Technology
DouYu International Holdings Limited Reports Second Quarter 2024 Unaudited Financial Results
Published
2 years agoon
By
WUHAN, China, Sept. 12, 2024 /PRNewswire/ — DouYu International Holdings Limited (“DouYu” or the “Company”) (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial and Operational Highlights
Total net revenues in the second quarter of 2024 were RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023.Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023.Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023.Adjusted net loss[1] in the second quarter of 2024 was RMB45.5 million (US$6.3 million), compared with adjusted net income of RMB61.4 million in the same period of 2023.Average mobile MAUs[2] in the second quarter of 2024 were 44.1 million, compared with 50.3 million in the same period of 2023.The number of quarterly average paying users[3] in the second quarter of 2024 was 3.4 million, compared with 4.0 million in the same period of 2023.
The interim management committee of DouYu commented, “In the second quarter of 2024, we further enriched our content ecosystem and enhanced our diversified commercialization capabilities. In deepening our collaboration with streamers and game developers on content innovation and product upgrades, we successfully introduced diverse cooperative models that bring DouYu users more exceptional content experiences and an expanded array of gaming services. Our long-term development strategy remains centered on fostering a vibrant, diverse, game-centric content ecosystem by harnessing the strengths of DouYu’s deep-rooted streamer resources and premium content. We will continue to dynamically adapt our operating strategies amid the evolving macroeconomic and industry shifts, proactively addressing challenges and optimizing our platform’s content ecosystem to serve our overarching goal of long-term, sustainable growth.”
Mr. Hao Cao, Vice President of DouYu, commented, “Our strategic revenue diversification initiatives yielded encouraging results in the second quarter. Revenue from Innovative business, advertising and others (formerly known as advertising and other revenues) steadily increased to RMB242 million, contributing 23.4% of our total revenue, a significant improvement from 9.6% in the same period of 2023. Despite short-term financial pressure from macroeconomic headwinds and an evolving business landscape, we remain committed to rewarding the trust and support of our shareholders. In addition to our US$20 million share repurchase program announced in December 2023, which was successfully completed in July, we announced a US$300 million special cash dividend in early July. Looking ahead, we will continue to explore commercial diversification pathways, prioritizing the Company’s long-term, healthy growth to deliver value to our shareholders.”
Second Quarter 2024 Financial Results
Total net revenues in the second quarter of 2024 decreased by 25.9% to RMB1,032.0 million (US$142.0 million), compared with RMB1,392.2 million in the same period of 2023.
Livestreaming revenues in the second quarter of 2024 decreased by 37.2% to RMB790.1 million (US$108.7 million) from RMB1,258.3 million in the same period of 2023. The decrease was primarily due to the soft macroeconomic environment, in response to which we offered lower-priced products and reduced promotional events focused on paying user acquisition. As a result, there was a year-over-year decrease in both average revenue per paying user and the number of total paying users.
Innovative business, advertising and other revenues (formerly known as advertising and other revenues) in the second quarter of 2024 increased by 80.7% to RMB242.0 million (US$33.3 million) from RMB133.9 million in the same period of 2023. The increase was primarily driven by an increase in other revenues generated through our other innovative business, such as the voice-based social networking service.
Cost of revenues in the second quarter of 2024 decreased by 21.2% to RMB947.8 million (US$130.4 million) from RMB1,203.3 million in the same period of 2023.
Revenue-sharing fees and content costs in the second quarter of 2024 decreased by 18.1% to RMB803.4 million (US$110.6 million) from RMB981.3 million in the same period of 2023. The decrease was primarily due to a decrease in revenue-sharing fees aligned with decreased livestreaming revenues, as well as a decline in content costs resulting from improved cost management in streamer payments and copyrighted content, and partially offset by the increase in costs related to the innovative business.
Bandwidth costs in the second quarter of 2024 decreased by 33.0% to RMB79.6 million (US$11.0 million) from RMB118.8 million in the same period of 2023. The decline was primarily due to a year-over-year decrease in peak bandwidth usage.
Gross profit in the second quarter of 2024 was RMB84.2 million (US$11.6 million), compared with RMB188.9 million in the same period of 2023. The decline in gross profit was primarily due to the decrease in livestreaming revenues outpacing the decline in cost of revenues. Gross margin in the second quarter of 2024 was 8.2%, compared with 13.6% in the same period of 2023.
