Artificial Intelligence
Pluralsight Announces Second Quarter 2020 Results
SILICON SLOPES, Utah, July 29, 2020 (GLOBE NEWSWIRE) — Pluralsight, Inc. (NASDAQ: PS), the enterprise technology skills and engineering management platform, today announced financial results for the second quarter ended June 30, 2020.
“Our commitment to our customers and each other has never been stronger despite these extraordinary circumstances. I’m proud to see this commitment reflected in our financial performance for the quarter, and I’m confident that our platform will continue to help companies and individuals adapt to the changing remote work environments around the globe,” said Aaron Skonnard, co-founder and CEO of Pluralsight. “This need, coupled with our commitment to our customers and our world-class, highly differentiated product offerings allowed us to excel in the current environment.”
Second Quarter Financial Highlights
- Billings – Q2 2020 billings were $89.0 million, an increase of 11% period over period. Q2 2020 billings from business customers were $77.7 million, an increase of 12% period over period.
- Revenue – Q2 2020 revenue was $94.8 million, an increase of 25% period over period.
- Gross margin – Q2 2020 gross margin was 79%, compared to 77% in Q2 2019. Q2 2020 non-GAAP gross margin was 81%, compared to 78% in Q2 2019.
- Net loss per share – GAAP net loss per share for Q2 2020 was $0.28, compared to $0.30 in Q2 2019. Adjusted pro forma net loss per share for Q2 2020 was $0.02, compared to $0.06 in Q2 2019.
- Cash flows – Cash used in operations was $9.3 million for Q2 2020, compared to $7.2 million in Q2 2019. Free cash flow was negative $18.0 million for Q2 2020, compared to negative $11.1 million in Q2 2019.
For information regarding the non-GAAP financial measures discussed in this press release, please see the section titled “Non-GAAP Financial Measures.” Reconciliations between GAAP and non-GAAP financial measures are provided in the tables of this press release.
Financial Outlook
The following forward-looking statements reflect Pluralsight’s expectations as of July 29, 2020.
Third Quarter 2020 Guidance
- Revenue is expected to be in the range of $95.0 million to $96.0 million.
- Adjusted pro forma net loss per share is expected to be in the range of $0.05 to $0.06, assuming weighted-average shares outstanding of approximately 144 million.
Full Year 2020 Guidance
- Revenue is expected to be in the range of $375.0 million to $390.0 million.
- Adjusted pro forma net loss per share is expected to be in the range of $0.19 to $0.27, assuming weighted-average shares outstanding of approximately 143.5 million.
Guidance for non-GAAP financial measures excludes equity-based compensation, amortization of acquired intangible assets, employer payroll taxes on employee stock transactions, amortization of debt discount and issuance costs, and, as applicable, other special items, which may be significant. Pluralsight has not reconciled its expectations as to adjusted pro forma net loss per share to their most directly comparable GAAP measures because certain items cannot be reasonably predicted. Accordingly, a reconciliation for expectations of adjusted pro forma net loss per share is not available without unreasonable effort.
Pluralsight’s guidance for the third quarter and full year 2020 reflects its expectations for the periods after taking into account the impact of COVID-19. However, the crisis that this pandemic has created is very fluid, and the situation is constantly evolving. As such, Pluralsight’s actual results may differ materially from such guidance based on a variety of factors, including Pluralsight’s ability to execute its business during this crisis, the impact of the crisis on Pluralsight’s suppliers, customers and partners, governmental action taken in response to COVID-19, and other factors.
Conference Call Information
Pluralsight will host a conference call for analysts and investors to discuss its second quarter 2020 results and outlook for its third quarter and full year 2020, today at 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time).
A live audio webcast of the conference call will also be accessible from the Pluralsight website at investors.pluralsight.com. A telephonic replay of the call will be available three hours after the call, will run for seven days, and may be accessed by dialing (855) 859-2056 or (404) 537-3406 and entering the passcode 1883129.
