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Transcontinental Inc. Announces Results for the Fourth Quarter and Fiscal Year 2024
Ruud van Nistelrooy ‘disappointed’ and ‘hurt’ after cutting ties with Man Utd
Lawmakers from across the political spectrum on Sunday criticized the federal government’s response to mysterious drone sightings in the Northeast, as officials emphasize there is no evidence of a security threat. The criticism comes a day after the federal agencies leading the response held a news briefing that left reporters and the public with more questions than answers , as they downplayed but simultaneously legitimized concerns about the reported drones. Officials from the Department of Homeland Security and the FBI offered attempts to dismiss or explain the source of the reported sightings, while also acknowledging their unusual nature. An FBI official pointed to similarities between flight patterns and the drone sightings, saying it’s “indicative of manned aviation being quite often mistaken for unmanned aviation or UAS,” referring to unmanned aircraft systems. That said, the official added, “There without a doubt — without a doubt — have been UAS flying over the state of New Jersey.” “We don’t know if it’s malicious, if it is criminal. But I will tell you that ... it is irresponsible,” a Defense Department official said while discussing the reports of drones over two military sites in New Jersey. Republican Rep. Mike Waltz of Florida, President-elect Donald Trump ’s incoming national security adviser , took particular issue with drones reported over military sites and restricted air spaces, including near Trump’s home in Bedminster, New Jersey. “I think what the drone issue points out are kind of gaps in our agencies, gaps in our authorities, between the Department of Homeland Security, local law enforcement, the Defense Department,” he told CBS News’ “Face the Nation” on Sunday. “It’s pointing to gaps in our capabilities and in our ability to clamp down on what’s going on here. We need to get to the bottom of it, and I think the Biden administration is working to do that.” Democratic Rep. Jim Himes, a ranking member on the House Intelligence Committee, also expressed frustration with the administration’s response to the public. “The government has a real responsibility to put more information out there so people better understand what the real dangers are,” he said on “Fox News Sunday.” Democratic Sen. Amy Klobuchar also called for transparency from the federal government and for potential federal legislation on the issue. “One, we need a briefing for the members of the Senate to figure out what’s going on here. Two, we need more transparency,” the Minnesota Democrat said Sunday on “Face the Nation.” She added there is also a need for “new regulatory rules,” suggesting she could bring up the issue during the next Congress. Meanwhile Sunday, Homeland Security Secretary Alejandro Mayorkas sought to reassure the public amid the sightings. “There’s no question that people are seeing drones. And I want to assure the American public that we, in the federal government, have deployed additional resources, personnel, technology to assist the New Jersey State Police in addressing the drone sightings,” he said on ABC News’ “This Week.” Mayorkas reiterated that officials are not aware of direct national security concerns tied to the drone sightings. “We know of no foreign involvement with respect to the sightings in the Northeast, and we are vigilant in investigating this matter,” he said, adding that officials will notify the public if this changes. Mayorkas spoke with New York Gov. Kathy Hochul twice Saturday about the drone activity, according to a source familiar with the conversations. Hochul, a Democrat, announced Sunday that federal authorities are deploying a “state-of-the-art drone detection system” in her state. As concern over the sightings has grown in the past week, politicians from both parties are urging officials to take more action. Senate Majority Leader Chuck Schumer said Sunday that he’s asking the DHS to deploy systems that use 360-degree technology to detect drones. “If you see a drone in your air over your home, you should not have to shake an eight ball to see what it is,” the New York Democrat said. “There ought to be better technology. And there is. We need that technology here in New York ASAP.” Trump said Friday that the government needs to convey more information and shoot down the drones. “Mystery Drone sightings all over the Country. Can this really be happening without our government’s knowledge. I don’t think so! Let the public know, and now. Otherwise, shoot them down!!!” the president-elect posted on Truth Social . Democratic Sen. Richard Blumenthal of Connecticut, who sits on the Senate’s Homeland Security and Governmental Affairs Committee, similarly said Thursday the aircraft “should be shot down, if necessary, because they’re flying over sensitive areas.” Asked Sunday about the president-elect’s post calling on the government to shoot down the drones, Mayorkas said, “We are limited in our