Sales and marketing expenses in the second quarter of 2024 decreased by 11.5% to RMB77.0 million (US$10.6 million) from RMB87.0 million in the same period of 2023. The decrease was mainly attributable to a decrease in staff-related expenses.
Research and development expenses in the second quarter of 2024 decreased by 29.4% to RMB50.1 million (US$6.9 million) from RMB71.0 million in the same period of 2023. The decrease was primarily due to a decrease in staff-related expenses.
General and administrative expenses in the second quarter of 2024 increased by 3.4% to RMB48.5 million (US$6.7 million) from RMB46.9 million in the same period of 2023. The increase was primarily due to increased expenses related to our employee streamlining initiatives.
Other operating expenses, net in the second quarter of 2024 were RMB28.2 million (US$3.9 million), compared with other operating income of RMB8.6 million in the same period of 2023.
Loss from operations in the second quarter of 2024 was RMB119.6 million (US$16.5 million), compared with RMB7.5 million in the same period of 2023.
Net loss in the second quarter of 2024 was RMB49.2 million (US$6.8 million), compared with net income of RMB6.8 million in the same period of 2023.
Adjusted net loss, which excludes the share of loss in equity method investments, and impairment loss of investments, was RMB45.5 million (US$6.3 million) in the second quarter of 2024, compared with adjusted net income of RMB61.4 million in the same period of 2023.
Basic and diluted net loss per ADS[4] in the second quarter of 2024 were both RMB1.58 (US$0.22). Adjusted basic and diluted net loss per ADS in the second quarter of 2024 were both RMB1.46 (US$0.20).
Cash and cash equivalents, restricted cash and bank deposits
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, restricted cash in other non-current assets, and short-term and long-term bank deposits of RMB6,561.3 million (US$902.9 million), compared with RMB6,855.5 million as of December 31, 2023.
Updates of Share Repurchase Program
On December 28, 2023, the Company announced that its board of directors had authorized a share repurchase program under which the Company may repurchase up to US$20 million of its ordinary shares in the form of ADSs during a period of up to 12 months commencing on January 1, 2024. As of June 30, 2024, the Company had repurchased an aggregate of US$11.2 million of its ADSs in the open market under this program. The allotment of US$20 million was used in full by July 18, 2024.
Conference Call Information
The Company will hold a conference call on September 12, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:
International:
+1-412-317-6061
United States Toll-Free:
+1-888-317-6003
Mainland China Toll-Free:
4001-206115
Hong Kong Toll Free:
800-963976
Singapore Toll Free:
800-120-5863
Conference ID:
8687804
The replay will be accessible through September 19, 2024, by dialing the following numbers:
International:
+1-412-317-0088
United States Toll Free:
+1-877-344-7529
Conference ID:
1678388
A live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.douyu.com.
[1] “Adjusted net loss” is defined as net loss excluding share of loss in equity method investments, and impairment loss of investments. For more information, please refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[2] Refers to the number of mobile devices that launched our mobile apps in a given period. Average mobile MAUs for a given period is calculated by dividing (i) the sum of active mobile users for each month of such period by (ii) the number of months in such period.
[3] “Quarterly average paying users” refers to the average paying users for each quarter during a given period of time calculated by dividing (i) the sum of paying users for each quarter of such period by (ii) the number of quarters in such period. “Paying user” refers to a registered user that has purchased virtual gifts on our platform at least once during the relevant period.
[4] Every one ADS represents one ordinary share for the relevant period and calendar year.
About DouYu International Holdings Limited
Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps to bring users access to immersive and interactive games and entertainment livestreaming, a wide array of video and graphic contents, as well as opportunities to participate in community events and discussions. By nurturing a sustainable technology-based talent development system and relentlessly producing high-quality content, DouYu consistently delivers premium content through the integration of livestreaming, video, graphics, and virtual communities with a primary focus on games, especially on eSports. This enables DouYu to continuously enhance its user experience and pursue long-term healthy development. For more information, please see http://ir.douyu.com.
