Connect with us

Technology

Yalla Group Limited Announces Unaudited Second Quarter 2024 Financial Results

Published

on

DUBAI, UAE, Aug. 12, 2024 /PRNewswire/ — Yalla Group Limited (“Yalla” or the “Company”) (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial and Operating Highlights

Revenues were US$81.2 million in the second quarter of 2024, representing an increase of 2.5% from the second quarter of 2023.Revenues generated from chatting services in the second quarter of 2024 were US$54.9 million.Revenues generated from games services in the second quarter of 2024 were US$26.2 million.Net income was US$31.4 million in the second quarter of 2024, a 10.9% increase from US$28.3 million in the second quarter of 2023. Net margin1 was 38.6% in the second quarter of 2024.Non-GAAP net income2 was US$35.2 million in the second quarter of 2024, a 4.4% increase from US$33.8 million in the second quarter of 2023. Non-GAAP net margin3 was 43.4% in the second quarter of 2024.Average MAUs4 increased by 14.1% to 39.0 million in the second quarter of 2024 from 34.2 million in the second quarter of 2023.The number of paying users5 on our platform decreased by 10.3% to 12.0 million in the second quarter of 2024 from 13.4 million in the second quarter of 2023.

1 Net margin is net income as a percentage of revenues.

2 Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

3 Non-GAAP net margin is non-GAAP net income as a percentage of revenues.

4 “Average MAUs” refers to the average monthly active users in a given period calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. “Active users” refers to registered users who accessed any of our main mobile applications at least once during a given period. Yalla, Yalla Ludo, Yalla Parchis, YallaChat and 101 Okey Yalla have been our main mobile applications for the periods presented herein; WeMuslim has been our main mobile application since the second quarter of 2023; and Ludo Royal has been our main mobile application since the third quarter of 2023.

5 “Paying users” refers to registered users who played a game or purchased our virtual items or upgrade services using virtual currencies on our main mobile applications at least once in a given period, except for users who received all of their virtual currencies directly or indirectly from us for free; YallaChat and WeMuslim do not involve the usage of virtual currencies, and the metrics of “paying users” and “ARPPU” do not reflect user activities on YallaChat and WeMuslim. “Registered users” refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications.

 

Key Operating Data

For the three months ended

June 30, 2023

June 30, 2024

Average MAUs (in thousands)

34,192

38,999

Paying users (in thousands)

13,402

12,023

 

“We delivered another solid set of results for the second quarter of 2024, led by total revenues of US$81.2 million, exceeding the top end of our guidance despite the impact of the Ramadan holiday,” said Mr. Yang Tao, Founder, Chairman and CEO of Yalla. “This strong performance was supported by our success in enhancing operational procedures, optimizing technology utilization to improve efficiency, boosting user engagement and refining our user acquisition strategies, which drove a 14.1% year-over-year increase in average MAUs to 39.0 million for the second quarter.

“We recently celebrated the 8th anniversary of Yalla, our group’s first product, which has evolved into the world’s most downloaded voice chat app,6 boasting a highly engaged and loyal user community. On the operational front, we continued to deepen local gamers’ engagement with our products and enhanced our brand influence through numerous exciting online and offline events. Since the end of last year, we have hosted online and offline Yalla Ludo tournaments across different cities in MENA with our esteemed local and international partners, engaging with millions of players. As the largest MENA-based online social networking and gaming company, we remain dedicated to delivering tailored experiences that enrich our users’ lives while contributing to the Middle East’s vibrant digital landscape,” Mr. Yang concluded.

Ms. Karen Hu, CFO of Yalla, commented, “We were pleased to sustain our year-over-year revenue growth momentum in the second quarter as we strove for high-quality development and user growth. Our constant efforts to enhance operating efficiency continued to yield positive results, elevating our net margin to 38.6% in the second quarter of 2024. Moving forward, we will continue to execute our high-quality growth strategy, leveraging our solid business fundamentals to capture new business opportunities and deliver long-term, sustainable value to all our stakeholders.”

