Artificial Intelligence
Pluralsight Announces Fourth Quarter 2020 Results
SILICON SLOPES, Utah, Feb. 10, 2021 (GLOBE NEWSWIRE) — Pluralsight, Inc. (NASDAQ: PS), the technology workforce development company, today announced financial results for the fourth quarter and year ended December 31, 2020.
Fourth Quarter Financial Highlights
- Billings – Q4 2020 billings were $151.1 million, an increase of 18% period over period. Q4 2020 billings from business customers were $134.0 million, an increase of 18% period over period.
- Revenue – Q4 2020 revenue was $105.0 million, an increase of 18% period over period.
- Gross margin – Q4 2020 gross margin was 78%, compared to 79% in Q4 2019. Q4 2020 and Q4 2019 non-GAAP gross margin was 80%.
- Net loss per share – GAAP net loss per share for Q4 2020 was $0.30, compared to $0.31 in Q4 2019. Adjusted pro forma net loss per share for Q4 2020 was $0.01, compared to $0.09 in Q4 2019.
- Cash flows – Cash provided by operations was $2.4 million for Q4 2020, compared to cash used in operations of $7.9 million in Q4 2019. Free cash flow was negative $4.0 million for Q4 2020, compared to negative $13.0 million in Q4 2019.
Full Year 2020 Financial Highlights
- Billings – 2020 billings were $430.4 million, an increase of 14% year over year. 2020 billings from business customers were $380.8 million, an increase of 15% year over year.
- Revenue – 2020 revenue was $391.9 million, an increase of 24% year over year.
- Gross margin – 2020 gross margin was 79%, compared to 77% in 2019. 2020 non-GAAP gross margin was 81%, compared to 79% in 2019.
- Net loss per share – GAAP net loss per share for 2020 was $1.15, compared to $1.19 in 2019. Adjusted pro forma net loss per share for 2020 was $0.12, compared to $0.30 in 2019.
- Cash flows – Cash provided by operations was $9.1 million for 2020, compared to cash used in operations of $11.7 million in 2019. Free cash flow was negative $34.2 million for 2020, compared to negative $28.2 million in 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.
About Pluralsight
Pluralsight is the leading technology workforce development company that helps companies and teams build better products by developing critical skills, improving processes and gaining insights through data, and providing strategic skills consulting. Trusted by forward-thinking companies of every size in every industry, Pluralsight helps individuals and businesses transform with technology. Pluralsight Skills helps enterprises build technology skills at scale with expert-authored courses on today’s most important technologies, including cloud, artificial intelligence and machine learning, data science, and security, among others. Skills also includes tools to align skill development with business objectives, virtual instructor-led training, hands-on labs, skill assessments and one-of-a-kind analytics. Flow complements Skills by providing engineering teams with actionable data and visibility into workflow patterns to accelerate the delivery of products and services. For more information about Pluralsight, visit pluralsight.com.
Pluralsight and the Pluralsight logo are trademarks of Pluralsight, LLC in the United States and in jurisdictions throughout the world.
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 including acquisition-related costs.
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 including acquisition-related costs.
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 including acquisition-related costs. 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 December 31, | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 104,989 | $ | 88,811 | $ | 391,865 | $ | 316,910 | |||||||
Cost of revenue(1)(2) | 23,401 | 19,009 | 82,552 | 71,353 | |||||||||||
Gross profit | 81,588 | 69,802 | 309,313 | 245,557 | |||||||||||
Operating expenses(1)(2): | |||||||||||||||
Sales and marketing | 60,785 | 57,071 | 238,165 | 207,085 | |||||||||||
Technology and content | 29,782 | 29,965 | 118,785 | 102,902 | |||||||||||
General and administrative | 28,918 | 21,950 | 95,651 | 85,560 | |||||||||||
Total operating expenses | 119,485 | 108,986 | 452,601 | 395,547 | |||||||||||
Loss from operations | (37,897 | ) | (39,184 | ) | (143,288 | ) | (149,990 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest expense | (7,523 | ) | (7,129 | ) | (29,322 | ) | (23,565 | ) | |||||||
