Motorsport Video games Studies Fourth Quarter of 2022 & Full 12 months

MIAMI, March 24, 2023 (GLOBE NEWSWIRE) — Motorsport Video games Inc. (NASDAQ: MSGM) (“Motorsport Video games” or the “Firm”) at present reported monetary outcomes for its fourth quarter and financial yr ended December 31, 2022. The Firm has additionally posted a 2022 12 months Finish Assessment video and This fall ‘22 and financial year-end earnings slides highlighting key milestones that occurred within the interval, that are accessible on the Firm’s investor relations web site.

Dmitry Kozko, Chief Govt Officer of Motorsport Video games, commented, “Within the face of quite a few challenges, together with the continuing battle in Ukraine and operational hurdles, I’m impressed by the unbelievable resilience and willpower of our group at Motorsport Video games. As we proceed to attempt in direction of making the joys of motorsports accessible to everybody, we’ve got made progress in our 2022 product launch schedule and stay dedicated to the event of our future INDYCAR, NASCAR, Le Mans and BTCC gaming experiences. Our dedication extends to having new high-quality requirements for future releases, which would require extra time and sources to finish. Nonetheless, after we in the end launch these video games, we imagine that they are going to be definitely worth the wait.”

Kozko added, “Our latest capital increase transactions, in addition to our debt change with our majority shareholder, present a much-needed enchancment on the steadiness sheet. Moreover, we accomplished our 1-for-10 reverse inventory break up in November and introduced three new impartial administrators to our board serving to us to regain full compliance with the NASDAQ itemizing necessities in January 2023. I’m particularly excited to welcome Jason Potter as our new CFO.”

Fourth Quarter 2022 Enterprise Replace

●	rFactor 2 Quarterly Content material Replace Launched: In November 2022, the Firm launched updates to rFactor 2 that introduced new vehicles and tracks to the rFactor platform marking the primary time the Thruxton, Croft and Bahrain circuits have been laser-scanned right into a business SIM racing product. 4 new tracks and two new vehicles, together with another BTCC automobile, have been made obtainable within the Steam Retailer.
●	Launched NASCAR Rivals on Nintendo Change: NASCAR Rivals, the official online game for the 2022 NASCAR Cup Sequence Season, launched on October 14, 2022. NASCAR Rivals brings the joy of the NASCAR Cup Sequence common season and playoffs to followers on the go together with the Nintendo Change’s straightforward, built-in mobility. The sport’s number of race modes present gamers the power to race and compete in numerous methods, emphasizing rivalry throughout the game itself and amongst groups within the NASCAR Cup Sequence, drivers and the gamers, each domestically and by way of multiplayer.
●	Launched 2022 Season Enlargement Replace for NASCAR 21: Ignition: On October 6, 2022, the Firm formally launched the 2022 Season Enlargement Replace for NASCAR 21: Ignition 2022 to mirror the 2022 NASCAR Cup Sequence season. Updates to the title, obtainable without cost, will probably be seen throughout Race Now, On-line Multiplayer and the Paint Sales space and can be found for obtain for Sony PlayStation 4 and 5, Xbox One, Sequence S and X and PC by means of the Steam retailer.
●	Delivered the primary 4 of 5 Rounds of the 2022-23 Le Mans Digital Sequence: The 2022-23 Le Mans Digital Sequence, a three way partnership between Motorsport Video games Inc. and the Vehicle Membership de l’Ouest (ACO), returned for extra of the elite, endurance esports competitors which has attracted world motor racing champions, captured international consideration, and acquired plaudits from groups, drivers and followers alike. The lead as much as the 24 Hours of Le Mans Digital, the primary 4 rounds have been: 8 hours of Bahrain (Sep 17, 2022), 4 Hours of Monza (Oct 8, 2022), 6 Hours of SPA (Nov 5, 2022) and 500 Miles of Sebring (Dec 3, 2022).

Monetary Outcomes for the Three Months Ended December 31, 2022

Income for the fourth quarter of 2022 was $3.8 million in comparison with $8.2 million for a similar interval within the prior yr, a discount of $4.4 million, or 54%. Gross revenue was $2.3 million in comparison with $3.3 million for a similar interval within the prior yr, a lower of $1 million, whereas gross revenue margin improved to 60.6% from 40.5%.

