Technology
So-Young Reports Unaudited Third Quarter 2024 Financial Results
Published
2 years agoon
By
BEIJING, Nov. 20, 2024 /PRNewswire/ — So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights
Total revenues were RMB371.8 million (US$53.0 million[1]), compared with RMB385.3 million in the corresponding period of 2023, exceeding the high end of guidance.Net income attributable to So-Young International Inc. was RMB20.3 million (US$2.9 million), compared with net income attributable to So-Young International Inc. of RMB18.3 million in the same period of 2023.Non-GAAP net income attributable to So-Young International Inc.[2] was RMB22.2 million (US$3.2 million), compared with non-GAAP net income attributable to So-Young International Inc. of RMB9.5 million in the same period of 2023.
Third Quarter 2024 Operational Highlights
Average mobile MAUs were 1.4 million, compared with 3.1 million in the third quarter of 2023.Number of medical service providers subscribing to information services on So-Young’s platform was 1,322, compared with 1,397 in the third quarter of 2023.Total number of purchasing users through reservation services was 114.9 thousand and the aggregate value of medical aesthetic treatment transactions facilitated by So-Young’s platform was RMB346.0 million.
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, said, “Our third quarter performance beat the high end of our guidance once again, highlighting the resilience of our business. Sales of medical products and maintenance services grew by 18.7% year-over-year, becoming a key growth driver contributing to a year-over-year increase in net income. This underscores the effectiveness of our strategy to stay at the forefront of industry trends by deepening the synergies from our vertical integration and continuously diversifying our offerings. Our clinic network has experienced significant growth. The number of stores has grown to 16 by the end of this quarter, extending our presence into additional major cities. All stores are situated in central business districts, enhancing our market coverage and competitive position. To further scale our offline presence, we are accelerating the deployment of this proven standardized model in other cities nationwide and are exploring franchising opportunities to engage with a wider audience. The reputational strength of our brand and our deep understanding of evolving consumer behavior uniquely position us to develop products that resonate with consumer needs. Sales momentum remains robust, driven by both our well-established products and exciting new launches in collaboration with our supply chain partners. Looking ahead, we are committed to seizing opportunities across the entire medical aesthetics value chain while deepening the integration of our three core businesses to maximize operational efficiency, customer satisfaction, and sustainable growth.”
Mr. Hui Zhao, Chief Financial Officer of So-Young, added, “Our third-quarter results reflect our ability to strategically adapt to changing market dynamics. Through disciplined cost management and targeted growth initiatives, we are carefully navigating this challenging market environment while building a solid foundation for future expansion. Encouragingly, our net income and non-GAAP net income attributable to So-Young International Inc. improved significantly, with year-over-year growth rates exceeding 8.9% and 133.1% respectively. Looking ahead, we will leverage our expanding network of clinics and meticulously curated product offerings to address the growing demand for high-quality solutions and services. By maintaining operational efficiency and scalability, we are well-positioned to continue leading the medical aesthetics sector, delivering sustainable growth and long-term value for our shareholders.”
[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB7.0176 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on September 30, 2024.
[2] Non-GAAP net income attributable to So-Young International Inc. is defined as net income attributable to So-Young International Inc. excluding share-based compensation expenses attributable to So-Young International Inc. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.
Third Quarter 2024 Financial Results
Revenues
Total revenues were RMB371.8 million (US$53.0 million), a decrease of 3.5% from RMB385.3 million in the same period of 2023. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young’s platform.
Information services and other revenues were RMB263.0 million (US$37.5 million), a decrease of 8.0% from RMB285.9 million in the same period of 2023. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young’s platform.Reservation services revenues were RMB19.6 million (US$2.8 million), a decrease of 18.9% from RMB24.1 million in the same period of 2023. The decrease was primarily due to a decrease in consumer spending through our platform.Sales of medical products and maintenance services were RMB89.3 million (US$12.7 million), an increase of 18.7% from RMB75.2 million in the same period of 2023, primarily due to an increase in the order volumes for cosmetic products and medical equipment.
