Market Newsdesk

November 26, 2024 7:03 pm

JOYY Reports Third Quarter 2024 Unaudited Financial Results

SINGAPORE, Nov. 27, 2024 (GLOBE NEWSWIRE) — JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the third quarter of 2024.

Third Quarter 2024
Financial Highlights
¹

Net revenues were US$558.7 million, compared to US$567.1 million in the corresponding period of 2023.
Net income attributable to controlling interest of JOYY
² was US$60.6 million, compared to US$72.9 million in the corresponding period of 2023.
Non-GAAP net income attributable to controlling interest and common shareholders of JOYY
³ was US$61.2 million, compared to US$81.2 million in the corresponding period of 2023.

Third Quarter 2024
Operational Highlights

Average mobile MAUs of Bigo Live was 36.5 million, compared to 40.3 million in the corresponding period of 2023.
Average mobile MAUs of Likee was 33.9 million, compared to 41.0 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
Average mobile MAUs of Hago was 4.3 million, compared to 5.0 million in the corresponding period of 2023, primarily due to disciplined spending on user acquisition via advertisement.
Global average mobile MAUs
⁴ was 272.4 million, compared to 276.8 million in the corresponding period of 2023.
Total number of paying users of BIGO (including Bigo Live, Likee and imo)
⁵ was 1.62 million, compared to 1.61 million in the corresponding period of 2023.
Average revenue per paying user, or ARPPU, of BIGO (including Bigo Live, Likee and imo)
⁶ was US$231.4, compared to US$253.4 in the corresponding period of 2023.

Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “During the third quarter, we continued to execute effectively on our strategic priorities, cultivating our global social and content ecosystem and enhancing our global operational capabilities and efficiencies, which yielded solid results. Our group’s GAAP and non-GAAP operating income was US$16.4 million and US$34.9 million respectively, up by 623.5% and 16.4% on a quarterly basis. During the third quarter, we continued to cultivate long-run initiatives that will further diversify our revenue. Our group’s non-livestreaming revenues grew by 13.1% to US$119.2 million quarter-over-quarter, contributing 21.3% of the group’s total revenue in the third quarter. In addition, we reaffirmed our commitment to shareholder returns by repurchasing an additional US$117.8 million worth of our shares during the quarter.”

“Looking ahead, we remain focused on enhancing user experiences through product innovation, advancing operational excellence across our global footprint, and further diversifying our revenue streams. Supported by our strong cash flow and healthy financial position, we are well-positioned to deliver sustainable, profitable growth and create lasting value for our shareholders.”

Third Quarter 2024
Financial Results

NET REVENUES

Net revenues were US$558.7 million in the third quarter of 2024, compared to US$567.1 million in the corresponding period of 2023.

Live streaming revenues were US$439.5 million in the third quarter of 2024, compared to US$495.8 million in the corresponding period of 2023. The decrease was mainly the result of decreased ARPPU of BIGO, and certain adjustments to our audio livestreaming products.

Other revenues increased by 67.2% to US$119.2 million in the third quarter of 2024 from US$71.3 million in the corresponding period of 2023, primarily due to the substantial growth of our advertisement revenues.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues decreased by 2.1% to US$350.5 million in the third quarter of 2024 from US$357.9 million in the corresponding period of 2023. BIGO’s cost of revenues increased by 4.5% to US$312.6 million, primarily due to increased revenue-sharing fees and content costs, driven by increased traffic acquisition costs paid to third-party partners in relation to our expanding advertising business. All other’s cost of revenues decreased by 35.3% to US$38.1 million, consistent with the decline in segment revenue.

Gross profit was US$208.1 million in the third quarter of 2024, compared to US$209.2 million in the corresponding period of 2023. Gross margin was 37.3% in the third quarter of 2024, compared to 36.9% in the corresponding period of 2023.

OPERATING EXPENSES AND INCOME

Operating expenses were US$192.0 million in the third quarter of 2024, compared to US$191.3 million in the corresponding period of 2023. Among the operating expenses, sales and marketing expenses decreased to US$83.5 million for the third quarter of 2024 from US$92.5 million in the corresponding period of 2023, primarily due to the Company’s optimization of overall sales and marketing strategies across various product lines to be more focused on return-on-investment and effectiveness of user acquisition. General and administrative expenses increased to US$36.1 million for the third quarter of 2024 from US$27.1 million in the corresponding period of 2023, primarily due to increases in salary and welfare for general and administrative personnel.

Operating income was US$16.4 million in the third quarter of 2024, compared to US$12.0 million in the corresponding period of 2023. Operating income margin was 2.9% in the third quarter of 2024, compared to 2.1% in the corresponding period of 2023.

Non-GAAP operating income⁷ was US$34.9 million in the third quarter of 2024, compared to US$40.4 million in the corresponding period of 2023. Non-GAAP operating income margin⁸was 6.2% in the third quarter of 2024, compared to 7.1% in the corresponding period of 2023.

NET INCOME

Net income attributable to controlling interest of JOYY was US$60.6 million in the third quarter of 2024, compared to US$72.9 million in the corresponding period of 2023. Net income margin was 10.8% in the third quarter of 2024, compared to 12.9% in the corresponding period of 2023.

Non-GAAP net income attributable to controlling interest and common shareholders of JOYY was US$61.2 million in the third quarter of 2024, compared to US$81.2 million in the corresponding period of 2023. Non-GAAP net income margin⁹was 10.9% in the third quarter of 2024, compared to non-GAAP net income margin of 14.3% in the corresponding period of 2023.

NET INCOME PER ADS

Diluted net income per ADS¹⁰ was US$1.05 in the third quarter of 2024, compared to US$1.86 in the corresponding period of 2023.

Non-GAAP diluted net income per ADS¹¹ was US$1.07 in the third quarter of 2024, compared to US$1.22 in the corresponding period of 2023.

BALANCE SHEET AND CASH FLOWS

As of September 30, 2024, the Company had net cash¹² of US$3,302.1 million, compared with US$3,357.9 million as of December 31, 2023. For the third quarter of 2024, net cash from operating activities was US$61.1 million.

SHARES OUTSTANDING

As of September 30, 2024, the Company had a total of 1,076.6 million common shares outstanding, representing the equivalent of 53.8 million ADSs assuming the conversion of all common shares into ADSs.

Business Outlook

For the fourth quarter of 2024, the Company expects net revenues to be between US$546 million and US$563 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties.

Share Repurchase Program

During the quarter ended September 30, 2024, the Company repurchased 3.43 million of its ADSs for a total of US$117.8 million on the open market. During the first three quarters of 2024, the Company has repurchased 7.31 million of its ADSs for a total of US$243.7 million.

Pursuant to the share repurchase program which was extended by the board of directors in August 2024, the Company may repurchase up to US$400 million of its shares until the end of November 2025. As of September 30, 2024, the Company has utilized US$117.8 million under the program.

Conference Call Information

The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, November 26, 2024 (10:00 AM Singapore/Hong Kong Time on Wednesday, November 27, 2024). Details for the conference call are as follows:

Event Title: JOYY Inc. Third Quarter 2024 Earnings Conference Call

Conference ID: #10043422

All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.

PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10043422-tuhgyr.html

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.joyy.com.

The replay will be accessible through December 4, 2024, by dialing the following numbers:

United States:	1-855-883-1031
Singapore:	800-101-3223
Hong Kong:	800-930-639
Conference ID:	#10043422

About JOYY Inc.

JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.

Safe Harbor Statement

This press release 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. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; the developments in the sale of YY Live; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating income, non-GAAP operating (loss) margin, non-GAAP net income (loss) attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on disposal of subsidiaries and business. Non-GAAP operating (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) is net income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP net income (loss) attributable to controlling interest of JOYY is net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) attributable to common shareholders of JOYY is net income (loss) attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) per ADS is non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.

