Artificial Intelligence
LECTRA: 2019 earnings in line with revised estimates
Revenues: 280 million euros (-3%)*Income from operations: 40.9 million euros (-6%)*Net income: 29.3 million euros (+2%)Free cash flow: 36.2 million eurosNet cash: 120.6 million eurosDividend** maintained at €0.40 per share* Like-for-like** Proposed to the Annual Shareholders’ Meeting on April 30, 2020(1) Like-for-like: 2019 figures restated at 2018 exchange rates(2) At December 31(3) The definition for performance indicators appears in the Management Discussion of December 31, 2019Paris, February 11, 2020. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the fiscal year 2019. Audit procedures have been performed by the Statutory Auditors. The certification report will be issued at the end of the Board of Director’s meeting of February 25, 2020.(Comparisons between 2019 and 2018 are like-for-like, unless stated otherwise. As the impact of the acquisition of Retviews on the financial statements for the full year is not material, like-for-like changes exclude only the variations in exchange rates).Q4 2019In a continuing degraded environment that is unlikely to contribute to an upturn in investment decisions by Lectra customers, orders for new systems (30 million euros), decreased by 9% from Q4 2018 (-8% at actual exchange rates). Orders for new systems had amounted to 27.4 million euros in Q1 of this year, 26.5 million euros in Q2, and 28 million euros in Q3.Revenues (74.2 million euros) decreased by 2% (-1% at actual exchange rates).Income from operations (11.2 million euros) was down 10% (-7% at actual exchange rates) and the operating margin (15%) decreased by 1.3 percentage points.Net income (8 million euros) was down 0.6 million euros (-7%) at actual exchange rates.Free cash flow amounted to 18.1 million euros (12.8 million euros in Q4 2018).2019Acquisition of the company RetviewsOn July 15, 2019, Lectra entered into an agreement to acquire the Belgian company Retviews.Founded in 2017, Retviews has developed an innovative technological offer that enables fashion brands to analyze real-time market data and make the best decisions to optimize their collections, increase their sales and margins, thanks to artificial intelligence algorithms.Positive impact of currency changesWith an average exchange rate of $1.12/€1, the US dollar was up 6% compared to the same period in 2018, while the yuan strengthened by 1% against the euro.Currency changes thus mechanically increased revenues by 5 million euros (+2%) and income from operations by 3 million euros (+8%) at actual exchange rates compared to like-for-like figures.Challenging macroeconomic and geopolitical environment In a context of uncertainty and apprehension, the entire year was marked by a very strong “wait-and-see” attitude by many companies, particularly in the fashion and automotive markets. This adverse climate is primarily the consequence of the trade wars between the United States, on the one hand, and Mexico, China and Europe, on the other, as well as the slowdown in the automotive sector, particularly in China.Earnings in line with revised objectivesOrders for new systems (111.9 million euros) were down 10% relative to 2018.Revenues amounted to 280 million euros, down 3% (-1% at actual exchange rates). Revenues from software licenses, equipment and non-recurring services (110.2 million euros) decreased by 12% and recurring revenues (169.8 million euros) increased by 4%.Income from operations totaled 40.9 million euros and the operating margin 14.6%, down 2.4 million euros
(-6%) and 0.4 percentage point, respectively. At actual exchange rates, income from operations rose by 2% and the operating margin by 0.4 percentage point.These results are in line with the Group’s expectations as set out on July 29.Net income totaled 29.3 million euros, up 0.6 million euros (+2%) at actual exchange rates and free cash flow totaled 36.2 million euros (+14.6 million euros).Greater impact of the sale of software on a subscription basisAs expected, both the volume and the percentage of sales of software sold on a subscription basis (SaaS) increased in 2019.This change to the SaaS model will contribute to the long-term development of the Company’s activities and strengthen its recurring revenues. In the short-term, however, it has a negative impact on revenues and income from operations, as revenues from software subscriptions are recorded progressively over several years.If the SaaS sales in 2019 had been made in the form of perpetual licenses with their associated maintenance contracts, revenues and income from operations would have been higher by 2.8 million euros and 2.9 million euros, respectively. Therefore, at actual exchange rates, revenues would have been stable, income from operations would have increased by 9%, and the operating margin would have totaled 15.5%. A business model that once again proves its strengthWith income from operations only slightly lower, and a record 14.6% operating margin despite the decline in new system orders and the impact of the growing percentage of software sold on a subscription basis, the 2019 results demonstrate the strength of Lectra’s business model, which is attributable primarily to recurrent revenues and the gross profit margin it generates.The remarkable free cash flow performance (36.2 million euros) also confirms the business model’s ability to generate significant free cash flow, which generally exceeds net income, due to the structurally