Technology
Bandwidth Announces Second Quarter 2024 Financial Results
Published
2 months agoon
By
Revenue of $174 million, up 19% year-over-year
Accelerating profitability, exceeding guidance
Expanding cash flow generation
RALEIGH, N.C., Aug. 1, 2024 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the second quarter ended June 30, 2024.
“We’re pleased to report a very strong first half, making significant progress toward our plan for 2024. In the second quarter, we delivered solid revenue growth while accelerating profitability and cash flow,” said David Morken, CEO of Bandwidth. “Our team’s disciplined approach, coupled with innovative solutions like Maestro and AI Bridge, is driving strong performance in a dynamic market. I am incredibly proud of our Bandmates’ execution and grateful for the trust our customers place in us. As we move forward, we remain focused on delivering exceptional value and transforming the communications landscape.”
Second Quarter 2024 Financial Highlights
The following table summarizes the condensed consolidated financial highlights for the three months ended June 30, 2024 and 2023 ($ in millions).
Three months ended
June 30,
2024
2023
Revenue
$ 174
$ 146
Gross Margin
37 %
40 %
Non-GAAP Gross Margin (1)
56 %
55 %
Adjusted EBITDA(1)
$ 19
$ 11
Free Cash Flow (1)
$ 18
$ (1)
(1) Additional information regarding the Non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to Non-GAAP financial measures has also been provided in the financial tables included below.
“Bandwidth’s second quarter results underscore our commitment to sustainable, profitable growth. With total revenue reaching $174 million and Adjusted EBITDA up 77% from the prior year, we are performing well across all categories,” said Daryl Raiford, CFO of Bandwidth. “Our strategic investments and disciplined financial management have driven impressive free cash flow and operational efficiency. We are well-positioned to continue this momentum into the second half of the year, further enhancing our financial strength and growth trajectory.”
Second Quarter Customer and Operational Highlights
A nationwide provider of medical claims management selected Bandwidth as their exclusive provider for voice calling, valuing our exceptional customer support and the flexibility of our Maestro product to orchestrate and enhance functionality across their platform.A prominent provider of healthcare integrated supportive care solutions chose Bandwidth to power its cloud contact center. Our communications cloud reliability and the comprehensive protection offered by our Call Assure product resonated with the customer, ensuring redundancy and safeguarding mission critical communications.A trusted provider of business insurance switched to Bandwidth as their sole provider for voice calling. They valued our Advanced Call Routing solution, which offers robust resiliency and redundancy for their contact center traffic, along with our superior back-end reporting tools.A well-established customer and provider of communications management software significantly increased their messaging business with us. Our deep industry knowledge and outstanding customer service played pivotal roles in securing this additional business.
Financial Outlook
Bandwidth’s outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its third quarter and full year 2024 as follows (in millions):
3Q 2024 Guidance
Full Year 2024 Guidance
Revenue
$180 – $184
$710 – $720
Adjusted EBITDA
$18 – $20
$72 – $76
Bandwidth has not reconciled its third quarter and full year 2024 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.
Upcoming Investor Conference Schedule
Canaccord Genuity Growth Conference in Boston, MA. Presentation by Daryl Raiford, CFO on Wednesday, August 14th at 10:00AM Eastern Time.Piper Sandler Growth Frontiers Conference in Nashville, TN. Fireside chat with David Morken, CEO and Daryl Raiford, CFO on Tuesday, September 10th at 10:00AM Central Time.
About Bandwidth Inc.
Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.
Conference Call
Bandwidth will host a conference call to discuss financial results for the second quarter ended June 30, 2024 on August 1, 2024. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the call.
Conference Call Details
August 1, 2024
8:00 am ET
Domestic dial-in:
844-481-2707
International dial-in:
412-317-0663
Replay information
An audio replay of this conference call will be available through August 8, 2024, by dialing 877-344-7529 or 412-317-0088 for international callers, and entering passcode 9676778.
Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending September 30, 2024 and year ending December 31, 2024, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our latest Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no obligation to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with certain Non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these Non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these Non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.
The presentation of Non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our Non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.
We define Non-GAAP gross profit as gross profit after adding back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation because they are non-cash items. We eliminate the impact of these non-cash items, because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe that showing gross margin, as adjusted to remove the impact of these non-cash expenses, is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin by dividing Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.
We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.
We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, acquisition related expenses, stock-based compensation expense, impairment of intangible assets, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.
We define free cash flow as net cash provided by or used in operating activities less net cash used in the acquisition of property, plant and equipment and capitalized development costs for software for internal use. We believe free cash flow is a useful indicator of liquidity and provides information to management and investors about the amount of cash generated from our core operations that can be used for investing in our business. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, it does not take into consideration investment in long-term securities, nor does it represent the residual cash flows available for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with our condensed consolidated statements of cash flows.
We believe that these Non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While a reconciliation of Non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of Non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.
BANDWIDTH INC.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Revenue
$ 173,602
$ 145,874
$ 344,635
$ 283,718
Cost of revenue
108,773
86,919
214,322
169,110
Gross profit
64,829
58,955
130,313
114,608
Operating expenses
Research and development
28,132
24,852
57,044
50,513
Sales and marketing
26,066
25,754
55,205
50,783
General and administrative
16,705
15,868
34,554
32,587
Total operating expenses
70,903
66,474
146,803
133,883
Operating loss
(6,074)
(7,519)
(16,490)
(19,275)
Other income, net
9,798
3,782
10,781
16,021
Income (loss) before income taxes
3,724
(3,737)
(5,709)
(3,254)
Income tax benefit (provision)
331
(153)
531
2,975
Net income (loss)
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Net income (loss) per share:
Basic
$ 0.15
$ (0.15)
$ (0.19)
$ (0.01)
Diluted
$ (0.17)
$ (0.15)
$ (0.19)
$ (0.01)
Numerator used to compute net income (loss) per share:
Basic
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Diluted
$ (5,043)
$ (3,890)
$ (5,178)
$ (279)
Weighted average number of common shares outstanding:
Basic
27,079,333
25,555,219
26,786,568
25,502,131
Diluted
29,500,598
25,555,219
26,786,568
25,502,131
The Company recognized total stock-based compensation expense as follows:
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Cost of revenue
$ 375
$ 204
$ 771
$ 396
Research and development
4,684
3,315
10,000
6,456
Sales and marketing
2,105
1,428
4,270
2,665
General and administrative
4,196
3,058
8,658
5,866
Total
$ 11,360
$ 8,005
$ 23,699
$ 15,383
BANDWIDTH INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of June 30,
As of December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$ 62,044
$ 131,987
Marketable securities
14,399
21,488
Accounts receivable, net of allowance for doubtful accounts
