Artificial Intelligence
Micron Technology, Inc. Reports Results for the Second Quarter of Fiscal 2021
BOISE, Idaho, March 31, 2021 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its second quarter of fiscal 2021, which ended March 4, 2021.
Fiscal Q2 2021 highlights
- Revenue of $6.24 billion versus $5.77 billion for the prior quarter and $4.80 billion for the same period last year
- GAAP net income of $603 million, or $0.53 per diluted share
- Non-GAAP net income of $1.13 billion, or $0.98 per diluted share
- Operating cash flow of $3.06 billion versus $1.97 billion for the prior quarter and $2.00 billion for the same period last year
“Micron’s strong fiscal second quarter performance reflects rapidly improving market conditions and continued solid execution,” said Micron Technology President and CEO Sanjay Mehrotra. “Our technology leadership in both DRAM and NAND places Micron in an excellent position to capitalize on the secular demand driven by AI and 5G, and to deliver new levels of user experience and innovation across the data center and intelligent edge.”
Quarterly Financial Results | |||||||||||||||||||
(in millions, except per share amounts) | GAAP(1) | Non-GAAP(2) | |||||||||||||||||
FQ2-21 | FQ1-21 | FQ2-20 | FQ2-21 | FQ1-21 | FQ2-20 | ||||||||||||||
Revenue | $ | 6,236 | $ | 5,773 | $ | 4,797 | $ | 6,236 | $ | 5,773 | $ | 4,797 | |||||||
Gross margin | 1,649 | 1,736 | 1,355 | 2,054 | 1,784 | 1,398 | |||||||||||||
percent of revenue | 26.4 | % | 30.1 | % | 28.2 | % | 32.9 | % | 30.9 | % | 29.1 | % | |||||||
Operating expenses | 986 | 870 | 915 | 797 | 811 | 856 | |||||||||||||
Operating income | 663 | 866 | 440 | 1,257 | 973 | 542 | |||||||||||||
percent of revenue | 10.6 | % | 15.0 | % | 9.2 | % | 20.2 | % | 16.9 | % | 11.3 | % | |||||||
Net income attributable to Micron | 603 | 803 | 405 | 1,128 | 897 | 517 | |||||||||||||
Diluted earnings per share | 0.53 | 0.71 | 0.36 | 0.98 | 0.78 | 0.45 |
Investments in capital expenditures, net(2) were $2.88 billion for the second quarter of 2021, which resulted in adjusted free cash flows(2) of $174 million. Micron ended the quarter with cash, marketable investments, and restricted cash of $8.57 billion, for a net cash(2) position of $1.95 billion.
Business Outlook
The following table presents Micron’s guidance for the third quarter of 2021:
FQ3-21 | GAAP(1) Outlook | Non-GAAP(2) Outlook |
Revenue | $7.1 billion ± $200 million | $7.1 billion ± $200 million |
Gross margin | 40.5% ± 1% | 41.5% ± 1% |
Operating expenses | $930 million ± $25 million | $875 million ± $25 million |
Interest (income) expense, net | $27 million | $25 million |
Diluted earnings per share | $1.52 ± $0.07 | $1.62 ± $0.07 |
Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.
Investor Webcast
Micron will host a conference call on Wednesday, March 31, 2021, at 2:30 p.m. MT to discuss its second quarter financial results and provide forward-looking guidance for its third quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.
About Micron Technology, Inc.
We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.