Web loss for the fourth quarter of 2022 was $4.8 million, or $4.17 per share, in comparison with a web lack of $7 million, or $6.16 per share, for a similar interval within the prior yr, an enchancment of $2.2 million, or $1.99 per share. Decrease gross sales and advertising, improvement and price of income bills within the fourth quarter of 2022 contributed to the discount in web loss, partially offset by a discount in income, when in comparison with the identical interval within the prior yr.

Adjusted EBITDA loss⁽¹⁾ for the fourth quarter of 2022 was $3.5 million, in comparison with an Adjusted EBITDA loss⁽¹⁾ of $5.4 million for a similar interval within the prior yr. The change in Adjusted EBITDA loss⁽¹⁾ of $1.9 million was primarily due the identical elements driving the beforehand mentioned change in web loss for the fourth quarter of 2022 when in comparison with the identical interval within the prior yr.

The next desk offers a reconciliation from web loss to Adjusted EBITDA loss⁽¹⁾ for the fourth quarter of 2022 and 2021, respectively:

		Three Months Ended December 31, 2022				Three Months Ended December 31, 2021
Web Loss		$	(4,849,023	)		$	(6,999,749	)
Curiosity expense			509,993				192,408
Depreciation and Amortization			486,549				567,840
EBITDA			(3,852,481	)			(6,239,501	)
Acquisition-related bills			161,010				248,584
Impairment of goodwill and intangible property			188,378				317,113
Loss contingency bills			100,000				–
Inventory-based compensation			(105,792	)			241,300
Adjusted EBITDA		$	(3,508,885	)		$	(5,432,504	)

Monetary Outcomes for the Twelve Months Ended December 31, 2022

Income for the complete yr 2022 was $10.3 million in comparison with $15.1 million for a similar interval within the prior yr, a discount of $4.8 million, or 31.5%. Gaming section revenues have been $9.2 million for the complete yr 2022, in comparison with $14.3 million for a similar interval within the prior yr, a discount of $5.1 million, or 35.9%. Esports section revenues have been $1.2 million for the complete yr 2022 in comparison with $0.8 million for a similar interval within the prior yr, an enchancment of $0.4 million, or 46.1%. Consolidated gross revenue was $5.4 million in comparison with $7.5 million for a similar interval within the prior yr, a lower of $2.1 million, whereas gross revenue margin improved to 52.0% from 50.1%.

Web loss for the complete yr 2022 was $36.8 million, or $30.73 per share, in comparison with a web lack of $33.7 million, or $29.15 per share, for a similar interval within the prior yr, a rise of $3.1 million, or $1.58 per share. Decrease revenues, impairment losses regarding goodwill and intangible property and litigation bills have been key contributors to the rise in web loss when in comparison with the identical interval within the prior yr, though they have been partially offset by reductions in stock-based compensation expense, basic and administration bills and price of revenues.

Adjusted EBITDA loss⁽¹⁾ was $21.2 million for full yr 2022, in comparison with Adjusted EBITDA loss⁽¹⁾ of $17.4 million for a similar interval within the prior yr, a rise of $3.7 million, or 21.4%. The rise in Adjusted EBITDA loss⁽¹⁾ was primarily pushed by the identical elements impacting the change in web loss beforehand mentioned.  

The next desk offers a reconciliation from web loss to Adjusted EBITDA⁽¹⁾ for full yr 2022 and full yr 2021:

		12 months Ended December 31, 2022				12 months Ended December 31, 2021
Web Loss		$	(36,840,454	)		$	(33,704,745	)
Curiosity expense			1,148,204				504,156
Depreciation and Amortization			2,062,552				1,785,074
EBITDA			(33,629,698	)			(31,415,515	)
IPO-related bills			–				2,947,192
Acquisition-related bills			718,610				2,372,248
Achieve attributable to fairness technique funding			–				(1,370,837	)
Impairment of goodwill and intangible property			9,616,748				317,113
Loss contingency bills			1,425,000				–
Inventory-based compensation			714,523				9,726,738
Adjusted EBITDA		$	(21,154,817	)		$	(17,423,061	)

Money Circulate and Liquidity

For full yr 2022, the Firm had damaging money flows from operations of roughly $19.5 million, representing a mean month-to-month web money burn from operations of roughly $1.63 million. The Firm expects to proceed to incur vital working bills because it develops its product portfolio and, consequently, expects to have damaging money flows from operations for the foreseeable future till its product base is suitably established to create ample revenues and money inflows to help the Firm’s operations.

