Technology
NASA Welcomes Republic of Cyprus as 46th Artemis Accords Signatory
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3 hours agoon
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WASHINGTON, Oct. 23, 2024 /PRNewswire/ — NASA Associate Administrator Jim Free welcomed the Republic of Cyprus as the latest nation to commit to the responsible use of space for humanity on Wednesday, marking 46 signatories to date.
“We applaud Cyprus’ commitment to the Artemis Accords, which will enhance the country’s engagement with NASA and the international community,” said Free, who participated virtually. “By joining 45 other country signatories in this effort, Cyprus will help play a role in implementing the accords and exploration that is open, responsible, transparent, and peaceful for the benefit of all.”
Nicodemos Damianou, Cyprus’ deputy minister of research, innovation, and digital policy, signed the Artemis Accords during a ceremony in Nicosia, Cyprus. James O’Brian, assistant secretary for European and Eurasian Affairs for the U.S. Department of State, also attended the event.
“Today marks a significant milestone for Cyprus as we officially sign the Artemis Accords,” said Damianou. “As we embark on this exciting journey, we reaffirm our commitment to a safe and responsible space exploration, as well as our strong belief in the importance of international cooperation in ensuring space is utilized to the benefit of all humanity. Cyprus, an European Union member state, is capitalizing on its geostrategic location between three continents, and aspires to play an integral role in the international space community.”
The signing with Cyprus comes on the heels of an Artemis Accords meeting in Milan earlier this month with dozens of signatory countries, including the United States.
In 2020, NASA, in coordination with the U.S. Department of State and seven other initial signatory nations, established the Artemis Accords, which identified an early set of principles promoting the beneficial use of space for humanity. The Artemis Accords are grounded in the Outer Space Treaty and other agreements including the Registration Convention, the Rescue and Return Agreement, as well as best practices and norms of responsible behavior that NASA and its partners have supported, including the public release of scientific data.
The commitments of the Artemis Accords and efforts by the signatories to advance implementation of these principles support the safe and sustainable exploration of space. More countries are expected to sign in the coming days and weeks ahead.
Learn more about the Artemis Accords at:
https://www.nasa.gov/artemis-accords/
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SOURCE NASA
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Technology
The Wedding Services market is projected to grow by USD 125 Billion from 2024-2028, driven by increased wedding spending and AI’s impact on market trends – Technavio
Published
7 mins agoon
October 23, 2024By
NEW YORK, Oct. 23, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The Global Wedding Services Market size is estimated to grow by USD 125 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.44% during the forecast period. Increased spending on weddings is driving market growth, with a trend towards increase in smartphone momentum. However, threat from open-source event wedding management software poses a challenge – Key market players include 7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind, VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings.
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
Wedding Services Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 5.44%
Market growth 2024-2028
USD 125 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
4.9
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 37%
Key countries
US, China, India, Canada, and UK
Key companies profiled
7x Weddings Pvt. Ltd., A Charming Fete, Augusta Wedding Planning, Bridal Bliss Inc., Colin Cowie Lifestyle, David Stark Design, Deer Creek Valley Ranch Management LLC, EVENTURES, Fallon carter, Joy Inc., JZ Events, Lindsay Landman Events, Marry Me Wedding Planners Private Ltd., Nordic Adventure, Panache Events Pvt Ltd., Shaadi Squad, SK Jaipur Decoration, Tamarind Global , VIP Hosting, WeddingSutra.com India Pvt. Ltd, Zola Inc., and Zzeeh Events and Weddings
Market Driver
The proliferation of smartphones and faster Internet speeds, facilitated by technologies like 4G, has significantly influenced how wedding services companies engage with their clients and employees. Social networking sites such as Twitter, LinkedIn, and Facebook have become essential tools for communication and networking in the industry. Wedding vendors develop mobile applications for iOS and Android devices to expand their market reach and remain competitive. Innovative smartphone features, like push notifications and emails, enable wedding service providers to promote new services and discounts to consumers, thereby increasing market awareness. These trends are expected to positively impact the global wedding services market throughout the forecast period.
