Over Year

PLEASANTON, Calif., Feb. 26, 2024 /PRNewswire/ — Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money, today announced results for the fiscal 2024 fourth quarter and full year ended January 31, 2024.

Fiscal 2024 Fourth Quarter Results

Total revenues were $1.9 billion, an increase of 17% from the fourth quarter of fiscal 2023. Subscription revenues were $1.8 billion, an increase of 18% from the same period last year.Operating income was $79 million, or 4.1% of revenues, compared to an operating loss of $89 million, or negative 5.4% of revenues, in the same period last year. Non-GAAP operating income for the fourth quarter was $461 million, or 23.9% of revenues, compared to a non-GAAP operating income of $305 million, or 18.5% of revenues, in the same period last year.1,2Basic and diluted net income per share was $4.52 and $4.42, respectively, compared to basic and diluted net loss per share of $0.49 in the fourth quarter of fiscal 2023. Non-GAAP basic and diluted net income per share was $1.60 and $1.57, respectively, compared to non-GAAP basic and diluted net income per share of $1.00 and $0.99, respectively, in the same period last year.2,3 GAAP basic and diluted net income per share benefited from the $1.1 billion release of our valuation allowance related to all U.S. federal and state deferred tax assets, excluding certain state tax credits, in the fourth quarter of fiscal 2024.

Fiscal Year 2024 Results

Total revenues were $7.3 billion, an increase of 17% from fiscal 2023. Subscription revenues were $6.6 billion, an increase of 19% from the prior year.Operating income was $183 million, or 2.5% of revenues, compared to an operating loss of $222 million, or negative 3.6% of revenues, in fiscal 2023. Non-GAAP operating income was $1.7 billion, or 24.0% of revenues, compared to a non-GAAP operating income of $1.2 billion, or 19.5% of revenues, in the prior year.1,2Basic and diluted net income per share was $5.28 and $5.21, respectively, compared to basic and diluted net loss per share of $1.44 in fiscal 2023. Non-GAAP basic and diluted net income per share was $5.93 and $5.84, respectively, compared to non-GAAP basic and diluted net income per share of $3.73 and $3.64, respectively, in the prior year.2,3 As noted above, GAAP basic and diluted net income per share benefited from the $1.1 billion release of our valuation allowance related to all U.S. federal and state deferred tax assets, excluding certain state tax credits, in fiscal 2024.Total subscription revenue backlog was $20.9 billion, up 27% from the same period last year. 12-month subscription revenue backlog was $6.6 billion, and 24-month subscription revenue backlog was $11.7 billion, both increasing 20% year over year.Operating cash flows were $2.1 billion compared to $1.7 billion in the prior year. Free cash flows were $1.9 billion compared to $1.3 billion in the prior year.4Workday repurchased approximately 1.8 million shares of Class A common stock for $423 million as part of its share repurchase program.Cash, cash equivalents, and marketable securities were $7.8 billion as of January 31, 2024.

Comments on the News

“Workday’s results this quarter are a testament to the strength of our value proposition and the durability of our business,” said Carl Eschenbach, CEO, Workday. “We’re seeing continued momentum with full platform customer wins and expansions within our base, strengthening international performance, growth of our partner ecosystem, and the seamless execution of nearly 19,000 Workmates across the globe – all setting us up for an incredible fiscal year 2025.”

“Our relentless focus on innovation continues to fuel Workday’s success while helping to enable our customers to transform how they manage their two most important assets – their people and money,” said Aneel Bhusri, co-founder and executive chair, Workday. “As I step into my new role as executive chair, I look forward to working closely with Carl, the rest of our leadership team, and our product and technology organization to push the Workday platform to even greater heights and capitalize on the growth opportunity in front of us.”

“Our fourth quarter and full-year fiscal 2024 results reflect the momentum building across our key investment initiatives,” said Zane Rowe, CFO, Workday. “We are reiterating our fiscal year 2025 subscription revenue guidance of $7.725 billion to $7.775 billion, representing growth of 17% to 18%. We expect fiscal year 2025 non-GAAP operating margin of approximately 24.5%. Our outlook contemplates incremental investments to support enduring growth, while at the same time calls for continued margin expansion as we scale and optimize the business.”

Recent Highlights

Workday officially named Carl Eschenbach CEO effective February 1, 2024. Aneel Bhusri remains integral to the organization as co-founder and executive chair.Workday announced it has entered into a definitive agreement to acquire HiredScore, a leading provider of AI-powered talent orchestration solutions.Workday announced that its Board of Directors approved a new share repurchase program, with a term of 18 months, to repurchase up to an additional $500 million of shares of its Class A common stock.Workday announced new full platform customers for Workday Financial Management and Workday Human Capital Management (HCM), including HHS, Randstad, UHS of Delaware, and VXI Global Solutions.Workday and Insperity announced an exclusive strategic partnership and plans to jointly develop, brand, market, and sell a preeminent full-service HR solution for small and midsize businesses.Workday continued to build its global leadership bench, naming David Somers Chief Product Officer, Chikara Furuichi President of Japan, and Lynn Martin head of the Workday Federal business.Workday was named a Leader in the 2023 Gartner® Magic Quadrant™ for Financial Planning Software5 for the second time since the category’s inception last year.KLAS Research named Workday as Best in KLAS 2024 in enterprise resource planning (ERP) for the seventh consecutive year.

Earnings Call Details

Workday plans to host a conference call today to review its fiscal 2024 fourth quarter and full year financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30 p.m. PT/4:30 p.m. ET and can be accessed via webcast. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.

Workday uses the Workday Blog as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

1 Non-GAAP operating income and non-GAAP operating margin exclude share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.

2 Operating margin and net income (loss) per share are calculated based upon the respective underlying, non-rounded data.

3 Non-GAAP net income per share excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, and income tax effects. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.

