Technology

Qualys Announces Third Quarter 2024 Financial Results

Published

3 weeks ago

November 5, 2024

Revenue Growth of 8% Year-Over-Year
GAAP EPS: $1.24; Non-GAAP EPS: $1.56
Raises 2024 Revenue Guidance to $602.9–$605.9 million
Raises 2024 GAAP EPS Guidance to $4.31–$4.41
Raises 2024 Non-GAAP EPS Guidance to $5.81–$5.91

FOSTER CITY, Calif., Nov. 5, 2024 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the third quarter ended September 30, 2024. For the quarter, the Company reported revenues of $153.9 million, net income under United States Generally Accepted Accounting Principles (“U.S. GAAP”) of $46.2 million, non-GAAP net income of $58.0 million, Adjusted EBITDA of $69.7 million, GAAP net income per diluted share of $1.24, and non-GAAP net income per diluted share of $1.56.

“Q3 was another strong quarter of rapid innovation for Qualys, reflecting our ongoing commitment to technology leadership, cybersecurity transformation, and successful outcomes for customers,” said Sumedh Thakar, Qualys’ president and CEO. “With the release of several new capabilities, including our Enterprise TruRisk Management solution, TruRisk Eliminate, and Qualys TotalAI we have further strengthened our strategic position as the partner of choice for customers looking to rearchitect and consolidate their security tools to solve modern security challenges while simplifying their operational defenses. We believe we can continue to grow long-term, maintain best-in-class profitability, and invest in key initiatives aimed at further extending the gap between Qualys and the competition.”

Third Quarter 2024 Financial Highlights

Revenues: Revenues for the third quarter of 2024 increased by 8% to $153.9 million compared to $142.0 million for the same quarter in 2023.

Gross Profit: GAAP gross profit for the third quarter of 2024 increased by 8% to $125.0 million compared to $115.3 million for the same quarter in 2023. GAAP gross margin was 81% for both the third quarter of 2024 and the same quarter in 2023. Non-GAAP gross profit for the third quarter of 2024 increased by 8% to $127.8 million compared to $118.0 million for the same quarter in 2023. Non-GAAP gross margin was 83% for both the third quarter of 2024 and the same quarter in 2023.

Operating Income: GAAP operating income for the third quarter of 2024 increased by 3% to $45.0 million compared to $43.6 million for the same quarter in 2023. As a percentage of revenues, GAAP operating income was 29% for the third quarter of 2024 compared to 31% for the same quarter in 2023. Non-GAAP operating income for the third quarter of 2024 increased by 5% to $66.0 million compared to $62.9 million for the same quarter in 2023. As a percentage of revenues, non-GAAP operating income was 43% for the third quarter of 2024 compared to 44% for the same quarter in 2023.

Net Income: GAAP net income for the third quarter of 2024 decreased by 1% to $46.2 million, or $1.24 per diluted share, compared to $46.5 million, or $1.24 per diluted share, for the same quarter in 2023. As a percentage of revenues, GAAP net income was 30% for the third quarter of 2024 compared to 33% for the same quarter in 2023. Non-GAAP net income for the third quarter of 2024 was $58.0 million, or $1.56 per diluted share, compared to $56.7 million, or $1.51 per diluted share, for the same quarter in 2023. As a percentage of revenues, non-GAAP net income was 38% for the third quarter of 2024 compared to 40% for the same quarter in 2023.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2024 increased by 1% to $69.7 million compared to $68.8 million for the same quarter in 2023. As a percentage of revenues, Adjusted EBITDA was 45% for the third quarter of 2024 compared to 48% for the same quarter in 2023.

Operating Cash Flow: Operating cash flow for the third quarter of 2024 decreased by 34% to $61.0 million compared to $92.4 million for the same quarter in 2023. As a percentage of revenues, operating cash flow was 40% for the third quarter of 2024 compared to 65% for the same quarter in 2023.

