Technology
MongoDB, Inc. Announces First Quarter Fiscal 2025 Financial Results
Published
7 months agoon
By
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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SHANGHAI, Dec. 23, 2024 /PRNewswire/ — XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, and OCBC, the second largest financial services group in Southeast Asia, jointly announced the comprehensive partnership. OCBC China will leverage the OCBC Group’s extensive regional network and resources in its key markets of Singapore, Hong Kong SAR, Malaysia and Indonesia to collaborate with XTransfer to provide small and medium-sized enterprises (SMEs) engaging in international trade with one-stop innovative cross-border financial solutions, including payment, FX, risk control and wealth management. The Memorandum of Understanding was signed on 18 December 2024 by Bill Deng, Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.
Bill Deng, Founder and CEO of XTransfer, stated, “This collaboration marks a significant milestone for XTransfer, greatly enhancing our global payment capabilities. By leveraging OCBC’s extensive global payment network, XTransfer saves a substantial amount of market costs and accelerates our business expansion in Southeast Asia, saving on local expansion efforts. XTransfer looks forward to expanding its business with OCBC in the future in a variety of areas, including wealth management and lending, and is looking forward to working with them to capture the vast opportunities in Greater China and ASEAN.”
Ang Eng Siong, CEO of OCBC China, said, “OCBC uses Singapore and Hong Kong as our twin-hubs, radiating out to Greater China and ASEAN regions. XTransfer’s business development plans in these areas align closely with our network layout. As XTransfer’s global account manager, OCBC China will support XTransfer and its clients in facilitating cross-border settlements through close collaboration with various business subsidiaries of the group. This will help meet the growing demand for cross-border development and business growth, helping them achieve their aspirations in Greater China and ASEAN.”
XTransfer and OCBC collaborate in several areas of cross-border business. In particular, XTransfer leverages the strong banking networks and service capabilities of OCBC to offer its customers the “Global Multi-Currency Account” provided by OCBC Hong Kong, allowing clients to make payments and collect funds globally. The Global Multi-Currency Account supports not only major currencies, such as the Renminbi, US Dollar, British Pound, Euro, etc., but also currencies from ASEAN and various countries and regions. This will benefit SMEs in foreign trade settlement in the corresponding countries and enhance global cross-border trade efficiency. The partnership will provide XTransfer’s over 550,000 clients and their buyers with more payment and collection options. Additionally, clients can make payments and collect funds through CHATS or FPS, the local clearing network in Hong Kong, offering convenience similar to local bank transfers.
In recent years, trade exchanges between China and ASEAN have become increasingly close. According to data from XTransfer, from January to September 2024, the amount received by small and medium-sized foreign trade enterprises on the XTransfer platform from ASEAN grew by 80% compared to the previous year. The partnership between XTransfer and OCBC will address this growth in international trade by SMEs, and help them capture opportunities in trade and capital flow between China and ASEAN.
XTransfer continues to build its global payment infrastructure for foreign trade through partnerships with renowned international banks and financial institutions. This partnership with OCBC brings XTransfer a new upgrade in its global payment infrastructure, offering substantial benefits to global cross-border traders. By utilising the Global Multi-Currency Account provided by OCBC Hong Kong, buyers can easily make payments in various currencies to overseas suppliers and collect funds from worldwide customers. This partnership is expected to enhance cross-border trade by significantly broadening the payment methods and scope for SMEs.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/xtransfer-and-ocbc-jointly-announce-comprehensive-partnership-302338240.html
SOURCE XTransfer
Technology
TECHTRONIC INDUSTRIES JOINS THE UN GLOBAL COMPACT
Published
33 minutes agoon
December 23, 2024By
DEMONSTRATES TTI’S COMMITMENT TO SUSTAINABLE PRODUCTS AND PRACTICES
FORT LAUDERDALE, Fla., Dec. 23, 2024 /PRNewswire/ — Global cordless power tool, outdoor power equipment and floorcare company Techtronic Industries Co. Ltd. (“TTI” or the “Company”) (stock code: HK:0669, ADR symbol: TTNDY) today announced that it has joined the United Nations Global Compact, reaffirming its dedication to sustainability and social responsibility. With over 25,000 signatories in over 160 countries, the UN Global Compact is the world’s largest voluntary corporate sustainability reporting initiative. By joining, TTI is committing to communicating its progress to stakeholders annually through our ESG Report and UN Global Compact’s website.
TTI’s CEO Steve Richman remarked: “As the industry pioneer in lithium-ion battery-powered, energy efficient power tools and outdoor power equipment, TTI’s commitment to sustainable products and business practices has long been a fundamental part of the way we do business. We began publishing ESG reports in 2015 and we aligned our goals and targets with the UN Sustainable Development Goals in 2018. Every year we make progress in areas including safety solutions, noise reduction, supply chain traceability, decarbonization, and governance. While we have demonstrated our commitment, by joining the UN Global Compact, we have officially aligned our sustainability strategy with the Ten Principles in the areas of human rights, labor, environment, and anti-corruption.”
As part of TTI’s ongoing sustainability efforts, our objective is to implement initiatives that deepen our support of the UN’s Sustainable Development Goals (SDGs) while fostering an inclusive and equitable workplace culture. We are dedicated to advancing our sustainability journey, setting measurable goals, and continuously monitoring our progress.
