Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Conference Call, Webcast

TELUS International reports second quarter 2022 results, with continued strong double-digit revenue and profitability growth, and reiterates 2022 outlook


TELUS International (NYSE and TSX: TIXT), a leading digital customer experience innovator that designs, builds, and delivers next-generation solutions, including AI and content moderation, for global and disruptive brands, today released its results for the quarter ended June 30, 2022. TELUS Corporation (TSX: T, NYSE: TU) is the controlling shareholder of TELUS International. All figures in this news release, and elsewhere in TELUS International disclosures, are in U.S. dollars, unless specified otherwise, and relate only to TELUS International results and measures.

"Our global TELUS International team members generated continued momentum, executing at a high level throughout the second quarter of 2022," said Jeff Puritt, President and CEO of TELUS International. "Their dedication and expertise are helping us successfully navigate through macroeconomic headwinds, including foreign exchange pressures, wage inflation, rising interest rates, and competition for talent ? to once again deliver strong double-digit revenue growth, leading margins and solid cash flow. Additionally, our company's unique end-to-end capabilities, that include new economy services such as AI data solutions and content moderation, continue to differentiate us in the market. Moreover, based on the trends we are seeing in client demand, we expect our digital capabilities to be meaningful drivers of continued profitable growth. This was evidenced by our key Q2 new client wins, including a leading digital marketplace for sports, entertainment, and event tickets; a fintech platform that enables global money transfers and offers advanced digital wallet solutions; and one of North America's largest public broadcasters looking to expand its content to digital channels. Our sales wins with existing clients in Q2 were focused on expanding our scope of services to include data annotation and complex digital solutions. For example, we are expanding our relationship with the world's largest e-commerce company, a global leader in digital media and digital marketing solutions, a global staffing and recruiting company, and one of Western Canada's largest bulk transportation carriers."

Jeff continued, "This quarter, TELUS International was again recognized with numerous industry awards, highlighting our digital capabilities, leadership in CX and commitment to diversity. For the second consecutive year, TELUS International won an AI Breakthrough Award for our proprietary intelligent assistant platform, which was named Best Informational Bot in the 2022 Virtual Agents & Bots category based on a variety of considerations, including innovation, design and UX, as well as overall technological advancement. The Business Intelligence Group recognized TI as a 2022 Excellence in Customer Service Award winner in the Organization of the Year category for helping companies better communicate with their customers and provide a differentiated level of customer service. Leading industry analyst firm, Everest Group, named our company a Star Performer on its 2022 Trust and Safety, Content Moderation PEAK Matrix, highlighting our market adoption and market share growth, and ability to scale, along with our enhanced language capabilities and provision of localized services."

Jeff added, "Our caring culture and the way our team members bring it to life each and every day continues to position us among the world's best employers, and this past quarter was no exception. In Q2, TELUS International was recognized on Forbes' list of Best Employers for Diversity in 2022 and named one of Mogul's Top 100 Companies for Diverse Representation in 2022, recognizing our leadership in implementing practices, investing in resources and tools to hire and promote diverse talent across all levels of our organization."

Vanessa Kanu, CFO said, "In the second quarter of 2022, TELUS International achieved organic revenue growth of 17% year-over-year, and 21% on a constant currency basis when factoring in unfavourable foreign exchange impacts, while we continued to generate leading margins and meaningful cash flow. Our Tech and Games clients remain top contributors to our revenue increase in absolute dollars while we continued to see strong growth momentum across all of our key verticals. We also further improved our leverage ratio during the quarter, creating even more capacity for thoughtful acquisitions and readily available liquidity for potential opportunities to magnify our profitable growth."

