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TENCENT ANNOUNCES 2024 THIRD QUARTER RESULTS
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HONG KONG, Nov. 13, 2024 /PRNewswire/ — Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), “Tencent” or the “Company”), a world-leading Internet and technology company in China, today announced the unaudited consolidated results for the third quarter (“3Q2024”) ended Sep 30, 2024.
Mr. Ma Huateng, Chairman and CEO of Tencent, said, “During the third quarter of 2024, we delivered robust revenue growth in our games business, underpinned by consistent performance of evergreen games globally and contributions from new games with evergreen potential. We upgraded our eCommerce strategy around Mini Shops, to create a unified and trustworthy transaction experience spanning the entire Weixin ecosystem. We are increasingly seeing tangible benefits of deploying AI across our products and operations including marketing services and cloud, and will continue investing in AI technology, tools and solutions that assist users and partners.”
3Q2024 Financial Highlights
Revenues: +8% YoY; gross profit: +16% YoY; non-IFRS[1] operating profit*: +19% YoY
Total revenues were RMB167.2 billion (USD23.9 billion[2]), up 8% over the third quarter of 2023 (“YoY”).Gross profit was RMB88.8 billion (USD12.7 billion), up 16% YoY.On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:Operating profit* was RMB61.3 billion (USD8.7 billion), up 19% YoY. Operating margin* increased to 37% from 33% last year.Profit for the period was RMB60.9 billion (USD8.7 billion), up 33% YoY.Profit attributable to equity holders of the Company for the quarter was RMB59.8 billion (USD8.5 billion), up 33% YoY.Basic earnings per share were RMB6.475. Diluted earnings per share were RMB6.340.On an IFRS basis:Operating profit* was RMB53.3 billion (USD7.6 billion), up 20% YoY. Operating margin* increased to 32% from 29% last year.Profit for the period was RMB54.0 billion (USD7.7 billion), up 47% YoY.Profit attributable to equity holders of the Company for the quarter was RMB53.2 billion (USD7.6 billion), up 47% YoY.Basic earnings per share were RMB5.762. Diluted earnings per share were RMB5.644.Total cash was RMB425.5 billion (USD60.7 billion) and free cash flow was RMB58.5 billion (USD8.3 billion), +14% YoY. Net cash position totalled RMB95.5 billion (USD13.6 billion).Fair value of our shareholdings[3] in listed investee companies (excluding subsidiaries) totalled RMB612.5 billion (USD87.4 billion) and the carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB327.7 billion (USD46.8 billion).During the third quarter of 2024, the Company repurchased approximately 94.9 million shares on the Hong Kong Stock Exchange for a consideration of approximately HKD35.9 billion.
[1] Non-IFRS adjustments excludes share-based compensation, M&A related impact such as net (gains)/losses from investee companies, amortisation of intangible assets, impairment provisions/(reversals), SSV & CPP, income tax effects and others
[2] Figures stated in USD are based on USD1 to RMB7.0074
[3] Including those held via special purpose vehicles, on an attributable basis
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
3Q24 Business Review and Outlook
Mini Programs’ GMV grew at a high teens year-on-year rate to over RMB 2 trillion in the third quarter of 2024, benefitting from better coverage and solutions for use cases such as food ordering, electric vehicle charging and medical services.We provided merchants with more traffic and transaction support through Mini Shops, a platform where merchants operate storefronts with indexed and standardised merchandise. Leveraging Weixin’s social interactions, content platforms and payment capabilities, Mini Shops help merchants to effectively reach customers and drive sales conversions.Utilising large language model capabilities, Weixin Search facilitated its understanding of complex queries and content, enhancing the relevance of search results. Weixin Search grew commercial queries and click-through rates year-on-year.The QQ team has comprehensively upgraded the platform’s back end infrastructure, and added and popularised new functionalities such as Tencent Channels, resulting in QQ mobile device MAU returning to year-on-year growth in the third quarter of 2024.Music subscriptions increased 16% year-on-year to 119 million[4], benefitting from enhanced recommendation algorithms, enriched content offerings and upgraded audio quality.Long-form video subscriptions increased 6% year-on-year to 116 million[5], benefitting from popular animated series and drama series.Our flagship evergreen games in domestic markets, Honour of Kings and Peacekeeper Elite, delivered healthy year-on-year growth in gross receipts. Other evergreen games, Naruto Mobile and VALORANT, reached new highs in quarterly average DAU. We released Delta Force, our first multi-platform first person shooter, which achieved high average user daily time spent and retention rates, demonstrating evergreen potential.In international markets, VALORANT expanded from PC to PlayStation and Xbox with the launch of its console version in five key international markets, contributing to the game growing gross receipts by over 30% year-on-year during the third quarter of 2024.We released Tencent Hunyuan Turbo, an upgraded foundation model utilising a heterogeneous Mixture-of-Experts (MoE) architecture, which doubled training and inference efficiency, and halved inference cost, versus its predecessor Tencent Hunyuan Pro.