© 2021 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, specifically our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at www.micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
(1) | GAAP represents U.S. Generally Accepted Accounting Principles. | |
(2) | Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release. |
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
2nd Qtr. | 1st Qtr. | 2nd Qtr. | Six Months Ended | |||||||||||||||||
March 4, 2021 |
December 3, 2020 |
February 27, 2020 |
March 4, 2021 |
February 27, 2020 |
||||||||||||||||
Revenue | $ | 6,236 | $ | 5,773 | $ | 4,797 | $ | 12,009 | $ | 9,941 | ||||||||||
Cost of goods sold | 4,587 | 4,037 | 3,442 | 8,624 | 7,220 | |||||||||||||||
Gross margin | 1,649 | 1,736 | 1,355 | 3,385 | 2,721 | |||||||||||||||
Research and development | 641 | 647 | 681 | 1,288 | 1,321 | |||||||||||||||
Selling, general, and administrative | 214 | 214 | 223 | 428 | 434 | |||||||||||||||
Other operating (income) expense, net | 131 | 9 | 11 | 140 | 8 | |||||||||||||||
Operating income | 663 | 866 | 440 | 1,529 | 958 | |||||||||||||||
Interest income | 10 | 10 | 34 | 20 | 78 | |||||||||||||||
Interest expense | (42 | ) | (48 | ) | (46 | ) | (90 | ) | (93 | ) | ||||||||||
Other non-operating income (expense), net | 4 | 13 | (1 | ) | 17 | 45 | ||||||||||||||
635 | 841 | 427 | 1,476 | 988 | ||||||||||||||||
Income tax (provision) benefit | (48 | ) | (51 | ) | (21 | ) | (99 | ) | (76 | ) | ||||||||||
Equity in net income (loss) of equity method investees | 16 | 13 | 1 | 29 | 3 | |||||||||||||||
Net income | 603 | 803 | 407 | 1,406 | 915 | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | (2 | ) | — | (19 | ) | |||||||||||||
Net income attributable to Micron | $ | 603 | $ | 803 | $ | 405 | $ | 1,406 | $ | 896 | ||||||||||
Earnings per share | ||||||||||||||||||||
Basic | $ | 0.54 | $ | 0.72 | $ | 0.37 | $ | 1.26 | $ | 0.81 | ||||||||||
Diluted | 0.53 | 0.71 | 0.36 | 1.23 | 0.79 | |||||||||||||||
Number of shares used in per share calculations | ||||||||||||||||||||
Basic | 1,120 | 1,115 | 1,111 | 1,118 | 1,109 | |||||||||||||||
Diluted | 1,144 | 1,135 | 1,133 | 1,139 | 1,131 | |||||||||||||||
MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
As of | March 4, 2021 |
December 3, 2020 |
September 3, 2020 |
|||||||||
Assets | ||||||||||||
Cash and equivalents | $ | 6,507 | $ | 5,985 | $ | 7,624 | ||||||
Short-term investments | 677 | 1,047 | 518 | |||||||||
Receivables | 3,353 | 3,691 | 3,912 | |||||||||
Inventories | 4,743 | 5,242 | 5,373 | |||||||||
Assets held for sale | 1,461 | — | — | |||||||||
Other current assets | 538 | 564 | 538 | |||||||||
Total current assets | 17,279 | 16,529 | 17,965 | |||||||||
Long-term marketable investments | 1,316 | 1,264 | 1,048 | |||||||||
Property, plant, and equipment | 31,848 | 32,229 | 31,031 | |||||||||
Operating lease right-of-use assets | 575 | 577 | 584 | |||||||||
Intangible assets | 342 | 336 | 334 | |||||||||
Deferred tax assets | 726 | 726 | 707 | |||||||||
Goodwill | 1,228 | 1,228 | 1,228 | |||||||||
Other noncurrent assets | 821 | 802 | 781 | |||||||||
Total assets | $ | 54,135 | $ | 53,691 | $ | 53,678 | ||||||
Liabilities and equity | ||||||||||||
Accounts payable and accrued expenses | $ | 4,550 | $ | 4,856 | $ | 5,817 | ||||||
Current debt | 323 | 273 | 270 | |||||||||
Other current liabilities | 560 | 559 | 548 | |||||||||
Total current liabilities | 5,433 | 5,688 | 6,635 | |||||||||
Long-term debt | 6,298 | 6,356 | 6,373 | |||||||||
Noncurrent operating lease liabilities | 528 | 529 | 533 | |||||||||
Noncurrent unearned government incentives | 661 | 656 | 643 | |||||||||
Other noncurrent liabilities | 552 | 555 | 498 | |||||||||
Total liabilities | 13,472 | 13,784 | 14,682 | |||||||||
Commitments and contingencies | ||||||||||||
Shareholders’ equity | ||||||||||||
Common stock | 120 | 120 | 119 | |||||||||
Additional capital | 9,234 | 9,034 | 8,917 | |||||||||
Retained earnings | 34,723 | 34,138 | 33,384 | |||||||||
Treasury stock | (3,495 | ) | (3,495 | ) | (3,495 | ) | ||||||