Loss on debt extinguishment | — | — | — | (950 | ) | ||||||||||
Other income, net | 1,982 | 2,966 | 8,411 | 11,749 | |||||||||||
Loss before income taxes | (43,438 | ) | (43,347 | ) | (164,199 | ) | (162,756 | ) | |||||||
Income tax benefit (expense) | 361 | (122 | ) | 108 | (823 | ) | |||||||||
Net loss | $ | (43,077 | ) | $ | (43,469 | ) | $ | (164,091 | ) | $ | (163,579 | ) | |||
Less: Net loss attributable to non-controlling interests | (7,606 | ) | (11,492 | ) | (36,011 | ) | (50,921 | ) | |||||||
Net loss attributable to Pluralsight, Inc. | $ | (35,471 | ) | $ | (31,977 | ) | $ | (128,080 | ) | $ | (112,658 | ) | |||
Net loss per share, basic and diluted | $ | (0.30 | ) | $ | (0.31 | ) | $ | (1.15 | ) | $ | (1.19 | ) | |||
Weighted-average shares of Class A common stock used in computing basic and diluted net loss per share | 120,133 | 102,747 | 111,798 | 94,515 |
(1) Includes equity-based compensation as follows:
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Cost of revenue | $ | 335 | $ | 193 | $ | 1,213 | $ | 548 | |||
Sales and marketing | 9,860 | 7,710 | 41,168 | 30,677 | |||||||
Technology and content | 6,641 | 5,917 | 26,222 | 21,430 | |||||||
General and administrative | 6,800 | 8,960 | 31,250 | 37,782 | |||||||
Total equity-based compensation | $ | 23,636 | $ | 22,780 | $ | 99,853 | $ | 90,437 |
(2) Includes amortization of acquired intangible assets as follows:
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Cost of revenue | $ | 1,832 | $ | 1,209 | $ | 5,458 | $ | 3,645 | |||
Sales and marketing | 146 | 50 | 296 | 129 | |||||||
Technology and content | 121 | 176 | 580 | 705 | |||||||
Total amortization of acquired intangible assets | $ | 2,099 | $ | 1,435 | $ | 6,334 | $ | 4,479 |
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures
(dollars in thousands)
(unaudited)
Key Business Metrics
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Billings | $ | 151,088 | $ | 128,448 | $ | 430,422 | $ | 379,051 | |||||||
Billings from business customers | $ | 134,022 | $ | 113,176 | $ | 380,788 | $ | 330,143 | |||||||
% of billings from business customers | 89 | % | 88 | % | 88 | % | 87 | % |
Non-GAAP Financial Measures
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Reconciliation of gross profit to non-GAAP gross profit: | |||||||||||||||
Gross profit | $ | 81,588 | $ | 69,802 | $ | 309,313 | $ | 245,557 | |||||||
Equity-based compensation | 335 | 193 | 1,213 | 548 | |||||||||||
Amortization of acquired intangible assets | 1,832 | 1,209 | 5,458 | 3,645 | |||||||||||
Employer payroll taxes on employee stock transactions | 12 | 5 | 54 | 23 | |||||||||||
Non-GAAP gross profit | $ | 83,767 | $ | 71,209 | $ | 316,038 | $ | 249,773 | |||||||
Gross margin | 78 | % | 79 | % | 79 | % | 77 | % | |||||||
Non-GAAP gross margin | 80 | % | 80 | % | 81 | % | 79 | % |
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures (cont.)
(dollars in thousands)
(unaudited)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Reconciliation of operating expenses to non-GAAP operating expenses: | |||||||||||||||||||
Sales and marketing | $ | 60,785 | $ | 57,071 | $ | 238,165 | $ | 207,085 | |||||||||||
Less: Equity-based compensation | (9,860 | ) | (7,710 | ) | (41,168 | ) | (30,677 | ) | |||||||||||
Less: Amortization of acquired intangible assets | (146 | ) | (50 | ) | (296 | ) | (129 | ) | |||||||||||
Less: Employer payroll taxes on employee stock transactions | (169 | ) | (81 | ) | (1,151 | ) | (1,293 | ) | |||||||||||
Non-GAAP sales and marketing | $ | 50,610 | $ | 49,230 | $ | 195,550 | $ | 174,986 | |||||||||||
Sales and marketing as a percentage of revenue | 58 | % | 64 | % | 61 | % | 65 | % | |||||||||||
Non-GAAP sales and marketing as a percentage of revenue | 48 | % | 55 | % | 50 | % | 55 | % | |||||||||||
Technology and content | $ | 29,782 | $ | 29,965 | $ | 118,785 | $ | 102,902 | |||||||||||
Less: Equity-based compensation | (6,641 | ) | (5,917 | ) | (26,222 | ) | (21,430 | ) | |||||||||||
Less: Amortization of acquired intangible assets | (121 | ) | (176 | ) | (580 | ) | (705 | ) | |||||||||||
Less: Employer payroll taxes on employee stock transactions | (121 | ) | (94 | ) | (1,165 | ) | (1,073 | ) | |||||||||||
