Artificial Intelligence
Visteon Announces Third-Quarter 2020 Results
- Net sales of $747 million; 3% increase Y/Y excluding currency
- Net income of $6 million or $0.21 per diluted share
- Adjusted net income of $38 million or $1.36 per diluted share, excluding restructuring charges
- Adjusted EBITDA of $87 million, 11.6% of sales
- $1.5 billion in new business wins and record 23 new product launches in Q3
- Repaid $400 million on revolving credit facility; $87 million net cash position
VAN BUREN TOWNSHIP, Mich., Oct. 29, 2020 (GLOBE NEWSWIRE) — Visteon Corporation (NASDAQ: VC) today announced third-quarter net sales of $747 million, representing a year-over-year increase of 3% excluding the impact of currency.
Gross margin in the third quarter was $99 million, and net income attributable to Visteon was $6 million or $0.21 per diluted share. Adjusted net income was $38 million or $1.36 per diluted share, which excludes restructuring charges. Adjusted EBITDA, a non-GAAP measure as defined below, was $87 million for the third quarter of 2020 or 11.6% of sales.
During the third quarter, the company was awarded $1.5 billion in new business, for a total of $3.2 billion for the first nine months. Visteon launched a record of 23 new products in the third quarter, totaling 44 for the year to date, which will enable the company to continue to outperform the market.
Cash provided by the company’s operations for the first nine months was $97 million and capital expenditures were $83 million. Adjusted free cash flow, a non-GAAP financial measure as defined below, for the first nine months of 2020 was $37 million, compared to $21 million for the same period in 2019. The company repaid in full $400 million of the revolving credit facility it drew at the end of the first quarter and ended the third quarter with cash of $435 million and debt of $348 million, representing a net cash position of $87 million.
The company’s focus on cost controls is evident in the significant reductions in both engineering and adjusted SG&A, which are down 25% and 19%, respectively, over the prior year. Both areas benefited from a combination of short and long-term structural cost-saving initiatives, which will allow Visteon to support its business growth with an optimized structure.
“The proactive measures we took earlier in the year to control costs also helped Visteon achieve record profitability for a third quarter,” said President and CEO Sachin Lawande. “We launched a record 23 new products in Q3, including products on flagship vehicles such as the new Ford F-150 and the Mercedes Benz S-Class. The combined projected lifetime revenue of these 23 launches is more than $2.5 billion, and will help Visteon continue our market outperformance in the coming quarters.”
The company advanced its growth strategy in the third quarter by launching a 12.4-inch digital cluster, telematics control unit and scalable audio solution for the all-new 2021 Ford F-150, and a digital instrument cluster for Daimler’s S-Class sedan. The rest of the year remains strong with multiple programs scheduled for launch during the fourth quarter.
New business wins were robust in the quarter. Key wins included a 12-inch display for a Japanese OEM, the success of Visteon’s Android-based VW Play infotainment system, which helped the company secure a similar Android infotainment award with a U.S.-based OEM, and an extension of its previously awarded battery management system.
About Visteon
Visteon is a global technology company that designs, engineers and manufactures innovative cockpit electronics and connected car solutions for the world’s major vehicle manufacturers. Visteon is driving the smart, learning, digital cockpit of the future, to improve safety and the user experience. Visteon is a global leader in cockpit electronic products including digital instrument clusters, information displays, infotainment, head-up displays, telematics, SmartCore™ cockpit domain controllers, and the DriveCore™ autonomous driving platform. Visteon also delivers artificial intelligence-based technologies, connected car, cybersecurity, interior sensing, and embedded multimedia and smartphone connectivity software solutions. Headquartered in Van Buren Township, Michigan, Visteon has approximately 10,000 employees at more than 40 facilities in 18 countries. Visteon had sales of approximately $3 billion in 2019. Learn more at www.visteon.com.
Conference Call and Presentation
Today, Thursday, Oct. 29, at 9 a.m. ET, the company will host a conference call for the investment community to discuss the quarter’s results and other related items. The conference call is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
U.S./Canada: 866-411-5196
Outside U.S./Canada: 970-297-2404
Conference ID: 9459369
(Call approximately 15 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon’s website. A news release on Visteon’s third-quarter results will be available in the News section of the website.