4 Free cash flows are defined as net cash provided by (used in) operating activities minus total capital expenditures. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.

5 Gartner Magic Quadrant for Financial Planning Software, Regina Crowder, Matthew Mowrey, Vaughan D Archer, 5 December 2023.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark, and MAGIC QUADRANT is a registered trademark of Gartner, Inc., and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

About Workday

Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,000 organizations around the world and across industries – from medium-sized businesses to more than 50% of the Fortune 500. For more information about Workday, visit workday.com.

© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to Workday’s financial results as determined in accordance with U.S. generally accepted accounting principles are included at the end of this press release following the accompanying financial tables. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled “About Non-GAAP Financial Measures.” The Company has not provided a reconciliation of its forward outlook for non-GAAP operating margin with its forward-looking GAAP operating margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to quantify share-based compensation expense, which is excluded from our non-GAAP operating margin, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Workday’s planned acquisition of HiredScore, Workday’s partnership with Insperity and expected offerings, our intended share repurchases, Workday’s full-year fiscal 2025 subscription revenues and non-GAAP operating margin, growth and expansion, momentum, demand, strategy, and investments. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to: (i) breaches in our security measures or those of our third-party providers, unauthorized access to our customers’ or other users’ personal data, or disruptions in our data center or computing infrastructure operations; (ii) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (iii) privacy concerns and evolving domestic or foreign laws and regulations; (iv) the impact of continuing global economic and geopolitical volatility on our business, as well as on our customers, prospects, partners, and service providers; (v) any loss of key employees or the inability to attract, train, and retain highly skilled employees; (vi) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (vii) our reliance on our network of partners to drive additional growth of our revenues; (viii) the regulatory, economic, and political risks associated with our domestic and international operations; (ix) adoption of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as our customers’ and users’ satisfaction with the deployment, training, and support services they receive; (x) the regulatory risks related to new and evolving technologies such as AI and our ability to realize a return on our development efforts; (xi) our ability to realize the expected business or financial benefits of any acquisitions of or investments in companies, including HiredScore; (xii) the risk that the HiredScore transaction may not be completed in a timely manner or at all; (xiii) negative effects of the announcement or consummation of the HiredScore transaction on Workday’s business operations, operating results, or share price; (xiv) delays or reductions in information technology spending; and (xv) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

Workday, Inc.

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

As of January 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$ 2,012

$ 1,886

Marketable securities

5,801

4,235

Trade and other receivables, net

1,639

1,570

Deferred costs

232

191

Prepaid expenses and other current assets

255

226

Total current assets

9,939

8,108

Property and equipment, net

1,234

1,201

Operating lease right-of-use assets

289

249

Deferred costs, noncurrent

509

421

Acquisition-related intangible assets, net

233

306

Deferred tax assets

1,065

Goodwill

2,846

2,840

Other assets

337

348

Total assets

$ 16,452

$ 13,486

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$ 78

$ 154

Accrued expenses and other current liabilities

287

260

Accrued compensation

544

564

Unearned revenue

4,057

3,559

Operating lease liabilities

Total current liabilities

5,055

4,628

Debt, noncurrent

2,980

2,976

Unearned revenue, noncurrent

Operating lease liabilities, noncurrent

227

182

Other liabilities

Total liabilities

8,370

7,901

Stockholders’ equity:

Additional paid-in capital

10,400

8,829

Treasury stock

(608)

(185)

Accumulated other comprehensive income (loss)

Accumulated deficit

(1,731)

(3,112)

Total stockholders’ equity

8,082

5,585

Total liabilities and stockholders’ equity

$ 16,452

$ 13,486

Workday, Inc.

Condensed Consolidated Statements of Operations

(in millions, except number of shares which are reflected in thousands and per share data)

(unaudited)

Three Months Ended January 31,

Year Ended January 31,

2024

2023

2024

2023

Revenues:

Subscription services

$ 1,760

$ 1,496

$ 6,603

$ 5,567

Professional services

162

150

656

649

Total revenues

1,922

1,646

7,259

6,216

Costs and expenses (1):

Costs of subscription services

272

274

1,031

1,011

Costs of professional services

189

180

740

704

Product development

635

615

2,464

2,271

Sales and marketing

558

490

2,139

1,848

General and administrative

189

176

702

604

Total costs and expenses

1,843

1,735

7,076

6,438

Operating income (loss)

(89)

183

(222)

Other income (expense), net

173

(38)

Income (loss) before provision for (benefit from) income taxes

138

(78)

356

(260)

Provision for (benefit from) income taxes

(1,050)

(1,025)

107

Net income (loss)

$ 1,188

$ (126)

$ 1,381

$ (367)

Net income (loss) per share, basic

$ 4.52

$ (0.49)

$ 5.28

$ (1.44)

Net income (loss) per share, diluted

$ 4.42

$ (0.49)

$ 5.21

$ (1.44)

Weighted-average shares used to compute net income (loss) per share, basic

263,102

257,322

261,344

254,819

Weighted-average shares used to compute net income (loss) per share, diluted

268,843

257,322

265,285

254,819

(1) Costs and expenses include share-based compensation expenses as follows:

Three Months Ended January 31,

Year Ended January 31,

2024

2023

2024

2023

Costs of subscription services

$ 31

$ 29

$ 120

$ 106

Costs of professional services

116

111

Product development

159

169

653

619

Sales and marketing

282

249

General and administrative

245

210

Total share-based compensation expenses

$ 346

$ 361

$ 1,416

$ 1,295

Workday, Inc.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Three Months Ended January 31,

Year Ended January 31,

2024

2023

2024

2023

Cash flows from operating activities:

Net income (loss)

$ 1,188

$ (126)

$ 1,381

$ (367)

Adjustments to reconcile net income (loss) to net cash

provided by (used in) operating activities:

Depreciation and amortization

282

364

Share-based compensation expenses

346

361

1,416

1,295

Amortization of deferred costs

213

175

Non-cash lease expense

(Gains) losses on investments

Accretion of discounts on marketable debt securities, net

(38)

(26)

(149)

(42)

Deferred income taxes

(1,063)

—

(1,058)

Other

(17)

Changes in operating assets and liabilities, net of business

combinations:

Trade and other receivables, net

(415)

(519)

(87)

(319)

Deferred costs

(159)

(129)

(342)

(293)

Prepaid expenses and other assets

(9)

(14)

Accounts payable

(9)

(72)

Accrued expenses and other liabilities

124

(95)

136

Unearned revenue

868

755

493

452

Net cash provided by (used in) operating activities

996

694

2,149

1,657

Cash flows from investing activities:

Purchases of marketable securities

(1,404)

(1,532)

(6,150)

(7,183)

Maturities of marketable securities

923

1,181

4,519

4,949

Sales of marketable securities

144

104

Owned real estate projects

(2)

(4)

Capital expenditures, excluding owned real estate projects

(46)

(73)

(228)

(360)

Business combinations, net of cash acquired

—

(8)

—

Purchase of other intangible assets

—

(10)

(1)

Purchases of non-marketable equity and other investments

(5)

(3)

(16)

(23)

Sales and maturities of non-marketable equity and other investments

—

Net cash provided by (used in) investing activities

(481)

(380)

(1,751)

(2,506)

Cash flows from financing activities:

Proceeds from issuance of debt, net of debt discount

—

2,978

Repayments and extinguishment of debt

—

(1,844)

Payments for debt issuance costs

—

(7)

Repurchases of common stock

(139)

(75)

(423)

(75)

Proceeds from issuance of common stock from employee

equity plans, net of taxes paid for shares withheld

155

152

Net cash provided by (used in) financing activities

(67)

(8)

(268)

1,204

Effect of exchange rate changes

—

(1)

Net increase (decrease) in cash, cash equivalents, and

restricted cash

448

307

129

354

Cash, cash equivalents, and restricted cash at the

beginning of period

1,576

1,588

1,895

1,541

Cash, cash equivalents, and restricted cash at the end

of period

$ 2,024

$ 1,895

$ 2,024

$ 1,895

Workday, Inc.
Reconciliations of GAAP to Non-GAAP Data

Reconciliations of our GAAP to non-GAAP operating results are included in the following tables (in millions, except percentages and per share data; operating margin and net income (loss) per share are calculated based upon the respective underlying, non-rounded data). See the section titled “About Non-GAAP Financial Measures” below for further details.

Three Months Ended January 31, 2024

GAAP

Share-Based
Compensation
Expenses

Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions

Amortization
of
Acquisition-
Related
Intangible
Assets

Income Tax
Effects (2)

Non-GAAP

Operating income (loss)

$ 79

$ 346

$ 20

$ 16

$ —

$ 461

Operating margin

4.1 %

18.0 %

1.0 %

0.8 %

— %

23.9 %

Net income (loss)

$ 1,188

$ 346

$ 20

$ 16

$ (1,149)

$ 421

Net income (loss) per share, basic (1)

$ 4.52

$ 1.31

$ 0.07

$ 0.06

$ (4.36)

$ 1.60

Net income (loss) per share, diluted (1)

$ 4.42

$ 1.29

$ 0.07

$ 0.06

$ (4.27)

$ 1.57

Three Months Ended January 31, 2023

GAAP

Share-Based
Compensation
Expenses

Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions

Amortization
of
Acquisition-
Related
Intangible
Assets

Income Tax
Effects (2)

Non-GAAP

Operating income (loss)

$ (89)

$ 361

$ 12

$ 21

$ —

$ 305

Operating margin

(5.4) %

21.9 %

0.7 %

1.3 %

— %

18.5 %

Net income (loss)

$ (126)

$ 361

$ 12

$ 21

$ (12)

$ 256

Net income (loss) per share, basic (1)

$ (0.49)

$ 1.40

$ 0.05

$ 0.08

$ (0.04)

$ 1.00

Net income (loss) per share, diluted (1)

$ (0.49)

$ 1.40

$ 0.05

$ 0.08

$ (0.05)

$ 0.99

Year Ended January 31, 2024

GAAP

Share-Based
Compensation
Expenses

Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions

Amortization
of
Acquisition-
Related
Intangible
Assets

Income Tax
Effects (2)

Non-GAAP

Operating income (loss)

$ 183

$ 1,416

$ 66

$ 75

$ —

$ 1,740

Operating margin

2.5 %

19.5 %

0.9 %

1.1 %

— %

24.0 %

Net income (loss)

$ 1,381

$ 1,416

$ 66

$ 75

$ (1,389)

$ 1,549

Net income (loss) per share, basic (1)

$ 5.28

$ 5.42

$ 0.25

$ 0.28

$ (5.30)

$ 5.93

Net income (loss) per share, diluted (1)

$ 5.21

$ 5.34

$ 0.25

$ 0.28

$ (5.24)

$ 5.84

Year Ended January 31, 2023

GAAP

Share-Based
Compensation
Expenses

Employer
Payroll Tax-
Related Items
on Employee
Stock
Transactions

Amortization
of
Acquisition-
Related
Intangible
Assets

Income Tax
and Dilution
Effects (2)

Non-GAAP

Operating income (loss)

$ (222)

$ 1,295

$ 52

$ 85

$ —

$ 1,210

Operating margin

(3.6) %

20.8 %

0.9 %

1.4 %

— %

19.5 %

Net income (loss)

$ (367)

$ 1,295

$ 52

$ 85

$ (116)

$ 949

Net income (loss) per share, basic (1)

$ (1.44)

$ 5.08

$ 0.21

$ 0.33

$ (0.45)

$ 3.73

Net income (loss) per share, diluted (1)

$ (1.44)

$ 5.08

$ 0.21

$ 0.33

$ (0.54)

$ 3.64

(1)

For the three months ended January 31, 2024, GAAP and non-GAAP net income per share were both calculated

based upon 263,102 basic and 268,843 diluted weighted-average shares of common stock.