Vanessa concluded, "Despite further depreciation of the euro against the U.S. dollar exchange rate, we are reiterating our outlook for 2022, calling for sustained, strong double-digit revenue and profitability growth at scale. Our results to date and throughout our 17-year history operating through many business cycles, reinforces our confidence to thrive despite a challenging macro backdrop. Due to our focus on quality and value-for-money, TELUS International stands to continue benefiting from potential vendor consolidation activity among our over 600 global clients. We help our clients continue to maximize the quality of their customer experience and engagement, while achieving greater cost effectiveness, by relying on our deep expertise, best-in-class digital capabilities and global scale."

Provided below are financial and operating highlights that include certain non-GAAP measures. See the Non-GAAP section of this news release.

Q2 2022 vs. Q2 2021 highlights

YTD Q2 2022 vs. YTD Q2 2021 highlights

A discussion of our results of operations is included in our second quarter 2022 Management's Discussion and Analysis dated August 5, 2022 and filed on SEDAR and as Exhibit 99.2 to our Form 6-K filed on EDGAR. Such materials and additional information is also provided at telusinternational.com/investors.

Outlook

Management has reiterated its full-year outlook for 2022:

Q2 2022 investor call

TELUS International will host a conference call today, August 5, 2022 at 10:30 a.m. (ET) / 7:30 a.m. (PT), where management will review the second quarter results, followed by a question and answer session with pre-qualified analysts. A webcast of the conference call will be streamed live on the TELUS International Investor Relations website at: https://www.telusinternational.com/investors/news-events and a replay will also be available on the website following the conference call.

Non-GAAP

This news release includes non-GAAP financial information, with reconciliation to GAAP measures presented at the end of this news release. We report certain non-GAAP measures used in the management analysis of our performance, but these do not have a standardized meaning under IFRS. These non-GAAP financial measures and non-GAAP ratios may not be comparable to GAAP measures or ratios and may not be comparable to similarly titled non-GAAP financial measures or non-GAAP ratios reported by other companies, including those within our industry and TELUS Corporation, our controlling shareholder.

Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow are non-GAAP financial measures, while Adjusted EBITDA Margin, Adjusted Diluted EPS, and revenue growth on a constant currency basis are non-GAAP ratios.

Adjusted EBITDA is commonly used by our industry peers and provides a measure for investors to compare and evaluate our relative operating performance. We use it to assess our ability to service existing and new debt facilities, and to fund accretive growth opportunities and acquisition targets. In addition, certain financial debt covenants associated with our credit facility are based on Adjusted EBITDA, which requires us to monitor this non-GAAP financial measure in connection with our financial covenants. Adjusted EBITDA should not be considered an alternative to net income in measuring our financial performance, and it should not be used as a replacement measure of current and future operating cash flows. However, we believe a financial measure that presents net income adjusted for these items would enable an investor to better evaluate our underlying business trends, our operational performance and overall business strategy.

We exclude items from Adjusted Net Income and Adjusted EBITDA as we believe they are driven by factors that are not indicative of our ongoing operating performance, including changes in business combination-related provisions, acquisition, integration and other, share-based compensation, foreign exchange gains or losses and amortization of purchased intangible assets, and the related tax effect of these adjustments. Full reconciliations of Adjusted EBITDA and Adjusted Net Income to the comparable GAAP measure are included at the end of this news release.

We calculate Free Cash Flow by deducting capital expenditures from our cash provided by operating activities, as we believe capital expenditures are a necessary ongoing cost to maintain our existing productive capital assets and support our organic business operations. We use Free Cash Flow to evaluate the cash flows generated from our ongoing business operations that can be used to meet our financial obligations, service debt facilities, reinvest in our business, and to fund, in part, potential future acquisitions.

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by consolidated revenue. We regularly monitor Adjusted EBITDA Margin to evaluate our operating performance compared to established budgets, operational goals and the performance of industry peers.

Adjusted Diluted EPS is used by management to assess the profitability of our business operations on a per share basis. We regularly monitor Adjusted Diluted EPS as it provides a more consistent measure for management and investors to evaluate our period-over-period operating performance, to better understand our ability to manage operating costs and to generate profits. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income by the diluted total weighted average number of equity shares outstanding during the period.

