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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 Invites Proposals to Lease Vibration Test Facility

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HOUSTON, Nov. 14, 2024 /PRNewswire/ — NASA’s Johnson Space Center is seeking proposals for the use of its historic, but underused, Vibration and Acoustic Test Facility. Prospective tenants must submit facility walk-through requests by Monday, Nov. 18.

Final proposals are due by 12 p.m. EST Monday, Dec. 16, and must promote activities that will build, expand, modernize, or operate aerospace-related capabilities at NASA Johnson and help preserve the historic and iconic building through preservation and adaptive reuse.

NASA plans to sign a National Historic Preservation Act (NHPA) lease agreement for the facility, also known as Building 49, for a five-year base period and one five-year extension to be negotiated between NASA and the tenant. To request a walk-through, send an email to hq-realestate@mail.nasa.gov

“This historic facility has been used for decades to ensure the success and safety of all human spaceflight missions by putting engineering designs and hardware to the ultimate stress tests,” said NASA Johnson Director Vanessa Wyche. “For more than 60 years, NASA Johnson has been the hub of human space exploration and this agreement will be a vital part of the center’s efforts to develop a robust and durable space economy that refines our understanding of the solar system and space exploration.”

All proposals must adhere to the guidelines detailed in the Agency Announcement for Proposals describing concept plans for development of the property, including any modifications proposed to the building; a statement of financial capability to successfully achieve and sustain operations, demonstrated experience with aerospace-related services or other space-related activities, and a detailed approach to propelling the space economy.

The nine-story building complex has a gross square footage of 62,737 square feet and consists of a north wing measuring 62 feet long, 268 feet wide and 106 feet tall, and a central wing about 64 feet long and 115 feet wide. Building 49 currently houses five laboratories, including the General Vibration Laboratory, Modal Operations Laboratory, Sonic Fatigue Laboratory, Spacecraft Acoustic Laboratory, and Spacecraft Vibration Laboratory. The south administrative portion of the building is not included in the property offered for lease. 

As the home of Mission Control Center for the agency’s human space missions, astronaut training, robotics, human health and space medicine, NASA Johnson leads the way for the human exploration. Leveraging its unique role and location, the center is developing multiple lease agreements, including the recently announced Exploration Park, to sustain its key role in helping the human spaceflight community foster a robust space.

In the coming years, NASA and its academic, commercial, and international partners will see the completion of the International Space Station Program, the commercial development of low Earth orbit, and the first human Artemis campaign missions establishing sustainable human presence on the Moon in preparation for human missions to Mars.

Johnson already is leading the commercialization of space with the commercial cargo and crew programs and private astronaut missions to the space station. The center also is supporting the development of commercial space stations in low Earth orbit, and lunar-capable commercial spacesuits and lunar landers that will be provided as services to both NASA and the private sector to accelerate human access to space. Through the development of Exploration Park, the center will broaden the scope of the human spaceflight community that is tackling the many difficult challenges ahead.

Learn more about NASA Johnson’s efforts to collaborate with industry partners:

https://www.nasa.gov/johnson/frontdoor/ 

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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/nasa-johnson-invites-proposals-to-lease-vibration-test-facility-302306403.html

SOURCE NASA

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Cabana Partners with Virginia Department of Veterans Services to Provide Comprehensive, Free Mental Health Support for Veterans, Guard/Reserve Members, and Their Families

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RICHMOND, Va., Nov. 14, 2024 /PRNewswire/ — Cabana, a modern mental health provider offering confidential, tech-enabled support, has partnered with the Virginia Department of Veterans Services (DVS) to provide free, comprehensive mental health resources to Virginia’s veterans, Guard and Reserve members, as well as their spouses and caregivers. This collaboration expands access to Cabana’s digital mental health services, including live peer support groups moderated by Virginia-certified Veteran Peer Specialists.

Originally developed through research and development initiatives with the U.S. Air Force, Cabana’s services are designed to meet the unique needs of military and veteran communities. With this partnership, eligible Virginia users gain full access to Cabana’s digital suite, which includes the full range of virtual, professionally facilitated groups offered by Cabana, as well as dedicated Virginia Veteran peer-led support groups. Participants can connect discreetly on topics such as transitioning to civilian life, managing family relationships, and coping with stress, all within a secure and confidential environment accessible from any device.

David Black, Founder and CEO of Cabana, underscored the mission behind the partnership: “We’re honored to work with the Virginia Department of Veterans Services to offer a holistic mental health solution for Virginia’s military-connected community. With Virginia-certified Veteran Peer Specialists and our full array of live support groups, we’re providing a powerful, confidential resource that veterans and military families can rely on, whenever and wherever they need it.”

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

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East Side Games Group Reports Third Quarter 2024 Financial Results

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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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