As of March 22, 2023, the Firm had money and money equivalents of roughly $6.5 million. Primarily based on this money and money equivalents place, and the Firm’s common money burn, we don’t imagine we’ve got ample money available to fund our operations for the rest of 2023 and that further funding will probably be required so as to proceed operations. We might want to complement our obtainable liquidity with further debt and/or fairness financing, in addition to ongoing price management initiatives.

The Firm’s future liquidity and capital necessities embody funds to help the deliberate prices to function its enterprise, together with quantities required to fund working capital, help the event and introduction of latest merchandise, keep present recreation titles and sure capital expenditures. The adequacy of the Firm’s obtainable funds usually depends upon many elements, together with its means to efficiently develop consumer-preferred new merchandise or enhancements to its present merchandise, continued improvement and growth of the Firm’s esports platform and its means to collaborate with and/or purchase different corporations or applied sciences to reinforce or complement the Firm’s product and repair choices.

The Firm is at present searching for further funds by means of a wide range of preparations and thru sustaining and enhancing sturdy price controls. There might be no assurances that the sources of liquidity referred to above will present the Firm with ample liquidity to satisfy its ongoing money necessities as, amongst different issues, the Firm’s liquidity might be impacted by plenty of elements, together with the Firm’s degree of gross sales and expenditures, in addition to accounts receivable, gross sales allowances, pay as you go manufacturing bills and accrued bills.

2022 Restructuring Program Replace

As of December 31, 2022, the Firm had incurred restructuring prices of roughly $0.1 million in reference to its beforehand introduced 2022 Restructuring Program, which primarily encompass severance funds, and expects whole restructuring prices to fall inside the beforehand estimated vary of $0.1 million to $0.3 million. By implementing the 2022 Restructuring Program, the Firm expects to remove roughly 20% of its overhead prices worldwide and ship roughly $4 million of whole annualized price reductions by the tip of 2023. Because of the restructuring efforts, the Firm has achieved annualized financial savings of roughly $2.5 million as of December 31, 2022 and is constant its efforts to attain additional price reductions. 

⁽¹⁾Use of Non-GAAP Monetary Measures

Adjusted EBITDA (the “Non-GAAP Measure”) isn’t a monetary measure outlined by U.S. usually accepted accounting ideas (“U.S. GAAP”). See the reconciliations of the Non-GAAP Measure to its most straight comparable U.S. GAAP measure within the monetary tables above.

Adjusted EBITDA, a measure utilized by administration to evaluate the Firm’s working efficiency, is outlined as EBITDA, which is web (loss) plus curiosity (revenue) expense, depreciation and amortization, much less revenue tax profit (if any), adjusted to exclude: (i) IPO-related bills; (ii) acquisition associated bills; (iii) achieve attributable to fairness technique funding ensuing from the acquisition of further fairness curiosity in Le Mans Esports Sequence Ltd.; (iv) stock-based compensation bills; (v) impairment of goodwill and intangible property; (vi) loss contingency bills regarding authorized proceedings; and (vii) different fees or positive factors ensuing from non-recurring occasions, if any.

The Firm makes use of the Non-GAAP Measure to handle its enterprise and consider its monetary efficiency, as Adjusted EBITDA eliminates gadgets that have an effect on comparability between intervals that the Firm believes should not consultant of its core ongoing working enterprise. Moreover, administration believes that utilizing the Non-GAAP Measure is beneficial to its buyers as a result of it enhances buyers’ understanding and evaluation of the Firm’s normalized working efficiency and facilitates comparisons to prior intervals and its rivals’ outcomes (who might outline Adjusted EBITDA otherwise).