The Wedding Services Market is thriving with trends that prioritize personalized celebrations and specialized services. Event planning companies offer customized experiences, from high-end venues and curated entertainment to sustainable options. Marriage rates continue to rise, with an increase in same-sex marriages and millennials seeking unique experiences. Wedding planners use digital platforms for offline bookings and social media influence for Instagram-worthy moments. Specialized services include customized catering, wedding stationery, and floral arrangements. Vendor management, budget tracking, and culinary experiences are essential planning duties. Economic stability and cultural traditions are key factors in brand differentiation. Wedding ambassadors help create memorable experiences, while wedding planning tools simplify the process. Trends include personalized experiences, sustainable options, and destination weddings. Staffing challenges and quality control are ongoing concerns. Customization and wedding trends continue to shape the industry, with an emphasis on creating unforgettable moments for couples.
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Market Challenges
The global wedding services market faces significant competition from open-source wedding management software vendors, such as eventplanner.net, WeddingWire, and Loverly. For instance, Loverly is a DIY event planning platform offering a free wedding planning checklist and guest list manager. These open-source solutions provide innovative technologies, which can serve as alternatives to commercial wedding services. Their availability on various platforms and zero purchasing cost makes them attractive to individuals planning high-ticket events. Consequently, open-source wedding management software is reducing the market share of proprietary wedding service vendors, posing a threat to the industry during the forecast period.The Wedding Services Market faces several challenges in today’s dynamic business environment. Customized weddings and unique experiences are in high demand among millennial couples, requiring wedding planners to offer flexible planning duties. Destination weddings and local weddings present logistical challenges, especially with economic stability and budget constraints. Social media influence drives the need for customization and quality control, while wedding trends and cultural traditions require brand differentiation. Staffing challenges arise from the need for skilled professionals in photography, catering, event decoration, transportation services, and wedding planning. Economic downturns and marriageable age variations impact booking patterns, with online and offline booking options essential for reaching a wider audience. Virtual weddings and wedding postponements add complexity to the planning process. Investment opportunities exist in full planning services, partial planning services, day of coordination, videography, and photography services. Developing strategies to address these challenges and capitalize on trends, such as second marriages and cultural shifts, can help businesses thrive in the competitive wedding services market.
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Segment Overview
This wedding services market report extensively covers market segmentation by
Service 1.1 Catering service1.2 Gift service1.3 Decoration1.4 Event planning1.5 OthersType 2.1 Local wedding2.2 Destination weddingGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Catering service- Catering services play a significant role in weddings, extending beyond meal preparation and service. Comprehensive caterers manage decoration and ambiance, table settings, and food presentation. They also consider dietary restrictions and food allergies among guests, as well as wedding themes. Alcoholic and non-alcoholic beverages are standard inclusions. The increasing popularity of catering services for weddings fuels market growth. Contract catering agreements, such as cost-plus, cost-plus guarantee, and fixed cost per head, offer accountability, convenience, and regulatory compliance. Therefore, catering services are a crucial wedding component, ensuring a successful event.
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Research Analysis
The wedding services market is experiencing a demand due to the increasing number of millennial couples seeking customised and unique experiences for their big day. With economic stability on the rise, more couples are opting for destination weddings, both local and international, to create unforgettable memories. Customization is key, from personalised planning duties to bespoke catering services and photography. Social media influence plays a significant role in shaping wedding trends, with couples seeking inspiration and ideas from various platforms. However, staffing challenges and quality control can pose challenges for wedding planners. Brand differentiation is crucial in a competitive market, with cultural traditions and local weddings offering unique selling points. The average wedding cost continues to rise, leading to the popularity of partial planning services and virtual weddings. Wedding planning postponements due to unforeseen circumstances have become common, leading to increased booking and planning flexibility. Despite these challenges, the wedding services market remains a thriving industry, offering endless opportunities for creativity and innovation.