Investor Relations Contact

JOYY Inc.
Jane Xie/Maggie Yan
Email: [email protected]

ICR, Inc.
Robin Yang
Email: [email protected]

¹
On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. (“Baidu”), subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY’s video-based entertainment live streaming business in mainland China, which the Company refers to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed as of February 8, 2021, with certain matters remaining to be completed, including necessary regulatory approvals from government authorities. As a result, YY Live’s historical results were presented in the Company’s consolidated financial statements as discontinued operations and the Company ceased consolidation of YY Live’s business since February 8, 2021. On January 1, 2024, the Company received a written notice from an affiliate of Baidu, purporting to terminate the share purchase agreement. Baidu asserted in the written notice that it has and exercised the right to terminate the referenced share purchase agreement and effectively cancel the transaction. The Company is in discussion with Baidu on the next steps following the termination of the share purchase agreement. The Company is also seeking legal advice and will consider all options at its disposal in response to Baidu’s written notice and expressly reserve all rights. From January 1, 2024 to the date of this press release, the Company has not obtained control of YY Live and has not consolidated YY Live. To the date of this press release, the latest development of the transaction has not affected the Company’s operating activities or financial results.

The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended September 30, 2023, June 30, 2024 and September 30, 2024 and for the nine months ended September 30, 2023 and September 30, 2024, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment, excluding YY Live.

²
Net income (loss) attributable to controlling interest of JOYY is net income (loss) less net (loss) income attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.

³
Non-GAAP net income (loss) attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$0.6 million and US$8.3 million in the third quarter of 2024 and 2023, respectively. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

⁴
Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.

⁵
The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.

⁶
Average revenue per user is calculated by dividing our total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.

⁷
Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

⁸
Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

⁹Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues.

¹⁰
ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.

¹¹Non-GAAP diluted net income (loss) per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

¹² Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments and long-term deposits, less convertible bonds, short-term loans, and long-term loans.


JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS and per ADS data)

		December 31,	September 30,
		2023	2024
		US$	US$
Assets
Current assets
	Cash and cash equivalents	1,063,956	481,763
	Restricted cash and cash equivalents	319,250	396,377
	Short-term deposits	1,970,346	1,791,808
	Restricted short-term deposits	57,243	35,143
	Short-term investments	274,846	191,578
	Accounts receivable, net	130,700	129,337
	Amounts due from related parties	810	740
	Prepayments and other current assets⁽¹⁾	255,489	260,412

Total current assets		4,072,640	3,287,158

Non-current assets
	Long-term deposits	130,000	460,000
	Investments	544,542	567,504
	Property and equipment, net	390,681	462,916
	Land use rights, net	316,070	313,075
	Intangible assets, net	333,715	291,004
	Right-of-use assets, net	30,173	23,295
	Goodwill	2,649,281	2,649,297
	Other non-current assets	16,763	25,894

Total non-current assets		4,411,225	4,792,985

Total assets		8,483,865	8,080,143


Liabilities, mezzanine equity and shareholders’ equity
Current liabilities
	Short-term loans	52,119	54,523
	Accounts payable	66,755	91,483
	Deferred revenue	73,673	72,321
	Advances from customers	6,047	4,628
	Income taxes payable	86,100	79,338
	Accrued liabilities and other current liabilities⁽¹⁾	2,381,189	2,380,130
	Amounts due to related parties	2,533	1,896
	Lease liabilities due within one year	12,388	11,721
	Convertible bonds	405,603	–

Total current liabilities		3,086,407	2,696,040

Non-current liabilities
	Lease liabilities	18,422	11,881
	Deferred revenue	12,932	13,284
	Deferred tax liabilities	53,955	48,897

Total non-current liabilities		85,309	74,062

Total liabilities		3,171,716	2,770,102


JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)

		December 31,		September 30,
		2023		2024
		US$		US$

Mezzanine equity		22,133		23,333

Shareholders’ equity
	Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 890,843,639 shares outstanding as of December 31, 2023; 1,317,840,464 shares issued and 750,061,822 shares outstanding as of September 30, 2024, respectively)	9		8
	Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2023 and September 30, 2024, respectively)	3		3
	Treasury shares (US$0.00001 par value; 426,996,825 and 567,778,642 shares held as of December 31, 2023 and September 30, 2024, respectively)	(913,939	)	(1,157,649	)
	Additional paid-in capital	3,282,754		3,340,387
	Statutory reserves	37,709		37,686
	Retained earnings	2,947,160		3,104,051
	Accumulated other comprehensive loss	(197,010	)	(167,269	)

Total JOYY Inc.’s shareholders’ equity		5,156,686		5,157,217

Non-controlling interests		133,330		129,491

Total shareholders’ equity		5,290,016		5,286,708

Total liabilities, mezzanine equity and shareholders’ equity		8,483,865		8,080,143


(1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits. Correspondingly, the advanced payments received has been recorded as accrued liabilities and other current liabilities.


JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2024		2024		2023		2024
	US$		US$		US$		US$		US$
Net revenues
Live streaming⁽¹⁾	495,801		459,730		439,482		1,493,175		1,365,603
Others	71,268		105,398		119,172		204,856		322,739

Total net revenues	567,069		565,128		558,654		1,698,031		1,688,342

Cost of revenues⁽²⁾	(357,914	)	(366,189	)	(350,536	)	(1,086,482	)	(1,085,922	)

Gross profit	209,155		198,939		208,118		611,549		602,420

Operating expenses⁽²⁾
Research and development expenses	(71,608	)	(69,856	)	(72,360	)	(222,923	)	(211,255	)
Sales and marketing expenses	(92,515	)	(88,132	)	(83,524	)	(277,319	)	(266,294	)
General and administrative expenses	(27,139	)	(40,686	)	(36,073	)	(88,074	)	(108,502	)

Total operating expenses	(191,262	)	(198,674	)	(191,957	)	(588,316	)	(586,051	)

(Loss) gain on deconsolidation and disposal of subsidiaries	(6,177	)	1,643		–		(6,177	)	1,643
Other income	333		361		255		6,963		4,216

Operating income	12,049		2,269		16,416		24,019		22,228

Interest expenses	(2,139	)	(1,864	)	(535	)	(8,305	)	(4,535	)
Interest income and investment income	47,330		46,702		41,067		138,067		136,696
Foreign currency exchange (losses) gains, net	(5,143	)	1,125		(10,742	)	5,252		(8,849	)
(Loss) gain on disposal and deemed disposal of investments	(2,673	)	–		–		74,851		–
Gain (loss) on fair value change of investments	7,112		(619	)	9,281		6,162		9,647

Income before income tax expenses	56,536		47,613		55,487		240,046		155,187

Income tax expenses	(3,001	)	(2,628	)	(6,279	)	(16,541	)	(13,444	)

Income before share of income in equity method investments, net of income taxes	53,535		44,985		49,208		223,505		141,743

Share of income in equity method investments, net of income taxes	11,545		2,805		6,746		8,824		2,156

Net income	65,080		47,790		55,954		232,329		143,899

Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders	7,812		4,276		4,603		23,652		14,010

Net income attributable to controlling interest of JOYY Inc.	72,892		52,066		60,557		255,981		157,909

Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value	(1,566	)	(347	)	(347	)	(4,698	)	(1,041	)
Cumulative dividend on subsidiary’s Series A Preferred Shares	–		–		–		(2,000	)	–
Gain on repurchase of redeemable convertible preferred shares of a subsidiary	52,583		–		–		52,583		–

Net income attributable to common shareholders of JOYY Inc.	123,909		51,719		60,210		301,866		156,868


JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended				Nine Months Ended
	September 30,	June 30,	September 30,		September 30,	September 30,
	2023	2024	2024		2023	2024
	US$	US$	US$		US$	US$

Net income per ADS
——Basic	1.99	0.87	1.06		4.53	2.65
——Diluted	1.86	0.83	1.05		4.11	2.55

Weighted average number of ADS used in calculating net income per ADS
——Basic	62,266,339	59,537,049	56,573,411		66,633,991	59,287,792
——Diluted	67,669,387	64,101,951	57,220,581		75,061,963	62,803,046


(1) Revenues by geographical areas were as follows:

	Three Months Ended				Nine Months Ended
	September 30,	June 30,	September 30,		September 30,	September 30,
	2023	2024	2024		2023	2024
	US$	US$	US$		US$	US$

Developed countries and regions	252,089	306,099	306,633		701,872	903,768
Middle East	108,299	75,530	77,152		338,257	240,140
Mainland China	74,525	62,604	57,952		278,939	180,357
Southeast Asia and others	132,156	120,895	116,917		378,963	364,077

Note: Developed countries and region mainly included the United States of America, Great Britain, Japan, South Korea and Australia. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world.

