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ZTO Reports First Quarter 2024 Unaudited Financial Results

Emphasizing Profitable Growth amidst Consumption Mix-shiftAdjusted Net Income Grew 15.8% to RMB2.2 BillionParcel Volume Increased 13.9% to 7.2 Billion SHANGHAI, May 16, 2024 /PRNewswire/ -- ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the first quarter ended March 31, 2024[1]. The Company grew parcel volume by 13.9% year over year while maintaining high quality of service and customer satisfaction. Adjusted net income[2] increased 15.8% to reach RMB2.2 billion. Net cash generated from operating activities was RMB2.0 billion. First Quarter 2024 Financial Highlights Revenues were RMB9,960.0 million (US$1,379.4 million), an increase of 10.9% from RMB8,983.2 million in the same period of 2023. Gross profit was RMB3,002.1million (US$415.8million), an increase of 19.0% from RMB2,523.4 million in the same period of 2023. Net income was RMB1,447.7 million (US$200.5 million), a decrease of 13.0% from RMB1,664.8 million in the same period of 2023. Adjusted EBITDA[3] was RMB3,660.4 million (US$507.0 million), an increase of 16.8% from RMB3,133.0 million in the same period of 2023. Adjusted net income was RMB2,224.0 million (US$308.0 million), an increase of 15.8% from RMB1,919.8 million in the same period of 2023. Basic and diluted net earnings per American depositary share ("ADS"[4]) were RMB1.77 (US$0.25) and RMB1.75 (US$0.24), a decrease of 14.5% and 13.8% from RMB2.07 and RMB2.03 in the same period of 2023, respectively. Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders[5] were RMB2.74 (US$0.38) and RMB2.68 (US$0.37), an increase of 15.1% and 15.0% from RMB2.38 and RMB2.33 in the same period of 2023, respectively. Net cash provided by operating activities was RMB2,031.0 million (US$281.3 million), compared with RMB2,738.0 million in the same period of 2023. Operational Highlights for First Quarter 2024 Parcel volume was 7,171 million, an increase of 13.9% from 6,297 million in the same period of 2023. Number of pickup/delivery outlets was over 31,000 as of March 31, 2024. Number of direct network partners was over 6,000 as of March 31, 2024. Number of self-owned line-haul vehicles was approximately 10,000 as of March 31, 2024. Out of the approximately 10,000 self-owned trucks, approximately 9,100 were high capacity 15 to 17-meter-long models as of March 31, 2024, compared to approximately 9,500 as of March 31, 2023. Number of line-haul routes between sorting hubs was approximately 3,800 as of March 31, 2024, which is similar to the same period last year Number of sorting hubs was 96 as of March 31, 2024, among which 88 are operated by the Company and 8 by the Company's network partners. (1)   An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com. (2)   Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as gain or loss on disposal of equity investments and subsidiaries and corresponding tax impact which management aims to better represent the underlying business operations. (3)   Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as the gain on disposal of equity investments and subsidiaries which management aims to better represent the underlying business operations. (4)   One ADS represents one Class A ordinary share. (5)   Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted American depositary shares, respectively. Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, "For the first quarter, parcel volume of the express delivery industry increased 25.2% year over year, far exceeded expectations. The boom of live video streaming and social network retailing has helped stimulating consumption and fueled the increase in express delivery volume; On the other hand, however, it has also contributed to an increase in the proportion of low-priced parcels. Meanwhile, price competition intensified further particularly in major output regions. A greater portion of industry parcel volume became less profitable or loss making.  ZTO adhered to the principle of profitable growth and kept  loss-making parcels out of our network. While our volume market share declined over last year, our profit share among industry peers further increased demonstrating the effectiveness of our strategy." Mr. Lai added, "Our consistent strategy is to achieve balanced development in service quality, volume scale and earnings. At the beginning of 2024, we shifted our strategic focus to quality of services. While maintaining a scale-leveraged volume and healthy earnings level, we put greater effort towards the development of differentiated product and services to meet the diverse and personalized needs of customers aimed to enhance ZTO's brand awareness and value recognition. The transformation of Chinese express delivery from high quantity to a combination of quantity plus quality is inevitable. We have prioritized quality of product and services, with the intention of breaking away from homogeneous competition, enhancing product mix, improving profitability of our network partners and couriers, and creating strong moat for ZTO's long term viability and value preposition." Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, "Our core express ASP decreased 2.5% or 4 cents, which was well below industry level. Combined unit sorting and transportation cost decreased 6 cents as our standardization and digitization initiatives continued to generate positive results despite softer volume. SG&A cost structure remained stable and efficient. Our adjusted net income for the quarter increased 15.8% to 2.2 billion. Cash flow from operating activities was 2.0 billion, and capital spending outlay was 1.7 billion for the quarter." Ms. Yan added, "We believe that the Chinese economic conditions will improve over time and express delivery industry's long term growth prospect is intact. Our focus on development of differentiated product and service will ensure our enterprise value creation and longevity. We anticipate that the industry growth for the year to be between 15-20%, and we are prepared to allow a necessary level of retreat in market share while avoiding meaningless losses. The Company maintains its previous volume growth guidance for the year to be in the range of 15%-18%, or 34.73billion to 35.64 billion parcels." First Quarter 2024 Unaudited Financial Results  Three Months Ended March 31, 2023 2024 RMB % RMB US$ % (in thousands, except percentages) Express delivery services 8,388,743 93.4 9,240,172 1,279,749 92.8 Freight forwarding services 192,725 2.1 202,747 28,080 2.0 Sale of accessories 368,838 4.1 485,062 67,180 4.9 Others 32,933 0.4 32,025 4,436 0.3 Total revenues 8,983,239 100.0 9,960,006 1,379,445 100.0 Total Revenues were RMB9,960.0 million (US$1,379.4 million), an increase of 10.9% from RMB8,983.2 million in the same period of 2023. Revenue from the core express delivery business increased by 11.0% compared to the same period of 2023, as a net result of a 13.9% increase in parcel volume and a 2.5% decrease in parcel unit price. KA revenue including delivery fees from direct sales organizations, established to serve core express KA customers, decreased by 7.1% as a result of mix shift towards higher-value customers. Revenue from freight forwarding services increased by 5.2% compared to the same period of 2023. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills' printing, increased by 31.5%. Other revenues were mainly derived from financing services. Three Months Ended March 31, 2023 2024 % of % of RMB revenues RMB US$ revenues (in thousands, except percentages) Line-haul transportation cost 3,181,820 35.4 3,371,493 466,946 33.9 Sorting hub operating cost 2,013,371 22.4 2,168,201 300,292 21.8 Freight forwarding cost 182,972 2.0 188,382 26,091 1.9 Cost of accessories sold 107,428 1.2 133,047 18,427 1.3 Other costs 974,240 10.9 1,096,798 151,905 11.0 Total cost of revenues 6,459,831 71.9 6,957,921 963,661 69.9 Total cost of revenues was RMB6,957.9 million (US$963.7 million), an increase of 7.7% from RMB6,459.8 million in the same period last year. Line haul transportation cost was RMB3,371.5 million (US$466.9 million), an increase of 6.0% from RMB3,181.8 million in the same period last year. The unit transportation cost decreased 7.0% or 4 cents mainly attributable to better economies of scale, optimized line-haul route planning and improved load rate. Sorting hub operating cost was RMB2,168.2 million (US$300.3 million), an increase of 7.7% from RMB2,013.4 million in the same period of last year. The increase primarily consisted of (i) RMB81.1 million (US$11.2 million) increase in depreciation and amortization costs associated with automation equipment and other facilities, and (ii) RMB68.7million (US$9.5 million) increase in labor-associated costs, a net result of wage increases partially offset by automation-driven efficiency improvements. With standardization in operating procedures, effective performance evaluation system, the unit sorting cost decreased by 5.4% or 2 cents. As of March 31, 2024, there were 461 sets of automated sorting equipment in service, compared to 454 sets as of March 31, 2023, which enhanced overall sorting efficiencies. Cost of accessories sold was RMB133.0 million (US$18.4 million), increased by 23.8% compared with RMB107.4 million in the same period last year.  