Artificial Intelligence
Aurora Mobile Limited Announces First Quarter 2023 Unaudited Financial Results
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SHENZHEN, China, June 15, 2023 (GLOBE NEWSWIRE) — Aurora Mobile Limited (“Aurora Mobile” or the “Company”) (NASDAQ: JG), a leading provider of customer engagement and marketing technology services in China, today announced its unaudited financial results for the first quarter ended March 31, 2023.
First Quarter 2023 Financial Highlights
- Revenues were RMB65.4 million (US$9.5 million), a decrease of 23% year-over-year.
- Cost of revenues was RMB19.4 million (US$2.8 million), a decrease of 28% year-over-year.
- Gross profit was RMB46.0 million (US$6.7 million), a decrease of 21% year-over-year.
- Total operating expenses were RMB64.8 million (US$9.4 million), a decrease of 31% year-over-year.
- Net loss was RMB15.2 million (US$2.2 million), compared with a net loss of RMB30.9 million for the same quarter last year.
- Net loss attributable to Aurora Mobile Limited’s shareholders was RMB15.1 million (US$2.2 million), compared with a net loss attributable to Aurora Mobile Limited’s shareholders of RMB29.8 million for the same quarter last year.
- Adjusted net loss (non-GAAP) was RMB11.5 million (US$1.7 million), compared with a RMB17.7 million adjusted net loss for the same quarter last year.
- Adjusted EBITDA (non-GAAP) was a negative RMB7.5 million (US$1.1 million), compared with a negative RMB8.2 million for the same quarter last year.
Mr. Weidong Luo, Chairman and Chief Executive Officer of Aurora Mobile, commented, “Despite the challenging macro environment, we successfully concluded the first quarter of 2023. With business and social activities slowly recovering during Q1’2023 following a shift in COVID policy towards the end of 2022, some of our businesses were impacted to varying degrees. However, we are pleased to report that so far in Q2’2023 we have witnessed good momentum in revenue growth especially from Developer Services. We carried on with our strict cost management strategy and cautious hirings, flattened our management structure and, as a result, our overall expenditures have continued to drop year-over-year and quarter-over-quarter.
Let me share some of the key results with you:
- Lowest net loss since 2019’Q3, at RMB15.2 million
- Lowest operating expenses since IPO! At RMB64.8 million
- AR turnover days at 39 days
Developer Services revenues decreased by 24% year-over-year, mainly due to the weakness in Value-added-services, offset by the growth in Subscription Services. Subscription Services revenues were RMB37.5 million, up 9% year-over-year mainly fueled by increasing ARPU. Subscription Services as our core business include JPUSH, Analytics, UMS and other products and despite the external uncertain macro environment, we signed up many well-known clients. Going into Q2’2023, we expect some major recovery in Subscription Services, and we hope we will see double-digit growth on a quarter-over-quarter basis.
Value-added-services revenues were RMB8.0 million, decreased by 69% year-over-year which was a result of weak advertising demand. We believe Ad related revenue will continue to be impacted by the uncertain and volatile macroeconomic environment.
Moving on to our products and services, we have seen strong growth potential and interest in the EngageLab platform that we launched during Q4 last year. We have implemented various improvements to all the products under EngageLab. Recently, EngageLab has established a reliable network of data centers in multiple regions around the world to ensure that customers can choose the storage location that best suits their business needs. These data centers meet the highest security standards and have passed a rigorous certification and audit process. In addition to Singapore, EngageLab has now added more data center options for overseas customers to deploy the push notification products AppPush and WebPush. These include China-Hong Kong, Germany-Frankfurt, USA-California, Japan-Tokyo, South Korea-Seoul, UAE-Dubai, Brazil-Sao Paulo and Australia-Sydney. Customers can select an appropriate data center to store data for an application based on comprehensive considerations such as the location of their end users and regulations. We will continue to invest in technology innovation and global infrastructure building and are committed to providing our customers with the highest level of data security and compliance assurance.
We are thrilled to report that EngageLab has attracted numerous valuable overseas customers and generated significant revenue and ARPU in just a few months. Encouragingly, new contributions from overseas customers continue to outpace those from domestic customers and we anticipate that our overseas business will be one of our biggest growth drivers going forward. Our products have been well-received by customers in multiple countries and regions, including the USA, Malaysia, Thailand, and Singapore. With this recognition from our customers, we remain committed to enhancing our products and services to enable global developers to achieve high-efficiency and cost-effective user reach.”