[4] The average number of subscriptions as of the last day of each month during the third quarter of 2024
[5] The average daily number of subscriptions for the third quarter of 2024; year-on-year growth rate was calculated based on restated comparative figure
Operating Metrics
As at
30 September
2024
As at
30 September
2023
Year-
on-year
change
As at
30 June
2024
Quarter-on-
quarter
change
(in millions, unless specified)
Combined MAU of Weixin
and WeChat
1,382
1,336
3 %
1,371
0.8 %
Mobile device MAU of QQ
562
558
0.7 %
571
-2 %
Fee-based VAS registered
subscriptions#
265
243
9 %
263
0.8 %
# Adjusted to report the average daily number of subscriptions during the quarter, since the first quarter of 2024
3Q24 Management Discussion and Analysis
Revenues from VAS increased by 9% year-on-year to RMB82.7 billion for the third quarter of 2024. International Games revenues were RMB14.5 billion, up 9% year-on-year (or up 11% on a constant currency basis), due to robust performances from games including PUBG MOBILE and Brawl Stars. Revenue growth for International Games substantially lagged gross receipts growth, as improved retention rates for certain titles led to us elongating revenue deferral periods. Domestic Games revenues increased by 14% year-on-year to RMB37.3 billion, driven by games including VALORANT, Honour of Kings, Peacekeeper Elite and DnF Mobile. Social Networks revenues rose by 4% year-on-year to RMB30.9 billion, supported by growth in app-based game virtual item sales, music subscription revenues and Mini Games platform service fees, partially offset by a decline in music-related and games-related live streaming revenues.
Revenues from Marketing Services[6] were RMB30.0 billion for the third quarter of 2024, up 17% year-on-year, driven by robust advertiser demand for Video Accounts, Mini Programs and Weixin Search inventories and, to a lesser extent, contributions from Paris Olympics-related brand advertising. Advertising spending from the games and eCommerce categories increased year-on-year, which outweighed reduced spending from the real estate and food & beverage categories.
Revenues from FinTech and Business Services rose by 2% year-on-year to RMB53.1 billion for the third quarter of 2024. FinTech Services revenues in aggregate remained largely stable compared to the same quarter last year, within which wealth management services revenues increased year-on-year due to more users and higher aggregated customer assets while payment services revenues declined due to subdued consumption spending. Business Services revenues were up year-on-year, driven by growth in cloud services revenues and eCommerce technology service fees.
For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.htmlhttp://www.tencent.com/ir, or follow us via Weixin Official Account (Weixin ID: Tencent_IR).
[6] Starting this quarter, we have renamed this revenue segment from ‘Online Advertising’ to ‘Marketing Services’ to better represent the breadth of our marketing solutions and accompanying technology services across our online marketing properties
About Tencent
Tencent uses technology to enrich the lives of Internet users.
Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targeted advertising service helps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners’ business growth and assist their digital upgrade.
Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004.
Investor contact: IR@tencent.com
Media contact: GC@tencent.com
Non-IFRS Financial Measures
To supplement the consolidated results of the Group (“the Company and its subsidiaries”) prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies.
The Company’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group’s major associates based on available published financials of the relevant major associates, or estimates made by the Company’s management based on available information, certain expectations, assumptions and premises.
Forward-Looking Statements
This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.