Other costs were RMB1,096.8 million (US$151.9 million), an increase of 12.6% from RMB974.2 million in the same period last year. The increase was mainly driven by RMB124.3 million (US$17.2 million) increase in costs associated with serving higher-value enterprise customers, level of which is consistent with related revenue increases. Gross Profit was RMB3,002.1 million (US$415.8 million), increased by 19.0% from RMB2,523.4 million in the same period last year as a combined result of revenue growth and cost productivity gain. Gross margin rate improved to 30.1% from 28.1% in the same period last year. Total Operating Expenses were RMB735.4 million (US$101.8 million), compared to RMB573.0 million in the same period last year. Selling, general and administrative expenses were RMB896.6 million (US$124.2 million), increased by 14.0% from RMB786.6 million in the same period last year. The increase primarily consisted of (i) RMB40.4 million (US$5.6 million) increase in compensation and benefit expenses, and (ii) RMB37.3 million (US$5.2 million) provisional loss related to a collection against certain supplier. Other operating income was RMB161.3 million (US$22.3 million), compared to RMB213.6 million in the same period last year. Other operating income mainly consisted of (i) RMB118.9 million (US$16.5 million) of government subsidies and tax rebates, and (ii) RMB40.2 million (US$5.6 million) of rental and other income. Income from operations was RMB2,266.7 million (US$313.9 million), an increase of 16.2% from RMB1,950.4 million for the same period last year. Operating margin rate increased to 22.8% from 21.7% in the same period last year. Interest income was RMB245.0 million (US$33.9million), compared with RMB91.9 million in the same period last year. Interest expenses was RMB83.9 million (US$11.6 million), compared with RMB71.7 million in the same period last year. Gain from fair value changes of financial instruments was RMB42.7 million (US$5.9 million), compared with RMB155.6 million in the same period last year. Such gain or loss from fair value changes of the financial instruments are quoted by commercial banks according to market-based estimation of future redemption prices. Impairment of investment in equity investee was RMB478.4million (US$66.3 million). In the first quarter of 2024, Alibaba Group Holding Limited ("Alibaba") initiated a tender offer to purchase all the outstanding shares of Cainiao Smart Logistics Network Limited ("Cainiao"). The offer price to all shares held by the Company was below the carrying amount, hence a RMB478.4million (US$66.3 million) impairment of investment was reported for this accounting period. Income tax expenses were RMB566.3 million (US$78.4 million) compared to RMB455.0 million in the same period last year. Overall income tax rate increased by 6.8 percentage points year over year, mainly due to (i) RMB44.0 million accrual of withholding tax on distributable earnings planned for dividend payment to ZTO Express (Hong Kong) Limited attributable for the first quarter, and (ii) RMB478.4million (US$66.3 million) impairment losses on investment in Cainiao upon a tender offer.  Net income was RMB1,447.7 million (US$200.5 million), which decreased by 13.0% from RMB1,664.8 million in the same period last year. Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.77 (US$0.25) and RMB1.75 (US$0.24), compared with basic and diluted earnings per ADS of RMB2.07 and RMB2.03 in the same period last year, respectively. Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.74 (US$0.38) and RMB2.68 (US$0.37), compared with RMB2.38 and RMB2.33 in the same period last year, respectively. Adjusted net income was RMB2,224.0 million (US$308.0 million), compared with RMB1,919.8 million during the same period last year. EBITDA[1] was RMB2,884.1 million (US$399.4 million), compared with RMB2,878.0 million in the same period last year. Adjusted EBITDA was RMB3,660.4 million (US$507.0 million), compared to RMB3,133.0 million in the same period last year. Net cash provided by operating activities was RMB2,031.0 million (US$281.3 million), compared with RMB2,738.0 million in the same period last year. (1)   EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses which management aims to better represent the underlying business operations. Business Outlook Based on current market conditions and current operations, the Company reiterates that its parcel volume for 2024 is expected to be in the range of 34.73 billion to 35.64 billion, representing a 15% to 18% increase year over year. Such estimates represent management's current and preliminary view, which are subject to change. Sale of Equity Investment In Cainiao On March 28, 2024, the Company received an offer from Alibaba to purchase all the outstanding shares of Cainiao held by the Company for US$0.62 per share, with an aggregate consideration of approximately US$94.3 million. The cost of the investment is US$54.0 million. The Company has accepted the offer and expects to enter into a share purchase agreement with Alibaba. Upon the completion of the transaction, the Company will cease to hold any equity interest in Cainiao. Appointment of President Mr. Jingxi Zhu, vice president of information technology of the Company, has been appointed as the president of the Company to be primarily responsible for the overall operational executions. Mr. Zhu will continue to oversee technology and information matters of the Company. Mr. Zhu has been the head of information technology of the Company since July 2003 and has served as vice president of information technology since September 2016. Mr. Zhu received an EMBA from Renmin University of China in 2021. Exchange Rate This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB7.2203 to US$1, the noon buying rate on March 29, 2024 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems. Use of Non-GAAP Financial Measures The Company uses EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders, and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders, each a non-GAAP financial measure, in evaluating ZTO's operating results and for financial and operational decision-making purposes. Reconciliations of the Company's non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures. The Company believes that EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in income from operations and net income. The Company believes that EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by ZTO's management in its financial and operational decision-making. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. EBITDA, adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure. Conference Call Information ZTO's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Wednesday, May 15, 2024 (8:30 AM Beijing Time on Thursday, May 16, 2024). Dial-in details for the earnings conference call are as follows: United States:                   1-888-317-6003 Hong Kong: 800-963-976 Mainland China: 4001-206-115 Singapore: 800-120-5863 International: 1-412-317-6061 Passcode: 1526153 Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call. A replay of the conference call may be accessed by phone at the following numbers until May 22, 2024: United States:                  1-877-344-7529 International: 1-412-317-0088 Passcode: 5307524 Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com. About ZTO Express (Cayman) Inc. ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057) ("ZTO" or the "Company") is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China. ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain. For more information, please visit http://zto.investorroom.com. Safe Harbor Statement This announcement 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 other similar expressions. Among other things, the business outlook and quotations from management in this announcement contain forward-looking statements. ZTO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") and The Stock Exchange of Hong Kong Limited (the "HKEX"), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the HKEX, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about ZTO's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: risks relating to the development of the e-commerce and express delivery industries in China; its significant reliance on certain third-party e-commerce platforms; risks associated with its network partners and their employees and personnel; intense competition which could adversely affect the Company's results of operations and market share; any service disruption of the Company's sorting hubs or the outlets operated by its network partners or its technology system; ZTO's ability to build its brand and withstand negative publicity, or other favorable government policies. Further information regarding these and other risks is included in ZTO's filings with the SEC and the HKEX. All information provided in this announcement is as of the date of this announcement, and ZTO does not undertake any obligation to update any forward-looking statement, except as required under applicable law. UNAUDITED CONSOLIDATED FINANCIAL DATA Summary of Unaudited Consolidated Comprehensive Income Data: Three Months Ended March 31, 2023 2024 RMB RMB US$ (in thousands, except for share and per share data) Revenues 8,983,239 9,960,006 1,379,445 Cost of revenues (6,459,831) (6,957,921) (963,661) Gross profit 2,523,408 3,002,085 415,784 Operating (expenses)/income: Selling, general and administrative (786,607) (896,641) (124,183) Other operating income, net 213,641 161,257 22,334 Total operating expenses (572,966) (735,384) (101,849) Income from operations 1,950,442 2,266,701 313,935 Other income/(expenses): Interest income 91,912 245,021 33,935 Interest expense (71,710) (83,916) (11,622) Gain from fair value changes of financial instruments 155,573 42,720 5,917 Gain on disposal of equity investees and subsidiaries and others - 451 62 