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BEIJING, Aug. 7, 2023 /PRNewswire/ -- Sohu.com Limited (NASDAQ: SOHU) ("Sohu" or the "Company"), a leading Chinese online media, video, and game business group, today reported unaudited financial results for the second quarter ended June 30, 2023. Second Quarter Highlights Total revenues were US$152 million, down 22% year-over-year and 6% quarter-over-quarter. Brand advertising revenues were US$24 million, down 4% year-over-year and up 6% quarter-over-quarter. Online game revenues were US$118 million, down 25% year-over-year and 9% quarter-over-quarter. GAAP net loss attributable to Sohu.com Limited was US$21 million, compared with net income of US$9 million in the second quarter of 2022 and a net loss of US$18 million in the first quarter of 2023. Non-GAAP[1] net loss attributable to Sohu.com Limited was US$18 million, compared with net income of US$12 million in the second quarter of 2022 and a net loss of US$13 million in the first quarter of 2023. Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, "In the second quarter of 2023, we delivered stable performance, with both revenues and the bottom line meeting our expectations. At Sohu Media, we enhanced the user experience through continuous refinements to our products and technology and by offering users a steady stream of reliable content in real time. At Sohu Video, with consistent execution of our "Twin Engine" strategy, we expanded our portfolio of long and short-form video content and proactively improved their social distribution. Leveraging our advanced live broadcasting technology and Sohu product matrix, we hosted traditional flagship events and innovative content marketing campaigns which generated abundant premium content and attracted more users. This put us in a position to explore more monetization opportunities and gain advertising dollars. Online games remained steady, generating revenues in line with our prior guidance." [1] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the related income tax impact; and interest expense recognized in connection with the one-time transition tax (the "Toll Charge") imposed by the U.S. Tax Cuts and Jobs Act signed into law on December 22, 2017 (the "U.S. TCJA"). Explanation of the Company's non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying "Non-GAAP Disclosure" and "Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures." Second Quarter Financial Results Revenues Total revenues were US$152 million, down 22% year-over-year and 6% quarter-over-quarter. Brand advertising revenues were US$24 million, down 4% year-over-year and up 6% quarter-over-quarter. Online game revenues were US$118 million, down 25% year-over-year and 9% quarter-over-quarter. The decreases were mainly due to the natural decline of our older games. Gross Margin Both GAAP and non-GAAP gross margin were 76%, compared with 73% in the second quarter of 2022 and 75% in the first quarter of 2023. Both GAAP and non-GAAP gross margin for the brand advertising business were 30%, compared with 4% in the second quarter of 2022 and 17% in the first quarter of 2023. Both GAAP and non-GAAP gross margin for online games were 87%, compared with 84% in the second quarter of 2022 and 85% in the first quarter of 2023. Operating Expenses GAAP operating expenses were US$138 million, up 5% year-over-year and down 1% quarter-over-quarter. Non-GAAP operating expenses were US$138 million, up 6% year-over-year and down 1% quarter-over-quarter. The year-over-year increase was mainly due to an increase in Changyou's product development expenses. Operating Profit/(Loss) GAAP operating loss was US$23 million, compared with an operating profit of US$10 million in the second quarter of 2022 and an operating loss of US$18 million in the first quarter of 2023. Non-GAAP operating loss was US$23 million, compared with an operating profit of US$11 million in the second quarter of 2022 and an operating loss of US$18 million in the first quarter of 2023. Income Tax Expense GAAP income tax expense was US$18 million, compared with income tax expense of US$17 million in the second quarter of 2022 and income tax expense of US$13 million in the first quarter of 2023. Non-GAAP income tax expense was US$15 million, compared with income tax expense of US$16 million in the second quarter of 2022 and income tax expense of US$11 million in the first quarter of 2023. Net Income/(Loss) GAAP net loss attributable to Sohu.com Limited was US$21 million, or a net loss of US$0.62 per fully-diluted ADS, compared with net income of US$9 million in the second quarter of 2022 and a net loss of US$18 million in the first quarter of 2023. Non-GAAP net loss attributable to Sohu.com Limited was US$18 million, or a net loss of US$0.52 per fully-diluted ADS, compared with net income of US$12 million in the second quarter of 2022 and a net loss of US$13 million in the first quarter of 2023. Liquidity and Capital Resources As of June 30, 2023, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.4 billion. Supplementary Information for Changyou Results[2] Second Quarter 2023 Operating Results For PC games, total average monthly active user accounts[3] (MAU) were 