negative working capital requirement.A particularly robust balance sheetAt December 31, 2019, consolidated shareholders’ equity amounted to 183 million euros and the cash and cash equivalents, as well as net cash position, totaled 120.6 million euros, after the dividend payment of 12.8 million euros declared in respect of fiscal year 2018 and the disbursement of 8 million euros for the acquisition of Retviews.Assessment of the 2017-2019 strategic roadmapContinuing its focus on the long-term, in February 2017 the Group launched its new Lectra 4.0 strategy with the objective to make Lectra an indispensable player in Industry 4.0.This new strategy was embodied in the roadmap for 2017-2019, the first decisive stage in Lectra’s evolution over the next ten years, which will further reinforce Lectra’s global leadership, ensure sustainable growth, and preserve its profitability.The strategic objectives that Lectra established have been accomplished overall.The detailed assessment of this strategic roadmap appears in the Annual Financial Report of December 31, 2019, released February 11, 2020 to which the reader is referred.Dividend maintained at €0.40 per shareThe Board of Directors will propose to the Combined Shareholders’ Meeting of April 30, 2020 to maintain the dividend at €0.40 per share in respect of FY 2019. This dividend would represent a payout ratio of 44% of consolidated net income and a yield of 1.8% based on the December 31, 2019 closing share price.A new strategic roadmap for 2020-2022A long-term visionThroughout the world, Lectra customers in the fashion, automotive and furniture markets are faced with both changes in their environment and in consumer behavior, as buyers reveal new expectations in terms of experience and personalization, and demand ever greater transparency, authenticity and ethical commitment from all actors in the value chain.In addition, Industry 4.0 calls for a new approach to organizing production plants based on communication across a configuration of increasingly flexible players and production tools, while optimizing the use of available resources.Launched in 2017, the Lectra 4.0 strategy, which aims to position the Group as a key Industry 4.0 player in its market sectors between now and 2030, is built on four pillars:– Premium positioning;– Focus on three strategic market sectors – fashion, automotive, and furniture;– Integration of customers into the heart of the Group’s activities;– The gradual market launch of new 4.0 services that will combine data analysis, Lectra’s expertise and artificial intelligence.Acceleration towards Industry 4.0Lectra will continue to implement its strategy over the next three years. As anticipated back in 2017, the objective of the Group is to capture the full potential of its new offers for Industry 4.0, while delivering sustainable, profitable business growth. To achieve this objective, the Group has set four strategic priorities.First, accelerate organic growth. Lectra will reinforce simultaneously its prospecting actions in order to increase its market shares, and its sales actions aimed at introducing new product lines to existing customers in order to generate higher revenues per customer. The Group will also strive to seize every opportunity in its markets, in particular the transformation of the Chinese ecosystem, the automation of leather cutting in the automotive and furniture sectors and the rise in airbag production.Second, strengthen customer relations. The Group will review its activities with a focus on how its solutions are actually used, in order to anticipate customers’ expectations and personalize their interactions with Lectra. In particular, the Group will progressively deploy Customer Success teams country by country in order to optimize customers’ performance.Third, extend the offers for Industry 4.0. These offers, whether in new product lines or as additions to existing software and equipment, present strong growth potential for Lectra.Fourth, develop new areas for growth. Continuing on from the previous roadmap, the Group plans to intensify its targeted acquisitions and will promote open innovation, particularly by increasing partnerships.Sustainable, profitable growthTo ensure sustainable growth in an uncertain macroeconomic and geopolitical environment, the Group’s ambition is to increase recurring revenues by 20% in three years. Recurring revenues should then account for over 60% of the Group’s total revenues in 2022, with the following objectives:Revenues from software sold in SaaS mode to exceed 13 million euros;4% annual growth in revenues from CAD/CAM and PLM software maintenance contracts, and equipment and accompanying software maintenance contracts;5% annual growth in revenues from consumables and parts.The Group will use the growth in margin generated by recurring revenues to finance its development, particularly through strong investment in R&D, and reinforcement of its sales and services teams. The security ratio will therefore be maintained at 90% – the 2019 level – during the 2020-2022 period, with continuing strict controls over the increase in fixed overhead costs.The Group has set itself the objective of maintaining its dividend payment policy with dividends that over the roadmap period should represent a payout ratio of 40% to 50% of net income (excluding non-recurring items).Lectra will use its available cash to finance future targeted acquisitions. In the case of major acquisitions or opportunities available under the right conditions, the Group could take on debt equivalent to half its shareholders’ equity. 