authorities.” “We have certain agencies within the Department of Homeland Security that can do that, and outside our department, but we need those authorities expanded as well,” he added, after he called on Congress to expand the federal government’s authorities — specifically to empower local agencies to counter drone activity with federal supervision. Himes said Sunday that he has “confidence” the mysterious drones capturing headlines are not a foreign threat from Iran or China, which wouldn’t “put a bunch of drones that we could easily recover over the continental United States.” He said insufficient communication from government agencies, such as the Federal Aviation Administration, has led to the spread of misinformation. “There’s a lot of us who are pretty frustrated right now,” the Connecticut Democrat said. “The answer ‘We don’t know’ is not a good enough answer. When people are anxious, when people are nervous ... people will fill a vacuum with their fears and anxieties.” CNN’s Sarah Davis, Sam Fossum, Samantha Waldenberg, Aaron Pellish, Gloria Pazmino, Betsy Klein, Zoe Sottile, Josh Campbell, Artemis Moshtaghian and Michelle Watson contributed to this report.
NEW YORK (AP) — Top-ranked chess player is headed back to the World Blitz Championship on Monday after its governing body agreed to loosen a dress code that got him fined and denied a late-round game in another tournament for . Lamenting the contretemps, International Chess Federation President Arkady Dvorkovich said in a statement Sunday that he'd let World Blitz Championship tournament officials consider allowing “appropriate jeans” with a jacket, and other “elegant minor deviations” from the dress code. He said Carlsen's stand — which culminated in his quitting the tournament Friday — highlighted a need for more discussion “to ensure that our rules and their application reflect the evolving nature of chess as a global and accessible sport.” Carlsen, meanwhile, said in a video posted Sunday on social media that he would play — and wear jeans — in the World Blitz Championship when it begins Monday. “I think the situation was badly mishandled on their side,” the 34-year-old Norwegian grandmaster said. But he added that he loves playing blitz — a fast-paced form of chess — and wanted fans to be able to watch, and that he was encouraged by his discussions with the federation after Friday's showdown. “I think we sort of all want the same thing,” he suggested in the video on his Take Take Take chess app’s YouTube channel. “We want the players to be comfortable, sure, but also relatively presentable.” The events began when Carlsen wore jeans and a sportcoat Friday to the Rapid World Championship, which is separate from but held in conjunction with the blitz event. The chess federation said Friday that longstanding rules prohibit jeans at those tournaments, and players are lodged nearby to make sartorial switch-ups easy if needed. An official fined Carlsen $200 and asked him to change pants, but he refused and wasn't paired for a ninth-round game, the federation said at the time. The organization noted that another grandmaster, Ian Nepomniachtchi, was fined earlier in the day for wearing sports shoes, changed and continued to play. Carlsen has said that he offered to wear something else the next day, but officials were unyielding. He said “it became a bit of a matter of principle,” so he quit the rapid and blitz championships. In the video posted Sunday, he questioned whether he had indeed broken a rule and said changing clothes would have needlessly interrupted his concentration between games. He called the punishment “unbelievably harsh.” “Of course, I could have changed. Obviously, I didn’t want to,” he said, and “I stand by that.”
BEIJING, Dec. 12, 2024 (GLOBE NEWSWIRE) -- 17 Education & Technology Group Inc. YQ ("17EdTech" or the "Company"), a leading education technology company in China, today announced its unaudited financial results for the third quarter of 2024. Third Quarter 2024 Highlights 1 Net revenues were RMB59.6 million (US$8.5 million), compared with net revenues of RMB45.1 million in the third quarter of 2023. Gross margin was 60.9%, compared with 54.1% in the third quarter of 2023. Net loss was RMB17.4 million (US$2.5 million), compared with net loss of RMB72.9 million in the third quarter of 2023. Net loss as a percentage of net revenues was negative 29.2% in the third quarter of 2024, compared with negative 161.6% in the third quarter of 2023. Adjusted net loss 2 (non-GAAP) , which excluded share-based compensation expenses of RMB11.7 million (US$1.7 million), was RMB5.7 million (US$0.8 million), compared with adjusted net loss (non-GAAP) of RMB53.7 million in the third quarter of 2023. Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 9.5% in the third quarter of 2024, compared with negative 119.1% adjusted net loss (non-GAAP) as a percentage of net revenues in the third quarter of 2023. First Nine Months 2024 Highlights Net revenues were RMB152.6 million (US$21.7 million), compared with net revenues of RMB123.6 million in the first nine months of 2023. Gross margin was 37.3%, compared with 48.6% in the first nine months of 2023. Net loss was RMB129.2 million (US$18.4 million), compared with net loss of RMB213.3 million in the first nine months of 2023. Net loss as a percentage of net revenues was negative 84.6% in the first nine months of 2024, compared with negative 172.6% in the first nine months of 2023. Adjusted net loss (non-GAAP) , which excluded share-based compensation expenses of RMB38.2 million (US$5.5 million), was RMB90.9 million (US$13.0 million), compared with adjusted net loss (non-GAAP) of RMB146.3 million in the first nine months of 2023. Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 59.6% in the first nine months of 2024, compared with negative 118.3% of adjusted net loss (non-GAAP) as a percentage of net revenues in the first nine months of 2023. 1 For a reconciliation of non-GAAP numbers, please see the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release. 2 Adjusted net loss represents net loss excluding share-based compensation expenses. Mr. Andy Liu, Founder, Chairman and Chief Executive Officer of the Company commented, "In the third quarter of 2024, we have continued our business progress and have seen consistent growth in school subscribing to our teaching and learning SaaS offerings under subscription model. This is a strong testimony in the value of our offerings and creates a clear growth path into the future." "We continue to evolve our teaching and learning SaaS solutions and expand customer base to improve efficiency through digital means, ensuring high-quality development and fostering growth in the school-based procurement," he added. Mr. Michael Du, Director and Chief Financial Officer of the Company commented, "During the quarter, our teaching and learning SaaS business saw revenue growth compared to the same quarter last year. As we enhance operating efficiency, net loss on a GAAP basis continued to narrow for the past three consecutive quarters. As our SaaS billing model is maturing, we achieved significant progress with a remarkable growth rate that outpaces the overall revenue growth." Third Quarter 2024 Unaudited Financial Results Net Revenues Net revenues for the third quarter of 2024 were RMB59.6 million (US$8.5 million), representing a year-over-year increase of 32.2% from RMB 45.1 million in the third quarter of 2023. This was mainly due to the increased number of teaching and learning SaaS contracts and the recurring revenue generated from on-going projects. Cost of Revenues Cost of revenues for the third quarter of 2024 was RMB23.3 million (US$3.3 million), representing a year-over-year increase of 12.5% from RMB20.7 million in the third quarter of 2023, which was mainly due to the increase in project deliveries for our teaching and learning SaaS offerings during the quarter. Gross Profit and Gross Margin Gross profit for the third quarter of 2024 was RMB36.3 million (US$5.2 million), compared with RMB24.4 million in the third quarter of 2023. Gross margin for the third quarter of 2024 was 60.9%, compared with 54.1% in the third quarter of 2023. Total Operating Expenses The following table sets forth a breakdown of operating expenses by amounts and percentages of revenue during the periods indicated (in thousands, except for percentages): For the three months ended September 30, 2023 2024 Year- RMB % RMB USD % over-year Sales and marketing expenses 27,948 62.0 % 20,244 2,885 34.0 % -27.6 % Research and development expenses 45,933 101.9 % 12,789 1,822 21.4 % -72.2 % General and administrative expenses 29,177 64.7 % 24,950 3,555 41.8 % -14.5 % Total operating expenses 103,058 228.6 % 57,983 8,262 97.2 % -43.7 % Total operating expenses for the third quarter of 2024 were RMB58.0 million (US$8.3 million), including RMB11.7 million (US$1.7 million) of share-based compensation expenses, representing a year-over-year decrease of 43.7% from RMB103.1 million in the third quarter of 2023. Sales and marketing expenses for the third quarter of 2024 were RMB20.2 million (US$2.9 million), including RMB1.9 million (US$0.3 million) of share-based compensation expenses, representing a year-over-year decrease of 27.6% from RMB27.9 million in the third quarter of 2023. This was mainly due to the decrease in the share-based compensation and efficiency improvements in marketing and sales work force and expenses compared with the same period last year. Research and development expenses for the third quarter of 2024 were RMB12.8 million (US$1.8 million), including RMB3.5 million (US$0.5 million) of share-based compensation expenses, representing a year-over-year decrease of 72.2% from RMB45.9 million in the third quarter of 2023. The decrease was primarily due to the decrease in the share-based compensation and efficiency improvements in our research and development work force and expenses. General and administrative expenses for the third quarter of 2024 were RMB25.0 million (US$3.6 million), including RMB6.4 million (US$0.9 million) of share-based compensation expenses, compared with RMB29.2 million in the third quarter of 2023. This was mainly due to the decrease