2.2 million, a decrease of 4% year-over-year and flat quarter-over-quarter. Total quarterly aggregate active paying accounts[4] (APA) were 0.9 million, a decrease of 12% year-over-year and 4% quarter-over-quarter. The year-over-year decrease in APA was mainly due to the natural decline of TLBB PC. For mobile games, total average MAU were 1.3 million, a decrease of 35% year-over-year and 19% quarter-over-quarter. Total quarterly APA were 0.3 million, a decrease of 35% year-over-year and 15% quarter-over-quarter. The decreases in MAU and APA were due to the natural decline of our older games. [2] "Changyou Results" consist of the results of Changyou's online game business and its 17173.com Website. [3] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month. [4] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter. Second Quarter 2023 Unaudited Financial Results Total revenues were US$119 million, a decrease of 25% year-over-year and 9% quarter-over-quarter. Online game revenues were US$118 million, a decrease of 25% year-over-year and 9% quarter-over-quarter. Online advertising revenues were US$1 million, a decrease of 37% year-over-year and 19% quarter-over-quarter. GAAP and non-GAAP gross profit were both US$103 million, a decrease of 22% year-over-year and 7% quarter-over-quarter. GAAP operating expenses were US$54 million, an increase of 12% year-over-year and a decrease of 5% quarter-over-quarter. The year-over-year increase was mainly due to an increase in product development expenses. Non-GAAP operating expenses were US$54 million, an increase of 13% year-over-year and a decrease of 5% quarter-over-quarter. GAAP operating profit was US$49 million, compared with an operating profit of US$84 million for the second quarter of 2022 and US$54 million for the first quarter of 2023. Non-GAAP operating profit was US$49 million, compared with a non-GAAP operating profit of US$85 million for the second quarter of 2022 and US$55 million for the first quarter of 2023. Business Outlook For the third quarter of 2023, Sohu estimates: Brand advertising revenues to be between US$21 million and US$24 million; this implies an annual decrease of 7% to 18%, and a sequential decrease of nil to 12%. Online game revenues to be between US$108 million and US$118 million; this implies an annual decrease of 21% to 27%, and a sequential decrease of nil to 9%. This guidance excludes revenue projections for the New TLBB Mobile game, which is scheduled to launch in the third quarter of 2023. Given that the game is not yet launched, revenue projections for the game remain uncertain. Therefore the Company believes that it is appropriate to take a conservative approach with its third quarter guidance. Non-GAAP net loss attributable to Sohu.com Limited to be between US$20 million and US$30 million; and GAAP net loss attributable to Sohu.com Limited to be between US$23 million and US$33 million. For the third quarter 2023 guidance, the Company has adopted a presumed exchange rate of RMB7.20=US$1.00, as compared with the actual exchange rate of approximately RMB6.83=US$1.00 for the third quarter of 2022, and RMB7.00=US$1.00 for the second quarter of 2023. This forecast reflects Sohu's management's current and preliminary view, which is subject to substantial uncertainty. Non-GAAP Disclosure To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), Sohu's management uses non-GAAP measures of gross profit, operating profit, net income, net income attributable to Sohu.com Limited and diluted net income attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the related income tax impact; and interest expense recognized in connection with the Toll Charge imposed by the U.S. TCJA. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Sohu's management believes excluding share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the related income tax impact; and interest expense recognized in connection with the Toll Charge from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the related income tax impact; and interest expense recognized in connection with the Toll Charge cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense and changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the related income tax impact, do not involve subsequent cash outflow or are reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense and changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the related income tax impact, and also excluded the interest expense recognized in connection with the Toll Charge. The non-GAAP financial measures are provided to enhance investors' overall understanding of Sohu's current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit, net income, net income attributable to Sohu.com Limited, and diluted net income attributable to Sohu.com Limited per ADS excluding share-based compensation expense and interest expense recognized in connection with the Toll Charge is that share-based compensation expense and interest expense recognized in connection with the Toll Charge have been and can be expected to continue to be significant recurring expenses in Sohu's business. It is also possible that changes in fair value recognized