Technology

Veeva Announces Fourth Quarter and Fiscal Year 2024 Results

Published

9 months ago

February 29, 2024

Fiscal Year 2024 Total Revenues of $2,363.7M, up 10% Year Over Year;
Q4 Total Revenues of $630.6M, up 12% Year Over Year

Fiscal Year 2024 Subscription Services Revenues of $1,901.6M, up 10% Year Over Year;
Q4 Subscription Services Revenues of $521.5M, up 13% Year Over Year

PLEASANTON, Calif., Feb. 29, 2024 /PRNewswire/ — Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its fourth quarter and fiscal year ended January 31, 2024.

“The fourth quarter was a strong finish to an important year for Veeva,” said CEO Peter Gassner. “Executing on our long-term industry cloud opportunity, we delivered the Veeva Compass Suite of data products, established the Clinical Platform, and progressed our new Commercial Cloud. These advances will fuel our growth and have a major impact on the industry for years to come.”

Fiscal 2024 Fourth Quarter Results:

Revenues: Total revenues for the fourth quarter were $630.6 million, up from $563.4 million one year ago, an increase of 12% year over year. Subscription services revenues for the fourth quarter were $521.5 million, up from $460.2 million one year ago, an increase of 13% year over year.

Operating Income and Non-GAAP Operating Income(1): Fourth quarter operating income was $135.3 million, compared to $108.9 million one year ago, an increase of 24% year over year. Non-GAAP operating income for the fourth quarter was $239.1 million, compared to $209.4 million one year ago, an increase of 14% year over year.

Net Income and Non-GAAP Net Income(1): Fourth quarter net income was $147.4 million, compared to $188.5 million one year ago, a decrease of 22% year over year. Non-GAAP net income for the fourth quarter was $226.3 million, compared to $186.3 million one year ago, an increase of 21% year over year.

Net Income per Share and Non-GAAP Net Income per Share(1): For the fourth quarter, fully diluted net income per share was $0.90, compared to $1.16 one year ago, while non-GAAP fully diluted net income per share was $1.38, compared to $1.15 one year ago.

Customer Contracting Change: The previously announced customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements went into effect on February 1, 2023. This resulted in a change in the timing of revenue for certain customer contracts to which a TFC right was added and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the fourth quarter.

Fiscal Year 2024 Results:

Revenues: Total revenues for the fiscal year ended January 31, 2024 were $2,363.7 million, up from $2,155.1 million one year ago, an increase of 10% year over year. Subscription services revenues were $1,901.6 million, up from $1,733.0 million one year ago, an increase of 10% year over year.

Operating Income and Non-GAAP Operating Income(1): Fiscal year 2024 operating income was $429.3 million, compared to $459.1 million one year ago, a decrease of 6% year over year. Non-GAAP operating income for fiscal year 2024 was $842.5 million, compared to $830.5 million one year ago, an increase of 1% year over year.

Net Income and Non-GAAP Net Income(1): Fiscal year 2024 net income was $525.7 million, compared to $487.7 million one year ago, an increase of 8% year over year. Non-GAAP net income for fiscal year 2024 was $791.0 million, compared to $695.6 million one year ago, an increase of 14% year over year.

Net Income per Share and Non-GAAP Net Income per Share(1): For fiscal year 2024, fully diluted net income per share was $3.22, compared to $3.00 one year ago, while non-GAAP fully diluted net income per share was $4.84, compared to $4.28 one year ago.

Customer Contracting Change: The customer contracting change that standardized TFC rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts to which a TFC right was added and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in fiscal year ended January 31, 2024.

“We ended the year with strong financial results, reflecting our increasing strategic partnership with the industry and continued focused execution,” said CFO Brent Bowman. “Our innovation engine, proven operating model, and customer success focus continue to differentiate Veeva and drive our strong, profitable growth.”

Recent Highlights:

Product Excellence and Customer Success Drive Industry Leadership – Progressing on its vision to become the most strategic partner to the life sciences industry, Veeva finished the year with 1,432 customers, up 44 from the year prior. Veeva R&D Solutions ended the year with 1,078 customers and Veeva Commercial Solutions ended the year with a total of 693 customers.(2)(3)

Setting a New Standard with Veeva Clinical Platform – As the only company connecting clinical operations and clinical data management with 11 industry leading solutions today, the Veeva Clinical Platform is helping connect sponsors, research sites, and patients for more effective and efficient trials. Given its ability to help improve trial collaboration end-to-end, the industry is increasingly turning to Veeva as more than 500 customers now use at least one Veeva Vault Clinical solution. More than 85 customers have both a clinical operations and clinical data management product from Veeva.