(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

	Three Months Ended				Nine Months Ended
	September 30,	June 30,	September 30,		September 30,	September 30,
	2023	2024	2024		2023	2024
	US$	US$	US$		US$	US$

Cost of revenues	493	778	(16	)	2,754	1,425
Research and development expenses	4,108	3,282	2,960		15,395	9,634
Sales and marketing expenses	110	108	193		664	432
General and administrative expenses	1,586	2,183	1,778		5,921	5,903


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2023		2024		2024		2023		2024
	US$		US$		US$		US$		US$

Operating income	12,049		2,269		16,416		24,019		22,228
Share-based compensation expenses	6,297		6,351		4,915		24,734		17,394
Amortization of intangible assets from business acquisitions	15,890		13,590		13,540		47,670		42,262
Impairment of investments	–		9,386		–		–		9,386
Loss (gain) on deconsolidation and disposal of subsidiaries	6,177		(1,643	)	–		6,177		(1,643	)

Non-GAAP operating income	40,413		29,953		34,871		102,600		89,627


Net income	65,080		47,790		55,954		232,329		143,899
Share-based compensation expenses	6,297		6,351		4,915		24,734		17,394
Amortization of intangible assets from business acquisitions	15,890		13,590		13,540		47,670		42,262
Impairment of investments	–		9,386		–		–		9,386
Loss (gain) on deconsolidation and disposal of subsidiaries	6,177		(1,643	)	–		6,177		(1,643	)
Loss (gain) on disposal and deemed disposal of investments	2,673		–		–		(74,851	)	–
(Gain) loss on fair value change of investments	(7,112	)	619		(9,281	)	(6,162	)	(9,647	)
Interest expenses related to the convertible bonds’ amortization to face value	238		198		–		1,344		435
Income tax effects on non-GAAP adjustments	(4,070	)	(1,883	)	(1,574	)	(9,509	)	(5,679	)
Reconciling items on the share of equity method investments	(10,521	)	(3,700	)	(6,167	)	(13,369	)	(5,433	)

Non-GAAP net income	74,652		70,708		57,387		208,363		190,974


Net income attributable to common shareholders of JOYY Inc.	123,909		51,719		60,210		301,866		156,868
Share-based compensation expenses	6,297		6,351		4,915		24,734		17,394
Amortization of intangible assets from business acquisitions	15,890		13,590		13,540		47,670		42,262
Impairment of investments	–		9,386		–		–		9,386
Loss (gain) on deconsolidation and disposal of subsidiaries	6,177		(1,643	)	–		6,177		(1,643	)
Loss (gain) on disposal and deemed disposal of investments	2,673		–		–		(74,851	)	–
(Gain) loss on fair value change of investments	(7,112	)	619		(9,281	)	(6,162	)	(9,647	)
Interest expenses related to the convertible bonds’ amortization to face value	238		198		–		1,344		435
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders	1,566		347		347		6,698		1,041
Gain on repurchase of redeemable convertible preferred shares of a subsidiary	(52,583	)	–		–		(52,583	)	–
Income tax effects on non-GAAP adjustments	(4,070	)	(1,883	)	(1,574	)	(9,509	)	(5,679	)
Reconciling items on the share of equity method investments	(10,521	)	(3,700	)	(6,167	)	(13,369	)	(5,433	)
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders	(1,311	)	(949	)	(819	)	(3,693	)	(2,574	)

Non-GAAP net income attributable to controlling interest and common shareholders of JOYY Inc.	81,153		74,035		61,171		228,322		202,410



Non-GAAP net income per ADS
——Basic	1.30		1.24		1.08		3.43		3.41
——Diluted	1.22		1.17		1.07		3.12		3.26

Weighted average number of ADS used in calculating Non-GAAP net income per ADS
——Basic	62,266,339		59,537,049		56,573,411		66,633,991		59,287,792
——Diluted	67,669,387		64,101,951		57,220,581		75,061,963		62,803,046


JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended
	September 30, 2024

	BIGO		All other		Elimination⁽¹⁾		Total
	US$		US$		US$		US$
Net revenues
Live streaming	417,762		21,720		–		439,482
Others	78,247		41,317		(392	)	119,172

Total net revenues	496,009		63,037		(392	)	558,654

Cost of revenues⁽²⁾	(312,561	)	(38,050	)	75		(350,536	)

Gross profit	183,448		24,987		(317	)	208,118

Operating expenses⁽²⁾
Research and development expenses	(44,884	)	(27,702	)	226		(72,360	)
Sales and marketing expenses	(61,582	)	(21,968	)	26		(83,524	)
General and administrative expenses	(14,249	)	(21,889	)	65		(36,073	)

Total operating expenses	(120,715	)	(71,559	)	317		(191,957	)

Other income	6		249		–		255

Operating income (loss)	62,739		(46,323	)	–		16,416

Interest expenses	(1,335	)	(117	)	917		(535	)
Interest income and investment income	13,107		28,877		(917	)	41,067
Foreign currency exchange losses, net	(10,290	)	(452	)	–		(10,742	)
Gain on fair value change of investments	5,466		3,815		–		9,281

Income (loss) before income tax (expenses) benefits	69,687		(14,200	)	–		55,487

Income tax (expenses) benefits	(6,408	)	129		–		(6,279	)

Income (loss) before share of income in equity method investments, net of income taxes	63,279		(14,071	)	–		49,208

Share of income in equity method investments, net of income taxes	–		6,746		–		6,746

Net income (loss)	63,279		(7,325	)	–		55,954


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.

(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

	Three Months Ended
	September 30, 2024

	BIGO		All other	Total
	US$		US$	US$

Cost of revenues	(261	)	245	(16	)
Research and development expenses	1,571		1,389	2,960
Sales and marketing expenses	39		154	193
General and administrative expenses	(186	)	1,964	1,778


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended
	September 30, 2024

	BIGO		All other		Total
	US$		US$		US$

Operating income (loss)	62,739		(46,323	)	16,416
Share-based compensation expenses	1,163		3,752		4,915
Amortization of intangible assets from business acquisitions	8,950		4,590		13,540

Non-GAAP operating income (loss)	72,852		(37,981	)	34,871


Net income (loss)	63,279		(7,325	)	55,954
Share-based compensation expenses	1,163		3,752		4,915
Amortization of intangible assets from business acquisitions	8,950		4,590		13,540
Gain on fair value change of investments	(5,466	)	(3,815	)	(9,281	)
Income tax effects on non-GAAP adjustments	(778	)	(796	)	(1,574	)
Reconciling items on the share of equity method investments	–		(6,167	)	(6,167	)

Non-GAAP net income (loss)	67,148		(9,761	)	57,387


JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended
	June 30, 2024

	BIGO		All other		Elimination⁽¹⁾		Total
	US$		US$		US$		US$
Net revenues
Live streaming	439,394		20,336		–		459,730
Others	67,760		38,024		(386	)	105,398

Total net revenues	507,154		58,360		(386	)	565,128

Cost of revenues⁽²⁾	(327,735	)	(38,530	)	76		(366,189	)

Gross profit	179,419		19,830		(310	)	198,939

Operating expenses⁽²⁾
Research and development expenses	(42,715	)	(27,370	)	229		(69,856	)
Sales and marketing expenses	(66,720	)	(21,435	)	23		(88,132	)
General and administrative expenses	(12,180	)	(28,564	)	58		(40,686	)

Total operating expenses	(121,615	)	(77,369	)	310		(198,674	)

Gain on disposal of subsidiary	–		1,643		–		1,643
Other income	177		184		–		361

Operating income (loss)	57,981		(55,712	)	–		2,269

Interest expenses	(1,475	)	(1,400	)	1,011		(1,864	)
Interest income and investment income	15,256		32,457		(1,011	)	46,702
Foreign currency exchange gains, net	1,005		120		–		1,125
(Loss) gain on fair value change of investments	(2,610	)	1,991		–		(619	)

Income (loss) before income tax (expenses) benefits	70,157		(22,544	)	–		47,613

Income tax (expenses) benefits	(5,575	)	2,947		–		(2,628	)

Income (loss) before share of income in equity method investments, net of income taxes	64,582		(19,597	)	–		44,985

Share of income in equity method investments, net of income taxes	–		2,805		–		2,805

Net income (loss)	64,582		(16,792	)	–		47,790


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.