Non-GAAP technology and content | $ | 22,899 | $ | 23,778 | $ | 90,818 | $ | 79,694 | |||||||||||
Technology and content as a percentage of revenue | 28 | % | 34 | % | 30 | % | 32 | % | |||||||||||
Non-GAAP technology and content as a percentage of revenue | 22 | % | 27 | % | 23 | % | 25 | % | |||||||||||
General and administrative | $ | 28,918 | $ | 21,950 | $ | 95,651 | $ | 85,560 | |||||||||||
Less: Equity-based compensation | (6,800 | ) | (8,960 | ) | (31,250 | ) | (37,782 | ) | |||||||||||
Less: Employer payroll taxes on employee stock transactions | (156 | ) | (142 | ) | (1,008 | ) | (1,039 | ) | |||||||||||
Less: Secondary offering costs | — | — | (1,260 | ) | (918 | ) | |||||||||||||
Less: Acquisition-related costs | (8,097 | ) | — | (8,438 | ) | (835 | ) | ||||||||||||
Non-GAAP general and administrative | $ | 13,865 | $ | 12,848 | $ | 53,695 | $ | 44,986 | |||||||||||
General and administrative as a percentage of revenue | 28 | % | 25 | % | 24 | % | 27 | % | |||||||||||
Non-GAAP general and administrative as a percentage of revenue | 13 | % | 14 | % | 14 | % | 14 | % | |||||||||||
Reconciliation of loss from operations to non-GAAP operating loss: | |||||||||||||||||||
Loss from operations | $ | (37,897 | ) | $ | (39,184 | ) | $ | (143,288 | ) | $ | (149,990 | ) | |||||||
Equity-based compensation | 23,636 | 22,780 | 99,853 | 90,437 | |||||||||||||||
Amortization of acquired intangible assets | 2,099 | 1,435 | 6,334 | 4,479 | |||||||||||||||
Employer payroll taxes on employee stock transactions | 458 | 322 | 3,378 | 3,428 | |||||||||||||||
Secondary offering costs | — | — | 1,260 | 918 | |||||||||||||||
Acquisition-related costs | 8,097 | — | 8,438 | 835 | |||||||||||||||
Non-GAAP operating loss | $ | (3,607 | ) | $ | (14,647 | ) | $ | (24,025 | ) | $ | (49,893 | ) |
PLURALSIGHT, INC.
Key Business Metrics and Non-GAAP Financial Measures (cont.)
(in thousands, except per share amounts)
(unaudited)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Adjusted pro forma net loss per share | |||||||||||||||
Numerator: | |||||||||||||||
Net loss attributable to Pluralsight, Inc. | $ | (35,471 | ) | $ | (31,977 | ) | $ | (128,080 | ) | $ | (112,658 | ) | |||
Net loss attributable to non-controlling interests | (7,606 | ) | (11,492 | ) | (36,011 | ) | (50,921 | ) | |||||||
Equity-based compensation | 23,636 | 22,780 | 99,853 | 90,437 | |||||||||||
Amortization of acquired intangibles | 2,099 | 1,435 | 6,334 | 4,479 | |||||||||||
Employer payroll taxes on employee stock transactions | 458 | 322 | 3,378 | 3,428 | |||||||||||
Secondary offering costs | — | — | 1,260 | 918 | |||||||||||
Acquisition-related costs | 8,097 | — | 8,438 | 835 | |||||||||||
Amortization of debt discount and issuance costs | 6,949 | 6,571 | 27,077 | 21,691 | |||||||||||
Loss on debt extinguishment | — | — | — | 950 | |||||||||||
Adjusted pro forma net loss | $ | (1,838 | ) | $ | (12,361 | ) | $ | (17,751 | ) | $ | (40,841 | ) | |||
Denominator: | |||||||||||||||
Weighted-average shares of Class A common stock outstanding | 120,133 | 102,747 | 111,798 | 94,515 | |||||||||||
Weighted-average LLC Units of Pluralsight Holdings that are convertible into Class A common stock | 25,446 | 36,447 | 31,434 | 42,720 | |||||||||||
Adjusted pro forma weighted-average common shares outstanding, basic and diluted | 145,579 | 139,194 | 143,232 | 137,235 | |||||||||||
Adjusted pro forma net loss per share | $ | (0.01 | ) | $ | (0.09 | ) | $ | (0.12 | ) | $ | (0.30 | ) | |||
Reconciliation of net cash provided by (used in) operating activities to free cash flow: | |||||||||||||||
Net cash provided by (used in) operating activities | $ | 2,397 | $ | (7,906 | ) | $ | 9,090 | $ | (11,729 | ) | |||||
Less: Purchases of property and equipment(1) | (4,212 | ) | (3,562 | ) | (35,438 | ) | (11,181 | ) | |||||||
Less: Purchases of content library | (2,213 | ) | (1,504 | ) | (7,809 | ) | (5,326 | ) | |||||||
Free cash flow | $ | (4,028 | ) | $ | (12,972 | ) | $ | (34,157 | ) | $ | (28,236 | ) |
(1) Purchases of property and equipment includes cash paid for the construction of tenant improvements at our new headquarters in Utah of approximately $1.2 million and $24.1 million for the three months and year ended December 31, 2020, respectively.