Use of Non-GAAP Financial Measures
Adjusted net income (loss) is calculated as net income (loss) adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted net income (loss) attributable to DouYu is calculated as net income (loss) attributable to DouYu adjusted for share of loss in equity method investments, and impairment loss of investments. Adjusted basic and diluted net income per ordinary share is non-GAAP net income attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The Company adjusted the impact of (i) share of loss in equity method investments, (ii) impairment loss of investments to understand and evaluate the Company’s core operating performance. The non-GAAP financial measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with U.S. GAAP.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” near the end of this release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars, at that rate on June 28, 2024, or at any other rate.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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, and 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 results of operations and financial condition; the Company’s business strategies; general market conditions, in particular, the game live streaming market; the ability of the Company to retain and grow active and paying users; changes in general economic and business conditions in China; the impact of the COVID-19 to the Company’s business operations and the economy in China and globally; any adverse changes in laws, regulations, rules, policies or guidelines applicable to the Company; and assumptions underlying or related to any of the foregoing. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the Securities Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
Lingling Kong
DouYu International Holdings Limited
Email: ir@douyu.tv
Tel: +86 (10) 6508-0677
Andrea Guo
Piacente Financial Communications
Email: douyu@tpg-ir.com
Tel: +86 (10) 6508-0677
In the United States:
Brandi Piacente
Piacente Financial Communications
Email: douyu@tpg-ir.com
Tel: +1-212-481-2050
Media Relations Contact
In China:
Lingling Kong
DouYu International Holdings Limited
Email: pr_douyu@douyu.tv
Tel: +86 (10) 6508-0677
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share and per ADS data)
As of December 31
As of June 30
2023
2024
2024
ASSETS
RMB
RMB
US$ (1)
Current assets:
Cash and cash equivalents
4,440,131
4,061,140
558,831
Restricted cash
–
21
3
Short-term bank deposits
1,716,540
1,974,461
271,695
Accounts receivable, net
73,453
52,279
7,194
Prepayments
38,181
26,085
3,589
Amounts due from related parties
68,994
61,859
8,512
Other current assets, net
348,129
482,012
66,327
Total current assets
6,685,428
6,657,857
916,151
Property and equipment, net
13,808
8,525
1,172
Intangible assets, net
120,694
141,671
19,495
Long-term bank deposits
630,000
450,000
61,922
Investments
436,197
431,112
59,323
Right-of-use assets, net
22,792
5,925
815
Other non-current assets
163,184
138,797
19,099
Total non-current assets
1,386,675
1,176,030
161,826
TOTAL ASSETS
8,072,103
7,833,887
1,077,977
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable
534,428
464,509
63,919
Advances from customers
12,911
10,194
1,403
Deferred revenue
315,969
271,061
37,299
Accrued expenses and other current liabilities
246,601
191,607
26,366
Amounts due to related parties
251,392
382,574
52,644
Lease liabilities due within one year
14,768
4,523
622
Total current liabilities
1,376,069
1,324,468
182,253
Lease liabilities
6,701
563
77
Total non-current liabilities
6,701
563
77
TOTAL LIABILITIES
1,382,770
1,325,031
182,330
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the
H.10 statistical release of the Federal Reserve Board.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
As of December 31
As of June 30
2023
2024
2024
RMB
RMB
US$ (1)
SHAREHOLDERS’ EQUITY
Ordinary shares
23
23
3
Treasury shares
(911,217)
(991,370)
(136,417)
Additional paid-in capital
10,670,287
10,670,287
1,468,280
Accumulated deficit
(3,485,007)
(3,622,129)
(498,422)
Accumulated other comprehensive income
415,247
452,045
62,203
Total DouYu Shareholders’ Equity
6,689,333
6,508,856
895,647
Total Shareholders’ Equity
6,689,333
6,508,856
895,647
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
8,072,103
7,833,887
1,077,977
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the
H.10 statistical release of the Federal Reserve Board.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$ (1)
RMB
RMB
US$ (1)
Net revenues
1,392,193
1,039,684
1,032,041
142,014
2,875,253
2,071,725
285,079
Cost of revenues
(1,203,294)
(930,678)