The Non-GAAP Measure isn’t a acknowledged time period beneath U.S. GAAP and doesn’t purport to be a substitute for income, revenue/loss from operations, web (loss) revenue, or money flows from operations or as a measure of liquidity or another efficiency measure derived in accordance with U.S. GAAP. Moreover, the Non-GAAP Measure isn’t supposed to be a measure of free money flows obtainable for administration’s discretionary use, because it doesn’t contemplate sure money necessities, corresponding to curiosity funds, tax funds, working capital necessities and debt service necessities. The Non-GAAP Measure has limitations as an analytical instrument, and buyers mustn’t contemplate it in isolation or as an alternative choice to the Firm’s outcomes as reported beneath U.S. GAAP. Administration compensates for the restrictions of utilizing the Non-GAAP Measure through the use of it to complement U.S. GAAP outcomes to offer a extra full understanding of the elements and traits affecting the enterprise than can be introduced through the use of solely measures in accordance with U.S. GAAP. As a result of not all corporations use equivalent calculations, the Non-GAAP Measure might not be corresponding to different equally titled measures of different corporations. Reconciliations of the Non-GAAP Measure to web loss, its most straight comparable monetary measure, calculated and introduced in accordance with U.S. GAAP, are introduced within the tables above.

Convention Name and Webcast Particulars

The Firm will host a convention name and webcast at 5:00 p.m. ET at present, March 24, 2023, to debate its monetary outcomes. The dwell convention name might be accessed by dialing 1-877-407-0784 from the U.S. or 1-201-689-8560. Alternatively, contributors might entry the dwell webcast on the Motorsport Video games Investor Relations web site at https://ir.motorsportgames.com beneath “Occasions.”

About Motorsport Video games

Motorsport Video games, a Motorsport Community firm, is a number one racing recreation developer, writer and esports ecosystem supplier of official motorsport racing collection all through the world. Combining modern and fascinating video video games with thrilling esports competitions and content material for racing followers and players, Motorsport Video games strives to make the enjoyment of racing accessible to everybody. The Firm is the formally licensed online game developer and writer for iconic motorsport racing collection throughout PC, PlayStation, Xbox, Nintendo Change and cell, together with NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Automotive Championship (“BTCC”), in addition to the business main rFactor 2 and KartKraft simulations. rFactor 2 additionally serves because the official sim racing platform of Method E, whereas additionally powering F1 Arcade by means of a partnership with Kindred Ideas. Motorsport Video games is an award-winning esports accomplice of selection for twenty-four Hours of Le Mans, Method E, BTCC, the FIA World Rallycross Championship and the eNASCAR Warmth Professional League, amongst others. Motorsport Video games is constructing a digital racing ecosystem the place every product drives pleasure, each esports occasion is an journey and each story conjures up.