in the office and professional service fees compared with the same period last year. Loss from Operations Loss from operations for the third quarter of 2024 was RMB21.6 million (US$3.1 million), compared with RMB78.7 million in the third quarter of 2023. Loss from operations as a percentage of net revenues for the third quarter of 2024 was negative 36.3%, compared with negative 174.4% in the third quarter of 2023. Net Loss Net loss for the third quarter of 2024 was RMB17.4 million (US$2.5 million), compared with net loss of RMB72.9 million in the third quarter of 2023. Net loss as a percentage of net revenues was negative 29.2% in the third quarter of 2024, compared with negative 161.6% in the third quarter of 2023. Adjusted Net Loss (non-GAAP) Adjusted net loss (non-GAAP) for the third quarter of 2024 was RMB5.7 million (US$0.8 million), compared with adjusted net loss (non-GAAP) of RMB53.7 million in the third quarter of 2023. Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 9.5% in the third quarter of 2024, compared with negative 119.1% of adjusted net loss (non-GAAP) as a percentage of net revenues in the third quarter of 2023. Please refer to the table captioned "Reconciliations of non-GAAP measures to the most comparable GAAP measures" at the end of this press release for a reconciliation of net loss under U.S. GAAP to adjusted net loss (non-GAAP). Cash and Cash Equivalents and Term Deposit Cash and cash equivalents and term deposit were RMB339.7 million (US$48.4 million) as of September 30, 2024, compared with RMB476.7 million as of December 31, 2023. Conference Call Information The Company will hold a conference call on Wednesday, December 11, 2024 at 8:00 p.m. U.S. Eastern Time (Thursday, December 12, 2024 at 9:00 a.m. Beijing time) to discuss the financial results for the third quarter of 2024. Please note that all participants will need to preregister for the conference call participation by navigating to https://register.vevent.com/register/BIcb0cb8cc902d426b9cbd52d075f15685 . Upon registration, you will receive an email containing participant dial-in numbers, and PIN number. To join the conference call, please dial the number you receive, enter the PIN number, and you will be joined to the conference call instantly. Additionally, a live and archived webcast of this conference call will be available at https://ir.17zuoye.com/ . Non-GAAP Financial Measures 17EdTech's management uses adjusted net income (loss) as a non-GAAP financial measure to gain an understanding of 17EdTech's comparative operating performance and future prospects. Adjusted net income (loss) represents net loss excluding share-based compensation expenses and such adjustment has no impact on income tax. Adjusted net income (loss) is used by 17EdTech's management in their financial and operating decision-making as a non-GAAP financial measure; because management believes it reflects 17EdTech's ongoing business and operating performance in a manner that allows meaningful period-to-period comparisons. 17EdTech's management believes that such non-GAAP measure provides useful information to investors and others in understanding and evaluating 17EdTech's operating performance in the same manner as management does, if they so choose. Specifically, 17EdTech believes the non-GAAP measure provides useful information to both management and investors by excluding certain charges that the Company believes are not indicative of its core operating results. The non-GAAP financial measure has limitations. It does not include all items of income and expense that affect 17EdTech's income from operations. Specifically, the non-GAAP financial measure is not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measure that excludes certain items under GAAP, does not reflect any benefit that such items may confer to 17EdTech. Management compensates for these limitations by also considering 17EdTech's financial results as determined in accordance with GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with US GAAP. Exchange Rate Information The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ("RMB"). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars ("USD" or "US$") using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets and the related consolidated statements of operations, comprehensive loss, change in shareholders' deficit and cash flows from RMB into USD as of and for the three months ended September 30, 2024 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0176 representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on September 30, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on September 30, 2024, or at any other rate. About 17 Education & Technology Group Inc. 17 Education & Technology Group Inc. is a leading education technology company in China, offering smart in-school classroom solution that delivers data-driven teaching, learning and assessment products to teachers, students and parents. Leveraging its extensive knowledge and expertise obtained from in-school business over the past decade, the Company provides teaching and learning SaaS offerings to facilitate the digital transformation and upgrade at Chinese schools, with a focus on improving the efficiency and effectiveness of core teaching and learning scenarios such as homework assignments and in-class teaching. The product utilizes the Company's technology and data insights to provide personalized and targeted learning and exercise content that is aimed at improving students' learning efficiency. 