(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

	Three Months Ended
	June 30, 2024

	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	446	332	778
Research and development expenses	1,543	1,739	3,282
Sales and marketing expenses	45	63	108
General and administrative expenses	408	1,775	2,183


JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended
	June 30, 2024

	BIGO		All other		Total
	US$		US$		US$

Operating income (loss)	57,981		(55,712	)	2,269
Share-based compensation expenses	2,442		3,909		6,351
Amortization of intangible assets from business acquisitions	8,950		4,640		13,590
Impairment of investments	–		9,386		9,386
Gain on disposal of subsidiary	–		(1,643	)	(1,643	)

Non-GAAP operating income (loss)	69,373		(39,420	)	29,953


Net income (loss)	64,582		(16,792	)	47,790
Share-based compensation expenses	2,442		3,909		6,351
Amortization of intangible assets from business acquisitions	8,950		4,640		13,590
Impairment of investments	–		9,386		9,386
Gain on disposal of subsidiary	–		(1,643	)	(1,643	)
Loss (gain) on fair value change of investments	2,610		(1,991	)	619
Interest expenses related to the convertible bonds’ amortization to face value	–		198		198
Income tax effects on non-GAAP adjustments	(778	)	(1,105	)	(1,883	)
Reconciling items on the share of equity method investments	–		(3,700	)	(3,700	)

Non-GAAP net income (loss)	77,806		(7,098	)	70,708


JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended
	September 30, 2023

	BIGO		All other		Elimination⁽¹⁾		Total
	US$		US$		US$		US$
Net revenues
Live streaming	468,577		27,224		–		495,801
Others	25,486		46,241		(459	)	71,268

Total net revenues	494,063		73,465		(459	)	567,069

Cost of revenues⁽²⁾	(299,231	)	(58,785	)	102		(357,914	)

Gross profit	194,832		14,680		(357	)	209,155

Operating expenses⁽²⁾
Research and development expenses	(39,684	)	(32,191	)	267		(71,608	)
Sales and marketing expenses	(75,715	)	(16,828	)	28		(92,515	)
General and administrative expenses	(11,297	)	(15,904	)	62		(27,139	)

Total operating expenses	(126,696	)	(64,923	)	357		(191,262	)

Loss on deconsolidation and disposal of subsidiaries	–		(6,177	)	–		(6,177	)
Other income (expenses)	373		(40	)	–		333

Operating income (loss)	68,509		(56,460	)	–		12,049

Interest expenses	(1,768	)	(1,667	)	1,296		(2,139	)
Interest income and investment income	11,158		37,468		(1,296	)	47,330
Foreign currency exchange losses, net	(4,349	)	(794	)	–		(5,143	)
Loss on disposal and deemed disposal of investments	–		(2,673	)	–		(2,673	)
Gain on fair value change of investments	312		6,800		–		7,112

Income (loss) before income tax (expenses) benefits	73,862		(17,326	)	–		56,536

Income tax (expenses) benefits	(3,626	)	625		–		(3,001	)

Income (loss) before share of income in equity method investments, net of income taxes	70,236		(16,701	)	–		53,535

Share of income in equity method investments, net of income taxes	–		11,545		–		11,545

Net income (loss)	70,236		(5,156	)	–		65,080


(1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments.

(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

	Three Months Ended
	September 30, 2023

	BIGO	All other	Total
	US$	US$	US$

Cost of revenues	406	87	493
Research and development expenses	1,752	2,356	4,108
Sales and marketing expenses	37	73	110
General and administrative expenses	20	1,566	1,586

JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended
	September 30, 2023

	BIGO		All other		Total
	US$		US$		US$

Operating income (loss)	68,509		(56,460	)	12,049
Share-based compensation expenses	2,215		4,082		6,297
Amortization of intangible assets from business acquisitions	11,225		4,665		15,890
Loss on deconsolidation and disposal of subsidiaries	–		6,177		6,177

Non-GAAP operating income (loss)	81,949		(41,536	)	40,413


Net income (loss)	70,236		(5,156	)	65,080
Share-based compensation expenses	2,215		4,082		6,297
Amortization of intangible assets from business acquisitions	11,225		4,665		15,890
Loss on deconsolidation and disposal of subsidiaries	–		6,177		6,177
Loss on disposal and deemed disposal of investments	–		2,673		2,673
Gain on fair value change of investments	(312	)	(6,800	)	(7,112	)
Interest expenses related to the convertible bonds’ amortization to face value	–		238		238
Income tax effects on non-GAAP adjustments	(1,415	)	(2,655	)	(4,070	)
Reconciling items on the share of equity method investments	–		(10,521	)	(10,521	)

Non-GAAP net income (loss)	81,949		(7,297	)	74,652

November 26, 2024 6:33 pm

Horace Mann Giving Thanks to Educators With ‘Our Gratitude, Your Gift’ Campaign

Horace Mann Giving Thanks to Educators With ‘Our Gratitude, Your Gift’ Campaign

Twenty educators to win $500 gift cards for a little extra joy this season

SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) announced its $10,000 “Our Gratitude, Your Gift” campaign to express its thanks to educators who inspire, guide and dedicate their time to students throughout each school year and beyond. The company, which focuses on helping America’s educators and others who serve the community achieve lifelong financial success, will give 20 educators the opportunity to receive a $500 gift card during the campaign from Nov. 25 through Dec. 6.

“Educators dedicate so much to their students and the community, they deserve to have a little extra cash to spend this holiday season,” said Steve Chauby, Senior Vice President of Marketing, Digital, and Affiliate Sales at Horace Mann. “We know how much money and time educators invest in their students and classrooms, and this is just one small way we can express our gratitude.”

Educators can enter “Our Gratitude, Your Gift” at horacemann.com/giveaways. Winners will be drawn on Dec. 6 and will be able to choose between a $500 Amazon or Target gift card.

About Horace Mann

Horace Mann Educators Corporation is the largest multiline financial services company focused on helping America’s educators and others who serve the community achieve lifelong financial success. The company offers individual and group insurance and financial solutions tailored to the needs of the educator community. Founded by Educators for Educators^® in 1945, the company is headquartered in Springfield, Illinois. For more information, visit horacemann.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241126136607/en/

Michelle Eccles

Public Relations Manager

217-788-5394

[email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Software Professional Services Philanthropy Training Technology Preschool Other Education University Primary/Secondary Education Finance Other Technology Other Philanthropy

MEDIA:

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November 26, 2024 6:13 pm

Venu Holding Corporation Announces Pricing of its Initial Public Offering

Venu Holding Corporation Announces Pricing of its Initial Public Offering

COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–
Venu Holding Corporation (NYSE American: VENU) (“VENU” or the “Company”), a premier hospitality and live music company dedicated to crafting luxury, experience-driven entertainment destinations, today announced the pricing of its initial public offering of 1,200,000 shares of the Company’s common stock at public offering price of $10.00 per share, for aggregate gross proceeds of $12 million prior to deducting underwriting discounts and other offering expenses. In addition, VENU has granted the underwriters a 45-day option to purchase up to an additional 180,000 shares of common stock to cover over-allotments, if any.

The shares of common stock are expected to begin trading on the NYSE American under ticker symbol “VENU” on November 27, 2024. The offering is expected to close on November 29, 2024, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering to fund the expansion of its business operations, further development of Company services, business promotion activities, and for working capital and general corporate purposes, including general market expansion and due diligence efforts to explore the opening of new restaurant, entertainment, and music venues.

ThinkEquity is acting as sole book-running manager for the offering.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities referred to in this press release, nor will there be any sale of any such securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

A registration statement on Form S-1 (File No. 333-281271) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and became effective on November 12, 2024. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.

About Venu Holding Corporation

Venu Holding Corporation (“VENU”) (NYSE American: VENU) founded by Colorado Springs entrepreneur J.W. Roth, is a premier hospitality and live music venue developer dedicated to crafting luxury, experience-driven entertainment destinations. VENU’s campuses in Colorado Springs, Colorado, and Gainesville, Georgia, each feature Bourbon Brothers Smokehouse and Tavern, The Hall at Bourbon Brothers, and unique to Colorado Springs, Notes Eatery and the 8,000-seat Ford Amphitheater. Expanding with new Sunset Amphitheaters in Oklahoma and Texas, VENU’s upcoming large-scale venues will host between 12,500 and 20,000 guests, continuing VENU’s vision of redefining the live entertainment experience.