Accumulated other comprehensive income (loss) | 81 | 110 | 71 | |||||||||
Total equity | 40,663 | 39,907 | 38,996 | |||||||||
Total liabilities and equity | $ | 54,135 | $ | 53,691 | $ | 53,678 | ||||||
MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six months ended | March 4, 2021 |
February 27, 2020 |
||||||
Cash flows from operating activities | ||||||||
Net income | $ | 1,406 | $ | 915 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation expense and amortization of intangible assets | 3,036 | 2,661 | ||||||
Amortization of debt discount and other costs | 15 | 16 | ||||||
Stock-based compensation | 189 | 157 | ||||||
(Gain) loss on debt prepayments, repurchases, and conversions | — | (42 | ) | |||||
Change in operating assets and liabilities | ||||||||
Receivables | 533 | 104 | ||||||
Inventories | 629 | (69 | ) | |||||
Accounts payable and accrued expenses | (777 | ) | 257 | |||||
Deferred income taxes, net | (11 | ) | 38 | |||||
Other | 4 | (25 | ) | |||||
Net cash provided by operating activities | 5,024 | 4,012 | ||||||
Cash flows from investing activities | ||||||||
Expenditures for property, plant, and equipment | (5,756 | ) | (3,999 | ) | ||||
Purchases of available-for-sale securities | (1,349 | ) | (566 | ) | ||||
Proceeds from maturities of available-for-sale securities | 746 | 523 | ||||||
Proceeds from sales of available-for-sale securities | 178 | 1,059 | ||||||
Proceeds from government incentives | 176 | 105 | ||||||
Other | 31 | (21 | ) | |||||
Net cash provided by (used for) investing activities | (5,974 | ) | (2,899 | ) | ||||
Cash flows from financing activities | ||||||||
Payments on equipment purchase contracts | (123 | ) | (29 | ) | ||||
Repayments of debt | (103 | ) | (1,676 | ) | ||||
Acquisition of noncontrolling interest in IMFT | — | (744 | ) | |||||
Proceeds from issuance of debt | — | 1,250 | ||||||
Other | 17 | (8 | ) | |||||
Net cash provided by (used for) financing activities | (209 | ) | (1,207 | ) | ||||
Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 43 | (14 | ) | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,116 | ) | (108 | ) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 7,690 | 7,279 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 6,574 | $ | 7,171 | ||||
MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)
Inventory
Effective as of the beginning of the second quarter of 2021, we changed our method of inventory costing from average cost to FIFO. This change in accounting principle is preferable because in an environment with continuously changing production costs FIFO more closely matches the actual cost of goods sold with the revenues from sales of those specific units, better represents the actual cost of inventories remaining on hand at any period-end, and improves comparability with our semiconductor industry peers. The change to FIFO was not material to any prior periods, nor is the cumulative effect of $133 million material to the second quarter of 2021. As such, prior periods were not retrospectively adjusted, and the cumulative effect was reported as an increase to cost of goods sold for the second quarter of 2021 of $133 million, with an offsetting reduction to beginning inventories. This charge resulted in a corresponding reduction to operating income, a $128 million reduction to net income, and an $0.11 reduction to diluted earnings per share for the second quarter of 2021.
Beginning in the second quarter of 2021, we changed the classification of spare parts for equipment to better align with the manner in which they are used in operations. As a result, we now present spare parts as other current assets and no longer as a component of raw materials inventories. This reclassification was applied on a retrospective basis. As a result, $270 million of spare parts were presented in other current assets as of March 4, 2021, and we reclassified spare parts from inventories to other current assets of $279 million and $234 million in the accompanying balance sheets as of December 3, 2020 and September 3, 2020, respectively.