Second Quarter 2024 Financial Results

Revenues

Our revenues were US$81.2 million in the second quarter of 2024, a 2.5% increase from US$79.2 million in the second quarter of 2023. The increase was primarily driven by our broadening user base and enhanced monetization capability. Our average MAUs increased by 14.1% from 34.2 million in the second quarter of 2023 to 39.0 million in the second quarter of 2024. Our solid revenue growth was also partially attributable to the significant increase in ARPPU,7 which grew from US$5.8 in the second quarter of 2023 to US$6.6 in the second quarter of 2024.

In the second quarter of 2024, our revenues generated from chatting services were US$54.9 million, and revenues from games services were US$26.2 million.

Costs and expenses

Our total costs and expenses were US$51.6 million in the second quarter of 2024, a 6.8% decrease from US$55.3 million in the second quarter of 2023.

Our cost of revenues was US$29.0 million in the second quarter of 2024, a 2.5% increase from US$28.3 million in the same period last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenue generated. Cost of revenues as a percentage of our total revenues remained relatively stable at 35.7% in the second quarter of 2024.

Our selling and marketing expenses were US$8.5 million in the second quarter of 2024, a 31.4% decrease from US$12.4 million in the same period last year, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased from 15.6% in the second quarter of 2023 to 10.5% in the second quarter of 2024.

Our general and administrative expenses were US$7.6 million in the second quarter of 2024, a 5.5% decrease from US$8.0 million in the same period last year, primarily driven by lower share-based compensation expenses recognized in the second quarter of 2024. General and administrative expenses as a percentage of our total revenues decreased from 10.1% in the second quarter of 2023 to 9.3% in the second quarter of 2024.

Our technology and product development expenses were US$6.5 million in the second quarter of 2024, a 1.6% decrease from US$6.6 million in the same period of last year, primarily driven by lower share-based compensation expenses recognized in the second quarter of 2024. Technology and product development expenses as a percentage of our total revenues decreased from 8.3% in the second quarter of 2023 to 8.0% in the second quarter of 2024.

Operating income

Operating income was US$29.6 million in the second quarter of 2024, a 23.8% increase from US$23.9 million in the second quarter of 2023.

Non-GAAP operating income8

Non-GAAP operating income in the second quarter of 2024 was US$33.5 million, a 13.9% increase from US$29.4 million in the same period last year.

Interest income

Interest income was US$7.1 million in the second quarter of 2024, compared with US$4.6 million in the second quarter of 2023, primarily due to an increase in interest rates applicable to the Company’s bank deposits.

Income tax expense

Income tax expense was US$5.79 million in the second quarter of 2024, compared with US$0.82 million in the second quarter of 2023. The increase was primarily due to the introduction and implementation of the UAE Corporate Tax Law, which is effective for the financial years starting on or after June 1, 2023.

Net income

As a result of the foregoing, our net income was US$31.4 million in the second quarter of 2024, a 10.9% increase from US$28.3 million in the second quarter of 2023.

Non-GAAP net income

Non-GAAP net income in the second quarter of 2024 was US$35.2 million, a 4.4% increase from US$33.8 million in the same period last year.

Earnings per ordinary share

Basic and diluted earnings per ordinary share were US$0.20 and US$0.17, respectively, in the second quarter of 2024, while basic and diluted earnings per ordinary share were US$0.19 and US$0.16, respectively, in the same period of 2023.

Non-GAAP earnings per ordinary share9

Non-GAAP basic and diluted earnings per ordinary share were US$0.22 and US$0.19, respectively, in the second quarter of 2024, compared with US$0.22 and US$0.19, respectively, in the same period of 2023.

Cash and cash equivalents, restricted cash, term deposits and short-term investments 

As of June 30, 2024, we had cash and cash equivalents, restricted cash, term deposits and short-term investments of US$528.7 million, compared with US$535.7 million as of December 31, 2023.