(947,823)
(130,425)
(2,509,888)
(1,878,501)
(258,490)
Gross profit
188,899
109,006
84,218
11,589
365,365
193,224
26,589
Operating income (expense)
Sales and marketing expenses
(87,047)
(75,570)
(76,963)
(10,590)
(177,733)
(152,533)
(20,989)
General and administrative expenses
(46,938)
(42,797)
(48,496)
(6,673)
(106,731)
(91,293)
(12,562)
Research and development expenses
(71,043)
(54,150)
(50,135)
(6,899)
(143,354)
(104,285)
(14,350)
Other operating income (expense), net
8,615
(103,428)
(28,189)
(3,879)
27,661
(131,617)
(18,111)
Total operating expenses
(196,413)
(275,945)
(203,783)
(28,041)
(400,157)
(479,728)
(66,012)
Loss from operations
(7,514)
(166,939)
(119,565)
(16,452)
(34,792)
(286,504)
(39,423)
Other expenses, net
(24,431)
–
(943)
(130)
(32,431)
(943)
(130)
Interest income
67,252
81,094
75,972
10,454
121,679
157,066
21,613
Foreign exchange gain, net
1,641
153
604
83
245
757
104
Income (loss) before income taxes and share of loss
in equity method investments
36,948
(85,692)
(43,932)
(6,045)
54,701
(129,624)
(17,836)
Income tax expense
–
–
(2,510)
(345)
–
(2,510)
(345)
Share of loss in equity method investments
(30,100)
(2,261)
(2,727)
(375)
(33,336)
(4,988)
(686)
Net income (loss)
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Net income (loss) attributable to ordinary
shareholders of the Company
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Net income (loss) per ordinary share
Basic
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Diluted
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Net income (loss) per ADS(2)
Basic
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Diluted
0.21
(2.77)
(1.58)
(0.22)
0.67
(4.36)
(0.60)
Weighted average number of ordinary shares used in calculating net income (loss) per ordinary share
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Weighted average number of ADS used in calculating net income (loss) per ADS(2)
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical
release of the Federal Reserve Board.
(2) Every one ADS represents one ordinary share.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three Months Ended
Six Months Ended
June 30,
2023
March 31,
2024
June 30,
2024
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2024
RMB
RMB
RMB
US$ (1)
RMB
RMB
US$ (1)
Loss from operations
(7,514)
(166,939)
(119,565)
(16,452)
(34,792)
(286,504)
(39,423)
Adjusted operating loss
(7,514)
(166,939)
(119,565)
(16,452)
(34,792)
(286,504)
(39,423)
Net income (loss)
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Add:
Share of loss in equity method investments
30,100
2,261
2,727
375
33,336
4,988
686
Impairment loss of investments(2)
24,431
–
943
130
32,431
943
130
Adjusted net income (loss)
61,379
(85,692)
(45,499)
(6,260)
87,132
(131,191)
(18,051)
Net income (loss) attributable to DouYu
6,848
(87,953)
(49,169)
(6,765)
21,365
(137,122)
(18,867)
Add:
Share of loss in equity method investments
30,100
2,261
2,727
375
33,336
4,988
686
Impairment loss of investments
24,431
–
943
130
32,431
943
130
Adjusted net income (loss) attributable to DouYu
61,379
(85,692)
(45,499)
(6,260)
87,132
(131,191)
(18,051)
Adjusted net income (loss) per ordinary share
Basic
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Diluted
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Adjusted net income (loss) per ADS(3)
Basic
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Diluted
1.92
(2.69)
(1.46)
(0.20)
2.72
(4.17)
(0.57)
Weighted average number of ordinary shares used in calculating Adjusted net income (loss) per ordinary share
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Weighted average number of ADS used in calculating net income (loss) per ADS(2)
Basic
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
Diluted
31,977,665
31,807,180
31,128,544
31,128,544
32,000,608
31,467,862
31,467,862
(1) Translations of certain RMB amounts into U.S. dollars at a specified rate are solely for the convenience of the reader. Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical
release of the Federal Reserve Board.
(2) Impairment loss of investments was included in line item “Other expenses, net” of condensed consolidated statements of income (loss).
(3) Every one ADS represents one ordinary share.
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SOURCE DouYu International Holdings Limited
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Across Canada, demand for rental housing continues to outpace supply. TELUS Living is helping address this challenge by transforming existing TELUS properties into smart, sustainable homes in communities where new housing is needed most.
