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Gaotu Techedu Announces Second Quarter 2024 Unaudited Financial Results

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BEIJING, Aug. 27, 2024 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights[1]

Net revenues were RMB1,009.8 million, increased by 43.6% from RMB703.1 million in the same period of 2023.Gross billings[2] were RMB1,653.7 million, increased by 87.4% from RMB882.3 million in the same period of 2023.Loss from operations was RMB464.8 million, compared with income from operations of RMB43.3 million in the same period of 2023.Net loss was RMB429.6 million, compared with net income of RMB56.2 million in the same period of 2023.Non-GAAP net loss was RMB418.0 million, compared with non-GAAP net income of RMB63.2 million in the same period of 2023.Net operating cash inflow was RMB386.2 million, increased by 33.8% from RMB288.5 million in the same period of 2023.

Second Quarter 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the three months ended June 30,

2023

2024

Pct. Change

Net revenues

703,094

1,009,797

43.6 %

Gross billings

882,325

1,653,692

87.4 %

Income/(loss) from operations

43,311

(464,750)

(1,173.1) %

Net income/(loss)

56,161

(429,550)

(864.9) %

Non-GAAP net income/(loss)

63,159

(418,040)

(761.9) %

Net operating cash inflow

288,542

386,184

33.8 %

[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. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See “About Non-GAAP Financial Measures” and “Reconciliations of non-GAAP measures to the most comparable GAAP measures” elsewhere in this press release.

Six Months Ended June 30, 2024 Highlights

Net revenues were RMB1,956.7 million, increased by 38.7% from RMB1,410.4 million in the same period of 2023.Gross billings were RMB2,383.1 million, increased by 67.7% from RMB1,421.3 million in the same period of 2023.Loss from operations was RMB542.5 million, compared with income from operations of RMB138.5 million in the same period of 2023.Net loss was RMB441.8 million, compared with net income of RMB170.0 million in the same period of 2023.Non-GAAP net loss was RMB415.0 million, compared with non-GAAP net income of RMB196.8 million in the same period of 2023.Net operating cash inflow was RMB188.7 million, increased by 161.7% from RMB72.1 million in the same period of 2023.

 

First Six Months 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the six months ended June 30,

2023

2024

Pct. Change

Net revenues

1,410,386

1,956,682

38.7 %

Gross billings

1,421,276

2,383,052

67.7 %

Income/(loss) from operations

138,450

(542,452)

(491.8) %

Net income/(loss)

170,014

(441,847)

(359.9) %

Non-GAAP net income/(loss)

196,754

(415,001)

(310.9) %

Net operating cash inflow

72,134

188,748

161.7 %

Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, “We achieved encouraging results in the second quarter, with net revenues increasing 43.6% year-over-year to RMB1.0 billion, reflecting strong accelerating growth momentum. As of June 30, 2024, our deferred revenue reached RMB1.6 billion, representing a 71.5% increase from the same point in time last year, ensuring robust support for our continued growth in the second half of the year.

June 16th marked the tenth anniversary of Gaotu’s founding. Over the past decade, we’ve consistently regarded learning services and teaching quality as the cornerstones of our core competencies, continuously attracting and retaining top-tier talents to drive long-term growth. While expanding rapidly, we have maintained an unwavering focus on operational efficiency. Moving forward, we remain committed to prioritizing customer needs and advancing our mission to ‘make learning better’, thereby creating lasting value for our shareholders.”

Shannon Shen, CFO of the Company, added, “We kicked off the year with robust growth and successfully carried this momentum into the second quarter, further scaling our operations while delivering results that exceeded our expectations in both revenues and gross billings. Gross billings for the first half of the year increased 67.7% to RMB2.4 billion, laying a solid foundation for further revenues growth in the second half of the year. These results reflect our ongoing efforts to boost operational efficiency, address market demand, and enhance teaching quality. Moving forward, we will maintain our focus on core education businesses, expand our product offerings, attract top talents, and refine operations to capitalize on market opportunities and drive long-term, sustainable growth.”

Financial Results for the Second Quarter of 2024

Net Revenues

Net revenues increased by 43.6% to RMB1,009.8 million from RMB703.1 million in the second quarter of 2023, which was mainly due to the continuous year-over-year growth of gross billings as a result of our sufficient and effective response to the strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our products.

