Artificial Intelligence

Qutoutiao Inc. Reports Second Quarter 2021 Unaudited Financial Results

Published

3 years ago

September 7, 2021

SHANGHAI, China, Sept. 07, 2021 (GLOBE NEWSWIRE) — Qutoutiao Inc. (“Qutoutiao”, the “Company” or “We”) (NASDAQ: QTT), a leading operator of mobile content platforms in China, today announced its unaudited financial results in the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

Net revenues was RMB1,202.0 million (US$186.2 million), representing a decrease of 16.6% from 1,441.0 million in the second quarter of 2020, and a decrease of 6.9% quarter-over-quarter from RMB1,291.0 million in the first quarter of 2021, exceeding the Company’s previous guided range for the second quarter of 2021.
Net loss was RMB209.5 million (US$32.4 million), compared to net loss of RMB222.1 million in the second quarter of 2020 and net loss of RMB149.0 million in the first quarter of 2021. Net loss margin was 17.4%, compared to 15.4% in the second quarter of 2020 and 11.5% in the first quarter of 2021.
Non-GAAP net loss¹ was RMB186.0 million (US$28.8 million), compared to non-GAAP net loss of RMB173.3 million in the second quarter of 2020 and non-GAAP net loss of RMB55.4 million in the first quarter of 2021. Non-GAAP net loss margin was 15.5%, compared to 12.0% in the second quarter of 2020 and 4.3% in the first quarter of 2021.
Combined average MAUs² were 132.3 million, representing a decrease of 3.1% from 136.5 million in the second quarter of 2020; and a decrease of 0.8% from 133.3 million in the first quarter of 2021.
Combined average DAUs³ were 29.1 million, representing a decrease of 32.3% from 43.0 million in the second quarter of 2020; and a decrease of 8.2% from 31.7 million in the previous quarter.
Average daily time spent per DAU was 47.3minutes, compared to 55.2 minutes in the second quarter of 2020 and 47.1 minutes in the first quarter of 2021.

Mr. Eric Siliang Tan, Chairman and Chief Executive Officer of Qutoutiao, commented, “We will continue to run a balanced strategy with our overall business, investing into promising growth initiatives while optimizing the financial position of the more mature segments. We will maintain the highest standard of compliance and continue to make positive contributions to the future growth of a dynamic industry and the wider society.”

Second Quarter 2021 Financial Results

Net revenues in the second quarter of 2021 were RMB1,202.0 million (US$186.2 million), a decrease of 16.6% from RMB1,441.0 million in the second quarter of 2020, and a decrease of 6.9% from RMB1,291.0 million in the first quarter of 2021.

Advertising and marketing revenues were RMB1,141.4 million (US$176.8 million) in the second quarter of 2021, a decrease of 17.2% from RMB1,378.1 million in the second quarter of 2020, primarily due to the tightening regulatory environment in internet and technology sector which, to some extent, resulted in constrained budgets of advertisers.

Other revenues were RMB60.6 million (US$9.4 million) in the second quarter of 2021, a slight decrease of 3.7% from RMB62.9 million in the second quarter of 2020. The decrease was primarily due to the decrease in revenues from live-streaming.

Cost of revenues were RMB327.7million (US$50.8 million) in the second quarter of 2021, a decrease of 18.1% from RMB400.2 million in the second quarter of 2020, primarily attributable to decreases in IT infrastructure costs, integrated marketing service costs which are in line with the decrease in integrated markting service revenues; compensation expenses and costs related to live-streaming revenue sharing; the decrease was partially offset by an increase in Midu Novels content and license fee due to the expansion in Midu Novels and the Company’s ongoing investment in improving content quality.

Gross profit was RMB874.2 million (US$135.4 million) in the second quarter of 2021, a decrease of 16.0% from RMB1,040.8 million in the second quarter of 2020. Gross margin was 72.7%, compared to 72.2% in the second quarter of 2020.

