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PHOENIX, June 8, 2023 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or the "Company") announced today that it will change its name to Moatable, Inc., which is anticipated to become effective on June 22, 2023. Over the course of 5~7 years, Renren sold off its SNS business, divested its used car business, and shifted its business focus to a vertical SaaS model serving BtB customers. The Company's rebranding reflects its business model's change from B2C internet to vertical B2B SaaS. "The Moatable brand better represents who we are today, where we are going, and how we get there," said Joseph Chen, Chairman and CEO of the Company. "Moatable reflects our desire to continue incubating, acquiring, and operating high-growth SaaS businesses with competitive moats and the ability to scale." "We intend for our portfolio companies to be 'moatable' meaning they have competitive moats – or safeguards – such as technology, network effects, entry and exit barriers, first mover advantage, and economies of scale," added Chris Palmer, CFO. "The new branding embodies our focus on building great businesses and reflects our ongoing efforts to create long-term value for our stakeholders through innovation, efficiency, and a growth mindset." The existing ticker symbol RENN will be retired on June 22, 2023, with the Company thereafter traded under MTBL. To learn more, visit www.moatable.com. About Renren Inc. Renren Inc. incubates, acquires, and builds category-leading vertical industry SaaS businesses. The Company currently majority holds several U.S.-based SaaS businesses including Chime Technologies, Inc. (www.chime.me) an all-in-one CRM and sales acceleration platform designed to help real estate professionals close more deals faster, and Trucker Path, Inc. (www.truckerpath.com), a suite of applications and dispatch services commercial truck drivers use to plan trips, navigate, and operate their business, both vertical SaaS businesses serving segments for industries with multi-million participants. American depositary shares, each currently representing 45 Class A ordinary shares of the Company, are traded on the New York Stock Exchange under the ticker symbol RENN. 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 Renren'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: Renren's goals and strategies; Renren's future business development, financial condition and results of operations; Renren's expectations regarding demand for and market acceptance of its services; Renren'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, 2022 and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Create highly interactive content and foster stronger brand resonance with its readers through AI TAIPEI, June 8, 2023 /PRNewswire/ -- Hearst Taiwan boasts numerous media channels that attract over 10 million unique monthly users, solidifying its position as one of Taiwan's leading media websites with a substantial female user base. Previously, Hearst Taiwan utilized data analytics tools in its first phase to help its clients reach a wider female audience by providing them with trendy and diverse content. Today, by leveraging Appier's AI-powered enterprise solutions, Hearst Taiwan can utilize first-party data from its website and social media to create more precise user profiles and develop a keyword database. This enabled Hearst Taiwan's successful upgrade to the next phase with digital user management platform, empowering them to provide better personalized communication and content recommendations. Hearst Taiwan owns a portfolio of globally influential magazines, including the Mandarin editions of ELLE International and ELLE Accessories, Harper's BAZAAR, Cosmopolitan.com, and Women's Health. These esteemed brands provide women with a diverse range of lifestyle perspectives and inspiration. Leveraging Appier's AI engine and comprehensive 360-degree solutions like AIQUA, BotBonnie and AIXON, Hearst Taiwan has enhanced multiple brand campaigns, delivering superior performance for its clients. Furthermore, through OMO marketing activities, personalized communication, and engaging interactive gamification campaigns, Hearst Taiwan has effectively boosted user engagement and article click-through rates. This multifaceted approach has allowed numerous premium brands to maximize their high-value target audiences, resulting in improved conversions and exceptional outcomes. 