Share Repurchase Program

Pursuant to the Company’s share repurchase program beginning on May 21, 2021 with an extended expiration date of May 21, 2025, the Company had completed cash repurchases in the open market of 3,972,876 American depositary shares (“ADSs”), representing 3,972,876 Class A ordinary shares, for an aggregate amount of approximately US$35.5 million, as of June 30, 2024. The aggregate value of ADSs and/or Class A ordinary shares that remain available for purchase under the current share repurchase program was US$114.5 million as of June 30, 2024.

Outlook

For the third quarter of 2024, Yalla currently expects revenues to be between US$75.0 million and US$82.0 million.

The above outlook is based on current market conditions and reflects the Company management’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change.

6 According to data.ai’s research, by downloads in 2023

7 “ARPPU” refers to average revenues per paying user in a given period, which is calculated by dividing (i) revenues for such period, by (ii) the number of paying users for such period. When calculating the ARPPU, we include revenues generated from Yalla, Yalla Ludo, Yalla Parchis, 101 Okey Yalla and Ludo Royal (since the third quarter of 2023) in a given period.

8 Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

9 Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited’s shareholders represents net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited’s shareholders are non-GAAP financial measures. See the sections entitled “Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.

Conference Call

The Company’s management will host an earnings conference call on Monday, August 12, 2024, at 8:00 PM U.S. Eastern Time, Tuesday, August 13, 2024, at 4:00 AM Dubai Time, or Tuesday, August 13, 2024, at 8:00 AM Beijing/Hong Kong time.

Dial-in details for the earnings conference call are as follows:

United States Toll Free:

+1-888-317-6003

International:

+1-412-317-6061

United Arab Emirates Toll Free:

80-003-570-3589

Mainland China Toll Free:

400-120-6115

Hong Kong, China Toll Free:

800-963-976

Access Code:

4890168

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.yalla.com

A replay of the conference call will be accessible until August 19, 2024, by dialing the following telephone numbers:

United States Toll Free:

+1-877-344-7529

International:

+1-412-317-0088

Access Code:

6123926

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company’s operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited’s shareholders as net income attributable to Yalla Group Limited’s shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited’s shareholders, divided by the weighted average number of basic and diluted shares outstanding.

By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. Investors can better understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Share-based compensation has been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release.

About Yalla Group Limited

Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenue in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users’ evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users, WeMuslim, a product that supports Arabic users in observing their customs, and casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla’s mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users.

For more information, please visit: https://ir.yalla.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to 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 “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Yalla Group Limited
Investor Relations
Kerry Gao – IR Director
Tel: +86-571-8980-7962
Email: ir@yalla.com 

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: yalla@tpg-ir.com 

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: yalla@tpg-ir.com 

 

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of

December 31,
2023

June 30,
2024

US$

US$

ASSETS

Current assets

Cash and cash equivalents

311,883,463

289,553,961

Restricted cash

423,567

420,946

Term deposits

213,105,501

230,749,436

Short-term investments

10,282,329

8,000,000

Amounts due from a related party

109,507

Prepayments and other current assets

33,340,602

36,904,158

Total current assets

569,144,969

565,628,501

Non-current assets

Property and equipment, net

1,583,604

1,415,128

Intangible asset, net

1,133,715

1,014,122

Operating lease right-of-use assets

2,382,026

1,837,703

Long-term investments

51,692,218

132,293,265

Other assets

13,015,729

12,935,189

Total non-current assets

69,807,292

149,495,407

Total assets

638,952,261

715,123,908

LIABILITIES

Current liabilities

Accounts payable

928,055

858,983

Deferred revenue

46,558,571

54,175,880

Operating lease liabilities, current

1,153,691

1,070,626

Amounts due to a related party

108,867

Accrued expenses and other current liabilities

26,694,999

25,128,214

Total current liabilities

75,335,316

81,342,570

Non-current liabilities

Operating lease liabilities, non-current

949,970

468,972

Total non-current liabilities

949,970

468,972

Total liabilities

76,285,286

81,811,542

EQUITY

Shareholders’ equity of Yalla Group Limited

Class A Ordinary Shares

13,778

13,910

Class B Ordinary Shares

2,473

2,473

Additional paid-in capital

313,306,523

321,783,768

Treasury stock

(35,527,305)