Impairment of investment in equity investee - (478,364) (66,253) Foreign currency exchange (loss)/gain before tax (10,213) 5,384 746 Income before income tax, and share of gain in equity method investments 2,116,004 1,997,997 276,720 Income tax expense (455,007) (566,305) (78,432) Share of gain in equity method investments 3,824 16,055 2,224 Net income 1,664,821 1,447,747 200,512 Net loss/(income) attributable to non-controlling interests 5,515 (21,701) (3,006) Net income attributable to ZTO Express (Cayman) Inc. 1,670,336 1,426,046 197,506 Net income attributable to ordinary shareholders 1,670,336 1,426,046 197,506 Net earnings per share attributed to ordinary shareholders Basic 2.07 1.77 0.25 Diluted 2.03 1.75 0.24 Weighted average shares used in calculating net earnings per ordinary share/ADS Basic 808,865,862 804,935,791 804,935,791 Diluted 840,491,415 836,144,858 836,144,858 Net income 1,664,821 1,447,747 200,512 Other comprehensive income/(expenses), net of tax of nil: Foreign currency translation adjustment 19,271 (82,330) (11,403) Comprehensive income 1,684,092 1,365,417 189,109 Comprehensive loss/(income) attributable to non-controlling interests 5,515 (21,701) (3,006) Comprehensive income attributable to ZTO Express (Cayman) Inc. 1,689,607 1,343,716 186,103     Unaudited Consolidated Balance Sheets Data: As of December 31, March 31, 2023 2024 RMB RMB US$ (in thousands, except for share data) ASSETS Current assets Cash and cash equivalents 12,333,884 12,583,834 1,742,841 Restricted cash 686,568 272,266 37,708 Accounts receivable, net 572,558 559,200 77,448 Financing receivables 1,135,445 986,822 136,673 Short-term investment 7,454,633 7,038,556 974,829 Inventories 28,074 41,449 5,741 Advances to suppliers 821,942 903,693 125,160 Prepayments and other current assets 3,772,377 4,159,042 576,021 Amounts due from related parties 148,067 194,523 26,941 Total current assets 26,953,548 26,739,385 3,703,362 Investments in equity investee 3,455,119 2,945,826 407,992 Property and equipment, net 32,181,025 32,933,680 4,561,262 Land use rights, net 5,637,101 5,675,825 786,093 Intangible assets, net 23,240 21,691 3,004 Operating lease right-of-use assets 672,193 609,448 84,408 Goodwill 4,241,541 4,241,541 587,447 Deferred tax assets 879,772 950,530 131,647 Long-term investment 12,170,881 13,450,088 1,862,816 Long-term financing receivables 964,780 1,079,928 149,568 Other non-current assets 701,758 719,082 99,592 Amounts due from related parties-non current 584,263 508,333 70,403 TOTAL ASSETS 88,465,221 89,875,357 12,447,594 LIABILITIES AND EQUITY Current liabilities Short-term bank borrowing 7,765,990 8,040,790 1,113,637 Accounts payable 2,557,010 2,334,476 323,321 Notes payable - - - Advances from customers 1,745,727 1,672,339 231,616 Income tax payable 333,257 343,697 47,601 Amounts due to related parties 234,683 198,235 27,455 Operating lease liabilities 186,253 182,195 25,234 Dividends payable 1,548 3,612,693 500,352 Other current liabilities 7,236,716 6,876,129 952,334 Total current liabilities 20,061,184 23,260,554 3,221,550 Non-current operating lease liabilities 455,879 404,073 55,963 Deferred tax liabilities 638,200 661,049 91,554 Convertible senior bond 7,029,550 7,159,324 991,555 TOTAL LIABILITIES 28,184,813 31,485,000 4,360,622 Shareholders' equity Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized; 812,866,663 shares issued and 804,719,252 shares outstanding as of December 31, 2023;812,866,663 shares issued and 806,668,101 shares outstanding as of March 31,2024) 525 525 73 Additional paid-in capital 24,201,745 24,470,474 3,389,122 Treasury shares, at cost (510,986) (377,156) (52,236) Retained earnings 36,301,185 34,022,542 4,712,068 Accumulated other comprehensive loss (190,724) (273,054) (37,817) ZTO Express (Cayman) Inc. shareholders' equity 59,801,745 57,843,331 8,011,210 Noncontrolling interests 478,663 547,026 75,762 Total Equity 60,280,408 58,390,357 8,086,972 TOTAL LIABILITIES AND EQUITY 88,465,221 89,875,357 12,447,594     Summary of Unaudited Consolidated Cash Flow Data: Three Months Ended March 31, 2023 2024 RMB RMB US$ (in thousands) Net cash provided by operating activities 2,737,974 2,031,020 281,293 Net cash used in investing activities (5,866,601) (2,378,652) (329,439) Net cash provided by financing activities 840,572 130,130 18,023 Effect of exchange rate changes on cash, cash equivalents and restricted cash (8,937) 38,603 5,346 Net decrease in cash, cash equivalents and restricted cash (2,296,992) (178,899) (24,777) Cash, cash equivalents and restricted cash at beginning of period 12,603,087 13,051,310 1,807,585 Cash, cash equivalents and restricted cash at end of period 10,306,095 12,872,411 1,782,808   The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows: As of December 31, March 31, 2023 2024 RMB RMB US$ (in thousands) Cash and cash equivalents 12,333,884 12,583,834 1,742,841 Restricted cash, current 686,568 272,266 37,708 Restricted cash, non-current 30,858 16,311 2,259 Total cash, cash equivalents and restricted cash 13,051,310 12,872,411 1,782,808     Reconciliations of GAAP and Non-GAAP Results Three Months Ended March 31, 2023 2024 RMB RMB US$ (in thousands, except for share and per share data) Net income 1,664,821 1,447,747 200,512 Add: Share-based compensation expense [1] 254,976 298,387 41,326 Impairment of investment in equity investee[1] - 478,364 66,253 Gain on disposal of equity investees and subsidiaries and others, net of income taxes - (451) (62) Adjusted net income 1,919,797 2,224,047 308,029 Net income 1,664,821 1,447,747 200,512 Add: Depreciation 651,685 752,119 104,167 Amortization 34,793 33,980 4,706 Interest expenses 71,710 83,916 11,622 Income tax expenses 455,007 566,305 78,432 EBITDA 2,878,016 2,884,067 399,439 Add: Share-based compensation expense 254,976 298,387 41,326 Impairment of investment in equity investee - 478,364 66,253 Gain on disposal of equity investees and subsidiaries and others - (451) (62) Adjusted EBITDA 3,132,992 3,660,367 506,956 (1)   Net of income taxes of nil     Reconciliations of GAAP and Non-GAAP Results Three Months Ended March 31, 2023 2024 RMB RMB US$ Net income attributable to ordinary shareholders 1,670,336 1,426,046 197,506 Add: Share-based compensation expense [1] 254,976 298,387 41,326 Impairment of investment in equity investee[1] - 478,364 66,253 Gain on disposal of equity investees and subsidiaries and others, net of income taxes - (451) (62) Adjusted Net income attributable to ordinary shareholders 1,925,312 2,202,346 305,023 Weighted average shares used in calculating net earnings per ordinary share/ADS Basic 808,865,862 804,935,791 804,935,791 Diluted 840,491,415 836,144,858 836,144,858 Net earnings per share/ADS attributable to ordinary shareholders Basic 2.07 1.77 0.25 Diluted 2.03 1.75 0.24 Adjusted net earnings per share/ADS attributable to ordinary shareholders Basic 2.38 2.74 0.38 Diluted 2.33 2.68 0.37 (1)   Net of income taxes of nil   For investor and media inquiries, please contact: ZTO Express (Cayman) Inc.Investor RelationsE-mail: ir@zto.com Phone: +86 21 5980 4508

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Moatable Reports First Quarter 2024 Financial Results

PHOENIX, May 16, 2024 /PRNewswire/ -- Moatable, Inc. (OTC Pink: MTBLY) ("Moatable" or the "Company"), a leading US-based SaaS company, today announced financial results for its first quarter ended March 31, 2024. First Quarter 2024 Financial Highlights Revenue increased 15% to $14.0 million in Q1 2024. Gross profit increased 14% to $10.7 million in Q1 2024. Loss from operations improved 67% from a loss of $3.4 million in Q1 2023 to a loss of $1.1 million in Q1 2024. Adjusted EBITDA substantially improved from a loss of $2.6 million in Q1 2023 to a positive $250 thousand in Q1 2024. Total cash & cash equivalents of $39.0 million at the end of Q1 2024. "We are pleased with our continued steady revenue growth over the past five quarters and are particularly encouraged by our profitability, on an Adjusted EBITDA basis, in the first quarter. Our Adjusted EBITDA of $250 thousand in Q1 2024 shows significant improvement over the $2.6 million loss in the same quarter of 2023, as we continue to rationalize our cost structure and maintain our path to profitability", said Michael Schifsky, interim chief financial officer of the Company. About Moatable Inc. Moatable, Inc. (OTC Pink: MTBLY) operates two US-based SaaS businesses including Lofty and Trucker Path. Moatable's American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on OTC Pink open market under the symbol "MTBLY". For more news and information on Moatable, please visit Moatable.com. Forward-Looking Statements 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about Moatable's beliefs and expectations, including statements on making investments and operating businesses that generate long-term returns for investors, and expectations for future growth and innovation are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Moatable's goals and strategies; Moatable's future business development, financial condition and results of operations; Moatable's expectations regarding demand for and market acceptance of its services; Moatable's plans to enhance user experience, infrastructure and service offerings. Further information regarding these and other risks is included in our annual report on Form 10-K for the year ended December 31, 2023 and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Moatable does not undertake any obligation to update any forward-looking statement, except as required under applicable law.   Non-GAAP Financial Information This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA.  