1. ELLE Casino immersive theater event creates OMO integrated experience, achieving 70% retention rate along the user journey In 2022, ELLE Taiwan celebrated its 31st anniversary, and held a special immersive event called "ELLE Casino" to mark the occasion. In this event, ELLE Taiwan planned online gamification activities with a unique design to encourage participants who experienced the online activities to sign up for the offline event. The online games also attracted participants who were not able to attend the offline event in person to enjoy the immersive experience online. To maximize the impact of the event, ELLE Taiwan meticulously collected and analyzed onsite behavior to identify users with high engagement levels. Subsequently, these targeted users were reached through in-web pop-ups, guiding them toward ELLE Taiwan's Facebook Messenger, LINE, and other social channels. This captivating approach enticed users to actively participate in game challenges, including scratch cards and roulette draws. By doing so, ELLE Taiwan effectively warmed up for the physical event and garnered popularity. Furthermore, the brand created personalized messages for potential readers, along with built-in marketing tool kits and flexible reply mechanisms on conversational marketing platforms, to create more touch points for the "ELLE Casino" online campaign. This immersive online journey yielded impressive results, including a remarkable online user retention rate of over 70% and an outstanding event sign-up rate of 90%, successfully creating a cohesive experience from online to offline. Image 1: ELLE Casino immersive theater event successfully guided users to interact through its social media platforms and increased the overall user retention rate to over 70% 2. 360º intelligent user profile enables personalized communication In addition, Hearst Taiwan leveraged Appier's de-identification technology powered by AI and deep learning technologies to extract key attributes and perform probabilistic matching. By using first-party data obtained from onsite users, this approach enabled the establishment of 360-degree intelligent user profiles. Compared to generic notifications, personalized notifications reduced the total message volume by 80%, while simultaneously achieving a remarkable 5.5 times higher click through rate, demonstrating the effectiveness of tailored messages in driving user engagement. Through this approach, Hearst Taiwan gained the flexibility to adapt its communication strategy for special campaigns and festivals. For example, during the transition between seasons, Hearst Taiwan promoted an article featuring a luxury brand's latest fall/winter apparel to a selected user segment who had previously viewed fashion-related articles. By utilizing AI and insights from past engagements, Hearst Taiwan establishes meaningful connections among brand, content, and readers, thereby delivering resonant and impactful content to a wider audience. The AI-powered intelligent data augmentation platform offers a range of marketing applications by automatically generating user tags, expanding keywords, and uncovering new interests. By analyzing the existing reader base of ELLE Taiwan, marketers gained valuable insights to effectively target potential audiences, leading to business expansion and website monetization. Additionally, AI enabled the customization of diverse remarketing activities, such as EDM and SMS campaigns for existing loyal and high-value readers. This tailored approach enhanced the open rate or conversion rate of the brand's own media channels and effectively leveraged AI's predictive capabilities to understand user behavior and expand to new customer segments. Image 2: AI-powered intelligent data augmentation platform enriched ELLE Taiwan reader profiles, predict readers’ potential behaviors, and aided in business development 3. Diversified and interactive gamification elements to foster onsite engagement and achieve a positive cross-channel cycle Hearst Taiwan is dedicated to enhancing user interaction quality through creative copywriting and gamification tools. By incorporating a variety of interactive gamification elements, users can sustain their interest in the brand even when transitioning between social channels. The adaptable module settings also allowed Hearst Taiwan to implement out-of-the-box marketing ideas. For instance, the implementation of a conditions module enabled users to take personalized quizzes through chat conversations. Following the quiz, users were directed to the brand's website to access more articles, thereby creating multiple touchpoints with potential readers and amplifying cross-channel engagement. Figure 3: Harness the power of creative copywriting in conjunction with gamification elements to foster cross-channel social engagement Developing a multifaceted user journey while effectively monetizing data "In addition to fostering meaningful reader engagement through personalized communication, Hearst Taiwan hopes to leverage Appier's expertise in AI and digital marketing to combine a variety of marketing tools to enrich users' online journey and create more touchpoints with potential users. This holistic approach also stimulates website monetization, attracting high-quality brands to collaborate with Hearst Taiwan and further strengthening the platform's local operations and growth momentum," Harry Wen, Group