Learn more about TTI’s efforts by reading our latest ESG publications here. Our 2024 ESG report will be published in March 2025.
About TTI
Techtronic Industries Company Limited (“TTI” or the “Company”), founded in 1985 by German entrepreneur Horst Julius Pudwill, is a world leader in cordless technology. As a pioneer in Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products, TTI serves professional, industrial, Do It Yourself (DIY), and consumer markets worldwide. With more than 50,000 employees globally, the company’s relentless focus on innovation and strategic growth has established its leading position in the industries it serves.
MILWAUKEE is at the forefront of TTI’s professional tool portfolio. With global research and development headquartered in Brookfield, Wisconsin, the historic MILWAUKEE brand is renowned for driving innovation, safety, and jobsite productivity worldwide. The RYOBI brand, headquartered in Greenville, South Carolina, remains the top choice for DIYers and continues to set the standard in DIY tool innovation. TTI’s diverse brand portfolio also includes trusted brands like AEG, EMPIRE, HOMELITE, and leading floorcare names HOOVER, ORECK, VAX, and DIRT DEVIL (based in Charlotte, North Carolina).
TTI’s international recognition and renowned brand portfolio are supported by a strong ownership structure that underscores the company’s global reach and stability. The Pudwill family remains the company’s largest shareholder, with the remaining ownership held largely by institutional investors at North American and European-owned firms. TTI is publicly traded on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index, operating globally with a strong commitment to environmental, social, and corporate governance standards. For more information, visit www.ttigroup.com.
All trademarks listed other than AEG and RYOBI are owned by the Company. AEG is a registered trademark of AB Electrolux (publ.) and is used under license. RYOBI is a registered trademark of Ryobi Limited and is used under license.
View original content:https://www.prnewswire.com/news-releases/techtronic-industries-joins-the-un-global-compact-302338242.html
SOURCE Techtronic Industries Co. Ltd.
Technology
New 2025 ezPaycheck Paycheck Payroll Software Is Now Available from Halfpricesoft.com
Published
33 minutes agoon
December 23, 2024By
REDMOND, Wash., Dec. 23, 2024 /PRNewswire/ — Halfpricesoft.com has just announced the release of 2025 ezPaycheck payroll software for support for small businesses, freelancers, and sole proprietors as well as many other clients. The new ezPaycheck includes 940, 941, W2 and W3 forms and 2025 tax tables.
Clients can still acquire the 2024-2025 bundle version at a cost reduction for a limited time. For those utilizing the 2024 ezPaycheck please note:
Do NOT install this new version before you complete 2024 paychecks. ezPaycheck 2025 installation will update the tax tables. With ezPaycheck 2025, you can still access your 2024 paychecks, view reports and print 2024 W2 forms.
Dr. Ge stated, “The software, ezPaycheck 2024 and 2025 is still available for purchase to those clients that need to process year-end tax forms.”
Priced at just $169 per installation for a single installation of 2025 ezPaycheck software. The bundle 2024-2025 version is $199 for a limited time. ezPaycheck payroll software is affordable for any business. With paycheck software, business owners can easily calculate taxes, deductions, and other payroll-related tasks. Potential clients are welcome to download ezPaycheck free demo version with no obligation and no risk at halfpricesoft.com
Despite its cost and ease of use, Accountants, CPA and Tax Professionals should not assume ezPaycheck 2024 runs short on features. ezPaycheck 2025 is packed with all the features a business needs to run payroll quickly and easily, including:
Supports daily, weekly, biweekly, semimonthly and monthly payroll periods. Features report functions, print functions, and pay stub functions.Automatically calculates Federal Withholding Tax, Social Security, Medicare Tax and Employer Unemployment Taxes.Includes built-in tax tables for all 50 states and the District of ColumbiaEasily calculates differential payPrints miscellaneous checks as well as payroll calculation checksPrints payroll checks on blank computer checks or preprinted checksCreates and maintains payroll for multiple companies, and does it simultaneouslyPrints Tax Forms NEW 943 Form, 940, 941, W2, and W3 (Copy A preprinted form required)Supports multiple accounts at no additional chargeSupports network access to share data from different computers and locations (additional cost)30 day no cost trial. No registration required and absolutely no obligation
ezPaycheck is compatible with Windows 11, 10, 8, 7, and other Windows systems. We also sell a MAC version separately.
ezPaycheck payroll software is affordable for any size business. Customers seeking a way to simplify payroll processing with more accuracy to start the no-obligation 30-day test at https://www.halfpricesoft.com/index.asp
About halfpricesoft.com
Halfpricesoft.com is a leading provider of small business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, accounting software, 1095 form software, and ezACH direct deposit software. Software from halfpricesoft.com is trusted by thousands of customers and will help US Business owners simplify payroll processing and streamline business management.
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-2025-ezpaycheck-paycheck-payroll-software-is-now-available-from-halfpricesoftcom-302332837.html
SOURCE Halfpricesoft.com
XTransfer and OCBC Jointly Announce Comprehensive Partnership
TECHTRONIC INDUSTRIES JOINS THE UN GLOBAL COMPACT
New 2025 ezPaycheck Paycheck Payroll Software Is Now Available from Halfpricesoft.com
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