Technology
MongoDB, Inc. Announces First Quarter Fiscal 2025 Financial Results
Published
7 months agoon
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First Quarter Fiscal 2025 Total Revenue of $450.6 million, up 22% Year-over-Year
Continued Strong Customer Growth with Over 49,200 Customers as of April 30, 2024
MongoDB Atlas Revenue up 32% Year-over-Year; 70% of Total Q1 Revenue
NEW YORK, May 30, 2024 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the first quarter ended April 30, 2024.
“MongoDB’s delivered solid first quarter results, highlighted by 32% Atlas revenue growth. At the same time, we had a slower than expected start to the year for both Atlas consumption growth and new workload wins, which will have a downstream impact for the remainder of fiscal 2025,” said Dev Ittycheria, President and Chief Executive Officer of MongoDB.
“As we look ahead, we continue to be incredibly excited by our large market opportunity, the potential to increase share, and become a standard within more of our customers. We also see a tremendous opportunity to win more legacy workloads, as AI has now become a catalyst to modernize these applications. MongoDB’s document-based architecture is particularly well-suited for the variety and scale of data required by AI-powered applications. We are confident MongoDB will be a substantial beneficiary of this next wave of application development.”
First Quarter Fiscal 2025 Financial Highlights
Revenue: Total revenue was $450.6 million for the first quarter of fiscal 2025, an increase of 22% year-over-year. Subscription revenue was $436.9 million, an increase of 23% year-over-year, and services revenue was $13.7 million, an increase of 1% year-over-year.Gross Profit: Gross profit was $327.9 million for the first quarter of fiscal 2025, representing a 73% gross margin compared to 74% in the year-ago period. Non-GAAP gross profit was $337.8 million, representing a 75% non-GAAP gross margin, compared to a non-GAAP gross margin of 76% in the year-ago period.Loss from Operations: Loss from operations was $98.2 million for the first quarter of fiscal 2025, compared to a loss from operations of $68.5 million in the year-ago period. Non-GAAP income from operations was $32.8 million, compared to non-GAAP income from operations of $43.7 million in the year-ago period.Net Loss: Net loss was $80.6 million, or $1.10 per share, based on 73.0 million weighted-average shares outstanding, for the first quarter of fiscal 2025. This compares to a net loss of $54.2 million, or $0.77 per share, in the year-ago period. Non-GAAP net income was $42.7 million, or $0.51 per share, based on 83.2 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $45.3 million, or $0.56 per share, in the year-ago period.Cash Flow: As of April 30, 2024, MongoDB had $2.1 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended April 30, 2024, MongoDB generated $63.6 million of cash from operations, used $0.5 million of cash in capital expenditures and used $2.1 million of cash in principal repayments of finance leases, leading to free cash flow of $61.0 million, compared to free cash flow of $51.8 million in the year-ago period.
A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
First Quarter Fiscal 2025 and Recent Business Highlights
MongoDB announced a number of new products and capabilities at MongoDB.local NYC. Highlights included the preview of MongoDB 8.0—with significant performance improvements such as faster reads and updates, along with significantly faster bulk inserts and time series queries—and the general availability of Atlas Stream Processing to build sophisticated, event-driven applications with real-time data.MongoDB continues to expand its AI ecosystem with the announcement of the MongoDB AI Applications Program (MAAP), which provides customers with reference architectures, pre-built partner integrations, and professional services to help them quickly build AI-powered applications. Accenture will establish a center of excellence focused on MongoDB projects, and is the first global systems integrator to join MAAP.Bendigo and Adelaide Bank partnered with MongoDB to modernize their core banking technology. With the help of MongoDB Relational Migrator and generative AI-powered modernization tools, Bendigo and Adelaide Bank decomposed an outdated consumer-servicing application into microservices and migrated off its underlying legacy relational database technology significantly faster and more easily than a traditional migration.
Second Quarter and Full Year Fiscal 2025 Guidance
Based on information available to management as of today, May 30, 2024, MongoDB is issuing the following financial guidance for the second quarter and full year fiscal 2025.