2020 outlookLectra entered 2020 with a particularly robust balance sheet and operating fundamentals, and an enhanced offer of products and services, now available worldwide, enabling its customers to implement the principles of Industry 4.0.Impact of the sale of software on a subscription basisThe Group has decided to sell its new software exclusively in SaaS mode and the volume of software sold on a subscription basis should continue to increase in 2020.This change in sales model will have a positive impact on the Company’s revenues and income from operations in the medium term. However, it will have a negative impact on the Group’s results for 2020, reducing revenues and operating margin by 1 to 2 percentage points, compared to the levels that would be booked if 2020 SaaS sales were in the form of perpetual licenses along with their associated maintenance contracts.An uncertain macroeconomic and geopolitical environment, recently aggravated by the coronavirus epidemicThe year ahead is still fraught with unpredictability in light of persisting uncertainty regarding geopolitical factors and the slowdown in the automotive sector, which could continue to weigh on businesses’ investment decisions.The coronavirus epidemic, whose impact on the business of the Group and its customers is difficult to assess at this time, is an additional major source of uncertainty.Therefore, until visibility improves, the Company has decided, at this stage, not to formulate estimates for the year.The Company remains confident in its medium-term growth prospectsThe new products launched in 2018 and 2019 and those that will be released in subsequent years should make an ever-increasing contribution to this growth.Bolstered by the strength of its business model and a new roadmap fully geared to the demands of Industry 4.0, the Group remains confident in its growth prospects for the medium term.
The Management Discussion and Analysis of Financial Conditions and Results of Operations and the financial statements for Q4 and the fiscal year 2019 are available on lectra.com. First quarter earnings for 2020 will be published on April 29, 2020. The Combined Annual Shareholders’ Meeting will take place on April 30, 2020.
For companies that breathe life into our wardrobes, car interiors, furniture and more, Lectra is crafting the premium technologies that facilitate the digital transformation of their industry. Lectra’s offer empowers brands and manufacturers from design to production, providing them with the market respect and peace of mind they deserve. Founded in 1973, today Lectra has 34 subsidiaries across the globe, serving customers in over 100 countries. With close to 1,800 employees, Lectra reported revenues of 280 million euros in 2019. Lectra is listed on Euronext (LSS).
lectra.com
Lectra – World Headquarters: 16–18, rue Chalgrin • 75016 Paris • France
Tel. +33 (0)1 53 64 42 00 – www.lectra.com
A French Société Anonyme with capital of €31,885,155 • RCS Paris B 300 702 305AttachmentLectra_PressRelease_Q4FY2019_110220
Globant’s more than 10 years of investment in AI are now reflected in an innovative suite of AI Agents and products to empower teams and boost resultsThese new AI Agents will be augmented by humans and will impact the full SDLC, including backend prototyping, application design, testing, and more, to enhance efficiency by solving tasks autonomously SAN FRANCISCO, June 27, 2024 /PRNewswire/ — Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, announced the integration of its proprietary AI Agents to the software development life cycle (SDLC) to enhance its core development capabilities. Supervised by humans, these AI Agents are designed to enhance Globant’s solutions and keep supporting various industries in accelerating their AI adoption.
Combined with Globant X’s already existing AI products such as Augoor, MagnifAI, Navigate, GeneXus Next, and GeneXus Enterprise AI, the new AI Agents co-create more efficient development cycles by autonomously performing tasks. Globant’s teams will leverage new AI Agents throughout the full cycle with the following initial set of Agents:
– Product Definition AI Agent: Takes multiple inputs to break down the user stories that the development team needs to build a product
– Backend Prototyping AI Agent: Enables users, regardless of their technical knowledge, to create the backend of a business application in record time
– Application Design AI Agent: Brings your vision to life from a simple text input, accelerating the design process and simplifying teamwork
– Code Tester AI Agent: Helps companies deliver high-quality software, faster, by developing comprehensive test plans and executing those tests
– Code Fixer AI Agent: Fixes issues based on contextual understanding of the existing codebase and the reported bug
“Until today, the power of AI productivity lay largely in the hands of individuals. Globant is bringing a breakthrough shift in the symbiotic relation between AI and humans by introducing a set of sophisticated AI Agents. Augmented and supervised by humans, these AI Agents will streamline operations, bring efficiencies, and grant scalability at a corporate level. The potential productivity gain of AI Agents rivals the breakthrough of Henry Ford’s assembly line, which made manufacturing more efficient and scalable,” said Martín Migoya, Co-Founder and CEO of Globant.