A replay of the conference call will be available through the company’s website or by dialing
855-859-2056 (toll-free from the U.S. and Canada) or 404-537-3406 (international). The conference ID for the phone replay is 9459369. The phone replay will be available for one week following the conference call.
Use of Non-GAAP Financial Information
Because not all companies use identical calculations, adjusted gross margin, adjusted SG&A, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.
The company has withdrawn its financial guidance and, due to the continued uncertainty of market conditions, will not be providing revised guidance until there is better clarity regarding the COVID-19 impact.
In order to provide the forward-looking non-GAAP financial measures for full-year 2020, the company is providing reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict.
Forward-looking Information
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
- continued and future impacts of the coronavirus (COVID-19) pandemic on our financial condition and business operations including global supply chain disruptions, market downturns, reduced consumer demand and new government actions or restrictions;
- conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
- our ability to execute on our transformational plans and cost-reduction initiatives in the amounts and on the timing contemplated;
- our ability to satisfy future capital and liquidity requirements, including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us, our ability to comply with financial and other covenants in our credit agreements, and the continuation of acceptable supplier payment terms;
- our ability to satisfy pension and other post-employment benefit obligations;
- our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
- general economic conditions, including changes in interest rates and fuel prices, and the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations;
- increases in raw material and energy costs and our ability to offset or recover these costs, increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; and
- those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by our subsequent filings with the Securities and Exchange Commission).
Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this press release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company’s Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 30, 2020. New business wins, re-wins and backlog do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer cancellations, installation rates, customer price reductions and currency exchange rates.
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Contacts:
Media:
Dave Barthmuss
805-660-1914
[email protected]
Investors:
Kris Doyle
201-247-3050
[email protected]
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Net sales | $ | 747 | $ | 731 | $ | 1,761 | $ | 2,201 | |||||||||||
Cost of sales | (648 | ) | (647 | ) | (1,605 | ) | (1,981 | ) | |||||||||||
Gross margin | 99 | 84 | 156 | 220 | |||||||||||||||
Selling, general and administrative expenses | (45 | ) | (52 | ) | (140 | ) | (167 | ) | |||||||||||
Restructuring expense, net | (32 | ) | (1 | ) | (69 | ) | (2 | ) | |||||||||||
Interest expense, net | (5 | ) | (3 | ) | (10 | ) | (7 | ) | |||||||||||
Equity in net income of non-consolidated affiliates | 2 | 1 | 4 | 7 | |||||||||||||||
Other income, net | 3 | 2 | 10 | 7 | |||||||||||||||
Income (loss) before income taxes | 22 | 31 | (49 | ) | 58 | ||||||||||||||
Provision for income taxes | (12 | ) | (13 | ) | (19 | ) | (16 | ) | |||||||||||
Net income (loss) | 10 | 18 | (68 | ) | 42 | ||||||||||||||
Net income attributable to non-controlling interests | (4 | ) | (4 | ) | (6 | ) | (7 | ) | |||||||||||
Net income (loss) attributable to Visteon Corporation | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | ||||||||||
Comprehensive income (loss) | $ | 30 | $ | (4 | ) | $ | (80 | ) | $ | 21 | |||||||||
Less: Comprehensive income attributable to non-controlling interests | 7 | 1 | 9 | 4 | |||||||||||||||
Comprehensive income (loss) attributable to Visteon Corporation | $ | 23 | $ | (5 | ) | $ | (89 | ) | $ | 17 | |||||||||
Basic earnings (loss) per share attributable to Visteon Corporation | $ | 0.22 | $ | 0.50 | $ | (2.65 | ) | $ | 1.25 | ||||||||||
Diluted earnings (loss) per share attributable to Visteon Corporation | $ | 0.21 | $ | 0.50 | $ | (2.65 | ) | $ | 1.24 | ||||||||||
Average shares outstanding (in millions) | |||||||||||||||||||
Basic | 27.8 | 28.0 | 27.9 | 28.1 | |||||||||||||||
