Technology
Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2023 Financial Results
Published
7 months agoon
By
SHANGHAI, Feb. 21, 2024 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the fourth quarter and full year of 2023.
Key Highlights for the Fourth Quarter and Full Year of 2023
Domestic and international businesses continued to show robust recovery in the fourth quarter of 2023 Domestic hotel reservations grew by over 130% year over year.Outbound hotel and air reservations both recovered to over 80% of the pre-COVID level for the same period in 2019, compared to a 60% industry recovery in terms of international air passenger volume for the same period.Total bookings on the Company’s global OTA platform have increased by over 70% year over year.The Company delivered strong financial results in the fourth quarter of 2023 Net revenue for the fourth quarter grew by 105% compared to the same period in 2022. Net income for the fourth quarter was RMB1.3 billion (US$189 million).Adjusted EBITDA for the fourth quarter was RMB2.9 billion (US$401 million). Adjusted EBITDA margin was 28%, improved from 6% for the same period in 2022.
“In 2023, China embarked on a significant journey of reconnecting with the world driven by the rising travel sentiment. Our global business also experienced substantial growth fueled by our expanded market presence,” said James Liang, Executive Chairman. “With a continued focus on globalization and AI innovations, we are confident to build upon the success of 2023 and further explore the opportunities that lie ahead.”
“We are pleased with the strong results achieved across our business segments in the past year,” said Jane Sun, Chief Executive Officer. “The global travel industry has shown remarkable resilience and is poised to sustain its growth trajectory. To capitalize on this trend and unlock new opportunities, we remain committed to investing in technology and product innovation, enhancing customer services, and promoting sustainable development of the travel industry.”
Fourth Quarter and Full Year of 2023 Financial Results and Business Updates
The Company’s business has recovered significantly due to the resilient travel demand, leading to a surge in travel bookings year over year.
For the fourth quarter of 2023, Trip.com Group reported net revenue of RMB10.3 billion (US$1.5 billion), representing a 105% increase from the same period in 2022 primarily due to substantial recovery of travel market. Net revenue for the fourth quarter of 2023 decreased by 25% from the previous quarter, primarily due to seasonality.
For the full year of 2023, net revenue was RMB44.5 billion (US$6.3 billion), representing a 122% increase from 2022.
Accommodation reservation revenue for the fourth quarter of 2023 was RMB3.9 billion (US$550 million), representing a 131% increase from the same period in 2022 primarily due to substantial recovery of travel market. Accommodation reservation revenue for the fourth quarter of 2023 decreased by 30% from the previous quarter, primarily due to seasonality.
For the full year of 2023, accommodation reservation revenue was RMB17.3 billion (US$2.4 billion), representing a 133% increase from 2022. The accommodation reservation revenue accounted for 39% of the total revenue in 2023 and 37% of the total revenue in 2022.
Transportation ticketing revenue for the fourth quarter of 2023 was RMB4.1 billion (US$578 million), representing an 86% increase from the same period in 2022 primarily due to substantial recovery of travel market. Transportation ticketing revenue for the fourth quarter of 2023 decreased by 23% from the previous quarter, primarily due to seasonality.
For the full year of 2023, transportation ticketing revenue was RMB18.4 billion (US$2.6 billion), representing a 123% increase from 2022. The transportation ticketing revenue accounted for 41% of the total revenue both in 2023 and 2022.
Packaged-tour revenue for the fourth quarter of 2023 was RMB704 million (US$99 million), representing a 329% increase from the same period in 2022 primarily due to substantial recovery of travel market. Packaged-tour revenue for the fourth quarter of 2023 decreased by 47% from the previous quarter, primarily due to seasonality.
For the full year of 2023, packaged-tour revenue was RMB3.1 billion (US$442 million), representing a 294% increase from 2022. The packaged-tour revenue accounted for 7% of the total revenue in 2023 and 4% of the total revenue in 2022.
Corporate travel revenue for the fourth quarter of 2023 was RMB634 million (US$89 million), representing a 129% increase from the same period in 2022 and a 7% increase from the previous quarter, primarily due to substantial recovery of travel market.