Revenue growth on a constant currency basis is used by management to assess the growth of revenue, the most directly comparable GAAP measure, excluding the effect of foreign currency fluctuations. Revenue growth on a constant currency basis is calculated as current period revenue growth using foreign exchange rates prevailing in the comparable prior period.

Cautionary note regarding forward-looking statements

This news release contains forward-looking statements concerning our financial outlook for the full-year 2022 results, our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business, results of operations and financial condition. We caution the reader that information provided in this news release regarding our financial outlook for full-year 2022 results, as well as information regarding our objectives and expectations, is provided in order to give context to the nature of some of the company's future plans and may not be appropriate for other purposes. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "aim", "anticipate", "assume", "believe", "contemplate", "continue", "could", "due", "estimate", "expect", "goal", "intend", "may", "objective", "plan", "predict", "potential", "positioned", "seek", "should", "target", "will", "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology.

These forward-looking statements are based on our current expectations, estimates, forecasts and projections about our business and the industry in which we operate and management's beliefs and assumptions, and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond our control.

Specifically, we made several assumptions underlying our financial outlook for the full-year 2022 results, including key assumptions in relation to: our ability to execute our growth strategy, including by expanding services offered to existing clients and attracting new clients; our ability to maintain our corporate culture and competitiveness of our service offerings; our ability to attract and retain talent; our ability to integrate, and realize the benefits of our acquisitions of Competence Call Centre, Managed IT Services business and TELUS International AI Data Solutions (TIAI); the relative growth rate and size of our target industry verticals; our projected operating and capital expenditure requirements; and the impact of the COVID-19 pandemic, including the development and spread of new and existing variants, and related conditions, on our business, financial condition, financial performance and liquidity. Our financial outlook provides management's best judgement of how trends will impact the business and may not be appropriate for other purposes.

Risk factors that may cause actual results to differ materially from current expectations include, among other things:

These risk factors, as well as other risk factors that may impact our business, financial condition and results of operation, are also described in our "Risk Factors" section of our Annual Report available on SEDAR and in "Item 3D?Risk Factors" of our Annual Report on Form 20-F filed on February 10, 2022 and available on EDGAR, as updated by our second quarter 2022 Management's Discussion and Analysis dated August 5, 2022 and filed on SEDAR and as Exhibit 99.2 to our Form 6-K filed on EDGAR.

TELUS International (Cda) Inc.

Condensed Interim Consolidated Statements of Income (Loss)

(unaudited)

 

 

 

Three months

 

Six months

Periods ended June 30
(US$ millions except earnings per share)

 

2022

 

2021

 

2022

 

2021

REVENUE

 

$

624

 

 

$

533

 

 

$

1,223

 

 

$

1,038

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

356

 

 

 

299

 

 

 

698

 

 

 

581

Goods and services purchased

 

 

118

 

 

 

103

 

 

 

233

 

 

 

197

Share-based compensation

 

 

7

 

 

 

19

 

 

 

14

 

 

 

45

Acquisition, integration and other

 

 

6

 

 

 

7

 

 

 

10

 

 

 

12

Depreciation

 

 

30

 

 

 

29

 

 

 

59

 

 

 

56

Amortization of intangible assets

 

 

34

 

 

 

36

 

 

 

70

 

 

 

72

 

 

 

551

 

 

 

493

 

 

 

1,084

 

 

 

963

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

73

 

 

 

40

 

 

 

139

 

 

 

75

 

 

 

 

 

 

 

 

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

Interest expense

 

 

10

 

 

 

12

 

 

 

19

 

 

 

26

Foreign exchange (gain) loss

 

 

(14

)

 

 

(1

)

 

 

(14

)

 

 

2

INCOME BEFORE INCOME TAXES

 

 

77

 

 

 

29

 

 

 

134

 

 

 

47

Income tax expense

 

 

21

 

 

 

13

 

 

 

44

 

 