Mr. Shan-Nen Bong, Chief Financial Officer of Aurora Mobile, added, “We were facing external uncertainties during Q1’2023, and our Vertical Applications business was also challenged this quarter. Vertical Applications mainly consist of Financial Risk Management and Market Intelligence. Vertical Applications revenues decreased by 22% year-over-year. Both Financial Risk Management and Market Intelligence segments, revenues were negatively impacted and decreased by 20% and 5%, respectively, year-over-year to RMB11.8 million and RMB7.2 million. Our Q1’2023 revenue was impacted since many of our customers were not able to close contracts on time due to COVID outbreaks. Going into Q2’2023, we have seen recovery in the revenue from both segments already.
We are on track in our operational goal to become a more efficient company by centralizing our resources to focus on fewer but more important tasks. During Q1’2023, operating expenses marked another all-time low since IPO at RMB64.8 million. Our net loss also narrowed down to RMB15.2 million, the lowest since 2019’Q3.
We continued to maintain a healthy AR turnover days level at 39 days. Usually, Q1 is the slower quarter due to the Chinese New Year holiday, so I am glad to see our persistent payment collection policy works effectively.
Total Deferred Revenue, which represents cash collected in advance from customers for future contract performance, ended the quarter on a high note, at RMB133.8 million. This is the 12th quarter our deferred revenue balance has exceeded RMB100 million. Healthy cash flow aside, the level of Deferred Revenue also signifies that our business is in great shape. Our customers have continued to buy our products and services quarter after quarter and year after year. We are very pleased with the trending of this Deferred Revenue balance.”
First Quarter 2023 Financial Results
Revenues were RMB65.4 million (US$9.5 million), a decrease of 23% from RMB85.3 million in the same quarter of last year, mainly due to the impact of COVID-19 on overall macroeconomic conditions.
Cost of revenues was RMB19.4 million (US$2.8 million), a decrease of 28% from RMB26.8 million in the same quarter of last year. The decrease was mainly due to a RMB10.7 million decrease in media cost, and offset by a RMB1.7 million increase in technical service cost.
Gross profit was RMB46.0 million (US$6.7 million), a decrease of 21% from RMB58.5 million in the same quarter of last year.
Total operating expenses were RMB64.8 million (US$9.4 million), a decrease of 31% from RMB94.5 million in the same quarter of last year.
- Research and development expenses were RMB31.7 million (US$4.6 million), a decrease of 21% from RMB40.0 million in the same quarter of last year, mainly due to a RMB2.4 million decrease in personnel costs, a RMB1.3 million decrease in cloud cost, and a RMB3.9 million decrease in depreciation expense.
- Sales and marketing expenses were RMB18.9 million (US$2.8 million), a decrease of 28% from RMB26.3 million in the same quarter of last year, mainly due to a RMB7.2 million decrease in personnel costs.
- General and administrative expenses were RMB14.3 million (US$2.1 million), a decrease of 49% from RMB28.2 million in the same quarter of last year, mainly due to a RMB8.4 million decrease in personnel costs, a RMB2.9 million decrease in professional fee, and a RMB1.8 million decrease in bad debt provision.
Loss from operations was RMB18.9 million (US$2.7 million), compared with RMB36.0 million in the same quarter of last year.
Net Loss was RMB15.2 million (US$2.2 million), compared with RMB30.9 million in the same quarter of last year.
Adjusted net loss (non-GAAP) was RMB11.5 million (US$1.7 million), compared with RMB17.7 million in the same quarter of last year.
Adjusted EBITDA (non-GAAP) was a negative RMB7.5 million (US$1.1 million) compared with a negative RMB8.2 million for the same quarter of last year.
The cash and cash equivalents, and restricted cash were RMB88.4 million (US$12.9 million) as of March 31, 2023 compared with RMB116.3 million as of December 31, 2022.
Update on Share Repurchase
As of March 31, 2023, the Company had repurchased a total of 1,387,978 ADS, of which 193,903 ADSs, or around US$123.9 thousand were repurchased during the first quarter in 2023 at the average purchase price of US$0.64.
Conference Call
The Company will host an earnings conference call on Thursday, June 15, 2023 at 7:30 a.m. U.S. Eastern Time (7:30 p.m. Beijing time on the same day).