Milestone Quarter for Veeva Data Cloud – In January, Veeva announced the availability of the complete Veeva Compass Suite of commercial data products, giving the industry a modern alternative to legacy data products. Compass uniquely supports the needs of today’s medicines because it includes projected data for both retail products and complex in-office therapies. Veeva Link also saw major success in the quarter as the ninth top 20 biopharma selected Veeva Link for Key People for all therapeutic areas.

Financial Outlook:

Veeva is providing guidance for its fiscal first quarter ending April 30, 2024 as follows:

Total revenues between $640 and $643 million.

Non-GAAP operating income between $245 and $247 million(4).

Non-GAAP fully diluted net income per share between $1.42 and $1.43(4).

Veeva is providing guidance for its fiscal year ending January 31, 2025 as follows:

Total revenues between $2,725 and $2,740 million.

Non-GAAP operating income of about $1,070 million(4).

Non-GAAP fully diluted net income per share of approximately $6.16(4).

Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva’s investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, February 29, 2024, and a replay of the call will be available on Veeva’s investor relations website.

What:

Veeva Systems Fourth Quarter and Fiscal Year 2024 Results Conference Call

When:

Thursday, February 29, 2024

Time:

2:00 p.m. PT (5:00 p.m. ET)

Online Registration:

https://registrations.events/direct/Q4I879596

Webcast:

ir.veeva.com

___________

(1) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled “Non-GAAP Financial Measures” and the tables entitled “Reconciliation of GAAP to Non-GAAP Financial Measures” below for details.

(2) The combined customer counts for Commercial Solutions and R&D Solutions exceed the total customer count in each year because some customers subscribe to products in both areas. Commercial Solutions consist of our Veeva Commercial Cloud, Veeva Data Cloud, and Veeva Claims solutions. R&D Solutions consist of our Veeva Development Cloud, Veeva RegulatoryOne, and Veeva QualityOne solutions.

(3) Customer count totals are presented net of customer attrition during the period.

(4) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the first fiscal quarter ending April 30, 2024 or fiscal year ending January 31, 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

About Veeva Systems
Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,000 customers, ranging from the world’s largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.

Veeva uses its ir.veeva.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.

Forward-looking Statements
This release contains forward-looking statements regarding Veeva’s expected future performance and, in particular, includes quotes from management and guidance provided as of February 29, 2024 about Veeva’s expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations, changes in applicable laws and regulations, and impacts related to Russia’s invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain, and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 38 and 39 in our filing on Form 10-Q for the period ended October 31, 2023, which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

###

Investor Relations Contact:
Gunnar Hansen
Veeva Systems Inc.
267-460-5839
ir@veeva.com

Media Contact:
Maria Scurry
Veeva Systems Inc.
781-366-7617
pr@veeva.com

VEEVA SYSTEMS INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

January 31,
2024

January 31,
2023

Assets

Current assets:

Cash and cash equivalents

$ 703,487

$ 886,465

Short-term investments

3,324,269

2,216,163

Accounts receivable, net

852,172

703,055

Unbilled accounts receivable

36,365

82,174

Prepaid expenses and other current assets

86,918

81,456

Total current assets

5,003,211

3,969,313

Property and equipment, net

58,532

49,817

Deferred costs, net

23,916

31,825

Lease right-of-use assets

45,602

55,336

Goodwill

439,877

Intangible assets, net

63,017

82,476

Deferred income taxes

233,463

136,697

Other long-term assets

43,302

38,955

Total assets

$ 5,910,920

$ 4,804,296

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$ 31,513

$ 41,678

Accrued compensation and benefits

43,433

44,282

Accrued expenses and other current liabilities

32,980

35,306

Income tax payable

11,862

4,946

Deferred revenue

1,049,761

869,285

Lease liabilities

9,334

11,306

Total current liabilities

1,178,883

1,006,803

Deferred income taxes

2,052

1,492

Lease liabilities, noncurrent

46,441

49,670

Other long-term liabilities

38,720

30,079

Total liabilities

1,266,096

1,088,044

Stockholders’ equity:

Class A common stock(5)

Class B common stock(5)

—

Additional paid-in capital

1,915,002

1,532,627

Accumulated other comprehensive loss

(10,637)

(31,129)

Retained earnings

2,740,457

2,214,752

Total stockholders’ equity

4,644,824

3,716,252

Total liabilities and stockholders’ equity

$ 5,910,920

$ 4,804,296

(5)Class B common stock was converted to Class A common stock on October 15, 2023. We refer to our Class A common
stock as common stock.