Market Research Overview
The wedding services market is experiencing a demand as millennial couples seek customised and unique experiences for their special day. From destination weddings to local weddings, the trend towards personalised celebrations continues to shape the industry. Economic stability and social media influence are key factors driving growth, with couples looking for high-quality services and brand differentiation. Wedding planning duties have become increasingly complex, with couples requiring full planning services, partial planning services, day of coordination, and vendor management. Quality control, staffing challenges, and budget constraints are major concerns for wedding service providers. Cultural traditions and same-sex marriages are also influencing the market, with specialized services and personalized celebrations becoming increasingly popular. Developmental strategies and investment opportunities abound, with economic downturns and marriage rate trends impacting the industry. Wedding planning tools, such as online booking platforms and digital platforms, are transforming the way couples plan their weddings. Virtual weddings and wedding postponements have also become common due to the pandemic. Catering services, photography, videography, event decoration, transportation services, and wedding planning services are all essential components of a successful wedding. Custom menus, floral arrangements, wedding stationery, curated entertainment, and sustainable options are some of the trends shaping the market. High-end venues and culinary experiences continue to be popular, with an emphasis on creating Instagram-worthy moments and personalised experiences for couples and their guests.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ServiceCatering ServiceGift ServiceDecorationEvent PlanningOthersTypeLocal WeddingDestination WeddingGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
Technology
AI Commerce Inc. Announces 2024 Sushi Hackathon in Silicon Valley Featuring Generative AI Innovation
Published
7 mins agoon
October 23, 2024By
Key Takeaways:
Top talent from Stanford, UC Berkeley, and GAFAM come together to drive transformative innovation in business through generative AI. Audrey Tang, Taiwan’s Digital Minister, will deliver the keynote address. Winners will receive $30,000, a sushi experience by renowned Japanese chef, and a study trip to Japan.
SILICON VALLEY, Calif., Oct. 23, 2024 /PRNewswire/ — AI Commerce Inc. (Headquarters: Palo Alto, CA; CEO: Jun Horata) has announced the 2024 Sushi Hackathon, to be held in Silicon Valley on November 3rd. This event will gather top talent to showcase cutting-edge AI-driven solutions using generative AI, designed to improve productivity and tackle complex business challenges across various industries.
Global Talent to Compete in Generative AI Innovation
The Sushi Hackathon will feature student teams from Stanford University, UC Berkeley, and others, along with junior engineers from global leaders like Google, Meta, and Amazon. With only 20 slots, over 280 teams have applied, demonstrating strong interest in the intersection of AI and business. Participants will collaborate in a highly competitive setting to revolutionize business efficiency and showcase the potential of AI technology.
Audrey Tang to Share Insights on the Future of AI and Society
A key highlight of the Sushi Hackathon will be a keynote address by Audrey Tang, Taiwan’s digital policy leader, renowned for her expertise in programming and policy, which has made her a prominent figure in AI and digital innovation. Tang’s speech will delve into how AI technology can transform societies and shape the future, inspiring to both participants and attendees.
Winners to Be Rewarded with an Exclusive Sushi Experience
In addition to prize money and the prestige of winning, the Sushi Hackathon’s top team will be treated to a once-in-a-lifetime sushi dinner crafted by Chef Yuichi Arai, flown in from Japan for this special occasion. This unique reward aims to celebrate the team’s AI innovation while offering them a memorable, creative culinary journey.
About AI Commerce inc.
AI Commerce Inc. is a U.S.-based retail DX and e-commerce platform with a global presence. Leveraging generative AI, the company delivers cutting-edge omnichannel solutions by integrating Silicon Valley’s technology, Japan’s production expertise, and India’s system development strengths. The company leads transformative innovation in brand e-commerce, reshaping profit models and driving economic growth across Southeast Asia, India, and beyond.
Media Contact:
Denise Styerwalt
Trier and Company
denise@triercompany.com
408-406-9726
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SOURCE AI Commerce Inc.