All participants must register in advance to join the conference using the link provided below. Please dial in 15 minutes before the call is scheduled to begin. Conference access information will be provided upon registration.
Participant Online Registration:https://register.vevent.com/register/BIee0a6e3851704cbaafa10d2c47d0333a
A live and archived webcast of the conference call will be available on the Investor Relations section of Aurora Mobile’s website at https://ir.jiguang.cn/.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses two non-GAAP measures, adjusted net loss and adjusted EBITDA, as a supplemental measure to review and assess its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines adjusted net loss as net loss excluding share-based compensation, reduction in force charges, impairment of long-lived assets, impairment of long-term investment and change in fair value of foreign currency swap contract. The Company defines adjusted EBITDA as net loss excluding interest expense, depreciation of property and equipment, amortization of intangible assets, amortization of land use right, income tax expenses/(benefits), share-based compensation, reduction in force charges, impairment of long-lived assets, impairment of long-term investment and change in fair value of foreign currency swap contract.
The Company believes that adjusted net loss and adjusted EBITDA help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that it includes in loss from operations and net loss.
The Company believes that adjusted net loss and adjusted EBITDA provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the management in their 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. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using adjusted net loss and adjusted EBITDA is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of the non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, 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 but not limited to statements about Aurora Mobile’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: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; 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 the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.
About Aurora Mobile Limited
Founded in 2011, Aurora Mobile is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.
For more information, please visit https://ir.jiguang.cn/.
For investor and media inquiries, please contact:
Aurora Mobile Limited
[email protected]
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]
Footnote:
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8676 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2023.
AURORA MOBILE LIMITED | ||||||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED INCOME STATEMENTS | ||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per share data) | ||||||||||||
Three months ended | ||||||||||||
March 31, 2022 |
December 31, 2022 |
March 31, 2023 |
||||||||||
RMB | RMB | RMB | US$ | |||||||||
Revenues | 85,330 | 86,914 | 65,433 | 9,528 | ||||||||
Cost of revenues | (26,828 | ) | (27,118 | ) | (19,441 | ) | (2,831 | ) | ||||
Gross profit | 58,502 | 59,796 | 45,992 | 6,697 | ||||||||
Operating expenses | ||||||||||||
Research and development | (39,978 | ) | (35,009 | ) | (31,681 | ) | (4,613 | ) | ||||
Sales and marketing | (26,283 | ) | (24,480 | ) | (18,890 | ) | (2,751 | ) | ||||
General and administrative(1) | (28,196 | ) | (35,893 | ) | (14,273 | ) | (2,078 | ) | ||||
Total operating expenses | (94,457 | ) | (95,382 | ) | (64,844 | ) | (9,442 | ) | ||||
Loss from operations | (35,955 | ) | (35,586 | ) | (18,852 | ) | (2,745 | ) | ||||
Foreign exchange (loss)/gain, net | (597 | ) | 847 | 25 | 4 | |||||||
Interest income | 1,251 | 406 | 330 | 48 | ||||||||
Interest expenses | (1,846 | ) | (321 | ) | (223 | ) | (32 | ) | ||||
Other income | 4,805 | 2,308 | 3,316 | 483 | ||||||||
Change in fair value of structured deposits | – | 7 | 13 | 2 | ||||||||
Change in fair value of foreign currency swap contract | 1,441 | 74 | – | – | ||||||||