NANAIMO, BC, July 23, 2026 /CNW/ — TELUS Living today opened a new 195-home purpose-built rental community in downtown Nanaimo, transforming a former telecommunications property into smart, sustainable housing that helps address one of Canada’s most pressing challenges: increasing rental supply in growing communities. Located at 235 Wallace St, the multi-storey, mixed-use build features 195 purpose-built rental units, providing much-needed housing supply to downtown Nanaimo, while thoughtfully honouring the city’s unique coastal identity and heritage.
The Nanaimo development is part of TELUS’ long-term strategy to repurpose legacy telecommunications infrastructure into purpose-built rental housing as the company modernizes its network and completes the transition from copper to PureFibre technology. The Nanaimo community joins TELUS Living’s growing portfolio of developments that are transforming underutilized TELUS properties into housing across Canada.
“The Nanaimo development represents exactly what TELUS Living stands for by providing purpose-built rental housing tailored to the specific needs of the community it serves. We’ve designed 235 Wallace St with Nanaimo’s unique character in mind, offering a curated lifestyle that blends a climate-conscious, Zero Carbon Design approach with top-tier wellness and smart-tech amenities,” said Manasweeta Bhatia, Vice President of Corporate Real Estate at TELUS. “We shape every TELUS Living project by listening to the community, understanding its unique identity and design needs, and building accordingly. Its central downtown location and proximity to both Vancouver Island University and Nanaimo Regional General Hospital also position it as an ideal home for students, educators, and healthcare workers seeking modern, connected living.”
“More housing and good jobs are a win-win for downtown Nanaimo,” said Sheila Malcolmson, MLA for Nanaimo-Gabriola Island. “Adding to the approximately 1,500 affordable homes our B.C. government has completed and underway in Nanaimo, it’s great to see TELUS stepping up with 195 new units. It’s been great to see hundreds of construction and indirect jobs in town, and I can’t wait to see folks move into their new homes.”
“I’m thrilled to see a new rental option in downtown Nanaimo, and especially excited that this conversion was made with sustainability and active transportation in mind,” said George Anderson, MLA for Nanaimo-Lantzville. “Ensuring everyone can find homes they can afford in the communities they love requires creative approaches, and I hope to see more creativity like this in the future.”
“I’m delighted to celebrate the opening of TELUS Living Nanaimo, a landmark project that strengthens our downtown as a vibrant, inclusive place to live,” said Leonard Krog, Mayor of Nanaimo. “This partnership between the City of Nanaimo, our community, and TELUS demonstrates what’s possible when we work together toward shared goals. The addition of nearly 200 diverse housing options is exactly what our city needs, and we’re excited about the positive impact this will have on our community. TELUS’ commitment to our city and investment in our future will contribute to Nanaimo’s economic and social vitality.”
Situated within walking distance of downtown’s vibrant cafes, eclectic Old City Quarter, the iconic Harbourfront Walkway, and a short transit ride from Vancouver Island University and Nanaimo Regional General Hospital, the development is architecturally designed to blend classic and contemporary exterior elements. Curated for modern living, the community offers an expansive suite of indoor and outdoor social amenities alongside street-level retail and public art contributions.
Project Highlights:
Smart-Enabled Living: Powered by the TELUS PureFibre network, the custom TELUS Living App provides keyless entry, smart climate control, leak detection, parcel notifications, visitor management, and amenity bookings.Social & Wellness Amenities: Features a rooftop deck with an outdoor kitchen, BBQs, and panoramic views, alongside a state-of-the-art fitness centre and resident lounge.Pet & Active Lifestyle Ready: Equipped with a dedicated children’s outdoor play area, outdoor bark park and pet care station, secure underground parking, bike storage and maintenance facilities.Premium Functional Interiors: Studio to three-bedroom layouts include private balconies, individual A/C with Energy Recovery Ventilators (ERVs) for optimal air quality, Samsung SmartThings appliances, and in-suite laundry.Gold-Standard Sustainability: Sets a Vancouver Island benchmark aligned with Zero Carbon Design standards and Salmon-Safe development guidelines that actively protects local ecosystems.
This opening marks a significant milestone in TELUS Living’s mission to transform existing real estate holdings into purpose-built rentals that bridge the housing gap with smart, sustainable, and community-focused developments. As TELUS completes its transition from legacy copper to advanced fibre networks, the company is transforming its historic central offices–which once served as the backbone of B.C.’s phone system–into vibrant, smart, purpose-built rental communities. TELUS Living is breathing new life into these properties to help address Canada’s housing crisis. For more details on TELUS Living Nanaimo or to view available floor plans, please visit telusliving.com/nanaimo.