Senior Digital Business Development Director of Hearst Taiwan, said. "This strategic direction will put us in a strong position to lead the trends and lifestyle domain." About Hearst Taiwan Hearst Taiwan is the Taiwanese branch of Hearst Corporation, the largest monthly magazine publishing corporation in the world. Hearst Taiwan owns multiple globally influential magazines, including the Mandarin editions of ELLE International and ELLE Accessories, Harper's BAZAAR, Cosmopolitan.com, and Women's Health. These esteemed brands provide women with a diverse range of lifestyle perspectives and inspiration. Visit www.hearst.com.tw for more information. About Appier Appier (TSE: 4180) is a software-as-a-service (SaaS) company that uses artificial intelligence to power business decision-making. Founded in 2012 with a vision of democratizing AI, Appier now has 17 offices across APAC, Europe and the US, and is listed on the Tokyo Stock Exchange. Visit www.appier.com for more company information and visit www.appier.com/en/success-stories for more case study information.
HONG KONG, June 8, 2023 /PRNewswire/ -- F+L Week 2023, the premier industry event for the fuels and lubricants industry, is being held for the first time in Malaysia. Organized by Hong Kong-based publishing company F&L Asia Ltd., the event will be held at the prestigious Four Seasons Hotel in Kuala Lumpur, and will feature several prominent executives from Malaysia. The theme of this year's conference is Fuels and Lubricants: Navigating the Energy Transition. With a legacy spanning 28 years, the annual F+L Week event provides a platform for industry professionals to network, share knowledge and explore the latest trends and innovations in the fuels and lubricants industries. Ahmad Adly Alias, Vice President Refining, Marketing & Trading, Downstream Business, PETRONAS, will open the conference on June 14 with a presentation on Industry Excellence in Fuels and Lubricants Through Partnership & Collaboration. Ravi Tallamraju, Chief Technology Officer, PETRONAS Lubricants International, will present on e-Transmission Fluid Development Challenges for EV & Hybrid Vehicle Applications. Dr. Takanori Hoshino, Executive Officer & Chief Bio Engineer at Chitose, which recently completed construction on a five-hectare (ha) microalgae production facility in Sarawak, Malaysia, will present on MicroAlgae Towards a Sustainable and Resilient Industry. The company plans to expand production to 2,000 ha, potentially yielding 140,000 dry tons of microalgal dry-biomass per year, towards the end of the decade. A potential expansion to 10 million ha is also possible in the future. "We are excited to announce the inclusion of local Malaysian experts in our program. Their deep understanding of the local Malaysian market, coupled with their extensive industry knowledge, will bring a unique perspective to the event," says Vicky Villena-Denton, CEO of F&L Asia Ltd., which is celebrating its 28th year. F+L Week 2023 commences on June 13 with a dedicated networking day and tabletop exhibition, followed by two days of technical sessions on June 14-15. By fostering collaboration between local and international thought leaders, F+L Week is set to deliver an exceptional and diverse experience that will help shape the future of the industry in the region. These local business leaders will be complemented by a high-calibre line-up of international speakers that includes Flavio Kliger, Senior Vice President, Lubrizol Corporation; Goh Koon Eng, Vice President of Commercial, Chevron Oronite; Sarah Horne, Vice President for Synthetic Base Stocks, ExxonMobil Product Solutions Company; and Dr. Z. George Zhang, Vice President, International R&D, Valvoline Global Operations. Presentations from leading OEMs including Tesla, Caterpillar, Geely, Mahindra and Toyota will ensure F+L Week 2023 is an unparalleled opportunity for learning and networking. Day two of the technical session culminates in the exquisite F&L Asia Awards Dinner, where attendees will have a special opportunity to join industry representatives to recognise the achievements of outstanding individuals and ground-breaking products — a memorable experience for all participants, highlighted by a Malaysian cultural performance. Since 2017, F+L Week has honoured outstanding individuals and groundbreaking products with the prestigious F&L Asia Awards. The recipient of this year's F&L Asia Person of the Year Award is Goh Koon Eng. He is currently Vice President of Commercial for Chevron Oronite, based in Singapore. Goh has played a significant role in several key Oronite advancements in Asia, including establishing the company's original presence in Singapore, expanding Oronite's Singapore Manufacturing Plant through multiple large-scale projects, and establishing a manufacturing footprint in Ningbo, China. Goh's willingness to embrace new technologies and his warm and compassionate approach have earned