For the three months ended January 31, 2023, GAAP net loss per share was calculated based upon 257,322

basic and diluted weighted-average shares of common stock. Non-GAAP net income per share was calculated

based upon 257,322 basic and 258,367 diluted weighted-average shares of common stock.

For the fiscal year ended January 31, 2024, GAAP and non-GAAP net income per share were both calculated

based upon 261,344 basic and 265,285 diluted weighted-average shares of common stock.

For the fiscal year ended January 31, 2023, GAAP net loss per share was calculated based upon 254,819 basic

and diluted weighted-average shares of common stock. Non-GAAP net income per share was calculated based

upon 254,819 basic and 261,641 diluted weighted-average shares of common stock. The numerator used to

compute non-GAAP diluted net income per share was increased by $3 million for after-tax interest expense on

our convertible senior notes in accordance with the if-converted method.

(2)

We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide

better consistency across the reporting periods. For fiscal 2024 and 2023, the non-GAAP tax rate was 19%. For

the year ended January 31, 2023, included in the per share amount was a dilution impact of $0.09 from the

conversion of GAAP diluted net loss per share to non-GAAP diluted net income per share.

Reconciliation of our GAAP cash flows from operating activities to non-GAAP free cash flow is as follows (in millions). See the section titled “About Non-GAAP Financial Measures” below for further details.

Three Months Ended January 31,

Year Ended January 31,

2024

2023

2024

2023

Net cash provided by (used in) operating activities

$ 996

$ 694

$ 2,149

$ 1,657

Less: Total capital expenditures (1)

(48)

(77)

(232)

(364)

Free cash flows

$ 948

$ 617

$ 1,917

$ 1,293

(1)

For the three months ended January 31, 2024, and 2023, total capital expenditures consisted of Capital expenditures,

excluding owned real estate projects of $46 million and $73 million, respectively, and Owned real estate projects of

$2 million and $4 million, respectively.

For the fiscal year ended January 31, 2024, and 2023, total capital expenditures consisted of Capital expenditures,

excluding owned real estate projects of $228 million and $360 million, respectively, and Owned real estate projects of

$4 million and $4 million, respectively.

About Non-GAAP Financial Measures

To provide investors and others with additional information regarding Workday’s results, we have disclosed the following non-GAAP financial measures: non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) per share, and free cash flows. Workday has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Non-GAAP operating income (loss) and non-GAAP operating margin differ from GAAP in that they exclude share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. Non-GAAP net income (loss) per share differs from GAAP in that it excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, and income tax effects. Free cash flows differ from GAAP cash flows from operating activities in that it treats total capital expenditures as a reduction to cash flows.

Workday’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Workday’s financial performance. Management believes these non-GAAP financial measures reflect Workday’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in Workday’s business. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Workday’s operating results and prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

Management believes excluding the following items from the GAAP Condensed Consolidated Statements of Operations is useful to investors and others in assessing Workday’s operating performance due to the following factors:

Share-based compensation expenses. Although share-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude share-based compensation expenses to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies. Share-based compensation expenses are determined using a number of factors, including our stock price, volatility, and forfeiture rates, that are beyond our control and generally unrelated to operational decisions and performance in any particular period. Further, share-based compensation expenses are not reflective of the value ultimately received by the grant recipients.Employer payroll tax-related items on employee stock transactions. We exclude the employer payroll tax-related items on employee stock transactions in order to show the full effect that excluding share-based compensation expenses has on our operating results. Similar to share-based compensation expenses, this tax expense is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business.Amortization of acquisition-related intangible assets. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of the related amortization can vary significantly and are unique to each acquisition and thus we do not believe it is reflective of ongoing operations. Although we exclude the amortization of acquisition-related intangible assets from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.Income tax effects. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a three-year financial projection that excludes the direct impact of share-based compensation and related employer payroll taxes, and amortization of acquisition-related intangible assets. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. For fiscal 2025 and 2024, we determined the projected non-GAAP tax rate to be 19%, which reflects currently available information, as well as other factors and assumptions. We will periodically re-evaluate this tax rate, as necessary, for significant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions.

Additionally, with regards to free cash flows, Workday’s management believes that reducing cash provided by (used in) operating activities by capital expenditures is meaningful to investors and others because it provides an enhanced view of cash flow generation from the ongoing operations of our business, and it balances operating results, cash management, and capital efficiency.

The use of the non-GAAP measures of non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss) per share, and free cash flows have certain limitations as they do not reflect all items of expense or cash that affect Workday’s operations. Workday compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review Workday’s financial information in its entirety and not rely on a single financial measure.

View original content to download multimedia:https://www.prnewswire.com/news-releases/workday-announces-fiscal-2024-fourth-quarter-and-full-year-financial-results-302071484.html

SOURCE Workday Inc.

Technology

RLX Technology Announces Unaudited Third Quarter 2024 Financial Results

Published

19 minutes ago

November 15, 2024

SHENZHEN, China, Nov. 15, 2024 /PRNEWSWIRE/ – RLX Technology Inc. (“RLX Technology” or the “Company”) (NYSE: RLX), a leading global branded e-vapor company, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Net revenues were RMB756.3 million (US$107.8 million) in the third quarter of 2024, compared with RMB498.9 million in the same period of 2023.Gross margin was 27.2% in the third quarter of 2024, compared with 24.1% in the same period of 2023.U.S. GAAP net income was RMB169.4 million (US$24.1 million) in the third quarter of 2024, compared with RMB176.6 million in the same period of 2023.Non-GAAP net income[1] was RMB261.9 million (US$37.3 million) in the third quarter of 2024, compared with RMB201.4 million in the same period of 2023.