PLURALSIGHT, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 134,395 | $ | 90,515 | |||
Short-term investments | 265,220 | 332,234 | |||||
Accounts receivable, net | 118,808 | 101,576 | |||||
Deferred contract acquisition costs | 22,910 | 18,331 | |||||
Prepaid expenses and other current assets | 25,033 | 14,174 | |||||
Total current assets | 566,366 | 556,830 | |||||
Restricted cash and cash equivalents | 17,546 | 28,916 | |||||
Long-term investments | 86,586 | 105,805 | |||||
Property and equipment, net | 64,518 | 22,896 | |||||
Right-of-use assets | 61,157 | 15,804 | |||||
Content library, net | 28,890 | 8,958 | |||||
Intangible assets, net | 18,488 | 22,631 | |||||
Goodwill | 293,863 | 262,532 | |||||
Deferred contract acquisition costs, noncurrent | 10,553 | 5,982 | |||||
Other assets | 3,166 | 1,599 | |||||
Total assets | $ | 1,151,133 | $ | 1,031,953 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 9,697 | $ | 10,615 | |||
Accrued expenses | 57,884 | 40,703 | |||||
Accrued author fees | 12,111 | 11,694 | |||||
Lease liabilities | 10,350 | 5,752 | |||||
Deferred revenue | 252,423 | 215,137 | |||||
Total current liabilities | 342,465 | 283,901 | |||||
Deferred revenue, noncurrent | 23,863 | 19,517 | |||||
Convertible senior notes, net | 497,305 | 470,228 | |||||
Lease liabilities, noncurrent | 74,421 | 11,167 | |||||
Contingent consideration liabilities | 11,050 | — | |||||
Other liabilities | 259 | 980 | |||||
Total liabilities | 949,363 | 785,793 | |||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Class A common stock | 12 | 10 | |||||
Class B common stock | 1 | 2 | |||||
Class C common stock | 1 | 1 | |||||
Additional paid-in capital | 752,804 | 641,128 | |||||
Accumulated other comprehensive income | 975 | 225 | |||||
Accumulated deficit | (586,461 | ) | (458,381 | ) | |||
Total stockholders’ equity attributable to Pluralsight, Inc. | 167,332 | 182,985 | |||||
Non-controlling interests | 34,438 | 63,175 | |||||
Total stockholders’ equity | 201,770 | 246,160 | |||||
Total liabilities and stockholders’ equity | $ | 1,151,133 | $ | 1,031,953 |
PLURALSIGHT, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Operating activities | |||||||||||||||
Net loss | $ | (43,077 | ) | $ | (43,469 | ) | $ | (164,091 | ) | $ | (163,579 | ) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation of property and equipment | 3,396 | 2,468 | 12,262 | 9,464 | |||||||||||
Amortization of acquired intangible assets | 2,099 | 1,435 | 6,334 | 4,479 | |||||||||||
Amortization of course creation costs | 963 | 702 | 3,427 | 2,543 | |||||||||||
Equity-based compensation | 23,636 | 22,780 | 99,853 | 90,437 | |||||||||||
Amortization of deferred contract acquisition costs | 6,876 | 6,270 | 25,894 | 23,587 | |||||||||||
Amortization of debt discount and issuance costs | 6,949 | 6,571 | 27,077 | 21,691 | |||||||||||
Investment discount and premium amortization, net | 702 | (675 | ) | 770 | (2,446 | ) | |||||||||
Loss on debt extinguishment | — | — | — | 950 | |||||||||||
Other | (807 | ) | 558 | (218 | ) | 380 | |||||||||
Changes in assets and liabilities, net of acquired assets and liabilities: | |||||||||||||||
Accounts receivable | (40,557 | ) | (39,132 | ) | (17,045 | ) | (37,274 | ) | |||||||
Deferred contract acquisition costs | (12,553 | ) | (9,020 | ) | (35,044 | ) | (27,688 | ) | |||||||
Prepaid expenses and other assets | (6,185 | ) | (2,154 | ) | (10,422 | ) | (5,663 | ) | |||||||
Right-of-use assets | 1,128 | 1,247 | 5,615 | 5,586 | |||||||||||
Accounts payable | 1,969 | 5,203 | (1,157 | ) | 2,683 | ||||||||||
Accrued expenses and other liabilities | 11,023 | 699 | 17,903 | 5,887 | |||||||||||
Accrued author fees | 124 | 400 | 417 | 1,692 | |||||||||||