in the Company's consolidated statements of operations with respect to equity investments with readily determinable fair values, and the related income tax impact will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented. Notes to Financial Information Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu's unaudited financial statements prepared in accordance with GAAP. Safe Harbor Statement This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu's next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu's beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that 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, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu's reported U.S. dollar results; fluctuations in Sohu's quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in video content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; Sohu's reliance on online advertising sales and online games for its revenues; and the impact of the U.S. TCJA. Further information regarding these and other risks is included in Sohu's annual report on Form 20-F for the year ended December 31, 2022, and other filings with and information furnished to the U.S. Securities and Exchange Commission. Conference Call and Webcast Sohu's management team will host a conference call at 7:30 a.m. U.S. Eastern Time, August 7, 2023 (7:30 p.m. Beijing/Hong Kong time, August 7, 2023) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin. The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu's website at https://investors.sohu.com/ About Sohu Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China's internet pioneers, in the 1990s. As a mainstream media platform, Sohu is indispensable to the daily life of millions of Chinese, providing a network of web properties and community based products which continually offer a broad array of choices regarding information, entertainment and communication to the vast number of Sohu users. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of the leading online media destinations Sohu News App, mobile news portal m.sohu.com, PC portal www.sohu.com; online video website tv.sohu.com; and the online games platform www.changyou.com/en/. Sohu provides online brand advertising services as well as multiple news, information and content services on its matrix of websites and also on its mobile platforms. Sohu's online game business, conducted by its subsidiary Changyou, develops and operates a diverse portfolio of PC and mobile games, such as the well-known Tian Long Ba Bu ("TLBB") PC and Legacy TLBB Mobile. For investor and media inquiries, please contact: In China: Ms. Pu Huang Sohu.com Limited Tel: +86 (10) 6272-6645 E-mail: ir@contact.sohu.com In the United States: Ms. Linda Bergkamp Christensen Tel: +1 (480) 614-3004 E-mail: linda.bergkamp@christensencomms.com SOHU.COM LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Three Months Ended Jun. 30, 2023 Mar. 31, 2023 Jun. 30, 2022 Revenues: Brand advertising $ 23,883 $ 22,524 $ 24,923 Online games 118,426 129,463 157,294 Others 9,781 9,806 12,563 Total revenues 152,090 161,793 194,780 Cost of revenues: Brand advertising (includes share-based compensation expense of $-21, $13, and $14, respectively) 16,705 18,687 23,964 Online games (includes share-based compensation expense of $18, $18, and $42, respectively) 15,839 19,028 25,691 Others 4,477 2,728 3,345 Total cost of revenues 37,021 40,443 53,000 Gross profit 115,069 121,350 141,780 Operating expenses: Product development (includes share-based compensation expense of $179, $269, and $589, respectively) 69,492 73,048 65,098 Sales and marketing (includes share-based compensation expense of $-52, $35, and $33, respectively) 57,153 52,443 53,359 General and administrative (includes share-based compensation expense of $134, $410, and $708, respectively) 11,372 14,311 13,229 Total operating expenses 138,017 139,802 131,686 Operating profit/(loss) (22,948) (18,452) 10,094 Other income, net 5,131 3,797 7,235 Interest income 11,041 11,084 3,720 Exchange difference 3,067 (1,074) 4,943 Income/(loss) before income tax expense (3,709) (4,645) 25,992 Income tax expense 17,747 13,289 17,323 Net income/(loss) (21,456) (17,934) 8,669 Less: Net income/(loss) attributable to the noncontrolling interest shareholders (261) (1) 1 Net income/(loss) attributable to Sohu.com Limited (21,195) (17,933) 8,668 Basic net income/(loss) per share/ADS attributable to Sohu.com Limited5 $ (0.62) $ (0.53) $ 0.25 Shares/ADSs used in computing basic net income/(loss) per share/ADS attributable to Sohu.com Limited 34,091 34,091 34,535 Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited $ (0.62) $ (0.53) $ 0.25 Shares/ADSs used in computing diluted net income/(loss)per share/ADS attributable to Sohu.com Limited 34,091 34,091 34,535 5 Each ADS represents one ordinary share. SOHU.COM LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED, IN THOUSANDS) As of Jun. 30, 2023 As of Dec. 