CONDENSED CONSOLIDATED INCOME STATEMENT
RMB in millions, unless specified
Unaudited
Unaudited
3Q2024
3Q2023
Restated*
3Q2024
2Q2024
Revenues
167,193
154,625
167,193
161,117
VAS
82,695
75,748
82,695
78,822
Marketing Services
29,993
25,721
29,993
29,871
FinTech and Business Services
53,089
52,048
53,089
50,440
Others
1,416
1,108
1,416
1,984
Cost of revenues
(78,365)
(78,102)
(78,365)
(75,222)
Gross profit
88,828
76,523
88,828
85,895
Gross margin
53 %
49 %
53 %
53 %
Selling and marketing expenses
(9,411)
(7,912)
(9,411)
(9,156)
General and administrative expenses
(29,058)
(26,289)
(29,058)
(27,491)
Other gains/(losses), net
2,974
2,026*
2,974
1,484
Operating profit
53,333
44,348*
53,333
50,732
Operating margin
32 %
29 %*
32 %
31 %
Net gains/(losses) from investments
and others
3,066
618*
3,066
(654)
Interest income
3,996
3,509*
3,996
3,850
Finance costs
(3,531)
(2,784)
(3,531)
(3,112)
Share of profit/(loss) of associates and
joint ventures, net
6,019
2,098
6,019
7,718
Profit before income tax
62,883
47,789
62,883
58,534
Income tax expense
(8,900)
(11,008)
(8,900)
(10,168)
Profit for the period
53,983
36,781
53,983
48,366
Attributable to:
Equity holders of the Company
53,230
36,182
53,230
47,630
Non-controlling interests
753
599
753
736
Non-IFRS operating profit
61,274
51,668*
61,274
58,443
Non-IFRS profit attributable to equity
holders of the Company
59,813
44,921
59,813
57,313
Earnings per share for profit
attributable to equity holders of
the Company
(in RMB per share)
– basic
5.762
3.828
5.762
5.112
– diluted
5.644
3.752
5.644
4.994
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
RMB in millions, unless specified
Unaudited
3Q2024
3Q2023
Profit for the period
53,983
36,781
Other comprehensive income, net of tax:
Items that may be subsequently reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures
155
278
Transfer to profit or loss upon disposal of financial assets at fair value through
other comprehensive income
–
1
Net gains/(losses) from changes in fair value of financial assets at fair value
through other comprehensive income
20
(3)
Currency translation differences
(2,909)
(7,303)
Net movement in reserves for hedges
(880)
(897)
Items that will not be subsequently reclassified to profit or loss
Share of other comprehensive income of associates and joint ventures
52
564
Net gains/(losses) from changes in fair value of financial assets at fair value
through other comprehensive income
33,578
(25,417)
Currency translation differences
(153)
(720)
Net movement in reserves for hedges
19
–
29,882
(33,497)
Total comprehensive income for the period
83,865
3,284
Attributable to:
Equity holders of the Company
82,179
3,526
Non-controlling interests
1,686
(242)
OTHER FINANCIAL INFORMATION
RMB in millions, unless specified
Unaudited
3Q2024
2Q2024
3Q2023
EBITDA (a)
64,397
62,902
55,824
Adjusted EBITDA (a)
69,656
68,518
61,301
Adjusted EBITDA margin (b)
42 %
43 %
40 %
Interest and related expenses
3,145
2,918
3,061
Net cash/(debt) (c)
95,462
71,757
36,431
Capital expenditures (d)
17,094
8,729
8,005
Note:
(a) EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses.
(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.
(c) Net cash/(debt) represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable.
(d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding long-form video and music content, game licences and other content).