About Pluralsight
Pluralsight is the leading technology skills and engineering management platform. Trusted by forward-thinking companies of every size in every industry, Pluralsight helps individuals and businesses transform with technology through its Skills and Flow products. Skills helps build technology skills at scale with expert-authored courses on today’s most important technologies, including cloud, artificial intelligence, machine learning, data science, and security, among others. Skills also offers analytics and Skill IQ and Role IQ assessments. Flow complements Skills by providing visibility and analytics into software development workflows to accelerate the delivery of products and services.
Pluralsight and the Pluralsight logo are trademarks of Pluralsight, LLC in the United States and in jurisdictions throughout the world.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws that involve risks and uncertainties, including the quotations of management and statements regarding our future financial and operating performance, and our financial outlook for the third quarter and full year 2020. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our ability to attract and retain customers; our ability to expand our course library and develop new platform features; the demand for, and market acceptance of our platform; competition; our ability to improve sales management and execution; our expectations of the potential impact the COVID-19 pandemic may have on our business; and other market, political, economic, and business conditions.
Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K/A filed with the SEC on March 2, 2020 and in our quarterly report on Form 10-Q filed with the SEC on July 29, 2020, which is available on our website at investors.pluralsight.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Key Business Metrics
Billings. Billings represents total revenue plus the change in deferred revenue in the period, as presented in our condensed consolidated statements of cash flows, less the change in contract assets and unbilled accounts receivable in the period. Billings in any particular period represents amounts invoiced to customers and reflects subscription renewals and upsells to existing customers plus sales to new customers. We use billings to measure our ability to sell subscriptions to our platform to both new and existing customers. We use billings from business customers and our percentage of billings from business customers to measure and monitor our ability to sell subscriptions to our platform to business customers.
Non-GAAP Financial Measures
Pluralsight has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Pluralsight uses the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating loss, adjusted pro forma net loss, adjusted pro forma net loss per share, and free cash flow in analyzing its financial results and believes that the use of these metrics is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Pluralsight’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.
The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical non-GAAP financial measures to their most directly comparable GAAP measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
Non-GAAP gross profit. We define non-GAAP gross profit as gross profit plus equity-based compensation, amortization of acquired intangible assets, and employer payroll taxes on employee stock transactions.
Non-GAAP gross margin. We define non-GAAP gross margin as non-GAAP gross profit divided by our revenue.
Non-GAAP operating expenses. We define non-GAAP operating expenses as operating expenses less equity-based compensation, amortization of acquired intangible assets, and employer payroll taxes on employee stock transactions, and, as applicable, other special items.
Non-GAAP operating loss. We define non-GAAP operating loss as loss from operations plus equity-based compensation, amortization of acquired intangible assets, employer payroll taxes on employee stock transactions, and, as applicable, other special items.
Adjusted pro forma net loss and adjusted pro forma net loss per share. We define adjusted pro forma net loss as net loss attributable to Pluralsight, Inc. adjusted for the reallocation of loss attributable to non-controlling interests from the assumed exchange of LLC Units of Pluralsight Holdings for newly-issued shares of Class A common stock of Pluralsight, Inc. and further adjusted for equity-based compensation, amortization of acquired intangible assets, employer payroll taxes on employee stock transactions, amortization of debt discount and issuance costs, and, as applicable, other special items. We define adjusted pro forma net loss per share as adjusted pro forma net loss divided by the weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC Units of Pluralsight Holdings for newly-issued shares of Class A common stock of Pluralsight, Inc.
Free cash flow. We define free cash flow as cash provided by (used in) operating activities less purchases of property and equipment and purchases of our content library.