Third Quarter 2024 Business Highlights

Launched Qualys’ TruRisk Eliminate, a remediation solution extending beyond patching by providing patchless patching, targeted isolation, and other mitigation strategies to help organizations reduce risk.Expanded our portfolio by introducing Qualys TotalAI, designed to address the growing challenges and risks of securing generative AI and large language model (LLM) applications to detect data leaks, injection issues, and model theft.The 2024 GigaOm Radar Report for Continuous Vulnerability Management ranked Qualys’ VMDR as a leading vulnerability management solution for the fourth straight year. It noted VMDR stands apart from the competition as a “comprehensive risk-based approach to vulnerability management.”Gartner recognized TotalCloud among solutions named in its July 2024 Marketguide for Cloud Native Application Protection Platforms.Qualys’ CyberSecurity Asset Management ranked as a strong performer among top vendors in the Forrester Wave for Attack Surface Management in its debut in the report.Introduced updates to our Web Application Security solution including context-aware TruRisk prioritization, advanced API security features, and a redesigned user interface offering guided workflows and feedback loops. These updates address the growing complexity of securing web applications and APIs in digital environments.

Financial Performance Outlook

Based on information as of today, November 5, 2024, Qualys is issuing the following financial guidance for the fourth quarter and full year fiscal 2024. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled “Legal Notice Regarding Forward-Looking Statements” and “Non-GAAP Financial Measures” below.

Fourth Quarter 2024 Guidance: Management expects revenues for the fourth quarter of 2024 to be in the range of $154.5 million to $157.5 million, representing 7% to 9% growth over the same quarter in 2023. GAAP net income per diluted share is expected to be in the range of $0.84 to $0.94, which assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $1.28 to $1.38, which assumes a non-GAAP effective income tax rate of 21%. Fourth quarter 2024 net income per diluted share estimates are based on approximately 36.9 million weighted average diluted shares outstanding for the quarter.

Full Year 2024 Guidance: Management now expects revenues for the full year of 2024 to be in the range of $602.9 million to $605.9 million, representing 9% growth over 2023. This compares to the previous guidance range of $597.5 million to $601.5 million. GAAP net income per diluted share is expected to be in the range of $4.31 to $4.41, up from the previous guidance range of $3.85 to $4.01. This assumes an effective income tax rate of 18%. Non-GAAP net income per diluted share is expected to be in the range of $5.81 to $5.91, up from the previous guidance range of $5.46 to $5.62. This assumes a non-GAAP effective income tax rate of 21%. Full year 2024 net income per diluted share estimates are based on approximately 37.4 million weighted average diluted shares outstanding.

Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the fourth quarter and full year 2024 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the fourth quarter and full year 2024. A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its third quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, November 5, 2024. To access the conference call by phone, please register here. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.

Investor Contact

Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com

About Qualys

Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.

The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit www.qualys.com.

Qualys, Qualys VMDR® and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; our guidance for revenues, GAAP EPS and non-GAAP EPS for the fourth quarter and full year 2024; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the fourth quarter and full year 2024. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles and seasonal buying patterns of our customers; general market, political, economic and business conditions in the United States as well as globally; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates; unexpected fluctuations in our effective income tax rate on a GAAP and non-GAAP basis; our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; and any unanticipated accounting charges. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, Qualys provides investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).

In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. Qualys believes that these non-GAAP financial measures help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows.

Furthermore, Qualys uses some of these non-GAAP financial measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.

Although Qualys does not focus on or use quarterly billings in managing or monitoring the performance of its business, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) for the convenience of investors and analysts in building their own financial models.

In order to provide a more complete picture of recurring core operating business results, the Company’s non-GAAP net income and non-GAAP net income per diluted share include adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company’s non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2024 is a reasonable estimate under its current global operating structure and core business operations. The Company may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective income tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Revenues

$ 153,867

$ 141,996

$ 448,380

$ 409,888

Cost of revenues (1)

28,832

26,739

82,445

80,355

Gross profit

125,035

115,257

365,935

329,533

Operating expenses:

Research and development (1)

28,901

27,782

83,550

83,001

Sales and marketing (1)

32,686

27,881

94,240

79,750

General and administrative (1)

18,494

15,999

50,362

45,182

Total operating expenses

80,081

71,662

228,152

207,933

Income from operations

44,954

43,595

137,783

121,600

Other income (expense), net:

Interest income

6,764

5,136

19,590

11,342

Other income (expense), net

605

(708)

(1,381)

(1,883)