Second Quarter Fiscal 2025
Full Year Fiscal 2025
Revenue
$460.0 million to $464.0 million
$1.88 billion to $1.90 billion
Non-GAAP Income from Operations
$35.0 million to $38.0 million
$168.0 million to $183.0 million
Non-GAAP Net Income per Share
$0.46 to $0.49
$2.15 to $2.30
Reconciliations of non-GAAP income from operations and non-GAAP net income per share guidance to the most directly comparable GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in MongoDB’s stock price. MongoDB expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.
Conference Call Information
MongoDB will host a conference call today, May 30, 2024, at 5:00 p.m. (Eastern Time) to discuss its financial results and business outlook. A live webcast of the call will be available on the “Investor Relations” page of MongoDB’s website at https://investors.mongodb.com. To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at http://investors.mongodb.com.
Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB’s financial guidance for the second fiscal quarter and full year fiscal 2025 and underlying assumptions, our ability to capitalize on our market opportunity and deliver strong growth for the foreseeable future as well as the criticality of MongoDB to artificial intelligence application development. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including, without limitation: our customers renewing their subscriptions with us and expanding their usage of software and related services; the effects of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas on our business and future operating results; economic downturns and/or the effects of rising interest rates, inflation and volatility in the global economy and financial markets on our business and future operating results; our potential failure to meet publicly announced guidance or other expectations about our business and future operating results; our limited operating history; our history of losses; failure of our platform to satisfy customer demands; the effects of increased competition; our investments in new products and our ability to introduce new features, services or enhancements; our ability to effectively expand our sales and marketing organization; our ability to continue to build and maintain credibility with the developer community; our ability to add new customers or increase sales to our existing customers; our ability to maintain, protect, enforce and enhance our intellectual property; the effects of social, ethical and regulatory issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; the growth and expansion of the market for database products and our ability to penetrate that market; our ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit and retain additional highly-qualified personnel; and the price volatility of our common stock. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended January 31, 2024, filed with the SEC on March 15, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2024, and other filings and reports that we may file from time to time with the SEC. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
Non-GAAP Financial Measures
This press release includes the following financial measures defined as non-GAAP financial measures by the SEC: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share and free cash flow. Non-GAAP gross profit and non-GAAP gross margin exclude expenses associated with stock-based compensation. Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share exclude:
expenses associated with stock-based compensation including employer payroll taxes upon the vesting and exercising of stock-based awards and expenses related to stock appreciation rights previously issued to our employees in China;amortization of intangible assets for the acquired technology and acquired customer relationships associated with prior acquisitions; andin the case of non-GAAP net income and non-GAAP net income per share, amortization of the debt issuance costs associated with our convertible senior notes and gains or losses on our financial instruments;additionally, non-GAAP net income and non-GAAP net income per share are adjusted for an assumed provision for income taxes based on an estimated long-term non-GAAP tax rate. The non-GAAP tax rate was calculated utilizing a three-year financial projection that excludes the direct impact of the GAAP to non-GAAP adjustments and considers other factors such as operating structure and existing tax positions in various jurisdictions. We intend to periodically reevaluate the projected long-term tax rate, as necessary, for significant events and our ongoing analysis of relevant tax law changes.
MongoDB uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating MongoDB’s ongoing operational performance. MongoDB believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in MongoDB’s industry, many of which may present similar non-GAAP financial measures to investors.
Free cash flow represents net cash from/used in operating activities, less capital expenditures, principal repayments of finance lease liabilities and capitalized software development costs, if any. MongoDB uses free cash flow to understand and evaluate its liquidity and to generate future operating plans. The exclusion of capital expenditures, principal repayments of finance lease liabilities and amounts capitalized for software development facilitates comparisons of MongoDB’s liquidity on a period-to-period basis and excludes items that it does not consider to be indicative of its liquidity. MongoDB believes that free cash flow is a measure of liquidity that provides useful information to investors in understanding and evaluating the strength of its liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business in the same manner as MongoDB’s management and board of directors.