Technology
TOTAL PLAY ANNOUNCES 12% GROWTH IN EBITDA TO Ps.5,390 MILLION IN THE THIRD QUARTER OF 2024
Published
7 mins agoon
October 23, 2024By
—The company reports EBITDA margin of 48%; the highest level since Total Play issues public debt—
—Capex for the quarter was equivalent to 26.5% of the company’s revenue, compared to Capex equivalent of 36.9% of revenue a year ago—
—Balance of EBITDA, less Capex and interest, reached Ps.781 million in the period—
MEXICO CITY, Oct. 23, 2024 /PRNewswire/ — Total Play Telecomunicaciones, S.A.P.I. de C.V. (“Total Play”), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today financial results for the third quarter of 2024.
“Growing operational efficiencies in Total Play — within the framework of our firm strategy to moderate subscriber base growth and strict financial discipline — translated into a solid increase in EBITDA and a growth in the EBITDA margin, reaching its highest level since the company issues public debt,” commented Eduardo Kuri, CEO of Total Play. “The higher EBITDA, combined with the Capex for the period — representing 26.5% of the company’s revenue — continued to drive cash flow generation, defined as EBITDA less Capex and interest paid, to Ps.781 million this period, marking three consecutive quarters of strong cash generation.”
“On the balance sheet, the successful issuance of long-term Secured Certificados Bursátiles for Ps.2.5 billion — announced on October 2 — along with the company’s growing cash flow, will further strengthen the cash balance, thereby boosting Total Play’s liquidity and financial strength,” added Mr. Kuri.
Third quarter results
Revenue for the quarter was Ps.11,117 million, 10% above the Ps.10,137 million of the same period of the previous year. Total costs and expenses were Ps.5,727 million, compared to Ps.5,323 million of the previous year.
As a result, Total Play’s EBITDA grew 12% to Ps.5,390 million from Ps.4,814 million a year ago; EBITDA margin for the quarter was 48%, one percentage point higher from the same quarter in 2023. The company recorded operating income of Ps.1,147 million, compared to Ps.819 million a year ago.
Total Play reported net loss of Ps.1,087 million, from a loss of Ps.2,130 million in the same quarter of 2023.
Q3 2023
Q3 2024
Change
Ps.
%
Revenue from services
$10,137
$11,117
$980
10 %
EBITDA
$4,814
$5,390
$576
12 %
Operating income
Net result
$819
$(2,130)
$1,147
$(1,087)
$328
$(1,043)
40%
49%
Amounts in millions of pesos.
EBITDA: Earnings before interest, taxes, depreciation, and amortization.
Service revenue
The company’s revenue grew 10%, as a result of an 8% increase in sales in the residential segment and a 22% increase in revenues from the enterprise business.
Totalplay Residencial’s revenue growth to Ps. 9,544 million, compared to Ps. 8,847 million a year earlier, relates to a 9% increase in the number of subscribers to the company’s services, from the same quarter a year ago, to reach 5,124,433 this period, including 69,572 small and medium-sized businesses. The company considers that the number of users reached this quarter reflects its remarkable capacity to offer technologically advanced internet services — with superior stability and speed — continuous innovation in its entertainment platform, and an excellent service.
Compared to the previous quarter, the subscriber base grew by 115,342 users, in line with Total Play’s strategy of moderating its subscriber base growth.
Average revenue per subscriber (ARPU) for the quarter was Ps.617, compared to Ps.630 a year ago and with Ps.612 from the previous quarter.
As previously announced, the company’s geographic coverage investment program was completed during the first quarter of 2023. Accordingly, the number of homes passed in Mexico at the end of this period was 17,588,706, a figure with minor variations compared to 17,531,567 a year ago.
Penetration — the proportion of homes passed by Total Play that have the company’s telecommunications services — was 29.1% at the end of the quarter, up from 26.8% a year ago.
The enterprise segment’s revenue was Ps.1,573 million, up from Ps.1,289 million in the previous year, due to the launch of various organizations´ projects in recent months.
Costs and expenses
Total costs and expenses increased 8%, as a result of a 5% increase in service costs and a 9% growth in general expenses.
The increase in costs to Ps.1,918 million from Ps.1,827 million in the previous year is primarily due to higher costs associated with business projects, links, and memberships. This increase was partially offset by lower content and licensing costs.