(35,527,305)

Accumulated other comprehensive loss

(2,341,740)

(2,613,364)

Retained earnings

292,223,525

355,461,482

Total shareholders’ equity of Yalla Group Limited

567,677,254

639,120,964

Non-controlling interests

(5,010,279)

(5,808,598)

Total equity

562,666,975

633,312,366

Total liabilities and equity

638,952,261

715,123,908

 

YALLA GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF OPERATIONS

Three Months Ended

Six Months Ended

June 30,
2023

March 31,
2024

June 30,
2024

June 30,
2023

June 30,
2024

US$

US$

US$

US$

US$

Revenues

79,246,363

78,728,578

81,197,482

152,764,976

159,926,060

Costs and expenses

Cost of revenues

(28,330,815)

(28,571,261)

(29,025,673)

(56,183,292)

(57,596,934)

Selling and marketing expenses

(12,378,490)

(8,099,936)

(8,491,520)

(23,733,465)

(16,591,456)

General and administrative expenses

(8,018,573)

(6,647,892)

(7,576,904)

(18,182,967)

(14,224,796)

Technology and product development expenses

(6,586,078)

(6,262,254)

(6,481,616)

(13,997,266)

(12,743,870)

Total costs and expenses

(55,313,956)

(49,581,343)

(51,575,713)

(112,096,990)

(101,157,056)

Operating income

23,932,407

29,147,235

29,621,769

40,667,986

58,769,004

Interest income

4,623,275

6,644,884

7,097,975

7,741,564

13,742,859

Government grants

4,560

67,332

365,031

182,219

432,363

Investment income (loss)

529,308

(1,288,127)

60,233

1,021,197

(1,227,894)

Income before income taxes

29,089,550

34,571,324

37,145,008

49,612,966

71,716,332

Income tax expense

(821,149)

(3,483,208)

(5,793,582)

(1,437,507)

(9,276,790)

Net income

28,268,401

31,088,116

31,351,426

48,175,459

62,439,542

Net loss attributable to non-controlling interests

1,202,160

505,987

292,428

1,756,751

798,415

Net income attributable to Yalla Group
   Limited’s shareholders

29,470,561

31,594,103

31,643,854

49,932,210

63,237,957

Earnings per ordinary share

——Basic

0.19

0.20

0.20

0.32

0.39

——Diluted

0.16

0.17

0.17

0.28

0.34

Weighted average number of shares
   outstanding used in computing earnings
   per ordinary share

——Basic

158,871,859

160,379,455

160,721,827

158,424,104

160,550,641

——Diluted

180,752,549

183,260,168

183,535,654

180,635,132

183,397,911

Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses and technology and product development expenses as follows:

Three Months Ended

Six Months Ended

June 30,
2023

March 31,
2024

June 30,
2024

June 30,
2023

June 30,
2024

US$

US$

US$

US$

US$

Cost of revenues

923,513

1,902,717

1,867,863

1,953,762

3,770,580

Selling and marketing expenses

1,014,371

700,115

681,035

1,985,706

1,381,150

General and administrative expenses

3,242,981

1,333,314

1,321,200

6,488,259

2,654,514

Technology and product development expenses

315,173

262,731

19,198

664,450

281,929

Total share-based compensation expenses

5,496,038

4,198,877

3,889,296

11,092,177

8,088,173

 