Cost of Revenues
Cost of revenues was RMB142.2 million (US$20.3 million), a decrease of 0.3% from RMB142.6 million in the third quarter of 2023. The decrease was primarily due to a decrease in the cost of services associated with the information services. Cost of revenues included share-based compensation expenses of RMB0.1 million (US$0.0 million), compared with the share-based compensation expenses of RMB0.4 million in the corresponding period of 2023.
Cost of services and others were RMB98.6 million (US$14.1 million), a decrease of 4.7% from RMB103.5 million in the third quarter of 2023. The decrease was primarily due to a decrease in the cost of services associated with the information services.Cost of medical products sold and maintenance services were RMB43.5 million (US$6.2 million), an increase of 11.3% from RMB39.1 million in the third quarter of 2023. The increase was primarily due to an increase in costs associated with the sales of cosmetic products.
Operating Expenses
Total operating expenses were RMB225.0 million (US$32.1 million), a decrease of 8.1% from RMB244.7 million in the third quarter of 2023.
Sales and marketing expenses were RMB114.9 million (US$16.4 million), a decrease of 20.1% from RMB143.8 million in the third quarter of 2023. The decrease was mainly due to a decrease in expenses associated with branding and user acquisition activities. Sales and marketing expenses included share-based compensation expenses of RMB0.2 million (US$0.0 million), compared with RMB0.5 million in the corresponding period of 2023.General and administrative expenses were RMB69.9 million (US$10.0 million), an increase of 39.1% from RMB50.2 million in the third quarter of 2023. The increase was primarily due to an increase in share-based compensation expenses. General and administrative expenses included share-based compensation expenses of RMB1.3 million (US$0.2 million), compared with a reversal of share-based compensation expenses of RMB11.2 million in the corresponding period of 2023.Research and development expenses were RMB40.2 million (US$5.7 million), a decrease of 20.6% from RMB50.6 million in the third quarter of 2023. The decrease was primarily attributable to improvements in staff efficiency. Research and development expenses included share-based compensation expenses of RMB0.3 million (US$0.0 million), compared with RMB1.5 million in the corresponding period of 2023.
Income Tax (Expenses)/Benefits
Income tax expenses were RMB2.1 million (US$0.3 million), compared with income tax benefits of RMB2.2 million in the same period of 2023.
Net Income Attributable to So-Young International Inc.
Net income attributable to So-Young International Inc. was RMB20.3 million (US$2.9 million), compared with a net income attributable to So-Young International Inc. of RMB18.3 million in the third quarter of 2023.
Non-GAAP Net Income Attributable to So-Young International Inc.
Non-GAAP net income attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses attributable to So-Young International Inc., was RMB22.2 million (US$3.2 million), compared with RMB9.5 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2023.
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB0.20 (US$0.03) and RMB0.20 (US$0.03), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.18 and RMB0.18, respectively, in the same period of 2023.
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of September 30, 2024, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,252.6 million (US$178.5 million), compared with RMB1,341.6 million as of December 31, 2023.
Business Outlook
For the fourth quarter of 2024, So-Young expects total revenues to be between RMB350.0 million (US$49.9 million) and RMB370.0 million (US$52.7 million), representing a 10.4% to 5.3% decrease from the same period in 2023. The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income attributable to So-Young International Inc. by excluding share-based compensation expenses from income/(loss) from operations and net income attributable to So-Young International Inc., respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company’s performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.
Conference Call Information
So-Young’s management will hold an earnings conference call on Wednesday, November 20, 2024, at 7:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:
International:
+1-412-902-4272
Mainland China:
4001-201203
US:
+1-888-346-8982
Hong Kong:
+852-301-84992
Passcode:
So-Young International Inc.
A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, November 27, 2024. The dial-in details are:
International:
+1-412-317-0088
US:
+1-877-344-7529
Passcode:
2642052
Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.
About So-Young International Inc.