Loss before income taxes | (30,901 | ) | (32,265 | ) | (15,391 | ) | (2,240 | ) | ||||
Income tax benefits | 4 | 480 | 150 | 22 | ||||||||
Net loss | (30,897 | ) | (31,785 | ) | (15,241 | ) | (2,218 | ) | ||||
Less: net (loss)/income attributable to redeemable noncontrolling interests | (1,089 | ) | 871 | (175 | ) | (25 | ) | |||||
Net loss attributable to Aurora Mobile Limited’s shareholders | (29,808 | ) | (32,656 | ) | (15,066 | ) | (2,193 | ) | ||||
Net loss attributable to common shareholders | (29,808 | ) | (32,656 | ) | (15,066 | ) | (2,193 | ) | ||||
Net loss per share, for Class A and Class B common shares: | ||||||||||||
Class A and B Common Shares – basic and diluted | (0.38 | ) | (0.41 | ) | (0.19 | ) | (0.03 | ) | ||||
Shares used in net loss per share computation: | ||||||||||||
Class A Common Shares – basic and diluted | 62,058,860 | 62,674,291 | 62,766,001 | 62,766,001 | ||||||||
Class B Common Shares – basic and diluted | 17,000,189 | 17,000,189 | 17,000,189 | 17,000,189 | ||||||||
Other comprehensive income/(loss) | ||||||||||||
Foreign currency translation adjustments | 309 | (1,447 | ) | (804 | ) | (117 | ) | |||||
Total other comprehensive income/(loss), net of tax | 309 | (1,447 | ) | (804 | ) | (117 | ) | |||||
Total comprehensive loss | (30,588 | ) | (33,232 | ) | (16,045 | ) | (2,335 | ) | ||||
Less: comprehensive (loss)/income attributable to redeemable noncontrolling interests | (1,089 | ) | 871 | (175 | ) | (25 | ) | |||||
Comprehensive loss attributable to Aurora Mobile Limited’s shareholders | (29,499 | ) | (34,103 | ) | (15,870 | ) | (2,310 | ) | ||||
(1) Starting from January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. |
AURORA MOBILE LIMITED | |||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | |||||||||
As of | |||||||||
December 31, 2022 | March 31, 2023 | ||||||||
RMB | RMB | US$ | |||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 116,128 | 88,255 | 12,851 | ||||||
Restricted cash | 132 | 132 | 19 | ||||||
Accounts receivable | 29,727 | 26,381 | 3,841 | ||||||
Prepayments and other current assets | 30,401 | 33,742 | 4,914 | ||||||
Amounts due from a related party | 255 | 242 | 35 | ||||||
Total current assets | 176,643 | 148,752 | 21,660 | ||||||
Non-current assets: | |||||||||
Long-term investments | 141,901 | 141,126 | 20,550 | ||||||
Property and equipment, net | 14,947 | 11,880 | 1,730 | ||||||
Operating lease right-of-use assets(2) | 33,756 | 32,346 | 4,710 | ||||||
Intangible assets, net | 23,947 | 22,340 | 3,253 | ||||||
Goodwill | 37,785 | 37,785 | 5,502 | ||||||
Other non-current assets | 4,128 | 2,165 | 315 | ||||||
Total non-current assets | 256,464 | 247,642 | 36,060 | ||||||
Total assets | 433,107 | 396,394 | 57,720 | ||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY | |||||||||
Current liabilities: | |||||||||
Short-term loan | 5,000 | 5,000 | 728 | ||||||
Accounts payable | 18,169 | 18,384 | 2,677 | ||||||
Deferred revenue and customer deposits | 138,804 | 131,130 | 19,094 | ||||||
Operating lease liabilities(2) | 18,133 | 18,215 | 2,652 | ||||||
Accrued liabilities and other current liabilities | 75,333 | 65,222 | 9,497 | ||||||
Total current liabilities | 255,439 | 237,951 | 34,648 | ||||||
Non-current liabilities: | |||||||||
Deferred revenue | 3,585 | 2,715 | 395 | ||||||
Operating lease liabilities(2) | 6,959 | 5,253 | 765 | ||||||
Deferred tax liabilities | 4,824 | 4,660 | 679 | ||||||
Other non-current liabilities | 4,058 | 1,990 | 290 | ||||||
Total non-current liabilities | 19,426 | 14,618 | 2,129 | ||||||
Total liabilities | 274,865 | 252,569 | 36,777 | ||||||
Redeemable noncontrolling interests | 30,552 | 30,552 | 4,449 | ||||||
Shareholders’ equity: | |||||||||
Common shares | 50 | 50 | 7 | ||||||
Treasury shares | (1,689 | ) | (848 | ) | (123 | ) | |||
Additional paid-in capital | 1,037,007 | 1,038,208 | 151,175 | ||||||
Accumulated deficit | (925,982 | ) | (941,637 | ) | (137,113 | ) | |||
Accumulated other comprehensive income | 18,304 | 17,500 | 2,548 | ||||||