Cost of Revenues

Cost of revenues increased by 70.0% to RMB313.4 million from RMB184.4 million in the second quarter of 2023. The increase was mainly due to the expansion of instructors and tutors workforce and the increased cost of learning materials.

Gross Profit and Gross Margin

Gross profit increased by 34.3% to RMB696.4 million from RMB518.7 million in the second quarter of 2023. Gross profit margin decreased to 69.0% from 73.8% in the same period of 2023.

Non-GAAP gross profit increased by 33.3% to RMB696.3 million from RMB522.3 million in the second quarter of 2023. Non-GAAP gross profit margin decreased to 69.0% from 74.3% in the same period of 2023.

Operating Expenses

Operating expenses increased by 144.2% to RMB1,161.1 million from RMB475.4 million in the second quarter of 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

Selling expenses increased to RMB835.4 million from RMB324.1 million in the second quarter of 2023.Research and development expenses increased to RMB162.1 million from RMB98.4 million in the second quarter of 2023.General and administrative expenses increased to RMB163.6 million from RMB52.9 million in the second quarter of 2023.

(Loss)/Income from Operations

Loss from operations was RMB464.8 million, compared with income from operations of RMB43.3 million in the second quarter of 2023.

Non-GAAP loss from operations was RMB453.2 million, compared with non-GAAP income from operations of RMB50.3 million in the second quarter of 2023.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB29.0 million, compared with a total of RMB27.4 million in the second quarter of 2023.

Other Income/(Expenses), net

Other income, net was RMB4.6 million, compared with other expenses, net of RMB6.2 million in the second quarter of 2023.

Net (Loss)/Income 

Net loss was RMB429.6 million, compared with net income of RMB56.2 million in the second quarter of 2023.

Non-GAAP net loss was RMB418.0 million, compared with non-GAAP net income of RMB63.2 million in the second quarter of 2023.

Cash Flow

Net operating cash inflow in the second quarter of 2024 was RMB386.2 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB1.65 in the second quarter of 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB1.61 in the second quarter of 2024.

Share Outstanding

As of June 30, 2024, the Company had 172,491,283 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB4,103.4 million in aggregate, compared with a total of RMB3,953.5 million as of December 31, 2023.

Share Repurchase

In November 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company’s board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of August 26, 2024, the Company had cumulatively repurchased approximately 7.9 million ADSs for approximately US$27.0 million under the share repurchase program.

Business Outlook

Based on the Company’s current estimates, total net revenues for the third quarter of 2024 are expected to be between RMB1,188 million and RMB1,208 million, representing an increase of 50.5% to 53.0% on a year-over-year basis. These estimates reflect the Company’s current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 27, 2024 (8:00 PM Beijing/Hong Kong Time on Tuesday, August 27, 2024). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 5380431

A telephone replay will be available two hours after the conclusion of the conference call through September 2, 2024. The dial-in details are:

International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 6770960

Additionally, a live and archived webcast of this conference call will be available at http://ir.gaotu.cn/. 

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” and similar statements. Among other things, the business outlook, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’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: the Company’s ability to continue to attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational content & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company’s management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company’s business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“USD”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.2672 to USD1.0000, the effective noon buying rate for June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on June 28, 2024, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn 

Christensen

In China
Ms. Vivian Wang
Phone: +852-2232-3978
E-mail: gotu@christensencomms.com 

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of June 30,

2023

2024

2024

RMB

RMB

USD

ASSETS

Current assets

    Cash and cash equivalents

636,052

1,414,853

194,690

    Restricted cash

33,901

2,397

330

    Short-term investments

2,253,910

1,780,283

244,975

    Inventory, net

24,596

38,394

5,283

    Prepaid expenses and other current assets, net

638,248

594,605

81,821

Total current assets

3,586,707

3,830,532

527,099

Non-current assets

    Operating lease right-of-use assets

189,662

424,144

58,364

    Property, equipment and software, net

533,531

599,986

82,561

    Land use rights, net

26,568

26,165

3,600

    Long-term investments

1,029,632

905,829

124,646

    Deferred tax assets

11,312

7,332

1,009

    Rental deposit

17,742

33,925

4,668

    Other non-current assets

18,155

17,941

2,469

TOTAL ASSETS

5,413,309

5,845,854

804,416

LIABILITIES

Current liabilities

    Accrued expenses and other current liabilities
      (including accrued expenses and other current
      liabilities of the consolidated VIE without
      recourse to the Group of RMB484,222
      and RMB759,764 as of December 31, 2023
      and June 30, 2024, respectively)