YALLA GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS 

Three Months Ended

Six Months Ended

June 30,
2023

March 31,
2024

June 30,
2024

June 30,
2023

June 30,
2024

US$

US$

US$

US$

US$

Operating income

23,932,407

29,147,235

29,621,769

40,667,986

58,769,004

Share-based compensation expenses

5,496,038

4,198,877

3,889,296

11,092,177

8,088,173

Non-GAAP operating income

29,428,445

33,346,112

33,511,065

51,760,163

66,857,177

Net income

28,268,401

31,088,116

31,351,426

48,175,459

62,439,542

Share-based compensation expenses,
   net of tax effect of nil

5,496,038

4,198,877

3,889,296

11,092,177

8,088,173

Non-GAAP net income

33,764,439

35,286,993

35,240,722

59,267,636

70,527,715

Net income attributable to Yalla
   Group Limited’s shareholders

29,470,561

31,594,103

31,643,854

49,932,210

63,237,957

Share-based compensation expenses,
   net of tax effect of nil

5,496,038

4,198,877

3,889,296

11,092,177

8,088,173

Non-GAAP net income attributable to
   Yalla Group Limited’s shareholders

34,966,599

35,792,980

35,533,150

61,024,387

71,326,130

Non-GAAP earnings per ordinary share

——Basic

0.22

0.22

0.22

0.39

0.44

——Diluted

0.19

0.20

0.19

0.34

0.39

Weighted average number of shares
   outstanding used in computing earnings
   per ordinary share

——Basic

158,871,859

160,379,455

160,721,827

158,424,104

160,550,641

——Diluted

180,752,549

183,260,168

183,535,654

180,635,132

183,397,911

 

View original content:https://www.prnewswire.com/news-releases/yalla-group-limited-announces-unaudited-second-quarter-2024-financial-results-302219813.html

SOURCE Yalla Group Limited

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Cat® Simulators New Hydraulic Mining Shovel System Builds Operator Skills for Mine Sites

Published

on

By

Simformotion™ LLC, a leader in heavy equipment simulator training solutions, announces the release of the new Cat® Simulators Hydraulic Mining Shovel System.

PEORIA, Ill., Sept. 23, 2024 /PRNewswire-PRWeb/ — Simformotion™ LLC – a leader in heavy equipment simulator training solutions – announces the release of the new Cat® Simulators Hydraulic Mining Shovel System. Operator trainees can utilize the system inside a classroom or at satellite mine locations.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites,” says CEO Lara Aaron.

The hands-on training system is set in a mining environment and teaches learners how to operate the Hydraulic Mining Shovel, including inspecting the machine, spotting and properly loading trucks, and more. Correct, efficient operation increases safety, production and cost savings. Simulation is a safe alternative to using actual machines for heavy equipment operator training. Students and operators can train anytime and anywhere using simulators — no need to take a costly machine out of production, worry about the weather or, most importantly, worry about the operator’s safety.

“The new Hydraulic Mining Shovel simulator system is the cornerstone of our Cat Simulators mining models. The system trains students and operators using authentic Cat controls and teaches applications found on real-world job sites. We often hear of the struggles to find skilled operators. Cat Simulators systems help companies build their own workforce,” says CEO Lara Aaron.

The Cat Simulators Hydraulic Mining Shovel system is available in multiple languages and includes SimU Campus™, a built-in reporting software that records and generates reports of learners’ simulation sessions and compares their performance to Caterpillar benchmarks. The system features authentic Cat controls, a motion system, exclusive walkaround machine inspection training, and a companion SimScholars™ curriculum, making the training package a unique offering.

The companion SimScholars online curriculum is a one-to-one match with the simulator model and can be used in the classroom or for remote learning. It is an interactive, turn-key solution complete with instructor guides, videos, quizzes and more. Integrate the Cat Simulators Hydraulic Mining Shovel system and its curriculum together for a unique, blended learning experience.

For even more training value and for a more immersive experience, add VR Edition. With the VR headset and patented VR Now technology, users experience a larger view of the virtual environment with greater depth perception. The simulator is portable and easy to move from a training room to a trailer to satellite locations.

About Simformotion™ LLC

©Copyright 2024 Simformotion™ LLC is a leader in heavy equipment simulator training solutions. Simulation can help address initiatives such as safety and production; while ensuring training can be delivered anytime day or night, regardless of weather conditions. Cat Simulators are chosen as training solutions in such markets as mining, construction, forestry, government, and trade and vocational schools. Simformotion™ LLC is a licensee of Caterpillar Inc. As used herein, “Simformotion” means Simformotion™ LLC, a Delaware limited liability company.