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share, free cash flow or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, as presented below. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of MongoDB’s website at https://investors.mongodb.com.
About MongoDB
Headquartered in New York, MongoDB’s mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, MongoDB’s developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today’s wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.
Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com
Media Relations
MongoDB
press@mongodb.com
MONGODB, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)
April 30, 2024
January 31, 2024
Assets
Current assets:
Cash and cash equivalents
$ 815,704
$ 802,959
Short-term investments
1,258,292
1,212,448
Accounts receivable, net of allowance for doubtful accounts of $7,814 and $8,054 as of April 30,
2024 and January 31, 2024, respectively
266,025
325,610
Deferred commissions
93,390
92,512
Prepaid expenses and other current assets
218,914
50,107
Total current assets
2,652,325
2,483,636
Property and equipment, net
50,214
53,042
Operating lease right-of-use assets
34,807
37,365
Goodwill
69,679
69,679
Acquired intangible assets, net
1,303
3,957
Deferred tax assets
4,524
4,116
Other assets
221,577
217,847
Total assets
$ 3,034,429
$ 2,869,642
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 9,349
$ 9,905
Accrued compensation and benefits
110,234
112,579
Operating lease liabilities
9,881
9,797
Other accrued liabilities
84,110
74,831
Deferred revenue
323,920
357,108
Total current liabilities
537,494
564,220
Deferred tax liability
770
285
Operating lease liabilities
28,417
30,918
Deferred revenue
16,210
20,296
Convertible senior notes, net
1,144,125
1,143,273
Other liabilities
38,157
41,661
Total liabilities
1,765,173
1,800,653
Stockholders’ equity:
Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of April 30, 2024
and January 31, 2024; 73,449,966 shares issued and 73,350,595 shares outstanding as of April 30,
2024; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024
73
73
Additional paid-in capital
3,068,730
2,777,322
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of April 30, 2024
and January 31, 2024
(1,319)
(1,319)
Accumulated other comprehensive (loss) income
(6,003)
4,545
Accumulated deficit
(1,792,225)
(1,711,632)
Total stockholders’ equity
1,269,256
1,068,989
Total liabilities and stockholders’ equity
$ 3,034,429
$ 2,869,642
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended April 30,
2024
2023
Revenue:
Subscription
$ 436,896
$ 354,714
Services
13,665
13,566
Total revenue
450,561
368,280
Cost of revenue:
Subscription(1)
100,762
78,173
Services(1)
21,935
19,276
Total cost of revenue
122,697
97,449
Gross profit
327,864
270,831
Operating expenses:
Sales and marketing(1)
219,444
182,733
Research and development(1)
146,060
116,817
General and administrative(1)
60,546
39,828
Total operating expenses
426,050
339,378
Loss from operations
(98,186)
(68,547)
Other income, net
20,174
16,788
Loss before provision for income taxes
(78,012)
(51,759)
Provision for income taxes
2,581
2,487
Net loss
$ (80,593)
$ (54,246)
Net loss per share, basic and diluted
$ (1.10)
$ (0.77)
Weighted-average shares used to compute net loss per share, basic and diluted
72,990,141
70,177,499
(1) Includes stock‑based compensation expense as follows:
Three Months Ended April 30,
2024
2023
Cost of revenue—subscription
$ 6,163
$ 5,514
Cost of revenue—services
3,255
2,948
Sales and marketing
39,613
37,606
Research and development
55,173
44,066
General and administrative
16,559
13,821
Total stock‑based compensation expense
$ 120,763
$ 103,955
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended April 30,
2024
2023
Cash flows from operating activities
Net loss
$ (80,593)
$ (54,246)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
4,826
4,373
Stock-based compensation
120,763
103,955
Amortization of debt issuance costs
852
847
Amortization of finance right-of-use assets
993
994
Amortization of operating right-of-use assets
2,479
2,225
Deferred income taxes
7
(188)
Amortization of premium and accretion of discount on short-term investments, net
(7,781)
(13,230)
Unrealized gain on financial instruments
(479)
(2,226)
Unrealized foreign exchange loss
115
429
Change in operating assets and liabilities:
Accounts receivable, net
59,326
73,364