“We delivered another strong performance in the third quarter of 2024, showcasing our ability to consistently excel in diverse markets despite rapidly evolving trends and regulations,” commented Ms. Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors, and Chief Executive Officer of RLX Technology. “Our efficient, adaptable localization strategies have empowered us to establish market leadership in multiple countries by cultivating strong product-market alignment and building solid relationships with local distributors and retailers. Furthermore, our broad offering of premium, reliable cartridge-based products and growing selection of disposables and open-system products have earned the loyalty of adult smokers worldwide. As a trusted e-vapor brand for adult smokers, we remain committed to creating innovative, high-quality products in line with shifting trends and regulations, meeting users’ needs while driving RLX’s long-term growth.”

Mr. Chao Lu, Chief Financial Officer of RLX Technology, added, “Our robust third quarter results were led by a 51.6% year-over-year increase in net revenues to RMB756.3 million, underscoring the success of our internationalization efforts. Our gross margin also improved year over year, expanding 3.1 percentage points to 27.2%, thanks to a favorable shift in our revenue mix and our effective cost optimization initiatives. Notably, we maintained stable non-GAAP operating expenses while rapidly growing revenue, highlighting our operational leverage. We are also excited to continue returning value to our shareholders with our second cash dividend since our IPO while also executing our share repurchase program. Going forward, we will remain dedicated to pursuing development opportunities that deliver sustainable, growing profits and enhance returns for our shareholders.”

Third Quarter 2024 Financial Results

Net revenues were RMB756.3 million (US$107.8 million) in the third quarter of 2024, compared with RMB498.9 million in the same period of 2023. The increase was primarily due to our international expansion.

Gross profit was RMB206.0 million (US$29.4 million) in the third quarter of 2024, compared with RMB120.0 million in the same period of 2023.

Gross margin was 27.2% in the third quarter of 2024, compared with 24.1% in the same period of 2023. The increase was primarily due to a favorable change in the revenue mix and the cost optimization efforts.

Operating expenses were RMB216.6 million (US$30.9 million) in the third quarter of 2024, compared with RMB154.4 million in the same period of 2023. The increase was primarily due to the fluctuation of share-based compensation expenses, from RMB24.8 million in the third quarter of 2023 to RMB92.5 million (US$13.2 million) in the third quarter of 2024. The changes in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees in line with the fluctuations in the Company’s share price.

Selling expenses were RMB69.0 million (US$9.8 million) in the third quarter of 2024, compared with RMB44.8 million in the same period of 2023, primarily due to an increase in share-based compensation expenses and branding expenses.

General and administrative expenses were RMB123.2 million (US$17.6 million) in the third quarter of 2024, compared with RMB78.8 million in the same period of 2023, primarily due to an increase in share-based compensation expenses.

Research and development expenses were RMB24.4 million (US$3.5 million) in the third quarter of 2024, compared with RMB30.8 million in the same period of 2023, primarily due to a decrease in salaries, welfare benefits and depreciation and amortization expenses, slightly offset by an increase in share-based compensation expenses.

Loss from operations was RMB10.7 million (US$1.5 million) in the third quarter of 2024, compared with RMB34.3 million in the same period of 2023.

Income tax expense was RMB30.4 million (US$4.3 million) in the third quarter of 2024, compared with RMB1.7 million in the same period of 2023.

U.S. GAAP net income was RMB169.4 million (US$24.1 million) in the third quarter of 2024, compared with RMB176.6 million in the same period of 2023.

Non-GAAP net income was RMB261.9 million (US$37.3 million) in the third quarter of 2024, compared with RMB201.4 million in the same period of 2023.

U.S. GAAP basic and diluted net income per American depositary share (“ADS”) were RMB0.135 (US$0.019) and RMB0.129 (US$0.018), respectively, in the third quarter of 2024, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.133 and RMB0.130, respectively, in the same period of 2023.

Non-GAAP basic and diluted net income per ADS[2] were RMB0.211 (US$0.030) and RMB0.200 (US$0.029), respectively, in the third quarter of 2024, compared with non-GAAP basic and diluted net income per ADS of RMB0.152 and RMB0.149, respectively, in the same period of 2023.

Balance Sheet and Cash Flow

As of September 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, net, long-term bank deposits, net and long-term investment securities, net of RMB15,361.7 million (US$2,189.0 million), compared with RMB14,930.8 million as of June 30, 2024. In the third quarter of 2024, net cash generated from operating activities was RMB156.6 million (US$22.3 million).

Dividend Payment

The Company announced that its Board of Directors approved a cash dividend of US$0.01 per ordinary share, or US$0.01 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on December 6, 2024 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The payment date is expected to be on or around December 13, 2024 and on or around December 20, 2024 for holders of ordinary shares and holders of ADSs, respectively.

Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 15, 2024 (8:00 PM Beijing/Hong Kong Time on November 15, 2024).

Dial-in details for the earnings conference call are as follows:

United States (toll-free):

+1-888-317-6003

International:

+1-412-317-6061

Hong Kong, China (toll-free):

+800-963-976

Hong Kong, China:

+852-5808-1995

Mainland China:

400-120-6115

Participant Code:

6222824

Participants should dial in 10 minutes before the scheduled start time and ask to be connected to the call for “RLX Technology Inc.” with the Participant Code as set forth above.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.relxtech.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until November 22, 2024, by dialing the following telephone numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

7489030

[1] Non-GAAP net income is a non-GAAP financial measure. For more information on the Company’s non-GAAP financial measures, please see the section “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

[2] Non-GAAP basic and diluted net income per ADS is a non-GAAP financial measure. For more information on the Company’s non-GAAP financial measures, please see the section “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

About RLX Technology Inc.

