Technology

AUTODESK, INC. ANNOUNCES FISCAL 2024 FOURTH QUARTER AND FULL-YEAR RESULTS

Published

9 months ago

February 29, 2024

– Fourth quarter revenue grew 11 percent, and 14 percent at constant exchange rates, to $1.5 billion

– Fourth quarter current remaining performance obligations grew 13 percent, to $4.0 billion

SAN FRANCISCO, Feb. 29, 2024 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the fourth quarter and full year of fiscal 2024.

All growth rates are compared to the fourth quarter and full year of fiscal 2023, respectively, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document.

Fourth Quarter Fiscal 2024 Financial Highlights

Total revenue increased 11 percent to $1.47 billion;GAAP operating margin was 21 percent, flat compared to the prior period;Non-GAAP operating margin was 36 percent, flat compared to the prior period;GAAP diluted EPS was $1.31; Non-GAAP diluted EPS was $2.09;Cash flow from operating activities was $437 million; free cash flow was $427 million.

“We are undertaking a multi-year process to develop lifecycle solutions, powered by shared platform services, and with Autodesk’s Data Model at its core. Together, these will enable Autodesk, its customers, and partners, to create more valuable, data-driven, and connected products and services,” said Andrew Anagnost, Autodesk president and CEO. “Having led the industry in generative design, we are leading again in 3D generative AI. Our new multimodal foundation models will enable design and make customers to automate low-value and repetitive tasks and generate more high-value, complex designs more rapidly and with much greater consistency. We can already generate 3D representations from images 10 times faster and with vastly higher quality than currently available 3D AI.”

“Autodesk remains resilient and underlying demand for our products and services is robust. As a result, revenue grew 14 percent at constant currency in the fourth quarter,” said Debbie Clifford, Autodesk CFO. “Adjusting the mid-point of our guidance to exclude noise from the new transaction model, acquisitions, the absence of EBA true-up revenue, and FX, we expect underlying revenue to grow more than 10 percent in fiscal 25.”

Fourth Quarter Fiscal 2024 Additional Financial Details

Total billings decreased 19 percent to $1.71 billion.Total revenue was $1.47 billion, an increase of 11 percent as reported, and 14 percent on a constant currency basis. Recurring revenue represents 98 percent of total.Design revenue was $1.22 billion, an increase of 10 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, Design revenue increased 2 percent as reported and on a constant currency basis.Make revenue was $138 million, an increase of 16 percent as reported, and 17 percent on a constant currency basis. On a sequential basis, Make revenue increased 3 percent as reported and on a constant currency basis.Subscription plan revenue was $1.34 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 2 percent as reported, and 3 percent on a constant currency basis.Net revenue retention rate was within the range of 100 to 110 percent on a constant currency basis.GAAP operating income was $315 million, compared to $277 million in the fourth quarter last year. GAAP operating margin was 21 percent, flat compared to the prior period.Total non-GAAP operating income was $522 million, compared to $479 million in the fourth quarter last year. Non-GAAP operating margin was 36 percent, flat compared to the prior period.GAAP diluted net income per share was $1.31, compared to $1.35 in the fourth quarter last year.Non-GAAP diluted net income per share was $2.09, compared to $1.86 in the fourth quarter last year.Deferred revenue decreased 7 percent to $4.26 billion. Unbilled deferred revenue was $1.84 billion, an increase of $801 million compared to the fourth quarter last year. Remaining performance obligations (RPO) increased 9 percent to $6.11 billion. Current RPO increased 13 percent to $3.98 billion.Cash flow from operating activities was $437 million, a decrease of 474 million compared to the fourth quarter last year. Free cash flow was $427 million, a decrease of $476 million compared to the fourth quarter last year.

Net Revenue by Geographic Area

Three Months
Ended January 31,
2024

Three Months
Ended January 31,
2023

Change
compared to

prior fiscal year

Constant currency
change compared
to prior fiscal year

(In millions, except percentages)

Net Revenue:

Americas

U.S.