For the full year of 2023, corporate travel revenue was RMB2.3 billion (US$317 million), representing a 109% increase from 2022. The corporate travel revenue accounted for 5% of the total revenue both in 2023 and 2022.
Cost of revenue for the fourth quarter of 2023 increased by 68% to RMB2.0 billion (US$283 million) from the same period in 2022 and decreased by 19% from the previous quarter, which was in line with the increase in net revenue. Cost of revenue as a percentage of net revenue was 19% for the fourth quarter of 2023.
For the full year of 2023, cost of revenue increased by 80% to RMB8.1 billion (US$1.1 billion), compared to that for 2022, which accounted for 18% of net revenue in 2023.
Product development expenses for the fourth quarter of 2023 increased by 39% to RMB2.9 billion (US$411 million) from the same period in 2022 and decreased by 18% from the previous quarter, primarily due to the fluctuations in product development personnel related expenses. Product development expenses as a percentage of net revenue was 28% for the fourth quarter of 2023.
For the full year of 2023, product development expenses increased by 45% to RMB12.1 billion (US$1.7 billion) from 2022, which accounted for 27% of net revenue in 2023.
Sales and marketing expenses for the fourth quarter of 2023 increased by 103% to RMB2.3 billion (US$329 million) from the same period in 2022 and decreased by 15% from the previous quarter, primarily due to the fluctuations in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 23% for the fourth quarter of 2023.
For the full year of 2023, sales and marketing expenses increased by 117% to RMB9.2 billion (US$1.3 billion) from 2022, which accounted for 21% of net revenue in 2023.
General and administrative expenses for the fourth quarter of 2023 increased by 6% to RMB869 million (US$122 million) from the same period in 2022. General and administrative expenses for the fourth quarter of 2023 decreased by 15% from the previous quarter primarily due to a decrease in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenue was 8% for the fourth quarter of 2023.
For the full year of 2023, general and administrative expenses increased by 31% to RMB3.7 billion (US$527 million) from 2022, which accounted for 8% of net revenue in 2023.
Income tax expense for the fourth quarter of 2023 was RMB399 million (US$56 million), compared to RMB246 million for the same period in 2022 and RMB448 million for the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, changes in deferred tax liabilities relating to withholding tax, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes recorded in other income/(expense), and changes in valuation allowance provided for deferred tax assets.
For the full year of 2023, income tax expense was RMB1.8 billion (US$246 million), compared to RMB682 million in 2022.
Net income for the fourth quarter of 2023 was RMB1.3 billion (US$189 million), compared to RMB2.1 billion for the same period in 2022 and RMB4.6 billion for the previous quarter. Adjusted EBITDA for the fourth quarter of 2023 was RMB2.9 billion (US$401 million), compared to RMB286 million for the same period in 2022 and RMB4.6 billion for the previous quarter. Adjusted EBITDA margin was 28% for the fourth quarter of 2023, compared to 6% for the same period in 2022 and 34% for the previous quarter.
For the full year of 2023, net income was RMB10.0 billion (US$1.4 billion), compared to RMB1.4 billion in 2022.
Net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2023 was RMB1.3 billion (US$183 million), compared to RMB2.1 billion for the same period in 2022 and RMB4.6 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the fourth quarter of 2023 was RMB2.7 billion (US$376 million), compared to RMB498 million for the same period in 2022 and RMB4.9 billion for the previous quarter.
For the full year of 2023, net income attributable to Trip.com Group’s shareholders was RMB9.9 billion (US$1.4 billion), compared to RMB1.4 billion in 2022. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders was RMB13.1 billion (US$1.8 billion) in 2023, compared to RMB1.3 billion in 2022.
Diluted earnings per ordinary share and per ADS was RMB1.94 (US$0.27) for the fourth quarter of 2023. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB4.00 (US$0.56) for the fourth quarter of 2023. Each ADS currently represents one ordinary share of the Company.
For the full year of 2023, diluted earnings per share and per ADS was RMB14.78 (US$2.08). Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects, non-GAAP diluted earnings per share and per ADS was RMB19.48 (US$2.74).