Prepaid expenses and other current assets
1,233
(2,909)
Deferred commissions
(4,820)
2,664
Other long-term assets
166
(46)
Accounts payable
(547)
(304)
Accrued liabilities
6,526
(12,631)
Operating lease liabilities
(2,185)
(2,394)
Deferred revenue
(37,431)
(47,266)
Other liabilities, non-current
163
319
Net cash provided by operating activities
63,613
53,730
Cash flows from investing activities
Purchases of property and equipment
(539)
(623)
Investments in non-marketable securities
—
(1,306)
Proceeds from maturities of marketable securities
125,000
280,000
Purchases of marketable securities
(172,604)
(66,789)
Net cash (used in) provided by investing activities
(48,143)
211,282
Cash flows from financing activities
Proceeds from exercise of stock options
953
1,472
Principal repayments of finance leases
(2,093)
(1,342)
Net cash (used in) provided by financing activities
(1,140)
130
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,583)
709
Net increase in cash, cash equivalents and restricted cash
12,747
265,851
Cash, cash equivalents and restricted cash, beginning of period
803,643
456,339
Cash, cash equivalents and restricted cash, end of period
$ 816,390
$ 722,190
MONGODB, INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except share and per share data)
(unaudited)
Three Months Ended April 30,
2024
2023
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Gross profit on a GAAP basis
$ 327,864
$ 270,831
Gross margin (Gross profit/Total revenue) on a GAAP basis
73 %
74 %
Add back:
Expenses associated with stock-based compensation: Cost of Revenue—Subscription
6,497
5,688
Expenses associated with stock-based compensation: Cost of Revenue—Services
3,474
3,385
Non-GAAP gross profit
$ 337,835
$ 279,904
Non-GAAP gross margin (Non-GAAP gross profit/Total revenue)
75 %
76 %
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
Sales and marketing operating expense on a GAAP basis
$ 219,444
$ 182,733
Less:
Expenses associated with stock-based compensation
42,154
40,331
Amortization of intangible assets
85
760
Non-GAAP sales and marketing operating expense
$ 177,205
$ 141,642
Research and development operating expense on a GAAP basis
$ 146,060
$ 116,817
Less:
Expenses associated with stock-based compensation
57,760
45,724
Amortization of intangible assets
2,568
1,535
Non-GAAP research and development operating expense
$ 85,732
$ 69,558
General and administrative operating expense on a GAAP basis
$ 60,546
$ 39,828
Less:
Expenses associated with stock-based compensation
18,445
14,780
Non-GAAP general and administrative operating expense
$ 42,101
$ 25,048
Reconciliation of GAAP loss from operations to non-GAAP income from operations:
Loss from operations on a GAAP basis
$ (98,186)
$ (68,547)
GAAP operating margin (Loss from operations/Total revenue)
(22) %
(19) %
Add back:
Expenses associated with stock-based compensation
128,330
109,908
Amortization of intangible assets
2,653
2,295
Non-GAAP income from operations
$ 32,797
$ 43,656
Non-GAAP operating margin (Non-GAAP Income from operations/Total revenue)
7 %
12 %
Reconciliation of GAAP net loss to non-GAAP net income:
Net loss on a GAAP basis
$ (80,593)
$ (54,246)
Add back:
Expenses associated with stock-based compensation
128,330
109,908
Amortization of intangible assets
2,653
2,295
Amortization of debt issuance costs related to convertible senior notes
852
847
Less:
Gains on financial instruments, net
479
2,226
Income tax effects and adjustments *
8,088
11,316
Non-GAAP net income
$ 42,675
$ 45,262
Reconciliation of GAAP net loss per share, basic and diluted, to non-GAAP net income per share,
basic and diluted:
Net loss per share, basic and diluted, on a GAAP basis
$ (1.10)
$ (0.77)
Add back:
Expenses associated with stock-based compensation
1.76
1.57
Amortization of intangible assets
0.04
0.03
Amortization of debt issuance costs related to convertible senior notes
0.01
0.01
Less:
Gains on financial instruments, net
0.01
0.03
Income tax effects and adjustments *
0.11
0.16
Non-GAAP net income per share, basic
$ 0.59
$ 0.65
Adjustment for fully diluted earnings per share
(0.08)
(0.09)
Non-GAAP net income per share, diluted **
$ 0.51
$ 0.56
* Non-GAAP financial information is adjusted for an assumed provision for income taxes based on our long-term projected tax rate of
20%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP
income may differ from our GAAP tax rate and from our actual tax liabilities.