VENU has been recognized nationally by The Wall Street Journal, New York Times, Denver Post, Billboard, VenuesNow, and Variety for its innovative and disruptive approach to live entertainment. For more information, visit venu.live.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company’s filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241126642783/en/

For media inquiries contact Chloe Hoeft at [email protected] or 719-895-5470

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Other Travel Restaurant/Bar Destinations Travel Music Events/Concerts Retail Entertainment

MEDIA:

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November 26, 2024 6:13 pm

NOVONIX Announces December Investor Events

BRISBANE, Australia, Nov. 26, 2024 (GLOBE NEWSWIRE) — NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX”), a leading battery materials and technology company, today announced that the company is scheduled to host and participate in the following upcoming investor events in December 2024:

NOVONIX will host an investor presentation by Dr. Chris Burns, CEO, and site tour at its Lookout Valley and Riverside facilities in Chattanooga, TN on December 5ᵗʰ. Due to limited capacity, in-person attendance is by invitation only. Investor questions may be submitted prior to the event at [email protected]. A replay of the presentation will be available on the NOVONIX Investor Relations website following the presentation.
Jefferies Battery Storage & Materials Virtual Conference with Dr. Chris Burns to be held on December 13ᵗʰ at 1:40 pm EST.
Deutsche Bank Fireside Chat with Dr. Chris Burns to be held on December 17ᵗʰ at 10:00 am EST.

Presentation materials and available webcast links will be posted prior to each event on the NOVONIX investor relations website events page.

This announcement has been authorized for release by NOVONIX Chairman, Admiral Robert J. Natter, USN Ret.

About NOVONIX
NOVONIX is a leading battery technology company revolutionizing the global lithium-ion battery industry with innovative, sustainable technologies, high-performance materials, and more efficient production methods. The company manufactures industry-leading battery cell testing equipment, is growing its high-performance synthetic graphite anode material manufacturing operations, and has developed a patented all-dry, zero-waste cathode synthesis process. Through advanced R&D capabilities, proprietary technology, and strategic partnerships, NOVONIX has gained a prominent position in the electric vehicle and energy storage systems battery industry and is powering a cleaner energy future. To learn more, visit us at www.novonixgroup.com or on LinkedIn and X.

For NOVONIX Limited

Scott Espenshade, [email protected] (investors)
Stephanie Reid, [email protected] (media)

November 26, 2024 6:00 pm

BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Liberty Broadband Corporation (Nasdaq – LBRDA, LBRDK, LBRDP), Adams Resources & Energy, Inc. (NYSE American – AE), Retail Opportunity Investments Corp. (Nasdaq ROIC), Fresh Vine Wine, Inc. (NYSE – VINE)

BALA CYNWYD, Pa., Nov. 26, 2024 (GLOBE NEWSWIRE) — Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky ([email protected]) or Marc Ackerman ([email protected]) at 855-576-4847. There is no cost or financial obligation to you.

Liberty Broadband Corporation (Nasdaq – LBRDA, LBRDK, LBRDP)

Under the terms of the agreement, Liberty Broadband will be acquired by Charter Communications, Inc. (Nasdaq – CHTR). Each holder of Liberty Broadband common stock will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock held. Each holder of Liberty Broadband preferred stock will receive one share of newly issued Charter cumulative redeemable preferred stock per share of Liberty Broadband preferred stock held. The investigation concerns whether the Liberty Broadband Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Charter is paying fair value for the Company.

Additional information can be found at https://www.brodskysmith.com/cases/liberty-broadband-corporation-nasdaq-lbrda-lbrdk-lbrdp/,.

Adams Resources & Energy, Inc. (NYSE American – AE)

Under the terms of the Merger Agreement, Adams will be acquired by an affiliate of Tres Energy LLC (“Tres Energy”). Adams stockholders will receive $38.00 per share in cash in a deal with an enterprise value of $138.9 million. The investigation concerns whether the Adams Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Tres Energy is paying fair value to shareholders of the Company.

Additional information can be found at https://www.brodskysmith.com/cases/adams-resources-energy-inc-nyse-american-ae/.

Retail Opportunity Investments Corp. (Nasdaq ROIC)

Under the terms of the agreement, ROIC will be acquired by Blackstone (NYSE – BX) for $17.50 a share in cash in a deal valued at approximately $4 billion. The investigation concerns whether the ROIC Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Blackstone is paying fair value for the Company.

Additional information can be found at https://www.brodskysmith.com/cases/retail-opportunity-investments-corp-nasdaq-roic/

Fresh Vine Wine, Inc. (NYSE – VINE)

Under the terms of the agreement, Fresh Vine Wine will be acquired by Amaze Software, Inc. (“Amaze”) (through Adifex Holdings LLC). Fresh Vine Wine stockholders will receive $10.00 per share in cash in a deal valued at approximately $1.7 billion. The investigation concerns whether the Fresh Vine Wine Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Silver Lake is paying fair value to shareholders of the Company. For example, the deal consideration is below the 52-week high of $10.85 for the Company’s shares.

Additional information can be found at https://www.brodskysmith.com/cases/fresh-vine-wine-inc-nyse-vine/ .

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

November 26, 2024 5:54 pm

FOX News Channel Commands Largest Cable News Share in Its History as MSNBC and CNN Ratings Collapse Continues

FOX News Channel Commands Largest Cable News Share in Its History as MSNBC and CNN Ratings Collapse Continues

FNC is Television’s Most-Watched Primetime Channel Since Election, Only Network to Notch Growth Post-Election

MSNBC Audience Sinks by 47%, CNN Viewership Craters by 33%

FNC is Most-Watched Television Network on Election Day and During Vice President Harris’ Concession Speech

‘Gutfeld!’, ‘The Faulkner Focus’, ‘Outnumbered’ and ‘America Reports’ Mark Highest-Rated Month Since Respective Launches

NEW YORK–(BUSINESS WIRE)–
FOX News Channel (FNC) commanded its highest-share of the cable news audience in network history across total day, holding 62% of the cable news audience during the historic election month, according to data from Nielsen Media Research. Leading across every category, FNC marked 45 consecutive months as number one with cable news in primetime and total day in both viewers and the 25-54 demographic. In primetime (8 – 11 PM/ET), FNC delivered 3.2 million viewers and 476,000 in the 25-54 demographic, growing its audience 86% year-over-year in total viewership and 147% in the 25-54 demo. In total day, FNC drew 2 million viewers and 282,000 in the 25-54 demo, marking 67% growth year-over-year with viewers and 101% in the 25-54 demo. Once again, more Independents and Democrats continued to tune in to FNC over any other network with A25-54, according to data from Nielsen MRI Fusion. FNC was also number one in cable news with Asians, Hispanics and upscale viewers throughout total day. Additionally, FNC was November’s fastest growing television network in both viewers and the 25-54 demographic. This month, FNC delivered 248 telecasts with over two million viewers, compared to MSNBC which saw just 14 and CNN with only ten.

Since election night, FNC has been the most-watched network in all of television in primetime, topping ABC, CBS, NBC and all cable networks with over four million viewers, according to Nielsen Media Research. The channel has also outpaced broadcast network CBS and cable during a historical breaking news year from the ill-fated Biden-Trump debate at the end of June through the end of November. Following the November 5^th election, FNC’s audience has risen 24% in primetime compared to year-to-date and the network now holds 73% of the cable news share as CNN (down 39%) and MSNBC (down 52%) have seen their audiences collapse to record lows in primetime. FNC increased its total day viewership increase by 32% compared to year-to-date. While FNC commands 3 million viewers and 382,000 in the 25-54 demo in primetime post-election, MSNBC has collapsed to 644,000 viewers and 63,000 in the 25-54 demo and CNN dropped to just 453,000 viewers and 92,000 in the 25-54 demo. Across total day, FNC has scored 1.9 million viewers and 249,000 in the 25-54 demo compared to CNN with just 357,000 viewers and 65,000 in the 25-54 demo and MSNBC’s 497,000 viewers and only 49,000 in the 25-54 demo.

Notably, MSNBC’s Morning Joe has seen 37% of its viewership flee after the co-hosts met with president-elect Trump, slumping to just 618,000 viewers and 49,000 in the 25-54 demo on November 20^th, marking a low going back to 2021. Numerous other shows on MSNBC have marked all-time lows in the 25-54 demo including Jose-Diaz Balart Reports, 11^th Hour with Stephanie Ruhle, Ana Cabrera Reports, Chris Jansing Reports, Katy Tur Reports and The Reidout.

