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Veeva Announces Fiscal 2025 Second Quarter Results

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Total Revenues of $676.2M, up 15% Year Over Year;
Subscription Services Revenues of $561.3M, up 19% Year Over Year

PLEASANTON, Calif., Aug. 28, 2024 /PRNewswire/ — Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its second quarter ended July 31, 2024.

“It was another quarter of great execution, with major product advances in clinical and CRM that position us well for the industry cloud opportunity we see ahead,” said CEO Peter Gassner. “Thanks to the team’s focus on product excellence and customer success, we also had some very strategic wins that can pave the way for future opportunities.”

Fiscal 2025 Second Quarter Results:

Revenues(1): Total revenues for the second quarter were $676.2 million, up from $590.2 million one year ago, an increase of 15% year over year. Subscription services revenues for the second quarter were $561.3 million, up from $470.6 million one year ago, an increase of 19% year over year.

Operating Income and Non-GAAP Operating Income(1)(2): Second quarter operating income was $166.5 million, compared to $104.0 million one year ago, an increase of 60% year over year. Non-GAAP operating income for the second quarter was $279.8 million, compared to $211.9 million one year ago, an increase of 32% year over year.

Net Income and Non-GAAP Net Income(1)(2): Second quarter net income was $171.0 million, compared to $111.6 million one year ago, an increase of 53% year over year. Non-GAAP net income for the second quarter was $267.3 million, compared to $198.0 million one year ago, an increase of 35% year over year.

Net Income per Share and Non-GAAP Net Income per Share(1)(2): For the second quarter, fully diluted net income per share was $1.04, compared to $0.68 one year ago, while non-GAAP fully diluted net income per share was $1.62, compared to $1.21 one year ago.

“We delivered strong financial performance in the second quarter, driven by execution across the business,” said interim CFO and Board Director Tim Cabral. “We have a large opportunity ahead in life sciences, and have the right product strategy and operating model to deliver profitable growth through 2030 and beyond.”

Recent Highlights:

Vault CRM Suite Expands with Service Center – Veeva reached a significant milestone on its path to connect sales, marketing, medical, and service to enable true customer centricity with the release of Vault CRM Service Center this month. Veeva also added 14 new Vault CRM customers in the quarter.

Veeva Clinical Platform Innovations Drive Greater Speed and Efficiency – The new release of Veeva Site Connect added significant capabilities to streamline and simplify the clinical trial process for sites and biopharma sponsors. Site Connect is gaining momentum including a win with its seventh top 20 biopharma. Also in clinical, Veeva Clinical Database (CDB), a major innovation in clinical data, has been selected by seven top 20 biopharmas to reduce manual query work and increase speed and efficiency in trials.

Customer Success and Product Excellence Fuel Long-Term Opportunity – Based upon Veeva’s track record of customer success, product excellence, and innovation, in Q2 a top 20 biopharma, with only one prior Veeva Development Cloud product, standardized on the full Vault RIM Suite for regulatory and Vault CTMS for clinical. Veeva also made major progress with emerging biotechs and added 12 Vault Basics customers in the quarter following its April release.

Financial Outlook:

Veeva is providing guidance for its fiscal third quarter ending October 31, 2024 as follows:

Total revenues between $682 and $685 million.Non-GAAP operating income between $273 and $275 million(3).Non-GAAP fully diluted net income per share between $1.57 and $1.58(3).

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

Total revenues between $2,704 and $2,710 million.Non-GAAP operating income of about $1,080 million(3).Non-GAAP fully diluted net income per share of approximately $6.22(3).

Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva’s investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, August 28, 2024, and a replay of the call will be available on Veeva’s investor relations website.

What:

Veeva Systems Fiscal 2025 Second Quarter Results Conference Call

When:

Wednesday, August 28, 2024

Time:

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

Online Registration:

https://registrations.events/direct/Q4I255069

Webcast:

ir.veeva.com

___________

(1) The customer contracting change that standardized termination for convenience (TFC) rights in our master subscription agreements resulted in a change in the timing of revenue for certain customer contracts and reduced revenues, operating income and non-GAAP operating income, and net income and non-GAAP net income in the second quarter of fiscal 2024.