Assets Held for Sale
In the second quarter of 2021, we updated our portfolio strategy to further strengthen our focus on memory and storage innovations for the data center market. In connection therewith, we determined that there was insufficient market validation to justify the ongoing investments required to commercialize 3D XPointTM at scale. Effective as of the end of the second quarter of 2021, we ceased development of 3D XPoint technology and engaged in discussions with potential buyers for the sale of our facility located in Lehi, Utah, that was dedicated to 3D XPoint production. As a result, we classified the property, plant, and equipment as held-for-sale and ceased depreciating the assets. As of March 4, 2021, the significant balances of assets and liabilities classified as held-for-sale in connection with our Lehi facility included $1.44 billion of property, plant, and equipment included in assets held for sale and $51 million of a finance lease obligation included in current portion of long-term debt. We also recognized a charge of $49 million to cost of goods sold in the second quarter of 2021 to write down 3D XPoint inventory due to our decision to cease further development of this technology. We expect to reach an agreement for the sale of our Lehi facility within calendar year 2021.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)
2nd Qtr. | 1st Qtr. | 2nd Qtr. | ||||||||||
March 4, 2021 |
December 3, 2020 |
February 27, 2020 |
||||||||||
GAAP gross margin | $ | 1,649 | $ | 1,736 | $ | 1,355 | ||||||
Inventory accounting policy change to FIFO | 133 | — | — | |||||||||
Change in inventory cost absorption | 160 | — | — | |||||||||
3D XPoint inventory write-down | 49 | — | — | |||||||||
Stock-based compensation | 57 | 41 | 37 | |||||||||
Other | 6 | 7 | 6 | |||||||||
Non-GAAP gross margin | $ | 2,054 | $ | 1,784 | $ | 1,398 | ||||||
GAAP operating expenses | $ | 986 | $ | 870 | $ | 915 | ||||||
Stock-based compensation | (55 | ) | (51 | ) | (48 | ) | ||||||
Patent license charges | (128 | ) | — | — | ||||||||
Restructure and asset impairments | (5 | ) | (8 | ) | (10 | ) | ||||||
Other | (1 | ) | — | (1 | ) | |||||||
Non-GAAP operating expenses | $ | 797 | $ | 811 | $ | 856 | ||||||
GAAP operating income | $ | 663 | $ | 866 | $ | 440 | ||||||
Inventory accounting policy change to FIFO | 133 | — | — | |||||||||
Change in inventory cost absorption | 160 | — | — | |||||||||
3D XPoint inventory write-down | 49 | — | — | |||||||||
Stock-based compensation | 112 | 92 | 85 | |||||||||
Patent license charges | 128 | — | — | |||||||||
Restructure and asset impairments | 5 | 8 | 10 | |||||||||
Other | 7 | 7 | 7 | |||||||||
Non-GAAP operating income | $ | 1,257 | $ | 973 | $ | 542 | ||||||
GAAP net income attributable to Micron | $ | 603 | $ | 803 | $ | 405 | ||||||
Inventory accounting policy change to FIFO | 133 | — | — | |||||||||
Change in inventory cost absorption | 160 | — | — | |||||||||
3D XPoint inventory write-down | 49 | — | — | |||||||||
Stock-based compensation | 112 | 92 | 85 | |||||||||
Patent license charges | 128 | — | — | |||||||||
Restructure and asset impairments | 5 | 8 | 10 | |||||||||
Amortization of debt discount and other costs | 8 | 7 | 6 | |||||||||
Other | 7 | 7 | 7 | |||||||||
Estimated tax effects of above and non-cash changes in net deferred income taxes | (77 | ) | (20 | ) | 4 | |||||||
Non-GAAP net income attributable to Micron | $ | 1,128 | $ | 897 | $ | 517 | ||||||
GAAP weighted-average common shares outstanding – Diluted | 1,144 | 1,135 | 1,133 | |||||||||
Adjustment for stock-based compensation and capped calls | 10 | 11 | 11 | |||||||||
Non-GAAP weighted-average common shares outstanding – Diluted | 1,154 | 1,146 | 1,144 | |||||||||
GAAP diluted earnings per share | $ | 0.53 | $ | 0.71 | $ | 0.36 | ||||||
Effects of the above adjustments | 0.45 | 0.07 | 0.09 | |||||||||
Non-GAAP diluted earnings per share | $ | 0.98 | $ | 0.78 | $ | 0.45 | ||||||
RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued
2nd Qtr. | 1st Qtr. | 2nd Qtr. | ||||||||||
March 4, 2021 |
December 3, 2020 |
February 27, 2020 |
||||||||||