As of December 31, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB77.3 billion (US$10.9 billion).
Recent Development
From September 2023 to the date of this press release, the Company purchased 6.8 million ADSs in aggregate with a total gross consideration of US$224 million pursuant to its existing share repurchase plan.
Pursuant to the regular capital return policy adopted by the Company’s board of directors in November 2023, in February 2024, the board of directors of the Company approved and authorized the Company to implement strategic capital return initiatives from time to time for an aggregate value up to US$300 million (the “2024 Capital Return Program”). The 2024 Capital Return Program permit discretionary annual share repurchases, discretionary annual cash dividends, or a combination of both.
Conference Call
Trip.com Group’s management team will host a conference call at 7:00 PM EST on February 21, 2024 (or 8:00 AM CST on February 22, 2024) following this announcement.
The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.
All participants must pre-register to join this conference call using the Participant Registration link below:
https://register.vevent.com/register/BIe44158d2fc1245a3a7358621c0de47c7
Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, the impact of COVID-19 to Trip.com Group’s business operations, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of the variable interest entities and the contractual arrangements among Trip.com Group, the variable interest entities and their shareholders, and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.
Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.
Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.
About Trip.com Group Limited
Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”
For further information, please contact:
Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com
Trip.com Group Limited
Unaudited Consolidated Balance Sheets
(In millions, except share and per share data)
December 31, 2022
December 31, 2023
December 31, 2023
RMB (million)
RMB (million)
USD (million)
ASSETS
Current assets:
Cash, cash equivalents and restricted cash
18,487
43,983
6,195
Short-term investments
25,545
17,748
2,500
Accounts receivable, net
5,486
11,410
1,607
Prepayments and other current assets
11,917
15,591
2,196
Total current assets
61,435
88,732
12,498
Property, equipment and software
5,204
5,142
724
Intangible assets and land use rights
12,825
12,644
1,781
Right-of-use asset
819
641
90
Investments (Includes held to maturity time deposit and
financial products of RMB15,527 million and RMB15,530
million as of December 31,2022 and December 31,
2023, respectively)
50,177
49,342
6,950
Goodwill
59,337
59,372
8,362
Other long-term assets
570
688
97
Deferred tax asset
1,324
2,576
363
Total assets
191,691
219,137
30,865
LIABILITIES
Current liabilities:
Short-term debt and current portion of long-term debt
32,674
25,857
3,642
Accounts payable
7,569
16,459
2,318
Advances from customers
8,278
13,380
1,885
Other current liabilities
12,718
16,715
2,354
Total current liabilities
61,239
72,411
10,199
Deferred tax liability
3,487
3,825
539
Long-term debt
13,177
19,099
2,690
Long-term lease liability
534
477
67
Other long-term liabilities
235
319
45
Total liabilities
78,672
96,131
13,540
SHAREHOLDERS’ EQUITY
Total Trip.com Group Limited shareholders’ equity
112,283
122,184
17,209
Non-controlling interests
736
822
116
Total shareholders’ equity
113,019
123,006
17,325
Total liabilities and shareholders’ equity
191,691
219,137
30,865
Trip.com Group Limited
Unaudited Consolidated Statements of Income/(Loss)
(In millions, except share and per share data)
Three Months Ended
Year Ended
December 31, 2022
September 30, 2023
December 31, 2023
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2023
RMB (million)
RMB (million)
RMB (million)
USD (million)
RMB (million)
RMB (million)
USD (million)
Revenue:
Accommodation reservation
1,689
5,589
3,903
550
7,400
17,257
2,431
Transportation ticketing
2,204
5,367
4,106
578
8,253
18,443
2,598
Packaged-tour
164
1,328
704
99
797
3,140
442
Corporate travel
277
591
634