Diluted | 28.0 | 28.1 | 27.9 | 28.2 |
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited) | |||||||||
September 30, | December 31, | ||||||||
2020 | 2019 | ||||||||
ASSETS | |||||||||
Cash and equivalents | $ | 431 | $ | 466 | |||||
Restricted cash | 4 | 3 | |||||||
Accounts receivable, net | 476 | 514 | |||||||
Inventories, net | 164 | 169 | |||||||
Other current assets | 193 | 193 | |||||||
Total current assets | 1,268 | 1,345 | |||||||
Property and equipment, net | 418 | 436 | |||||||
Intangible assets, net | 126 | 127 | |||||||
Right-of-use assets | 168 | 165 | |||||||
Investments in non-consolidated affiliates | 51 | 48 | |||||||
Other non-current assets | 133 | 150 | |||||||
Total assets | $ | 2,164 | $ | 2,271 | |||||
LIABILITIES AND EQUITY | |||||||||
Short-term debt | $ | — | $ | 37 | |||||
Accounts payable | 494 | 511 | |||||||
Accrued employee liabilities | 74 | 73 | |||||||
Current lease liability | 31 | 30 | |||||||
Other current liabilities | 189 | 147 | |||||||
Total current liabilities | 788 | 798 | |||||||
Long-term debt, net | 348 | 348 | |||||||
Employee benefits | 280 | 292 | |||||||
Non-current lease liability | 145 | 139 | |||||||
Deferred tax liabilities | 29 | 27 | |||||||
Other non-current liabilities | 72 | 72 | |||||||
Stockholders’ equity: | |||||||||
Common stock | 1 | 1 | |||||||
Additional paid-in capital | 1,344 | 1,342 | |||||||
Retained earnings | 1,605 | 1,679 | |||||||
Accumulated other comprehensive loss | (282 | ) | (267 | ) | |||||
Treasury stock | (2,283 | ) | (2,275 | ) | |||||
Total Visteon Corporation stockholders’ equity | 385 | 480 | |||||||
Non-controlling interests | 117 | 115 | |||||||
Total equity | 502 | 595 | |||||||
Total liabilities and equity | $ | 2,164 | $ | 2,271 |
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
OPERATING | |||||||||||||||||||
Net income (loss) | $ | 10 | $ | 18 | $ | (68 | ) | $ | 42 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities: | |||||||||||||||||||
Depreciation and amortization | 25 | 25 | 75 | 74 | |||||||||||||||
Non-cash stock-based compensation | 4 | 3 | 13 | 14 | |||||||||||||||
Equity in net income (loss) of non-consolidated affiliates, net of dividends remitted | (2 | ) | (1 | ) | (4 | ) | (7 | ) | |||||||||||
Other non-cash items | (1 | ) | — | 1 | 5 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||
Accounts receivable | (132 | ) | (1 | ) | 38 | 17 | |||||||||||||
Inventories | 10 | (10 | ) | 5 | (13 | ) | |||||||||||||
Accounts payable | 160 | 29 | 11 | 49 | |||||||||||||||
Other assets and other liabilities | 36 | (6 | ) | 26 | (63 | ) | |||||||||||||
Net cash provided from operating activities | 110 | 57 | 97 | 118 | |||||||||||||||
INVESTING | |||||||||||||||||||
Capital expenditures, including intangibles | (18 | ) | (38 | ) | (83 | ) | (109 | ) | |||||||||||
Loan repayments from non-consolidated affiliates | — | 9 | 2 | 11 | |||||||||||||||
Net investment hedge | 1 | — | 7 | 4 | |||||||||||||||
Other | (3 | ) | — | (3 | ) | (2 | ) | ||||||||||||
Net cash used by investing activities | (20 | ) | (29 | ) | (77 | ) | (96 | ) | |||||||||||
FINANCING | |||||||||||||||||||
Borrowings on revolving credit facility | — | — | 400 | — | |||||||||||||||
Payments on revolving credit facility | (400 | ) | — | (400 | ) | — | |||||||||||||
Repurchase of common stock | — | — | (16 | ) | (20 | ) | |||||||||||||
Dividends paid to non-controlling interests | — | (7 | ) | (7 | ) | (7 | ) | ||||||||||||
Short-term debt repayments, net | (23 | ) | (5 | ) | (37 | ) | (8 | ) | |||||||||||
Net cash used by financing activities | (423 | ) | (12 | ) | (60 | ) | (35 | ) | |||||||||||
Effect of exchange rate changes on cash | 9 | (8 | ) | 6 | (8 | ) | |||||||||||||
Net increase (decrease) in cash | (324 | ) | 8 | (34 | ) | (21 | ) | ||||||||||||
Cash and restricted cash at beginning of the period | 759 | 438 | 469 | 467 | |||||||||||||||
Cash and restricted cash at end of the period | $ | 435 | $ | 446 | $ | 435 | $ | 446 |
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company’s operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, restructuring expense, net interest expense, loss on divestiture, equity in net income of non-consolidated affiliates, gain on non-consolidated affiliate transactions, provision for income taxes, discontinued operations, net income attributable to non-controlling interests, non-cash stock-based compensation expense, and other gains and losses not reflective of the Company’s ongoing operations. Because not all companies use identical calculations, this presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Visteon: | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Net income (loss) attributable to Visteon Corporation | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | ||||||||||