VEEVA SYSTEMS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

Three months ended
January 31,

Fiscal year ended
January 31,

2024

2023

2024

2023

Revenues:

Subscription services(6)

$ 521,498

$ 460,152

$ 1,901,593

$ 1,733,002

Professional services and other(7)

109,120

103,237

462,080

422,058

Total revenues

630,618

563,389

2,363,673

2,155,060

Cost of revenues(8):

Cost of subscription services

77,398

68,913

290,577

257,635

Cost of professional services and other

96,530

95,401

386,714

351,770

Total cost of revenues

173,928

164,314

677,291

609,405

Gross profit

456,690

399,075

1,686,382

1,545,655

Operating expenses(8):

Research and development

163,565

142,538

629,031

520,278

Sales and marketing

99,203

89,049

381,472

348,691

General and administrative

58,658

58,565

246,545

217,595

Total operating expenses

321,426

290,152

1,257,048

1,086,564

Operating income

135,264

108,923

429,334

459,091

Other income, net

47,429

26,440

158,689

50,005

Income before income taxes

182,693

135,363

588,023

509,096

Income tax provision (benefit)

35,295

(53,170)

62,318

21,390

Net income

$ 147,398

$ 188,533

$ 525,705

$ 487,706

Net income per share:

Basic

$ 0.92

$ 1.20

$ 3.27

$ 3.14

Diluted

$ 0.90

$ 1.16

$ 3.22

$ 3.00

Weighted-average shares used to compute net income per share:

Basic

161,088

156,512

160,532

155,385

Diluted

164,071

162,104

163,486

162,437

Other comprehensive income:

Net change in unrealized gain (loss) on available-for-sale investments

$ 28,135

$ 15,868

$ 22,035

$ (14,854)

Net change in cumulative foreign currency translation loss

(1,237)

(1,355)

(1,546)

(4,317)

Comprehensive income

$ 174,296

$ 203,046

$ 546,194

$ 468,535

(6) Includes subscription services revenues from the following product areas:

Veeva Commercial Solutions

$ 261,882

$ 242,896

$ 995,803

$ 946,252

Veeva R&D Solutions

259,616

217,256

905,790

786,750

Total subscription services

$ 521,498

$ 460,152

$ 1,901,593

$ 1,733,002

(7) Includes professional services and other revenues from the following product areas:

Veeva Commercial Solutions

$ 45,899

$ 44,161

$ 185,981

$ 177,188

Veeva R&D Solutions

63,221

59,076

276,099

244,870

Total professional services and other

$ 109,120

$ 103,237

$ 462,080

$ 422,058

(8) Includes stock-based compensation as follows:

Cost of revenues:

Cost of subscription services

$ 1,626

$ 1,651

$ 6,483

$ 6,257

Cost of professional services and other

13,356

13,307

53,237

50,341

Research and development

42,967

39,430

172,876

141,571

Sales and marketing

23,781

23,010

90,865

87,509

General and administrative

17,163

18,147

70,272

66,229

Total stock-based compensation

$ 98,893

$ 95,545

$ 393,733

$ 351,907

VEEVA SYSTEMS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three months ended
January 31,

Fiscal year ended
January 31,

2024

2023

2024

2023

Cash flows from operating activities

Net income

$ 147,398

$ 188,533

$ 525,705

$ 487,706

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

Depreciation and amortization

8,628

7,679

32,628

29,122

Reduction of operating lease right-of-use assets

2,806

3,136

11,691

12,198

Accretion of discount on short-term investments

(7,217)

(2,608)

(26,515)

(3,624)

Stock-based compensation

98,893

95,545

393,733

351,907

Amortization of deferred costs

5,334

4,989

18,177

22,096

Deferred income taxes

(25,242)

(43,133)

(105,374)

(127,502)

(Gain) loss on foreign currency from mark-to-market derivative

(1,063)

(222)

971

Bad debt expense (recovery)

(954)

693

256

Changes in operating assets and liabilities:

Accounts receivable

(596,731)

(459,243)

(149,810)

(72,177)

Unbilled accounts receivable

8,472

(89)

45,809

(18,908)

Deferred costs

(9,517)

(8,939)

(10,268)

(20,815)

Other current and long-term assets

7,220

(43,649)