 Ahead-Trying Statements

Sure statements on this press launch, the associated convention name and webcast which aren’t historic info are forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, and are offered pursuant to the protected harbor provisions of the Personal Securities Litigation Reform Act of 1995. Any statements on this press launch, the associated convention name and webcast that aren’t statements or data of historic reality could also be deemed forward-looking statements. Phrases corresponding to “proceed,” “will,” “might,” “might,” “ought to,” “anticipate,” “anticipated,” “plans,” “intend,” “anticipate,” “imagine,” “estimate,” “predict,” “potential,” and related expressions are supposed to determine such forward-looking statements. These forward-looking statements embody, however should not restricted to, statements regarding: (i) the Firm’s future enterprise, future outcomes of operations and/or monetary situation; (ii) new or deliberate merchandise, options, occasions or different choices and the anticipated timing of launching such merchandise, options, occasions and choices, together with the Firm’s dedication to the event of its future INDYCAR, NASCAR, Le Mans and BTCC gaming experiences; (iii) the anticipated future affect of implementing administration methods and the affect of different business traits; (iv) the Firm’s expectation that it’ll proceed to incur vital working bills because it develops its product portfolio; (v) the Firm’s expectation that it’ll have damaging money flows from operations for the foreseeable future till its product base is suitably established to create ample revenues and money inflows to help the Firm’s operations; (vi) the Firm’s liquidity and capital necessities, together with, with out limitation, the Firm’s means to proceed as a going concern, the Firm’s perception it won’t have ample money available to fund its operations for the rest of 2023 based mostly on the money and money equivalents obtainable as of March 22, 2023 and the Firm’s common money burn, the Firm’s perception that further funding will probably be required so as to proceed operations, and the Firm’s expectation to complement liquidity with further debt and/or fairness financing and money generated by price management initiatives, in addition to statements relating to the Firm’s money flows and anticipated makes use of of money; and (vii) the Firm’s intentions and expectations relating to the 2022 Restructuring Program, together with expectations that this system will remove roughly 20% of the Firm’s overhead prices worldwide and ship roughly $4 million of whole annualized price reductions by the tip of 2023. All forward-looking statements contain vital dangers and uncertainties that would trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements, lots of that are usually exterior of the Firm’s management and are tough to foretell. Examples of such dangers and uncertainties embody, however should not restricted to: (i) difficulties, delays or lower than anticipated ends in reaching the Firm’s progress plans, aims and expectations, corresponding to attributable to a slower than anticipated financial restoration and/or the Firm’s lack of ability, in entire or partly, to proceed to execute its enterprise methods and plans, corresponding to attributable to lower than anticipated buyer acceptance of its new recreation titles, the Firm experiencing difficulties or the shortcoming to launch its video games as deliberate, lower than anticipated efficiency of the video games impacting buyer acceptance and gross sales and/or larger than anticipated prices and bills to develop and launch its video games, together with, with out limitation, increased than anticipated labor prices and, along with the elements set forth in (ii) by means of (vi) under, the Firm’s persevering with monetary situation and talent to acquire further debt and/or fairness financing to satisfy its liquidity necessities, such because the going concern qualification on the Firm’s annual audited monetary statements posing difficulties in acquiring new financing on phrases acceptable to the Firm, or in any respect; (ii) difficulties, delays in or unanticipated occasions that will affect the timing and scope of latest or deliberate merchandise, options, occasions or different choices, corresponding to attributable to difficulties and/or delays arising out of any resurgence of the continuing and extended COVID-19 pandemic; (iii) lower than anticipated advantages from implementing the Firm’s administration methods and/or antagonistic financial, market and geopolitical situations that negatively affect business traits, corresponding to vital modifications within the labor markets, an prolonged or increased than anticipated inflationary surroundings (such because the affect on shopper discretionary spending because of vital will increase in vitality and gasoline costs which have been rising since early in 2020), a better rate of interest surroundings, tax will increase impacting shopper discretionary spending and/or quantitative easing that ends in increased rates of interest that negatively affect customers’ discretionary spending, or antagonistic developments regarding the continuing battle between Russia and Ukraine; (iv) larger than anticipated damaging working money flows corresponding to attributable to increased than anticipated improvement prices, increased rates of interest and/or increased inflation, or failure to attain the anticipated financial savings beneath the Firm’s 2022 Restructuring Program; (v) difficulties and/or delays in resolving the Firm’s liquidity and capital necessities, together with, with out limitation, difficulties in securing funding that’s on commercially acceptable phrases to the Firm or in any respect, such because the Firm’s lack of ability to finish in entire or partly any potential debt and/or fairness financing transactions or related transactions, in addition to any lack of ability to attain price reductions, together with, with out limitation, these which the Firm expects to attain by means of the 2022 Restructuring Program; and/or (vi) difficulties, delays or the Firm’s lack of ability to efficiently full the 2022 Restructuring Program, in entire or partly, which might lead to lower than anticipated working and monetary advantages from such actions, in addition to delays in finishing the 2022 Restructuring Program, which might scale back the advantages realized from such actions; increased than anticipated restructuring fees and/or funds and/or modifications within the anticipated timing of such fees and/or funds; and/or lower than anticipated annualized price reductions from the 2022 Restructuring Program and/or modifications within the timing of realizing such price reductions, corresponding to attributable to lower than anticipated liquidity to fund such actions and/or greater than anticipated prices to attain the anticipated price reductions. Components aside from these referred to above might additionally trigger the Firm’s outcomes to vary materially from anticipated outcomes. Further examples of such dangers and uncertainties embody, however should not restricted to: (i) delays and better than anticipated bills associated to the continuing and extended COVID-19 pandemic, any resurgence of COVID-19 and the continuing battle between Russia and Ukraine; (ii) the Firm’s means (or lack of ability) to keep up present, and to safe further, licenses and different agreements with varied racing collection; (iii) the Firm’s means to efficiently handle and combine any joint ventures, acquisitions of companies, options or applied sciences; (iv) unanticipated working prices, transaction prices and precise or contingent liabilities; (v) the power to draw and retain certified staff and key personnel; (vi) antagonistic results of elevated competitors; (vii) modifications in shopper habits, together with because of basic financial elements, corresponding to elevated inflation, increased vitality costs and better rates of interest; (viii) the Firm’s lack of ability to guard its mental property; and/or (ix) native, business and basic enterprise and financial situations. Further elements that would trigger precise outcomes to vary materially from these expressed or implied within the forward-looking statements might be discovered within the Firm’s filings with the SEC, together with its Annual Report on Kind 10-Okay for the fiscal yr ended December 31, 2022, in addition to in its subsequent filings with the SEC. The Firm anticipates that subsequent occasions and developments might trigger its plans, intentions and expectations to alter. The Firm assumes no obligation, and it particularly disclaims any intention or obligation, to replace any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as expressly required by regulation. Ahead-looking statements converse solely as of the date they’re made and shouldn’t be relied upon as representing the Firm’s plans and expectations as of any subsequent date.