So-Young International Inc. (Nasdaq: SY) is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young’s strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young’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: So-Young’s strategies; So-Young’s future business development, financial condition and results of operations; So-Young’s ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
So-Young
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
In China
Ms. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data)
As of
December 31,
September 30,
September 30,
2023
2024
2024
RMB
RMB
US$
Assets
Current assets:
Cash and cash equivalents
426,119
467,407
66,605
Restricted cash and term deposits
14,695
104,198
14,848
Trade receivables
57,219
106,943
15,239
Inventories
118,924
145,601
20,748
Receivables from online payment platforms
23,158
31,666
4,512
Amounts due from related parties
9,212
10,466
1,491
Term deposits and short-term investments
900,823
681,035
97,047
Prepayment and other current assets
171,774
221,227
31,525
Total current assets
1,721,924
1,768,543
252,015
Non-current assets:
Long-term investments
261,016
287,507
40,969
Intangible assets
145,253
131,641
18,759
Goodwill
540,693
540,693
77,048
Property and equipment, net
116,782
154,572
22,026
Deferred tax assets
78,034
81,057
11,551
Operating lease right-of-use assets
118,408
159,179
22,683
Other non-current assets
232,455
180,628
25,739
Total non-current assets
1,492,641
1,535,277
218,775
Total assets
3,214,565
3,303,820
470,790
Liabilities
Current liabilities:
Short-term borrowings
29,825
89,559
12,762
Taxes payable
56,894
53,639
7,643
Contract liabilities
103,374
94,747
13,501
Salary and welfare payables
86,290
84,927
12,102
Amounts due to related parties
388
146
21
Accrued expenses and other current liabilities
233,913
244,721
34,873
Operating lease liabilities-current
29,739
40,398
5,757
Total current liabilities
540,423
608,137
86,659
Non-current liabilities:
Operating lease liabilities-non current
86,210
124,915
17,800
Deferred tax liabilities
25,082
20,780
2,961
Other non-current liabilities
1,536
1,607
229
Total non-current liabilities
112,828
147,302
20,990
Total liabilities
653,251
755,439
107,649
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Amounts in thousands, except for share and per share data)
Shareholders’ equity:
Treasury stock
(358,453)
(369,907)
(52,711)
Class A ordinary shares (US$0.0005 par value; 750,000,000
shares authorized as of December 31, 2023 and September
30, 2024; 73,688,044 and 63,422,436 shares issued and
outstanding as of December 31, 2023, 77,634,580 and
66,170,882 shares issued and outstanding as of September
30, 2024, respectively)
238
252
36
Class B ordinary shares (US$ 0.0005 par value; 20,000,000
shares authorized as of December 31, 2023 and September
30, 2024; 12,000,000 shares issued and outstanding as of
December 31, 2023 and September 30, 2024)
37
37
5
Additional paid-in capital
3,080,433
3,067,567
437,125
Statutory reserves
33,855
33,855
4,824
Accumulated deficit
(330,166)
(312,117)
(44,476)
Accumulated other comprehensive income
18,185
8,858
1,262
Total So-Young International Inc. shareholders’ equity
2,444,129
2,428,545
346,065
Non-controlling interests
117,185
119,836
17,076
Total shareholders’ equity
2,561,314
2,548,381
363,141
Total liabilities and shareholders’ equity
3,214,565
3,303,820
470,790
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for share and per share data)
For the Three Months Ended
For the Nine Months Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Revenues:
Information services and others
285,937
262,988
37,475
795,100
750,952
107,010
Reservation services
24,140
19,567
2,788
80,724
64,987
9,261
Sales of medical products and maintenance services
75,217
89,270
12,721
231,639
281,548
40,120
Total revenues
385,294
371,825
52,984
1,107,463
1,097,487
156,391
Cost of revenues:
Cost of services and others