As an industry pioneer, Globant has incorporated artificial intelligence throughout its organization since 2013 to create best-in-class solutions that deliver real value to clients. From the initial launch of the Data and AI Studio to the creation of these AI Agents, Globant remains at the forefront of innovation. Almost 100% of Globant’s pods are AI-certified, ensuring that all teams can apply the power of AI to every one of their projects.
“We are transforming our approach to product development by utilizing advanced AI to bring out the best of both worlds: technology and humanity,” said Diego Tartara, Chief Technology Officer at Globant. “Enhancing human and AI collaboration is poised to revolutionize business operations, leading to unprecedented productivity and growth to many industries. Globant’s AI Agents combined with our suite of AI platforms provide a clear advantage to help organizations benefit from these gains.”
Globant harnesses disruptive tech to put businesses at the forefront. To learn more about Globant’s AI and digital transformation journey, solutions, and milestones, click here.
About GlobantAt Globant, we create the digitally-native products that people love. We bridge the gap between businesses and consumers through technology and creativity, leveraging our experience as an AI powerhouse. We dare to digitally transform organizations and strive to delight their customers.
We have more than 28,900 employees and are present in 33 countries across 5 continents, working for companies like Google, Electronic Arts, and Santander, among others.We were named a Worldwide Leader in AI Services (2023) and a Worldwide Leader in CX Improvement Services (2020) by IDC MarketScape report.We are the fastest-growing IT brand and the 5th strongest IT brand globally (2024), according to Brand Finance.We were featured as a business case study at Harvard, MIT, and Stanford.We are active members of The Green Software Foundation (GSF) and the Cybersecurity Tech Accord.Contact: [email protected] Sign up to get first dibs on press news and updates.For more information, visit www.globant.com
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Artificial Intelligence
Value-Added Resellers (VARs) Software Market Size to Grow at a CAGR of 11% | Valuates Reports
BANGALORE, India, June 27, 2024 /PRNewswire/ — Value-Added Resellers (VARs) Software Market is Segmented by Type (On-premise, Cloud-based), by Application (Large Enterprises, SMEs): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Value-Added Resellers (VARs) Software Market was valued at 550 million USD in 2023 and witnessed a CAGR of 11% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Value-Added Resellers (VARs) Software Market
The value-added reseller (VAR) industry is expanding as a result of numerous important causes. The growing complexity of technological solutions, which necessitates specialist knowledge to customize goods to match particular client needs, is one important factor. VARs’ ability to provide specialized solutions that go above and beyond the original products makes them more appealing to companies searching for streamlined, integrated systems. The demand for VARs is also increasing due to the growth of cloud computing and digital transformation initiatives across various industries, since they offer vital services including integration, support, and consulting. Businesses must look for VARs in order to obtain a technology advantage and boost operational efficiency due to the competitive marketplace.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL VALUE-ADDED RESELLERS (VARS) SOFTWARE INDUSTRY
The market for VAR software is mostly driven by large organizations’ embrace of cloud-based solutions. Cloud solutions are becoming more and more popular among large organizations because of their affordability, scalability, and flexibility, which allow them to effectively manage enormous volumes of data and intricate IT infrastructures. Cloud technologies facilitate worldwide collaboration and remote work, which are crucial in today’s dispersed work contexts. VARs are essential to this shift because they offer knowledge and experience with cloud migration, integration, and continuous support. They support businesses in tailoring cloud solutions to particular use cases, guaranteeing a smooth transition from old to new systems, and upholding strict security and regulatory requirements. Large enterprise IT environments are complicated, requiring specialist assistance and customized solutions, which VARs are well-positioned to provide.
Another important driver propelling the growth of the VARs software market is the increasing number of small and medium-sized businesses (SMBs) implementing cutting-edge software solutions. SMBs are realizing more and more how crucial it is to use technology to enhance customer experiences, streamline processes, and stay competitive. These companies, however, frequently lack the internal knowledge necessary to setup and oversee sophisticated software systems. SMBs may more easily embrace and profit from cutting-edge software solutions when VARs offer the required knowledge and assistance. VARs fuel market growth by enabling SMBs to compete with larger organizations through the provision of scalable and inexpensive solutions. The market for VAR software is developing as a result of SMBs’ tendency toward digital transformation and their increasing reliance on specialist software solutions.