Lease liabilities | 59 | (1,529 | ) | (3,545 | ) | (6,659 | ) | ||||||||
Deferred revenue | 46,652 | 39,740 | 41,060 | 62,201 | |||||||||||
Net cash provided by (used in) operating activities | 2,397 | (7,906 | ) | 9,090 | (11,729 | ) | |||||||||
Investing activities | |||||||||||||||
Purchases of property and equipment | (4,212 | ) | (3,562 | ) | (35,438 | ) | (11,181 | ) | |||||||
Purchases of content library | (2,213 | ) | (1,504 | ) | (7,809 | ) | (5,326 | ) | |||||||
Cash paid for acquisition, net of cash acquired | (37,512 | ) | — | (37,512 | ) | (163,771 | ) | ||||||||
Purchases of investments | (64,148 | ) | (164,593 | ) | (491,278 | ) | (694,246 | ) | |||||||
Proceeds from sales of investments | — | — | — | 4,967 | |||||||||||
Proceeds from maturities of investments | 129,752 | 139,841 | 576,582 | 252,836 | |||||||||||
Net cash provided by (used in) investing activities | 21,667 | (29,818 | ) | 4,545 | (616,721 | ) | |||||||||
Financing activities | |||||||||||||||
Proceeds from issuance of common stock from employee equity plans | 11,677 | 9,952 | 26,418 | 24,828 | |||||||||||
Taxes paid related to net share settlement | (2,387 | ) | (1,574 | ) | (7,992 | ) | (1,574 | ) | |||||||
Proceeds from issuance of convertible senior notes, net of discount and issuance costs | — | — | — | 616,654 | |||||||||||
Purchase of capped calls related to issuance of convertible senior notes | — | — | — | (69,432 | ) | ||||||||||
Repurchases of convertible senior notes | — | — | — | (35,000 | ) | ||||||||||
Proceeds from terminations of capped calls related to repurchases of convertible senior notes | — | — | — | 1,284 | |||||||||||
Net cash provided by (used in) financing activities | 9,290 | 8,378 | 18,426 | 536,760 | |||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | 368 | 158 | 449 | 50 | |||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 33,722 | (29,188 | ) | 32,510 | (91,640 | ) | |||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period | 118,219 | 148,619 | 119,431 | 211,071 | |||||||||||
Cash, cash equivalents, and restricted cash and cash equivalents, end of period | $ | 151,941 | $ | 119,431 | $ | 151,941 | $ | 119,431 |
Investor Relations Contact:
Mark McReynolds
Investor Relations
Pluralsight
801-784-9007
[email protected]
Media Contact:
DJ Anderson
Communications/Press
Pluralsight
801-784-9007
[email protected]
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“The Global Rise of Cognitive Solutions Against Cyber Threats”
The field of cognitive security, leveraging the latest in artificial intelligence (AI), machine learning (ML), and data analytics, is reshaping the way physical and digital assets are protected from cyber threats. This innovative approach learns from user interactions with systems and data, enabling real-time threat detection and a more dynamic defense strategy. Across industries, including finance, healthcare, retail, and government, cognitive security applications, such as fraud detection and cyber defense, are becoming vital in navigating the complex threat landscape. Challenges in integrating with older systems and opportunities include advancements in AI and technology. Globally, the cognitive security market is witnessing rapid growth, driven by high American demand and significant investments in the Asia-Pacific region. In Europe, stringent regulations such as GDPR drive the demand for compliant solutions, while in the Middle East and Africa, the expanding telecom sector highlights the need for robust cybersecurity measures. This global momentum highlights the critical role of cognitive security in an interconnected world, ensuring businesses and governments can overcome cyber threats.