Research and development expenses were RMB136.2 million (US$21.1 million) in the second quarter of 2021, a decrease of 39.3% from RMB224.2 million in the second quarter of 2020 primarily due to a reduction in overall research and development headcount and consequentially the decrease in compensation expenses, including share-based compensations.

Sales and marketing expenses were RMB901.3 million (US$139.6 million) in the second quarter of 2021, a decrease of 2.6% from RMB925.3 million in the second quarter of 2020. Sales and marketing expenses as a percentage of net revenues were 75.0% in the second quarter of 2021, compared to 64.2% in the second quarter of 2020 and 62.0% in the first quarter of 2021, primarily due to the expansion of Midu Novels.

User engagement expenses were RMB169.5 million (US$26.3 million) in the second quarter of 2021, representing a decrease of 62.9% year-over-year and a decrease of 5.4% quarter-over-quarter. User engagement expenses per DAU per day were RMB 0.06 in the second quarter of 2021, compared to RMB0.12 in the second quarter of 2020 and RMB0.06 in the first quarter of 2021. The year-over-year decrease of user engagement expenses was primarily due to the Company’s ongoing efforts in optimizing user engagement expenses related to its loyalty program, as well as the enhanced content algorithm facilitated by the Company’s AI platform that aims to match the content more precisely with users’ personalized needs.

User acquisition expenses were RMB685.2 million (US$106.1 million) in the second quarter of 2021, an increase of 57.3% year-over-year and an increase of 16.4% quarter-over-quarter. User acquisition expenses consist of the costs of both word-of-mouth referrals and third-party marketing. The year-over-year increase was primarily due to the expansion of Midu Novels. User acquisition expenses per new installed user⁴ in the second quarter of 2021 were RMB7.29, compared to RMB3.30 in the second quarter of 2020 and RMB5.78 in the first quarter of 2021.

Other sales and marketing expenses were RMB46.6 million (US$7.2 million) in the second quarter of 2021, increasing 43.4% year-over-year from RMB32.5 million in the second quarter of 2020.

General and administrative expenses were RMB93.4 million (US$14.5 million) in the second quarter of 2021, a decrease of 11.4% from RMB105.5 million in the second quarter of 2020, mainly due to the reduction in overall general and administrative headcount and consequentially the decrease in compensation expenses, as well as a decrease in share-based compensations; the decrease was partially offset by an additional expected credit loss provision of RMB61.9 million recorded in the second quarter of 2021 under ASC 326, Measurement of Credit Losses on Financial Instruments.

Loss from operations was RMB223.9 million (US$34.7 million) in the second quarter of 2021, compared to RMB189.4 million in the second quarter of 2020. Operating loss margin was 18.6%, compared to 13.1% in the second quarter of 2020.

Non-operating income was RMB14.1 million (US$2.2 million) in the second quarter of 2021, mainly due to a third party’s investment in one of the Company’s subsidiaries which resulted in a deconsolidation and a related disposal gain of RMB23.1 million. Non-operating loss for the second quarter of 2020 was RMB32.4 million (US$5.0 million), which mainly included a RMB22.8 million loss associated with fair value changes on long-term investments, and net interest expenses of RMB6.9 million.

Non-GAAP loss from operations was RMB200.4 million (US$31.0 million) in the second quarter of 2021, compared to a non-GAAP loss from operations of RMB140.6 million in the second quarter of 2020.

Non-GAAP operating loss margin was 16.7%, compared to non-GAAP operating loss margin of 9.8% in the second quarter of 2020.

Net loss was RMB209.5 million (US$32.4 million), compared to net loss of RMB222.1 million in the second quarter of 2020. Net loss margin was 17.4%, compared to 15.4% in the second quarter of 2020.

Non-GAAP net loss was RMB186.0 million (US$28.8 million), compared to non-GAAP net loss of RMB173.3 million in the second quarter of 2020. Non-GAAP net loss margin was 15.5%, compared to 12.0% in the second quarter of 2020.