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

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

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

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

Forward-looking Statements
This release contains forward-looking statements regarding Veeva’s expected future performance and, in particular, includes quotes from management and guidance, provided as of August 28, 2024, about Veeva’s expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, events that impact the life sciences industry, general macroeconomic and geopolitical events (including inflationary pressures, changes in interest rates, currency exchange fluctuations and impacts related to Russia’s invasion of Ukraine and the Israel-Hamas conflict), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled “Summary of Risk Factors” on pages 35 and 36 in our filing on Form 10-Q for the period ended April 30, 2024 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

Investor Relations Contact:

Media Contact:

Gunnar Hansen

Maria Scurry

Veeva Systems Inc.

Veeva Systems Inc.

267-460-5839

781-366-7617

ir@veeva.com

pr@veeva.com

 

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

July 31,
2024

January 31,
2024

Assets

Current assets:

Cash and cash equivalents

$      1,165,754

$         703,487

Short-term investments

3,719,324

3,324,269

Accounts receivable, net

364,719

852,172

Unbilled accounts receivable

39,432

36,365

Prepaid expenses and other current assets

78,614

86,918

Total current assets

5,367,843

5,003,211

Property and equipment, net

56,685

58,532

Deferred costs, net

23,439

23,916

Lease right-of-use assets

43,146

45,602

Goodwill

439,877

439,877

Intangible assets, net

53,339

63,017

Deferred income taxes

291,044

233,463

Other long-term assets

55,464

43,302

Total assets

$      6,330,837

$      5,910,920

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$           28,307

$           31,513

Accrued compensation and benefits

37,151

43,433

Accrued expenses and other current liabilities           

32,801

32,980

Income tax payable

5,616

11,862

Deferred revenue

956,381

1,049,761

Lease liabilities

10,182

9,334

Total current liabilities

1,070,438

1,178,883

Deferred income taxes

591

2,052

Lease liabilities, noncurrent

43,912

46,441

Other long-term liabilities

31,198

38,720

Total liabilities

1,146,139

1,266,096

Stockholders’ equity:

Class A common stock

2

2

Additional paid-in capital

2,117,109

1,915,002

Accumulated other comprehensive loss

(5,575)

(10,637)

Retained earnings

3,073,162

2,740,457

Total stockholders’ equity

5,184,698

4,644,824

Total liabilities and stockholders’ equity

$      6,330,837

$      5,910,920

 

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)

Three months ended July
31,

Six months ended July
31,

2024

2023

2024

2023

Revenues:

Subscription services(4)

$     561,277

$     470,637

$  1,095,232

$     885,183

Professional services and other(5)

114,904

119,588

231,294

231,367

Total revenues

676,181

590,225

1,326,526

1,116,550

Cost of revenues(6):

Cost of subscription services

78,791

71,169

156,939

138,744

Cost of professional services and other

91,581

97,849

187,317

196,937

Total cost of revenues

170,372

169,018

344,256

335,681

Gross profit

505,809

421,207

982,270

780,869

Operating expenses(6):

Research and development

176,429

157,228

339,140

304,188

Sales and marketing

101,528

96,995

198,829

185,498

General and administrative

61,365

62,935

122,642

125,604

Total operating expenses

339,322

317,158

660,611

615,290

Operating income

166,487

104,049

321,659

165,579

Other income, net

58,573

38,826

110,302

69,074

Income before income taxes

225,060

142,875

431,961

234,653

Income tax provision

54,019

31,247

99,256

(8,496)

Net income

$     171,041

$     111,628

$     332,705

$     243,149

Net income per share:

Basic

$           1.06

$           0.70

$           2.06

$           1.52

Diluted

$           1.04

$           0.68

$           2.02

$           1.49

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

Basic

161,708

160,396

161,566

160,129

Diluted

164,564

163,284

164,497

162,989

Other comprehensive income:

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

$       25,175

$       (8,891)

$         6,314

$       (3,463)

Net change in cumulative foreign currency translation (loss) gain

(104)

267

(1,252)