** Diluted non-GAAP net income per share is calculated based upon 83.2 million and 81.5 million of diluted weighted-average shares
of outstanding common stock for the three months ended April 30, 2024 and 2023, respectively.
The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP
measure, for each of the periods indicated (unaudited, in thousands):
Three Months Ended April 30,
2024
2023
Net cash provided by operating activities
$ 63,613
$ 53,730
Capital expenditures
(539)
(623)
Principal repayments of finance leases
(2,093)
(1,342)
Capitalized software
—
—
Free cash flow
$ 60,981
$ 51,765
MONGODB, INC.
CUSTOMER COUNT METRICS
The following table presents certain customer count information as of the periods indicated:
4/30/2022
7/31/2022
10/31/2022
1/31/2023
4/30/2023
7/31/2023
10/31/2023
1/31/2024
4/30/2024
Total Customers (a)
35,200+
37,000+
39,100+
40,800+
43,100+
45,000+
46,400+
47,800+
49,200+
Direct Sales Customers(b)
4,800+
5,400+
5,900+
6,400+
6,700+
6,800+
6,900+
7,000+
7,100+
MongoDB Atlas Customers
33,700+
35,500+
37,600+
39,300+
41,600+
43,500+
44,900+
46,300+
47,700+
Customers over $100K(c)
1,379
1,462
1,545
1,651
1,761
1,855
1,972
2,052
2,137
(a) Our definition of “customer” excludes users of our free offerings and all affiliated entities are counted as a single customer.
(b) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.
(c) Represents the number of customers with $100,000 or greater in annualized recurring revenue (“ARR”) and annualized monthly recurring revenue (“MRR”).
ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of
Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual consumption of MongoDB Atlas, assuming no increases or reductions
in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual
consumption of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services.
MONGODB, INC.
SUPPLEMENTAL REVENUE INFORMATION
The following table presents certain supplemental revenue information as of the periods indicated:
4/30/2022
7/31/2022
10/31/2022
1/31/2023
4/30/2023
7/31/2023
10/31/2023
1/31/2024
4/30/2024
MongoDB Enterprise Advanced: % of Subscription Revenue
33 %
28 %
29 %
28 %
28 %
26 %
27 %
26 %
25 %
Direct Sales Customers(a)
Revenue: % of Subscription Revenue
87 %
86 %
87 %
88 %
88 %
88 %
88 %
88 %
87 %
(a) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.
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SOURCE MongoDB, Inc.
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Firstly, the meeting urged efforts to vigorously boost consumption, a top-of-agenda task. Expanding domestic demand is not only a long-term priority for China, but also a coping strategy for the tougher challenges faced in exports. China’s efforts to stimulate consumption mainly fall into two categories. For one, enabling its citizens to have more to spend, by means of increasing income and alleviating burdens of low- and middle-income groups, and enabling more to enter the middle-income bracket; meanwhile, China will continue to diversify consumption scenarios, such as the debut economy, ice and snow economy and silver economy, for consumers to spend their disposable income.
Secondly, China is determined to let scientific and technological innovation drive the building of a modern industrial system, serving as a compass for China’s industrial economy development. In 2025, China is going to invest more in technological innovation, and strengthen studies in basic sciences and key core technologies, to drive industrial innovation, and furthermore achieve high standards in sci-tech self-reliance and strength.