The increase in expenses to Ps.3,809 million, from Ps.3,496 million, reflects higher maintenance and fees expenses, in the context of the company’s growing operations. This increase was partially offset by reductions in advertising and personnel expenses.
Costs and expenses for the quarter grew at a slower rate than revenues, as a result of strategies that generate solid operational efficiencies.
EBITDA and net result
Total Play’s EBITDA was Ps.5,390 million, 12% higher compared to Ps.4,814 million of the previous year.
Relevant variations below EBITDA were the following:
An increase of Ps.248 million in depreciation and amortization was mainly due to subscriber acquisition costs — including telecommunications equipment, labor, and installation expenses.
An increase of Ps.228 million in interest expense consistent with the financial debt balance variation, attributable to the exchange rate depreciation effect on dollar-denominated debt this quarter, as well as higher debt costs.
Increase of Ps.863 million in foreign exchange loss, as a result of the net monetary liability position in foreign currency, together with a larger depreciation this quarter of the peso against the basket of currencies in which the company’s monetary liabilities are denominated, compared to the previous year.
Total Play reported a net loss of Ps.1,087 million, compared to a loss of Ps.2,130 million in the same period of 2023.
Balance sheet
As of September 30, 2024, the Company’s debt with cost was Ps.53,736 million, compared to Ps.50,280 million in the previous year. The increase shows the effect of exchange rate depreciation on dollar-denominated debt.
Lease liabilities were Ps.4,814 million, 24% lower compared to Ps.6,374 million of the previous year.
Cash and cash equivalents, plus restricted cash held in trusts, totaled Ps.5,886 million, a 6% increase from Ps.5,578 million a year ago. Consequently, the company’s net debt was Ps.52,664 million, compared to Ps.51,076 million a year ago.
The debt ratio — Net Debt / EBITDA for the last two annualized quarters — was 2.51 times, as a result of solid EBITDA growth, together with greater relative stability of the net debt balance.
Total Play’s fixed assets — including accumulated investments in fiber optics, telecommunications equipment, subscriber acquisition costs, and other assets — was Ps.62,229 million, compared to Ps.60,365 million a year ago.
Nine months results
Revenues for the first nine months of 2024 were Ps.33,355 million, 12% higher than Ps.29,830 million in the previous year, as a result of an 8% increase in residential revenues and a 32% growth in enterprise revenues. Total costs and expenses rose 10% to Ps.17,881 million from Ps.16,205 million, due to a 12% increase in service costs and a 10% growth in general expenses.
Total Play reported EBITDA of Ps.15,474 million, a 14% increase from Ps.13,625 million the previous year. The EBITDA margin for the period was 46%. Operating income reached Ps.2,872 million, up from Ps.1,711 million in the same period of 2023.
The company recorded a net loss of Ps.5,984 million, compared to a loss of Ps.2,123 million a year ago.
9M 2023
9M 2024
Change
Ps.
%
Revenue from services
$29,830
$33,355
$3,525
12 %
EBITDA
$13,625
$15,474
$1,849
14 %
Operating income
Net result
$1,711
$(2,123)
$2,872
$(5,984)
$1,161
$(3,861)
68%
—-
Amounts in millions of pesos.
EBITDA: Earnings before interest, taxes, depreciation, and amortization.
About Total Play
Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx.
Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.