209

Comprehensive income

$     196,112

$     103,004

$     337,767

$     239,895

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

Veeva Commercial Solutions

$     271,810

$     243,430

$     533,126

$     482,754

Veeva R&D Solutions

289,467

227,207

562,106

402,429

Total subscription services

$     561,277

$     470,637

$  1,095,232

$     885,183

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

Veeva Commercial Solutions

$       45,068

$       47,319

$       93,840

$       92,183

Veeva R&D Solutions

69,836

72,269

137,454

139,184

Total professional services and other

$     114,904

$     119,588

$     231,294

$     231,367

(6) Includes stock-based compensation as follows:

Cost of revenues:

Cost of subscription services

$         1,642

$         1,748

$         3,196

$         3,253

Cost of professional services and other

13,176

14,216

25,711

26,938

Research and development

48,984

45,292

90,727

84,198

Sales and marketing

23,671

23,489

46,714

43,624

General and administrative

20,903

18,150

37,939

35,601

Total stock-based compensation

$     108,376

$     102,895

$     204,287

$     193,614

 

VEEVA SYSTEMS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Six months ended July
31,

2024

2023

Cash flows from operating activities

Net income

$     332,705

$     243,149

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

Depreciation and amortization

19,519

15,636

Reduction of operating lease right-of-use assets

5,508

6,025

Accretion of discount on short-term investments

(14,254)

(10,783)

Stock-based compensation

204,287

193,614

Amortization of deferred cost

7,651

9,301

Deferred income taxes

(59,801)

(46,727)

Gain on foreign currency from mark-to-market derivative

(107)

(547)

Bad debt expense

234

496

Changes in operating assets and liabilities:

Accounts receivable

487,219

323,493

Unbilled accounts receivable

(3,067)

44,633

Deferred costs

(7,174)

61

Other current and long-term assets

4,344

9,245

Accounts payable

(3,343)

8,054

Accrued expenses and other current liabilities

(5,517)

(1,129)

Income taxes payable

(6,246)

19,197

Deferred revenue

(103,652)

(36,083)

Operating lease liabilities

(4,666)

(4,290)

Other long-term liabilities

2,750

(2,373)

Net cash provided by operating activities

856,390

770,972

Cash flows from investing activities

Purchases of short-term investments

(1,392,297)

(1,600,566)

Maturities and sales of short-term investments

1,017,605

696,793

Long-term assets

(11,528)

(12,551)

Net cash used in investing activities

(386,220)

(916,324)

Cash flows from financing activities

Proceeds from exercise of common stock options

34,834

38,228

Taxes paid related to net share settlement of equity awards

(42,490)

(37,043)

Net cash (used in) provided by financing activities

(7,656)

1,185

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

(1,252)

309

Net change in cash, cash equivalents, and restricted cash

461,262

(143,858)

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

706,670

889,650

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

$  1,167,932

$     745,792

Supplemental disclosures of other cash flow information:

Excess tax benefits from employee stock plans

$         4,262

$       65,300

Non-GAAP Financial Measures

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

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

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

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

Litigation settlement. We exclude costs related to the settlement of certain litigation matters because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results.

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

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva’s management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.

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

VEEVA SYSTEMS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)

(Unaudited)

 

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

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

Three months ended July
31,

Six months ended July
31,

2024

2023

2024

2023

Net cash provided by operating activities on a GAAP basis

$    92,874

$  265,036

$  856,390

$  770,972

Excess tax benefits from employee stock plans

(1,141)

(3,211)

(4,262)

(65,300)

Net cash provided by operating activities on a non-GAAP basis

$    91,733

$  261,825

$  852,128

$  705,672

Net cash used in investing activities on a GAAP basis

$  (113,842)

$  (618,930)

$  (386,220)

$  (916,324)

Net cash (used in) provided by financing activities on a GAAP basis

$  (11,484)

$      2,577

$    (7,656)

$      1,185

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

Three months ended July
31,

Six months ended July
31,

2024

2023

2024

2023

Cost of subscription services revenues on a GAAP basis

$    78,791

$    71,169

$  156,939

$  138,744

Stock-based compensation expense

(1,642)

(1,748)

(3,196)

(3,253)

Amortization of purchased intangibles

(1,123)

(1,126)

(2,222)

(2,216)