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 482,623 $ 697,821 Restricted cash 3,168 3,641 Short-term investments 528,615 473,624 Accounts receivable, net 58,531 67,541 Prepaid and other current assets 87,530 83,093 Total current assets 1,160,467 1,325,720 Fixed assets, net 270,338 288,226 Goodwill 46,868 47,415 Long-term investments, net 24,104 26,012 Intangible assets, net 3,629 5,394 Long-term time deposits 370,796 265,802 Other assets 10,914 19,207 Total assets $ 1,887,116 $ 1,977,776 LIABILITIES Current liabilities: Accounts payable $ 47,647 $ 56,449 Accrued liabilities 112,025 126,461 Receipts in advance and deferred revenue 47,632 48,080 Accrued salary and benefits 57,105 60,754 Taxes payables 9,826 10,612 Other short-term liabilities 117,941 114,532 Total current liabilities $ 392,176 $ 416,888 Long-term other payables 1,223 1,795 Long-term tax liabilities 451,911 448,043 Other long-term liabilities 207 340 Total long-term liabilities $ 453,341 $ 450,178 Total liabilities $ 845,517 $ 867,066 SHAREHOLDERS' EQUITY: Sohu.com Limited shareholders' equity 1,040,593 1,109,442 Noncontrolling interest 1,006 1,268 Total shareholders' equity $ 1,041,599 $ 1,110,710 Total liabilities and shareholders' equity $ 1,887,116 $ 1,977,776 SOHU.COM LIMITED RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES (UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Three Months Ended Jun. 30, 2023 Three Months Ended Mar. 31, 2023 Three Months Ended Jun. 30, 2022 GAAP Non-GAAP Adjustment Non-GAAP GAAP Non-GAAP Adjustment Non-GAAP GAAP Non-GAAP Adjustment Non-GAAP (21) (a) 13 (a) 14 (a) Brand advertising gross profit $ 7,178 $ (21) $ 7,157 $ 3,837 $ 13 $ 3,850 $ 959 $ 14 $ 973 Brand advertising gross margin 30 % 30 % 17 % 17 % 4 % 4 % 18 (a) 18 (a) 42 (a) Online games gross profit $ 102,587 $ 18 $ 102,605 $ 110,435 $ 18 $ 110,453 $ 131,603 $ 42 $ 131,645 Online games gross margin 87 % 87 % 85 % 85 % 84 % 84 % - (a) - (a) - (a) Others gross profit $ 5,304 $ - $ 5,304 $ 7,078 $ - $ 7,078 $ 9,218 $ - $ 9,218 Others gross margin 54 % 54 % 72 % 72 % 73 % 73 % (3) (a) 31 (a) 56 (a) Gross profit $ 115,069 $ (3) $ 115,066 $ 121,350 $ 31 $ 121,381 $ 141,780 $ 56 $ 141,836 Gross margin 76 % 76 % 75 % 75 % 73 % 73 % Operating expenses $ 138,017 $ (261) (a) $ 137,756 $ 139,802 $ (714) (a) $ 139,088 $ 131,686 $ (1,330) (a) $ 130,356 258 (a) 745 (a) 1,386 (a) Operating profit/(loss) $ (22,948) $ 258 $ (22,690) $ (18,452) $ 745 $ (17,707) $ 10,094 $ 1,386 $ 11,480 Operating margin -15 % -15 % -11 % -11 % 5 % 6 % Income tax expense $ 17,747 $ (3,061) (d)$ 14,686 $ 13,289 $ (2,420) (c,d)$ 10,869 $ 17,323 $ (1,405) (c,d)$ 15,918 258 (a) 745 (a) 1,386 (a) - 2,218 (b) 978 (b) - (555) (c) (244) (c) 3,061 (d) 2,975 (d) 1,649 (d) Net income/(loss) before non-controlling interest $ (21,456) $ 3,319 $ (18,137) $ (17,934) $ 5,383 $ (12,551) $ 8,669 $ 3,769 $ 12,438 258 (a) 745 (a) 1,386 (a) - 2,218 (b) 978 (b) - (555) (c) (244) (c) 3,061 (d) 2,975 (d) 1,649 (d) Net income/(loss) attributable to Sohu.com Limited for diluted net income/(loss) per share/ADS $ (21,195) $ 3,319 $ (17,876) $ (17,933) $ 5,383 $ (12,550) $ 8,668 $ 3,769 $ 12,437 Diluted net income/(loss) per share/ADS attributable to Sohu.com Limited $ (0.62) $ (0.52) $ (0.53) $ (0.37) $ 0.25 $ 0.36 Shares/ADSs used in computingdiluted net income/(loss) per share/ADS attributable to Sohu.com Limited 34,091 34,091 34,091 34,091 34,535 34,535 Note: (a) To eliminate the impact of share-based awards. (b) To adjust for changes in the fair value of the Company's investments. (c) To adjust for the impacts of income tax related to changes in the fair value of the Company's investments. (d) To adjust for the effect of the Toll Charge.
Avance Clinical is an Australian and North American market-leading Contract Research Organization (CRO) that provides international biotechs with customized solutions. For the fourth consecutive year, Avance Clinical has been awarded Best Practices Customer Value Leadership awarded, by Frost & Sullivan, for its exceptional performance SAN ANTONIO, Aug. 7, 2023 /PRNewswire/ -- Frost & Sullivan recently researched the Asia-Pacific biotechnology contract research organization industry and, based on its findings, recognizes Avance Clinical with the 2023 Customer Value Leadership Award. The company is a leading CRO with over 20 years of experience and provides comprehensive clinical research services to drug sponsors worldwide. Avance Clinical's services span the entire clinical trial process, from early-stage development to late-stage studies, supporting the ever-evolving demands of biotechnology research and development. It offers up-to-date strategic guidance on study design, regulatory compliance, and protocol development, ensuring trials comply with the rigorous requirements of regulatory authorities globally. With its commitment to delivering first-class services, Avance Clinical has a strong track record of achievement in biotechnology research, and its unwavering devotion to quality has earned it a reputation as a trustworthy partner in pioneering biotech innovations. The company consistently forms strategic partnerships with leading academic institutions, research organizations, and clinical trial sites to gain access to innovative technologies and a network of experienced professionals. Through these partnerships, Avance Clinical incorporates the latest developments into its offerings and stays abreast of emerging