(103,484)
(98,620)
(14,053)
(291,503)
(274,695)
(39,144)
Cost of medical products sold and maintenance services
(39,119)
(43,548)
(6,206)
(115,199)
(139,839)
(19,927)
Total cost of revenues
(142,603)
(142,168)
(20,259)
(406,702)
(414,534)
(59,071)
Gross profit
242,691
229,657
32,725
700,761
682,953
97,320
Operating expenses:
Sales and marketing expenses
(143,844)
(114,884)
(16,371)
(394,276)
(360,448)
(51,363)
General and administrative expenses
(50,242)
(69,901)
(9,961)
(204,097)
(225,653)
(32,155)
Research and development expenses
(50,597)
(40,188)
(5,727)
(158,531)
(122,277)
(17,424)
Total operating expenses
(244,683)
(224,973)
(32,059)
(756,904)
(708,378)
(100,942)
(Loss)/Income from operations
(1,992)
4,684
666
(56,143)
(25,425)
(3,622)
Other income/(expenses):
Investment income, net
647
510
73
10,869
3,397
484
Interest income, net
12,130
14,239
2,029
38,023
38,270
5,453
Exchange gains/(losses)
103
465
66
(1,051)
875
125
Share of losses of equity method investee
(3,822)
(3,873)
(552)
(10,692)
(11,602)
(1,653)
Others, net
9,887
6,915
985
18,474
12,234
1,743
Income/(Loss) before tax
16,953
22,940
3,267
(520)
17,749
2,530
Income tax benefits/(expenses)
2,191
(2,097)
(299)
7,240
3,031
432
Net income
19,144
20,843
2,968
6,720
20,780
2,962
Net income attributable to noncontrolling interests
(839)
(495)
(71)
(2,941)
(2,731)
(389)
Net income attributable to So-Young International Inc.
18,305
20,348
2,897
3,779
18,049
2,573
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(Amounts in thousands, except for share and per share data)
For the Three Months Ended
For the Nine Months Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
Net earnings per ordinary share
Net earnings per ordinary share attributable to ordinary shareholder – basic
0.24
0.26
0.04
0.05
0.23
0.03
Net earnings per ordinary share attributable to ordinary shareholder – diluted
0.24
0.26
0.04
0.05
0.23
0.03
Net earnings per ADS attributable to ordinary shareholders – basic (13 ADS
represents 10 Class A ordinary shares)
0.18
0.20
0.03
0.04
0.18
0.03
Net earnings per ADS attributable to ordinary shareholders – diluted (13 ADS
represents 10 Class A ordinary shares)
0.18
0.20
0.03
0.04
0.18
0.03
Weighted average number of ordinary shares used in computing earnings/(loss)
per share, basic*
76,842,709
79,493,819
79,493,819
78,001,149
79,544,066
79,544,066
Weighted average number of ordinary shares used in computing earnings/(loss)
per share, diluted*
77,210,781
79,708,518
79,708,518
78,402,636
79,810,666
79,810,666
Share-based compensation expenses included in:
Cost of services and others
(418)
(81)
(12)
(1,635)
(255)
(36)
Sales and marketing expenses
(533)
(183)
(26)
(2,850)
(420)
(60)
General and administrative expenses
11,164
(1,328)
(189)
(10,400)
(27,796)
(3,961)
Research and development expenses
(1,454)
(309)
(44)
(3,636)
(1,969)
(281)
* Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted.
SO-YOUNG INTERNATIONAL INC.
Reconciliation of GAAP and Non-GAAP Results
(Amounts in thousands, except for share and per share data)
For the Three Months Ended
For the Nine Months Ended
September
30, 2023
September
30, 2024
September
30, 2024
September
30, 2023
September
30, 2024
September
30, 2024
RMB
RMB
US$
RMB
RMB
US$
GAAP (loss)/income from operations
(1,992)
4,684
666
(56,143)
(25,425)
(3,622)
Add back: Share-based compensation expenses
(8,759)
1,901
271
18,521
30,440
4,338
Non-GAAP (loss)/income from operations
(10,751)
6,585
937
(37,622)
5,015
716
GAAP net income attributable to So-Young International Inc.
18,305
20,348
2,897
3,779
18,049
2,573
Add back: Share-based compensation expenses
(8,759)
1,901
271
18,521
30,440
4,338
Non-GAAP net income attributable to So-Young International Inc.
9,546
22,249
3,168
22,300
48,489
6,911
View original content:https://www.prnewswire.com/news-releases/so-young-reports-unaudited-third-quarter-2024-financial-results-302311180.html
SOURCE So-Young International Inc.