85,576
78,155
Deferred costs
3,871
4,155
Prepaid expenses and other current assets
15,492
16,990
Total current assets
181,382
252,775
Property, plant and equipment, net
173,400
177,864
Operating right-of-use asset, net
155,484
157,507
Intangible assets, net
155,966
166,914
Deferred costs, non-current
4,800
4,586
Other long-term assets
4,851
5,530
Goodwill
326,220
335,872
Total assets
$ 1,002,103
$ 1,101,048
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 31,933
$ 34,208
Accrued expenses and other current liabilities
69,256
69,014
Current portion of deferred revenue
7,685
8,059
Advanced billings
4,111
6,027
Operating lease liability, current
3,478
5,463
Line of credit, current portion
40,000
—
Total current liabilities
156,463
122,771
Other liabilities
354
386
Operating lease liability, net of current portion
220,497
220,548
Deferred revenue, net of current portion
8,142
8,406
Deferred tax liability
28,540
33,021
Convertible senior notes
280,660
418,526
Total liabilities
694,656
803,658
Stockholders’ equity:
Class A and Class B common stock
27
26
Additional paid-in capital
418,503
391,048
Accumulated deficit
(70,068)
(64,890)
Accumulated other comprehensive loss
(41,015)
(28,794)
Total stockholders’ equity
307,447
297,390
Total liabilities and stockholders’ equity
$ 1,002,103
$ 1,101,048
BANDWIDTH INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended June 30,
2024
2023
Cash flows from operating activities
Net loss
$ (5,178)
$ (279)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization
24,714
18,692
Non-cash reduction to the right-of-use asset
2,007
3,242
Amortization of debt discount and issuance costs
962
1,485
Stock-based compensation
23,699
15,383
Deferred taxes and other
(4,116)
(5,225)
Net gain on extinguishment of debt
(10,267)
(12,767)
Gain on business interruption insurance recoveries
—
(4,000)
Changes in operating assets and liabilities:
Accounts receivable, net of allowances
(7,642)
3,712
Prepaid expenses and other assets
1,886
(957)
Accounts payable
(1,112)
(6,171)
Accrued expenses and other liabilities
3,968
(12,464)
Operating right-of-use liability
(2,020)
(3,919)
Net cash provided by (used in) operating activities
26,901
(3,268)
Cash flows from investing activities
Purchase of property, plant and equipment
(7,145)
(3,859)
Capitalized software development costs
(5,843)
(5,001)
Purchase of marketable securities
(31,096)
(40,625)
Proceeds from sales and maturities of marketable securities
38,312
81,233
Proceeds from sale of business
469
835
Net cash (used in) provided by investing activities
(5,303)
32,583
Cash flows from financing activities
Borrowings on line of credit
65,000
—
Repayments on line of credit
(25,000)
—
Payments on finance leases
(44)
(90)
Net cash paid for debt extinguishment
(128,451)
(51,259)
Payment of debt issuance costs
(354)
—
Proceeds from exercises of stock options
119
413
Value of equity awards withheld for tax liabilities
(2,290)
(1,000)
Net cash used in financing activities
(91,020)
(51,936)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(608)
27
Net decrease in cash, cash equivalents, and restricted cash
(70,030)
(22,594)
Cash, cash equivalents, and restricted cash, beginning of period
132,307
114,622
Cash, cash equivalents, and restricted cash, end of period
$ 62,277
$ 92,028
BANDWIDTH INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)
Non-GAAP Gross Profit and Non-GAAP Gross Margin
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Gross Profit
$ 64,829
$ 58,955
$ 130,313
$ 114,608
Gross Profit Margin %
37 %
40 %
38 %
40 %
Depreciation
4,678
4,205
9,456
7,734
Amortization of acquired intangible assets
1,941
1,959
3,900
3,904
Stock-based compensation
375
204
771
396
Non-GAAP Gross Profit
$ 71,823
$ 65,323
$ 144,440
$ 126,642
Non-GAAP Gross Margin % (1)
56 %
55 %
56 %
54 %
________________________
(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $128 million and $257 million in the three and six months ended June 30, 2024, respectively, and $118 million and $233 million for the three and six months ended June 30, 2023, respectively.