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
RMB in millions, unless specified
Unaudited
Audited
As at
September 30, 2024
As at
December 31, 2023
ASSETS
Non-current assets
Property, plant and equipment
69,583
53,232
Land use rights
23,310
17,179
Right-of-use assets
17,793
20,464
Construction in progress
12,801
13,583
Investment properties
738
570
Intangible assets
178,773
177,727
Investments in associates
266,057
253,696
Investments in joint ventures
7,113
7,969
Financial assets at fair value through profit or loss
209,200
211,145
Financial assets at fair value through other
comprehensive income
283,632
213,951
Prepayments, deposits and other assets
27,995
28,439
Other financial assets
848
2,527
Deferred income tax assets
31,214
29,017
Term deposits
70,134
29,301
1,199,191
1,058,800
Current assets
Inventories
9,823
456
Accounts receivable
47,336
46,606
Prepayments, deposits and other assets
103,135
88,411
Other financial assets
4,950
5,949
Financial assets at fair value through profit or loss
9,773
14,903
Financial assets at fair value through other
comprehensive income
2,132
–
Term deposits
197,995
185,983
Restricted cash
3,554
3,818
Cash and cash equivalents
145,468
172,320
524,166
518,446
Total assets
1,723,357
1,577,246
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
RMB in millions, unless specified
Unaudited
Audited
As at
September 30, 2024
As at
December 31, 2023
EQUITY
Equity attributable to equity holders of the Company
Share capital
–
–
Share premium
37,201
37,989
Treasury shares
(2,571)
(4,740)
Shares held for share award schemes
(4,976)
(5,350)
Other reserves
21,113
(33,219)
Retained earnings
861,819
813,911
912,586
808,591
Non-controlling interests
67,921
65,090
Total equity
980,507
873,681
LIABILITIES
Non-current liabilities
Borrowings
151,600
155,819
Notes payable
127,285
137,101
Long-term payables
12,227
12,169
Other financial liabilities
7,904
8,781
Deferred income tax liabilities
15,561
17,635
Lease liabilities
14,023
16,468
Deferred revenue
6,473
3,435
335,073
351,408
Current liabilities
Accounts payable
142,665
100,948
Other payables and accruals
73,036
76,595
Borrowings
42,767
41,537
Notes payable
8,403
14,161
Current income tax liabilities
19,044
17,664
Other tax liabilities
4,873
4,372
Other financial liabilities
4,823
4,558
Lease liabilities
5,583
6,154
Deferred revenue
106,583
86,168
407,777
352,157
Total liabilities
742,850
703,565
Total equity and liabilities
1,723,357
1,577,246
RECONCILIATIONS OF THE GROUP’S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS
As
reported
Adjustments
Non-IFRS
RMB in millions,
unless specified
Share-based
compensation
(a)
Net
(gains)/losses
from investee
companies (b)
Amortisation of
intangible assets (c)
Impairment
provisions/
(reversals) (d)
SSV & CPP
(e)
Others
(f)
Income
tax effects
(g)
Unaudited three months ended 30 September 2024
Operating profit
53,333
6,377
–
1,324
–
240
–
–
61,274
Share of profit/(loss) of associates
and joint ventures, net
6,019
985
60
1,433
12
–
–
–
8,509
Profit for the period
53,983
7,362
(6,610)
2,757
3,788
304
–
(653)
60,931
Profit attributable to
equity holders
53,230
7,180
(6,664)
2,591
3,766
304
–
(594)
59,813
Operating margin
32 %
37 %
Unaudited three months ended 30 June 2024
Operating profit
50,732
6,213
–
1,305
–
190
3
–
58,443
Share of profit/(loss) of associates and
joint ventures, net
7,718
926
(91)
1,313
20
–
–
–
9,886
Profit for the period
48,366
7,139
(3,672)
2,618
3,526
1,025
3
(561)
58,444
Profit attributable to
equity holders
47,630
6,981
(3,726)
2,418
3,492
1,025
3
(510)
57,313
Operating margin
31 %
36 %
Unaudited three months ended 30 September 2023
Operating profit (Restated) *
44,348
5,655
–
1,434
–
231
–
–
51,668
Share of profit/(loss) of associates and
joint ventures, net
2,098
1,293
138
1,232
25
–
–
–
4,786
Profit for the period
36,781
6,948
(565)
2,666
346
301
–
(640)
45,837
Profit attributable to
equity holders
36,182
6,833
(583)
2,458
309
301
–
(579)
44,921
Operating margin (Restated) *
29 %
33 %
Note:
(a) Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies’ share-based incentive plans which can be acquired by the Group, and other incentives
(b) Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies
(c) Amortisation of intangible assets resulting from acquisitions
(d) Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions
(e) Mainly including donations and expenses incurred for the Group’s Sustainable Social Value and Common Prosperity Programme (“SSV & CPP”) initiatives
(f) Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies
(g) Income tax effects of non-IFRS adjustments
* Since the fourth quarter of 2023, certain items have been reclassified from above to below the operating profit line. Historical comparative figures have been restated accordingly. Please refer to the earnings announcement for details.