him the respect and support of his colleagues in Asia and beyond. To find out more about F+L Week 2023, visit the conference website. For a quick glimpse of the event schedule, click here. To register, please contact conference@fuelsandlubes.com. ABOUT F+L WEEK F+L Week 2023 will be held from June 14-16 at the Four Seasons Hotel in Kuala Lumpur, Malaysia. The event will be co-located with the ALIA Annual Meeting. For full details of the F+L Week 2023 event, click here. The conference theme is "Fuels and Lubricants: Navigating the Energy Transition." Governments, investors, and consumers around the world are signalling plans for a more rapid shift away from fossil fuels. While fossil fuels will continue to play a key role in the decades to come, the pattern of use will change. F+L Week will provide insight into the technical challenges and opportunities that come with the energy transition and the implications for fuels and lubricants of a more sustainable future. The F+L Week 2023 Conference & Exhibition starts on June 13, 2023, with a pre-conference networking day for customers and suppliers to connect over coffee, tea, and lunch. Participants can pre-book their appointments via F+L Connect, our networking website for F+L Week 2023. For inquiries, please contact us at conference@fuelsandlubes.com. For more information, please, visit the website: https://www.fuelsandlubes.com/fl-week/
SHANGHAI, June 8, 2023 /PRNewswire/ -- The highly anticipated Huawei Intelligent Finance Summit 2023 commenced in Shanghai, bringing together over 2,000 industry leaders, experts, and innovators from more than 300 financial institutions worldwide. Under the theme of "Navigate Change, Shaping Smarter Finance Together", attendees discussed how to accelerate digital transformation through innovative technologies to boost digital productivity. Jason Cao, CEO of Huawei Global Digital Finance Jason Cao, CEO of Huawei Global Digital Finance, said, "The world is rapidly approaching a milestone of 100 billion connections, with an explosion of data at the ZB level. We have officially entered the era of ZFLOPS, where the power of AI has surpassed the inflection point and is now driving transformation across various industries and services. To thrive in the intelligent era, we must re-evaluate our approach to connections, data, applications, and infrastructure, and fully embrace digital technologies to build future-oriented core competitiveness." Huawei is committed to making strategic investments in foundational technologies to deepen its involvement in the financial industry. In line with this commitment, Huawei has announced four strategic directions for the financial industry: building resilient infrastructure, accelerating application modernization, enhancing data-driven decisions, and enabling scenario innovation. Focusing on ICT products and portfolios to strengthen the resilience of digital infrastructure Helping customers accelerate application modernization and enable service agility Diving into data intelligence to enhance customers' data usage and data-driven decisions Collaborating cloud, pipe, edge, and device technologies to enable customers' scenario innovation Looking to the future, Huawei will continue exploring business scenarios and developing systematic solutions that align with the strategic directions. Our goal is to help customers build full connectivity featuring agility, experience, and collaboration, and to achieve full intelligence that is real-time, converged, and shared, enabling ubiquitous all-scenario financial services. Collaborating with global customers and partners to shape smarter finance together Those delivering keynote speeches included Niu Xinzhuang, CIO of Postal Savings Bank of China; Zhou Yanti, General Manager of the Financial Technology Department of Bank of Communications; Brett King, a world-renowned opinion leader and the author of Bank 4.0; Zhou Tianhong, General Manager of Information Technology Department of China Merchants Bank; Mao Yuxing, Vice General Manager of Haitong Securities; and Kou Guan, General Manager of IT Management Department and Technology Operations Center of China CITIC Bank. In their speeches, they shared the latest and most innovative practices in financial digital transformation and provided valuable insights into the future of digital finance. During the Summit, Huawei signed cooperation agreements with multiple financial institutions to release new solutions and upgrade the innovative technical capabilities of multiple ICT products and portfolio solutions. Huawei is committed to promoting the comprehensive development of digital talent and works closely with the industry to achieve this goal. In the next three years, Huawei will establish deep collaborations with customers, industry associations, and partners to develop 50,000 digital professionals for the industry, laying a solid foundation for financial transformation. Huawei has dedicated 13 years to the financial industry. To date, Huawei has served over 3,300 financial customers in more than 60 countries and regions, including 50 of the world's top 100 banks. Moving forward, Huawei remains committed to advancing cutting-edge technologies and exploring new scenarios, while at the same time collaborating with customers and partners to build fully-connected, fully-intelligent, and all-scenario digital finance. By navigating changes with agility and innovation, Huawei aim to enhance digital productivity and create a brighter future together. For more details, please refer to: https://e.huawei.com/cn/events/2023/industries/finance/finance-summit Contacthwebgcomms@huawei.com