 

28

NET INCOME

 

$

56

 

 

$

16

 

 

$

90

 

 

$

19

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

Basic

 

$

0.21

 

 

$

0.06

 

 

$

0.34

 

 

$

0.07

Diluted

 

$

0.21

 

 

$

0.06

 

 

$

0.33

 

 

$

0.07

 

 

 

 

 

 

 

 

 

TOTAL WEIGHTED AVERAGE SHARES OUTSTANDING (millions)

 

 

 

 

 

 

 

 

Basic

 

 

266

 

 

 

266

 

 

 

266

 

 

 

261

Diluted

 

 

269

 

 

 

268

 

 

 

269

 

 

 

264

TELUS International (Cda) Inc.

Condensed Interim Consolidated Statements of Financial Position

 

As at (US$ millions)

 

June 30, 2022
(unaudited)

 

December 31, 2021
(audited)

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

123

 

$

115

Accounts receivable

 

 

440

 

 

414

Due from affiliated companies

 

 

49

 

 

53

Income and other taxes receivable

 

 

5

 

 

6

Prepaid and other assets

 

 

52

 

 

36

Current portion of derivative assets

 

 

14

 

 

3

 

 

 

683

 

 

627

Non-current assets

 

 

 

 

Property, plant and equipment, net

 

 

414

 

 

405

Intangible assets, net

 

 

1,062

 

 

1,158

Goodwill

 

 

1,327

 

 

1,380

Derivative assets

 

 

15

 

 

?

Deferred income taxes

 

 

13

 

 

23

Other long-term assets

 

 

27

 

 

33

 

 

 

2,858

 

 

2,999

Total assets

 

$

3,541

 

$

3,626

 

 

 

 

 

LIABILITIES AND OWNERS' EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable and accrued liabilities

 

$

301

 

$

336

Due to affiliated companies

 

 

88

 

 

71

Income and other taxes payable

 

 

74

 

 

67

Current maturities of long-term debt

 

 

318

 

 

328

Current portion of derivative liabilities

 

 

6

 

 

5

 

 

 

787

 

 

807

Non-current liabilities

 

 

 

 

Long-term debt

 

 

733

 

 

820

Derivative liabilities

 

 

?

 

 

17

Deferred income taxes

 

 

290

 

 

305

Other long-term liabilities

 

 

23

 

 

22

 

 

 

1,046

 

 

1,164

Total liabilities

 

 

1,833

 

 

1,971

 

 

 

 

 

Owners' equity

 

 

1,708

 

 

1,655

Total liabilities and owners' equity

 

$

3,541

 

$

3,626

TELUS International (Cda) Inc.

Condensed Interim Consolidated Statements of Cash Flows

(unaudited)

 

 

 

Three months

 

Six months

Periods ended June 30 (US$ millions)

 

2022

 

2021

 

2022

 

2021

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

56

 

 

$

16

 

 

$

90

 

 

$

19

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

64

 

 

 

65

 

 

 

129

 

 

 

128

 

Interest expense

 

 

10

 

 

 

12

 

 

 

19

 

 

 

26

 

Income tax expense

 

 

21

 

 

 

13

 

 

 

44

 

 

 

28

 

Share-based compensation

 

 

7

 

 

 

19

 

 

 

14

 

 

 

45

 

Change in market value of derivatives and other

 

 

4

 

 

 

(34

)

 

 

3

 

 

 

(5

)

Net change in non-cash operating working capital

 

 

(39

)

 

 

35

 

 

 

(36

)

 

 

(18

)

Share-based compensation payments

 

 

(1

)

 

 

?

 

 

 

(6

)

 

 

(17

)

Interest paid

 

 

(6

)

 

 

(7

)

 

 

(11

)

 

 

(16

)

Income taxes paid, net

 

 

(27

)

 

 

(23

)

 

 

(33

)

 

 

(58

)

Cash provided by operating activities

 

 

89

 

 

 

96

 

 

 

213

 

 

 

132

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Cash payments for capital assets

 

 

(29

)

 

 

(24

)

 

 

(50

)

 

 

(38

)

Cash payments for other assets

 

 

(20

)

 

 

?