Investor Relations:
Bruno Rangel
Rolando Villarreal
+ 52 (55) 1720 9167
+ 52 (55) 1720 9167
jrangelk@totalplay.com.mx
rvillarreal@totalplay.com.mx
Press Relations:
Luciano Pascoe
Tel. +52 (55) 1720 1313 ext. 36553
lpascoe@gruposalinas.com.mx
TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES
CONSOLIDATED QUARTERLY INCOME STATEMENTS
(Millions of Mexican pesos)
3Q23
3Q24
Change
$
%
$
%
$
%
Revenue from services
10,137
100 %
11,117
100 %
980
10 %
Cost of services
(1,827)
(18 %)
(1,918)
(17 %)
(91)
(5 %)
Gross profit
8,310
82 %
9,199
83 %
889
11 %
General expenses
(3,496)
(34 %)
(3,809)
(34 %)
(313)
(9 %)
EBITDA
4,814
47 %
5,390
48 %
576
12 %
Depreciation and amortization
(3,995)
(39 %)
(4,243)
(38 %)
(248)
(6 %)
Operating profit
819
8 %
1,147
10 %
328
40 %
Financial cost:
Interest revenue
48
0 %
91
1 %
43
90 %
Change in fair value of financial instruments
(135)
(1 %)
(110)
(1 %)
25
19 %
Accrued interest expense
(1,386)
(14 %)
(1,614)
(15 %)
(228)
(16 %)
Other financial expenses
(121)
(1 %)
(134)
(1 %)
(13)
(11 %)
Foreign exchange loss – Net
(701)
(7 %)
(1,564)
(14 %)
(863)
(123 %)
(2,295)
(23 %)
(3,331)
(30 %)
(1,036)
(45 %)
Loss before income tax provisions
(1,476)
(15 %)
(2,184)
(20 %)
(708)
(48 %)
Income tax provision
(654)
(6 %)
1,097
10 %
1,751
n.m.
Net loss for the period
(2,130)
(21 %)
(1,087)
(10 %)
1,043
49 %
TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES
CONSOLIDATED ACCUMULATED INCOME STATEMENTS
(Millions of Mexican pesos)
Accumulated
Accumulated
9M23
9M24
Change
$
%
$
%
$
%
Revenue from services
29,830
100 %
33,355
100 %
3,525
12 %
Cost of services
(5,737)
(19 %)
(6,400)
(19 %)
(663)
(12 %)
Gross profit
24,093
81 %
26,955
81 %
2,862
12 %
General expenses
(10,468)
(35 %)
(11,481)
(34 %)
(1,013)
(10 %)
EBITDA
13,625
46 %
15,474
46 %
1,849
14 %
Depreciation and amortization
(11,914)
(40 %)
(12,602)
(38 %)
(688)
(6 %)
Operating profit
1,711
6 %
2,872
9 %
1,161
68 %
Financial cost:
Interest revenue
138
0 %
235
1 %
97
70 %
Change in fair value of financial instruments
(463)
(2 %)
(1,124)
(3 %)
(661)
(143 %)
Accrued interest expense
(4,067)
(14 %)
(4,656)
(14 %)
(589)
(14 %)
Other financial expenses
(338)
(1 %)
(78)
(0 %)
260
77 %
Foreign exchange gain (loss) – Net
2,771
9 %
(3,627)
(11 %)
(6,398)
n.m.
(1,959)
(7 %)
(9,250)
(28 %)
(7,291)
n.m.
Equity interest in net results of non-controlling entities
(19)
(0 %)
–
0 %
(19)
(100 %)
Loss before income tax provisions
(267)
(1 %)
(6,378)
(19 %)
(6,111)
n.m.