SHANGHAI, June 8, 2023 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the "Company"), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the first quarter of 2023. Key Highlights for the First Quarter of 2023 Domestic and international business continued to show robust recovery in the first quarter of 2023 - Domestic hotel bookings grew by more than 100% year over year. - Same city staycation hotel bookings grew by 150% compared to those for the same period in 2019, the pre-COVID level. - Outbound hotel and air reservations recovered to over 40% of those for the same period in 2019, the pre-COVID level, despite a 15% recovery in the overall outbound aviation market. - Air-ticket bookings on the Company's global OTA platforms grew by over 200% year over year, and grew by over 100% compared to those for the same period in 2019, the pre-COVID level. The Company delivered strong results in the first quarter of 2023 - Net revenue increased by 124% year over year and exceeded that for the same period in 2019, the pre-COVID level. - Net income for the first quarter was RMB3.4 billion (US$491 million), which improved from a net loss of RMB1.0 billion for the same period in 2022 and net income of RMB2.1 billion for the previous quarter. - Adjusted EBITDA for the first quarter was RMB2.8 billion (US$410 million). Adjusted EBITDA margin was 31%, compared to 2% for the same period in 2022 and 6% for the previous quarter. "During the first quarter of 2023, there has been an upsurge in both domestic and outbound travel activities in China," said James Liang, Executive Chairman. "We are encouraged to see the world becoming more open and connected at the start of 2023. We remain positive for the outlook of the global travel industry and the opportunities that lie ahead." "We are delighted to see that our first quarter results have demonstrated the long-term growth prospects of the travel industry and the strong execution of our team," said Jane Sun, Chief Executive Officer. "Over the past three years, we have focused on strengthening our supply chain, content offerings, and service quality. Such improvements empower us to better capture the pent-up demand for travel and establish a solid foundation for sustainable growth." First Quarter of 2023 Financial Results and Business Updates The Company's business has been significantly recovered since most of the travel restrictions and quarantine requirements in China were lifted. The accumulative travel backlog demand has been releasing since January 2023. For the first quarter of 2023, Trip.com Group reported net revenue of RMB9.2 billion (US$1.3 billion), representing a 124% increase from the same period in 2022 and an 83% increase from the previous quarter, primarily due to the substantial recovery of travel market. Accommodation reservation revenue for the first quarter of 2023 was RMB3.5 billion (US$507 million), representing a 140% increase from the same period in 2022 and a 106% increase from the previous quarter, primarily due to the substantial recovery of travel market. Transportation ticketing revenue for the first quarter of 2023 was RMB4.2 billion (US$605 million), representing a 150% increase from the same period in 2022 and an 89% increase from the previous quarter, primarily due to the substantial recovery of travel market. Packaged-tour revenue for the first quarter of 2023 was RMB386 million (US$56 million), representing a 211% increase from the same period in 2022 and a 135% increase from the previous quarter, primarily due to the substantial recovery of travel market. Corporate travel revenue for the first quarter of 2023 was RMB445 million (US$65 million), representing a 100% increase from the same period in 2022 and a 61% increase from the previous quarter, primarily due to the substantial recovery of travel market. Cost of revenue for the first quarter of 2023 increased by 53% to RMB1.6 billion (US$238 million) from the same period in 2022 and increased by 37% from the previous quarter, primarily due to the substantial recovery of travel market. Cost of revenue as a percentage of net revenue was 18% for the first quarter of 2023. Product development expenses for the first quarter of 2023 increased by 35% to