BANDWIDTH INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)
Non-GAAP Net Income
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net income (loss)
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Stock-based compensation
11,360
8,005
23,699
15,383
Amortization of acquired intangibles
4,336
4,338
8,697
8,612
Amortization of debt discount and issuance costs for convertible debt
384
474
869
1,036
Net cost associated with early lease terminations and leases without economic benefit
877
—
2,033
—
Net gain on extinguishment of debt
(10,267)
—
(10,267)
(12,767)
Gain on business interruption insurance recoveries
—
(4,000)
—
(4,000)
Non-recurring items not indicative of ongoing operations and other (1)
49
180
129
739
Estimated tax effects of adjustments (2)
(2,075)
(708)
(3,443)
(3,135)
Non-GAAP net income
$ 8,719
$ 4,399
$ 16,539
$ 5,589
Interest expense on Convertible Notes (3)
300
317
617
655
Numerator used to compute Non-GAAP diluted net income per share
$ 9,019
$ 4,716
$ 17,156
$ 6,244
Net income (loss) per share
Basic
$ 0.15
$ (0.15)
$ (0.19)
$ (0.01)
Diluted
$ (0.17)
$ (0.15)
$ (0.19)
$ (0.01)
Non-GAAP net income per Non-GAAP share
Basic
$ 0.32
$ 0.17
$ 0.62
$ 0.22
Diluted
$ 0.29
$ 0.16
$ 0.55
$ 0.21
Weighted average number of shares outstanding
Basic
27,079,333
25,555,219
26,786,568
25,502,131
Diluted
29,500,598
25,555,219
26,786,568
25,502,131
Non-GAAP basic shares
27,079,333
25,555,219
26,786,568
25,502,131
Convertible debt conversion
2,421,265
3,317,023
2,869,144
3,569,511
Stock options issued and outstanding
28,513
27,413
30,108
60,583
Nonvested RSUs outstanding
1,284,862
—
1,260,376
—
Non-GAAP diluted shares
30,813,973
28,899,655
30,946,196
29,132,225
________________________
(1) Non-recurring items not indicative of ongoing operations and other include (i) less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, (ii) $0.1 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2024, and (iii) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.3 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2023.
(2) The estimated tax-effect of adjustments is determined by recalculating the tax provision on a Non-GAAP basis. The Non-GAAP effective income tax rate was 15.0% and 2.8% for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. We analyze the Non-GAAP valuation allowance position on a quarterly basis. In the fourth quarter of 2022, we removed the valuation allowance against all U.S. deferred tax assets for Non-GAAP purposes as a result of cumulative Non-GAAP U.S. income over the past three years and a significant depletion of net operating loss and tax credit carryforwards on a Non-GAAP basis. As of June 30, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.
(3) Non-GAAP net income is increased for interest expense as part of the calculation for diluted Non-GAAP earnings per share.
BANDWIDTH INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)
Adjusted EBITDA
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net income (loss)
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Income tax (benefit) provision
(331)
153
(531)
(2,975)
Interest expense, net
698
322
65
1,236
Depreciation
7,964
5,460
16,017
10,080
Amortization
4,336
4,338
8,697
8,612
Stock-based compensation
11,360
8,005
23,699
15,383
Net cost associated with early lease terminations and leases without economic benefit
877
—
2,033
—
Net gain on extinguishment of debt
(10,267)
—
(10,267)
(12,767)
Gain on business interruption insurance recoveries
—
(4,000)
—
(4,000)
Non-recurring items not indicative of ongoing operations and other (1)
49
180
129
337
Adjusted EBITDA
$ 18,741
$ 10,568
$ 34,664
$ 15,627
________________________
(1) Non-recurring items not indicative of ongoing operations and other include less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.
Free Cash Flow
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net cash provided by (used in) operating activities
$ 24,436
$ 3,086
$ 26,901
$ (3,268)
Net cash used in investing in capital assets (1)
(6,116)
(4,314)
(12,988)
(8,860)
Free cash flow
$ 18,320
$ (1,228)
$ 13,913
$ (12,128)
________________________
(1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use.
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SOURCE Bandwidth Inc.
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The visual effects for NAWI were brought to life by AIE teachers and experienced industry professionals, Thomas Magill and Tom Pugh, who were tasked with supervising the visual effects and liaising with the film’s Directors, Apuu Mourine, Kevin Schmutzler, Tobias Schmutzler and Toby Schmutzler. They assembled a team of recent AIE graduates and worked out how to create the effects required to immerse audiences in Nawi’s world.
“Graduates were able to take the skills they had learnt in class and apply them to cinema-quality footage. There was even a bit of nervous excitement working with professional expectations and deadlines,” said Tom Pugh.