RLX Technology Inc. (NYSE: RLX) is a leading global branded e-vapor company. The Company leverages its strong in-house technology, product development capabilities and in-depth insights into adult smokers’ needs to develop superior e-vapor products.

For more information, please visit: http://ir.relxtech.com.

Non-GAAP Financial Measures

The Company uses non-GAAP net income and non-GAAP basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP basic and diluted net income per ADS is computed using non-GAAP net income attributable to RLX Technology Inc. and the same number of ADSs used in U.S. GAAP basic and diluted net income per ADS calculation.

The Company presents these non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company believes that they help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net income. The Company also believes that the use of the non-GAAP measures facilitates investors’ assessment of its operating performance, as they could provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical non-GAAP financial measures to the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward- looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; trends and competition in global e-vapor market; changes in its revenues and certain cost or expense items; governmental policies, laws and regulations across various jurisdictions relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:

RLX Technology Inc.
Head of Capital Markets
Sam Tsang
Email: ir@relxtech.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com

RLX TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands)

As of

December 31,

September 30,

2023

2024

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

2,390,298

3,255,500

463,905

Restricted cash

29,760

58,265

8,303

Short-term bank deposits, net

2,631,256

2,602,887

370,908

Receivables from online payment platforms

6,893

5,357

763

Short-term investments

3,093,133

2,199,658

313,449

Accounts and notes receivable, net

60,482

121,939

17,376

Inventories

144,850

81,432

11,604

Amounts due from related parties

118,736

248,762

35,448

Prepayments and other current assets, net

508,435

299,409

42,666

Total current assets

8,983,843

8,873,209

1,264,422

Non-current assets:

Property, equipment and leasehold improvement, net

77,358

56,998

8,122

Intangible assets, net

69,778

59,156

8,430

Long-term investments, net

8,000

1,140

Deferred tax assets, net

58,263

58,262

8,302

Right-of-use assets, net

52,562

31,304

4,461

Long-term bank deposits, net

1,757,804

1,022,279

145,674

Long-term investment securities, net

5,236,109

6,223,159

886,791

Goodwill

66,506

64,528

9,195

Other non-current assets, net

4,874

5,632

803

Total non-current assets

7,331,254

7,529,318

1,072,918

Total assets

16,315,097

16,402,527

2,337,340

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts and notes payable

266,426

352,403

50,217

Contract liabilities

49,586

24,508

3,492

Salary and welfare benefits payable

39,256

75,047

10,694

Taxes payable

77,164

127,526

18,172

Accrued expenses and other current liabilities

103,996

107,771

15,357

Amounts due to related parties

101,927

10,380

1,479

Dividend payable

881

–

Lease liabilities – current portion

29,435

16,710

2,381

Total current liabilities

668,671

714,345

101,792

Non-current liabilities:

Deferred tax liabilities

23,591

21,757

3,100

Lease liabilities – non-current portion

24,419

7,136

1,017

Total non-current liabilities

48,010

28,893

4,117

Total liabilities

716,681

743,238

105,909

Shareholders’ Equity:

Total RLX Technology Inc. shareholders’ equity

15,609,393

15,662,993

2,231,959

Noncontrolling interests

(10,977)

(3,704)

(528)

Total shareholders’ equity

15,598,416

15,659,289

2,231,431

Total liabilities and shareholders’ equity

16,315,097

16,402,527

2,337,340

RLX TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

2023

(As adjusted) (a)

2024

2023

(As adjusted) (a)

2024

RMB

US$

RMB

US$

Net revenues

498,929

627,176

756,288

107,770

1,065,929

1,935,087

275,748

Cost of revenues

(278,578)

(400,712)

(473,379)

(67,456)

(529,004)

(1,201,701)

(171,241)

Excise tax on products

(100,313)

(68,602)

(76,933)

(10,963)

(272,624)

(226,775)

(32,315)

Gross profit

120,038

157,862

205,976

29,351

264,301

506,611

72,192

Operating expenses:

Selling expenses

(44,751)

(62,235)

(68,975)

(9,829)

(175,738)

(184,097)

(26,234)

General and administrative expenses

(78,849)

(128,997)

(123,226)

(17,560)

(293,985)

(362,177)

(51,610)

Research and development expenses

(30,783)

(24,435)

(3,482)

(150,782)

(55,935)

(7,971)

Total operating expenses

(154,383)

(191,192)

(216,636)

(30,871)

(620,505)

(602,209)

(85,815)

Loss from operations

(34,345)

(33,330)

(10,660)

(1,520)

(356,204)

(95,598)

(13,623)

Other income：

Interest income, net

158,260

154,207

156,659

22,324

469,951

469,724

66,935

Investment income

21,028

12,718

13,070

1,862

63,001

38,564

5,495

Others, net

33,412

22,739

40,745

5,806

183,949

92,427

13,171

Income before income tax

178,355

156,334

199,814

28,472

360,697

505,117

71,978

Income tax expense

(1,746)

(21,389)

(30,423)

(4,335)

(35,677)

(68,156)

(9,712)

Net income

176,609

134,945

169,391

24,137

325,020

436,961

62,266

Less: net income attributable to noncontrolling interests

1,579

2,631

3,737

532

4,169

7,085

1,010

Net income attributable to RLX Technology Inc.

175,030

132,314

165,654

23,605

320,851

429,876

61,256

Other comprehensive (loss)/income:

Foreign currency translation adjustments

(83,978)

44,174

(181,148)

(25,813)

331,004

(124,268)

(17,708)

Unrealized income on long-term investment securities

3,508

705

5,292

754

11,920

5,984

853

Total other comprehensive (loss)/income

(80,470)

44,879

(175,856)

(25,059)

342,924

(118,284)

(16,855)

Total comprehensive income/(loss)

96,139

179,824

(6,465)

(922)

667,944

318,677

45,411

Less: total comprehensive income attributable to noncontrolling
interests

1,579

2,618

3,730

531

4,169

7,078

1,010

Total comprehensive income/(loss) attributable to RLX
Technology Inc.