PLURALSIGHT, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Revenue | $ | 94,765 | $ | 75,862 | $ | 187,411 | $ | 145,479 | ||||||||
Cost of revenue(1)(2) | 19,717 | 17,803 | 38,725 | 34,515 | ||||||||||||
Gross profit | 75,048 | 58,059 | 148,686 | 110,964 | ||||||||||||
Operating expenses(1)(2): | ||||||||||||||||
Sales and marketing | 57,759 | 50,046 | 120,174 | 94,217 | ||||||||||||
Technology and content | 29,514 | 24,819 | 59,658 | 45,090 | ||||||||||||
General and administrative | 22,996 | 20,575 | 46,367 | 42,766 | ||||||||||||
Total operating expenses | 110,269 | 95,440 | 226,199 | 182,073 | ||||||||||||
Loss from operations | (35,221 | ) | (37,381 | ) | (77,513 | ) | (71,109 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest expense | (7,241 | ) | (7,346 | ) | (14,390 | ) | (9,024 | ) | ||||||||
Other income, net | 2,267 | 4,106 | 4,437 | 5,782 | ||||||||||||
Loss before income taxes | (40,195 | ) | (40,621 | ) | (87,466 | ) | (74,351 | ) | ||||||||
Income tax benefit (expense) | 465 | (143 | ) | 223 | (297 | ) | ||||||||||
Net loss | $ | (39,730 | ) | $ | (40,764 | ) | $ | (87,243 | ) | $ | (74,648 | ) | ||||
Less: Net loss attributable to non-controlling interests | (9,801 | ) | (11,637 | ) | (21,995 | ) | (26,446 | ) | ||||||||
Net loss attributable to Pluralsight, Inc. | $ | (29,929 | ) | $ | (29,127 | ) | $ | (65,248 | ) | $ | (48,202 | ) | ||||
Net loss per share, basic and diluted(3) | $ | (0.28 | ) | $ | (0.30 | ) | $ | (0.62 | ) | $ | (0.56 | ) | ||||
Weighted-average shares of Class A common stock used in computing basic and diluted net loss per share | 107,153 | 97,608 | 105,899 | 86,827 |
(1) Includes equity-based compensation as follows:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cost of revenue | $ | 296 | $ | 133 | $ | 566 | $ | 217 | ||||||||
Sales and marketing | 10,878 | 7,952 | 20,400 | 14,228 | ||||||||||||
Technology and content | 6,884 | 5,137 | 13,220 | 8,847 | ||||||||||||
General and administrative | 8,367 | 9,510 | 17,817 | 19,708 | ||||||||||||
Total equity-based compensation | $ | 26,425 | $ | 22,732 | $ | 52,003 | $ | 43,000 |
(2) Includes amortization of acquired intangible assets as follows:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Cost of revenue | $ | 1,209 | $ | 702 | $ | 2,418 | $ | 1,227 | ||||||||
Sales and marketing | 50 | 29 | 100 | 29 | ||||||||||||
Technology and content | 161 | 176 | 337 | 353 | ||||||||||||
Total amortization of acquired intangible assets | $ | 1,420 | $ | 907 | $ | 2,855 | $ | 1,609 |
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
Key Business Metrics
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Billings | $ | 89,034 | $ | 80,552 | $ | 179,312 | $ | 158,480 | ||||||||
Billings from business customers | $ | 77,695 | $ | 69,104 | $ | 158,167 | $ | 136,260 | ||||||||
% of billings from business customers | 87 | % | 86 | % | 88 | % | 86 | % |
Non-GAAP Financial Measures
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Reconciliation of gross profit to non-GAAP gross profit: | ||||||||||||||||
Gross profit | $ | 75,048 | $ | 58,059 | $ | 148,686 | $ | 110,964 | ||||||||
Equity-based compensation | 296 | 133 | 566 | 217 | ||||||||||||
Amortization of acquired intangible assets | 1,209 | 702 | 2,418 | 1,227 | ||||||||||||
Employer payroll taxes on employee stock transactions | 15 | 13 | 32 | 16 | ||||||||||||
Non-GAAP gross profit | $ | 76,568 | $ | 58,907 | $ | 151,702 | $ | 112,424 | ||||||||
Gross margin | 79 | % | 77 | % | 79 | % | 76 | % | ||||||||
Non-GAAP gross margin | 81 | % | 78 | % | 81 | % | 77 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Reconciliation of operating expenses to non-GAAP operating expenses: | ||||||||||||||||