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“The Essential Role of Cognitive Security in Today’s Digital Age”
As digital transformation reshapes industries, the surge in data generation and intricate data management challenges have outpaced traditional cyber defense mechanisms. Cognitive security adept at processing and analyzing vast arrays of data in real-time, uncovering patterns and anomalies indicative of cybersecurity threats. This advanced approach enables proactive threat detection and swift response measures, significantly mitigating the risks of data breaches and cyber incidents. Cognitive security solutions adeptly handle diverse data types at unparalleled speeds, offering insights typically elusive to manual analysis by harnessing the power of automation. These systems excel at unveiling sophisticated attacks, skillfully hidden within normal network activities, and continuously evolve through machine learning. This perceptual adaptation is vital in a landscape where cyber threats rapidly transform, and digitalization ushers in new vulnerabilities. Cognitive security is a staunch supporter for organizations, ensuring their security policies remain in lockstep with the ever-evolving cyber threat environment and regulatory demands, thus fortifying digital defenses in an increasingly connected world.
“Enhancing Digital Security through Advanced Cognitive Technologies”
In an era where cyber threats are constantly evolving, the importance of robust digital security mechanisms cannot be overstated. The approach encompasses a suite of essential services that ensure the effective operation and continuous improvement of cognitive security systems. These include the meticulous deployment and integration of these systems into existing organizational structures, ensuring they work seamlessly with current technologies and protocols. Ongoing support and maintenance to keep these systems at the forefront of cyber defense, alongside training and consulting to empower staff with the knowledge and skills needed to optimize these advanced security solutions. Cutting-edge technologies include biometric recognition, digital signature authentication, real-time security analytics, and a unified platform managing security logs and data. Each component is vital role in creating a secure digital environment that identifies threats and enables swift, informed responses to protect organizational assets and data.
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“International Business Machines Corporation at the Forefront of Cognitive Security Market with a Strong 8.44% Market Share”
The key players in the Cognitive Security Market include Google LLC by Alphabet Inc., Microsoft Corporation, Fortinet, Inc., International Business Machines Corporation, Cisco Systems, Inc., and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Cognitive Security Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Cognitive Security Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Cognitive Security Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the Cognitive Security Market Landscape: Explore 192 Pages of Insights, 760 Tables, and 28 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsCognitive Security Market, by ComponentCognitive Security Market, by Security TypeCognitive Security Market, by ApplicationCognitive Security Market, by Deployment ModeCognitive Security Market, by Enterprise TypeCognitive Security Market, by VerticalAmericas Cognitive Security MarketAsia-Pacific Cognitive Security MarketEurope, Middle East & Africa Cognitive Security MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/cognitive-security
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Cognitive Radio Market – Global Forecast 2024-2030Cognitive Electronic Warfare System Market – Global Forecast 2024-2030Cognitive Data Management Market – Global Forecast 2024-2030About 360iResearch
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Artificial Intelligence
IBM, Government of Canada, Government of Quebec Sign Agreements to Strengthen Canada’s Semiconductor Industry
Up to $187M CAD to be invested to progress expansion of chip packaging capacity and capabilities and to strengthen R&D at IBM Canada’s Bromont plant
BROMONT, QC, April 26, 2024 /PRNewswire/ — IBM (NYSE: IBM), the Government of Canada, and the Government of Quebec today announced agreements that will strengthen Canada’s semiconductor industry, and further develop the assembly, testing and packaging (ATP) capabilities for semiconductor modules to be used across a wide range of applications including telecommunications, high performance computing, automotive, aerospace & defence, computer networks, and generative AI, at IBM Canada’s plant in Bromont, Quebec. The agreements reflect a combined investment valued at approximately $187M CAD.
“Today’s announcement is a massive win for Canada and our dynamic tech sector. It will create high-paying jobs, invest in innovation, strengthen supply chains, and help make sure the most advanced technologies are Canadian-made. Semiconductors power the world, and we’re putting Canada at the forefront of that opportunity,” said the Right Honourable Justin Trudeau, Prime Minister of Canada
In addition to the advancement of packaging capabilities, IBM will be conducting R&D to develop methods for scalable manufacturing and other advanced assembly processes to support the packaging of different chip technologies, to further Canada’s role in the North American semiconductor supply chain and expand and anchor Canada’s capabilities in advanced packaging.