$ 517

$ 451

$ 66

15 %

Other Americas

139

101

38 %

Total Americas

656

552

104

19 %

Europe, Middle East and Africa

546

508

7 %

11 %

Asia Pacific

267

258

3 %

8 %

Total Net Revenue

$ 1,469

$ 1,318

$ 151

11 %

14 %

____________________

* Constant currency data not provided at this level.

Net Revenue by Product Family

Our product offerings are focused in four primary product families: Architecture, Engineering and Construction (“AEC”), AutoCAD and AutoCAD LT, Manufacturing (“MFG”), and Media and Entertainment (“M&E”).

Three Months Ended

Change compared to

prior fiscal year

(In millions, except percentages)

January 31,
2024

January 31,
2023

AEC

$ 696

$ 602

$ 94

16 %

AutoCAD and AutoCAD LT

377

362

4 %

MFG

292

257

14 %

M&E

4 %

Other

17 %

Total Net Revenue

$ 1,469

$ 1,318

$ 151

11 %

Fiscal 2024 Financial Highlights

Total billings decreased 11 percent to $5.18 billion.Total revenue was $5.50 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis. Recurring revenue represents 98 percent of total.Design revenue was $4.65 billion, an increase of 9 percent as reported, and 12 percent on a constant currency basis.Make revenue was $523 million, an increase of 16 percent as reported, and 18 percent on a constant currency basis.Subscription plan revenue was $5.12 billion, an increase of 10 percent as reported, and 13 percent on a constant currency basis.Total subscriptions increased approximately 785 thousand from the end of fiscal 2023 to 7.53 million at the end of fiscal 2024. Total subscriptions adjusted for the multi-user trade-in increased approximately 715 thousand from fiscal 2023 to 6.97 million.GAAP operating income was $1.13 billion, compared to $989 million last year. GAAP operating margin was 21 percent, up 1 percentage point.Total non-GAAP operating income was $1.96 billion, compared to $1.79 billion last year. Non-GAAP operating margin was 36 percent, flat compared to the prior period.GAAP diluted net income per share was $4.19, compared to $3.78 last year.Non-GAAP diluted net income per share was $7.60, compared to $6.63 last year.Cash flow from operating activities decreased to $1.31 billion, compared to $2.07 billion in fiscal 2023. Free cash flow decreased to $1.28 billion, compared to $2.03 billion in fiscal 2023.

Net Revenue by Geographic Area

Fiscal Year Ended
January 31, 2024

Fiscal Year Ended
January 31, 2023

Change compared to

prior fiscal year

Constant
currency change
compared to
prior fiscal year

(In millions, except percentages)

Net Revenue:

Americas

U.S.

$ 1,978

$ 1,720

$ 258

15 %

Other Americas

460

372

24 %

Total Americas

2,438

2,092

346

17 %

EMEA

2,042

1,906

136

7 %

12 %

APAC

1,017

1,007

1 %

6 %

Total Net Revenue

$ 5,497

$ 5,005

$ 492

10 %

13 %

____________________

* Constant currency data not provided at this level.

Net Revenue by Product Family

Our product offerings are focused in four primary product families: AEC, AutoCAD and AutoCAD LT, MFG, and M&E.

Fiscal Year Ended

Change compared to

prior fiscal year

(In millions, except percentages)

January 31, 2024

January 31, 2023

AEC

$ 2,580

$ 2,278

$ 302

13 %

AutoCAD and AutoCAD LT

1,462

1,387

5 %

MFG

1,063

978

9 %

M&E

295

291

1 %

Other

37 %

Total Net Revenue

$ 5,497

$ 5,005

$ 492

10 %

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under “Safe Harbor Statement.” Autodesk’s business outlook for the first quarter and full-year fiscal 2025 takes into consideration the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2024 GAAP and non-GAAP estimates is provided below or in the tables later in this document.