805,032

1,104,567

151,992

    Deferred revenue, current portion of the
      consolidated VIE without recourse to the Group

1,113,480

1,391,924

191,535

   Operating lease liabilities, current portion
      (including current portion of operating lease
      liabilities of the consolidated VIE without
      recourse to the Group of RMB34,401 and
      RMB90,046 as of December 31, 2023 and
      June 30, 2024, respectively)

50,494

107,521

14,795

Income tax payable (including income tax
   payable of the consolidated VIE without
   recourse to the Group of RMB4,210 and
   nil as of December 31, 2023 and June 30,
   2024, respectively)

4,278

62

9

Total current liabilities

1,973,284

2,604,074

358,331

 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of June 30,

2023

2024

2024

RMB

RMB

USD

Non-current liabilities

    Deferred revenue, non-current portion of
      the consolidated VIE without recourse
      to the Group

124,141

190,211

26,174

    Operating lease liabilities, non-current
      portion (including non-current portion
      of operating lease liabilities of the
      consolidated VIE without recourse
      to the Group of RMB121,277 and
      RMB294,494 as of December 31, 2023
      and June 30, 2024, respectively)

137,652

308,760

42,487

   Deferred tax liabilities(including deferred
     tax liabilities of the consolidated VIE
     without recourse to the Group of
     RMB71,850 and RMB71,079 as of
     December 31, 2023 and June 30, 2024,
     respectively)

71,967

71,123

9,787

TOTAL LIABILITIES

2,307,044

3,174,168

436,779

SHAREHOLDERS’ EQUITY

    Ordinary shares

116

116

16

    Treasury stock, at cost

(85,178)

(98,307)

(13,527)

    Additional paid-in capital

7,987,957

7,986,214

1,098,940

    Accumulated other comprehensive loss

(33,209)

(11,069)

(1,523)

    Statutory reserve

50,225

50,225

6,911

    Accumulated deficit

(4,813,646)

(5,255,493)

(723,180)

TOTAL SHAREHOLDERS’ EQUITY

3,106,265

2,671,686

367,637

TOTAL LIABILITIES AND TOTAL
  SHAREHOLDERS’ EQUITY

5,413,309

5,845,854

804,416

 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

703,094

1,009,797

138,953

1,410,386

1,956,682

269,248

Cost of revenues

(184,380)

(313,433)

(43,130)

(344,362)

(584,847)

(80,478)

Gross profit

518,714

696,364

95,823

1,066,024

1,371,835

188,770

Operating expenses:

Selling expenses

(324,065)

(835,397)

(114,954)

(601,086)

(1,341,778)

(184,635)

Research and development expenses

(98,402)

(162,101)

(22,306)

(195,379)

(313,708)

(43,168)

General and administrative expenses

(52,936)

(163,616)

(22,514)

(131,109)

(258,801)

(35,612)

Total operating expenses

(475,403)

(1,161,114)

(159,774)

(927,574)

(1,914,287)

(263,415)

Income/(loss) from operations

43,311

(464,750)

(63,951)

138,450

(542,452)

(74,645)

Interest income

19,780

21,274

2,927

33,073

39,947

5,497

Realized gains from investments

7,658

7,732

1,064

18,382

14,284

1,966

Other (expenses)/income, net

(6,153)

4,559

627

5,913

48,256

6,640

Income/(loss) before provision for
income tax and share of results of
equity investees

64,596

(431,185)

(59,333)

195,818

(439,965)

(60,542)

Income tax (expenses)/benefits

(4,250)

1,635

225

(21,619)

(1,882)

(259)

Share of results of equity investees

(4,185)

–

–

(4,185)

–

–

Net income/(loss)

56,161

(429,550)

(59,108)

170,014

(441,847)

(60,801)

Net income/(loss) attributable to
Gaotu Techedu Inc.’s ordinary
shareholders

56,161

(429,550)

(59,108)

170,014

(441,847)

(60,801)

Net income/(loss) per ordinary share

Basic

0.32

(2.48)

(0.34)

0.98

(2.56)

(0.35)

Diluted

0.31

(2.48)

(0.34)

0.95

(2.56)

(0.35)

Net income/(loss) per ADS

Basic

0.21

(1.65)

(0.23)

0.65

(1.71)

(0.23)

Diluted

0.21

(1.65)

(0.23)

0.63

(1.71)

(0.23)

Weighted average shares used in net
income/(loss) per share

Basic

174,603,256

173,044,221

173,044,221

173,839,911

172,686,709

172,686,709

Diluted

179,933,329

173,044,221

173,044,221

179,520,278

172,686,709

172,686,709

Note: Three ADSs represent two ordinary shares.