Net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB236.1 million (US$36.6 million) in the second quarter of 2021, compared to RMB234.3 million in the second quarter of 2020.

Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders was RMB212.6 million (US$32.9 million) in the second quarter of 2021, compared to RMB185.5 million in the second quarter of 2020.

Basic and diluted net loss per American Depositary Share (“ADS”) was RMB0.78 (US$0.12) in the second quarter of 2021. Non-GAAP basic and diluted net loss per ADS was RMB0.70 (US$0.11) in the second quarter of 2021. Each four ADSs represent one Class A ordinary share of the Company.

Balance Sheet

As of June 30, 2021, the Company had cash, cash equivalents, restricted cash and short-term investments of RMB1,021.8 million (US$158.3 million), compared to RMB985.8 million as of December 31, 2020. Net operating cash outflow during the second quarter of 2021 was RMB15.0 million.

While the Company continues to execute business plans to improve their liquidity position, the Convertible Loan which the Company issued with principal amounting to US$171.1 million (RMB1,180.6 million) will mature in April 2022 and has been classified as a current liability as of June 30, 2021. Given the significance of the loan, there is uncertainty regarding the Company’s ability to repay the Convertible Loan upon maturity, which raises substantial doubt about the Company’s ability to continue as a going concern. The second quarter 2021 unaudited financial information does not include any adjustment that is reflective of this uncertainty.

Business Outlook

For the third quarter of 2021, the Company expects group net revenues to be between RMB1,050 to RMB1,100 million.

Conference Call

Qutoutiao’s management will host an earnings conference call at 8:00 A.M. U.S. Eastern Time on September 7, 2021 (8:00 P.M. Beijing/Hong Kong time on September 7, 2021).

Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.

Preregistration Information

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/3766584 at least 15 minutes prior to the scheduled call start time.

Please dial-in at least 10 minutes before the scheduled start time of the earnings call and enter the Direct Event Passcode and Registrant ID as instructed to connect to the call.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until 09:59 A.M. U.S Eastern Time on September 22, 2021, by dialing the following telephone numbers:

United States:	+1-646-254-3697
International:	+61-2-8199-0299
Hong Kong :	+852-3051-2780
China:	400-632-2162
Replay Access Code:	3766584

About Qutoutiao Inc.

Qutoutiao Inc. operates innovative and fast-growing mobile content platforms in China with a mission to bring fun and value to its users. The eponymous flagship mobile application, Qutoutiao, meaning “fun headlines” in Chinese, applies artificial intelligence-based algorithms to deliver customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. Qutoutiao has attracted a large group of loyal users, many of whom are from lower-tier cities in China. They enjoy Qutoutiao’s fun and entertainment-oriented content as well as its social-based user loyalty program. Launched in May 2018, Midu Novels is a pioneer in offering free literature supported by advertising and has grown rapidly to become a leading player in the online literature industry. The Company will continue to bring more exciting products to users through innovation, and strive towards creating a leading global online content ecosystem.

For more information, please visit: https://ir.qutoutiao.net.

Use of Non-GAAP Financial Measures

We use non-GAAP profit or loss from operations, non-GAAP operating profit or loss margin, non-GAAP net profit loss, non-GAAP net profit or loss margin, non-GAAP net profit or loss attributable to Qutoutiao Inc.’s ordinary shareholders and non-GAAP basic and diluted net profit or loss per ADS, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes. Each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses. We believe that such non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of such share-based compensation expenses that we include in cost of revenues, total operating expenses and net loss. We believe that all such non-GAAP financial measures also provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance prepared in accordance with U.S. GAAP or as an indicator of our operating performance. We mitigate these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.4566 to US$1.00, the rate in effect as of June 30, 2021 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Qutoutiao’s beliefs, plans and expectations, are forward-looking statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain 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: Qutoutiao’s strategies; Qutoutiao’s future business development, financial condition and results of operations; Qutoutiao’s ability to retain and increase the number of users and provide quality content; competition in the mobile content platform industry; Qutoutiao’s ability to manage its costs and expenses; the future developments of the COVID-19 outbreak; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qutoutiao’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Qutoutiao does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Qutoutiao Inc.
Investor Relations
Tel: +86-21-5889-0398
E-mail: [email protected]

QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousand RMB, or otherwise noted)

	As of December 31,			As of June 30,
	2020			2021

ASSETS
Current assets:
Cash and cash equivalents		494,475			399,940
Restricted cash		100,316			39,147
Short-term investments		391,033			582,700
Accounts receivable, net		737,789			967,615
Amount due from related parties		383,594			318,783
Prepayments and other current assets		365,109			269,847
Total current assets		2,472,316			2,578,032

Non-current assets:
Accounts receivables, non-current		54,639			15,831
Long-term Investments		82,889			91,938
Property and equipment, net		17,213			17,292
Intangible assets		83,123			193,996
Goodwill		7,268			7,268
Right-of-use assets, net		50,319			30,404
Other non-current assets		148,091			6,164
Total non-current assets		443,542			362,893
Total assets		2,915,858			2,940,925

LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings		70,000			–
Accounts payable		448,981			410,340
Amount due to related parties		22,477			5,698
Registered users’ loyalty payable		72,627			71,100
Advance from customers and deferred revenue		140,776			139,195
Salary and welfare payable		149,704			110,516
Tax payable		97,144			72,754
Lease liabilities, current		20,760			15,194
Accrued liabilities related to users’ loyalty programs		100,088			91,957
Accrued liabilities and other current liabilities		763,433			1,235,700
Convertible loan – current		–			1,180,633
Total current liabilities		1,885,990			3,333,087

Lease liabilities, non-current		23,756			15,057
Convertible loan		1,174,868			–
Deferred tax liabilities		18,825			17,624
Other non-current liabilities		4,256			2,987
Non-current liabilities		1,221,705			35,668
Total liabilities		3,107,695			3,368,755

Total redeemable non-controlling interests		1,093,526			1,132,670

Shareholders’ deficit
Ordinary shares		47			48
Treasury stock		(142,229	)		(142,229	)
Additional paid-in capital		4,784,315			4,901,491
Accumulated other comprehensive income		84,320			103,407
Accumulated deficit		(6,007,227	)		(6,418,283	)
Total Qutoutiao Inc. shareholders’ deficit		(1,280,774	)		(1,555,566	)
Non-controlling interests		(4,589	)		(4,934	)
Total deficit		(1,285,363	)		(1,560,500	)

Total liabilities, redeemable non-controlling interests and shareholders’ deficit		2,915,858			2,940,925

QUTOUTIAO INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousand RMB, except ADS data, or otherwise noted)

	For the three months ended									For the six months ended
	June 30			March 31			June 30			June 30			June 30
	2020			2021			2021			2020			2021


Advertising and marketing revenues		1,378,130			1,228,033			1,141,370			2,742,130			2,369,403
Other revenues		62,865			62,946			60,604			110,662			123,550
Net revenues		1,440,995			1,290,979			1,201,974			2,852,792			2,492,953

Cost of revenues		(400,215	)		(381,275	)		(327,734	)		(860,970	)		(709,009	)
Gross profit		1,040,780			909,704			874,240			1,991,822			1,783,944

Operating expenses:
Research and development expenses		(224,200	)		(186,683	)		(136,173	)		(505,064	)		(322,856	)
Sales and marketing expenses		(925,312	)		(800,694	)		(901,273	)		(1,999,840	)		(1,701,967	)
General and administrative expenses		(105,472	)		(101,611	)		(93,442	)		(212,968	)		(195,053	)
Total operating expenses		(1,254,984	)		(1,088,988	)		(1,130,888	)		(2,717,871	)		(2,219,876	)

Other operating income		24,790			31,930			32,717			31,907			64,647

Loss from Operations		(189,414	)		(147,354	)		(223,931	)		(694,142	)		(371,285	)