About TELUS
TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 17 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing approximately 170 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring ‘give where we live’ philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of service–earning TELUS the distinction of the world’s most giving company.
For more information, visit telus.com.
For more information, please contact:
Brandi Rees
TELUS Public Relations
brandi.rees@telus.com
SOURCE TELUS Communications Inc.
Technology
Award-Winning Author Euran Daniels to Deliver Opening Keynote at International Nevus Outreach Conference, Unveiling New $100,000 Global Initiative to Advance CMN Research and Awareness
Published
16 minutes agoon
July 24, 2026By
ORLANDO, Fla., July 24, 2026 /PRNewswire/ — Award-winning author, entrepreneur, and Congenital Melanocytic Nevus (CMN) advocate Euran S. Daniels will deliver the opening keynote address at the 2026 Nevus Outreach International Conference on Sunday, July 26, 2026, at 1:00 p.m. at the Renaissance Orlando at SeaWorld®.
Launching the conference under this year’s theme, “Amplify,” Daniels will share his personal journey of living with CMN for more than 50 years and challenge attendees to transform awareness into meaningful action through hope, advocacy, and research.
During his keynote, Daniels will unveil a new global initiative aimed at expanding awareness and inspiring greater support for CMN research. The initiative will encourage individuals, healthcare organizations, corporations, and philanthropists to join a collaborative effort to improve the lives of those affected by this rare skin condition.
“For more than fifty years, I’ve lived with a visible mark that became my purpose,” said Daniels. “My hope is that every person leaves this conference believing they can make a difference by amplifying hope, supporting research, and leaving a positive impact on the lives of others.”
CMN is a rare skin condition present at birth that, in its larger forms, affects approximately 1 in every 20,000 births. Individuals living with CMN may face complex medical challenges, including an increased risk of melanoma, multiple surgeries, and the emotional impact of living with a visible difference.
Daniels’ keynote will focus on three powerful messages: You’re Not Alone. Live Your Life. Leave Your Mark.Through his story of resilience and leadership, he hopes to inspire families, advocates, researchers, and community leaders to work together to create greater awareness and opportunity for those living with CMN.
Media are invited to attend the keynote address to learn more about this initiative.
For more information, visit www.EuranDaniels.com or to support CMN research, visit www.nevus.org/joineuran.
Media Contact:
Media Relations – Fanisha Love (910) 262-3439
Email: info@danielscompany.com
Website: www.EuranDaniels.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/award-winning-author-euran-daniels-to-deliver-opening-keynote-at-international-nevus-outreach-conference-unveiling-new-100-000-global-initiative-to-advance-cmn-research-and-awareness-302834295.html
SOURCE Daniels Company
Technology
Immigration Desk Shares Guidance for Entrepreneurs and Foreign Businesses Planning US Expansion in 2026
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16 minutes agoon
July 24, 2026By
NEWTON, Mass., July 24, 2026 /PRNewswire/ — Immigration Desk is highlighting key immigration considerations for entrepreneurs, investors, and foreign-owned companies looking to establish or expand a presence in the United States, as interest in cross-border growth continues alongside evolving visa procedures and compliance expectations. The firm noted that many business owners plan with a general goal of opening a US office, only to be met by a system that favors careful planning and documentation.
Immigration planning often intersects with business planning, with company structure, ownership percentage, funding sources, job roles, and operational timelines influencing the pathways available and evidence required. A viable business plan alone often isn’t enough, and applicants must also meet specific legal definitions tied to visa categories. Those definitions, however, can differ significantly depending on the route pursued.
“Business immigration is not a single form or a single standard,” said Anu Gupta, attorney at Immigration Desk. “Entrepreneurs and foreign businesses often come to the process thinking in terms of growth goals like opening a location, hiring, and launching a product. However, the immigration system asks for detailed proof of role, eligibility, and structure. Planning early helps align those two realities and avoids last-minute surprises.”