94,560

177,206

(10,195)

(1,453)

663,775

311,599

44,401

Net income per ordinary share/ADS

Basic

0.133

0.108

0.135

0.019

0.244

0.348

0.050

Diluted

0.130

0.103

0.129

0.018

0.239

0.333

0.047

Weighted average number of ordinary shares/ADSs

Basic

1,316,452,743

1,228,869,526

1,225,417,517

1,317,292,081

1,234,501,619

Diluted

1,344,359,144

1,284,388,803

1,287,927,444

1,344,018,578

1,289,831,349

Note (a): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statements of comprehensive income/(loss) in the prior quarter and prior nine months period.

RLX TECHNOLOGY INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share and per share data, or otherwise noted)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

2023

(As adjusted) (b)

2024

2023

(As adjusted) (b)

2024

RMB

US$

RMB

US$

Net income

176,609

134,945

169,391

24,137

325,020

436,961

62,266

Add: share-based compensation expenses

Selling expenses

(4,045)

9,172

5,768

822

4,571

19,543

2,785

General and administrative expenses

29,771

93,026

85,295

12,154

140,190

244,735

34,874

Research and development expenses

(936)

(24,074)

1,446

206

1,490

(18,747)

(2,671)

Non-GAAP net income

201,399

213,069

261,900

37,319

471,271

682,492

97,254

Net income attributable to RLX Technology Inc.

175,030

132,314

165,654

23,605

320,851

429,876

61,256

Add: share-based compensation expenses

24,790

78,124

92,509

13,182

146,251

245,531

34,988

Non-GAAP net income attributable to RLX Technology Inc.

199,820

210,438

258,163

36,787

467,102

675,407

96,244

Non-GAAP net income per ordinary share/ADS

– Basic

0.152

0.171

0.211

0.030

0.355

0.547

0.078

– Diluted

0.149

0.164

0.200

0.029

0.348

0.524

0.075

Weighted average number of ordinary shares/ADSs

– Basic

1,316,452,743

1,228,869,526

1,225,417,517

1,317,292,081

1,234,501,619

– Diluted

1,344,359,144

1,284,388,803

1,287,927,444

1,344,018,578

1,289,831,349

Note (b): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above unaudited reconciliation of GAAP and Non-GAAP results in the prior quarter and prior nine months period.

RLX TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

2023

(As adjusted) (c)

2024

2023

(As adjusted) (c)

2024

RMB

US$

RMB

US$

Net cash generated from/(used in) operating
activities

82,853

196,764

156,554

22,309

(106,494)

357,338

50,920

Net cash generated from investing activities

967,234

557,132

139,120

19,824

1,780,871

1,116,917

159,159

Net cash used in financing activities

(206,577)

–

(74,780)

(10,656)

(401,311)

(547,665)

(78,042)

Effect of foreign exchange rate changes on cash,
cash equivalents and restricted cash

(5,918)

10,032

(45,818)

(6,529)

52,884

(32,883)

(4,685)

Net increase in cash and cash equivalents and
restricted cash

837,592

763,928

175,076

24,948

1,325,950

893,707

127,352

Cash, cash equivalents and restricted cash at
the beginning of the period

1,777,444

2,374,761

3,138,689

447,260

1,289,086

2,420,058

344,856

Cash, cash equivalents and restricted cash at
the end of the period

2,615,036

3,138,689

3,313,765

472,208

2,615,036

3,313,765

472,208

Note (c): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statements of cash flows in the prior quarter and prior nine months period.

View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-third-quarter-2024-financial-results-302305299.html

SOURCE RLX Technology Inc.

Technology

ACKO Drive Launches Seamless End-to-End Digital Car Buying Experience with Financing Options

Published

19 minutes ago

November 15, 2024

NEW DELHI, Nov. 15, 2024 /PRNewswire/ — ACKO Drive is changing how people buy cars in India by introducing a fully digital, end-to-end car buying experience. This latest development by ACKO Drive allows customers to finance and purchase their next vehicle online without needing to step into a dealership.

The new digital platform, ACKO Drive, caters to modern buyers seeking convenience, speed, and security. As online shopping becomes increasingly popular across sectors, ACKO Drive brings the same simplicity to the automotive industry, making the car-buying journey effortless and transparent for today’s consumers.

An Online Platform Tailored for Hassle-Free Car Shopping

ACKO Drive offers customers a one-stop shop to browse a wide selection of cars like Maruti Suzuki Baleno, access detailed specifications, and even get expert guidance on the right choice. The platform’s user-friendly interface allows buyers to make well-informed decisions from the comfort of their homes. No longer are buyers tied to traditional dealership visits; ACKO Drive’s virtual experience simplifies the car-buying process, providing instant access to essential information and support at every step.

According to Nitin Chadha (Senior Vice President – ACKO Drive), the platform addresses pain points faced by car buyers in India, including cumbersome financing options. “Our mission with ACKO Drive is to make the car-buying process as seamless as possible. We understand the value of time for today’s customers, and our platform ensures that they don’t have to compromise on convenience or quality,” Nitin Chadha said.

Simplified Financing Options with Transparent Terms

One of the standout features of ACKO Drive is its integrated financing options, allowing buyers to apply for a loan and receive approval without the lengthy paperwork or extended wait times often associated with car loans. Through partnerships with some of India’s leading banks and financial institutions, ACKO Drive offers a variety of financing solutions tailored to different budget levels and preferences. Customers can access competitive interest rates, flexible repayment terms, and, in some cases, pre-approved loan offers based on their profiles.

The process is designed to be quick and stress-free, with online loan applications enabling potential buyers to check their eligibility and secure financing within minutes. First-time buyers who may feel overwhelmed by the financial aspects of purchasing a car can also benefit from ACKO Drive’s personalised financing recommendations. These recommendations help streamline the car-buying journey and provide customers with clear, transparent choices that best suit their needs.