On Election Day, FOX News Media’s primetime coverage of election night across FNC, FOX Network, FOX Business Network (FBN) and FOX News Digital topped all television networks with nearly 13.6 million viewers and 4.4 million in the 25-54 demo. FNC’s Democracy 2024 primetime coverage averaged nearly 10.8 million in total viewers and 3.3 million in the 25-54 younger demographic, dominating the competition in both categories and beating ABC, NBC, CBS and all cable news networks for the second election in a row. Co-anchored by Special Report’s Bret Baier and The Story’s Martha MacCallum, the network’s marathon coverage from 6 PM – 3 AM/ET averaged 8.6 million viewers and 2.6 million in the 25-54 demo, leading all of television. FNC’s coverage peaked during the 10 PM/ET hour with 11.2 million viewers and 3.5 million in the 25-54 demo, which was the top telecast of the week, even surpassing Monday Night Football on ESPN. Across total day, FNC also reigned supreme, averaging 4.9 million viewers and 1.3 million in the younger 25-54 demo for the duration of Election Day coverage. In the 1 AM/ET hour, FNC’s Decision Desk was the first major network to call the race for former President Donald Trump and the channel commanded over 7.4 million viewers and 2.4 million in the 25-54 demo, leading CNN and MSNBC combined. In terms of cable news share, FNC occupied 48% of viewers in primetime and 50% across total day.

FNC’s special coverage of Vice President Kamala Harris’ concession speech was number one in television on November 6^th, delivering nearly 8 million viewers and 1.4 million in the 25-54 demo. Anchored by Bret Baier and Martha MacCallum, the FOX News Democracy 24 special coverage from 4:15-4:45 PM/ET set a record for post-election coverage and commanded 64% of the cable news audience. Comparatively CNN struggled to 2.2 million viewers and 555,000 in the 25-54 demo and MSNBC saw 2.3 million viewers and 353,000 in the 25-54 demo. According to Nielsen numbers, ABC saw just 2.4 million viewers and 572,000 in the 25-54 demo, NBC averaged only 1.7 million viewers and 396,000 in the 25-54 demo during and CBS lagged behind with 1.5 million viewers and 327,000 in the 25-54 demo during the speech.

At 5 PM/ET, FNC’s The Five secured 4.4 million viewers and 510,000 in 25-54 demo, leading all of cable news among total viewership and the younger demo for the month. FNC’s primetime lineup once again swept the competition every hour, beginning at 7 PM/ET with FNC’s The Ingraham Angle averaging 3.3 million viewers and 427,000 in the 25-54 demo. At 8 PM/ET Jesse Watters Primetime commanded 3.9 million viewers and 503,000 in the 25-54 demo. Winning the 9 PM/ET hour across the board, FNC’s Hannity remained dominant with 3.2 million viewers and 424,000 in the 25-54 demo, nearly doubling MSNBC’s The Rachel Maddow Show was saw just 223,000 in the 25-54 demo

FNC’s hit late-night program Gutfeld! (10 PM/ET) marked its best month since launch and continued as the genre’s most watched in broadcast and cable television, sweeping both total viewers and the 25-54 demo. Notching over 3.3 million viewers, 480,000 in 25-54, Gutfeld! outranked CBS’ The Late Show with Stephen Colbert, ABC’s Jimmy Kimmel Live!, NBC’s The Tonight Show with Jimmy Fallon, Late Night with Seth Meyers, CBS’ After Midnight and Comedy Central’s The Daily Show with Jon Stewart across the board.

The network’s nightly newscast, Special Report with Bret Baier (weeknights, 6 PM/ET), averaged 3.3 million viewers and 404,000 in 25-54 demo. Closing the night at 11 PM/ET, FOX News @ Night also surpassed the competition, delivering 1.9 million viewers and 294,000 in the 25-54 demo.

From 5-6 AM/ET, FOX & Friends FIRST netted 755,000 viewers while FNC’s signature morning show FOX & Friends (weekdays, 6-9 AM/ET) finished the month with 1.6 million viewers and 218,000 in the demo. The program has remained the number one cable news program in the mornings with both categories for more than three straight years and 45 consecutive months in 25-54 demo.

FNC’s daytime lineup, led by two-hour morning news program America’s Newsroom with Bill Hemmer and Dana Perino (weekdays, 9-11 AM/ET), saw 2.2 million viewers and 270,000 in the 25-54 demo. The Faulkner Focus at 11 AM/ET, anchored by Harris Faulkner, notched 2.4 million viewers and 293,000 in the 25-54 demo. At 12 PM/ET, Outnumbered earned 2.5 million viewers and 305,000 in the demo. Notably, the day after the election, The Faulkner Focus and America’s Newsroom led ABC’s The View with total viewers. From 1-3 PM/ET, America Reports with John Roberts and Sandra Smith also garnered 2.2 million viewers and 287,000 in the 25-54 demo. At 3 PM/ET, anchor Martha MacCallum’s The Story averaged 2.1 million viewers and 265,000 in the 25-54 demo as Your World with Neil Cavuto at 4 PM/ET nabbed 2.2 million viewers and 285,000 in the 25-54 category for the month. The Faulkner Focus, Outnumbered and America Reports all delivered their best months since launch with viewers.

FNC also continued to excel against the competition throughout the weekend for the month, winning every hour with total viewers and 25-54 demo, defeating CNN and MSNBC by double to triple-digits among both categories on both days. On Saturdays, Life, Liberty & Levin was most watched show, drawing 1.8 million viewers, while FOX & Friends Weekend led in the 25-54 demo with 193,000 A25-54. The Big Weekend Show (weekends, 7 PM/ET) followed with 1.7 million viewers and 175,000 in the 25-54 demo. FOX Report with Jon Scott nabbed 1.3 million viewers (146,000 A25-54) and FOX News Saturday Night with Jimmy Failla attracted 1.3 million viewers (165,000 A25-54.) One Nation with Brian Kilmeade drew 1.6 million viewers and 160,000 in the 25-54 demo.

On Sundays, FNC’s Sunday Morning Futures earned the top-rated show of the day, garnering 1.9 million viewers and 205,000 with 25-54 demo. The Big Weekend Show followed with 1.6 million viewers and 177,000 in the 25-54 demo. FOX & Friends Sunday alsooutpaced every CNN and MSNBC program in viewers, with 1.5 million viewers and 168,000 in 25-54 demo. At 11 AM/ET, MediaBuzz, hosted by Howard Kurtz, delivered 1.5 million viewers and 176,000 in the 25-54 demo while Sunday Night in America with Trey Gowdy garnered 1.6 million viewers and 127,000 A25-54.

FOX News Channel (FNC) is a 24-hour all-encompassing news service and has been the number one network in basic cable for the last eight years and the most-watched television news channel for more than 22 consecutive years, currently attracting nearly 50% of the cable news viewing audience according to Nielsen Media Research. Notably, Nielsen/MRI Fusion has consistently shown FNC to be the network of choice for more Democrat and Independent viewers, with the most politically diverse audience in cable news. A 2024 Pew Research Center study found that more Americans named FNC as their main source for political news than any other network while a 2023 New York Times/Siena College poll found FNC as the leading single source of news for voters across the country. Owned by Fox Corporation, FNC is available in nearly 70 million homes and dominates the cable news landscape, routinely notching the top 10 programs in the genre.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241126140368/en/

FOX News Media Contact:

Jessica Ketner: 212-301-3976 or [email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Entertainment Communications General Entertainment TV and Radio Other Communications Media

MEDIA:

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Posted on November 26, 2024 5:48 pm
Fusion Fuel Announces Completion of QIND Acquisition and Executive Leadership Changes

DUBLIN, Nov. 26, 2024 (GLOBE NEWSWIRE) — Fusion Fuel Green PLC (NASDAQ: HTOO) (“Fusion Fuel” or the “Company”), a leader in full-service green hydrogen solutions, today announced the successful closing of its previously disclosed transaction to acquire a controlling stake in Quality Industrial Corp. (OTC Pink: QIND) (“QIND”) through a share exchange. The completion of this strategic acquisition strengthens Fusion Fuel’s position in the energy engineering, supply, and services business, creating a robust platform to capitalize on growing demand in the renewable energy and industrial gas sectors.