GAAP net cash provided by operating activities | $ | 3,057 | $ | 1,967 | $ | 2,001 | ||||||
Investments in capital expenditures, net | ||||||||||||
Expenditures for property, plant, and equipment, net(1) | (3,000 | ) | (2,726 | ) | (2,013 | ) | ||||||
Payments on equipment purchase contracts | (26 | ) | (97 | ) | (18 | ) | ||||||
Amounts funded by partners | 143 | 40 | 93 | |||||||||
Adjusted free cash flow | $ | 174 | $ | (816 | ) | $ | 63 |
(1) | Expenditures for property, plant, and equipment, net include proceeds from sales of property, plant, and equipment of $18 million for the second quarter of 2021, $12 million for the first quarter of 2021, and $43 million for the second quarter of 2020. |
As of | March 4, 2021 |
December 3, 2020 |
September 3, 2020 |
|||||||||
Cash and short-term investments | $ | 7,184 | $ | 7,032 | $ | 8,142 | ||||||
Current and noncurrent restricted cash | 67 | 67 | 66 | |||||||||
Long-term marketable investments | 1,316 | 1,264 | 1,048 | |||||||||
Current and long-term debt | (6,621 | ) | (6,629 | ) | (6,643 | ) | ||||||
Net cash | $ | 1,946 | $ | 1,734 | $ | 2,613 | ||||||
The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income attributable to Micron, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:
- Stock-based compensation;
- Flow-through of business acquisition-related inventory adjustments;
- Acquisition-related costs;
- Start-up and preproduction costs;
- Employee severance;
- Patent license charges;
- Restructure and asset impairments;
- Amortization of debt discount and other costs, including the accretion of non-cash interest expense associated with our convertible notes and other debt;
- Gains and losses from debt repurchases and conversions;
- Gains and losses from business acquisition activities;
- Initial impact of inventory accounting policy change to FIFO and change in inventory cost absorption in the second quarter of 2021; and
- The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, and significant changes in tax law.
Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. Non-GAAP diluted shares also include the impact of capped calls, which are anti-dilutive in GAAP earnings per share but are expected to mitigate the dilutive effect of convertible notes, based on the average share price for the period the capped calls were outstanding.
MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK
FQ3-21 | GAAP Outlook | Adjustments | Non-GAAP Outlook | ||||
Revenue | $7.1 billion ± $200 million | — | $7.1 billion ± $200 million | ||||
Gross margin | 40.5% ± 1% | 1% | A | 41.5% ± 1% | |||
Operating expenses | $930 million ± $25 million | $55 million | B | $875 million ± $25 million | |||
Interest (income) expense, net | $27 million | $2 million | C | $25 million | |||
Diluted earnings per share(1) | $1.52 ± $0.07 | $0.10 | A, B, C, D | $1.62 ± $0.07 |
Non-GAAP Adjustments (in millions) |
|||||
A | Stock-based compensation – cost of goods sold | $ | 46 | ||
A | Other – cost of goods sold | 7 | |||
B | Stock-based compensation – research and development | 29 | |||
B | Stock-based compensation – sales, general, and administrative | 26 | |||
C | Amortization of debt discount and other costs | 2 | |||
D | Tax effects of the above items and non-cash changes in net deferred income taxes | 2 | |||
$ | 112 |
(1) | GAAP earnings per share based on approximately 1.15 billion diluted shares and non-GAAP earnings per share based on approximately 1.16 billion diluted shares. |
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
Artificial Intelligence
New CPS Protection Platform: TXOne Networks Unveils SageOne at GISec Global
TAIPEI, April 23, 2024 /PRNewswire/ — TXOne Networks, a frontrunner in the realm of cyber-physical systems (CPS) security, is set to unveil its groundbreaking CPS security platform, SageOne, at the highly anticipated GISec Global from April 23rd to 25th, 2024. Attendees can find TXOne Networks showcasing SageOne at stand B99 in hall 5. This innovative platform consolidates all CPS security products onto a single, central management platform, promising streamlined operations and optimized threat detection capabilities.