 

 

Gaotu Techedu 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 June 30,

For the six months ended June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

703,094

1,009,797

138,953

1,410,386

1,956,682

269,248

Less: other revenues(1)

20,634

29,233

4,023

36,356

56,500

7,775

Add: VAT and surcharges

42,406

62,586

8,612

86,950

119,993

16,512

Add: ending deferred revenue

922,576

1,582,135

217,709

922,576

1,582,135

217,709

Add: ending refund liability

57,650

85,520

11,768

57,650

85,520

11,768

Less: beginning deferred revenue

770,577

1,003,314

138,061

959,333

1,237,621

170,302

Less: beginning refund liability

52,190

53,799

7,403

60,597

67,157

9,241

Gross billings

882,325

1,653,692

227,555

1,421,276

2,383,052

327,919

Note (1): Include miscellaneous revenues generated from services other than courses. 

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Gross profit

518,714

696,364

95,823

1,066,024

1,371,835

188,770

Share-based compensation expenses(1) in cost of revenues

3,585

(43)

(6)

7,575

2,278

313

Non-GAAP gross profit

522,299

696,321

95,817

1,073,599

1,374,113

189,083

Income/(loss) from operations

43,311

(464,750)

(63,951)

138,450

(542,452)

(74,645)

Share-based compensation expenses(1)

6,998

11,510

1,584

26,740

26,846

3,694

Non-GAAP income/(loss) from operations

50,309

(453,240)

(62,367)

165,190

(515,606)

(70,951)

Net income/(loss)

56,161

(429,550)

(59,108)

170,014

(441,847)

(60,801)

Share-based compensation expenses(1)

6,998

11,510

1,584

26,740

26,846

3,694

Non-GAAP net income/(loss)

63,159

(418,040)

(57,524)

196,754

(415,001)

(57,107)

Note (1): The tax effects of share-based compensation expenses adjustments were nil. 

 

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SOURCE Gaotu Techedu Inc.

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22 minutes ago

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In the news release, Venture Dock Connects Global Startups with Silicon Valley, issued 22-Oct-2026 by Venture Dock over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:

Venture Dock Connects Global Startups with Silicon Valley

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Accelerating Global Startups’ U.S. Market Entry

For Venture Dock, the collaboration reflects a broader mission: helping international innovation organizations connect promising startups with Silicon Valley’s enterprise customers, investors, industry expertise, and commercial opportunities.

“Silicon Valley’s greatest advantage isn’t simply access to capital or technology. It’s the concentration of talent, expertise, and relationships that can transform promising innovations into successful businesses,” said Vivek Vipul, Co-Founder and CEO of Venture Dock. “Our vision is to make that ecosystem accessible to exceptional founders worldwide, helping them build meaningful commercial relationships and accelerate their growth.”

Venture Dock has supported international startup cohorts, including companies from South Korea, and delivered industry-focused initiatives such as its cybersecurity immersion program. Recently, Venture Dock was selected through a competitive procurement process to support a KISED initiative helping Korean startups develop their U.S. go-to-market strategies.

These engagements demonstrate Venture Dock’s growing capabilities in structured accelerator programs, customer discovery, enterprise connections, and international commercialization.

Building Ecosystems That Create Lasting Opportunities

Venture Dock’s approach emphasizes long-term relationships among government innovation agencies, corporations, investors, and entrepreneurial communities.

“Building a thriving startup ecosystem goes far beyond bringing people together. It’s about creating trusted relationships that open doors to new markets, customers, capital, and meaningful partnerships,” said Lochan Alagh, Co-founder of Venture Dock. “When we connect international founders with Silicon Valley’s corporate leaders, investors, and innovation networks, we’re creating pathways for long-term commercial success. Our ambition is to make Venture Dock a trusted partner for innovation ecosystems worldwide.”

Looking ahead, Venture Dock plans to expand its international startup programs and industry-focused initiatives across artificial intelligence, cybersecurity, healthcare technology, semiconductors, and enterprise innovation.