biotechnology and clinical research trends. "The company understands the intricacies of conducting clinical trials for innovative biopharmaceutical products, gene and cell therapies, and other advanced therapies. Its experts possess deep scientific knowledge and expertise in handling biotech's clinical trial complexities, including specialized protocols, biomarker analysis, and pharmacokinetics/pharmacodynamics assessments," said Azza Fazar, Best Practices Research Associate at Frost & Sullivan. As a reflection of the tremendous value the company delivers to its customers, Avance Clinical's flagship program, GlobalReady, has gained traction among biotech stakeholders. GlobalReady provides customers with substantial benefits, including time reduction, cost savings, and high-quality data generation, approved by the United States (US) Food and Drug Association (FDA). Furthermore, with the newly opened North American headquarters in Wake Forest, North Carolina, Avance Clinical offers enhanced services in Australia, New Zealand, and the United States. The GlobalReady program streamlines the process and minimizes disruptions, cutting clinical trials' time and cost by seamlessly facilitating the transition of early-to-late phase studies from customers in Australia and the US. "The GlobalReady program has gained significant traction, embraced by over 50 biotech clients. In addition, the attractive 43.5% rebate on clinical spending in Australia allows the company's clients to utilize its expertise and team in North America while maintaining services in Australia. This strategic approach enables clients to maximize rebate potential while leveraging Avance Clinical's North American operations knowledge and capabilities," noted Umesh Lal, Industry Analyst at Frost & Sullivan. With its strong overall performance, Avance Clinical earns Frost & Sullivan's 2023 Customer Value Leadership Award in the Asia-Pacific biotechnology contract research organization industry. Each year, Frost & Sullivan presents this award to the company that demonstrates excellence in implementing strategies that proactively create value for its customers, focusing on improving the return on the investment that customers make in its services or products. The award recognizes Avance Clinical for its unique focus on augmenting its customers' value, beyond simply good customer service, leading to improved customer retention and customer base expansion. Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & Sullivan For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact: Tarini SinghP: +91- 9953764546E: Tarini.Singh@frost.com About Avance Clinical Avance Clinical is the largest premium full-service Australian and North American CRO delivering quality clinical trials, with globally accepted data, in Australia, New Zealand and the US for international biotechs. The company's clients are biotechs in their drug development phases that need fast, agile, and adaptive solution-oriented clinical research services. Pre-clinical through to Phase I and Beyond Avance Clinical offers pre-clinical consultancy services with their experienced ClinicReady team right through to Phase I and beyond clinical services leveraging significant Government incentive rebates of up to 43.5% and rapid start-up regulatory processes that are available in Australia. With experience across more than 110 therapeutic indications, Avance Clinical can deliver world-class, high-quality, internationally accepted data suitable for FDA and EMA review. Technology Avance Clinical uses state-of-the-art technology and gold-standard systems across all functional areas to provide clients with the most effective processes. Medidata, Oracle, Zelta, Veeva and Medrio are just some of Avance's technology partners. www.avancecro.com
Wiz expands its leadership in cloud security by developing an innovative CNAPP offering and by disrupting new markets to maintain its competitive advantage, making its platform extremely marketable. SAN ANTONIO, Aug. 4, 2023 /PRNewswire/ -- Frost & Sullivan assessed the cloud security industry and, based on its findings, recognizes Wiz with the 2023 Global Entrepreneurial Company of the Year Award. The company consolidates cloud security capabilities for better risk management and security protection of the cloud and cloud-native applications throughout their lifecycle. Wiz simplifies and automates the compliance and security checking process to reduce the reliance on error-prone human intervention and to make security outcomes more effective and impactful by allowing security teams to prioritize their efforts. The company provides full visibility into infrastructure requirements, security risks, and business priorities to enhance collaboration, and it operationalizes cloud security effectively for greater business value so that organizations can embrace a new cloud operating model. The one-of-a-kind Wiz Security Graph provides a simple visualization that enables customers to focus on critical risks from different attack vectors and toxic combinations of multiple risk factors, proactively reducing their attack surface. Wiz is the first cloud security platform provider to leverage a security