Cost of subscription services revenues on a non-GAAP basis

$    76,026

$    68,295

$  151,521

$  133,275

Gross margin on subscription services revenues on a GAAP basis

86.0 %

84.9 %

85.7 %

84.3 %

Stock-based compensation expense

0.3

0.4

0.3

0.3

Amortization of purchased intangibles

0.2

0.2

0.2

0.3

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

86.5 %

85.5 %

86.2 %

84.9 %

Cost of professional services and other revenues on a GAAP basis

$    91,581

$    97,849

$  187,317

$  196,937

Stock-based compensation expense

(13,176)

(14,216)

(25,711)

(26,938)

Amortization of purchased intangibles

(138)

(139)

(273)

(273)

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

$    78,267

$    83,494

$  161,333

$  169,726

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

20.3 %

18.2 %

19.0 %

14.9 %

Stock-based compensation expense

11.5

11.9

11.1

11.6

Amortization of purchased intangibles

0.1

0.1

0.1

0.1

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

31.9 %

30.2 %

30.2 %

26.6 %

Gross profit on a GAAP basis

$  505,809

$  421,207

$  982,270

$  780,869

Stock-based compensation expense

14,818

15,964

28,907

30,191

Amortization of purchased intangibles

1,261

1,265

2,495

2,489

Gross profit on a non-GAAP basis

$  521,888

$  438,436

$  1,013,672

$  813,549

Gross margin on total revenues on a GAAP basis

74.8 %

71.4 %

74.0 %

69.9 %

Stock-based compensation expense

2.2

2.7

2.2

2.7

Amortization of purchased intangibles

0.2

0.2

0.2

0.3

Gross margin on total revenues on a non-GAAP basis

77.2 %

74.3 %

76.4 %

72.9 %

Research and development expense on a GAAP basis

$  176,429

$  157,228

$  339,140

$  304,188

Stock-based compensation expense

(48,984)

(45,292)

(90,727)

(84,198)

Amortization of purchased intangibles

(28)

(29)

(56)

(56)

Research and development expense on a non-GAAP basis

$  127,417

$  111,907

$  248,357

$  219,934

Three months ended July
31,

Six months ended July
31,

2024

2023

2024

2023

Sales and marketing expense on a GAAP basis

$  101,528

$    96,995

$  198,829

$  185,498

Stock-based compensation expense

(23,671)

(23,489)

(46,714)

(43,624)

Amortization of purchased intangibles

(3,546)

(3,555)

(7,014)

(6,995)

Sales and marketing expense on a non-GAAP basis

$    74,311

$    69,951

$  145,101

$  134,879

General and administrative expense on a GAAP basis

$    61,365

$    62,935

$  122,642

$  125,604

Stock-based compensation expense

(20,903)

(18,150)

(37,939)

(35,601)

Amortization of purchased intangibles

(57)

(57)

(113)

(112)

Litigation settlement

(5,000)

General and administrative expense on a non-GAAP basis

$    40,405

$    44,728

$    79,590

$    89,891

Operating expense on a GAAP basis

$  339,322

$  317,158

$  660,611

$  615,290

Stock-based compensation expense

(93,558)

(86,931)

(175,380)

(163,423)

Amortization of purchased intangibles

(3,631)

(3,641)

(7,183)

(7,163)

Litigation settlement

(5,000)

Operating expense on a non-GAAP basis

$  242,133

$  226,586

$  473,048

$  444,704

Operating income on a GAAP basis

$  166,487

$  104,049

$  321,659

$  165,579

Stock-based compensation expense

108,376

102,895

204,287

193,614

Amortization of purchased intangibles

4,892

4,906

9,678

9,652

Litigation settlement

5,000

Operating income on a non-GAAP basis

$  279,755

$  211,850

$  540,624

$  368,845

Operating margin on a GAAP basis

24.6 %

17.6 %

24.2 %

14.8 %

Stock-based compensation expense

16.0

17.4

15.4

17.3

Amortization of purchased intangibles

0.8

0.9

0.8

0.9

Litigation settlement

0.4

Operating margin on a non-GAAP basis

41.4 %

35.9 %

40.8 %

33.0 %

Net income on a GAAP basis

$  171,041

$  111,628

$  332,705

$  243,149

Stock-based compensation expense

108,376

102,895

204,287

193,614

Amortization of purchased intangibles

4,892

4,906

9,678

9,652

Litigation settlement

5,000

Income tax effect on non-GAAP adjustments(7)

(17,030)