SageOne, aptly named “Wise Man Number One,” serves as a comprehensive management console providing a holistic view of the CPS attack surface within operational technology (OT) environments. By enabling centralized control of TXOne’s three core product lines – Stellar for endpoint protection, Element for security inspection, and Edge for network defense – SageOne facilitates integrated OT security throughout the lifecycle of protected assets, ensuring robust threat detection and response mechanisms.
Key features of SageOne include:
CPS Attack Surface Management: Prioritizing operational security by offering clear visibility into the overall security posture of OT environments, SageOne identifies security focal points, illuminating asset information and security controls.Integrated Lifecycle Protection: Through centralized management, SageOne simplifies cybersecurity governance and fosters collaborative defense. It serves as an abstraction layer, facilitating contextualization and consolidation of data across multiple products, offering tailored, task-oriented consoles for executives, security personnel, and plant leaders.CPS Threat Detection & Response: SageOne aggregates security insights from various solutions to scout for potential risks, enabling early caution and response to both known and unknown threats.SageOne’s foundation rests upon advanced components, including Threat Intelligence, Behavior-Based AI Analytics Engines, Compliance Framework, Data Visualizer, and Ecosystem Integrator, ensuring comprehensive protection and seamless integration of different tools and technologies.
With its focus on analyzing unexpected behavior and unknown threats, SageOne enables the identification of suspicious events through cross-telemetry analysis within the OT-native XDR engine. This amalgamation of advanced technologies and user-friendly interface ensures the protection of critical infrastructures.
For rapid threat response, SageOne issues early warnings of suspicious behavior and orchestrates cross-telemetry analysis for CPS Threat Detection & Response. Integrated Lifecycle Protection ensures the security of devices and systems throughout their service life, contributing to great cost efficiency.
TXOne Networks reaffirms its commitment to CPS security and continuous advancement in OT security through SageOne. Visit TXOne Networks at the GISec Global from April 23rd to 25th, 2024, at stand B99 in hall 5.
For further updates and information, follow TXOne Networks on the blog, Twitter, and LinkedIn.
About TXOne Networks:
TXOne Networks provides OT security products ensuring reliability and security in industrial control systems and operational technology environments through the OT Zero Trust methodology. Collaborating with leading industrial manufacturers and critical infrastructure operators, TXOne Networks offers practical and business-friendly approaches to OT defense. Its network and endpoint-based products secure OT networks and mission-critical devices in real-time with high security depth.
Website: www.txone.com
Photo – https://mma.prnewswire.com/media/2389611/SageOne_header_3.jpg
View original content:https://www.prnewswire.co.uk/news-releases/new-cps-protection-platform-txone-networks-unveils-sageone-at-gisec-global-302119386.html
Artificial Intelligence
Imparta Launches World’s First Sales Methodology-Aware AI
LONDON, April 23, 2024 /PRNewswire/ — Imparta Ltd, a global leader in performance improvement for customer-facing teams, has announced the release of i-Coach AI, the world’s first sales methodology-aware AI.
Over the past 18 months, AI has reshaped many industries and professions, with sales being no exception. Yet, generic LLMs such as ChatGPT are poor at coaching, and at selling. Even data-driven AI insights are only as good as the qualitative frameworks that underpin their observations.
i-Coach AI is the first expert Sales AI Coach that follows a proven, structured coaching process, and is fluent in all aspects of sales, account management, negotiation, customer success, commercial and business acumen, sales management and sales leadership. It is powered by Imparta’s award-winning, research-based Agile 3D methodology and complete, modular skills library.
Richard Barkey, Founder and CEO of Imparta, said “GenAI is one of the few truly transformative technologies in our lifetimes, and one that no sales organisation can ignore. We are genuinely excited to introduce i-Coach AI, an enterprise-grade coaching tool for salespeople, managers and leaders. I’m not exaggerating when I say that I’m using i-Coach AI myself, to think through strategies around specific clients, and indeed for the whole business. This tool is designed to integrate seamlessly across various sales ecosystems and tech stacks, and provides targeted, IP-aware coaching and practice simulations of customer conversations, at multiple points of need.”