graph at the core of its product, enabling customers to triage and correlate critical attack paths and produce high-fidelity results that any security or development team can interpret and respond to immediately. The company strengthens organizations' risk assessment and threat detection capabilities for better business decision making, differentiating Wiz in the market and allowing it to make a huge impact on the industry. Anh Tien Vu, Industry Principal, Frost & Sullivan, noted, "Wiz has disrupted the traditional agent-based cloud security model with its agentless approach that focuses on cloud risk. Its cloud security platform scans every layer of cloud environments without agents, providing complete visibility into every cloud technology and risk without blind spots, differentiating Wiz in the market." Wiz supports accurate and comprehensive risk assessment while eliminating noise, leading to a lower total cost of ownership for customers. The company has earned the trust of over 35% of Fortune 100 companies since its inception, opened offices in Denver, and Washington DC in addition to its New York headquarters, and plans to increase its geographic footprint in the United States and worldwide. Wiz has hit several key milestones, becoming the fastest company to gain $100 million in annual recurring revenue (ARR) in 2022 and becoming the largest cybersecurity unicorn in 2023 after its latest fundraising round, Wiz is helping more organizations build their cloud applications faster and more securely and has its sights set on the public sector (Wiz announced FedRAMP "in process" status earlier this year). "We're thrilled to receive this recognition from Frost & Sullivan because the research highlights what we at Wiz prize most: customer value," said Raaz Herzberg, VP Product Strategy, Wiz. "As Frost & Sullivan notes, companies worldwide are moving to the cloud as part of their digital transformation journey. Wiz has pioneered a new approach to cloud security that grants security teams the ability to harness the power of the cloud to drive their business forward." "Wiz stands out in the cloud security industry based on its true cloud-native approach and ability to provide a unified single pane of glass across various cloud security use cases, transforming cloud operating models and democratizing security," added Vu. With its strong overall performance, Wiz earns Frost & Sullivan's 2023 Global Entrepreneurial Company of the Year Award in the cloud security industry. Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in devising and implementing a strong growth strategy. The recipient has shown strength in terms of innovation in products and technologies, leadership in customer value, and speed in response to market needs. The award looks at the emerging market participants in the industry and recognizes their best practices that are positioned for future growth excellence. Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & SullivanFor six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact:Ashley WeinkaufP: 210-844-2505E: ashley.weinkauf@frost.com
TORONTO, Aug. 4, 2023 /PRNewswire/ -- Moomoo, the next-generation one-stop digital financial service platform founded in Palo Alto, California, is delighted to announce its expansion into the Canadian market. This move aims to provide Canadian investors with easy-to-use, pro-grade tools, financial data, and insights, enabling them to analyze lucrative opportunities in global markets, especially in the US stock market. moomoo ventures into Canada This marks the sixth international market where moomoo operates, following its highly successful presence in the United States, Singapore, Australia, Japan, and Malaysia. Empowering Canadians with a better trading experience Through the use of moomoo, Canadian users will have free access to a wealth of features, including free Level 2 Data, advanced charting and analytical tools, and financial information sourced from leading media agencies. Another distinctive feature that sets moomoo apart is its vibrant online community, connecting investors of all levels globally. This interactive platform facilitates the sharing of investment ideas, insights, and experiences, bringing together an environment of collaborative learning and growth. Additionally, for those seeking structured learning experiences, moomoo offers over 3,000 free investment courses delivered in multiple languages, complete with customized study plans that include trackers for monitoring a user's learning progress and results. Steve Zeng, Head of Global Strategy at moomoo: "We are proud and excited to bring our one-stop trading platform moomoo to Canada, the second launch in the North American region. Our expansion into Canada signifies our commitment to providing exceptional services to a broader audience, enabling Canadian investors to access a comprehensive range of financial tools and resources entirely free." The Self direct investing in Canada has been experiencing rapid development with a surge of daily active users. "Canada has a rich and diverse investment landscape, and we are thrilled to be part of this vibrant community." said Steve, "By harnessing leading technologies