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Federal investment of over $141 million will help connect more than 30,000 homes to high–speed Internet
HUMBOLDT, SK, July 24, 2026 /CNW/ — Reliable and affordable high-speed Internet is essential for all Canadians. It enables access to important online resources, connects friends and families, and drives economic growth and innovation. This is why the Government of Canada is helping bring high-speed Internet access to underserved communities–including Indigenous communities–in Saskatchewan.
Today, the Honourable Buckley Belanger, Secretary of State for Rural Development, announced over $141 million in federal funding for six projects to bring high-speed Internet access to more than 30,000 households in over 500 rural and remote communities across Saskatchewan.
This funding is provided through the Universal Broadband Fund, a program designed to ensure that Canadians in rural, remote and Indigenous communities have access to reliable high-speed Internet.
The Government of Canada has committed to ensuring that every household in Canada has access to high-speed Internet by 2030, and it is on track to meet this connectivity target. These projects will build toward that goal, and the government will continue to invest in infrastructure that creates new opportunities and makes sure communities can benefit from all of Canada’s potential.
Quotes
“High-speed Internet is no longer just a luxury–it’s essential infrastructure, no matter where you live in Canada. It’s how people access health care virtually, start a business or just stay in touch with their loved ones. That’s why we made a historic commitment to provide 100% of Canadian households with access to high-speed Internet by 2030. The projects announced today are a major milestone for connectivity in Saskatchewan, providing reliable and affordable high-speed Internet to more than 30,000 underserved homes in over 500 rural and remote communities across the province.”
– The Honourable Buckley Belanger, Secretary of State for Rural Development
“In many rural and remote areas, connectivity projects like these face a number of financial and structural barriers. Federal tools like the Canada Infrastructure Bank help bridge that gap, ensuring critical infrastructure is built where it otherwise would not be. By supporting initiatives like this, we are advancing economic growth today and helping close the connectivity gap for underserved communities well into the future.”
– The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
“Access to dependable high-speed Internet should not be determined by where people live. Thanks to support from the Government of Canada through the Universal Broadband Fund, RFNOW is delivering the infrastructure needed to connect underserved rural and First Nations communities across Saskatchewan. Together, we are building a stronger digital future that will enhance economic development, support essential services and improve quality of life for thousands of Canadians.”
– Chris Kennedy, Chief Executive Officer, RFNOW Inc.
“Every community deserves the opportunity that comes with access to reliable high-speed Internet–and that’s exactly what this investment delivers. In partnership with the Government of Canada’s Universal Broadband Fund, Xplore is bringing high-speed Internet connectivity to nearly 20,000 homes and businesses in Saskatchewan. Better connectivity means more than faster downloads–it means students can learn without interruption, families can access health care from home, and local businesses can compete on a level playing field.”
– Brent Johnston, Chief Executive Officer, Xplore Inc.
“Since our establishment in 2007, we have been committed to providing dependable Internet service and strengthening connections in the communities we serve. With support from the Government of Canada’s Universal Broadband Fund, we’re excited to expand our network and introduce new 6 GHz fixed wireless technology capable of delivering speeds of up to 1 Gbps. This project will help more residents of rural and remote communities access the reliable high-speed connectivity they need for work, education, health care, business and everyday life.”
– Allen Stafford, President, Stafford Communications Inc.
“Beaver River Broadband has secured federal Universal Broadband Fund support to deliver fibre-to-the-home infrastructure directly to Peepeekisis Cree Nation. This critical investment guarantees gigabit-capable Internet access that will transform local opportunities in digital education, remote health care and community-led economic development. Crucially, the project underscores the importance of partnering with smaller, regional Internet providers that bring deep community roots, agile deployment and a dedicated focus on serving areas that larger national carriers often overlook. As an Indigenous-led regional provider working closely with First Nations, Beaver River Broadband understands the unique needs of the area and delivers tailored, reliable customer support on the ground. Empowering local providers through initiatives like the Universal Broadband Fund ensures that underserved First Nations are not just connected but also supported by partners invested in their long-term digital sovereignty.”