As part of the transaction, Fusion Fuel has made several key leadership changes to align with its strategic vision. Effective immediately, John-Paul Backwell has been appointed Chief Executive Officer and will join the Company’s Board of Directors. Mr. Backwell will continue in his current role as Chief Executive Officer of QIND. Additionally, Frederico Figueira de Chaves, formerly the Company’s Chief Executive Officer, will transition to the role of Chief Strategy Officer and Head of Hydrogen Solutions. Gavin Jones continues as the Company’s Chief Financial Officer.

Remarking upon the changes, Jeffrey Schwarz, Chairman of the Board of Fusion Fuel said, “We are thrilled to welcome Mr. Backwell to our executive leadership team, further strengthening the depth and breadth of our management capabilities. His extensive multidisciplinary experience in business management, with particular emphasis on the scaling of companies, international market development, and mergers and acquisitions—will be instrumental in driving Fusion Fuel’s growth and delivering long-term value to its stakeholders. Over the course of his more than two-decade career, Mr. Backwell has demonstrated exceptional leadership, holding key roles as Chief Executive, Managing Director, and both Executive and Non-Executive Director.” Mr. Schwarz continued, “In his new role as Chief Strategy Officer and Head of Hydrogen Solutions, Mr. Figueira de Chaves will focus on operational excellence and driving innovation in Fusion Fuel’s core hydrogen engineering capabilities.”

John-Paul Backwell added: “I am honored to lead Fusion Fuel at this pivotal moment. This transaction marks a significant milestone in the evolution of Fusion Fuel’s business, providing the scale, synergies, and expertise needed to drive growth and deliver exceptional value to our stakeholders. Together with Frederico and the rest of the team, I am excited to build a world-class platform for engineering and advisory services across the energy and industrial sectors, helping to shape the future of energy and sustainability.”

The Company plans to hold an investor presentation to provide an overview of the strategic rationale behind this transaction, the vision for the combined company, and its plans for sustained growth in the hydrogen and industrial gases markets. The date and time of the presentation will be announced over the coming days, with access details to follow on the Company’s website.

Nasdaq Compliance Update

The Company has also announced that the hearing to appeal the delisting of its securities from Nasdaq has been scheduled for January 7, 2025. Management is confident that following the close of this transaction and the consolidation of financials, Fusion Fuel will meet the stockholder equity requirements for continued listing.

About Fusion Fuel Green plc

Fusion Fuel Green plc (NASDAQ: HTOO) is a leading provider of full-service energy engineering and advisory solutions, specializing in green hydrogen and broader industrial gas applications. Through its majority-owned subsidiary, Quality Industrial Corp., Fusion Fuel now offers an expanded portfolio of services, including the design, supply, installation, and maintenance of energy systems, as well as the transport and distribution of liquefied petroleum gas. The Company serves a diverse customer base spanning commercial buildings, mixed-use developments, heavy industries, and food service sectors, while continuing to drive innovation in the renewable energy space. Fusion Fuel is committed to advancing the global energy transition by delivering sustainable, efficient, and reliable energy solutions. Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu and following us on LinkedIn.

A description of the Stock Purchase Agreement, dated November 19, 2024 (the “Purchase Agreement”), among the Company, QIND, and certain shareholders of QIND (the “Sellers”) is contained in a report on Form 6-K that was furnished by the Company to the Securities and Exchange Commission (the “SEC”) on November 20, 2024, and a copy of which was included as an exhibit to such Form 6-K. The description above is qualified in its entirety by reference to the full text of such exhibit.

The Purchase Agreement sets forth material terms and conditions for the transaction that, upon consummation, resulted in Fusion Fuel’s acquisition of approximately 70% of the issued and outstanding share capital of QIND. Certain post-closing requirements are applicable, including stockholder approval of related matters and Nasdaq clearance of a new initial listing application, and failure to satisfy such requirements within a certain period may result in the unwinding of the acquisition by the Company of the shares of QIND. A further description of these requirements is contained in a report on Form 6-K that is being furnished by the Company to the SEC on or around the date hereof. There can be no assurance that post-closing requirements for the acquisition will be met.

Forward-Looking Statements

This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements, including without limitation, the ability of the Company, QIND, and the Sellers to obtain all necessary regulatory and other consents and approvals in connection with the acquisition, the Company’s ability to complete the acquisition of QIND and integrate its business, obtain Nasdaq clearance of a new initial listing application in connection with the acquisition, and obtain stockholder approval of the matters to be voted on at a stockholders’ meeting to approve matters required to be approved in connection with the Purchase Agreement. Fusion Fuel has based these forward-looking statements largely on its current expectations, including but not limited the ability of the investment reported on to be consummated as anticipated. Such forward-looking statements are subject to risks and uncertainties (including those set forth in Fusion Fuel’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission) which could cause actual results to differ from the forward-looking statements.

Investor Relations Contact

[email protected]

Posted on November 26, 2024 5:33 pm
Better Home & Finance Holding Company to Participate in Upcoming Investor Conferences

Better Home & Finance Holding Company to Participate in Upcoming Investor Conferences

NEW YORK–(BUSINESS WIRE)–
Better Home & Finance Holding Company (NASDAQ: BETR, BETRW) (“Better”), a leading digital homeownership company, today announced that senior management will host meetings at the following investor conferences:

UBS Global Technology and AI Conference

Date: December 3 – 5, 2024

Location: Scottsdale, AZ

Wolfe Research Small and Mid-Cap Conference

Date: December 5, 2024

Location: Virtual

Benchmark Discovery One-On-One Investor Conference

Date: December 11, 2024

Location: New York, NY

About Better

Since 2017, Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates and close their loan in as little as three weeks. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its “One Day Mortgage” program in January 2023, which allows eligible customers to go from click to Commitment Letter within 24 hours. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241126685898/en/

For investor relations inquiries, please email [email protected]

KEYWORDS: Arizona New York United States North America

INDUSTRY KEYWORDS: Software Construction & Property Finance Banking Professional Services Technology Fintech Residential Building & Real Estate

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Posted on November 26, 2024 5:33 pm
Destiny Tech100 Inc. Reports Third Quarter 2024 Results

Destiny Tech100 Inc. Reports Third Quarter 2024 Results

NEW YORK–(BUSINESS WIRE)–
Destiny Tech100 Inc. (NYSE: DXYZ) today announced financial results for the quarter ended September 30, 2024. The fund reported a net asset value (NAV) of $5.32 per share of common stock, an increase from $5.15 per share at the end of the second quarter.

As of September 30, 2024, Destiny Tech100’s investment portfolio had an aggregate fair value of approximately $58.2 million, including short-term investments. The fund maintains positions in a variety of privately-held technology companies.

Additional Information

For more information about the Tech100 fund, Destiny XYZ Inc., the Fund’s parent company, has made extensive resources available on its website. Prospective investors and the general public are encouraged to visit www.destiny.xyz/tech100 (in the Literature section) to receive the Fund’s most recent semi-annual report and other important information.

About Destiny Tech100

Destiny Tech100 (“DXYZ” and “Tech100”), is a publicly-listed registered closed-end fund that intends to invest in a portfolio of 100 of the top venture-backed private technology companies, providing everyday investors access to many of the world’s most exciting private businesses.

Destiny Tech100 Inc. is currently listed on the New York Stock Exchange under the ticker symbol “DXYZ.” For a comprehensive list of holdings, visit the fund website at www.destiny.xyz/tech100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241126589683/en/

Robert Blecher

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

Posted on November 26, 2024 5:23 pm
Gran Tierra Energy Inc. Announces Exploration Success in Ecuador and Strategic Joint Venture Transaction and Partnership to Accelerate Value in High-Impact Canadian Montney Oil Play with Logan Energy Corp.