and financial expertise, we are dedicated to equipping Canadian investors with the necessary means to make informed decisions and navigate the complexities of the market with confidence." In addition, moomoo and its sister brand are serving over 20 million users over 200 regions, there are more than 70,000 Canadian users currently using the moomoo app even before launching into the Canadian market. Moomoo was established in Silicon Valley, the United States, in 2018, and initiated its global expansion in 2021 with its entry into the Singaporean market. Since then, it has successfully expanded operations in Australia, Japan, and Malaysia. Notably, the moomoo app has received accolades from renowned companies such as Nikkei Money as a premier investment tool for individual Japanese investors. As a global strategic partner of the New York Stock Exchange, moomoo has received multiple awards in the US, Singapore, and Australia. About Moomoo Moomoo is an investment and trading platform that empowers global investors with pro-grade, easy-to-use tools, data, and insights. It provides users with the necessary information and technology to make more informed investment decisions. Investors have access to advanced charting tools, technical analytics, and Level 2 data. Moomoo grows with its users, cultivating a community where investors share, learn, and grow together in one place. Moomoo provides free access to investment courses, educational materials, and interactive events that any investor, at any level, can gain from. Users can join forum discussions, trading topics, and seminars to better their investment knowledge and insights. Founded in Silicon Valley, California, moomoo operates as a global investment platform across multiple countries, including Singapore, Australia, Japan, and Malaysia. As a subsidiary of a Nasdaq Listed company, moomoo proudly serves as a global strategic partner of the New York Stock Exchange (NYSE), garnering numerous international accolades. More than just an investment platform, moomoo is your trusted companion on an enriching investment journey. For more information, please contact: marketing@ca.moomoo.com
JAKARTA, Indonesia, Aug. 4, 2023 /PRNewswire/ -- Indonesian fintech company JULO has launched JULO Turbo, an innovative instant virtual credit card product that provides a digital credit limit in just 5 minutes. A unique reengineered onboarding process leveraging digitalized verification, AI based credit scoring, big data and advanced analytics allows customers to get and to start using their virtual credit card within minutes after downloading the JULO app. JULO Turbo serving fast digital credit access all across Indonesia Being the 4th largest nation in terms of population, Indonesia faces challenges related to a high underbanked population coupled with low credit card penetration which is estimated at just 6 %. JULO Turbo aims to bridge these challenges. "JULO Turbo is a breakthrough product, created with the objective of making financial inclusion even more convenient through rapid accessibility. It empowers customers to move from click to cash and from download to transaction in just a few minutes to manage any situation that requires immediate fund access. We have added a layer of speed to financial inclusion," said Nimish Dwivedi, Chief Business Officer of JULO Group. JULO Turbo can be accessed through any smartphone across Indonesia and provides a whole range of transaction options including bank transfers, e-wallet top ups, e-commerce payments, utility bill payments, phone credit top-ups and train ticket bookings. Recently, JULO has also launched an innovative education feature that allows customers to finance any education expense across any school, college or university nationwide with the aim of ensuring uninterrupted access to education for JULO's valued customers. This milestone showcases JULO commitment to its vision of empowering customers to improve their quality of life. "For the last 6 years JULO has focused on accessibility of financial services and on financial inclusion. Now with incredibly fast digital credit access, JULO Turbo will help to accelerate financial inclusion further," said Adrianus Hitijahubessy, CEO & Co-founder of JULO. To date, JULO has a total lifetime disbursement of 725 million USD that has improved the lives of more than 1 million Indonesians. Suhaimin, 30 years old, stated his experience with JULO Turbo, "What a great product JULO Turbo is. I got a 500 thousand rupiah limit ready to use in just 5 minutes". Besides the convenience of fast approval, JULO Turbo also provides an unmatched level of data security with ISO 27001:2013 certification of data safety. About JULO JULO is a leading fintech company that is revolutionizing access to financial products for millions of emerging consumers in Indonesia. The company is one of the first to develop a digital data-driven credit underwriting and risk assessment platform to process consumer credit applications and determine their creditworthiness using its mobile app. Founded in 2016, JULO has expanded nationwide. JULO is based in Jakarta and is backed by leading investors including Credit Saison, Skystar Capital, Saratoga Investama, East Ventures, Quona Capital, Central Capital Ventura, MDI Ventures, Gobi Partners and others. JULO has been officially licensed as the provider under OJK circulation No KEP-16/D.05/2020 on 19 May 2020. JULO has been downloaded more than 10 million times and has facilitated credit access to more than 1 million of customers. JULO has won several awards namely; Winner of Indonesia Fintech Festival (2016), Winner of UN Fintech Challenge (2018), and Winner of Inclusive Fintech 50 (2019). For more information, visit https://www.julo.co.id