We define Adjusted EBITDA as loss from operations excluding equity-based compensation, depreciation and amortization, impairment of intangibles and certain other non-recurring expenses. See "Reconciliation of Non-GAAP Financial Measure to the Comparable GAAP Financial Measure" below. We believe that these non-GAAP financial measures are provided to enhance the reader's understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company's performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.     MOATABLE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS   (in thousands) (Unaudited) For the three months ended March 31,  2023 2024 Revenues:  SaaS revenue  $ 12,080 $ 13,982 Other services  69 41 Total revenues  12,149 14,023 Cost of revenues:  SaaS business  2,674 3,280 Other services  49 36 Total cost of revenues  2,723 3,316 Gross profit  9,426 10,707 Operating expenses  Selling and marketing  4,896 3,787 Research and development  4,902 4,458 General and administrative  3,047 3,398 Impairment of intangible assets  — 207 Total operating expenses  12,845 11,850 Loss from operations  (3,419) (1,143) Other (expense) income, net   (23) 34 Gain (Loss) from fair value change of a long-term investment  8,276 (1,488) Interest income   356 362 Income (Loss) before provision of income tax and loss in equity method  investments and non-controlling interest, net of tax  5,190 (2,235)  Income tax expenses  — (115) Income (Loss) before loss in equity method investments and  noncontrolling interest, net of tax  5,190 (2,350) Impairment on and income (loss) in equity method investments, net of tax  144 (491) Net income (loss)  $ 5,334 $ (2,841)       RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO THE COMPARABLE GAAP FINANCIAL MEASURE (in thousands) For the three months ended March 31, 2023 2024 Loss from operations $ (3,419) $ (1,143) Plus Share-based compensation expenses 765 671 Depreciation and Amortization expenses 64 233 Impairment of intangibles and goodwill - 207 Correction of payroll error - (550) Arbitration fees - 832 Adjusted EBITDA $ (2,590) $ 250  

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Celebration of GV's Second Anniversary Listing-GV Anticipates a New Journey

TORONTO, May 16, 2024 /PRNewswire/ -- Visionary Holdings Inc. (the "Company") (NASDAQ: GV), a private education provider with technology of artificial intelligence and life science on the cutting edge, with subsidiaries in Canada and market partners in China, today announced the Company celebrated the second anniversary listing on May 8, 2024. At the second anniversary gala of Visionary's listing, attendees collectively witnessed this special moment and celebrated the remarkable development and achievements of Visionary on this unforgettable evening. During the celebration, Visionary specifically honored partners and supporters who have made outstanding contributions to its development. Among them, Ms. Zhang Xiaohua was awarded the highest honor of the evening. Ms. Zhang Xiaohua has been a loyal supporter and active participant of Visionary, and she was awarded the top prize at this celebration—a brand new Farnova Coupe. All the guests at the banquet congratulated her on this achievement. As a leading technology company, Visionary has made significant progress and breakthroughs over the past two years. In this era full of challenges and opportunities, Visionary has always adhered to the principles of innovation, excellence, and sustainable development. Continuously driving technological innovation and industrial upgrading, Visionary strives to provide customers with higher quality services and products. The achievements of Visionary are inseparable from the strong support and encouragement of its vast array of partners and stakeholders from various sectors of society. They have collectively built a vibrant and innovative development platform, providing robust support for the growth of the company. During the celebration, Visionary specially recognized a group of outstanding partners and supporters who have made remarkable contributions to its development. These partners span across multiple fields, including technology, finance, culture, and more. Through collaborative efforts with Visionary, they have jointly propelled the development and expansion of the company. Meanwhile, Visionary is also filled with confidence and anticipation for the future. In this new journey, Visionary will continue to uphold the principles of innovation, excellence, and collaboration, constantly exploring and innovating to create greater value and contributions for customers and society. As we celebrate the second anniversary of Visionary's listing, let us join hands and embark on this new journey together, creating a brighter tomorrow together! About Visionary Holdings Inc. Visionary Holdings Inc. headquartered in Toronto, Canada, a private education provider with technology of artificial intelligence and life science on the cutting edge, with subsidiaries in Canada and market partners in China. The Company aims to provide access to secondary, college, undergraduate and graduate and vocational education to students in Canada through technological innovation so that more people can learn, grow and succeed to their full potential. As a fully integrated provider of educational programs and services in Canada, the Company has been serving and will continue to serve both Canadian and international students. For more information, visit the Company's website at https://ir.visiongroupca.com/. Forward-Looking Statements All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "believes," "expects," "anticipates," "estimates," "intends," "would," "continue," "should," "may," or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and in its other filings with the SEC. For more information, please contact: Visionary Holdings Inc.Investor Relations DepartmentEmail: ir@farvision.ca   

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IBM Expands Qiskit, World's Most Performant Quantum Software

Qiskit now refined as a comprehensive quantum software stack, focused on performance and stability to fully harness the power of utility-scale quantum hardware, and enable users to run increasingly more complex quantum circuits in the search for quantum advantage. YORKTOWN HEIGHTS, N.Y., May 16, 2024 /PRNewswire/ -- IBM (NYSE: IBM) today announced the evolution and expansion of Qiskit, its globally adopted quantum software. Launched in 2017, Qiskit, as a software development kit (SDK) is an open-source tool that has allowed over 550,000 users to build and run quantum circuits on IBM's quantum hardware systems, resulting in the execution of over 3 trillion quantum circuits to date. The latest version of Qiskit has been expanded to a comprehensive software stack to deliver even more performance. It has evolved from its beginnings as a popular quantum software development kit used to explore and run quantum computing experiments and into a stable SDK and portfolio of services, built to enable users to extract improved performance while running complex quantum circuits on 100+ qubit IBM quantum computers. This expansion will equip members of the IBM Quantum Network with the most performant Qiskit capabilities available to discover the next generation of quantum algorithms in their respective domains: which will play an important role in their discovery of quantum advantage. To reach quantum advantage, users need a toolset which can map their problems in a way which leverages both advanced classical and quantum computation; optimizes the problem for efficient execution with quantum; and then effectively executes the quantum circuits on real quantum hardware. IBM has spent the last seven years developing these tools, which are now coming together to comprise the Qiskit software stack. This expansion of Qiskit includes over 100 releases from its origins as a pioneering research tool built to study the inner workings of quantum computers. Today, Qiskit has matured as a software stack on which enterprises, government organizations, research institutions, and universities are running large-scale quantum experiments. The expanded software stack of Qiskit includes: The stable release of Qiskit SDK v1.x for building, optimizing, and visualizing quantum circuits. AI-powered optimization of quantum circuits for quantum hardware, embedded in the Qiskit Transpiler Service. Simplified execution modes for the Qiskit Runtime Service which can be tailored for performant execution of quantum circuits on quantum hardware. The Qiskit Code Assistant, powered by watsonx-based generative AI models, to automate the development of quantum code The Qiskit Serverless open-source tool to run quantum-centric supercomputing workloads across quantum hardware and classical clusters. The deployment of new capabilities and improvements within Qiskit SDK are enabling users to optimize circuits for quantum hardware at a rate 39 times faster than Qiskit 0.331. Qiskit also is engineered to reduce the overhead and shrink the footprint of circuits, demonstrating an average of 3 times reduction in memory usage compared to Qiskit 0.43.2 And using the Qiskit Transpiler Service, users can reduce circuit depth by combining AI and heuristic passes, compared to using the Qiskit SDK without AI optimization. "The global adoption of quantum computing — and the discovery of quantum advantage — will require a combination of leading quantum hardware alongside a robust and performant software stack to run workloads," said Jay Gambetta, IBM Fellow and Vice President, IBM