Web site and Social Media Disclosure

Buyers and others ought to be aware that we announce materials monetary data to our buyers utilizing our investor relations web site (ir.motorsportgames.com), SEC filings, press releases, public convention calls and webcasts. We use these channels, in addition to social media and blogs, to speak with our buyers and the general public about our firm and our merchandise. It’s potential that the data we submit on our web sites, social media and blogs might be deemed to be materials data. Subsequently, we encourage buyers, the media and others occupied with our firm to overview the data we submit on the web sites, social media channels and blogs, together with the next (which listing we’ll replace every now and then on our investor relations web site):

The contents of those web sites and social media channels should not a part of, nor will they be included by reference into, this press launch.

Contacts:

Buyers:
[email protected]

Media:
[email protected]

Appendix:

The next desk present a comparative abstract of the Firm’s monetary outcomes for the intervals introduced:

MOTORSPORT GAMES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended December 31,								For 12 months Ended December 31,
		2022				2021				2022				2021
Revenues	$	3,770,641			$	8,224,005			$	10,324,559			$	15,075,530
Value of revenues [1]		1,487,498				4,891,905				4,960,317				7,529,155
Gross revenue		2,283,143				3,332,100				5,364,242				7,546,375
Working bills:
Gross sales and advertising [2]		1,502,996				3,398,654				6,172,324				6,475,867
Improvement [3]		2,700,214				3,537,939				10,417,260				9,621,712
Normal and administrative [4]		2,983,079				2,765,987				13,764,177				25,378,149
Impairment of goodwill		0				–				4,788,270				–
Impairment of intangible property		188,378				317,113				4,828,478				317,113
Depreciation and amortization		93,638				101,095				420,137				280,192
Complete working bills		7,468,305				10,120,788				40,390,646				42,073,033
Loss from operations		(5,185,162	)			(6,788,688	)			(35,026,404	)			(34,526,658	)
Curiosity expense [5]		(509,993	)			(192,408	)			(1,148,204	)			(504,156	)
Achieve attributable to fairness technique funding		–				–				–				1,370,837
Different (loss) revenue, web		846,132				(18,653	)			(665,846	)			(44,768	)
Web loss		(4,849,023	)			(6,999,749	)			(36,840,454	)			(33,704,745	)
Much less: Web loss attributable to non-controlling curiosity		83,585				10,659				(849,649	)			(542,754	)
Web loss attributable to Motorsport Video games Inc.	$	(4,932,608	)		$	(7,010,408	)		$	(35,990,805	)		$	(33,161,991	)
Web loss attributable to Class A standard inventory per share:
Fundamental and diluted	$	(4.17	)		$	(6.16	)		$	(30.73	)		$	(29.15	)
Weighted-average shares of Class A standard inventory excellent:
Fundamental and diluted		1,183,760				1,137,675				1,171,323				1,137,675

NOTE: All share knowledge and share-based calculations set forth on this desk have been adjusted to mirror the corporate’s 1-for-10 reverse inventory break up accomplished on November 10, 2022 on a retroactive foundation for the intervals introduced.

A photograph accompanying this announcement is out there at https://www.globenewswire.com/NewsRoom/AttachmentNg/24bf395d-52a8-4e4b-9e90-6be32172f1e0