Investment income/ (expenses), net		(20,980	)		2,666			(4,133	)		(37,511	)		(1,467	)
Interest expense, net		(6,900	)		(7,804	)		(8,065	)		(10,313	)		(15,869	)
Foreign exchange related gain/(loss), net		(271	)		(2,814	)		3,142			(2,797	)		328
Other income/(expense), net		(4,213	)		6,048			23,198			(7,733	)		29,246
Non-operating income / (loss)		(32,364	)		(1,904	)		14,142			(58,354	)		12,238

Loss before provision for income taxes		(221,778	)		(149,258	)		(209,789	)		(752,496	)		(359,047	)
Income tax benefits/ (expense), net		(321	)		224			296			(1,423	)		520

Net loss		(222,099	)		(149,034	)		(209,493	)		(753,919	)		(358,527	)

Net loss attributable to non-controlling interests		109			170			175			316			345
Net loss attributable to Qutoutiao Inc.		(221,990	)		(148,864	)		(209,318	)		(753,603	)		(358,182	)

Accretion to convertible redeemable preferred shares redemption value of a subsidiary		(12,316	)		(26,126	)		(26,748	)		(24,180	)		(52,874	)

Net loss attributable to Qutoutiao Inc.’s ordinary shareholders		(234,306	)		(174,990	)		(236,066	)		(777,784	)		(411,056	)

Net loss		(222,099	)		(149,034	)		(209,493	)		(753,919	)		(358,527	)
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of nil tax		293			(12,988	)		32,075			(15,938	)		19,087
Total comprehensive loss		(221,806	)		(162,022	)		(177,418	)		(769,857	)		(339,440	)
Comprehensive loss attributable to non-controlling interests		109			170			175			316			345
Comprehensive loss attributable to Qutoutiao Inc.		(221,697	)		(161,852	)		(177,243	)		(769,541	)		(339,095	)

Net loss per ADS (1 Class A ordinary share equals 4 ADSs):
– Basic and diluted		(0.81	)		(0.58	)		(0.78	)		(2.71	)		(1.36	)

Weighted average number of ADS used in computing basic and diluted earnings per ADS:
– Basic		288,538,032			299,548,372			303,220,624			287,085,156			301,394,648
– Diluted		288,538,032			299,548,372			303,220,624			287,085,156			301,394,648

QUTOUTIAO INC.
Reconciliation of GAAP And Non-GAAP Results
(All amounts in thousand RMB, except ADS data, or otherwise noted)

	For the three months ended									For the six months ended
	June 30			March 31			June 30			June 30			June 30
	2020			2021			2021			2020			2021



Loss from Operations		(189,414	)		(147,354	)		(223,931	)		(694,142	)		(371,285	)
Add: Share-based compensation expenses
Cost of revenues		3,077			996			–			6,561			996
General and administrative		13,059			41,086			3,017			65,540			44,103
Sales and marketing		3,612			2,311			–			25,300			2,311
Research and development		29,094			49,275			20,491			95,191			69,767

Non-GAAP Loss from Operations		(140,572	)		(53,686	)		(200,423	)		(501,550	)		(254,108	)

Net loss		(222,099	)		(149,034	)		(209,493	)		(753,919	)		(358,527	)
Add: Share-based compensation expenses
Cost of revenues		3,077			996			–			6,561			996
General and administrative		13,059			41,086			3,017			65,540			44,103
Sales and marketing		3,612			2,311			–			25,300			2,311
Research and development		29,094			49,275			20,491			95,191			69,767

Non-GAAP net loss		(173,257	)		(55,366	)		(185,985	)		(561,327	)		(241,350	)

Net loss attributable to Qutoutiao Inc.		(221,990	)		(148,864	)		(209,318	)		(753,603	)		(358,182	)
Add: Share-based compensation expenses
Cost of revenues		3,077			996			–			6,561			996
General and administrative		13,059			41,086			3,017			65,540			44,103
Sales and marketing		3,612			2,311			–			25,300			2,311
Research and development		29,094			49,275			20,491			95,191			69,767