Quantum. "These two pillars are fundamental to the algorithm discovery that has begun on utility-scale quantum hardware. As a growing quantum ecosystem maps their most difficult problems to quantum circuits, the Qiskit stack will be the cornerstone to exploring the computational spaces in which quantum computing excels." IBM first demonstrated the utility-scale capabilities of its quantum hardware in 2023. This signaled the start of an era in which quantum hardware can run quantum circuits faster and more accurately than a classical computer simulating a quantum computer can. Now built to maximize the performance of advanced quantum hardware, the Qiskit software stack aims to help a global ecosystem of users discover new quantum algorithms that explore where quantum computers could be the best way to solve challenges over any classical method. "Qiskit provides an important collection of tools for E.ON as we explore how quantum computing could help us navigate the financial and operational complexities of the energy industry," said Giorgio Cortiana, Head of Data and AI - Energy Intelligence, E.ON. "As a performant foundation to build and discover quantum algorithms that can be applied to business use cases, Qiskit enables our team to advance utility-scale prototypes, with the goal of finding new solutions to challenges in the European energy sector." "We started using Qiskit for our quantum computing efforts several years ago as part of an effort to help develop a quantum-ready workforce," said Stephan Eidenbenz, senior scientist at Los Alamos National Laboratory. "Laboratory researchers use Qiskit daily to interact with IBM's quantum hardware backends and to test new algorithmic ideas. The open nature of Qiskit also offers our team the ability to add compiler optimization passes and allows pulse-level access." "At Brookhaven, we have used Qiskit to execute circuits on IBM's quantum hardware, which has resulted in almost 20 published papers to date, including exploring the frontiers of physics, dynamic systems, condensed matter systems, and more. Qiskit has also enabled our teams to develop extensions that push forward our exploration of bosonic and hybrid qubit-bosonic circuits, and how they could advance fundamental quantum algorithm development and error correction," said James Misewich, Associate Laboratory Director for Energy and Photon Sciences, Brookhaven National Laboratory. "As we advance the scientific applications of quantum computing, we have incorporated IBM's Qiskit resources and tutorials into our educational programs through Brookhaven's Co-design Center for Quantum Advantage, where we partner with academic institutions like Stony Brook University to prepare the quantum workforce of the future." "For our Quantum Computing User Program here at Oak Ridge National Laboratory, advances in quantum computing software can help support the innovation and rapid growth of our user community and their developing technologies," said Travis Humble, director of the Department of Energy's Quantum Science Center at Oak Ridge National Laboratory. "Improvements in software performance will significantly impact how users test and evaluate the potential of today's quantum computing systems." "The team at Q-CTRL is enthusiastic about building with Qiskit," said Michael J. Biercuk, CEO and Founder of Q-CTRL. "Its flexible new interfaces and enhanced stability are enabling us to efficiently build simple abstractions on top of our powerful performance-management software at utility scale, so end users can explore their toughest problems with a single command." Built for the Era of Quantum Utility and Beyond Through its support of rapidly advancing quantum hardware, including vendor-agnostic flexibility, the Qiskit software stack is designed to run the breakthrough quantum circuits to progress the era of quantum utility. This is achieved by replacing performance-critical code with the Rust programming language, alongside a full portfolio of tools to enable the efficient execution of quantum circuits. As IBM continues to build milestones along its IBM Quantum Development and Innovation Roadmap towards error-corrected systems, the company expects that Qiskit will continue to deliver a framework for open, iterative, and collaborative development of new quantum algorithms and applications, done in conjunction with a growing global ecosystem of clients across industries and domain expertise areas. Additionally, these advancing capabilities will aim to help users weave together classical and quantum computing resources into a new paradigm of high-performance computing defined by quantum-centric supercomputing that integrates QPUs, GPUs, and CPUs. Orchestrated through the performant software layer of Qiskit, this next evolution of high-performance computing aims to open up new, large, and powerful spaces for industries globally. Disclaimer: IBM's statements regarding Qiskit's performance compares the current iteration of the software against its performance from applicable previous version when comparable features were available to users. Qiskit 0.33 total speed time equaled 430.89 seconds at IBM Quantum Summit 2021. Qiskit 1.0 total speed time equaled 10.9 seconds upon release in February, 2024. Disclaimer: IBM's statements regarding Qiskit's performance compares the current iteration of the software against its performance from applicable previous version when comparable features were available to users. Qiskit 0.43 memory usage equaled 1,750 MiB in May, 2023. Qiskit 1.0 memory usage equaled 580 MiB upon release in February, 2024. IBM's statements regarding its plans, directions, and intent are subject to change or withdrawal without notice at IBM's sole discretion. The development, release, and timing of any future features or functionality described for our products remain at our sole discretion. About IBM IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. MEDIA CONTACTS Erin AngeliniIBM Communicationsedlehr@us.ibm.com  Chris NayIBM Communicationscnay@us.ibm.com   Video - https://www.youtube.com/watch?v=I8Tw_ptO9DI  

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Mingteng International Corporation Inc. Announces Financial Results for Fiscal Year 2023

WUXI, China, May 16, 2024 /PRNewswire/ -- Mingteng International Corporation Inc. (Nasdaq: MTEN) (the "Company" or "Mingteng International"), an automotive mold developer and supplier in China, today announced its financial results for the fiscal year ended December 31, 2023. Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, "We are delighted to present our financial results for fiscal year 2023. The automotive mold industry in China has witnessed remarkable dynamism in recent years, characterized by a convergence of challenges and opportunities stemming from heightened market demands, technological advancements, intense competition, and uncertain international trade trends. We endeavor to navigate market challenges effectively and enhance profitability by implementing our growth strategies. Specifically, we have strengthened our partnerships with key long-term customers and sustained our efforts to expand within the mold market. Additionally, we have prioritized consistent yet substantial investments in research and development (R&D), harnessing emerging innovative technologies such as computer-aided design (CAD), and computer-aided manufacturing (CAM). Furthermore, we remain vigilant regarding concentration risks, capitalizing on opportunities in the favorable market landscape to continually broaden our customer base." Mr. Xu continued, "Looking ahead, we remain committed to our established core business strategy, with a heightened focus on mitigating risks associated with fluctuating upstream and downstream prices. More importantly, we are actively exploring opportunities for overseas business expansion. In this regard, our listing on Nasdaq has unlocked a realm of opportunities and prosperity for us, bolstering our capital funding capabilities to support business expansion, R&D initiatives, potential acquisitions, and ultimately, the creation of enhanced shareholder value in the future." Fiscal Year 2023 Financial Highlights Total revenue was $8.23 million in the fiscal year 2023, an increase of 2.5% from $8.03 million in the fiscal year 2022. Gross profit was 3.32 million in the fiscal year 2023, compared to $3.91 million in the fiscal year 2022. Gross margin was 40.4% in the fiscal year 2023, compared to 48.8% in the fiscal year 2022. Income from operations was $1.74 million in the fiscal year 2023, compared to $2.36 million in the fiscal year 2022. Net income was $1.51 million in the fiscal year 2023, compared to $2.13 million in the fiscal year 2022. Basic and diluted earnings per share were $0.30 in the fiscal year 2023, compared to $0.43 in the fiscal year 2022. Fiscal Year 2023 Financial Results Revenues Total revenue was $8.23 million in the fiscal year 2023, an increase of 2.5% from $8.03 million in the fiscal year 2022. The increase was primarily due to increases in the revenue from mold production and machining services, and partially offset by the decrease in revenue from mold repair. After consideration of the impact of rising exchange rates, total revenue increased by 7.4% or 2.5 million in RMB base currency. For the Year Ended March 31, 2023 2022 ($ millions) Revenue Cost of Revenue Gross Margin Revenue Cost of Revenue Gross Margin Mold production 6.64 4.15 37.5 % 6.58 3.65 44.5 % Mold repair 1.08 0.42 61.6 % 1.14 0.30 73.7 % Machining services 0.50 0.27 46.0 % 0.31 0.10 68.7 % Total 8.23 4.83 40.4 % 8.03 4.05 48.8 % Revenue from