The agreements also allow for collaborations with small and medium-sized Canadian-based enterprises with the intent of fostering the development of a semiconductor ecosystem, now and into the future.
“IBM has long been a leader in semiconductor research and development, pioneering breakthroughs to meet tomorrow’s challenges. With the demand for compute surging in the age of AI, advanced packaging and chiplet technology is becoming critical for the acceleration of AI workloads,” said Darío Gil, IBM Senior Vice President and Director of Research. “As one of the largest chip assembly and testing facilities in North America, IBM’s Bromont facility will play a central role in this future. We are proud to be working with the governments of Canada and Quebec toward those goals and to build a stronger and more balanced semiconductor ecosystem in North America and beyond.”
IBM Canada’s Bromont plant is one of North America’s largest chip assembly and testing facilities, having operated in the region for 52 years. Today, the facility transforms advanced semiconductor components into state-of-the-art microelectronic solutions, playing a key role in IBM’s semiconductor R&D leadership alongside IBM’s facilities at the Albany NanoTech Complex and throughout New York’s Hudson Valley. These agreements will help to further establish a corridor of semiconductor innovation from New York to Bromont.
“Advanced packaging is a crucial component of the semiconductor industry, and IBM Canada’s Bromont plant has led the world in this process for decades,” said Deb Pimentel, president of IBM Canada. “Building upon IBM’s 107-year legacy of technology innovation and R&D in Canada, the Canadian semiconductor industry will now become even stronger, allowing for robust supply chains and giving Canadians steady access to even more innovative technologies and products. This announcement represents just one more example of IBM’s leadership and commitment to the country’s technology and business landscape.”
Chip packaging, the process of connecting integrated circuits on a chip or circuit board, has become more complex as electronic devices have shrunk and the components of chips themselves get smaller and smaller. IBM announced the world’s first 2 nanometer chip technology in 2021 and, as the semiconductor industry moves towards new methods of chip construction, advances in packaging will grow in importance.
“Semiconductors are part of our everyday life. They are in our phones, our cars, and our appliances. Through this investment, we are supporting Canadian innovators, creating good jobs, and solidifying Canada’s semiconductor industry to build a stronger economy. Canada is set to play a larger role in the global semiconductor industry thanks to projects like the one we are announcing today. Because, when we invest in semiconductor and quantum technologies, we invest in economic security.” — The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“This investment by IBM in Bromont will ensure that Quebec continues to stand out in the field of microelectronics. An increase in production capacity will solidify Quebec’s position in the strategic microelectronics sector in North America.” — The Honourable Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal region
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in semiconductors, AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media ContactLorraine BaldwinIBM [email protected]
Willa HahnIBM [email protected]
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Artificial Intelligence
HITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
HOLLAND, Mich., April 26, 2024 /PRNewswire/ — Hitachi Ltd. (TSE: 6501, “Hitachi”) has signed a stock purchase agreement on April 26 to acquire all shares of MA micro automation GmbH (“MA micro automation”, headquartered in St. Leon-Rot, Germany) from MAX Management GmbH (a subsidiary of MAX Automation SE). MA micro automation is a leading provider of robotic and automation technology (robotic SI) including high-speed linear handling systems, high-precision assembly lines, and high-speed vision inspection technology for Europe, North America, and Southeast Asia, for EUR 71.5M million. The transaction is expected to close in the second half of 2024, pending completion of the customary regulatory filings. After the acquisition is completed, MA micro automation will join JR Automation Technologies, LLC (“JR Automation”), a market leader in providing advanced automation solutions and digital technologies in the robotic system integration business for North America, Europe, and Southeast Asia as a continued effort to expand the company’s global presence.
MA micro automation is a technology leader for automation solutions within micro-assembly. Through its state-of-the-art proprietary high-speed and high-precision automation know-how, combined with unique optical image inspection capabilities, MA micro automation serves high-growth med-tech automation end-markets, covering the production, assembly, and testing medical and optical components including contact lenses, IVD and diabetes diagnostics consumables, and injection molding for medical use. The company was established in 2003 through a carve-out from Siemens*1 and since 2013 has been part of the MAX Automation group.