Total shareholders’ equity | 127,690 | 113,273 | 16,494 | ||||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | 433,107 | 396,394 | 57,720 | ||||||
(2) The Company adopted ASU No. 2016-02, Leases (Topic 842) and the respective updates for annual reporting periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Results for three months ended March 31, 2023 are presented under the new accounting standard, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historical accounting practices under ASC 840. |
AURORA MOBILE LIMITED | ||||||||||||
RECONCILIATION OF GAAP AND NON-GAAP RESULTS | ||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||||||
Three months ended | ||||||||||||
March 31, 2022 |
December 31, 2022 |
March 31, 2023 |
||||||||||
RMB | RMB | RMB | US$ | |||||||||
Reconciliation of Net Loss to Adjusted Net Loss: | ||||||||||||
Net loss | (30,897 | ) | (31,785 | ) | (15,241 | ) | (2,218 | ) | ||||
Add: | ||||||||||||
Share-based compensation | 3,392 | 861 | 3,038 | 442 | ||||||||
Reduction in force charges | 4,191 | 1,584 | 688 | 100 | ||||||||
Impairment of long-term investment | 7,016 | 415 | – | – | ||||||||
Impairment of long-lived assets | – | 22,400 | – | – | ||||||||
Change in fair value of foreign currency swap contract | (1,441 | ) | (74 | ) | – | – | ||||||
Adjusted net loss | (17,739 | ) | (6,599 | ) | (11,515 | ) | (1,676 | ) | ||||
Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||
Net loss | (30,897 | ) | (31,785 | ) | (15,241 | ) | (2,218 | ) | ||||
Add: | ||||||||||||
Income tax benefits | (4 | ) | (480 | ) | (150 | ) | (22 | ) | ||||
Interest expenses | 1,846 | 321 | 223 | 32 | ||||||||
Depreciation of property and equipment | 6,636 | 5,517 | 2,186 | 318 | ||||||||
Amortization of intangible assets | 1,076 | 1,631 | 1,606 | 234 | ||||||||
Amortization of land use right | – | 183 | 183 | 27 | ||||||||
EBITDA | (21,343 | ) | (24,613 | ) | (11,193 | ) | (1,629 | ) | ||||
Add: | ||||||||||||
Share-based compensation | 3,392 | 861 | 3,038 | 442 | ||||||||
Reduction in force charges | 4,191 | 1,584 | 688 | 100 | ||||||||
Impairment of long-term investment | 7,016 | 415 | – | – | ||||||||
Impairment of long-lived assets | – | 22,400 | – | – | ||||||||
Change in fair value of foreign currency swap contract | (1,441 | ) | (74 | ) | – | – | ||||||
Adjusted EBITDA | (8,185 | ) | 573 | (7,467 | ) | (1,087 | ) |
AURORA MOBILE LIMITED | ||||||||||||
UNAUDITED SAAS BUSINESSES REVENUE | ||||||||||||
(Amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”)) | ||||||||||||
Three months ended | ||||||||||||
March 31, 2022 |
December 31, 2022 |
March 31, 2023 |
||||||||||
RMB | RMB | RMB | US$ | |||||||||
Developer Services | 59,757 | 63,222 | 45,465 | 6,620 | ||||||||
Subscription | 34,356 | 46,331 | 37,508 | 5,461 | ||||||||
Value-Added Services | 25,401 | 16,891 | 7,957 | 1,159 | ||||||||
Vertical Applications | 25,573 | 23,692 | 19,968 | 2,908 | ||||||||
Total Revenue | 85,330 | 86,914 | 65,433 | 9,528 | ||||||||
Gross Profits | 58,502 | 59,796 | 45,992 | 6,697 | ||||||||
Gross Margin | 68.6 | % | 68.8 | % | 70.3 | % | 70.3 | % |
Artificial Intelligence
KMS Lighthouse and lastminute.com Triumph with a Double Win at the Global Sourcing Association (GSA) 2024 Awards
![kms-lighthouse-and-lastminute.com-triumph-with-a-double-win-at-the-global-sourcing-association-(gsa)-2024-awards](https://roboticulized.com/wp-content/uploads/2024/06/150238-kms-lighthouse-and-lastminute-com-triumph-with-a-double-win-at-the-global-sourcing-association-gsa-2024-awards.png)
TEL AVIV, Israel, June 17, 2024 /PRNewswire/ — KMS Lighthouse, a global leader in knowledge management, is proud to announce its remarkable achievement of winning two prestigious awards with lastminute.com at the Global Sourcing Association (GSA) 2024 Awards. The brands were honored in the following categories:
Retail Programme of the Year: lastminute.com and KMS Lighthouse LimitedTechnology Enabled Programme of the Year (Automation/AI): lastminute.com and KMS Lighthouse LimitedKMS Lighthouse was also a finalist in the Service Provider of the Year category.