– John DeGraauw, CEO, Beaver River Broadband
“MCSnet’s fibre-to-the-tower expansion in Saskatchewan will deliver fast, highly reliable Internet access to underserved homes in rural Saskatchewan, courtesy of a dedicated, community-invested provider. As a family-owned company based in the Prairies, we have been serving rural communities with our innovative technology and exceptional customer service for over 30 years.”
– Jerome VanBrabant, Chief Projects Officer, MCSnet
Quick facts
Canada’s Connectivity Strategy aims to provide all Canadians with access to Internet speeds of at least 50 megabits per second (Mbps) download / 10 Mbps upload.The Universal Broadband Fund is a $3.225 billion investment by the Government of Canada designed to help provide high-speed Internet access to 98% of Canadian households by the end of 2026 and achieve the national target of 100% access by 2030.Today, 97.4% of Canadian households have access to high-speed Internet, compared to just 79% in 2014.In Saskatchewan, 89.2% of households currently have access to high-speed internet.Since 2015, the Government of Canada has invested $242 million in connectivity projects in Saskatchewan.The Canada Infrastructure Bank has committed more than $2 billion toward digital (broadband) infrastructure, closing last-mile connectivity gaps across Canada.Indigenous women, girls, Two-Spirit individuals and gender diverse people are more likely to go missing or be murdered than non-Indigenous women. Better connectivity means more tools in moments of danger, enabling victims of violence to access critical online resources and get help when they need it most.Building on the Building a Green Prairie Economy Act, the Government of Canada launched the Prairie Partnership Initiative to build a dynamic, sustainable and inclusive economy in the Prairie provinces.
Associated links
Rural economic developmentHigh-Speed Internet Access DashboardUniversal Broadband FundBackgrounder: Universal Broadband Fund and Telesat low Earth orbit capacity agreementCanada Infrastructure Bank: Digital Infrastructure and AIHigh-Speed Access for All: Canada’s Connectivity StrategyNational Broadband MapFederal Pathway to Address Missing and Murdered Indigenous Women, Girls and 2SLGBTQQIA+ PeoplePrairie Partnership Initiative
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SOURCE Innovation, Science and Economic Development Canada
Technology
Fragmented Web Strategies Leave Organizations Exposed as Digital Expectations Rise, Warns Info-Tech Research Group
Published
60 minutes agoon
July 24, 2026By
Organizations are increasingly focused on modernizing their digital presence to meet rising user expectations, yet many still rely on decentralized content models, inconsistent governance, and legacy platforms. New findings from Info-Tech Research Group show that without a structured web experience management (WEM) strategy, web initiatives often fail to align with business goals and user needs. The firm’s blueprint Develop Your Web Experience Management Strategy provides a five-phase framework and tools to help IT leaders strengthen governance and align web priorities with organizational objectives.
ARLINGTON, Va., July 24, 2026 /CNW/ — Organizations continue to invest in digital platforms and web modernization efforts, but progress is often limited by unclear priorities, inconsistent ownership, and a lack of shared performance measures. New insights from Info-Tech Research Group indicate that without a clear understanding of web experience maturity and readiness, digital investments fail to translate into consistent and measurable outcomes. The global research and advisory firm’s recently published blueprint, Develop Your Web Experience Management Strategy, provides a structured five-phase methodology to assess current-state capabilities, define priority audiences and journeys, and build a practical roadmap for evolving the web ecosystem in alignment with organizational objectives.
“Web experience management has moved beyond basic websites to become a core driver of growth and engagement,” says Hriday Gulrajani, senior research analyst at Info-Tech Research Group. “CIOs and IT leaders need to align marketing, data, and technology teams under clear governance and a structured roadmap to deliver consistent, scalable digital experiences.”
Info-Tech’s blueprint shows that many organizations treat web modernization as a technology upgrade rather than a coordinated experience strategy. As a result, content operations remain decentralized, integration between core systems such as CMS, CRM, and analytics platforms is inconsistent, and governance responsibilities are not clearly defined. While capabilities such as personalization, automation, and advanced analytics offer opportunities to improve engagement and operational efficiency, organizations often lack a structured framework for prioritizing initiatives and measuring progress across the web ecosystem.