View original content:https://www.prnewswire.com/apac/news-releases/tencent-announces-2024-third-quarter-results-302303956.html
SOURCE Tencent
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NASA Johnson Space Center news releases and other information are available automatically by sending an Internet electronic mail message to listserv@listserver.jsc.nasa.gov. In the body of the message (not the subject line) users should type “subscribe hsfnews” (no quotes). This will add the email address that sent the subscribe message to the news release distribution list. The system will reply with a confirmation via E-mail of each subscription. Once you have subscribed you will receive future news releases via e-mail.
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Key Features of the Partnership:
Comprehensive Access to Support: Virginia veterans, Guard/Reserve members, and their families will have unrestricted access to all live virtual groups available through Cabana, in addition to specialized peer-led groups run by Virginia-certified Veteran Peer Specialists.Support for Families and Caregivers: The initiative includes spouses and caregivers, addressing the unique mental health needs of military-connected families through sessions tailored to issues like family dynamics, stress management, and the transition to civilian life.Confidential and Flexible Access: Cabana’s services are available on mobile and desktop devices, providing Virginia’s veterans and their families with an easily accessible, cost-free solution for mental health support.
This collaboration highlights Cabana’s commitment to supporting the mental well-being of those who serve and their families. By joining forces with the Virginia Department of Veterans Services, Cabana seeks to strengthen the resilience and wellness of Virginia’s military community.
For more information on the partnership between Cabana and the Virginia Department of Veterans Services, please contact:
Nick Armstrong, Ph.D.
Head of Public Sector, Cabana
nick@cabanahealth.org
About Cabana™
Cabana is a leading, modern mental health provider offering confidential, tech-enabled support solutions tailored to the needs of diverse communities. Through live, professionally moderated group sessions, evidence-based content, and adaptable wellness tools, Cabana helps individuals proactively manage their mental health. Our mission is clear: to make mental health care more accessible through technology and human connection.
About the Virginia Department of Veterans Services (DVS)
The Virginia Department of Veterans Services (DVS) is a state government agency with more than 50 locations across the Commonwealth of Virginia. DVS traces its history to 1928 and the establishment of the Virginia War Service Bureau to assist Virginia’s World War I veterans. Today, DVS assists veterans and their families in filing claims for federal veterans benefits; provides veterans and family members with linkages to services including behavioral health, housing, employment, education, and other programs. The agency operates long-term care facilities offering in-patient skilled nursing care, dementia/memory care, and short-term rehabilitation for veterans; and provides an honored final resting place for veterans and their families at three state veterans cemeteries. It operates the Virginia War Memorial, the Commonwealth’s tribute to Virginia’s men and women who gave the ultimate sacrifice from World War II to the present. For more information, please visit www.dvs.virginia.gov.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cabana-partners-with-virginia-department-of-veterans-services-to-provide-comprehensive-free-mental-health-support-for-veterans-guardreserve-members-and-their-families-302306404.html
SOURCE Cabana
Technology
East Side Games Group Reports Third Quarter 2024 Financial Results
Published
5 minutes agoon
November 14, 2024By
Revenue of $21.4M in Q3 2024 and $62.8M Year to DateA-EBITDA of $2.56M in Q3 2024 and $9.2M Year to DatePOWER RANGERS: MIGHTY FORCE launched globally
VANCOUVER, BC, Nov. 14, 2024 /CNW/ – East Side Games Group (TSX: EAGR) (OTC: EAGRF) (“ESGG” or the “Company”), is pleased to announce its financial results for the third quarter ended September 30, 2024. All amounts are stated in Canadian dollars on an IFRS basis unless otherwise indicated. Building on the momentum from Q2, the company achieved its first growth quarter of the year, reporting a top-line revenue of $21.4 million, a 4% increase quarter-over-quarter and a 3% increase year-over-year.
The company’s adjusted EBITDA for the quarter was $2.56 million, representing a 12% margin and marking the eighth consecutive profitable quarter above $2.5 million. East Side Games Group continues to demonstrate strong performance metrics across its core portfolio, with an average daily user count (DAU) of 236,000, a stickiness rate of 24%, and an average revenue per daily active user (ARPDAU) of $0.99.