The awards were presented on June 11, 2024, at a glittering ceremony held at Richmond Hill Hotel, as part of the GSA Festival of Sourcing. Celebrating its 21st year, the GSA Awards recognize organizations that demonstrate exceptional best practices in strategic sourcing.
Sagi Eliyahu, CEO of KMS Lighthouse Limited commented “We are absolutely delighted to have won these two esteemed awards. This recognition underscores the tireless dedication and innovation of our teams in delivering exceptional knowledge management solutions to our clients. I would like to extend my heartfelt gratitude to our partners at lastminute.com. The synergy and true partnership we have formed exemplify the collaborative spirit needed to drive outstanding results.”
“We are thrilled to celebrate these award wins with KMS Lighthouse,” said Walter Di Lello, Knowledge Manager & Procedure Team Leader at lastminute.com. “This achievement is a testament to the hard work and dedication of both our teams. The collaborative partnership approach we have fostered with KMS Lighthouse has been pivotal in delivering innovative and impactful solutions. Thank you to everyone involved for their relentless commitment and excellence.”
This double accolade highlights KMS Lighthouse’s unwavering commitment to excellence, innovation, and effective collaboration. The successful partnership with lastminute.com has not only enhanced the retail sector’s capabilities but also set new standards in automation and AI-driven solutions.
About KMS Lighthouse:
KMS Lighthouse is a global leader in knowledge management solutions, providing innovative platforms that enhance organizational knowledge sharing and decision-making. Through advanced AI and automation technologies, KMS Lighthouse enables businesses to improve customer service, streamline operations, and achieve higher efficiency.
About lastminute.com
lastminute.com is the European Travel-Tech leader in Dynamic Holiday Packages. Our mission is to simplify, personalise, and enhance our customers’ travel experience by leveraging technology. Thanks to the iconic brand lastminute.com and a rich portfolio of vertical brands, we meet the most diverse needs of travellers across the entire holiday experience. As one of the few fully licensed European tour operators, we offer unlimited real-time travel combinations thanks to our proprietary Dynamic Holiday Packaging engine, providing additional customer protection and exclusive deals. lastminute.com N.V. is a publicly traded company listed under the ticker symbol, LMN on the SIX Swiss Exchange.
Media Contact:KMS Lighthouse [email protected] [email protected]://www.linkedin.com/company/kms-lighthouse/https://kmslh.com/
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Artificial Intelligence
CluePoints Continues ‘Turning Artificial Intelligence into Human Intelligence’ by Launching Two New Innovations
![cluepoints-continues-‘turning-artificial-intelligence-into-human-intelligence’-by-launching-two-new-innovations](https://roboticulized.com/wp-content/uploads/2024/06/150240-cluepoints-continues-turning-artificial-intelligence-into-human-intelligence-by-launching-two-new-innovations.png)
Site Profile & Oversight Tool (SPOT) and Intelligent Medical Coding (IMC) unveiled by RBQM innovator at DIA Global Annual Meeting 2024
KING OF PRUSSIA, Pa., June 17, 2024 /PRNewswire/ — CluePoints, provider of leading statistical and AI-driven software solutions, will unveil two of its latest advanced, deep learning technology innovations at the DIA Global Annual Meeting 2024. Both solutions deliver groundbreaking enterprise platform transformations providing Sponsors and CROs with a smarter way to conduct clinical research and detect and manage risks that could impact clinical trial outcomes.
Taking RBQM to a new level, CluePoints’ Site Profile & Oversight Tool (SPOT) delivers adaptive site monitoring, enabling teams to swiftly pinpoint anomalies and translate insights into strategies and actions. Sponsors and CROs can improve their ability to evaluate the performance of clinical trial sites and adjust site visit plans more effectively and efficiently while accurately balancing risk and resource workload.
Further streamlining processes, CluePoints’ Intelligent Medical Coding solution harnesses advanced deep learning technology to enhance the accuracy and efficiency of coding in clinical trials. It seamlessly integrates with existing systems to offer precise, AI-generated coding suggestions, drastically reducing the need for manual dictionary searches and costly coding reviews, freeing up valuable resources and ensuring uniformity across all coded data.