JR Automation is a leading provider of intelligent automated manufacturing technology solutions, serving customers across the globe in a variety of industries including automotive, life sciences, e-mobility, consumer and industrial products. With over 20 locations between North America, Europe, and Southeast Asia, the leading integrator offers nearly 2 million square feet (185,806 sq. m) of available build and engineering floorspace. This acquisition allows JR Automation to further grow and strengthen both the company’s geographical footprint and their continued commitment on expanding support capabilities within the European region and medical market vertical.
“MA micro automation provides engineering, build and support expertise with established capabilities in complex vision applications, high-speed and high-precision automation technologies. When integrated with JR Automation’s uniform global process and digital technologies, this partnership will further enhance our ability to deliver added value and support to all of our customers worldwide and continue to grow our capabilities in the medical market,” says Dave DeGraaf, CEO of JR Automation. “As we integrate this new dimension, impressive talents and abilities of the MA micro automation team we further enhance our ability to serve our customers, creating a more robust and globally balanced offering.”
With this acquisition, Hitachi aims to further enhance its ability to provide a “Total Seamless Solution*2” to connect manufacturer’s factory floors seamlessly and digitally with their front office data, allowing them to achieve total optimization and bringing Industry 4.0 to life. This “Total Seamless Solution” strategy links organizations’ operational activities such as engineering, supply chain, and purchasing to the plant floor and allows for real time, data-driven decision-making that improves the overall business value for customers.
Kazunobu Morita, Vice President and Executive Officer, CEO of Industrial Digital Business Unit, Hitachi, Ltd. says, “We are very pleased to welcome MA micro automation to the Hitachi Group. The team is based in Europe, providing robotic SI to global medical device manufacturing customers with its high technological capabilities and will join forces with JR Automation and Hitachi Automation to strengthen our global competitiveness. Hitachi aims to enhance its ability to provide value to customers and grow alongside them by leveraging its strengths in both OT, IT, including robotic SI, and “Total Seamless Solution” through Lumada*3’s customer co-creation framework.”
Joachim Hardt, CEO MA micro automation GmbH says, “Following the successful establishment and growth of MA micro automation within the attractive automation market for medical technology products, we are now opening a new chapter. Our partnership with Hitachi will not only strengthen our global competitive position, but we will also benefit from joint technological synergies and a global market presence. We look forward to a synergistic partnership with Hitachi and JR Automation.”
Outline of MA micro automation
Name
MA micro automation GmbH
Head Office
St. Leon-Rot, Germany
Representative
Joachim Hardt (CEO)
Outline of Business
Automation solutions within micro-assembly
Total no. of Employees:
Approx. 200 (As of April 2024)
Founded
2003
Revenues (2023)
€ 46.5 million
Website
*1
“Siemens” is a registered trademark or trademark of Siemens Trademark GmbH & Co. KG in the U.S. and other countries.
*2
“Total Seamless Solution” is a registered trademark of Hitachi, Ltd. in the U.S. and Japan.
*3
Lumada: A collective term for solutions, services and technologies based on Hitachi’s advanced digital technologies for creating value from customers’ data accelerating digital innovation. https://www.hitachi.com/products/it/lumada/global/en/index.html
About JR AutomationEstablished in 1980, JR Automation is a leading provider of intelligent automated manufacturing technology solutions that solve customers’ key operational and productivity challenges. JR Automation serves customers across the globe in a variety of industries, including automotive, life sciences, aerospace, and more.
In 2019, JR Automation was acquired by Hitachi, Ltd. In a strategic effort towards offering a seamless connection between the physical and cyber space for industrial manufacturers and distributers worldwide. With this partnership, JR Automation provides customers a unique, single-source solution for complete integration of their physical assets and data information, offering greater speed, flexibility, and efficiencies towards achieving their Industry 4.0 visions. JR Automation employs over 2,000 people at 21 manufacturing facilities in North America, Europe, and Asia. For more information, please visit www.jrautomation.com.
About Hitachi, Ltd.Hitachi drives Social Innovation Business, creating a sustainable society through the use of data and technology. We solve customers’ and society’s challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products. Hitachi operates under the 3 business sectors of “Digital Systems & Services” – supporting our customers’ digital transformation; “Green Energy & Mobility” – contributing to a decarbonized society through energy and railway systems, and “Connective Industries” – connecting products through digital technology to provide solutions in various industries. Driven by Digital, Green, and Innovation, we aim for growth through co-creation with our customers. The company’s revenues as 3 sectors for fiscal year 2023 (ended March 31, 2024) totaled 8,564.3 billion yen, with 573 consolidated subsidiaries and approximately 270,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.
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