Total other income, net

7,369

4,428

18,209

9,459

Income before income taxes

52,323

48,023

155,992

131,059

Income tax provision

6,111

1,508

26,277

20,057

Net income

$ 46,212

$ 46,515

$ 129,715

$ 111,002

Net income per share:

Basic

$ 1.26

$ 1.27

$ 3.52

$ 3.01

Diluted

$ 1.24

$ 3.46

$ 2.96

Weighted average shares used in computing net income per share:

Basic

36,762

36,766

36,877

36,891

Diluted

37,136

37,448

37,441

37,516

(1) Includes stock-based compensation as follows:

Cost of revenues

$ 2,081

$ 1,946

$ 5,967

$ 5,255

Research and development

5,448

5,671

15,911

15,734

Sales and marketing

3,649

3,229

11,020

8,580

General and administrative

9,159

7,676

23,556

20,991

Total stock-based compensation, net of amounts capitalized

$ 20,337

$ 18,522

$ 56,454

$ 50,560

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

September 30,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$ 235,430

$ 203,665

Restricted cash

—

1,500

Short-term marketable securities

150,913

221,893

Accounts receivable, net

114,967

146,226

Prepaid expenses and other current assets

35,307

26,714

Total current assets

536,617

599,998

Long-term marketable securities

186,680

56,644

Property and equipment, net

27,343

32,599

Operating leases – right of use asset

41,294

22,391

Deferred tax assets, net

77,730

62,761

Intangible assets, net

7,451

9,715

Goodwill

7,447

Noncurrent restricted cash

1,200

Other noncurrent assets

22,561

19,863

Total assets

$ 908,323

$ 812,618

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$ 1,422

$ 988

Accrued liabilities

39,960

43,096

Deferred revenues, current

337,821

333,267

Operating lease liabilities, current

9,333

11,857

Total current liabilities

388,536

389,208

Deferred revenues, noncurrent

23,116

31,671

Operating lease liabilities, noncurrent

38,266

16,885

Other noncurrent liabilities

8,810

6,680

Total liabilities

458,728

444,444

Stockholders’ equity:

Common stock

Additional paid-in capital

642,435

597,921

Accumulated other comprehensive loss

(293)

(1,704)

Accumulated deficit

(192,584)

(228,080)

Total stockholders’ equity

449,595

368,174

Total liabilities and stockholders’ equity

$ 908,323

$ 812,618

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Nine Months Ended
September 30,

2024

2023

Cash flow from operating activities:

Net income

$ 129,715

$ 111,002

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

Depreciation and amortization expense

14,410

21,140

Provision for credit losses

411

230

Loss on non-marketable securities

—

533

Stock-based compensation, net of amounts capitalized

56,454

50,560

Accretion of discount on marketable securities, net

(5,231)

(3,502)

Deferred income taxes

(15,374)

(11,561)

Changes in operating assets and liabilities:

Accounts receivable

30,848

18,137

Prepaid expenses and other assets

(9,900)

(4,804)

Accounts payable

391

(1,428)

Accrued liabilities and other noncurrent liabilities

(1,351)

8,211

Deferred revenues

(4,001)

22,248

Net cash provided by operating activities

196,372

210,766

Cash flow from investing activities:

Purchases of marketable securities

(305,952)

(252,438)

Sales and maturities of marketable securities

252,940

212,202

Purchases of property and equipment

(6,497)

(7,263)

Net cash used in investing activities

(59,509)

(47,499)

Cash flow from financing activities:

Repurchase of common stock

(97,188)

(147,725)

Proceeds from exercise of stock options

8,311

28,384

Payments for taxes related to net share settlement of equity awards

(23,093)

(14,998)

Proceeds from issuance of common stock through employee stock purchase plan

6,872

6,077

Payment of acquisition-related holdback

(1,500)

—

Net cash used in financing activities

(106,598)

(128,262)

Net increase in cash, cash equivalents and restricted cash

30,265

35,005

Cash, cash equivalents and restricted cash at beginning of period

206,365

176,419

Cash, cash equivalents and restricted cash at end of period

$ 236,630

$ 211,424

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED EBITDA

(unaudited)

(in thousands, except percentages)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Net income