 

 

 

(20

)

 

 

?

 

Cash used in investing activities

 

 

(49

)

 

 

(24

)

 

 

(70

)

 

 

(38

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Shares issued

 

 

1

 

 

 

?

 

 

 

2

 

 

 

525

 

Share issuance costs

 

 

?

 

 

 

?

 

 

 

?

 

 

 

(32

)

Withholding taxes paid related to net share settlement of equity awards

 

 

(1

)

 

 

?

 

 

 

(1

)

 

 

?

 

Repayment of long-term debt

 

 

(73

)

 

 

(72

)

 

 

(129

)

 

 

(619

)

Cash used in financing activities

 

 

(73

)

 

 

(72

)

 

 

(128

)

 

 

(126

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(5

)

 

 

2

 

 

 

(7

)

 

 

(2

)

 

 

 

 

 

 

 

 

 

CASH POSITION

 

 

 

 

 

 

 

 

(Decrease) increase in cash and cash equivalents

 

 

(38

)

 

 

2

 

 

 

8

 

 

 

(34

)

Cash and cash equivalents, beginning of period

 

 

161

 

 

 

117

 

 

 

115

 

 

 

153

 

Cash and cash equivalents, end of period

 

$

123

 

 

$

119

 

 

$

123

 

 

$

119

 

Non-GAAP reconciliations

(unaudited)

 

 

 

Three Months Ended
June 30

 

Six Months Ended
June 30

(US$ millions, except percentages)

 

2022

 

2021

 

2022

 

2021

Revenue, as reported

 

$

624

 

 

$

533

 

$

1,223

 

 

$

1,038

Foreign exchange on 2022 revenue using 2021 rates

 

 

23

 

 

 

 

 

38

 

 

 

Revenue on a constant currency basis

 

 

647

 

 

 

 

 

1,261

 

 

 

Revenue growth

 

 

17

%

 

 

 

 

18

%

 

 

Revenue growth on a constant currency basis

 

 

21

%

 

 

 

 

21

%

 

 

 

 

Three Months Ended
June 30

 

Six Months Ended
June 30

(US$ millions, except per share amounts)

 

2022

 

2021

 

2022

 

2021

Net income

 

$

56

 

 

$

16

 

 

$

90

 

 

$

19

 

Add back (deduct):

 

 

 

 

 

 

 

 

Acquisition, integration and other

 

 

6

 

 

 

7

 

 

 

10

 

 

 

12

 

Share-based compensation

 

 

7

 

 

 

19

 

 

 

14

 

 

 

45

 

Foreign exchange (gain) loss

 

 

(14

)

 

 

(1

)

 

 

(14

)

 

 

2

 

Amortization of purchased intangible assets

 

 

31

 

 

 

34

 

 

 

62

 

 

 

67

 

Tax effect of the adjustments above

 

 

(5

)

 

 

(12

)

 

 

(12

)

 

 

(23

)

Adjusted Net Income

 

$

81

 

 

$

63

 

 

$

150

 

 

$

122

 

Adjusted Basic Earnings Per Share

 

$

0.30

 

 

$

0.24

 

 

$

0.56

 

 

$

0.47

 

Adjusted Diluted Earnings Per Share

 

$

0.30

 

 

$

0.24

 

 

$

0.56

 

 

$

0.46

 

 

 

Three Months Ended
June 30

 

Six Months Ended
June 30

(US$ millions, except percentages)

 

2022

 

2021

 

2022

 

2021

Net income

 

$

56

 

 

$

16

 

 

$

90

 

 

$

19

 

Add back (deduct):

 

 

 

 

 

 

 

 

Acquisition, integration and other

 

 

6

 

 

 

7

 

 

 

10

 