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 17EdTech's beliefs and expectations, are forward-looking statements. 17EdTech may also make written or oral forward-looking statements in its periodic reports to the 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. 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: 17EdTech's growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users; its ability to carry out its business and organization transformation, its ability to implement and grow its new business initiatives; the trends in, and size of, China's online education market; competition in and relevant government policies and regulations relating to China's online education market; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 17EdTech's filings with the SEC. All information provided in this press release is as of the date of this press release, and 17EdTech does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: 17 Education & Technology Group Inc. Ms. Lara Zhao Investor Relations Manager E-mail: ir@17zuoye.com 17 EDUCATION & TECHNOLOGY GROUP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of RMB and USD, except for share and per ADS data, or otherwise noted) As of December 31, As of September 30, 2023 2024 2024 RMB RMB USD ASSETS Current assets Cash and cash equivalents 306,929 280,180 39,925 Term deposits 169,756 59,497 8,478 Accounts receivable 59,206 70,397 10,031 Prepaid expenses and other current assets 94,835 96,793 13,793 Total current assets 630,726 506,867 72,227 Non-current assets Property and equipment, net 32,013 28,385 4,045 Right-of-use assets 20,007 17,656 2,516 Other non-current assets 1,780 2,803 399 TOTAL ASSETS 684,526 555,711 79,187 LIABILITIES Current liabilities Accrued expenses and other current liabilities 128,001 98,880 14,090 Deferred revenue and customer advances, current 44,949 38,192 5,442 Operating lease liabilities, current 7,647 7,579 1,080 Total current liabilities 180,597 144,651 20,612 As of December 31, As of September 30, 2023 2024 2024 RMB RMB USD Non-current liabilities Operating lease liabilities, non-current 9,660 9,217 1,313 TOTAL LIABILITIES 190,257 153,868 21,925 SHAREHOLDERS' EQUITY Class A ordinary shares 305 304 43 Class B ordinary shares 38 38 5 Treasury stock (97 ) (98 ) (14 ) Additional paid-in capital 10,987,407 11,025,756 1,571,158 Accumulated other comprehensive income 77,363 75,769 10,797 Accumulated deficit (10,570,747 ) (10,699,926 ) (1,524,727 ) TOTAL SHAREHOLDERS' EQUITY 494,269 401,843 57,262 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 684,526 555,711 79,187 17 EDUCATION & TECHNOLOGY GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of RMB and USD, except for share and per ADS data, or otherwise noted) For the three months ended September 30, 2023 2024 2024 RMB RMB USD Net revenues 45,097 59,627 8,497 Cost of revenues (20,708 ) (23,289 ) (3,319 ) Gross profit 24,389 36,338 5,178 Operating expenses (Note 1) Sales and marketing expenses (27,948 ) (20,244 ) (2,885 ) Research and development expenses (45,933 ) (12,789 ) (1,822 ) General and administrative expenses (29,177 ) (24,950 ) (3,555 ) Total operating expenses (103,058 ) (57,983 ) (8,262 ) Loss from operations (78,669 ) (21,645 ) (3,084 ) Interest income 6,163 3,835 546 Foreign currency exchange loss (89 ) (638 ) (91 ) Other (loss) income, net (282 ) 1,047 149 Loss before provision for income tax and income from equity method investments (72,877 ) (17,401 ) (2,480 ) Income tax expenses — — — Loss from equity method investments (1 ) — — Net loss (72,878 ) (17,401 ) (2,480 ) Net loss available to ordinary shareholders of 17 (72,878 ) (17,401 ) (2,480 ) Education & Technology Group Inc. Net loss per ordinary share Basic and diluted (0.17 ) (0.04 ) (0.01 ) Net loss per ADS (Note 2) Basic and diluted (8.50 ) (2.00 ) (0.50 ) Weighted average shares used in calculating net loss per ordinary share Basic and diluted 435,674,849 387,922,097 387,922,097 Note 1: Share-based compensation expenses were included in the operating expenses as follows: For the three months ended September 30, 2023 2024 2024 RMB RMB USD Share-based compensation expenses: Sales and marketing expenses 4,380 1,868 266 Research and development expenses 7,086 3,450 492 General and administrative expenses 7,714 6,430 916 Total 19,180 11,748 1,674 Note 2: Each one ADS represents fifty Class A ordinary shares. Effective on December 18, 2023, the Company changed the ratio of its ADS to its Class A ordinary shares from one ADSs representing ten Class A ordinary shares to one ADS representing fifty Class A ordinary shares. All earnings per ADS figures in this report give effect to the foregoing ADS to share ratio change. 