As part of the launch, Imparta will host a webinar on April 23rd and May 2nd, hosted by Richard Barkey, titled ‘Leveraging Sales Methodology-Aware AI at Scale in the Enterprise’. Click here to learn more.
During this webinar, Richard will announce details of i-Coach AI and Imparta’s upcoming course for sales teams: Leveraging AI for Sales. He will also set out a range of essential use cases that we are rolling out across Imparta’s agile sales ecosystem and across the tech stack.
About Imparta
Imparta is a global leader in performance improvement for Sales, CX and Leadership. Our modular ecosystem includes three elements, developed through 25 years of research and experience with leading global organisations: Agile Sales Methodology, Agile Change Process and AI Sales Technology.
Whether you need to plug a gap in your existing training, provide self-paced learning, or build an entire Sales, CX or Leadership Academy, get in touch at [email protected].
Website: www.imparta.com
Photo: https://mma.prnewswire.com/media/2392278/i_Coach_Imparta_Ltd.jpg
Contact details: Adam [email protected] Tel: +44 (0) 20 7610 8800
View original content:https://www.prnewswire.co.uk/news-releases/imparta-launches-worlds-first-sales-methodology-aware-ai-302123771.html
Artificial Intelligence
Innodisk Unveils Groundbreaking MIPI over Type-C Solution for Enhanced AI Vision Applications
TAIPEI, April 23, 2024 /PRNewswire/ — Innodisk, a leading global AI solution provider, announces the launch of its industry’s first MIPI over Type-C solution. This exclusive technology overcomes traditional MIPI cable lengths limitations, allowing embedded camera modules to be positioned farther from the system. This expands the possibilities for visual AI applications, particularly in smart manufacturing and smart cities, enabling the seamless integration of high-quality vision systems into these evolving environments.
The increasing popularity of vision-based applications across industries highlights the critical need for high-quality, reliable camera solutions. As computer vision becomes a cornerstone of AI development, the demand for industrial-grade cameras continues to surge. Innodisk recognizes this need and has developed the MIPI over Type-C Solution to address the challenges faced by vision system integrators and developers.
Innodisk’s MIPI over Type-C technology extends the connection distance to 2 meters or more, surpassing the previous 30 cm cable length limitation while maintaining high performance. It enables seamless conversion to a custom USB Type-C interface through a tailor-made adapter board and offers cost-effectiveness compared to SerDes solutions. Additionally, this solution boasts successful deployments on NVIDIA Jetson, Intel x86, and ARM platforms, with Innodisk actively investing in R&D to ensure ongoing compatibility across various platforms, accelerating the deployment of edge AI applications for clients.
Innodisk’s MIPI over Type-C camera module solutions are extensively used in various smart applications. They are revolutionizing industries like smart manufacturing, where AMRs and forklifts benefit from high-quality imaging and extended reach. Similarly, shared mobility applications such as shared bikes leverage these modules for enhanced safety and efficiency. By offering a combination of high bandwidth and longer range, Innodisk’s solution removes cable length limitations, unlocking a wave of new possibilities for smart applications.
Innodisk’s MIPI over Type-C solution marks a significant leap forward, building upon its diverse MIPI camera module portfolio and seamless platform integration. This includes compatibility with NVIDIA Jetson, Intel 12th to 13th Gen, Core Ultra processor, AMD Xilinx, and NXP. As the sole Intel-certified MIPI Camera partner in Taiwan, Innodisk collaborates closely with IPC manufacturers, possessing professional integration capabilities to offer comprehensive support and services to customers. The MIPI over Type-C Solution is poised to redefine the future of vision technology, offering performance, flexibility, and affordability.
For more information, please visit: http://www.innodisk.com
Photo – https://mma.prnewswire.com/media/2394398/Press_Photo_MIPI_over_Type_C.jpgLogo – https://mma.prnewswire.com/media/826938/Innodisk_Corporation_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/innodisk-unveils-groundbreaking-mipi-over-type-c-solution-for-enhanced-ai-vision-applications-302123957.html
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