Key Challenges IT Leaders Face in Web Experience Management
Despite ongoing investment in digital platforms and experience initiatives, many organizations encounter structural and operational barriers that limit progress. Info-Tech’s research highlights several persistent challenges:
Content decisions are often made in silos, resulting in inconsistent messaging, fragmented governance, and unclear ownership across teams.Limited integration between CMS, CRM, analytics, and other core systems restricts visibility into user behavior and makes it difficult to measure and improve web experience performance.Legacy platforms and constrained architectures limit personalization, automation, accessibility, and multichannel delivery capabilities.Misalignment between marketing, IT, and data teams slows decision-making and weakens the organization’s ability to evolve its web ecosystem strategically.
Info-Tech’s Practical Framework for Web Experience Management
To address these challenges, Info-Tech recommends a structured five-phase approach that connects organizational strategy, customer experience priorities, and web execution. The Develop Your Web Experience Management Strategy blueprint outlines the following priorities for CIOs and IT leaders:
Phase 1: Define Vision & Success Criteria – Align WEM objectives to organizational strategy, define strategic outcomes, and establish experience KPIs to measure performance across digital touchpoints.
Phase 2: Assess Current State & Readiness – Use a web experience maturity model to evaluate capabilities across people, process, technology, and performance, and identify integration gaps and readiness risks.
Phase 3: Understand Audiences & Experience Priorities – Define priority personas, map end-to-end journeys, and translate organizational goals into structured web experience use cases prioritized by value and feasibility.
Phase 4: Architect & Govern the Ecosystem – Establish architecture principles, design the target-state WEM ecosystem, and define governance structures and operating models that clarify roles, ownership, and decision rights.
Phase 5: Launch, Communicate, & Measure – Develop a phased roadmap aligned to key value drivers, implement performance measurement frameworks, and enable continuous optimization across the web ecosystem.
Info-Tech’s Develop Your Web Experience Management Strategy blueprint is supported by a Web Experience Management Business Case Template and a Web Experience Initiatives Prioritization and Roadmap Planning Tool. These resources are designed to help CIOs and IT leaders build a clear case for modernization, prioritize initiatives based on value and feasibility, and develop phased roadmaps aligned to organizational objectives. By applying this framework and its supporting tools, organizations can strengthen governance, improve cross-functional alignment, and evolve their web ecosystem in a measurable and scalable way.
For exclusive and timely commentary from Info-Tech’s experts, including Hriday Gulrajani, and access to the complete Develop Your Web Experience Management Strategy blueprint, please contact pr@infotech.com.
About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading and fastest-growing research and advisory firms, serving over 30,000 IT, HR, and marketing professionals around the globe. As a trusted product and service leader, the company delivers unbiased, highly relevant research and industry-leading advisory support to help leaders make strategic, timely, and well-informed decisions. For nearly 30 years, Info-Tech has partnered closely with teams to provide everything they need, from actionable tools to expert guidance, ensuring they deliver measurable results for their organizations.
To learn more about Info-Tech’s HR research and advisory services, visit McLean & Company, and for data-driven software buying insights and vendor evaluations, visit the firm’s SoftwareReviews platform.
Media professionals can register for unrestricted access to research across IT, HR, and software, as well as hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact pr@infotech.com.
For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fragmented-web-strategies-leave-organizations-exposed-as-digital-expectations-rise-warns-info-tech-research-group-302834308.html
SOURCE Info-Tech Research Group
Technology
In HelloNation, Custom Fabrication Expert Mark Coyle Explains What to Know Before Choosing an Aluminum Fabrication Partner
Published
60 minutes agoon
July 24, 2026By
The article explains how an integrated fabrication process supports better quality, efficiency, and long-term project success.
ROCHESTER, N.Y., July 24, 2026 /PRNewswire/ — What should someone look for before selecting an aluminum fabrication partner who can guide a project from the first design sketch through final delivery? That question is answered in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that explains how the full aluminum production workflow shapes accuracy, consistency, and long-term reliability. The article shows why a clear understanding of each stage in the process helps people make informed decisions before committing to a fabrication partner.