SINGAPORE - Media OutReach - 4 August 2023 - Phillip Nova offers ETFs with no platform and no custodian fees. Users can access over 11,000 ETFs, growth and dividend yield stocks from Mainland China, Hong Kong, Malaysia, Singapore and US markets. ETFs: what are these and how they work ETFs stand for exchange-traded funds, which are purchased or sold on a stock exchange like regular stocks. ETFs are a type of pooled investment security that holds multiple underlying assets. It typically tracks or replicates the performance of a specific benchmark index. It allows investors to invest in a basket of securities with just one trade. ETFs: a good fit for beginners Simplicity Investing in ETF helps save time by removing the need for single stock picking, which is a very time-consuming process due to constantly having to monitor the news, earnings releases, and company financials. Investors can rest assured that they will get close to market returns, eliminating the need to constantly monitor single stock positions. Furthermore, when a constituent is removed from the index, the ETF does the same. Thus, there is a low barrier to entry for newer investors, as less market knowledge is required. ETFs ultimately offer investors a convenient and simple way to invest in the stock market. Diversification By investing in a basket of stocks, it helps to reduce company-specific risks such as management decisions, financial health, and corporate scandals. Investors are able to gain exposure to more than a single company, as well as stocks across different asset classes, sectors, and geographic markets. Different types of investors and suitable ETFs for their consideration Ultimately, the choice of investment will depend on the investment goals of the investors. Here are examples of some ETFs that Phillip Nova offers: Dividend Chasers: Dividend chasers are individuals who look for another source of income. The investment priority is to attain a regular and passive income stream to supplement the main source of income from the daily job. These are the suitable high-yielding income-generating ETFs: Vanguard Dividend Appreciation ETF (VIG) Lion-Phillip S-REIT ETF (CLR) Steady Builders: Steady builders are individuals who want to avoid "putting all the eggs in one basket" and prefer investing for the long term while diversifying the portfolio across different asset classes, sectors, and geographic regions; but have limited time and financial knowledge to pick an ETF. These are the suitable high-yielding income-generating ETFs: SPDR Straits Times Index ETF (ES3) Vanguard S&P 500 ETF (VOO) Tips for successful investing with ETFs ETF Investors should aim to minimise any overlaps in their holdings. For example, rather than holding three different ETFs that all track the S&P 500, it would be better to consolidate all three of them into just one ETF holding, preferably the fund with the lowest expense ratio. Examples of successful diversification with ETFs Successful investors often hold different types of ETFs (asset class, sector, geography, etc.) to diversify, reduce risk, and maximise profits. For example, investors may include a Gold ETF such as SPDR Gold Shares (GLD) in their portfolio to hedge against a downturn. Gold has historically been uncorrelated with the stock market and typically thrives during a recession. To view complete selection of recommended ETFs to build the 6% dividend return portfolio, download a playbook here. Hashtag: #PhillipNova #Investment #ETFs #tradingstrategy #financialplanning #investmentplanning https://www.linkedin.com/company/phillip-nova/https://www.facebook.com/phillipnovasghttps://www.instagram.com/phillipnovasg/The issuer is solely responsible for the content of this announcement.About Phillip NovaPhillip Nova (formerly known as Phillip Futures) was inaugurated in 1983 as a member of PhillipCapital Group and is one of the founding clearing members of Singapore Exchange Derivatives Trading (SGX-DT). We have since grown to become one of the region's top brokerages for the trading of Stocks, CFD, Forex, global Futures and Commodities. The Group has clearing memberships in 21 global exchanges, including APEX, BMD, CME Group exchanges, DGCX, HKEX, ICDX, ICE Singapore, JPX Group exchanges, NSE, TFEX, TOCOM and SGX Group exchanges. Ongoing Promotion: Get a free Nespresso Coffee Machine when you open an account with us in August! Learn more here. Download the ETF E-guide here to build a 6% dividend return portfolio. Regarding fees and commissions, please visit our website https//www.phillipnova.com.sg/ for more information.
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