First Quarter Fiscal 2025

Q1 FY25 Guidance Metrics

Q1 FY25
(ending April 30, 2024)

Revenue (in millions)

$1,385 – $1,400

EPS GAAP

$0.96 – $1.01

EPS non-GAAP (1)

$1.73- $1.78

____________________

(1) Non-GAAP earnings per diluted share excludes $0.72 related to stock-based compensation expense, $0.11 for the amortization of both purchased intangibles and developed technologies, and $0.08 for acquisition-related costs, partially offset by ($0.14) related to GAAP-only tax charges.

Full-Year Fiscal 2025

FY25 Guidance Metrics

FY25
(ending January 31, 2025)

Billings (in millions)

$5,810 – $5,960
Up 12% – 15%

Revenue (in millions) (1)

$5,990 – $6,090
Up 9% – 11%

GAAP operating margin

20% – 21%

Non-GAAP operating margin (2)

35% – 36%

EPS GAAP

$4.41 – $4.63

EPS non-GAAP (3)

$7.89 – $8.11

Free cash flow (in millions) (4)

$1,430 – $1,500

____________________

(1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance range would be approximately 1 percentage point higher.

(2) Non-GAAP operating margin excludes approximately 12% related to stock-based compensation expense, approximately 2% for the amortization of both purchased intangibles and developed technologies, and approximately 1% related to acquisition-related costs.

(3) Non-GAAP earnings per diluted share excludes $3.39 related to stock-based compensation expense, $0.50 for the amortization of both purchased intangibles and developed technologies, and $0.26 related to acquisition-related costs, partially offset by ($0.67) related to GAAP-only tax charges.

(4) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures.

The first quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 21 percent for GAAP and 19 percent for non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. As such, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings.

Earnings Conference Call and Webcast

Autodesk will host its fourth quarter conference call today at 5 p.m. ET. The live broadcast can be accessed at autodesk.com/investor. A transcript of the opening commentary will also be available following the conference call.

A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor. This replay will be maintained on Autodesk’s website for at least 12 months.

Investor Presentation Details

An investor presentation, excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor.

Key Performance Metrics

To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue, net revenue retention rate (“NR3”) and subscriptions. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.

Glossary of Terms

Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period.

Cloud Service Offerings: Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering.

Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods.

Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya, and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design.

Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term.

Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate.

Free Cash Flow: Cash flow from operating activities minus capital expenditures.

Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection.

Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year.

Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make.

Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago (“base customers”). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison.

Other Revenue: Consists of revenue from consulting, training and other products and services, and is recognized as the products are delivered and services are performed.

Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders.

Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation.

Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months.

Solution Provider: Solution Provider is the name of our channel partners who serve our customers worldwide. Solution Providers may be resellers, agents, or both, in relation to Autodesk solutions.

Spend: The sum of cost of revenue and operating expenses.

Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions.

Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs.

Total Subscriptions: Consists of subscriptions from our maintenance plans and subscription plan offerings that are active and paid as of the fiscal year end date. For certain cloud service offerings and EBAs, subscriptions represent the monthly average activity reported within the last three months of the fiscal quarter end date. Total subscriptions do not include education offerings, consumer product offerings, and third-party products. Subscriptions acquired with the acquisition of a business are captured once the data conforms to our subscription count methodology and when added, may cause variability in comparison of this calculation.

Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification (“ASC”) Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Consolidated Balance Sheet.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under “Business Outlook” above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; costs and challenges associated with strategic acquisitions and investments; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers’ offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current tax law, including current interpretations of the Tax Cuts and Jobs Act, and could be affected by changing interpretations of that Act, as well as additional legislation and guidance around that Act.

Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

About Autodesk

Autodesk is changing how the world is designed and made. Our technology spans architecture, engineering, construction, product design, manufacturing, media and entertainment, empowering innovators everywhere to solve challenges big and small. From greener buildings to smarter products to more mesmerizing blockbusters, Autodesk software helps our customers to design and make a better world for all. For more information, visit autodesk.com or follow @autodesk. #MakeAnything

Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are registered trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.

Autodesk, Inc.

Condensed Consolidated Statements of Operations

(In millions, except per share data)

Three Months Ended January 31,

Fiscal Year Ended January 31,

2024

2023

2024

2023

(Unaudited)

Net revenue:

Subscription

$ 1,339

$ 1,214

$ 5,116

$ 4,651

Maintenance

Total subscription and maintenance revenue

1,353

1,228

5,170

4,716

Other

116

327

289

Total net revenue

1,469

1,318

5,497

5,005

Cost of revenue:

Cost of subscription and maintenance revenue

381

343

Cost of other revenue

Amortization of developed technologies

Total cost of revenue

130

124

511

480

Gross profit

1,339

1,194

4,986

4,525

Operating expenses:

Marketing and sales

479

439

1,823

1,745

Research and development

352

313

1,373

1,219

General and administrative

182

155

620

532

Amortization of purchased intangibles

Total operating expenses

1,024

917

3,858

3,536

Income from operations

315

277

1,128

989

Interest and other income (expense), net

—

(43)

Income before income taxes

337

277

1,136

946

(Provision) benefit for income taxes

(55)

(230)

(123)

Net income

$ 282

$ 293

$ 906

$ 823

Basic net income per share

$ 1.32

$ 1.36

$ 4.23

$ 3.81

Diluted net income per share

$ 1.31

$ 1.35

$ 4.19

$ 3.78

Weighted average shares used in computing basic net income per share

214

216

214

216

Weighted average shares used in computing diluted net income per share

216

217

216

218

Autodesk, Inc.

Condensed Consolidated Balance Sheets

(In millions)

January 31,
2024

January 31,
2023

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 1,892

$ 1,947

Marketable securities

354

125

Accounts receivable, net

876

961

Prepaid expenses and other current assets

457

308

Total current assets

3,579

3,341

Long-term marketable securities

234

102

Computer equipment, software, furniture and leasehold improvements, net

121

144

Operating lease right-of-use assets

224

245

Intangible assets, net

406

407

Goodwill

3,653

3,625

Deferred income taxes, net

1,093

1,014

Long-term other assets

602

560

Total assets

$ 9,912

$ 9,438

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$ 100

$ 102

Accrued compensation

476

358

Accrued income taxes

Deferred revenue

3,500

3,203

Operating lease liabilities

Other accrued liabilities

172

219

Total current liabilities

4,351

4,000

Long-term deferred revenue

764

1,377

Long-term operating lease liabilities

275

300

Long-term income taxes payable

168

164

Long-term deferred income taxes

Long-term notes payable, net

2,284

2,281

Long-term other liabilities

190

139

Stockholders’ equity:

Common stock and additional paid-in capital

3,802

3,325

Accumulated other comprehensive loss

(234)

(185)

Accumulated deficit

(1,713)

(1,995)

Total stockholders’ equity

1,855

1,145

Total liabilities and stockholders’ equity

$ 9,912

$ 9,438

Autodesk, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions)

Fiscal Year Ended January 31,

2024

2023

(Unaudited)

Operating activities:

Net income

$ 906

$ 823

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization and accretion

139

150

Stock-based compensation expense

703

657

Deferred income taxes

(86)

(277)

Lease-related asset impairments

Other operating activities

(52)

(8)

Changes in operating assets and liabilities, net of business combinations:

Accounts receivable

(247)

Prepaid expenses and other assets

(77)

(3)

Accounts payable and other liabilities

(12)

(5)

Deferred revenue

(316)

798

Accrued income taxes

149

Net cash provided by operating activities

1,313

2,071

Investing activities:

Purchases of marketable securities

(1,110)

(397)