Sales and marketing | $ | 57,759 | $ | 50,046 | $ | 120,174 | $ | 94,217 | ||||||||
Less: Equity-based compensation | (10,878 | ) | (7,952 | ) | (20,400 | ) | (14,228 | ) | ||||||||
Less: Amortization of acquired intangible assets | (50 | ) | (29 | ) | (100 | ) | (29 | ) | ||||||||
Less: Employer payroll taxes on employee stock transactions | (329 | ) | (533 | ) | (821 | ) | (1,141 | ) | ||||||||
Non-GAAP sales and marketing | $ | 46,502 | $ | 41,532 | $ | 98,853 | $ | 78,819 | ||||||||
Sales and marketing as a percentage of revenue | 61 | % | 66 | % | 64 | % | 65 | % | ||||||||
Non-GAAP sales and marketing as a percentage of revenue | 49 | % | 55 | % | 53 | % | 54 | % | ||||||||
Technology and content | $ | 29,514 | $ | 24,819 | $ | 59,658 | $ | 45,090 | ||||||||
Less: Equity-based compensation | (6,884 | ) | (5,137 | ) | (13,220 | ) | (8,847 | ) | ||||||||
Less: Amortization of acquired intangible assets | (161 | ) | (176 | ) | (337 | ) | (353 | ) | ||||||||
Less: Employer payroll taxes on employee stock transactions | (381 | ) | (434 | ) | (852 | ) | (914 | ) | ||||||||
Non-GAAP technology and content | $ | 22,088 | $ | 19,072 | $ | 45,249 | $ | 34,976 | ||||||||
Technology and content as a percentage of revenue | 31 | % | 33 | % | 32 | % | 31 | % | ||||||||
Non-GAAP technology and content as a percentage of revenue | 23 | % | 25 | % | 24 | % | 24 | % | ||||||||
General and administrative | $ | 22,996 | $ | 20,575 | $ | 46,367 | $ | 42,766 | ||||||||
Less: Equity-based compensation | (8,367 | ) | (9,510 | ) | (17,817 | ) | (19,708 | ) | ||||||||
Less: Employer payroll taxes on employee stock transactions | (272 | ) | (349 | ) | (670 | ) | (702 | ) | ||||||||
Less: Secondary offering costs | (1,260 | ) | — | (1,260 | ) | (918 | ) | |||||||||
Less: Acquisition-related costs | — | (835 | ) | — | (835 | ) | ||||||||||
Non-GAAP general and administrative | $ | 13,097 | $ | 9,881 | $ | 26,620 | $ | 20,603 | ||||||||
General and administrative as a percentage of revenue | 24 | % | 27 | % | 25 | % | 29 | % | ||||||||
Non-GAAP general and administrative as a percentage of revenue | 14 | % | 13 | % | 14 | % | 14 | % | ||||||||
Reconciliation of loss from operations to non-GAAP operating loss: | ||||||||||||||||
Loss from operations | $ | (35,221 | ) | $ | (37,381 | ) | $ | (77,513 | ) | $ | (71,109 | ) | ||||
Equity-based compensation | 26,425 | 22,732 | 52,003 | 43,000 | ||||||||||||
Amortization of acquired intangible assets | 1,420 | 907 | 2,855 | 1,609 | ||||||||||||
Employer payroll taxes on employee stock transactions | 997 | 1,329 | 2,375 | 2,773 | ||||||||||||
Secondary offering costs | 1,260 | — | 1,260 | 918 | ||||||||||||
Acquisition-related costs | — | 835 | — | 835 | ||||||||||||
Non-GAAP operating loss | $ | (5,119 | ) | $ | (11,578 | ) | $ | (19,020 | ) | $ | (21,974 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Adjusted pro forma net loss per share | ||||||||||||||||
Numerator: | ||||||||||||||||
Net loss attributable to Pluralsight, Inc. | $ | (29,929 | ) | $ | (29,127 | ) | $ | (65,248 | ) | $ | (48,202 | ) | ||||
Net loss attributable to non-controlling interests | (9,801 | ) | (11,637 | ) | (21,995 | ) | (26,446 | ) | ||||||||
Equity-based compensation | 26,425 | 22,732 | 52,003 | 43,000 | ||||||||||||
Amortization of acquired intangibles | 1,420 | 907 | 2,855 | 1,609 | ||||||||||||
Employer payroll taxes on employee stock transactions | 997 | 1,329 | 2,375 | 2,773 | ||||||||||||
Secondary offering costs | 1,260 | — | 1,260 | 918 | ||||||||||||
Acquisition-related costs | — | 835 | — | 835 | ||||||||||||