Andy Cooper, CEO of CluePoints, said: “DIA offers the perfect opportunity to share with the industry our latest disruptive and innovative solutions that address key challenges within traditional clinical research methods. Unveiling two new products that leverage next generation AI will transform how CluePoints is viewed in the industry, as we enhance our enterprise-wide solutions to reach new levels of accuracy and efficiency to both improve clinical trial performance and deliver greater insights to further mitigate risk. Our early adopters are already raving about how valuable they are finding both product offerings and we are excited to showcase how they will shape future processes and embody our brand promise to ‘turn artificial intelligence into human intelligence.”
With over 9,500 users engaged with CluePoints’ enterprise platform, to date over 1,600 studies have been de-risked and over 142,000 issues detected.
Visitors to the CluePoints’ DIA Global exhibition booth #1301 will have the opportunity to meet with subject matter experts and see demonstrations of both new platform solutions.
CluePoints also invites DIA attendees to join them at 3pm on Tuesday, June 18th, for a special toast at their booth to celebrate the latest innovations.
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com.
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of artificial intelligence using advanced statistics and machine learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
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Artificial Intelligence
ComplyCube Launches Trust Center with the Most Complete Compliance Posture in the Market
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LONDON, June 17, 2024 /PRNewswire/ — ComplyCube, a RegTech100 global leader in identity verification and compliance solutions, proudly announces the launch of its comprehensive Trust Center. This new initiative emphasizes ComplyCube’s unrivaled compliance posture, redefining security and privacy for IDV, KYC, and AML platforms. With over fifty continuously monitored controls, the AI-powered SaaS leads the way in ensuring clients stay ahead of international regulations and standards.
The Trust Center provides real-time updates on security measures, compliance statuses, and operational transparency, empowering clients to meet regulatory requirements confidently and allowing them to view ComplyCube’s compliance posture on demand. This platform is engineered to enhance transparency, build trust, and streamline compliance processes for organizations worldwide.
ComplyCube unveils its unrivaled compliance posture, redefining security and privacy for IDV, KYC, and AML platforms. With over fifty continuously monitored controls, ComplyCube leads the way in ensuring clients stay ahead of international regulations and standards.
Key Features of the Trust Center:
Real-Time Compliance Dashboard: Live updates on compliance metrics and security statuses.Comprehensive Resource Hub: Access to essential documents, certifications, and regulatory guidelines.Incident Reporting and Tracking: Full transparency in reporting and monitoring security incidents.Tarek Nechma, CEO of ComplyCube, remarked, “The launch of the Trust Center marks a pivotal milestone in our mission to build trust at scale and deliver state-of-the-art compliance solutions. This platform will empower our clients to navigate the complexities of regulatory landscapes with confidence.”
Non-compliance costs are 2.71 times higher than the costs of maintaining or meeting compliance requirements. Another study indicates that companies with strong compliance programs can reduce incident costs by up to 30%. On top of this, 84% of businesses encounter compliance challenges that can lead to significant financial and reputational damage. ComplyCube’s Trust Center aims to further mitigate these risks by providing tools that help businesses maintain and improve their compliance posture.
Mohamed Alsalehi, CTO of ComplyCube, stated, “We design our systems to be compliant by design with the stringent laws and regulations. This proactive approach ensures our clients can meet and exceed compliance requirements effortlessly.”
Joshua Dent, Business & Partnerships Manager, added, “The Trust Center showcases ComplyCube’s adherence to a multitude of globally recognized standards and data protection regulations. Clients and partners can find answers to many of their data protection questions, view active controls, and request documents to fulfill due diligence. It’s fantastic to see this go live following our latest certifications, such as UK DIATF, ISO 9001, PAD Level 2, and ISO 27001:2022 upgrade.”
ComplyCube continues to set industry standards with its innovative solutions, and the Trust Center’s launch underscores its mission to support businesses in achieving compliance excellence.
For more information about the Trust Center, visit ComplyCube Trust Center.
About ComplyCubeComplyCube is a leading provider of identity verification and compliance solutions, helping organizations across various sectors secure their operations and meet regulatory requirements. With a focus on innovation and customer satisfaction, ComplyCube delivers reliable and efficient services that empower businesses to thrive in a complex regulatory environment.
About VantaVanta is a leading trust management platform that automates compliance and streamlines security reviews for SaaS businesses. It helps companies manage risk and prove security in real-time, ensuring adherence to global standards and data protection regulations. With Vanta’s Trust Center, businesses can efficiently manage compliance processes and demonstrate their commitment to security and trust.
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