(21,395)

(37,438)

(100,459)

Net income on a non-GAAP basis

$  267,279

$  198,034

$  514,232

$  345,956

Diluted net income per share on a GAAP basis

$        1.04

$        0.68

$        2.02

$        1.49

Stock-based compensation expense

0.66

0.63

1.24

1.19

Amortization of purchased intangibles

0.03

0.03

0.06

0.06

Litigation settlement

0.03

Income tax effect on non-GAAP adjustments(7)

(0.11)

(0.13)

(0.22)

(0.62)

Diluted net income per share on a non-GAAP basis

$        1.62

$        1.21

$        3.13

$        2.12

________________________

(7)   For the three and six months ended July 31, 2024 and 2023, management used an estimated annual effective non-GAAP

    tax rate of 21.0%.

 

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SOURCE Veeva Systems

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Leoguar Electric Bike Makes Christmas Unforgettable with Exclusive Holiday Offers

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HOUSTON, Dec. 25, 2024 /PRNewswire/ — As the holiday season draws near, Leoguar is excited to offer exclusive deals on their range of electric bikes, bringing families together for memorable moments. With a collection designed to combine fun and fitness, this Christmas is the perfect time to gift an unforgettable experience.

“This Christmas, we’re inviting families to rediscover the joy of outdoor exploration. Our bikes help you bond, stay active, and make the most of every moment,” said the Leoguar COO.

Leoguar’s holiday lineup offers premium e-bikes for every rider, now with unbeatable deals: 

Flippo Folding eBike: A lightweight, foldable ride perfect for urban commutes. Upgrade to the Flippo Pro for enhanced performance with a torque sensor for smoother rides.

Fastron Fat Tire eBikes: Built for rugged terrains, the Fastron features a durable, rugged build, and speeds up to 28 MPH, making it the perfect choice for adventurous riders.

Zephyr Beach Cruiser eBikes: Crafted for effortless coastal cruising, the design combines style and comfort, featuring a comfort saddle that ensures a smooth, seamless ride.

Sprint Utility eBike: A versatile, practical choice featuring a sturdy frame and passenger seat, perfect for errands or leisure.

Trailblazer EMTB: Designed for tough off-road trails, the model features a 500W mid-drive motor, offering powerful performance, extended range, and excellent climbing ability.

To make this holiday gift even sweeter, all Leoguar bikes come with free shipping and a two-year warranty for worry-free riding. Additionally, customers can join the holiday giveaway to win prizes like $59 bottle holders, or even a free e-bike!

Leoguar bikes cater to all experience levels, offering comfort and a seamless riding experience. They promote health benefits like improved fitness and stress relief while creating lasting memories on scenic rides.

“Whether it’s cruising the city streets, riding mountain trails, or relaxing by the beach, a Leoguar electric bike is the ideal Christmas gift,” the COO added. “This holiday season, choose a cycling gift that will last for years to come — there’s no better way to kick off the new year.”

To check out the full collection and take advantage of these limited-time offers, visit www.leoguarbikes.com

About Leoguar:

Leoguar is an eco-conscious e-bike brand founded by Johnny, an engineer with decades of industry expertise. Combining innovation, agility, and power, Leoguar delivers high-quality electric bikes designed for adventure, sustainability, and individuality.

Media contact: lily@leoguarbikes.com 

 

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SOURCE Leoguar Electric Bikes

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2024 Financial Oscars: Waton Securities International Honored as “Outstanding Digital Empowerment Institution” of the Year

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SHENZHEN, China, Dec. 25, 2024 /PRNewswire/ — In early December, at the 18th Huaxia Institutional Investor Annual Conference of 2024, the 18th Golden Cicada Awards were announced. Waton Securities International was awarded the “Outstanding Digital Empowerment Financial Institution of 2024” for its significant achievements in securities brokerage and fin-tech sector.

The selection for the “Outstanding Digital Empowerment Financial Institution” focused on evaluating companies based on financial performance, market competitiveness, customer recognition, digital strategy planning and implementation, digital transformation outcomes, and risk control capabilities. Particularly, it highlighted cases that have made significant strides in digital empowerment.