Setting a New Standard in Digital Car Buying

ACKO Drive sets a new standard for car purchases in India, bridging the gap between traditional dealership experiences and the modern buyer’s preference for digital solutions. The platform’s fully online setup, with financing and expert assistance at every turn, has redefined car buying, making it accessible and efficient.

In addition to its core services, ACKO Drive’s platform includes valuable add-ons like test drives, vehicle trade-ins, and expert automotive advice, ensuring the buying experience remains complete and user-centric. This holistic approach aims to meet the varied needs of car buyers, from browsing to financing to post-purchase support.

About ACKO Drive

ACKO Drive is a digital platform dedicated to transforming the car-buying experience in India. Committed to transparency, convenience, and customer satisfaction, ACKO Drive offers a comprehensive range of vehicles, fast delivery services, and after-sales support. The platform’s unique features, such as transparent pricing and a wide selection of cars, make it the ideal choice for anyone purchasing their next vehicle.

For more information, please visit ACKO Drive’s official website – https://ackodrive.com/

View original content:https://www.prnewswire.com/in/news-releases/acko-drive-launches-seamless-end-to-end-digital-car-buying-experience-with-financing-options-302306922.html

Technology

HKUST Welcomes Four Nobel Laureates at the Molecular Frontiers Symposium

Published

19 minutes ago

November 15, 2024

Sparking Passion for Science and Innovation Among Young Minds

HONG KONG, Nov. 15, 2024 /PRNewswire/ — The Hong Kong University of Science and Technology (HKUST) is excited to kick off a prestigious three-day “Molecular Frontiers Symposium” at Shaw Auditorium on campus today. The high-level event showcases a lineup of internationally renowned scientists including four Nobel laureates, serving as a dynamic thought-leadership platform for exchanging ideas among brilliant and young minds.

Around 40 leading molecular scientists, including Nobel laureates Prof. Stefan HELL, Sir Tim HUNT, Prof. K. Barry SHARPLESS, and Sir Gregory WINTER, will share their knowledge and insights spanning the latest development in genome editing, fluorescence microscopy and protein engineering in this inaugural symposium in Greater China entitled “Frontiers of New Knowledge in Science”.

Over 1,500 participants have signed up for the Symposium. Hundreds of students from Hong Kong and other cities in the Greater Bay Area (GBA) as well as scholars and industrial representatives from the biotech and biomed fields, seized this invaluable opportunity to engage with top global scientists. In a vibrant exchange during the forum, students actively posed questions to the prestigious speakers about the challenges and rewards they have encountered throughout their career, while the scholars shared heartfelt advice and valuable insights for those considering a path in science and innovation.

Prof. Bengt NORDEN, Founding Chairman of the event’s organizer Molecular Frontiers Foundation, said, “The Molecular Frontiers Symposium is designed to inspire the next generation’s passion for science, promote innovative research in molecular science, and foster meaningful interactions between leading scientists and the general public. We are thrilled to host this prestigious event in Hong Kong for the first time—a vibrant international hub for education that is home to five universities ranked among the world’s top 100. By bringing together distinguished scholars at HKUST – a university committed to innovation and research, we look forward to stimulating fruitful discussions and fostering cross-regional collaborations that can help shape the future of molecular science.”

Prof. Nancy IP, HKUST President and world-renowned neuroscientist, said that HKUST is deeply grateful for the opportunity to co-host the prestigious event. “Given Hong Kong’s status as an international hub for higher education and knowledge sharing, hosting this Symposium represents a significant milestone for both HKUST and the local science community. It is also heartening to see the remarkable interest and enthusiasm from high school and university students in Hong Kong and the GBA. Our youth are the innovators and leaders of tomorrow; by nurturing their curiosity and providing them with the right tools and opportunities, we can empower them to unlock their full potential. I hope this symposium ignites their imagination and deepens their interest in science and technology, inspiring them to pursue further studies in these fields. Over the next three days, we anticipate a wealth of stimulating dialogues, enlightening presentations, and unparalleled networking opportunities.”

Today, Sir Winter of the University of Cambridge and a 2018 Nobel laureate in Chemistry, gave a speech on “The Thrill of Antibodies and Their Applications”, while Prof. Hell of the Max Planck Institute and a 2014 Nobel laureate in Chemistry, gave a lecture on “Molecular Resolution and Dynamics in Fluorescence Microscopy”.

Tomorrow, Sir Hunt of the Royal Society and a 2001 Nobel laureate in Physiology or Medicine, will speak on the topic “Lessons from a Life in Science”, while Prof. Sharpless, of the Scripps Research Institute and a 2001 Nobel laureate in Chemistry, will speak on “The Click Chemistry”. Prof. Sharpless is also an honorary Doctor of Science of HKUST.

Other speakers include top scientists from renowned universities and research institutions worldwide such as the Brown University, the Chinese Academy of Sciences, KTH Royal Institute of Technology, Massachusetts Institute of Technology, the Royal Swedish Academy of Sciences, the Scripps Research Institute, and the University of Cambridge.

Traditionally held in Europe, North America, and certain Asian countries including Japan, Singapore, and South Korea, the symposium is organized by the Molecular Frontiers Foundation – established by the Royal Swedish Academy of Sciences – and sponsored by Ausvic Capital. Recognized as one of the most influential scientific organizations in the world, the Foundation plays a pivotal role in advancing scientific dialogues and collaboration.

Download photos here: https://geco.ust.hk/download/press_release/1115%20Molecular/

View original content:https://www.prnewswire.com/apac/news-releases/hkust-welcomes-four-nobel-laureates-at-the-molecular-frontiers-symposium-302306934.html

SOURCE Hong Kong University of Science and Technology