17 EDUCATION & TECHNOLOGY GROUP INC. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data) For the three months ended September 30, 2023 2024 2024 RMB RMB USD Net Loss (72,878 ) (17,401 ) (2,480 ) Share-based compensation 19,180 11,748 1,674 Income tax effect — — — Adjusted net loss (53,698 ) (5,653 ) (806 ) 17 EDUCATION & TECHNOLOGY GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of RMB and USD, except for share and per ADS data, or otherwise noted) For the nine months ended September 30, 2023 2024 2024 RMB RMB USD Net revenues 123,616 152,619 21,748 Cost of revenues (63,484 ) (95,695 ) (13,636 ) Gross profit 60,132 56,924 8,112 Operating expenses (Note 1) Sales and marketing expenses (71,357 ) (55,905 ) (7,966 ) Research and development expenses (127,002 ) (55,028 ) (7,841 ) General and administrative expenses (102,263 ) (90,729 ) (12,929 ) Total operating expenses (300,622 ) (201,662 ) (28,736 ) Loss from operations (240,490 ) (144,738 ) (20,624 ) Interest income 22,006 13,361 1,904 Foreign currency exchange gain (loss) 72 (394 ) (56 ) Other income, net 5,069 2,592 369 Loss before provision for income tax and income from equity method investments (213,343 ) (129,179 ) (18,407 ) Income tax expenses — — — Income from equity method investments 2 — — Net loss (213,341 ) (129,179 ) (18,407 ) Net loss available to ordinary shareholders of 17 (213,341 ) (129,179 ) (18,407 ) Education & Technology Group Inc. Net loss per ordinary share Basic and diluted (0.46 ) (0.33 ) (0.05 ) Net loss per ADS (Note 2) Basic and diluted (23.00 ) (16.50 ) (2.50 ) Weighted average shares used in calculating net loss per ordinary share Basic and diluted 466,663,905 387,825,526 387,825,526 Note 1: Share-based compensation expenses were included in the operating expenses as follows: For the nine months ended September 30, 2023 2024 2024 RMB RMB USD Share-based compensation expenses: Sales and marketing expenses 14,337 5,933 845 Research and development expenses 20,920 10,777 1,536 General and administrative expenses 31,792 21,538 3,069 Total 67,049 38,248 5,450 Note 2: Each one ADS represents fifty Class A ordinary shares. Effective on December 18, 2023, the Company changed the ratio of its ADS to its Class A ordinary shares from one ADSs representing ten Class A ordinary shares to one ADS representing fifty Class A ordinary shares. All earnings per ADS figures in this report give effect to the foregoing ADS to share ratio change. 17 EDUCATION & TECHNOLOGY GROUP INC. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data) For the nine months ended September 30, 2023 2024 2024 RMB RMB USD Net Loss (213,341 ) (129,179 ) (18,407 ) Share-based compensation 67,049 38,248 5,450 Income tax effect — — — Adjusted net loss (146,292 ) (90,931 ) (12,957 ) © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.49ers confirm huge news on Brock Purdy and Nick Bosa on final injury report for Week 12 game with PackersNEW YORK, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Future Vision II Acquisition Corp., (NASDAQ: FVNNU) a publicly traded special purpose acquisition company (the “Future Vision”), and Viwo Technology Inc., a Cayman Islands exempted company operating its business via wholly owned entities in China (“Viwo”), today announced that, on December 10, 2024, they have entered into Amendment No. 1 to the Merger Agreement. Amendment No. 1 to the Merger Agreement requires pre-Business Combination Viwo shareholders to enter into a lock up agreement with respect to Future Vision shares they receive from the consummation of the Business Combination. The lock up is designed to align the interests of these shareholders with the long-term growth of the post-Business Combination company, Viwo Inc. Under the terms of the lock-up agreement, shareholders will be required to enter into a lock-up agreement, which includes a Viwo Inc. performance based release mechanism. This mechanism provides that shares are released based on the achievement of specific financial performance milestones and time-based criteria. Key Highlights of the Lock-Up Agreement: Company Shareholders’ shares received in connection with the consummation of the Business Combination will be locked up for two (2) or three (3) years from the Effective Time of the Business Combination if the following performance-based milestone is met by Viwo Inc. Condition of the Two-Year Lock-Up Period Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of 20% by the end of the first fiscal year and 30% by the end of the second fiscal year, or a compounded growth rate of 24.96% year over year for the two-year period. If Viwo Inc. does not achieve the required gross revenue growth, than the shares will be locked up for a third year. Condition of the Three-Year Lock-Up Period: Shares will be eligible for release if Viwo Inc. achieves an audited gross revenue growth of 126.2% by the end of the third fiscal year, representing a compounded growth rate of 28.46% year over year, or 45% revenue growth from the second year assuming Viwo Inc. achieves a compounded growth rate of 24.96% year over year for the first and second