mold production was $6.64 million in the fiscal year 2023, which increased by 0.8% from $6.58 million in the fiscal year 2022. Despite the adverse impact of exchange rate fluctuations, mold production volume and revenues still represented a slight increase, this indicates that Wuxi Mingteng Mould Technology Co., Ltd. ("Wuxi Mingteng Mould") maintains long-term relationships with major customers and continues to open up the mold market in the fiscal year 2023. In addition, Wuxi Mingteng Mould entered the aluminum alloy pressure casting mold business in the fiscal year 2022. Revenue from this product has experienced rapid growth in the fiscal year 2023, which accounted for 23% and 10% of our total mold production sales for the year ended December 31, 2023 and 2022, respectively. Currently, Runxingtai (Changzhou) Technology Co., Ltd. has become a key customer for the future growth of this business. Revenue from mold repair was $1.08 million in the fiscal year 2023, which decreased by 4.6% from $1.14 million in the fiscal year 2022. The order volume of mold repair in the fiscal year 2023 has actually increased by 10% compared to the same period in 2022, and after considering the adverse effect from the exchange rate fluctuation, the revenue from mold repair maintained relatively stable. In addition, certain delivered products had not yet received the customer's confirmation of acceptance notice, and this portion of the revenue totaling $65,890 will be recognized after passing the acceptance inspection in the future. Revenue from machining services was $0.50 million in the fiscal year 2023, which increased by 64.2% from $0.31 million in the fiscal year 2022. The increase was mainly due to the Company's improvement in the production capacity in the second half of year 2023. Cost of Revenues Cost of revenues was $4.83 million in the fiscal year 2023, which increased by 19.5% from $4.05 million in the fiscal year 2022. The cost of revenues mainly comes from raw material costs, manufacturing costs and labor costs. The revenues had not increased significantly, the reasons that costs growth has far exceed the growth of revenues as follows: First is the increase in the investment in machinery and equipment in the fiscal year 2023 and 2022. Second, Wuxi Mingteng Mould entered the aluminum alloy pressure casting mold business in the fiscal year 2022. As a new entrant in the aluminum alloy pressure casting mold business, Wuxi Mingteng Mould does not have the ability to handle the whole manufacturing process and needed to purchase outside processing services, the cost of outside processing increased by $250,948. Last, in order to promote the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in the fiscal year 2023, which lead to an increase in labor cost by approximately $285,835 compared with the same period in the fiscal year 2022. Gross Profit Gross profit was $3.32 million in the fiscal year 2023, which decreased by 15.1% from $3.91million for fiscal year 2022. Gross profit margin was 40.4% for fiscal year 2023, compared to 48.8% for fiscal year 2022. Gross margins for mold production, mold repair and machining services were 37.5%, 61.6%, and 46.0%, respectively, for fiscal year 2023, compared to 44.5%, 73.7%, and 68.7%, respectively, for fiscal year 2022. Operating Expenses Operating expenses were $1.58 million in the fiscal year 2023, which increased by 1.9% from $1.55 million in the fiscal year 2022. Selling expenses were $153,213 in the fiscal year 2023, which increased by 15.6% from $132,542 in the fiscal year 2022, primarily due to the Company continuing to open up the mold market, which lead to an increase in business entertainment expenses and travel expenses. General and administrative expenses were $797,140 in the fiscal year 2023, which decreased by 14.0% from $926,786 in the fiscal year 2022, primarily due to a) the validity period for the accrual of social security and housing provident funds under the laws of the PRC for the fiscal year 2020 and 2021 has expired on December 31,2023, which should be written off in the fiscal year 2023, led to the decrease of $273,885 in 2023 compared to 2022; b) payment for audit fees of $290,000 in the fiscal year 2023, increased by $62,259 from $227,741 in the fiscal year 2022; and c) the increase of consulting fee in the fiscal year 2023 by $26,305 compared with the same period in 2022; and d) the increase of entertainment expenses in the fiscal year 2023 by $57,799 compared with the same period in 2022. Research and development expenses were $630,752 in the fiscal year 2023, which increased by 28.1% from $492,526 in the fiscal year 2022. This increase was mainly attributable to the increase in R&D raw material consumption by $133,661 in 2023 due to the Company increased efforts in R&D in order to expand the market. Net Income Net income was $1.51 million for fiscal year 2023, compared to $2.13 million for fiscal year 2022. Basic and Diluted Earnings per Share Basic and diluted earnings per share were $0.30 in the fiscal year 2023, compared to basic and diluted earnings per share of $0.43 in the fiscal year 2022. Financial Condition As of December 31, 2023, the Company had cash and cash equivalents of $1.06 million, compared to $1.79 million as of December 31, 2022. Net cash provided operating activities was $1.30 million in the fiscal year 2023, compared to $2.85 million in the fiscal year 2022. Net cash used in investing activities was $0.76 million in the fiscal year 2023, compared to $1.43 million in the fiscal year 2022. Net cash used in financing activities was $1.25 million in the fiscal year 2023, compared to net cash provided by financing activities of $0.17 million in the fiscal year 2022. Recent Development The Company's ordinary shares began trading on the Nasdaq Capital Market on April 18, 2024, under the ticker symbol "MTEN." On April 22, 2024, the Company completed its initial public offering (the "Offering") of 1,050,000 ordinary shares at a public offering price of US$4.00 per ordinary share. On May 10, 2024, the underwriters of the Offering have exercised their over-allotment option in full to purchase an additional 157,500 ordinary shares at the public offering price of US$4.00 per share. The gross proceeds were $4.83 million, before deducting underwriting discounts and offering expenses payable by the Company. About Mingteng International Corporation Inc. Based in China, Mingteng International Corporation Inc. is an automotive mold developer and supplier that focuses on molds used in auto parts. The Company provides customers with comprehensive and personalized mold services, covering mold design and development, mold production, assembly, testing, repair and after-sales service. With its production plant located in Wuxi, China, the Company aims to build a systematic solution for automobile mold services and create a personalized and integrated "Turnkey Project" for customers. The Company's main products are casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The Company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components, which are widely used in automobile, construction machinery and other manufacturing industries. For more information, please visit the Company's website: https://ir.wxmtmj.cn/.  Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company's final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company's securities. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. For investor and media inquiries, please contact: Mingteng International Corporation Inc.Investor Relations DepartmentEmail: ir@wxmtmj.cn  Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: investors@ascent-ir.com   MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2023 2022 ASSETS Current Assets                 Cash and cash equivalents $ 1,056,236 $ 1,793,323 Accounts receivable, net 3,517,632 2,429,450 Notes receivable 471,166 785,574 Advances to suppliers 388,110 240,620 Other receivables 12,344 5,287 Inventories, net 1,217,045 1,061,226 Total current assets 6,662,533 6,315,480 Non-current Assets Property and equipment, net 3,335,187 2,647,165 Deferred tax assets, net - 6,143 Lease right-of-use assets, net - 549,684 Deferred offering costs 715,771 550,368 Total non-current assets 4,050,958 3,753,360 Total Assets $ 10,713,491 $ 10,068,840 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term loans $ 282,378 $ 1,364,041 Accounts payable 1,053,215 718,322 Other payables 47,982 48,745 Advance from customers 401,935 61,229 Payroll payable 474,629 515,999 Taxes payable 519,299 800,977 Amounts due to related parties 240,309 316,039 Current portion of lease liabilities - 100,565 Total current liabilities 3,019,747 3,925,917 Non-current Liabilities Long-term payable - 69,034 Deferred tax liabilities 246,893 - Total non-current liabilities 246,893 69,034 Total Liabilities 3,266,640 3,994,951 Commitments and contingencies (Note 15) Shareholders' Equity: Ordinary shares (Par value US$0.00001 per share, 5,000,000,000 shares   authorized, 5,000,000 shares issued and outstanding as of December 31, 2023   and 2022) 50 50 Additional paid-in capital 897,308 897,308 Statutory reserves 465,572 465,572 Retained earnings 6,466,293 4,959,591 Accumulated other comprehensive (loss) (382,372) (248,632) Total shareholders' equity 7,446,851 6,073,889 Total Liabilities and Shareholders' Equity $ 10,713,491 $ 10,068,840     MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2023 2022 Revenues $ 8,225,911 $ 8,026,764 Cost of revenues (4,834,521) (4,046,514) Sales tax (67,557) (67,147) Gross profit 3,323,833 3,913,103 Operating expenses: Selling expenses 