Income tax provision
(1,856)
(6 %)
394
1 %
(2,250)
(121 %)
Net loss for the period
(2,123)
(7 %)
(5,984)
(18 %)
(3,861)
(182 %)
TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Millions of Mexican pesos)
As of September 30,
2023
2024
Change
$
%
$
%
$
%
Assets
CURRENT ASSETS
Cash and cash equivalents
1,750
2 %
3,507
4 %
1,757
100 %
Restricted cash in trusts
3,828
4 %
2,379
3 %
(1,449)
(38 %)
Customers – net
4,445
5 %
3,877
5 %
(568)
(13 %)
Other accounts receivable
187
0 %
149
0 %
(38)
(20 %)
Recoverable taxes
4,086
5 %
3,897
5 %
(189)
(5 %)
Related parties
264
0 %
272
0 %
8
3 %
Inventories
2,765
3 %
2,486
3 %
(279)
(10 %)
Prepaid expenses
516
1 %
494
1 %
(22)
(4 %)
Total current assets
17,841
21 %
17,061
20 %
(780)
(4 %)
NON-CURRENT ASSETS
Related parties
159
0 %
275
0 %
116
73 %
Property, plant and equipmente – Net
60,365
70 %
62,229
73 %
1,864
3 %
Rights-of-use assets -Net
5,445
6 %
3,642
4 %
(1,803)
(33 %)
Trademarks and other assets
2,181
3 %
2,465
3 %
284
13 %
Total non-current assets
68,150
79 %
68,611
80 %
461
1 %
Total assets
85,991
100 %
85,672
100 %
(319)
(0 %)
Liabilities and Stockholders’ Equity
SHORT-TERM LIABILITIES
Financial debt
4,448
5 %
6,137
7 %
1,689
38 %
Lease liabilities
2,399
3 %
2,468
3 %
69
3 %
Trade payables
13,274
15 %
16,034
19 %
2,760
21 %
Reverse factoring
2,225
3 %
1,488
2 %
(737)
(33 %)
Other payables and payable taxes
2,013
2 %
2,106
2 %
93
5 %
Related parties
863
1 %
1,309
2 %
446
52 %
Liabilities from contracts with customers
681
1 %
400
0 %
(281)
(41 %)
Interest payable
430
1 %
79
0 %
(351)
(82 %)
Derivative financial instruments
57
0 %
10
0 %
(47)
(82 %)
Total short-term liabilities
26,390
31 %
30,031
35 %
3,641
14 %
LONG-TERM LIABILITIES
Financial debt
45,832
53 %
47,599
56 %
1,767
4 %
Lease liabilities
3,975
5 %
2,346
3 %
(1,629)
(41 %)
Derivative financial instruments
2,086
2 %
–
0 %
(2,086)
(100 %)
Employee benefits
56
0 %
101
0 %
45
80 %
Deferred income tax
4,211
5 %
5,517
6 %
1,306
31 %
Total long-term liabilities
56,160
65 %
55,563
65 %
(597)
(1 %)
Total liabilities
82,550
96 %
85,594
100 %
3,044
4 %
STOCKHOLDERS’ EQUITY
3,441
4 %
78
0 %
(3,363)
(98 %)
Total liabilities and stockholders’ equity
85,991
100 %
85,672
100 %
(319)
(0 %)
TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of Mexican pesos)
9th months period ended
September 30,
2023
2024
Operating activities:
Loss before income tax provision
(267)
(6,378)
Items not requiring the use of resources:
Depreciation and amortization
11,914
12,602
Employee benefits
7
26
Items related to investing or financing activities:
Accrued interest income
(138)
(235)
Accrued interest expense and other financial transactions
4,880
5,857
Unrealized exchange (gain) loss
(2,832)
3,647
Non-controlling participation
19
–
13,583
15,519
Resources (used in) generated by operating activities:
Customers and unearned revenue
756
(45)
Other receivables
49
35
Related parties, net
420
354
Taxes to be recovered
(275)
244
Inventories
(423)
441
Advance payments
392
35
Trade payables
2,587
2,505
Other payables
(427)
684
Cash flows generated by operating activities
16,662
19,772
Investing activities:
Acquisition of property, plant and equipment
(11,815)
(8,902)
Other assets
(63)
(120)
Collected interest
138
235
Cash flows (used in) investing activities
(11,740)
(8,787)
Financing activities:
Loans received
3,304
(2,165)
Leasing cash flows
(1,936)
(1,796)
Restricted Cash in Trusts
(1,841)
998
Reverse factoring
(466)
(746)
Derivative financial instruments
(315)
(1,522)
Interest payment
(3,808)
(4,624)
Cahs flows used in financing activities
(5,062)
(9,855)
Net increase (decrease) in cash and cash equivalents
(140)
1,130
Cash and cash equivalents at the beginning of the year
1,890
2,377
Cash and cash equivalents at the end of the year
1,750
3,507
View original content:https://www.prnewswire.com/news-releases/total-play-announces-12-growth-in-ebitda-to-ps5-390-million-in-the-third-quarter-of-2024–302285179.html
SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V.
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