89
1,079
2,254
317
Others
697
876
991
140
2,526
3,468
488
Total revenue
5,031
13,751
10,338
1,456
20,055
44,562
6,276
Less: Sales tax and surcharges
(4)
(11)
(13)
(2)
(16)
(52)
(7)
Net revenue
5,027
13,740
10,325
1,454
20,039
44,510
6,269
Cost of revenue
(1,199)
(2,467)
(2,010)
(283)
(4,513)
(8,121)
(1,144)
Gross profit
3,828
11,273
8,315
1,171
15,526
36,389
5,125
Operating expenses:
Product development *
(2,104)
(3,577)
(2,916)
(411)
(8,341)
(12,120)
(1,707)
Sales and marketing *
(1,148)
(2,759)
(2,333)
(329)
(4,250)
(9,202)
(1,296)
General and administrative *
(816)
(1,028)
(869)
(122)
(2,847)
(3,743)
(527)
Total operating expenses
(4,068)
(7,364)
(6,118)
(862)
(15,438)
(25,065)
(3,530)
(Loss)/income from operations
(240)
3,909
2,197
309
88
11,324
1,595
Interest income
458
543
593
84
2,046
2,090
294
Interest expense
(427)
(529)
(497)
(70)
(1,514)
(2,067)
(291)
Other income/(expense)
2,745
545
(903)
(127)
2,015
(667)
(94)
Income before income tax
expense and equity in
(loss)/income of affiliates
2,536
4,468
1,390
196
2,635
10,680
1,504
Income tax expense
(246)
(448)
(399)
(56)
(682)
(1,750)
(246)
Equity in (loss)/gain of affiliates
(210)
618
351
49
(586)
1,072
151
Net income
2,080
4,638
1,342
189
1,367
10,002
1,409
Net (income)/loss attributable to non-
controlling interests
(23)
(23)
(45)
(6)
36
(84)
(12)
Net income attributable to
Trip.com Group Limited
2,057
4,615
1,297
183
1,403
9,918
1,397
Earnings per ordinary share
– Basic
3.17
7.05
1.99
0.28
2.17
15.19
2.14
– Diluted
3.12
6.84
1.94
0.27
2.14
14.78
2.08
Earnings per ADS
– Basic
3.17
7.05
1.99
0.28
2.17
15.19
2.14
– Diluted
3.12
6.84
1.94
0.27
2.14
14.78
2.08
Weighted average ordinary shares
outstanding
– Basic
649,893,734
654,146,029
652,033,082
652,033,082
648,380,590
652,859,211
652,859,211
– Diluted
658,660,803
674,134,652
668,332,395
668,332,395
657,092,826
671,062,240
671,062,240
* Share-based compensation included in Operating expenses above is as follows:
Product development
147
242
215
30
567
870
123
Sales and marketing
37
44
39
5
115
158
22
General and administrative
126
223
196
28
506
806
113
Trip.com Group Limited
Unaudited Reconciliation of GAAP and Non-GAAP Results
(In millions, except %, share and per share data)
Three Months Ended
Year Ended
December 31, 2022
September 30, 2023
December 31, 2023
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2023
RMB (million)
RMB (million)
RMB (million)
USD (million)
RMB (million)
RMB (million)
USD (million)
Net income
2,080
4,638
1,342
189
1,367
10,002
1,409
Less: Interest income
(458)
(543)
(593)
(84)
(2,046)
(2,090)
(294)
Add: Interest expense
427
529
497
70
1,514
2,067
291
Add: Other (income)/expense
(2,745)
(545)
903
127
(2,015)
667
94
Add: Income tax expense
246
448
399
56
682
1,750
246
Add: Equity in loss/(income) of affiliates
210
(618)
(351)
(49)
586
(1,072)
(151)
(Loss)/income from operations
(240)
3,909
2,197
309
88
11,324
1,595
Add: Share-based compensation
310
509
450
63
1,188
1,834
258
Add: Depreciation and amortization
216
204
208
29
875
817
115
Adjusted EBITDA
286
4,622
2,855
401
2,151
13,975
1,968
Adjusted EBITDA margin
6 %
34 %
28 %
28 %
11 %
31 %
31 %
Net income attributable to Trip.com Group Limited
2,057
4,615
1,297
183
1,403
9,918
1,397
Add: Share-based compensation
310
509
450
63
1,188
1,834
258
Add: (Gain)/loss from fair value changes of equity securities investments
and exchangeable senior notes
(1,945)
(185)
989
139
(1,338)
1,507
212
Add: Tax effects on fair value changes of equity securities investments and
exchangeable senior notes
76
(42)
(61)
(9)
41
(188)
(26)
Non-GAAP net income attributable to Trip.com Group Limited
498
4,897
2,675
376
1,294
13,071
1,841
Weighted average ordinary shares outstanding-
Diluted-non GAAP
658,571,739
674,134,652
668,332,395
668,332,395
657,092,826
671,062,240
671,062,240
Non-GAAP Diluted income per share
0.76
7.26
4.00
0.56
1.97
19.48
2.74
Non-GAAP Diluted income per ADS
0.76
7.26
4.00
0.56
1.97
19.48
2.74
Notes for all the condensed consolidated financial schedules presented:
Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.0999 on December 29, 2023 published by the Federal Reserve Board.