Thomas Magill explained that most of the work involved compositing such as fixing blemishes, removing unwanted folds in clothing, changing pages in a book and removing background actors that were in the wrong place.
“We had a river shot where there was only a sandbank, and we had to create an entire island! There were several shots filmed in a dry riverbed which required us to create floodwater. We had to draw upon various disciplines: not just digital compositing but also visual effects creation and fluid simulations,” said Thomas Magill.
Both teachers enthused that the directors were a pleasure to work with and the collaboration was smooth.
“The film has a very important social message to tell so it was rewarding in many ways to be able to contribute to this project. NAWI was a fantastic opportunity for our graduates to put their skills to the test on a full-length feature film,” said Tom Pugh.
Learning Lions and AIE look forward to seeing NAWI progress through two rounds of voting by members of the Academy of Motion Picture Arts and Sciences to narrow the list of submitted films down to five nominees for the Best International Feature Film.
About Academy of Interactive Entertainment (AIE)
AIE offers practical, career-focused courses delivered by industry-experienced teachers in 3D animation, game development, visual effects and film. Since 2019 AIE has sponsored scholarships to their Certificate and Diploma programs to Learning Lions student. AIE provided laptops and is supporting with opportunities at various gaming companies around the world for paid part-time and full-time work.
About Learning Lions
Learning Lions is fighting poverty with digital opportunity. Established in 2015, Learning Lions equips local youth with essential IT and media skills, and empowering them to become entrepreneurs and self-sustaining individuals. By leveraging digital services, these aspiring entrepreneurs not only support themselves but also provide opportunities for others through employment and mentorship.
https://www.learninglions.org/
Media Contact
Neil Boyd, Academy of Interactive Entertainment, 61 434273190, neilb@aie.edu.au, https://aie.edu.au/
View original content to download multimedia:https://www.prweb.com/releases/aie-graduates-create-visual-effects-for-academy-nominated-film-302252825.html
SOURCE Academy of Interactive Entertainment
Technology
Valhalla MSO Launches Impetus One to Enhance Valhalla Vitality’s Telehealth Platform
Published
36 mins agoon
September 20, 2024By
Valhalla MSO launches Impetus One, enabling healthcare providers to expand services, improve patient retention, and boost revenue with no upfront costs
MIAMI, Sept. 19, 2024 /PRNewswire-PRWeb/ — Valhalla MSO is excited to announce the launch of Impetus One (IO), a new software designed to power the Valhalla Vitality Network Provider Program. This initiative aims to expand the reach and capabilities of independent healthcare providers by offering an alternative to the traditional insurance model. With a focus on preventative medicine and wellness therapies, the platform is set to enhance patient care while creating new revenue opportunities for providers.
The Valhalla Vitality Network Provider Program addresses the gap created by insurance companies that often deny coverage for preventative medicine, wellness services, and even weight loss therapies. Insurance typically does not compensate healthcare providers for the time spent improving a patient’s overall health. Impetus One (IO) offers an alternative by providing a cash-pay marketplace where providers are fairly compensated for delivering impactful, life-changing services to their patients.
Key Benefits for Providers
Impetus One Software Integration: The platform integrates seamlessly with Valhalla Vitality, offering an e-commerce marketplace that connects patients with a wide range of health services. Providers can easily adopt the system to deliver therapies and other services, ensuring smooth payment processing and order fulfillment.No Upfront Costs: Providers can join the Network Provider Program without any initial fees. They simply share a unique link with patients, allowing for easy access to services, and payments are processed as orders are placed. Partner pharmacies handle medication shipments directly, creating a hassle-free experience for providers.Boosting Patient Retention: The platform includes a VIP Rewards Program, designed to increase patient retention and loyalty. Patients earn points for discounts and exclusive benefits, which encourages ongoing engagement and care continuity.E-commerce and Wellness Integration: Unlike typical affiliate programs, Valhalla Vitality allows providers to retain full control of their patient relationships. Providers can generate revenue through the integrated e-commerce system without worrying about referral fees or kickbacks, enabling them to focus solely on delivering high-quality patient care.