Thirdly, China will maintain its high-level opening-up, and keep foreign trade and foreign investment stable. The size, quality and good reputation of China’s business with the world have been ever-growing, and that’s because the goal of China is to “make the cake bigger,” not “steal others’ shares of cake,” let alone “seize the whole cake.” To that end, China has improved the quality of its exports, explored new investment models, and made more countries stakeholders along the global value chain; meanwhile, it has also been ameliorating its market-access policies, and bettering the treatment of foreign-invested companies, so that more countries can benefit from the Chinese market. By November, China has removed all market access restrictions for foreign investors in the manufacturing sector, and service sectors including telecommunication and medical care are also opening their doors wider at a stable pace.
China shows great willingness to open up to the world, and boasts a good many partners; at the same time, the country’s economy has a solid foundation with many advantages, strong resilience and great potential, which means it possesses robust capacity in coping with pressure and risks.
View original content to download multimedia:https://www.prnewswire.com/news-releases/2025-chinese-economy-robust-capacity-in-coping-with-pressure-and-risks-302338092.html
SOURCE China.org.cn
Technology
India-born Avaada Group Commits $12bn to Transform Rajasthan into a Global Renewable Energy Hub
Published
1 hour agoon
December 23, 2024By
MUMBAI, India, Dec. 23, 2024 /PRNewswire/ — Avaada Group, a leading name in the renewable energy sector, has announced an unprecedented investment of $12bn in Rajasthan, India, for accelerating green energy transition, thereby establishing the region as a global renewable energy powerhouse. This landmark announcement was made during the prestigious Rising Rajasthan 2024 Summit, attended by India’s Hon’ble Prime Minister Narendra Modi and Rajasthan’s Hon’ble Chief Minister Bhajanlal Sharma.
Highlighting Rajasthan’s strategic importance, Avaada Group’s Chairman Vineet Mittal, Guest of Honour at the event, stated, “Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape. Avaada’s commitment of $12bn while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future.”
Rajasthan stands out as a global hub for renewable energy, with over 142 GW of unmatched solar potential, supported by 325+ sunny days annually. The state’s pro-business policies, including the Rajasthan Investment Promotion Scheme 2024 and the Integrated Clean Energy Policy 2024, have attracted investments worth $78bn.
Avaada Group’s journey in Rajasthan began with a modest 150 MW solar project and has since evolved into multiple ventures, including one of the world’s largest single location renewable energy projects by an IPP. Key investments announced at the summit include:
1,200 MW Pumped Storage Project (PSP): A $700mn initiative to enhance energy storage and grid stability.Green Hydrogen and Ammonia Projects: Investments aimed at driving global decarbonization goals.Utility-Scale Solar and Wind Projects: Across Jhalawar, Kota, Barmer, and Bikaner, contributing significantly to India’s renewable energy targets.
With its strategic alignment to international sustainability frameworks like the EU’s Carbon Border Adjustment Mechanism (CBAM), Rajasthan offers a unique advantage for zero-carbon manufacturing and green industrial growth, positioning itself as a magnet for industries seeking sustainable operations while creating over 1mn green jobs.
“As a global renewable energy leader, Avaada is proud to participate in Rajasthan’s vision of becoming a green hub of industrial growth,” Mr. Mittal remarked. “Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”
With its strategic initiatives, Avaada Group is poised to attract international collaborations, setting a benchmark for renewable energy innovation and sustainable industrial development.
About Avaada Group
Avaada Group is a leader in the global energy transition, specializing in solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects. Under the visionary leadership of Mr. Vineet Mittal, Avaada has become a significant global player in clean energy. Avaada Energy, the group’s renewable power generation arm, aims to achieve a capacity of 11 GWp by 2026. The group’s strong execution capabilities have attracted substantial international investment, including a $1.3bn commitment in early 2023, with $1bn from Brookfield’s Energy Transition Fund and $300mn from GPSC, a subsidiary of Thailand’s PTT Group.