View original content:https://www.prnewswire.com/news-releases/tripcom-group-limited-reports-unaudited-fourth-quarter-and-full-year-of-2023-financial-results-302067259.html
SOURCE Trip.com Group Limited
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September 21, 2024By
The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.
TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.
Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.
“Daanis the Judge” was inspired by Justice O’Bonsawin’s trailblazing career. It tells the story of a young student, Daanis, who dreams of becoming a judge after learning about Justice O’Bonsawin’s achievements.
The story is part of Chapter One’s growing collection of original children’s e-storybooks, co-created with Indigenous writers, illustrators and communities. The e-storybooks celebrate Indigenous experiences and perspectives, and feature audio clips of Elders pronouncing foundational words in their communities’ first languages. All e-storybooks are provided for free through the Global Free Library.
About Chapter One
Chapter One (chapterone.org/ca) is a global nonprofit and registered Canadian charity that provides one-on-one early literacy tutoring programs to 2,300 children in eight provinces and territories across Canada. Its proven “short burst” high-impact tutoring approach—five-minute sessions, three to five times a week—is ideally suited to young children’s attention spans and aligns with the Science of Reading. In one of the largest randomized control trials conducted on early literacy instruction, researchers from Stanford University found that 7 out of 10 students receiving Chapter One high impact tutoring achieved phonics benchmarks by the end of Kindergarten, compared to 32% in the control group.
Children at risk of reading failure receive 1:1 reading support from trained, paid paraprofessional tutors through Chapter One’s online reading platform and custom software. Programs are delivered in-person and virtually in classrooms through agreements with schools and school boards, and at home on families’ smartphones, connecting struggling readers with individualized reading support—regardless of location and circumstance, even in some of the most geographically remote communities in Canada.
In addition to its tutoring programs, Chapter One collaborates with Indigenous communities to co-create children’s stories that represent the communities’ priorities and experiences and advance language revitalization efforts. The e-storybooks are provided for free online, as part of the Global Free Library.
Event details
The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.
Media Contact
Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca
View original content to download multimedia:https://www.prweb.com/releases/supreme-court-justice-michelle-obonsawin-joins-elementary-students-for-live-virtual-qa-and-chapter-one-storybook-reading-on-sep-24-302254639.html
SOURCE Chapter One Canada
Technology
PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”
Published
9 hours agoon
September 21, 2024By
24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music
MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.
On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.
“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.
Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.
“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.
Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.
“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.
About PEAC Institute
PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.
Media Contact
Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org
View original content to download multimedia:https://www.prweb.com/releases/peac-institute-launches-24-hour-pause-for-peace-a-global-concert-302254527.html
SOURCE Pause for Peace
Technology
Global Times: China opens 12 nuclear research facilities to global scientists
Published
10 hours agoon
September 21, 2024By
The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.
These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.
The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.
Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.
IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.
Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.
On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.
Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.
China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.
At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.
The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.
Contact: xutianshu@globaltimes.com.cn
View original content:https://www.prnewswire.com/news-releases/global-times-china-opens-12-nuclear-research-facilities-to-global-scientists-302254830.html
SOURCE Global Times
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