153,213 132,542 General and administrative expenses 797,140 926,786 Research and development expenses 630,752 492,526 Total operating expenses 1,581,105 1,551,854 Income from operations 1,742,728 2,361,249 Other income (expenses): Government subsidies 129,138 92,832 Interest income 4,459 2,171 Interest (expense) (59,477) (53,991) Other income, net 34,440 58,311 Total other income, net 108,560 92,832 Income before income taxes 1,851,288 2,460,572 Provision for income taxes (344,586) (327,384) Net income $ 1,506,702 $ 2,133,188 Comprehensive income Net income $ 1,506,702 $ 2,133,188 Foreign currency translation (loss) (133,740) (479,845) Total comprehensive income $ 1,372,962 $ 1,653,343 Earnings per share – Basic and diluted $ 0.30 $ 0.43 Weighted average number of shares outstanding – Basic and diluted 5,000,000 5,000,000     MINGTENG INTERNATIONAL CORPORATION INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years EndedDecember 31, 2023 2022 Cash flows from operating activities Net income $ 1,506,702 $ 2,133,188 Adjustments to reconcile net income to net cash provided by (used in) operating      activities: Depreciation and amortization 404,881 272,237 Amortization of right-of-use-assets 97,095 158,180 (Recovery of) provision for doubtful accounts (5,079) 17,606 Deferred tax liability (benefits) 254,224 (4,304) Loss on disposal of property and equipment 648 - Changes in operating assets and liabilities: Accounts receivable, net (1,129,372) (489,078) Notes receivable 302,846 (294,440) Advance to suppliers (151,983) (223,562) Other receivables, net (35,657) 760,209 Inventories, net (174,399) 194,674 Accounts payable 348,641 224,538 Advance from customers 343,470 (34,598) Other payables - 50,474 Payroll payable (32,932) 166,388 Taxes payable (269,691) 354,593 Amounts due to related parties (70,819) (348,333) Principal payments under operating lease obligations (88,586) (85,075) Net cash provided by operating activities 1,299,989 2,852,697 Cash flows from investing activities Purchase of property and equipment (761,792) (1,439,365) Proceeds on disposal of property and equipment - 6,558 Net cash (used in) investing activities (761,792) (1,432,807) Cash flows from financing activities Net (repayment of) proceeds from short-term loans (1,064,321) 743,376 Shareholder contribution - 148,675 Dividends - (352,123) Payments of offering costs (172,179) (144,000) Principal payments under finance lease obligations (12,488) (230,372) Net cash (used in) provided by financing activities (1,248,988) 165,556 Effect of foreign exchange rate changes on cash and cash equivalents (26,296) (99,156) Net (decrease) increase in cash and cash equivalents (737,087) 1,486,290 Cash and cash equivalents at the beginning of the year 1,793,323 307,033 Cash and cash equivalents at the end of the year $ 1,056,236 $ 1,793,323 Supplemental disclosures of cash flow information: Interest paid $ 59,477 $ 53,991 Income taxes paid $ 205,761 $ 101, 459  

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Snail, Inc. Reports First Quarter 2024 Financial Results

CULVER CITY, Calif., May 16, 2024 /PRNewswire/ -- Snail, Inc. (NASDAQ: SNAL) ("Snail" or "the Company"), a leading, global independent developer and publisher of interactive digital entertainment, today announced financial results for its first quarter ended March 31, 2024. Tony Tian, Co-Chief Executive Officer commented, "I'm absolutely thrilled and humbled to take the helm as Co-CEO of Snail. This Company has an exceptionally talented team, ground-breaking technologies, and iconic franchises, like ARK, that have fostered passionate gamer communities worldwide. As someone who has been an avid ARK player, I have a deep, personal appreciation for the creativity and innovation of our Snail team. I am excited for Snail's bright future and the opportunity to work with this passionate, talented and dedicated team." First Quarter 2024 Highlights: ARK: Survival Ascended. On October 25, 2023, the Company launched its flagship remake of the ARK franchise leveraging Unreal Engine 5's stunning graphics and introduced a game-altering cross-platform modding system, ushering in a new era of creativity. Since its launch, ARK: Survival Ascended sold approximately 2.0 million units and has an average of 121,000 daily active users ("DAUs") with a peak of 308,000 DAUs. In the first quarter of 2024, the Company successfully launched premium mods on PC and will look to expand premium mods' availability to additional platforms in the coming months. ARK: Survival Evolved. In the three months ended March 31, 2024, ARK: Survival Evolved averaged a total of approximately 133,000 DAUs. ARK: Survival Evolved sold approximately 0.6 million units in the first quarter of 2024. Net revenues for the three months ended March 31, 2024 was $14.1 million compared to $13.5 million in the three months ended March 31, 2023. The increase in net revenues was due to an increase in total ARK sales of $5.1 million, an increase in revenue generated from a settlement that was previously deferred of $1.2 million, an increase in sales of the Company's other games of $0.7 million, partially offset by a decrease in Ark Mobile sales of $0.6 million and an increase in deferred revenues of $5.5 million related to the ARK franchise. Net loss for the three months ended March 31, 2024 was $1.8 million compared to a net loss of $3.0 million for the three months ended March 31, 2023. The decrease in net loss is due to an increase in net revenues of $0.6 million, decreased general and administrative expenses of $2.2 million, and an increase in other income of $0.2 million, partially offset by increased research and development expenses of $0.4 million, increased costs of revenues of $1.2 million and a decrease in benefit from income taxes of $0.3 million. Bookings for the three months ended March 31, 2024 was $19.6 million as compared to $13.3 million for the three months ended March 31, 2023, the increase was primarily due to the release of ARK: Survival Ascended in the fourth quarter of 2023. In addition to increased sales of ARK: Survival Ascended, the Company deferred approximately $5.5 million in revenues during the three months ended March 31, 2024 for the ARK: Survival Ascended DLC's, which have not yet been released. Earnings before interest, taxes, depreciation and amortization ("EBITDA") for the three months ended March 31, 2024 was a loss of $1.9 million compared to a loss of $3.4 million in the prior year period. The increase was due to the decrease in net loss of $1.2 million and a decrease in benefit from income taxes of $0.3 million. As of March 31, 2024, unrestricted cash was $16.1 million. Use of Non-GAAP Financial Measures In addition to the financial results determined in accordance with U.S. generally accepted accounting principles, or GAAP, Snail believes Bookings and EBITDA, as non-GAAP measures, are useful in evaluating its operating performance. Bookings and EBITDA are non-GAAP financial measures that are presented as supplemental disclosures and should not be construed as alternatives to net income (loss) or revenue as indicators of operating performance, nor as alternatives to cash flow provided by operating activities as measures of liquidity, both as determined in accordance with GAAP. Snail supplementally presents Bookings and EBITDA because they are key operating measures used by management to assess financial performance. Bookings adjusts for the impact of deferrals and, Snail believes, provides a useful indicator of sales in a given period. EBITDA adjusts for items that Snail believes do not reflect the ongoing operating performance of its business, such as certain non-cash items, unusual or infrequent items or items that change from period to period without any material relevance to its operating performance. Management believes Bookings and EBITDA are useful to investors and analysts in highlighting trends in Snail's operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which Snail operates and capital investments. Bookings is defined as the net amount of products and services sold digitally or physically in the period. Bookings is equal to revenues, excluding the impact from deferrals. Below is a reconciliation of total net revenue to Bookings, the closest GAAP financial measure. Three Months ended March 31, 2024 2023 (in millions) Total net revenue  $                       14.1 $                       13.5 Change in deferred net revenue  5.5 (0.2) Bookings  $                       19.6 $                       13.3 We define EBITDA as net income (loss) before (i) interest expense, (ii) interest income, (iii) income tax provision (benefit from) and (iv) depreciation and amortization expense. The following table provides a reconciliation from net loss to EBITDA: Three Months ended March 31, 2024 2023 (in millions) Net loss $                       (1.8) $                       (3.0) Interest income and interest income – related parties  (0.1) - Interest expense and interest expense – related parties  0.4 0.3 Benefit from income taxes  (0.5) (0.8) Depreciation and amortization expense, property and equipment 0.1 0.1 EBITDA  $                       (1.9) $                       (3.4) Webcast Details The Company will host a webcast at 4:30 PM ET today to discuss the first quarter 2024 financial results. Participants may access the live webcast and replay on the Company's investor relations website at https://investor.snail.com/. Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "predict," "continue," "estimate" and "potential," or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail's intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail's business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other casual game developers and publishers and both large and small, public and private Internet companies; its ability to attract and retain a qualified management team and other team members while controlling its labor costs; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, My Nintendo Store, the Apple App Store, the Google Play Store and the Amazon Appstore; the size of addressable markets, market share and market trends; its ability to successfully enter new markets and manage international expansion; protecting and developing its brand and intellectual property portfolio; costs associated with defending intellectual property infringement and other claims; future business development, results of operations and financial condition; the ongoing conflicts involving Russia and Ukraine, and Israel and Hamas, on its business and the global economy generally; rulings by courts or other governmental authorities; the Company's current program to repurchase shares of its Class A common stock, including expectations regarding the timing and manner of repurchases made under this share repurchase program; its plans to pursue and successfully integrate strategic acquisitions; and assumptions underlying any of the foregoing. Further information on risks, uncertainties and other factors that could affect Snail's financial results are included in its filings with the Securities and Exchange Commission (the "SEC") from time to time, including its annual reports on Form 10-K and quarterly reports on Form 10-Q filed, or to be filed, with the SEC. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those expressed or implied in the forward-looking statements as a result of such risks and uncertainties. All forward-looking statements in this press release are based on management's beliefs and assumptions and on information currently available to Snail, and Snail does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Snail, Inc. Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For additional information, please contact: investors@snail.com     Snail, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $           16,068,729 $           15,198,123 Accounts receivable, net of allowances for credit losses of $523,500 as of March 31, 2024 and December 31, 2023 7,375,179 25,134,808 Accounts receivable - related party 2,585,213 - Loan and interest receivable - related party 104,252 103,753 Prepaid expenses - related party 4,337,556 6,044,404 Prepaid expenses and other current assets 2,419,201 639,693 Prepaid taxes 9,459,348 9,529,755 Total current assets 42,349,478 56,650,536 Restricted cash and cash equivalents 1,117,310 1,116,196 Accounts receivable - related party, net of current portion 6,000,592 7,500,592 Prepaid expenses - related party 10,842,748 7,784,062 Property, plant and equipment, net 4,599,728 4,682,066 Intangible assets, net - other 271,517 271,717 Deferred income taxes 10,803,281 10,247,500 Other noncurrent assets 169,047 164,170 Operating lease right-of-use assets, net 2,138,285 2,440,690 Total assets $           78,291,986 $           90,857,529 LIABILITIES, NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $             9,901,360 $           12,102,929 Accounts payable - related parties 16,951,062 23,094,436 Accrued expenses and other liabilities 2,425,882 2,887,193 Interest payable - related parties 527,770 527,770 Revolving loan 3,000,000 6,000,000 Notes payable - 2,333,333 Convertible notes, net of discount 702,284 797,361 Current portion of long-term promissory note 2,791,438 2,811,923 Current portion of deferred revenue 21,937,421 19,252,628 Current portion of operating lease liabilities 1,540,086 1,505,034 Total current liabilities 59,777,303 71,312,607 Accrued expenses 254,731 254,731 Deferred revenue, net of current portion 17,102,747 15,064,078 Operating lease liabilities, net of current portion 1,023,216 1,425,494 Total liabilities 78,157,997 88,056,910 Commitments and contingencies Stockholders' Equity: Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 9,357,749 shares issued and 8,007,474 shares outstanding as of March 31, 2024, and 9,275,420 shares issued and 7,925,145 shares outstanding as of December 31, 2023 935 927 Class B common stock, $0.0001 par value, 100,000,000 shares authorized; 28,748,580 shares issued and outstanding as of March 31, 2024, and December 31, 2023 2,875 2,875 Additional paid-in capital 25,304,692 26,171,575 Accumulated other comprehensive loss (273,680) (254,383) Accumulated deficit (15,728,654) (13,949,325) Treasury stock at cost (1,350,275 as of March 31, 2024 and December 31, 2023) (3,671,806) (3,671,806) Total Snail, Inc. equity 5,634,362 8,299,863 Noncontrolling interests (5,500,373) (5,499,244) Total stockholders' equity 133,989 2,800,619 Total liabilities, noncontrolling interests and stockholders' equity $           78,291,986 $           90,857,529       Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Three months ended March 31, 2024 2023 Revenues, net $           14,115,729 $           13,458,488 Cost of revenues 12,041,698 10,860,937 Gross profit 2,074,031 2,597,551 Operating expenses: General and administrative 2,282,040 4,525,751 Research and development  1,776,522 1,373,797 Advertising and marketing 141,030 104,549 Depreciation and amortization  82,338 115,060 Total operating expenses 4,281,930 6,119,157 Loss from operations (2,207,899) (3,521,606) Other income (expense): Interest income 99,762 31,473 Interest income - related parties 499 493 Interest expense (395,964) (294,583) Other income 227,066 8,175 Foreign currency transaction loss 18,128 (2,367) Total other income (expense), net (50,509) (256,809) Loss before benefit from income taxes (2,258,408) (3,778,415) Benefit from income taxes (477,950) (805,818) Net loss (1,780,458) (2,972,597) Net loss attributable to non-controlling interests (1,129) (1,219) Net loss attributable to Snail, Inc. $           (1,779,329) $           (2,971,378) Comprehensive loss statement: Net loss $           (1,780,458) $           (2,972,597) Other comprehensive income (loss) related to currency translation adjustments, net of tax (19,297) 2,320 Total comprehensive loss $         (1,799,755) $         (2,970,277) Net loss attributable to Class A common stockholders: Basic $            (385,722) $            (642,340) Diluted $            (385,722) $            (642,340) Net loss attributable to Class B common stockholders: Basic $         (1,393,607) $         (2,329,038) Diluted $         (1,393,607) $         (2,329,038) Loss per share attributable to Class A and B common stockholders: Basic $                  (0.05) $                  (0.08) Diluted $                  (0.05) $                  (0.08) Weighted-average shares used to compute loss per share attributable to Class A common stockholders: Basic 7,957,031 7,928,742 Diluted 7,957,031 7,928,742 Weighted-average shares used to compute loss per share attributable to Class B common stockholders: Basic 28,748,580 28,748,580 Diluted 28,748,580 28,748,580       Snail, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the three months ended March 31, 2024 2023 Cash flows from operating activities: Net loss $           (1,780,458) $           (2,972,597) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Amortization - intangible assets - license, related parties - 695,652 Amortization - intangible assets - other 200 201 Amortization - loan origination fees and debt discounts 47,729 8,911 Accretion - convertible notes 181,754 - Depreciation and amortization - property and equipment 82,338 115,060 Stock-based compensation expense (926,875) 152,595 Interest income from restricted escrow deposit - (9,874) Deferred taxes, net (555,781) - Changes in assets and liabilities: Accounts receivable 17,759,629 (230,885) Accounts receivable - related party (1,085,213) 47,744 Prepaid expenses - related party (1,351,838) (2,500,000) Prepaid expenses and other current assets (1,779,508) (632,240) Prepaid taxes 70,407 - Accounts payable (1,938,654) (1,248,355) Accounts payable - related parties (6,143,374) (377,476) Accrued expenses and other liabilities (461,311) 443,528 Interest receivable - related party (499) (493) Lease liabilities (64,821) (49,411) Deferred revenue 4,723,462 (151,130) Net cash provided by (used in) operating activities 6,777,187 (6,708,770) Cash flows from financing activities: Repayments on promissory note (20,484) (26,503) Repayments on notes payable (2,333,333) (1,666,667) Repayments on convertible notes (269,550) - Repayments on revolving loan (3,000,000) - Purchase of treasury stock - (257,093) Payments of capitalized offering costs - (92,318) Payments of offering costs in accounts payable (262,914) - Net cash used in financing activities (5,886,281) (2,042,581) Effect of currency translation on cash and cash equivalents (19,186) 2,074 Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents 871,720 (8,749,277) Cash and cash equivalents, and restricted cash and cash equivalents - beginning of period 16,314,319 19,238,185 Cash and cash equivalents, and restricted cash and cash equivalents – end of period $        17,186,039 $        10,488,908 Supplemental disclosures of cash flow information Cash paid during the period for: Interest $               171,101 $               285,672 Income taxes $                   1,871 $               182,387 Noncash finance activity during the period for: Debt converted to equity $               (60,000) $                         -  

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