 

 

12

 

Share-based compensation

 

 

7

 

 

 

19

 

 

 

14

 

 

 

45

 

Foreign exchange (gain) loss

 

 

(14

)

 

 

(1

)

 

 

(14

)

 

 

2

 

Depreciation and amortization

 

 

64

 

 

 

65

 

 

 

129

 

 

 

128

 

Interest expense

 

 

10

 

 

 

12

 

 

 

19

 

 

 

26

 

Income taxes

 

 

21

 

 

 

13

 

 

 

44

 

 

 

28

 

Adjusted EBITDA

 

$

150

 

 

$

131

 

 

$

292

 

 

$

260

 

Adjusted EBITDA Margin

 

 

24.0

%

 

 

24.6

%

 

 

23.9

%

 

 

25.0

%

 

 

Three Months Ended
June 30

 

Six Months Ended
June 30

(US$ millions)

 

2022

 

2021

 

2022

 

2021

Cash provided by operating activities

 

$

89

 

 

$

96

 

 

$

213

 

 

$

132

 

Less: capital expenditures

 

 

(29

)

 

 

(25

)

 

 

(54

)

 

 

(43

)

Free Cash Flow

 

$

60

 

 

$

71

 

 

$

159

 

 

$

89

 

Calculation of Net Debt to Adjusted EBITDA Leverage Ratio as per credit agreement

(unaudited)

 

As at (US$ millions, except for ratio)

 

June 30, 2022

 

December 31, 2021

 

 

 

 

 

Outstanding credit facility

 

 

848

 

 

 

941

 

Contingent facility utilization

 

 

7

 

 

 

7

 

Net derivative liabilities

 

 

6

 

 

 

19

 

Cash balance1

 

 

(100

)

 

 

(100

)

Net Debt as per credit agreement

 

$

761

 

 

$

867

 

Adjusted EBITDA (trailing 12 months)

 

$

572

 

 

$

540

 

Adjustments required as per credit agreement

 

 

(77

)

 

 

(118

)

Net Debt to Adjusted EBITDA Leverage Ratio as per credit agreement

 

 

1.5

 

 

 

2.1

 

1 A cash balance of $100 million is used in accordance with the maximum permitted under the credit agreement; actual cash balance as of June 30, 2022 and December 31, 2021 was $123 million and $115 million, respectively.

About TELUS International

TELUS International (NYSE & TSX: TIXT) designs, builds and delivers next-generation digital solutions to enhance the customer experience (CX) for global and disruptive brands. The company's services support the full lifecycle of its clients' digital transformation journeys, enabling them to more quickly embrace next-generation digital technologies to deliver better business outcomes. TELUS International's integrated solutions span digital strategy, innovation, consulting and design, IT lifecycle including managed solutions, intelligent automation and end-to-end AI data solutions including computer vision capabilities, as well as omnichannel CX and trust and safety solutions including content moderation. Fueling all stages of company growth, TELUS International partners with brands across high growth industry verticals, including tech and games, communications and media, eCommerce and fintech, banking, financial services and insurance, healthcare, and travel and hospitality.

TELUS International's unique caring culture promotes diversity and inclusivity through its policies, team member resource groups and workshops, and equal employment opportunity hiring practices across the regions where it operates. Since 2007, the company has positively impacted the lives of more than one million citizens around the world, building stronger communities and helping those in need through large-scale volunteer events and charitable giving. Five TELUS International Community Boards have provided $4.8 million in funding to grassroots charitable organizations since 2011. Learn more at: telusinternational.com.

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1 Revenue growth on a constant currency basis and Adjusted Diluted EPS are non-GAAP ratios, while Adjusted EBITDA is a non-GAAP financial measure. See the Non-GAAP section of this news release.
2 Adjusted Net Income and Free Cash Flow are non-GAAP financial measures, while Adjusted EBITDA Margin is a non-GAAP ratio. See the Non-GAAP section of this news release.


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