CALGARY, Alberta, Nov. 26, 2024 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to report that another significant milestone has been achieved in Ecuador with a seventh successful oil discovery further confirming the significant potential of the Arawana / Zabaleta field area. In addition, we are excited to announce that Gran Tierra (by way of its wholly-owned subsidiary) has entered into a purchase and sale agreement with Logan Energy Corp. (“Logan”) (TSXV:LGN) pursuant to which Logan would acquire 50% and operatorship of a portion of Gran Tierra’s Simonette Montney assets (the “Assets”) for approximately C$52 million in cash, subject to customary adjustments. After the closing of the Transaction, Gran Tierra would retain 50 percent working interest in the Assets. The Transaction provides a growth-focused platform to advance Gran Tierra’s Montney development and is aligned with the Company’s corporate strategy of long-term value creation. All dollar amounts are in Canadian dollars, and production amounts are on an average working interest (“WI”) before royalties basis unless otherwise indicated. Per barrel (“bbl”) and bbls of oil equivalent per day (“BOEPD”) amounts are based on WI sales before royalties.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra commented, “Gran Tierra is excited to announce its seventh Ecuador oil discovery from the Zabaletea-K1 well. This well was a pivotal exploration well that has further substantiated and delineated the Arawana / Zabaleta field area. The Zabaleta-K1 was drilled over 4 kilometers from the Arawana-J1 well drilled earlier this year and was charged with oil highlighting the magnitude of this discovery. The success of this well solidifies Gran Tierra’s understanding of the field area and will be a key pillar of development growth plans in South America for years to come.”

Seventh Ecuador Oil Discovery Substantiates Significant Potential in the Arawana / Zabaleta Field Area

The Zabaleta-K1 well is the fourth exploration well drilled in the Chanangue Block and marks the seventh oil discovery by Gran Tierra in Ecuador.

The successful Zabaleta test further validates the proven Basal Tena geological model 4 kilometers away from Arawana-J1 and supports the significant potential of the Arawana / Zabaleta productive trend.

Gran Tierra has run production casing, cemented and perforated the Basal Tena oil zone and has begun production testing.

The Basal Tena oil zone was perforated over 21.5 ft of reservoir with 12.8 ft of net reservoir based on log evaluation. A jet pump was run and the well has produced at stabilized rates over 24 hours at 1,105 bbls of oil per day, 17-degree API gravity oil, a 2% water cut, and a gas-oil ratio of 59 standard cubic feet per stock tank barrel.

The rig has been moved to drill the Zabaleta Oeste exploration well which was spud on November 21, 2024, which marks the fulfillment of the final exploration commitment in the Chanangue block.

Message to Shareholders

“We are also thrilled to announce the sale of a portion of our interest in the Simonette Montney play while keeping a material stake in its future growth. This strategic partnership with a top-tier operator, who already has established infrastructure in the area, will significantly accelerate development and generate near-term cash flow. We intend to use a portion of the proceeds to deliver value to our shareholders through development of other key assets in the portfolio and share buybacks, while also strengthening our balance sheet by reducing net debt. We are also pleased to monetize by diluting half of our interest in one of the assets recently acquired in the i3 Energy acquisition by selling approximately 4 percent of production, and 1P reserves we acquired for approximately 19 percent of total consideration while still maintaining material interest and value in the assets. This transaction validates Gran Tierra’s position as a top-tier growth focused mid cap E&P company,” commented Gary Guidry, President and Chief Executive Officer of Gran Tierra.

Strategic Rationale

Accelerates Simonette Asset Development: Leverages pre-development work and infrastructure completed by Logan to accelerate drilling on the Simonette Assets into the fourth quarter of 2024 from the first quarter of 2026.

Partnering with a Leading Montney Operator: Simonette operations will be spearheaded by an industry-leading Montney oil producer with significant operating experience and proven track record of success.

Strategic Infrastructure Already In-Place: Gain access to Logan’s area infrastructure, which eliminates the need for new projects, reduces upcoming capital spends and accelerates asset development timelines and value.

Synergistic Operations Drive Cost Savings: Cost reduction across the combined asset base led by increased development scale, shared pad sites, personnel efficiencies, gathering pipelines and access to infrastructure.

Attractive Transaction Metrics: Premium value realized for the Assets with an opportunity to capture additional upside through long-term asset development.

Disposition Highlights:

100% WI Asset Sold 50% WI

Consideration
² – $52 million

Net Sections of Land 49 25

PDP reserves 1.6 MMBOE 0.8 MMBOE

1P reserves 7.8 MMBOE 3.9 MMBOE

2P reserves 27.6 MMBOE 13.8 MMBOE

NPV AT 10% NPV AT 10%

PDP $8.8 million $4.4 million

1P $55.0 million $27.5 million

2P $244.6 million $122.3 million

Q3 2024 Production 1,590 BOEPD 795 BOEPD

The Company maintains a 50% working interest in the Assets, which include approximately 25 net sections of Simonette Montney lands with 0.8 million bbls of oil equivalent (“MMBOE”) of Proved Developed Producing (“PDP”) reserves, 3.9 MMBOE of Proved (“1P”) reserves and 13.8 MMBOE of (“2P”) reserves, in each case, as at July 31, 2024¹. On a net present value discounted by 10% after tax basis, the Assets were valued by GLJ Ltd. at $4.4 million for Proved Developed Producing reserves, $27.5 million for Proved reserves and $122.3 million for Proved plus Probable reserves. Finally, the Assets and stated NPVs include Logan’s acquisition of Gran Tierra’s entire interest in the gross overriding royalty over Logan’s land in the corresponding area of the Simonette Montney play.

Consideration

In addition to the initial cash consideration, Logan will carry the first development well in the Lower Montney region valued at $3 million net to Gran Tierra. Gran Tierra will obtain priority access and preferential terms on existing Logan owned infrastructure as part of the newly formed joint venture.

Transaction Details

Total consideration from Logan includes $52 million in cash proceeds and carried development of the first Simonette well drilled in the Lower Montney region for estimated non-cash proceeds of $3 million net to Gran Tierra. The purchase price will be subject to customary adjustments based on an effective date of September 1, 2024. As a result of the transaction, Gran Tierra expects to accelerate 2 wells at the 1-24 pad in the Simonette Montney area into the fourth quarter of 2024 which were originally anticipated to be drilled in the first quarter of 2026. Closing of the transaction is expected to occur by the end of 2024, subject to the satisfaction of customary closing conditions.

⁽¹⁾ Based on the i3 Energy GLJ Report dated July 31, 2024. See “Presentation of Oil and Gas Information”.

⁽²⁾Does not include the $3 million non-cash proceeds relating to the capital carry of the first Simonette well by Logan

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221

[email protected]

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to [email protected] or (403) 265-3221.

Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Forward Looking Statements and Legal Advisories:

This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “estimate,” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the benefits of the transaction, the use of proceeds from the sale of an interest in the Assets, the Company’s drilling program, access to infrastructure and capital expenditures, future net cash flows from oil and gas properties, and the Company’s future debt levels. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the ability of Gran Tierra to successfully develop and drill wells, the performance of Logan as operator of the Assets, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to performance by Logan as operator in a manner different than currently expected by the Company and the factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2023 filed February 20, 2024, and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

Presentation of Oil and Gas Information

All reserves value, future net revenue and ancillary information contained in this press release have been prepared by i3 Energy plc’s (“i3 Energy”) (which was acquired by Gran Tierra Energy on October 31, 2024) independent qualified reserves evaluator GLJ Ltd. (“GLJ”) in a fair market value report with an effective date of July 31, 2024 (the “i3 Energy GLJ Report”) and calculated in compliance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”), unless otherwise expressly stated.

Barrel of oil equivalents (“boe”) have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.

The following reserves categories are discussed in this press release: Proved, Proved plus Probable and Proved plus Probable plus Possible and Proved Developed Producing. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. Proved developed producing reserves are those proved reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

Estimates of net present value and future net revenue contained herein do not necessarily represent fair market value. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by GLJ in evaluating i3 Energy’s reserves will be attained and variances could be material. There are numerous uncertainties inherent in estimating quantities of crude oil and natural gas reserves. The reserves information set forth in the i3 Energy GLJ Report are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided therein. All evaluations of future net revenue contained in the i3 Energy GLJ Report are after the deduction of royalties, operating costs, development costs, production costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. It should not be assumed that the estimates of future net revenues presented in this press release represent the fair market value of the reserves.

References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. i3 Energy’s reported production is a mix of light crude oil and medium, heavy crude oil, tight oil, conventional natural gas, shale gas and coal bed methane for which there is not a precise breakdown since i3 Energy’s oil sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

Disclosure of Reserve Information and Cautionary Note to U.S. Investors

Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable SEC rules and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a “company gross” basis, representing Gran Tierra’s working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements.

In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, “SEC requirements”). Disclosure of such information in accordance with SEC requirements is included in the Company’s Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC’s definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company’s oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.