The VARs software sector has undergone a transformation thanks to the emergence of cloud computing and Software-as-a-Service (SaaS) models. Cloud-based solutions are very appealing to companies of all sizes because they provide several benefits, such as lower upfront costs, scalability, and remote access. By adding cloud solutions into their portfolios, VARs have profited from this trend and given their clients the efficiency and flexibility they require in the fast-paced business world of today. In example, SaaS models give companies access to advanced software without requiring hefty infrastructure investments. The move to cloud computing has increased the importance of VARs because they now offer cloud-based solution integration, deployment, and continuing maintenance. The market for VAR software is expanding due to the growing demand for cloud solutions.
One of the main factors propelling the VARs software industry is the need for integration and customized services. Software solutions that may be customized to a business’s unique workflows and connected with current systems are frequently needed. These services are best provided by VARs, who also offer seamless interaction with other enterprise apps and bespoke software setups. The ability to customize solutions to specific business requirements and guarantee compatibility with current systems improves VARs’ overall value proposition. For companies with complicated IT environments, where off-the-shelf software solutions might not work well, customization and integration services are especially crucial. VARs help companies maximize their software investments and boost operational effectiveness by attending to these needs. The market for VAR software is growing due to the rising need for tailored software solutions and seamless integration.
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VALUE-ADDED RESELLERS (VARS) SOFTWARE MARKET SHARE
Because of its technological leadership and mature market, North America—especially the United States—represents a large portion of the VARs software market. The supremacy of the region can be attributed to its strong IT infrastructure, high adoption rates of cutting-edge technology, and a large presence of top software providers. Specialized software and VAR services are in high demand since North American businesses are quick to adopt novel solutions in order to remain competitive. The region’s emphasis on digital transformation and large investments in cybersecurity, cloud computing, and data analytics are driving the market for VAR software. Additionally, the regulatory landscape in industries like banking and healthcare demands tailored software solutions in order to maintain compliance, which increases the demand for VAR services.
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Artificial Intelligence
Senior Data Leaders from Travel and Hospitality Industry to Discuss Sector’s Unique Challenges at CDO Travel & Hospitality Exchange
LONDON, June 27, 2024 /PRNewswire/ — Following its hugely successful launch in 2023, the CDO Travel & Hospitality Exchange returns for its second year on 11-12 September 2024 at Hilton Syon Park in London. Bringing together senior data leaders from across the world of travel and hospitality for two days of learning, discussion and networking, attendees will gain unique insights on harnessing data for operational excellence, building world-class data teams and enhancing customer experience through effective use of data.
The multitude of systems and suppliers integral to the functioning of the travel and hospitality industry creates a distinct set of challenges in terms of data organisation and governance, with many data leaders feeling as though they are not maximising their organisation’s data potential. Coupled with the introduction of new legislation and the pressure to keep up with continually evolving customer expectations, a data leader’s role within travel and hospitality organisations has become increasingly demanding.
The CDO Travel & Hospitality Exchange agenda has been designed to address the complexities of implementing effective data strategies, helping travel and hospitality businesses to thrive in today’s data-driven world. With 70 select data leaders from the travel and hospitality industry in attendance and a variety of unique activity formats including industry-specific roundtables, plenary presentations and one-to-one meetings with solution providers, the Exchange format provides a tailored, unique platform to explore fresh solutions to real-world challenges that data leaders in this sector face.
The world-class speaker faculty is comprised of thought leaders from some of the travel and hospitality industry’s most recognisable brands, including Hirra Sulanki, Group Head of Digital Analytics & Optimisation at TUI, Gillian Cossey, Global Data Protection Officer at Virgin Atlantic, and Nick Beresford, Head of Data & Analytics at Heathrow Airport. Attendees will come away with the expert knowledge and actionable insights needed to create data-driven change within their organisations.
Other agenda highlights include a presentation on ‘The Ongoing Battle Between Modernisation and Legacy Systems’ by Philip Cotton, Head of Customer, Trending & Trading Insight at On the Beach. The event’s closing panel discussion on ‘Navigating the Path to Data Maturity’, notably featuring Andrea Ferrari, Director of Planning & Forecasting at Silversea Cruises, also promises to be an enriching discussion that will enable attendees to visualise the optimal data architecture, team structure and strategies needed for their organisation to excel.
Attendance at the CDO Travel & Hospitality Exchange is by invitation only. To be part of the conversation, network with fellow travel and hospitality data leaders and discover valuable solutions for your organisation, request your invitation by clicking here. For more information on the agenda and speaker lineup, visit the event website here.
Join us in shaping the future of data-driven success in travel and hospitality.
Media contacts: Kazia Green, [email protected]
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