About Caterpillar Inc.

About Caterpillar Inc. With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

CAT, CATERPILLAR, LET’S DO THE WORK, their respective logos, “Caterpillar Corporate Yellow,” and the “Power Edge” and “Modern Hex” trade dress, as well as corporate and product identity used herein, are trademarks of Caterpillar and may not be used without permission. www.cat.com / www.caterpillar.com Third party trademarks are the property of their respective owners.

Media Contact
Kim Roberts, Simformotion, 1 3096703200, kroberts@simformotion.com, https://simformotion.com/

View original content to download multimedia:https://www.prweb.com/releases/cat-simulators-new-hydraulic-mining-shovel-system-builds-operator-skills-for-mine-sites-302255377.html

SOURCE Simformotion

Continue Reading

Technology

GR0 CEO Kevin Miller Snags C-Suite Insiders CEO of the Year Award for Brand Optimization

Published

on

By

GR0 Co-Founder and CEO Kevin Miller Honored for Excellence in Leadership, Innovation, and Industry Impact

LOS ANGELES, Sept. 23, 2024 /PRNewswire-PRWeb/ — Kevin Miller, Co-Founder and CEO of GR0, was awarded CEO of the Year for brand optimization from the prestigious C-Suite Leadership Awards Program. This recognition underscores Miller’s outstanding leadership, innovation, and transformative impact in the digital marketing industry.

Recognized for celebrating excellence in senior executives, the C-Suite Leadership Awards Program highlights remarkable achievements in business. Emphasizing the importance of exceptional leadership, innovation, and industry impact, the program honors high-performing executives who inspire success while shaping the future of their companies.

As Co-Founder and CEO of GR0, Kevin Miller has propelled his company to the forefront of the digital marketing industry. Leveraging extensive expertise from roles at Google and Open Listings, Miller has spearheaded notable successes for GR0, including accolades such as a Platinum dotCOMM award in 2024 and a Best SEO Company award from Clutch in 2021.

Assisting both D2C and B2B clients, GR0 is known for delivering measurable growth and impactful results as a trusted agency for businesses seeking transformative omnichannel digital marketing solutions.

Miller’s dedication to his team and commitment to fostering an exemplary working environment have not gone unnoticed. He was recognized with a Best CEO Award from Glassdoor and was instrumental in GR0 being named a Best Company for Women by Great Place to Work in 2024. These achievements underscore Miller’s holistic approach to leadership, focusing on business success and employee well-being.

For further details on Miller’s remarkable achievements and to explore GR0’s transformative digital marketing strategies, visit GR0’s website.

About GR0: A leading omnichannel digital marketing agency based in Los Angeles, GR0 delivers exceptional growth and impactful results for a diverse clientele. With a record of innovation and recognition in digital marketing, GR0 sets benchmarks and drives success stories for businesses worldwide.

Media Contact

GR0 Agency, GR0, +1 (310) 439-1887, performancepr@gr0.com, gr0.com 

View original content:https://www.prweb.com/releases/gr0-ceo-kevin-miller-snags-c-suite-insiders-ceo-of-the-year-award-for-brand-optimization-302253897.html

SOURCE GR0

Continue Reading

Technology

First Pacific Bank expands its instant payments offerings with Finastra, driving growth

Published

on

By

With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities 

LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ — Finastra today announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth. 

As part of Finastra’s commitment to Open Finance, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.

“Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business,” said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. “With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”

Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new and innovative payments rails, including FedNow Service. As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch FedNow Service through its solutions.

“Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, Chief Product Officer, Payments at Finastra. “We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”

“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, Director Commercial Banking and Payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”

To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.

About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

Logo – https://mma.prnewswire.com/media/1916021/4923875/FINASTRA_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/first-pacific-bank-expands-its-instant-payments-offerings-with-finastra-driving-growth-302254356.html

Continue Reading

Trending