Amortization of debt discount and issuance costs | 6,684 | 6,749 | 13,275 | 8,294 | ||||||||||||
Adjusted pro forma net loss | $ | (2,944 | ) | $ | (8,212 | ) | $ | (15,475 | ) | $ | (17,219 | ) | ||||
Denominator: | ||||||||||||||||
Weighted-average shares of Class A common stock outstanding | 107,153 | 97,608 | 105,899 | 86,827 | ||||||||||||
Weighted-average LLC Units of Pluralsight Holdings that are convertible into Class A common stock | 35,276 | 39,006 | 35,702 | 48,923 | ||||||||||||
Adjusted pro forma weighted-average common shares outstanding, basic and diluted | 142,429 | 136,614 | 141,601 | 135,750 | ||||||||||||
Adjusted pro forma net loss per share | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.13 | ) |
Reconciliation of net cash (used in) provided by operating activities to free cash flow: | ||||||||||||||||
Net cash (used in) provided by operating activities | $ | (9,250 | ) | $ | (7,184 | ) | $ | 9,045 | $ | (1,648 | ) | |||||
Less: Purchases of property and equipment | (6,626 | ) | (2,457 | ) | (20,520 | ) | (4,590 | ) | ||||||||
Less: Purchases of content library | (2,113 | ) | (1,504 | ) | (3,793 | ) | (2,441 | ) | ||||||||
Free cash flow | $ | (17,989 | ) | $ | (11,145 | ) | $ | (15,268 | ) | $ | (8,679 | ) |
PLURALSIGHT, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, 2020 |
December 31, 2019 |
|||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 87,982 | $ | 90,515 | ||||
Short-term investments | 318,483 | 332,234 | ||||||
Accounts receivable, net | 61,578 | 101,576 | ||||||
Deferred contract acquisition costs | 17,745 | 18,331 | ||||||
Prepaid expenses and other current assets | 14,764 | 14,174 | ||||||
Total current assets | 500,552 | 556,830 | ||||||
Restricted cash and cash equivalents | 21,622 | 28,916 | ||||||
Long-term investments | 122,224 | 105,805 | ||||||
Property and equipment, net | 60,788 | 22,896 | ||||||
Right-of-use assets | 62,982 | 15,804 | ||||||
Content library, net | 11,017 | 8,958 | ||||||
Intangible assets, net | 19,787 | 22,631 | ||||||
Goodwill | 262,532 | 262,532 | ||||||
Deferred contract acquisition costs, noncurrent | 7,164 | 5,982 | ||||||
Other assets | 1,709 | 1,599 | ||||||
Total assets | $ | 1,070,377 | $ | 1,031,953 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,985 | $ | 10,615 | ||||
Accrued expenses | 38,950 | 40,703 | ||||||
Accrued author fees | 11,711 | 11,694 | ||||||
Lease liabilities | 7,752 | 5,752 | ||||||
Deferred revenue | 207,575 | 215,137 | ||||||
Total current liabilities | 271,973 | 283,901 | ||||||
Deferred revenue, noncurrent | 18,813 | 19,517 | ||||||
Convertible senior notes, net | 483,503 | 470,228 | ||||||
Lease liabilities, noncurrent | 76,340 | 11,167 | ||||||
Other liabilities | 70 | 980 | ||||||
Total liabilities | 850,699 | 785,793 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock | — | — | ||||||
Class A common stock | 11 | 10 | ||||||
Class B common stock | 2 | 2 | ||||||
Class C common stock | 1 | 1 | ||||||
Additional paid-in capital | 693,768 | 641,128 | ||||||
Accumulated other comprehensive income | 1,154 | 225 | ||||||
Accumulated deficit | (523,629 | ) | (458,381 | ) | ||||
Total stockholders’ equity attributable to Pluralsight, Inc. | 171,307 | 182,985 | ||||||
Non-controlling interests | 48,371 | 63,175 | ||||||
Total stockholders’ equity | 219,678 | 246,160 | ||||||
Total liabilities and stockholders’ equity | $ | 1,070,377 | $ | 1,031,953 |
PLURALSIGHT, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Operating activities | ||||||||||||||||
Net loss | $ | (39,730 | ) | $ | (40,764 | ) | $ | (87,243 | ) | $ | (74,648 | ) | ||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||||||