Non-GAAP net loss attributable to Qutoutiao Inc.		(173,148	)		(55,196	)		(185,810	)		(561,011	)		(241,005	)

Net loss attributable to Qutoutiao Inc.’s ordinary shareholders		(234,306	)		(174,990	)		(236,066	)		(777,784	)		(411,056	)
Add: Share-based compensation expenses
Cost of revenues		3,077			996			–			6,561			996
General and administrative		13,059			41,086			3,017			65,540			44,103
Sales and marketing		3,612			2,311			–			25,300			2,311
Research and development		29,094			49,275			20,491			95,191			69,767

Non-GAAP net loss attributable to Qutoutiao Inc.’s ordinary shareholders		(185,464	)		(81,322	)		(212,558	)		(585,192	)		(293,879	)

Non-GAAP net loss per ADS (1 Class A ordinary share equals 4 ADSs):
— Basic and diluted		(0.64	)		(0.27	)		(0.70	)		(2.04	)		(0.98	)

Weighted average number of ADS used in computing basic and diluted earnings per ADS
— Basic		288,538,032			299,548,372			303,220,624			287,085,156			301,394,648
— Diluted		288,538,032			299,548,372			303,220,624			287,085,156			301,394,648

QUTOUTIAO INC.
Supplementary Operating Information
(RMB in millions, or otherwise noted)

For the three months ended

June 30

September 30

December 31

March 31

June 30

2020

2021

Net revenues

1,441.0

1,130.0

1,302.4

1,291.0

1,202.0

User engagement expenses

457.2

264.7

163.2

179.1

169.5

User acquisition expenses

435.7

385.9

397.1

588.7

685.2

Other sales and marketing expenses

32.5

50.9

119.9

32.9

46.6

Total sales and marketing expenses

925.4

701.5

680.2

800.7

901.3

Combined Average MAUs (in millions)

136.5

120.5

124.7

133.3

132.3

Combined Average DAUs (in millions)

43.0

39.7

32.3

31.7

29.1

New installed users (in millions)

132.2

67.3

50.3

101.8

94.0

Average net revenues per DAU per day (RMB)

0.37

0.31

0.44

0.45

0.46

User engagement expenses per DAU per day (RMB)

0.12

0.07

0.05

0.06

User acquisition expenses per new installed user (RMB)

3.30

5.73

7.89

5.78

7.29

¹ For more information on the non-GAAP financial measures, see the section entitled “Use of Non-GAAP Financial Measures” below and the table captioned “Reconciliation of GAAP And Non-GAAP Results” set forth at the end of this press release.

² “MAUs” refers to the number of unique mobile devices that accessed our relevant mobile application in a given month. “Combined average MAUs” for a particular period is the average of the MAUs for all of our mobile applications in each month during that period;

³ “DAUs” refers to the number of unique mobile devices that accessed our relevant mobile application on a given day. “Combined average DAUs” for a particular period is the average of the DAUs for all of our mobile applications on each day during that period;

⁴ “New installed user” refers to the aggregate number of unique mobile devices that have downloaded and launched our relevant mobile applications at least once.

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Artificial Intelligence

More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024

Published

22 hours ago

May 17, 2024

CISION (PR Newswire)

more-than-$9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024

Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.

The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
Photo – https://mma.prnewswire.com/media/2416174/Regeneron_ISEF_2024_Winners_Photo.jpg
Logo – https://mma.prnewswire.com/media/2416197/Society_for_Science_Logo.jpg

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Artificial Intelligence

J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit

Published

1 day ago

May 17, 2024

CISION (PR Newswire)

In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.

In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.

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Artificial Intelligence

Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024

Published

1 day ago

May 17, 2024

CISION (PR Newswire)

congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024

SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.

Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
Photo – https://mma.prnewswire.com/media/2415818/Global_Data_Center_Facility_Summit_2024.jpg

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