Depreciation and amortization | 25 | 25 | 75 | 74 | |||||||||||||||
Provision for income taxes | 12 | 13 | 19 | 16 | |||||||||||||||
Non-cash, stock-based compensation expense | 4 | 3 | 13 | 14 | |||||||||||||||
Interest expense, net | 5 | 3 | 10 | 7 | |||||||||||||||
Net income attributable to non-controlling interests | 4 | 4 | 6 | 7 | |||||||||||||||
Restructuring expense, net | 32 | 1 | 69 | 2 | |||||||||||||||
Equity in net income of non-consolidated affiliates | (2 | ) | (1 | ) | (4 | ) | (7 | ) | |||||||||||
Other | 1 | — | 3 | 1 | |||||||||||||||
Adjusted EBITDA | $ | 87 | $ | 62 | $ | 117 | $ | 149 |
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company’s business strategies, and (iii) because the Company’s credit agreements use similar measures for compliance with certain covenants.
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and Adjusted free cash flow are presented as supplemental measures of the Company’s liquidity that management believes are useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines Free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines Adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Free cash flow and Adjusted free cash flow include amounts associated with discontinued operations. Because not all companies use identical calculations, this presentation of Free cash flow and Adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Total Visteon: | 2020 | 2019 | 2020 | 2019 | |||||||||||||||
Cash provided from operating activities | $ | 110 | $ | 57 | $ | 97 | $ | 118 | |||||||||||
Capital expenditures, including intangibles | (18 | ) | (38 | ) | (83 | ) | (109 | ) | |||||||||||
Free cash flow | $ | 92 | $ | 19 | $ | 14 | $ | 9 | |||||||||||
Restructuring related payments | 11 | 4 | 23 | 12 | |||||||||||||||
Adjusted free cash flow | $ | 103 | $ | 23 | $ | 37 | $ | 21 |
Free cash flow and Adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and Adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses Free cash flow and Adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and Adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company’s profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines Adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, discontinued operations, other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted earnings per share as Adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of Adjusted net income and Adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income (loss) attributable to Visteon | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Diluted earnings per share: | ||||||||||||||||
Net income (loss) attributable to Visteon | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | |||||||
Average shares outstanding, diluted | 28.0 | 28.1 | 27.9 | 28.2 | ||||||||||||
Diluted earnings (loss) per share | $ | 0.21 | $ | 0.50 | $ | (2.65 | ) | $ | 1.24 | |||||||
Adjusted earnings per share: | ||||||||||||||||
Net income (loss) attributable to Visteon | $ | 6 | $ | 14 | $ | (74 | ) | $ | 35 | |||||||
Restructuring expense, net | 32 | 1 | 69 | 2 | ||||||||||||
Other, including tax effects of adjustments | — | — | 1 | 1 | ||||||||||||
Adjusted net income (loss) | $ | 38 | $ | 15 | $ | (4 | ) | $ | 38 | |||||||
Average shares outstanding, diluted | 28.0 | 28.1 | 27.9 | 28.2 | ||||||||||||
Adjusted earnings (loss) per share | $ | 1.36 | $ | 0.53 | $ | (0.14 | ) | $ | 1.35 | |||||||
Adjusted net income and Adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and Adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses Adjusted net income and Adjusted earnings per share for internal planning and forecasting purposes.
Artificial Intelligence
Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT
HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.
Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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View original content:https://www.prnewswire.co.uk/news-releases/unlock-an-exclusive-olympic-experience-celebrating-live4wells-sold-out-genesis-nft-302155644.html
Artificial Intelligence
Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’
– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.
The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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