“Our focus on profitability within our existing portfolio has paid off, and we are excited to further enhance our user acquisition strategies,” said Jason Bailey, CEO of East Side Games Group. “With $8.3 million in cash—our highest balance since Q2 2022—we are well-positioned to invest in our future game launches and bolster our share buyback program.”
One of the key drivers of growth this quarter was the launch of POWER RANGERS: MIGHTY FORCE in August, which quickly garnered nearly 30,000 daily active users and demonstrated impressive return on advertising spend (ROAS) figures.
In Q3, the company also enhanced its revenue generation through innovative strategies. The introduction of bi-monthly season passes for popular titles like Trailer Park Boys: Greasy Money and Cheech and Chong: Bud Farm resulted in a remarkable 40% increase in season pass revenue.
In a major collaboration, East Side Games Group partnered with BBC and Paramount to create the Intergalactic Friendship Day crossover event between Star Trek Lower Decks: The Badgey Directive and Doctor Who: Lost in Time, generating substantial organic traffic and setting new ARPDAU records.
Looking forward to Q4, East Side Games Group is excited to introduce team-based cooperative and competitive play features into titles such as Trailer Park Boys: Greasy Money and RuPaul’s Drag Race Superstar, anticipating a significant boost in player engagement and monetization.
Moreover, the company is preparing to launch Trailer Park Boys: Greasy Money on the Epic Games Store, expanding its reach in a new mobile marketplace with favorable revenue-sharing terms. This is a very exciting opportunity, only being afforded to a few game studios.
Finally, East Side Games Group is thrilled to announce our upcoming title, RuPaul’s Drag Race Match Queen, developed in partnership with Funkitron and World of Wonder. Slated for a 2025 release, this hybrid match-3 game combines beloved gameplay elements with captivating fashion and character features, catering to the passionate fanbase of RuPaul’s Drag Race.
Mike Edwards will be stepping down from the ESGG Board of Directors to focus on other pursuits, effective immediately. ESGG thanks him for his invaluable guidance over the past 12 years and is currently in discussions with several highly qualified candidates for his replacement.
Three Months Ended Sep 30, 2024 Financial highlights
For the quarter ended September 30th, 2024, revenue was $21.4M.Q3 2024 a-EBITDA of $2.56M and 12% a-EBITDA margin.Cashflow for the Company for the quarter ended September 30, 2024 increased by $700k, ending at $8.3M.Daily Active Users in Q3 were 236k, with an ARPDAU of $0.99On November 14, 2023, the Company announced a renewal of its Normal Course Issuer Bid (“NCIB”) authorizing the Company to purchase 4,076,819 of its shares. Through September 30, 2024, the Company purchased 1,540,719 shares at an average price of $0.76. The company continues to buy back stock as restrictions allow.
Certain information provided in this news release is extracted from the consolidated financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the quarter ended September 30, 2024, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR and EDGAR.
Earnings Call Video
ESGG will release its third-quarter 2024 financial results and business outlook on its investor relations website https://eastsidegamesgroup.com/investors/financial-information on Thursday, November 14th, 2024, at approximately 2:00 p.m. Pacific Time.
ABOUT EAST SIDE GAMES GROUP
East Side Games Group is a leading free-to-play mobile game group, creating engaging games that produce enduring player loyalty. Our studio groups entrepreneurial culture is anchored in creativity, execution, and growth through licensing of our proprietary Game Kit software platform that enables professional game developers to greatly increase the efficiency and effectiveness of game creation in addition to organic growth through a diverse portfolio of original and licensed IP mobile games that include: The Office: Somehow We Manage, Star Trek: Lower Decks – The Badgey Directive, Bud Farm Idle Tycoon, Doctor Who: Lost in Time, RuPaul’s Drag Race Superstar, AEW: Rise to The Top, Cheech and Chong Bud Farm, and Trailer Park Boys: Grea$y Money.
We are headquartered in Vancouver, Canada and our games are available worldwide on the App Store and Google Play. Additional information about the Company continues to be available under its legal name, East Side Games Group Inc., at www.sedar.com.
Forward-looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the proposed transactions described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.
SOURCE East Side Games Group Inc.
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