Through collaborations with government agencies, economic development organizations, corporate innovation teams, and institutional partners, Venture Dock aims to create scalable pathways connecting emerging technologies with U.S. commercial opportunities.

International innovation organizations and corporate partners interested in exploring Silicon Valley market-entry programs, startup commercialization, or strategic partnerships are invited to connect with Venture Dock.

About Venture Dock

Venture Dock is a Silicon Valley-based startup commercialization and innovation platform headquartered in Palo Alto, California. Built around Community, Connections, and Capital, Venture Dock connects global founders with investors, enterprise executives, and innovation partners through international accelerator programs, industry initiatives, and strategic partnerships.

Correction: An earlier version of this release required an update to the third image. 

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SOURCE Venture Dock

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New York City Council passes carriage horse ban; Humane World for Animals calls vote a landmark step for horse welfare

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October 22, 2026

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Historic measure will protect nearly 200 horses from the dangers of New York City’s streets while ensuring their humane future

NEW YORK, Oct. 22, 2026 /PRNewswire/ — Humane World for Animals, formerly called the Humane Society of the United States, today celebrates the City Council’s passage of Intro 943, legislation ending horse-drawn carriage operations in New York City.

New York City carriage horse ban. Today’s vote marks a historic milestone for animals.

“Today’s vote marks a historic milestone for animals,” said Kitty Block, president and CEO of Humane World for Animals. “For decades, New York City’s carriage horse industry has operated on a fantasy that these horses can carry some semblance of a former world. But animals are not inert icons; they are living, breathing individuals with needs, instincts and intentions all their own. By ending the use of horse-drawn carriages, the City Council has recognized that no maintenance of tradition should come at the expense of risks to animals and people.”

Mayor Zohran Mamdani has 30 days to sign Intro 943, veto or to allow the bill to pass without action on his part.

The legislation follows years of accidents, injuries and deaths that have endangered horses used in New York City’s carriage horse industry. Among them was the June 2026 death of Deniz, a 16-year-old carriage horse who collapsed while pulling passengers in Central Park. The public has also been in danger due to this cruel business. Debates on the future of the carriage horse trade came to a head after the tragic death of 18-year-old tourist Romanch Mahajan in a separate runaway carriage incident in June.

Together, these incidents reinforce what animal welfare experts have long maintained: horses are highly sensitive animals with powerful flight instincts who do not belong amid the traffic, noise and congestion of New York City’s streets. A Humane World for Animals report further details concerns about the care and oversight of the city’s carriage horses. Their presence on the streets creates risks and hazards for vehicles in the city, and the interests of both people and horses would be better served by a transition to other means of conveyance and an alternative livelihood program to serve drivers and others displaced by the end of the trade. Humane World for Animals had called upon the city government, businesses and the tourism industry to develop a new and better approach to showing off the city to visitors.

The organization recognizes Council Member Chris Marte, Speaker Julie Menin and Health Committee Chair Lynn Schulman for their leadership in advancing this landmark legislation and their commitment to protecting both horses and New Yorkers.

Dozens of rescues, sanctuaries and nonprofit organizations, including Humane World for Animals, have offered placement options for horses currently working in the city. The legislation passed by the City Council and state law both prohibit the horses from being sold for slaughter.

About Humane World for Animals

Together, we tackle the root causes of animal cruelty and suffering to create permanent change. With millions of supporters and work happening in over 50 countries, Humane World for Animals—formerly called the Humane Society of the United States and Humane Society International—addresses the most deeply entrenched forms of animal cruelty and suffering. As the leading voice in the animal protection space, we work to end the cruelest practices, care for animals in crisis and build a stronger animal protection movement. Driving toward the greatest global impact, we aim to achieve the vision behind our name: a more humane world.
humaneworld.org

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SOURCE Humane World for Animals.

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Mesirow Advises Union Alarmtronic, LLC on its Sale to Pye-Barker Fire & Safety

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22 minutes ago

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October 22, 2026

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Union Alarmtronic, LLC is a security systems provider specializing in security systems and services, including access control and video surveillance, as well as intercom systems, integrated security, and alarm systems. Mesirow acted as the exclusive financial advisor to Union Alarmtronic LLC on this transaction, highlighting the firm’s continued success in the industrial technology sector.