Sales of marketable securities

277

152

Maturities of marketable securities

487

298

Purchases of intangible assets

(30)

(6)

Business combinations, net of cash acquired

(70)

(96)

Capital expenditures

(31)

(40)

Other investing activities

(25)

(54)

Net cash used in investing activities

(502)

(143)

Financing activities:

Proceeds from issuance of common stock, net of issuance costs

130

124

Taxes paid related to net share settlement of equity awards

(187)

(160)

Repurchase and retirement of common stock

(795)

(1,101)

Repayment of debt

—

(350)

Net cash used in financing activities

(852)

(1,487)

Effect of exchange rate changes on cash and cash equivalents

(14)

(22)

Net (decrease) increase in cash and cash equivalents

(55)

419

Cash and cash equivalents at beginning of the period

1,947

1,528

Cash and cash equivalents at end of the period

$ 1,892

$ 1,947

Autodesk, Inc.

Reconciliation of GAAP financial measures to non-GAAP financial measures

(In millions, except per share data)

To supplement our condensed consolidated financial statements presented on a GAAP basis, we provide investors with certain non-GAAP measures including non-GAAP operating margin, non-GAAP income from operations, non-GAAP diluted net income per share, and free cash flow. For our internal budgeting and resource allocation process and as a means to evaluate period-to-period comparisons, we use non-GAAP measures to supplement our condensed consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our future reported financial results. We use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.

There are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included in this presentation, and not to rely on any single financial measure to evaluate our business.

The following table shows Autodesk’s GAAP results reconciled to non-GAAP results included in this release.

Three Months Ended January 31,

Fiscal Year Ended January 31,

2024

2023

2024

2023

(Unaudited)

GAAP operating margin

21 %

20 %

Stock-based compensation expense

11 %

12 %

13 %

Amortization of developed technologies

1 %

Amortization of purchased intangibles

1 %

Acquisition-related costs

1 %

— %

1 %

— %

Lease-related asset impairments and other charges

— %

1 %

— %

1 %

Non-GAAP operating margin (1)

36 %

GAAP income from operations

$ 315

$ 277

$ 1,128

$ 989

Stock-based compensation expense

160

164

703

660

Amortization of developed technologies

Amortization of purchased intangibles

Acquisition-related costs

Lease-related asset impairments and other charges

Non-GAAP income from operations

$ 522

$ 479

$ 1,962

$ 1,785

GAAP diluted net income per share

$ 1.31

$ 1.35

$ 4.19

$ 3.78

Stock-based compensation expense

0.74

0.76

3.26

3.03

Amortization of developed technologies

0.05

0.20

0.24

Amortization of purchased intangibles

0.05

0.04

0.19

0.18

Acquisition-related costs

0.08

0.02

0.15

0.05

Lease-related asset impairments and other charges

0.03

0.06

0.15

Loss on strategic investments and dispositions, net

0.03

0.04

0.15

—

Establishment (release) of valuation allowance on deferred tax assets

0.07

(0.18)

0.07

(0.18)

Discrete GAAP tax items

(0.07)

0.15

(0.15)

0.13

Income tax effect of non-GAAP adjustments

(0.20)

(0.43)

(0.52)

(0.75)

Non-GAAP diluted net income per share

$ 2.09

$ 1.86

$ 7.60

$ 6.63

Net cash provided by operating activities

$ 437

$ 911

$ 1,313

$ 2,071

Capital expenditures

(10)

(8)

(31)

(40)

Free cash flow

$ 427

$ 903

$ 1,282

$ 2,031

____________________

(1) Totals may not sum due to rounding.

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SOURCE Autodesk, Inc.

Technology

RLX Technology Announces Unaudited Third Quarter 2024 Financial Results

Published

20 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

20 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/

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Technology

HKUST Welcomes Four Nobel Laureates at the Molecular Frontiers Symposium

Published

20 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/

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SOURCE Hong Kong University of Science and Technology