Contact
Kiren Srivastav
kiren.srivastav@avaada.com
Charu Sehgal
charu.sehgal@avaada.com
View original content:https://www.prnewswire.co.uk/news-releases/india-born-avaada-group-commits-12bn-to-transform-rajasthan-into-a-global-renewable-energy-hub-302337340.html
Technology
The Shining Achievements of Busan MICE in 2024
Published
1 hour agoon
December 23, 2024By
BUSAN, South Korea, Dec. 23, 2024 /PRNewswire/ — Amid intensifying competition among MICE host cities to attract large events, 2024 saw Busan take bold steps that led to impressive results, proving its potential as a prime MICE destination. The efforts made by Busan in 2024 in attracting major international conferences, promoting ESG management, enhancing networking, and strengthening city identity are outlined below.
International Conferences Held in the Global MICE City of Busan
Busan hosted several significant international conferences in 2024. In July, it welcomed the 45th Scientific Assembly of the Committee on Space Research (COSPAR 2024), drawing around 2,700 space scientists from 60 countries to Korea. This was the first time the event was held in the country. In August, after eight years of preparation, the city hosted the 37th International Geological Congress (IGC 2024), a prestigious event with a 146-year history, at BEXCO. In November, Busan hosted the 5th Session of the UN Intergovernmental Negotiating Committee on Plastic Pollution (INC-5). With participation from 193 institutions and countries, INC-5 was the final dialogue in a series of international discussions on controlling plastic pollution, making it a crucial conference on the future health of Earth’s marine environment and placing Busan at the forefront of global attention.
Wide-ranging ESG Activities for the Sustainability of MICE
Busan’s selection to host INC-5 was made possible by its strong track record of ESG initiatives within the MICE industry. The Busan Tourism Organization (BTO) CVB’s exhibition hall was decorated using recyclable wood, and with the assistance of eco-friendly suppliers, recycling stations were set up to facilitate the collection of waste generated during the event. Aiming for a paperless conference, digital materials and multifunctional electronic platforms were also used. Continuous efforts in various ESG initiatives were made through collaborations with Busan MICE Alliance (BMA) members. Environmental reports were made, containing carbon reduction amounts for all products used at event venues and greenhouse gas reduction indicators for transportation during each event, to create more eco-friendly events.
Improvement of Busan’s MICE Network Through Communication
The Busan MICE Alliance and the Busan MICE industry, in general, grew in solidarity through strong networking this year. The BTO CVB worked to fundamentally enhance Busan’s MICE industry by increasing local demand for MICE events and maintaining an efficient collaboration network. Regular meetings of the BMA focused on the concerns of its members to improve communication. Additionally, Busan MICE Alliance Day was held to strengthen ties among members of Busan’s MICE industry, fostering discussions on industry developments both locally and internationally, and exploring joint marketing opportunities. New members were recruited into the BMA in both the first and second halves of the year, enhancing collaboration between the public and private sectors for the success of Busan’s MICE industry. The Busan MICE Business Innovation Platform, which provides users with access to news and information about Busan’s MICE industry, was launched and well-received.
Unique Venues That Capture Busan’s Local Identity
Participants in MICE events now expect more than just the exchange of knowledge. They seek a special experience, and MICE destinations should leverage their local identity to provide experiences that can only be found in their cities or regions. Recognizing this industry trend, Busan has identified a variety of unique venues that highlight the history, culture, and distinctiveness of the city. Venues such as Domoheon, the former residence of Busan’s mayor; Space OneZ, a renovated old warehouse; and Holi Lounge, offering a surfing workation, exemplify this approach. The MICE events held at these unique venues are also organized in a way that showcases the best of Busan’s local identity.
As another busy year draws to a close, Busan, as a MICE city, is looking forward to making even greater strides next year. The 18th World Congress on Computational Mechanics (WCCM) in 2028, along with many other international MICE events, are set to take place in Busan, and the BTO CVB is actively working toward this goal.
With aspirations of reaching the pinnacle of the MICE industry, Busan will continue its efforts to be a sustainable, cooperative, and unique MICE city that is globally recognized.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/the-shining-achievements-of-busan-mice-in-2024-302338095.html
SOURCE Busan Tourism Organization
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