$ 46,212

$ 46,515

$ 129,715

$ 111,002

Net income as a percentage of revenues

30 %

33 %

29 %

27 %

Depreciation and amortization of property and equipment

3,670

5,922

12,146

18,824

Amortization of intangible assets

721

772

2,264

2,316

Income tax provision

6,111

1,508

26,277

20,057

Stock-based compensation

20,337

18,522

56,454

50,560

Total other income, net

(7,369)

(4,428)

(18,209)

(9,459)

Adjusted EBITDA

$ 69,682

$ 68,811

$ 208,647

$ 193,300

Adjusted EBITDA as a percentage of revenues

45 %

48 %

47 %

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(unaudited)

(in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

GAAP Cost of revenues

$ 28,832

$ 26,739

$ 82,445

$ 80,355

Less: Stock-based compensation

(2,081)

(1,946)

(5,967)

(5,255)

Less: Amortization of intangible assets

(705)

(747)

(2,198)

(2,241)

Non-GAAP Cost of revenues

$ 26,046

$ 24,046

$ 74,280

$ 72,859

GAAP Gross profit

$ 125,035

$ 115,257

$ 365,935

$ 329,533

Plus: Stock-based compensation

2,081

1,946

5,967

5,255

Plus: Amortization of intangible assets

705

747

2,198

2,241

Non-GAAP Gross Profit

$ 127,821

$ 117,950

$ 374,100

$ 337,029

GAAP Research and development

$ 28,901

$ 27,782

$ 83,550

$ 83,001

Less: Stock-based compensation

(5,448)

(5,671)

(15,911)

(15,734)

Less: Amortization of intangible assets

(16)

(25)

(66)

(75)

Non-GAAP Research and development

$ 23,437

$ 22,086

$ 67,573

$ 67,192

GAAP Sales and marketing

$ 32,686

$ 27,881

$ 94,240

$ 79,750

Less: Stock-based compensation

(3,649)

(3,229)

(11,020)

(8,580)

Non-GAAP Sales and marketing

$ 29,037

$ 24,652

$ 83,220

$ 71,170

GAAP General and administrative

$ 18,494

$ 15,999

$ 50,362

$ 45,182

Less: Stock-based compensation

(9,159)

(7,676)

(23,556)

(20,991)

Non-GAAP General and administrative

$ 9,335

$ 8,323

$ 26,806

$ 24,191

GAAP Operating expenses

$ 80,081

$ 71,662

$ 228,152

$ 207,933

Less: Stock-based compensation

(18,256)

(16,576)

(50,487)

(45,305)

Less: Amortization of intangible assets

(16)

(25)

(66)

(75)

Non-GAAP Operating expenses

$ 61,809

$ 55,061

$ 177,599

$ 162,553

GAAP Income from operations

$ 44,954

$ 43,595

$ 137,783

$ 121,600

Plus: Stock-based compensation

20,337

18,522

56,454

50,560

Plus: Amortization of intangible assets

721

772

2,264

2,316

Non-GAAP Income from operations

$ 66,012

$ 62,889

$ 196,501

$ 174,476

GAAP Net income

$ 46,212

$ 46,515

$ 129,715

$ 111,002

Plus: Stock-based compensation

20,337

18,522

56,454

50,560

Plus: Amortization of intangible assets

721

772

2,264

2,316

Less: Tax adjustment

(9,299)

(9,129)

(18,812)

(18,569)

Non-GAAP Net income

$ 57,971

$ 56,680

$ 169,621

$ 145,309

GAAP Net income per share:

Basic

$ 1.26

$ 1.27

$ 3.52

$ 3.01

Diluted

$ 1.24

$ 3.46

$ 2.96

Non-GAAP Net income per share:

Basic

$ 1.58

$ 1.54

$ 4.60

$ 3.94

Diluted

$ 1.56

$ 1.51

$ 4.53

$ 3.87

Weighted average shares used in GAAP and non-GAAP net income per share:

Basic

36,762

36,766

36,877

36,891

Diluted

37,136

37,448

37,441

37,516

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(unaudited)

(in thousands)

Nine Months Ended
September 30,

2024

2023

GAAP Cash flows provided by operating activities

$ 196,372

$ 210,766

Less:

Purchases of property and equipment, net of proceeds from disposal

(6,497)

(7,263)