CHICAGO, Oct. 22, 2026 /PRNewswire/ — Mesirow, an independent, employee-owned financial services firm, today announced it acted as the exclusive financial advisor to Union Alarmtronic, LLC (“Union AlarmTronic” or the “Company”) on its sale to Pye-Barker Fire & Safety, the largest fully integrated and full-service fire protection, life safety and security services provider in the United States.

Headquartered in New Jersey, Union Alarmtronic is a security systems and services company that specializes in the installation, monitoring, maintenance, and integration of alarm systems, video surveillance, access control, fire alarms and intercom systems for residential and commercial clients. The Company highlights decades of industry experience, tens of thousands of security install and monitoring customers, and a dedication to providing customized life safety solutions designed to help protect people, property, and business assets. Union AlarmTronic also offers 24/7 monitored security services with dispatch and communication to law enforcement, as well as integrated smart technologies that allow customers to monitor their property access remotely. Pye-Barker Fire & Safety is a well-recognized national leader in fire protection, life safety and security services.

William Lynch, Managing Director at Mesirow Investment Banking, said, “Union AlarmTronic has built an outstanding reputation for delivering high-quality security and life safety solutions, and Pye-Barker’s commitment to supporting founder-led businesses by investing in long-term growth made it an excellent partner for the Company. We were honored to advise Union AlarmTronic on this transaction and help achieve a successful outcome that benefits both organizations, their employees and their customers.”

Fred Rosenfeld, President of Union AlarmTronic, said, “For more than three decades, Union AlarmTronic has been committed to delivering exceptional security and life safety solutions while building lasting relationships with our customers. As we looked to the future, it was important to find a partner that shares our values, commitment to service and dedication to our employees and customers. We are proud of what we have accomplished and confident that Pye-Barker will continue that legacy while providing additional resources to support future growth. This transaction represents an exciting new chapter for our company.”

“What stood out to us about Union AlarmTronic was not only its impressive business but also the culture and values that have driven its success. The leadership team’s dedication to Union AlarmTronic’s customers and employees matches our own approach, making this a natural partnership,” said Phil Gardner, EVP, M&A at Pye-Barker. “We are proud to welcome the Union AlarmTronic team and support their continued success.”

The sale of Union AlarmTronic marks another successful industrial technology transaction completed by Mesirow Investment Banking. In recent years, the firm has completed more than 350 transactions across its verticals. With deep industry expertise, long-standing client relationships, and a commitment to delivering tailored solutions, Mesirow continues to build a proven track record of highly successful transactions.

About Mesirow
Mesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Private Capital & Currency, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture.

Mesirow has been named one of the Best Places to Work in Chicago by Crain’s Chicago Business multiple times and is one of Barron’s Top 100 RIA firms. To learn more, visit mesirow.com, follow us on LinkedIn and subscribe to Spark, our quarterly newsletter.

About Union Alarmtronic, LLC
Founded in 1989 and headquartered in Roselle, New Jersey, Union Alarmtronic, LLC is a leading regional electronic security and systems integration provider. The company specializes in the custom design, installation, maintenance, and monitoring of comprehensive security solutions, including video surveillance, CCTV, access control, intercom systems, and intrusion detection for both commercial and residential clients. Utilizing a deeply cross-trained technical staff, Union Alarmtronic provides around-the-clock protection alongside specialized app-based safety solutions to help enterprises comply with lone worker and hospitality panic button mandates. For more information, visit www.unionalarmtronic.com. 

About Pye-Barker Fire & Safety
As the U.S. leader in fully integrated life safety systems, Pye-Barker Fire & Safety provides complete fire protection and security systems nationwide. With over 250 locations and 9,000 team members, Pye-Barker is Great Place to Work® Certified™ and is also listed on the Inc. 5000. Pye-Barker ranks #3 on the SDM 100 and #7 on the SDM Top Systems Integrators list. Visit pyebarkerfs.com to learn more about our commitment to our team members and the communities we help protect.

Media
mediainquiries@mesirow.com
Michael Herley | 203.308.1409

Nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy an interest in any Mesirow investment vehicle(s). Mesirow Financial, Inc. is not affiliated with Union Alarmtronic LLC, Pye-Barker Fire & Safety. Past performance is not indicative of future results. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. | Investment Banking services offered through Mesirow Financial, Inc., Member FINRA and SIPC.

Award recognition disclosures: mesirow.com/award-recognition-disclosures

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SOURCE Mesirow Financial Holdings, Inc.

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