The evaluation also emphasized the outstanding performance of financial institutions in their own digital transformation and the sound risk control abilities demonstrated during this process, ensuring that while pursuing innovation, companies can effectively manage and control risks. Waton Securities International distinguished itself among the contenders with its sophisticated technology platform, well-defined digital strategy, substantial transformation achievements, and commendable risk control mechanisms.

Established in Hong Kong in 1989, Waton Securities International has steadily grown with a deep understanding of professional financial services and regulatory compliance. It has obtained licenses 1/4/5/9 from the Hong Kong Securities and Futures Commission, becoming a fully licensed brokerage with comprehensive financial service qualifications. Through continuous technological innovation and digital transformation, it has successfully built a one-stop brokerage cloud service platform, promoting advanced digital financial technology globally. Its pioneering SaaS product, “Broker Cloud”, allows corporate clients to independently deploy and operate high-performance digital customer information management and trading systems without their own IT teams. The solution is relatively low-cost and adaptive to industry, which is the core competitiveness of Waton Securities International.

Data reveals that of the 1,100 securities firms in Hong Kong, approximately 600 are actively trading, yet fewer than 50 have developed their own mobile applications. On a global scale, among the 30,000 securities companies, only a handful—less than 300—feature brokerage trading Apps in App stores. This underscores a significant market demand for the digital enhancement of the securities sector.

With the swift growth of technologies like generative AI LLMs, blockchain, big data, and cloud computing, the securities industry can use these tools to streamline trading strategies, assess risks more accurately, and forecast market trends. These technologies also help the industry to move towards more integrated, platform-focused, and digital operations. The main goal of technology in finance is to increase the efficiency of financial institutions. A good starting point for applying technology is to focus on financial services and build a solid technical foundation for these institutions.

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SOURCE Waton Securities

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Mega Matrix Announced that the English Version of “Getting Even: The Secret Prodigy’s Playbook” Now Streaming on FlexTV

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SINGAPORE, Dec. 25, 2024 /PRNewswire/ — The highly anticipated English adaptation of the revenge rebirth series, Getting Even: The Secret Prodigy’s Playbook, officially premiered on December 19th on FlexTV, the world-leading short drama streaming platform operated by Mega Matrix Inc. (NYSE American: MPU). The series delves into the intricacies of power struggles within the White family, chronicling the protagonist’s journey of rebirth and empowerment to rewrite her destiny.

Audrey White, the legitimate daughter of the White family, was sent abroad at a young age due to family circumstances, gradually estranging her from her kin. When she finally returns home, eager to reunite with her family, she unexpectedly becomes the target of jealousy from Ruby White, the family’s adopted daughter. Harboring deep resentment, Ruby orchestrates a kidnapping plot, culminating in a devastating fire designed to test the loyalty and affection of the White family.

Left to perish in the flames, Audrey is abandoned by her family but heroically rescued by her uncle. Miraculously, she is granted a second chance at life, returning three years prior with the power to alter her fate. Determined to expose Ruby’s schemes, rebuild her family bonds, and claim her rightful respect and happiness, Audrey embarks on a journey of resilience and redemption.

FlexTV, operated by MPU, is a global leader in short drama streaming, delivering content in over 100 countries in multiple languages, including English, Japanese, Korean, Portuguese, Spanish, French, and Arabic. Known for its premium-quality dramas and unparalleled user experience, FlexTV has captured the hearts of audiences worldwide. The English version of Getting Even: The Secret Prodigy’s Playbook, now streaming on FlexTV, offers a compelling exploration of familial power dynamics, the complexities of human nature, and the protagonist’s growth and self-redemption in adversity. For more exciting content, please visit https://www.flextv.cc/.

#WealthyFamily #Revenge #Rebirth #ShortDrama #FlexTV #MPU

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd.. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate future acquisitions; ability to grow and expand our FlexTV business; ability to execute the strategic cooperation with TopReels, ability to obtain additional financing in the future to fund capital expenditures; ability to establish the investment fund with 9 Yards Communications under the memorandum of understanding; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the “Risk Factors” in documents filed by the Company’s predecessor, Mega Matrix Corp., with the Securities and Exchange Commission, including the Company’s latest annual report on Form 10-K, as amended, and are based on information available to the Company on the date hereof. In addition, such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company’s assets. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

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SOURCE Mega Matrix Corp.

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