RMB2.7 billion (US$389 million) from the same period in 2022 and increased by 27% from the previous quarter, primarily due to an increase in product development personnel related expenses. Product development expenses as a percentage of net revenue was 29% for the first quarter of 2023. Sales and marketing expenses for the first quarter of 2023 increased by 108% to RMB1.8 billion (US$256 million) from the same period in 2022 and increased by 53% from the previous quarter, primarily due to an increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 19% for the first quarter of 2023. General and administrative expenses for the first quarter of 2023 increased by 53% to RMB891 million (US$130 million) from the same period in 2022 and increased by 9% from the previous quarter, primarily due to an increase in general and administrative personnel related expenses. General and administrative expenses as a percentage of net revenue was 10% for the first quarter of 2023. Income tax expense for the first quarter of 2023 was RMB341 million (US$50 million), compared to income tax benefit of RMB14 million for the same period in 2022 and income tax expense of RMB246 million for the previous quarter. The change in Trip.com Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes, and changes in valuation allowance provided for deferred tax assets. Net income for the first quarter of 2023 was RMB3.4 billion (US$491 million), compared to net loss of RMB1.0 billion for the same period in 2022 and net income of RMB2.1 billion for the previous quarter. Adjusted EBITDA for the first quarter of 2023 was RMB2.8 billion (US$410 million), compared to RMB91 million for the same period in 2022 and RMB286 million for the previous quarter. Adjusted EBITDA margin was 31% for the first quarter of 2023, compared to 2% for the same period in 2022 and 6% for the previous quarter. Net income attributable to Trip.com Group's shareholders for the first quarter of 2023 was RMB3.4 billion (US$491 million), compared to net loss attributable to Trip.com Group's shareholders of RMB1.0 billion for the same period in 2022 and net income attributable to Trip.com Group's shareholders of RMB2.1 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense) and their tax effects, non-GAAP net income attributable to Trip.com Group's shareholders for the first quarter of 2023 was RMB2.1 billion (US$300 million), compared to non-GAAP net loss attributable to Trip.com Group's shareholders of RMB36 million for the same period in 2022 and non-GAAP net income attributable to Trip.com Group's shareholders of RMB498 million for the previous quarter. Diluted earnings per ordinary share and per ADS was RMB5.02 (US$0.73) for the first quarter of 2023. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB3.07 (US$0.45) for the first quarter of 2023. Each ADS currently represents one ordinary share of the Company. As of March 31, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB68.0 billion (US$9.9 billion). Conference Call Trip.com Group's management team will host a conference call at 8:00 PM EST on June 7, 2023 (or 8:00 AM CST on June 8, 2023) following this announcement. The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website. All participants must pre-register to join this conference call using the Participant Registration link below: https://register.vevent.com/register/BI17472948791e4acabf2ae31d36cdf7f6 Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident" or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group's ADSs or shares, Trip.com Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group's existing or future business lines, damage to or failure of Trip.com Group's infrastructure and technology, loss of services of Trip.com Group's key executives, the impact of COVID-19 to Trip.com Group's business operations, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of the variable interest entities and the contractual arrangements among Trip.com Group, the variable interest entities and their shareholders, and other risks outlined in Trip.com Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law. About Non-GAAP Financial Measures To supplement Trip.com Group's consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes, net of tax, and other applicable items. Trip.com Group's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods. Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group's business for the foreseeable future. Reconciliations of Trip.com Group's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release. About Trip.com Group Limited Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission "to pursue the perfect trip for a better world." For further information, please contact: Investor RelationsTrip.com Group Limited Tel: +86 (21) 3406-4880 X 12229Email: iremail@trip.com Trip.com Group Limited Unaudited Consolidated Balance Sheets (In millions, except share and per share data) December 31, 2022 March 31, 2023 March 31, 2023 RMB (million) RMB (million) USD (million) ASSETS Current assets: Cash, cash equivalents and restricted cash 18,487 30,576 4,452 Short-term investments 25,545 17,386 2,532 Accounts receivable, net 5,486 9,257 1,348 Prepayments and other current assets 11,917 15,167 2,208 Total current assets 61,435 72,386 10,540 Property, equipment and software 5,204 5,140 748 Intangible assets and land use rights 12,825 12,781 1,861 Right-of-use asset 819 757 110 Investments (Includes held to maturity time deposit andfinancial products of RMB15,527 million and RMB20,048million as of December 31,2022 and March 31, 2023,respectively) 50,177 56,720 8,259 Goodwill 59,337 59,340 8,641 Other long-term assets 570 596 87 Deferred tax asset 1,324 1,413 206 Total assets 191,691 209,133 30,452 LIABILITIES Current liabilities: Short-term debt and current portion of long-term debt 32,674 39,231 5,712 Accounts payable 7,569 11,287 1,644 Advances from customers 8,278 10,467 1,524 Other current liabilities 12,718 13,562 1,975 Total current liabilities 61,239 74,547 10,855 Deferred tax liability 3,487 3,485 507 Long-term debt 13,177 13,453 1,959 Long-term lease liability 534 498 73 Other long-term liabilities 235 263 38 Total liabilities 78,672 92,246 13,432 SHAREHOLDERS' EQUITY Total Trip.com Group Limited shareholders' equity 112,283 116,150 16,913 Non-controlling interests 736 737 107 Total shareholders' equity 113,019 116,887 17,020 Total liabilities and shareholders' equity 191,691 209,133 30,452 Trip.com Group Limited Unaudited Consolidated Statements of (Loss)/Income (In millions, except share and per share data) Quarter ended Quarter ended Quarter ended Quarter ended March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2023 RMB (million) RMB (million) RMB (million) USD (million) Revenue: Accommodation reservation 1,450 1,689 3,480 507 Transportation ticketing 1,663 2,204 4,156 605 Packaged-tour 124 164 386 56 Corporate travel 222 277 445 65 Others 652 697 744 108 Total revenue 4,111 5,031 9,211 1,341 Less: Sales tax and surcharges (2) (4) (13) (2) Net revenue 4,109 5,027 9,198 1,339 Cost of revenue (1,067) (1,199) (1,637) (238) Gross profit 3,042 3,828 7,561 1,101 Operating expenses: Product development * (1,974) (2,104) (2,674) (389) Sales and marketing * (843) (1,148) (1,755) (256) General and administrative * (584) (816) (891) (130) Total operating expenses (3,401) (4,068) (5,320) (775) (Loss)/income from operations (359) (240) 2,241 326 Interest income 591 458 441 64 Interest expense (341) (427) (486) (71) Other (expense)/income (707) 2,745 1,652 241 (Loss)/income before income taxexpense and equity in income ofaffiliates (816) 2,536 3,848 560 Income tax benefit/(expense) 14 (246) (341) (50) Equity in loss of affiliates (199) (210) (133) (19) Net (loss)/income (1,001) 2,080 3,374 491 Net loss/(income) attributable to non-controlling interests 12 (23) 1 0 Net (loss)/income attributable toTrip.com Group Limited (989) 2,057 3,375 491 (Losses)/earnings per ordinary share - Basic (1.52) 3.17 5.18 0.75 - Diluted (1.52) 3.12 5.02 0.73 (Losses)/earnings per ADS - Basic (1.52) 3.17 5.18 0.75 - Diluted (1.52) 3.12 5.02 0.73 Weighted average ordinary shares outstanding - Basic 647,812,835 649,893,734 651,849,468 651,849,468 - Diluted 647,812,835 658,660,803 672,743,729 672,743,729 * Share-based compensation included in Operating expenses above is as follows: Product development 107 147 179 26 Sales and marketing 18 37 31 5 General and administrative 98 126 168 24 Trip.com Group Limited Unaudited Reconciliation of GAAP and Non-GAAP Results (In millions, except % and per share data) Quarter ended Quarter ended Quarter ended Quarter ended March 31, 2022 December 31, 2022 March 31, 2023 March 31, 2023 RMB (million) RMB (million) RMB (million) USD (million) Net (loss)/income (1,001) 2,080 3,374 491 Less: Interest income (591) (458) (441) (64) Add: Interest expense 341 427 486 71 Add: Other expense/(income) 707 (2,745) (1,652) (241) Add: Income tax (benefit)/expense (14) 246 341 50 Add: Equity in loss of affiliates 199 210 133 19 (Loss)/income from operations (359) (240) 2,241 326 Add: Share-based compensation 223 310 378 55 Add: Depreciation and amortization 227 216 201 29 Adjusted EBITDA 91 286 2,820 410 Adjusted EBITDA margin 2 % 6 % 31 % 31 % Net (loss)/income attributable to Trip.com Group Limited (989) 2,057 3,375 491 Add: Share-based compensation 223 310 378 55 Add: Loss/(gain) from fair value changes of equity securitiesinvestments and exchangeable senior notes 785 (1,945) (1,648) (240) Add: Tax effects on fair value changes of equity securitiesinvestments and exchangeable senior notes (55) 76 (40) (6) Non-GAAP net (loss)/income attributable to Trip.com GroupLimited (36) 498 2,065 300 Weighted average ordinary shares outstanding- Diluted-non GAAP 647,812,835 658,571,739 672,743,729 672,743,729 Non-GAAP Diluted (losses)/income per share (0.06) 0.76 3.07 0.45 Non-GAAP Diluted (losses)/income per ADS (0.06) 0.76 3.07 0.45 Notes for all the condensed consolidated financial schedules presented: Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.8676 on March 31, 2023 published by the Federal Reserve Board.