Non-GAAP Free cash flows

$ 189,875

$ 203,503

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

CALCULATED CURRENT BILLINGS

(unaudited)

(in thousands, except percentages)

Three Months Ended
September 30,

2024

2023

GAAP Revenue

$ 153,867

$ 141,996

GAAP Revenue growth compared to same quarter of prior year

8 %

13 %

Plus: Current deferred revenue at September 30

337,821

307,179

Less: Current deferred revenue at June 30

(324,334)

(302,446)

Non-GAAP Calculated current billings

$ 167,354

$ 146,729

Calculated current billings growth compared to same quarter of prior year

14 %

View original content:https://www.prnewswire.com/news-releases/qualys-announces-third-quarter-2024-financial-results-302296710.html

SOURCE Qualys, Inc.

Technology

PASHA Holding forges global connections at COP29

Published

2 hours ago

November 23, 2024

BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — PASHA Holding, a leading Azerbaijani company, successfully participated at COP29, reaffirming its dedication to climate action. As an Impact Partner at the event, PASHA Holding actively engaged in meaningful discussions, collaborated with global stakeholders, and shared its vision for a sustainable future.

The holding’s presence included a tailored booth in the Green Zone, alongside multiple thought-provoking sessions led by PASHA Holding companies, including PASHA Bank, Kapital Bank, PASHA Insurance, PASHA Life, AgroDairy, and PASHA Real Estate. These sessions addressed critical issues such as climate finance, sustainable agriculture, and the role of private sector leadership in fostering inclusive green transitions.

Through its participation, PASHA Holding leveraged the opportunity to exchange ideas, build relationships with regional and global peers, and learn from diverse experiences in tackling climate challenges. By engaging with stakeholders from government, international organizations, and the private sector, PASHA Holding enhanced its capacity to drive sustainable development initiatives in Azerbaijan and beyond.

Aytaj Mukhtazada, Head of PR and Communications at PASHA Holding, remarked:

“COP29 has been an extraordinary platform for us to amplify our sustainability vision and forge valuable connections. The insights gained and partnerships established here will enable us to align our strategies with global climate objectives while addressing the unique needs of our region. This experience underscores the importance of collaboration in creating impactful, long-term solutions to the challenges we all face.”

Key elements of PASHA Holding’s sustainability strategy include minimizing the environmental impact of its own operations, investing in projects that support the transition to net zero, and investing in technological innovation to address the challenges presented by climate change. In the near future, the group plans to conduct comprehensive diagnostics and gap analysis across its subsidiaries to set specific goals to decrease our carbon footprint, including supply chain, support the customers in their transition journeys and increase investments in green initiatives. Additionally, PASHA is committed to empowering its stakeholders through education and collaboration, ensuring that sustainability is embedded across the wider economy. These plans include supporting the development of a sustainable SME landscape in the country, aiding farmers in their green transition, and supporting innovation for developing decarbonization solutions.

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SOURCE PASHA Holding

Technology

Global Times: China vows to promote steady growth of foreign trade

Published

3 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Officials from five Chinese departments including the Ministry of Commerce (MOFCOM), the Ministry of Foreign Affairs and the People’s Bank of China vowed to promote the steady growth of foreign trade at a press conference held on Friday in a move experts said is part of a package of policy measures to inject impetus and confidence into stabilizing the economy and help realize its annual economic targets.

Meanwhile, at the same press conference, the vice commerce minister highlighted China’s capacity in dealing with external shocks in the first explicit, publicly known response by a senior commerce official to the impact of the US’ potential 60 percent tariffs on Chinese imports. He stressed tariffs will only lead to high costs for consumers, and a stable, healthy and sustainable development of China-US economic and trade relations will benefit peoples of both countries and the world.

The press conference came after MOFCOM, together with the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the People’s Bank of China and the General Administration of Customs rolled out nine measures to support foreign trade, involving support and guidance in insurance, financing, cross-border trade settlement, expanding scope on imports and exports, optimization of trade structure, visa facilitation and transportation.

Analysts noted that the latest move will further enhance the confidence of Chinese foreign trade enterprises, thereby injecting a stable and strong impetus to economic development, helping the country navigate the complexities of the global market.