The article begins by explaining that aluminum fabrication involves far more than cutting or welding. It describes how every project moves through a connected chain of design support, extrusion, machining, finishing, and logistics. Each step affects the next, and the article notes that the best results come from choosing an aluminum fabrication partner who keeps these stages aligned. By showing how coordination prevents errors, the article gives readers a practical way to evaluate a potential shop.
Early design support is a major focus of the article. It states that many projects benefit when design engineering is handled in-house because small adjustments to a profile can influence strength, weight, and final performance. The HelloNation article explains that an aluminum fabrication partner with internal design capabilities can review shapes before tooling begins, reducing the risk of delays caused by unrealistic or difficult-to-extrude features. This design stage sets the direction for everything that follows, making it one of the most valuable parts of the process.
The article also examines extrusion, which it calls one of the most specialized stages in aluminum manufacturing. It notes that some shops do not extrude their own material, which forces them to rely on outside mills. That structure can lead to longer schedules and more points of communication. By contrast, an aluminum fabrication partner with direct access to extrusion equipment can control die design, schedule production runs, and manage metal flow more precisely. The article explains that this control reduces variation between batches, which supports stable timelines and more predictable quality.
Machining receives detailed attention as well. The article states that accuracy depends on how well each machine is calibrated for the specific alloy and geometry involved. It describes how a fabricator who machines their own extrusions becomes familiar with how those profiles respond to different tool paths and cutting forces. This familiarity supports tighter tolerances and more dependable results. The article explains that when machining is outsourced, the receiving shop may not know the conditions under which the material was extruded or aged, which can cause small adjustments that affect uniformity across long runs.
Finishing is another important stage explored in the article. It explains how anodizing, powder coating, polishing, or protective layers interact with thickness and alloy. The article notes that when finishing is spread across multiple vendors, the project moves more often, which increases the chance for delays or inconsistency. An aluminum fabrication partner with integrated finishing services can keep color and coating texture more uniform while maintaining a tighter schedule.
Logistics also plays a key role in the article’s guidance. It highlights that aluminum profiles, especially long or delicate ones, require thoughtful packaging, palletizing, and freight planning. A shop with its own logistics team can reduce damage risks and speed up the time between manufacturing and delivery. The article explains that when logistics is outsourced, communication slows down and the chances of errors increase, making it harder to keep a project on schedule.
Tolerance control is another subject the article describes. It explains that aluminum reacts to heat, pressure, and machining forces in predictable ways only when the team understands how the material was formed at every stage. The article notes that when extrusion, aging, machining, and inspection all occur within one operation, teams can maintain a closed loop of information. This reduces the risk of dimensional issues and strengthens consistency from batch to batch.
As the article moves toward its conclusion, it emphasizes that choosing the right aluminum fabrication partner comes down to understanding how many stages the shop directly manages. When a partner controls design, extrusion, machining, finishing, and logistics, communication becomes clearer, and the workflow becomes more predictable. The article explains that this unified structure allows teams to adjust quickly because they understand every step of the operation.
The article ends by stating that dependable performance in aluminum work depends on how well each stage connects to the next. A strong aluminum fabrication partner is defined not by one capability but by how the entire process fits together. This guidance gives readers a practical way to evaluate potential partners and make decisions that support long-term project success.
What to Know Before Choosing an Aluminum Fabrication Partner features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.
About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.
View original content to download multimedia:https://www.prnewswire.com/news-releases/in-hellonation-custom-fabrication-expert-mark-coyle-explains-what-to-know-before-choosing-an-aluminum-fabrication-partner-302834344.html
SOURCE HelloNation
Secretary of State Belanger announces expansion of high-speed Internet access in Saskatchewan
Fragmented Web Strategies Leave Organizations Exposed as Digital Expectations Rise, Warns Info-Tech Research Group
In HelloNation, Custom Fabrication Expert Mark Coyle Explains What to Know Before Choosing an Aluminum Fabrication Partner
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