414

(47,399)

Accounts payable

(4,728)

766

(10,230)

21,429

Accrued expenses and other current liabilities

5,323

6,622

(4,249)

9,276

Income taxes payable

5,302

(49,520)

6,916

(2,815)

Deferred revenue

416,284

362,485

188,164

140,472

Operating lease liabilities

(2,616)

(2,908)

(6,879)

(10,644)

Other long-term liabilities

(840)

4,808

956

8,921

Net cash provided by operating activities

57,769

63,298

911,339

780,470

Cash flows from investing activities

Purchases of short-term investments

(555,900)

(280,628)

(2,697,968)

(1,996,878)

Maturities and sales of short-term investments

476,932

245,273

1,647,813

1,002,707

Long-term assets

(7,735)

(3,907)

(26,196)

(13,512)

Net cash used in investing activities

(86,703)

(39,262)

(1,076,351)

(1,007,683)

Cash flows from financing activities

Proceeds from exercise of common stock options

10,503

13,538

62,687

43,654

Taxes paid related to net share settlement of equity awards

(20,987)

(15,779)

(78,875)

(63,030)

Net cash used in financing activities

(10,484)

(2,241)

(16,188)

(19,376)

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

(807)

(489)

(1,780)

(4,986)

Net change in cash, cash equivalents, and restricted cash

(40,225)

21,306

(182,980)

(251,575)

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

746,895

868,344

889,650

1,141,225

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

$ 706,670

$ 889,650

$ 706,670

$ 889,650

Supplemental disclosures of other cash flow information:

Excess tax benefits from employee stock plans

$ 2,474

$ 76,028

$ 71,049

$ 82,009

Non-GAAP Financial Measures
In Veeva’s public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.

Excess tax benefits. Excess tax benefits from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva excludes excess tax benefits for its internal management reporting processes. Veeva management also finds it useful to exclude excess tax benefits when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits, Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies.

Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva’s revenues earned during the periods presented and will contribute to Veeva’s future period revenues as well.

Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures.

There are limitations to 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 provided 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 Veeva’s management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates 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 its public disclosures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

VEEVA SYSTEMS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)

(Unaudited)

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown
below:

Reconciliation of Net Cash Provided by Operating Activities (GAAP basis
to non-GAAP basis)

Three months ended
January 31,

Fiscal year ended January
31,

2024

2023

2024

2023

Net cash provided by operating activities on a GAAP basis

$ 57,769

$ 63,298

$ 911,339

$ 780,470

Excess tax benefits from employee stock plans

(2,474)

(76,028)

(71,049)

(82,009)

Net cash provided by (used in) operating activities on a non-GAAP basis

$ 55,295

$ (12,730)

$ 840,290

$ 698,461

Net cash used in investing activities on a GAAP basis

$ (86,703)

$ (39,262)

$ (1,076,351)

$ (1,007,683)

Net cash used in financing activities on a GAAP basis

$ (10,484)

$ (2,241)

$ (16,188)

$ (19,376)

Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)

Three months ended
January 31,

Fiscal year ended January
31,

2024

2023

2024

2023

Cost of subscription services revenues on a GAAP basis

$ 77,398

$ 68,913

$ 290,577

$ 257,635

Stock-based compensation expense

(1,626)

(1,651)

(6,483)

(6,257)

Amortization of purchased intangibles

(1,125)

(1,126)

(4,468)

(4,469)

Cost of subscription services revenues on a non-GAAP basis

$ 74,647

$ 66,136

$ 279,626

$ 246,909

Gross margin on subscription services revenues on a GAAP basis

85.2 %

85.0 %

84.7 %

85.1 %

Stock-based compensation expense

0.3

0.4

Amortization of purchased intangibles

0.2

0.3

Gross margin on subscription services revenues on a non-GAAP basis

85.7 %

85.6 %

85.3 %

85.8 %

Cost of professional services and other revenues on a GAAP basis

$ 96,530

$ 95,401

$ 386,714

$ 351,770

Stock-based compensation expense

(13,356)

(13,307)

(53,237)

(50,341)

Amortization of purchased intangibles

(139)

(550)