Immigration Desk notes that entrepreneurs and foreign businesses typically evaluate options based on the nature of the US activity and the individual’s role. For some, the relevant question is whether a company can transfer an executive, manager, or specialized employee to a US office under an intracompany framework, particularly when the business can document a qualifying relationship between entities.
For others, the analysis may focus on investment-based categories where the applicant is actively directing and developing a US enterprise. In still other cases, founders may explore categories that emphasize extraordinary ability, research-based work, or employer sponsorship, depending on the individual’s background and the company’s needs.
L-1 and E-2 Visas: Pathways for Multinational Companies and Investors
For companies evaluating intracompany transfers, the L-1 visa provides a structured pathway for multinational businesses to bring executives, managers, or employees with specialized knowledge to a U.S. office — including newly established entities. Immigration Desk notes that L-1 cases require careful documentation of the qualifying relationship between the foreign and U.S. companies, as well as a clear demonstration of the applicant’s role and seniority. For new U.S. offices in particular, USCIS applies additional scrutiny to whether the operation is sufficiently established to support the position being petitioned.
The E-2 treaty investor visa offers a separate route for entrepreneurs from qualifying treaty countries who are making a substantial investment in and actively directing a U.S. enterprise. While the E-2 does not require a minimum investment threshold, Immigration Desk emphasizes that the investment must be proportional to the nature of the business and at risk in a commercial sense — factors that require careful structuring and documentation from the outset. Unlike some other business visa categories, the E-2 does not provide a direct path to permanent residency, which means founders relying on it should also plan for long-term status options early in the process.
The firm also points to a recurring challenge for growth-stage companies: staffing. Employer-sponsored visas can involve strict timing, evolving agency practices, and in some categories, annual numerical limits. In recent years, many employers have sought clarity on how to plan around the H-1B cap and lottery cycle, particularly when hiring needs don’t align neatly with government filing windows.
While the H-1B category remains widely used for specialized professional roles, Immigration Desk emphasizes that businesses should treat it as one part of a broader hiring and compliance plan rather than a single solution, especially when role definitions, worksite compliance, and documentation requirements are central to adjudication.
“People often focus on the name of a visa category, but the practical work is in the documentation and the operational reality behind the petition,” Gupta added. “For businesses, that means understanding what the government expects in terms of job duties, business activity, and the evidence that supports eligibility. For entrepreneurs, it can mean clarifying ownership, funding, and what day-to-day leadership looks like in a way that is consistent and well documented.”
Immigration Desk also notes that immigration planning frequently involves risk management. Businesses may need to consider how quickly a US operation must become functional, what happens if timelines shift, and how to maintain continuity if a petition is delayed or requires additional review. For founders, the concerns often include whether a pathway supports both business operations and personal stability, including travel, family planning, and long-term status options.
The firm cautions that immigration outcomes depend on individualized facts and that what works for one company may not apply to another. However, the most consistent problems, like incomplete timelines, inconsistent documentation, unclear roles, and last-minute filings, are completely avoidable. In response to those issues, Immigration Desk encourages business owners to approach US immigration as a phased process that begins with strategy and thorough preparation, with an operational plan for compliance after arrival.
For more information, please refer to the company’s website.
Immigration Desk
704 Walnut Street Newton, MA 02459
1-800-688-7892
https://immigrationdesk.com/
clients@ImmigrationDesk.com
At Immigration Desk, attorney Anu Gupta and her team have helped thousands of entrepreneurs, investors, and multinational companies navigate complex immigration matters. With more than 40 years of combined experience and over 10,000 immigration cases handled, the firm has developed a reputation for careful preparation and strategic case planning. Whether you are a startup founder, a multinational executive, or an investor seeking to establish a presence in the United States, Immigration Desk can help you determine the most effective immigration strategy for your situation.
View original content to download multimedia:https://www.prnewswire.com/news-releases/immigration-desk-shares-guidance-for-entrepreneurs-and-foreign-businesses-planning-us-expansion-in-2026-302834299.html
SOURCE Immigration Desk
TELUS transforms legacy telecommunications site into 195 new homes for Nanaimo
Award-Winning Author Euran Daniels to Deliver Opening Keynote at International Nevus Outreach Conference, Unveiling New $100,000 Global Initiative to Advance CMN Research and Awareness
Immigration Desk Shares Guidance for Entrepreneurs and Foreign Businesses Planning US Expansion in 2026
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