years. Forfeiture of Shares to Release Lock Up: Alternatively, shareholders may effect the forfeiture of 10% of their Consideration Shares after the end of the third fiscal year to release the lock up. “We believe that this lock-up agreement, with its staggered release mechanism, will foster a stronger alignment between shareholders and the company’s long-term goals,” said Fidel Wang of Viwo Technology Inc. “By tying the release of shares to specific financial performance milestones, we are reinforcing our commitment to sustainable growth and value creation.” About Viwo Technology Inc. Viwo is an innovation-driven technology company specializing in AI and “Martech” (marketing + technology) services, as well as AI and software development services. Viwo’s mission is to drive business growth and enhance corporate value for its customers. Viwo assists customers across various industries in achieving digital upgrades and transformations, thereby creating future value. Viwo is committed to continuous technological innovation with the aim of industrializing intelligent digital technology. About Future Vision II Acquisition Corp. Future Vision II Acquisition Corp is a newly incorporated blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While we will not be limited to a particular industry in our identification and acquisition of a target company, we intend to focus our search on businesses within the technology, media, and telecommunications sector. Additional Information about the Business Combination and Where to Find It To facilitate the Business Combination, Future Vision will file a registration statement on Form S-4 (as may be amended from time to time, the “Registration Statement”) that will include a preliminary proxy statement/prospectus of Future Vision, and after the Registration Statement is declared effective, Future Vision will mail a definitive proxy statement/prospectus relating to the Business Combination to its shareholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the SEC, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of Future Vision’s shareholders to be held to approve the Business Combination and related matters. This communication does not contain all of the information that should be considered concerning the Business Combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect to such matters. Future Vision and Viwo may also file other documents with the SEC regarding the Business Combination. Future Vision shareholders and other interested persons are advised to read the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, when available, as these materials will contain important information about Future Vision, Viwo, and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the Business Combination will be mailed to Future Vision shareholders as of a record date to be established for voting on the Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC’s website at www.sec.gov . Participants in the Solicitation / No Offer or Solicitation Future Vision, Viwo, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Future Vision shareholders in connection with the proposed Business Combination. A list of the names of the directors and executive officers of Future Vision and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. Forward-Looking Statements Neither Future Vision, Viwo, nor any of their respective affiliates make any representation or warranty as to the accuracy or completeness of the information contained in this Current Report on Form 8-K. This Current Report on Form 8-K is not intended to be all-inclusive or to contain all the information that a person may desire in considering the proposed Business Combination discussed herein. It is not intended to form the basis of any investment decision or any other decision in respect of the proposed Business Combination. This Current Report on Form 8-K and the exhibits filed or furnished herewith include “forward-looking statements” made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to the proposed transactions by and among Future Vision, Merger Sub, and Viwo, including statements regarding the benefits of the transaction, the anticipated timing of the Business Combination, the business of the Company and the markets in which they operate. Actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words or phrases such as “aspire,” “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “will be,” “will continue,” “will likely result,” “could,” “should,” “believe(s),” “predicts,” “potential,” “continue,” “future,” “opportunity,” “seek,” “intend,” “strategy,” or the negative version of those words or phrases or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Future Vision’s and Viwo’s expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Future Vision’s and Viwo’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: general economic, financial, legal, political and business conditions and changes in domestic markets; risks related to the business of Viwo and the timing of expected business milestones; changes in the assumptions underlying the expectations