Cost of professional services and other revenues on a non-GAAP basis

$ 83,035

$ 81,955

$ 332,927

$ 300,879

Gross margin on professional services and other revenues on a GAAP basis

11.5 %

7.6 %

16.3 %

16.7 %

Stock-based compensation expense

12.3

12.9

11.6

11.9

Amortization of purchased intangibles

0.1

Gross margin on professional services and other revenues on a non-GAAP basis

23.9 %

20.6 %

28.0 %

28.7 %

Gross profit on a GAAP basis

$ 456,690

$ 399,075

$ 1,686,382

$ 1,545,655

Stock-based compensation expense

14,982

14,958

59,720

56,598

Amortization of purchased intangibles

1,264

1,265

5,018

5,019

Gross profit on a non-GAAP basis

$ 472,936

$ 415,298

$ 1,751,120

$ 1,607,272

Gross margin on total revenues on a GAAP basis

72.4 %

70.8 %

71.3 %

71.7 %

Stock-based compensation expense

2.4

2.7

2.6

2.7

Amortization of purchased intangibles

0.2

Gross margin on total revenues on a non-GAAP basis

75.0 %

73.7 %

74.1 %

74.6 %

Research and development expense on a GAAP basis

$ 163,565

$ 142,538

$ 629,031

$ 520,278

Stock-based compensation expense

(42,967)

(39,430)

(172,876)

(141,571)

Amortization of purchased intangibles

(29)

(114)

(113)

Research and development expense on a non-GAAP basis

$ 120,569

$ 103,079

$ 456,041

$ 378,594

Three months ended
January 31,

Fiscal year ended January
31,

2024

2023

2024

2023

Sales and marketing expense on a GAAP basis

$ 99,203

$ 89,049

$ 381,472

$ 348,691

Stock-based compensation expense

(23,781)

(23,010)

(90,865)

(87,509)

Amortization of purchased intangibles

(3,552)

(3,555)

(14,102)

(14,105)

Sales and marketing expense on a non-GAAP basis

$ 71,870

$ 62,484

$ 276,505

$ 247,077

General and administrative expense on a GAAP basis

$ 58,658

$ 58,565

$ 246,545

$ 217,595

Stock-based compensation expense

(17,163)

(18,147)

(70,272)

(66,229)

Amortization of purchased intangibles

(56)

(57)

(225)

(227)

General and administrative expense on a non-GAAP basis

$ 41,439

$ 40,361

$ 176,048

$ 151,139

Operating expense on a GAAP basis

$ 321,426

$ 290,152

$ 1,257,048

$ 1,086,564

Stock-based compensation expense

(83,911)

(80,587)

(334,013)

(295,309)

Amortization of purchased intangibles

(3,637)

(3,641)

(14,441)

(14,445)

Operating expense on a non-GAAP basis

$ 233,878

$ 205,924

$ 908,594

$ 776,810

Operating income on a GAAP basis

$ 135,264

$ 108,923

$ 429,334

$ 459,091

Stock-based compensation expense

98,893

95,545

393,733

351,907

Amortization of purchased intangibles

4,901

4,906

19,459

19,464

Operating income on a non-GAAP basis

$ 239,058

$ 209,374

$ 842,526

$ 830,462

Operating margin on a GAAP basis

21.4 %

19.3 %

18.2 %

21.3 %

Stock-based compensation expense

15.7

17.0

16.6

16.3

Amortization of purchased intangibles

0.8

0.9

0.8

0.9

Operating margin on a non-GAAP basis

37.9 %

37.2 %

35.6 %

38.5 %

Net income on a GAAP basis

$ 147,398

$ 188,533

$ 525,705

$ 487,706

Stock-based compensation expense

98,893

95,545

393,733

351,907

Amortization of purchased intangibles

4,901

4,906

19,459

19,464

Income tax effect on non-GAAP adjustments(9)

(24,867)

(102,691)

(147,937)

(163,508)

Net income on a non-GAAP basis

$ 226,325

$ 186,293

$ 790,960

$ 695,569

Diluted net income per share on a GAAP basis

$ 0.90

$ 1.16

$ 3.22

$ 3.00

Stock-based compensation expense

0.60

0.59

2.41

2.17

Amortization of purchased intangibles

0.03

0.12

Income tax effect on non-GAAP adjustments(9)

(0.15)

(0.63)

(0.91)

(1.01)

Diluted net income per share on a non-GAAP basis

$ 1.38

$ 1.15

$ 4.84

$ 4.28

________________________

(9) For the three months and fiscal years ended January 31, 2024 and 2023, management used an estimated annual effective non-GAAP

tax rate of 21.0%.

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SOURCE Veeva Systems

Technology

RLX Technology Announces Unaudited Third Quarter 2024 Financial Results

Published

28 seconds 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

30 seconds 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

31 seconds 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