By joining the Valhalla Vitality Network Provider Program, healthcare providers gain access to a scalable model that helps increase profits, introduce new services, and enhance patient satisfaction. The VIP Rewards Program also strengthens the bond between patients and providers, making healthcare more accessible and rewarding for all.
Healthcare providers looking to grow their practices and increase revenue can join the Valhalla Vitality Network by visiting http://www.providevitality.com. Valhalla MSO’s new platform is a powerful tool for delivering advanced, patient-centric healthcare with a focus on accessibility and quality.
For more information, visit Valhalla Vitality at http://www.valhallavitality.com.
Media Contact
Chris K., Valhalla Vitality, 888-888-8888, ck@s99agency.com, https://valhallavitality.com/
View original content to download multimedia:https://www.prweb.com/releases/valhalla-mso-launches-impetus-one-to-enhance-valhalla-vitalitys-telehealth-platform-302253701.html
SOURCE Valhalla Vitality
Technology
Ultima Markets Wins Two Prestigious Awards at Global Forex Awards–Retail 2024!
Published
36 mins agoon
September 20, 2024By
LIMASSOL, Cyprus, Sept. 19, 2024 /CNW/ — Ultima Markets, a leading global forex and CFDs brokerage, is thrilled to announce its double success at the prestigious Global Forex Awards – Retail 2024. The company won two distinguished awards: “Best Affiliates Brokerage – Global” and “Best Fund Safety – Global.”
The awards were presented during the event in Limassol, Cyprus, where Jean Philippe, Board Advisor, Corporate Governance and Sustainability at Ultima Markets, accepted the honours.
The Global Forex Awards – Retail has celebrated excellence in trading innovation for seven consecutive years. Ultima Markets’ dual wins reflect its commitment to quality, client-centric strategies, and strong partnerships across the financial services sector.
The “Best Affiliates Brokerage—Global” award recognises Ultima Markets’ exemplary affiliate programme, which has successfully driven its global expansion. It is celebrated for its transparency and competitive rewards tailored to affiliate needs.
Receiving the “Best Fund Safety – Global” award highlights Ultima Markets’ efforts to safeguard client assets. Through its partnership with Willis Towers Watson, the company provides up to USD$1,000,000 in insurance per account, while its Financial Commission membership ensures clients access to up to €20,000 in compensation funds.
These recognitions underscore Ultima Markets’ priority to security and transparency, including segregated accounts and robust risk management practices. The broker also assures affiliate partners of exceptional standards.
Commenting on the awards, Jean Philippe said, “These recognitions reflect the exceptional work of our teams to ensure the safety of traders’ funds and our dedication to creating value for our partners and clients. We will continue to evolve and innovate to meet the market’s demands.”
Ultima Markets is renowned for its extensive range of trading products and personalised customer service, designed to meet clients’ diverse needs worldwide. The dual recognition marks a significant milestone in the company’s global growth and reaffirms its reputation for delivering fund safety and robust affiliate opportunities.
“We are delighted to be recognised with these awards, which reflect our mission to create a secure trading environment and build strong, rewarding partnerships,” said Jack Li, Ultima Markets’ Regional Business Director.
About Ultima Markets
Ultima Markets is a fully licensed, fast-growing broker offering access to 250+ financial instruments. With a team of 2,000+ professionals in 15 global offices, we serve clients in 172 countries. Check out more about our awards on Facebook, X, Instagram, LinkedIn and YouTube.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ultima-markets-wins-two-prestigious-awards-at-global-forex-awardsretail-2024-302253541.html
SOURCE Ultima Markets
AIE Graduates create visual effects for Academy-nominated film
Valhalla MSO Launches Impetus One to Enhance Valhalla Vitality’s Telehealth Platform
Ultima Markets Wins Two Prestigious Awards at Global Forex Awards–Retail 2024!
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