Depreciation of property and equipment | 3,225 | 2,332 | 5,868 | 4,579 | ||||||||||||
Amortization of acquired intangible assets | 1,420 | 907 | 2,855 | 1,609 | ||||||||||||
Amortization of course creation costs | 820 | 611 | 1,581 | 1,190 | ||||||||||||
Equity-based compensation | 26,425 | 22,732 | 52,003 | 43,000 | ||||||||||||
Amortization of deferred contract acquisition costs | 6,316 | 5,444 | 12,767 | 11,311 | ||||||||||||
Amortization of debt discount and issuance costs | 6,684 | 6,749 | 13,275 | 8,294 | ||||||||||||
Investment discount and premium amortization, net | (52 | ) | (706 | ) | (428 | ) | (706 | ) | ||||||||
Other | 32 | 275 | 693 | 300 | ||||||||||||
Changes in assets and liabilities, net of acquired assets and liabilities: | ||||||||||||||||
Accounts receivable | (1,107 | ) | (4,276 | ) | 38,093 | 7,116 | ||||||||||
Deferred contract acquisition costs | (7,492 | ) | (5,579 | ) | (13,363 | ) | (11,430 | ) | ||||||||
Prepaid expenses and other assets | (497 | ) | (2,243 | ) | (211 | ) | (4,044 | ) | ||||||||
Right-of-use assets | 1,548 | 1,643 | 3,038 | 2,927 | ||||||||||||
Accounts payable | (2,139 | ) | 18 | (4,606 | ) | 1,053 | ||||||||||
Accrued expenses and other liabilities | 1,719 | 2,030 | (4,612 | ) | (3,129 | ) | ||||||||||
Accrued author fees | 114 | 564 | 16 | 1,299 | ||||||||||||
Lease liabilities | (949 | ) | (1,636 | ) | (2,874 | ) | (3,372 | ) | ||||||||
Deferred revenue | (5,587 | ) | 4,715 | (7,807 | ) | 13,003 | ||||||||||
Net cash (used in) provided by operating activities | (9,250 | ) | (7,184 | ) | 9,045 | (1,648 | ) | |||||||||
Investing activities | ||||||||||||||||
Purchases of property and equipment | (6,626 | ) | (2,457 | ) | (20,520 | ) | (4,590 | ) | ||||||||
Purchases of content library | (2,113 | ) | (1,504 | ) | (3,793 | ) | (2,441 | ) | ||||||||
Cash paid for acquisition, net of cash acquired | — | (163,871 | ) | — | (163,871 | ) | ||||||||||
Purchases of investments | (155,150 | ) | (317,080 | ) | (317,012 | ) | (317,080 | ) | ||||||||
Proceeds from sales of investments | — | 4,967 | — | 4,967 | ||||||||||||
Proceeds from maturities of investments | 155,070 | — | 315,605 | — | ||||||||||||
Net cash used in investing activities | (8,819 | ) | (479,945 | ) | (25,720 | ) | (483,015 | ) | ||||||||
Financing activities | ||||||||||||||||
Proceeds from issuance of common stock from employee equity plans | 10,179 | 12,010 | 10,878 | 14,631 | ||||||||||||
Taxes paid related to net share settlement | (1,523 | ) | — | (3,873 | ) | — | ||||||||||
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | — | (1,009 | ) | — | 616,654 | |||||||||||
Purchase of capped calls related to issuance of convertible senior notes | — | — | — | (69,432 | ) | |||||||||||
Net cash provided by financing activities | 8,656 | 11,001 | 7,005 | 561,853 | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | 110 | (4 | ) | (157 | ) | 22 | ||||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (9,303 | ) | (476,132 | ) | (9,827 | ) | 77,212 | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period | 118,907 | 764,415 | 119,431 | 211,071 | ||||||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, end of period | $ | 109,604 | $ | 288,283 | $ | 109,604 | $ | 288,283 |
Investor Relations Contact:
Mark McReynolds
Investor Relations
Pluralsight
801-784-9007
[email protected]
Media Contact:
DJ Anderson
Communications/Press
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Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html
Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html
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