of the Viwo regarding its future business; the effects of competition on the Viwo’s future business; the outcome of any legal proceedings that may be instituted against Future Vision, Viwo, and/or the combined company or others following the announcement of the proposed Business Combination and any definitive agreements with respect thereto; the inability to complete the proposed Business Combination, including, without limitation, the inability to obtain approval of the shareholders of Future Vision or to satisfy other conditions to closing; the ability to meet stock exchange listing standards in connection with and following the consummation of the proposed Business Combination; the risk that the proposed Business Combination disrupts current plans and operations of Future Vision and Viwo as a result of the announcement and consummation of the proposed Business Combination; the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; costs related to the proposed Business Combination; changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain regulatory approvals required to complete the proposed Business Combination; the Parties’ estimates of expenses and profitability and underlying assumptions with respect to shareholder redemptions and purchase price and other adjustments; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties set forth in the filings made by Future Vision with the SEC, including the proxy statement/prospectus that will be filed relating to the proposed Business Combination. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Future Vision and Viwo caution that the foregoing list of factors is not exclusive. Future Vision and Viwo caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Future Vision or Viwo undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. For investor and media inquiries, please contact: Ms. Caihong Chen, CFO of Future Vision Email: caih_chen@outlook.comCatherine Rose Cotten
Sir Clive Cowdery set for bumper windfall on £8.3bn sale of insurance firm Resolution Life to Japanese rivalIf you’re looking to give your portfolio a boost before 2024 wraps up, the could offer some great opportunities to start. With oil prices holding steady for the last few months and natural gas prices inching up, some top Canadian oil and gas companies could post improved financials, which could drive their share prices higher in 2025. In this article, I’ll reveal two high-potential with stable you can consider adding to your portfolio before the year ends. Suncor Energy stock After trading on a weak note in 2023, ( ) has delivered 28% positive returns to investors year to date. With this, it currently trades at $54.15 per share with a market cap of $68.9 billion. At this market price, this Canadian integrated energy firm also offers a decent 4.2% annualized dividend yield. Financially, Suncor has had an outstanding 2024, beating Street analysts’ earnings estimates in each of the three quarters reported so far. In the September quarter, the company achieved its highest-ever refining throughput of 488,000 barrels per day with an impressive utilization rate of 105%. In addition, its upstream production reached 829,000 barrels per day, marking the best third quarter in Suncor’s history. Another key factor that makes this oil producer even more attractive for income-focused investors is its continued focus on returning value to its loyal shareholders. In the latest reported quarter, the company returned $1.5 billion to investors through a combination of share buybacks and dividends. Encouraged by its strong cash flows, Suncor also recently announced a 5% YoY (year-over-year) rise in its quarterly dividend to $0.57 per share. Besides its strong financial performance and operational efficiencies, Suncor’s strengthening balance sheet, with reducing debt, improving cost management, and investments in emissions reduction technologies, makes its stock really attractive to buy for the long term. Canadian Natural stock ( ) is another safe energy stock you may want to consider this December. After witnessing an 8.3% rise over the last year, CNQ stock currently trades at $45.90 per share with a market cap of $97 billion. At the current market price, it offers a 4.9% annualized dividend yield and distributes these payouts every quarter. In the latest quarter ended in September, Canadian Natural posted an average production of 1.36 million barrels of oil equivalent per day. This total production figure included a record-breaking synthetic crude oil (SCO) production of 529,000 barrels per day in August. The Canadian oil and gas giant recently acquired Chevron’s Alberta assets, which are likely to boost its production and cash flows in the coming years. With this acquisition, Canadian Natural has now raised its stake in the Athabasca oil sands project to 90%, adding 62,500 barrels per day of synthetic crude oil to its portfolio. Moreover, Canadian Natural’s continued efforts to expand its base of long-life, low-decline oil sand assets further strengthen its position as a high-quality energy stock to buy now and hold for years to come.