SHANGHAI, June 8, 2023 /PRNewswire/ -- At the Huawei Intelligent Finance Summit 2023, Huawei Cloud held a summit themed "Leading Cloud Native for Agile and Smart Finance", where more than 500 guests from world-leading financial institutions and companies exchanged ideas on the innovation trends of cloud native technologies and data-AI convergence and shared their practices. Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service, and Jason Cao, CEO of Huawei Global Digital Finance, delivered welcome speeches. William Dong, President of Huawei Cloud Marketing, delivered a keynote speech and released two innovative solutions: Financial Container Cloud and Cloud Native GaussDB(DWS). Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service "We are witnessing an unprecedented speed of digital transformation in the financial industry," Jacqueline said, "Technologies such as cloud native, data intelligence, and AIGC are not just buzzwords, but innovative solutions changing the financial landscape. They help financial institutions modernize processes, design personalized customer experiences, and build more products and services in a more agile way. I believe the destination of digital transformation is very clear, but the approach is full of challenges. We hope in the financial industry, both of us can work together to make impossible possible." Jason Cao, CEO of Huawei Global Digital Finance Jason stated, "We share with you our roadmap, our plans on technology. We want you to see the determination of Huawei, how we will dive deeper in developing technology, dive deeper in the financial industry. We think it's time for the cloud, also for AI. We need change. And Huawei is determined, committed to supporting all of you to address all of these changes." William Dong, President of Huawei Cloud Marketing William said that more and more top banks are deploying cloud native, and cloud native is paving the way to digital transformation for the finance industry. Following the Everything as a Service strategy, Huawei Cloud aims to become the cloud foundation and industry enabler for digital transformation. Banks will speed up their pace towards digital transformation and smart finance from three aspects: resilient infrastructure, modernized financial applications, and financial data-AI convergence. First, resilient, all-in-cloud infrastructure. On the basis of security, stability, and reliability, resources on Huawei Cloud are highly scalable and elastic for financial institutions to use them on demand. Second, modernized financial applications. Huawei Cloud aims to help financial institutions meet ever-changing demands, roll out new services faster, and ensure software quality and stability. Third, a financial decision-making and analysis platform built on data-AI convergence. This platform is key to developing personalized and intelligent services, and allows financial institutions to predict and control risks more accurately. At this summit, Huawei Cloud officially released the Financial Container Cloud and Cloud Native GaussDB(DWS). The Financial Container Cloud underpinned by Huawei Cloud Stack, the Financial Container Cloud is deployed in customers' on-premises data centers. It has four features: high performance, high scalability & security, high maintainability and good openness and compatibility. Huawei Cloud also upgrades its GaussDB(DWS), an all-scenario cloud data warehouse, to a serverless architecture with multiple industry-leading features. Justin Chen, CTO of Bank Neo Commerce (BNC), the largest digital bank in Indonesia, shared his thoughts on building a digital bank with Huawei Cloud. He said that the company's digital bank services are fully backed by the elastic cloud resources. Their product iteration and rollout become faster, from months to days, and a more agile product portfolio allows them to meet the changing market needs. Running on Huawei Cloud, BNC witnesses a 10-fold increase in digital banking users to 23 million within nine months, who now enjoy seamless, convenient service experience. Liu Bo, Deputy Director of the System Department under Data Center of Agricultural Bank of China (ABC), shared how ABC built a "1+4" cloud native platform for both stable and agile services. The one goal is 100% containerization. Bai Jiong, Senior Data Warehouse Architect of China Merchants Bank (CMB), shared CMB's practices in exploring data value and driving business growth through cloud data warehouses. They built a hyperscale global financial core data warehouse on GaussDB(DWS) through joint efforts with Huawei, laying a solid foundation for digital CMB.
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