Policy support

During the press conference, Chinese Vice Commerce Minister Wang Shouwen noted that the policy is aimed at responding to changes in the international trade situation and promoting solutions to practical difficulties faced by foreign trade enterprises in financing and maritime transport.

The raft of policy measures aimed at promoting the steady growth of foreign trade was deliberated and adopted by a State Council executive meeting on November 8.

The Ministry of Commerce on Thursday unveiled the policy measures in a notice. Among the nine specific measures, financial institutions are encouraged to increase financing support for micro, small and medium-sized companies based on market-oriented and law-based principles.

Efforts should be made to optimize cross-border trade settlement, promote the development of cross-border e-commerce, expand agricultural product exports, and support the imports of key equipment and energy resources, said the notice.

The overall situation of China’s foreign trade is relatively optimistic, but at the same time we should also see that uncertainties continue to accumulate. Maintaining stable growth in foreign trade and sustained improvement in competitiveness cannot be separated from policy support, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, said on Friday.

“The timely joint efforts by five Chinese departments enhanced the confidence and expectations of Chinese foreign trade enterprises, and the measures will effectively help address problems of current foreign trade and future uncertainties,” Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Friday.

Stable growth in foreign trade can provide more impetus for the domestic economy. The nine measures are part of a package of policy measures to inject growth momentum and confidence into stabilizing the economy, which will help realize the country’s annual economic targets, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said on Friday.

“Consumption, investment, exports and market sentiment all improved in October, and this trend is highly likely to continue in the last two months of the year, as the confidence of enterprises and consumers has been shored up thanks to the support policies,” Wang Peng told the Global Times.

Resilient against external shocks

At the press conference on Friday, Wang Shouwen also stressed that China has the capacity in dealing with external shocks largely owing to its resilient and vibrant economy that has great potential in a response to a question on the impact of the US’ potential 60 percent tariffs on Chinese imports.

China is building a “dual circulation” development pattern, which takes the domestic market as the mainstay while allowing domestic and international markets to reinforce each other. We are capable of resolving and withstanding the impact of external shocks, the official told reporters.

Wang Shouwen noted that history has also shown that the imposition of tariffs on China by a country does not solve the problem of its own trade deficit, on the contrary, it pushes up the prices of the country’s imports from China as well as from other countries.

This is because the tariffs are ultimately paid for by the consumers and the end-users of the importing country, which inevitably leads to an increase in the prices paid by consumers and an increase in the costs to the users, which also leads to inflation, the vice commerce minister further elaborated.

The vice commerce minister said that China and the US are the two largest economies in the world, and have strong complementarities. We believe that if China and the US can maintain a stable, healthy and sustainable development trend in their economic and trade relations, it will be beneficial to both the Chinese people and the American people, as well as the people of all countries in the world, and this is also what the international community expects, he said.

China is willing to engage in dialogue with the US on the basis of the principles of mutual respect, peaceful coexistence and win-win cooperation, in a bid to expand areas of cooperation, manage differences, and promote the stability of the bilateral trade and economic and trade relationship, Wang Shouwen said, noting that China will also firmly safeguard its own sovereignty, security and development interests.

Chinese companies have advantages in ordering, transportation, warehousing and other export-related areas that are difficult for other countries to replace, due to their complete supply chain and high production efficiency, Li said.

“Moreover, the country’s economic resilience provides enough market size to address some of the external risks. In particular, China has continued to promote new dynamics in foreign trade and new quality productive forces, which will cultivate new international competitive advantages,” Li noted.

“Years of China-US trade and investment have made the two sides interdependent. In addition to providing US consumers with cost-effective products, China’s exports of its intermediate products have become embedded in the US supply chain and have become part of the competitiveness of many US industries,” Li said, noting that the US needs to maintain rationality in its economic and trade policy toward China.

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SOURCE Global Times

Technology

ZICC: Closer China- Honduras Ties

Published

3 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Renato Florentino, vice president of Honduras, accepted an exclusive interview with ZICC in Wuzhen during the 2024 World Internet Conference Wuzhen Summit. He said that China’s advancements in transportation, communication, and computing impressed him a lot. “We hope to continue to promote the cooperation between Honduras and China and maintain close cooperative relations,” he said.

SOURCE ZICC