Artificial Intelligence

DLH Reports Fiscal 2021 Second Quarter Results

Published

3 years ago

May 5, 2021

ATLANTA, May 05, 2021 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of innovative healthcare services and solutions to federal agencies, today announced financial results for its fiscal second quarter ended March 31, 2021.

Highlights

Second quarter revenue increased to $61.5 million in fiscal 2021 from $54.8 million in fiscal 2020, reflecting the acquisition of Irving Burton Associates (“IBA”)
Operating margins rose to 7.5% in the current year second quarter from 7.0% in the prior-year period
Earnings were $2.6 million, or $0.19 per diluted share, for the fiscal 2021 second quarter versus $2.1 million, or $0.16 per diluted share, for the second quarter of fiscal 2020
After the end of the quarter, in April 2021, the Company announced it had won the Consolidated Mail Outpatient Pharmacy (“CMOP”) logistics recompete with U.S. Department of Veterans Affairs (“VA”), worth approximately $202 million over five years
Contract backlog was $608.7 million as of March 31, 2021, excluding the subsequent CMOP logistics award of approximately $202 million.

Management Discussion
“We continued to see positive trends this quarter impacting all aspects of our performance, supporting our confidence for the year ahead,” said DLH President and Chief Executive Officer Zach Parker. “Revenue rose 12% versus the comparable period in 2020, and we reported improved operating margins of 7.5% along with earnings of $0.19 per share. We remain focused on de-levering the Company further as the year progresses and affirm our prior estimate of a debt balance of $50 to $52 million at fiscal year end. We’re actively bidding on numerous other opportunities within our core markets, underscoring our positive outlook for the remainder of fiscal 2021.

“In April, we announced that the VA had awarded us a follow-on contract to provide medical logistics for its CMOP program, which we’ve now managed for over two decades. The VA’s confidence in our ability to continue providing this invaluable service – made even more important by the pandemic – speaks volumes to the capabilities of our staff and demonstrates our commitment to this agency. We are honored by the award of this contract, which includes a base period of one year and four one-year options, providing enhanced revenue visibility and stability.”

Results for the Three Months Ended March 31, 2021
Revenue for the second quarter of fiscal 2021 was $61.5 million versus $54.8 million in the prior-year period. The increase was due principally to the Company’s IBA acquisition, completed September 30, 2020, which added approximately $7.4 million in revenue; partially offset by reductions in travel-related program revenue compared to the prior-year period. The reduction in travel-related program revenue was primarily due to the COVID-19 pandemic.

Income from operations was $4.6 million for the quarter versus $3.8 million in the prior-year period and, as a percent of revenue, the Company reported an operating margin of 7.5% in fiscal 2021 versus 7.0% in fiscal 2020. The current year performance reflects increased revenue contribution from time and materials programs, which generally yield stronger returns than cost reimbursable contracts, and lower general and administrative (“G&A”) expenses, partially offset by higher depreciation and amortization. Interest expense in the quarter increased to $1.0 million, versus $0.9 million for the three months ended March 31, 2020, due to higher outstanding debt levels, reflecting the acquisition of IBA. Income before taxes was $3.6 million for the quarter versus $2.9 million in fiscal 2020, representing 5.9% and 5.3% of revenue, respectively, for each period.

For the three months ended March 31, 2021 and 2020, respectively, DLH recorded a $1.0 million and $0.9 million provision for tax expense. The Company reported net income of approximately $2.6 million, or $0.19 per diluted share, for the second quarter of fiscal 2021 versus $2.1 million, or $0.16 per diluted share, for the second quarter of fiscal 2020. As a percent of revenue, net income was 4.2% for the second quarter of fiscal 2021 versus 3.7% for the prior year period.

On a non-GAAP basis, EBITDA for the three months ended March 31, 2021 was approximately $6.6 million versus $5.6 million in the prior-year period, or 10.8% and 10.2% of revenue, respectively.

Key Financial Indicators
Fiscal year to date, DLH has generated $6.1 million in operating cash, and has paid down $7.2 million of its secured loan facility. The Company anticipates strong operating cash flow for the remainder of the fiscal year and intends to continue using cash to make debt prepayments when possible.

As of March 31, 2021, the Company had cash and cash equivalents of $0.4 million and debt outstanding under its credit facility of $62.8 million, versus cash of $1.4 million and debt outstanding of $70.0 million as of September 30, 2020.

At March 31, 2021, total backlog was approximately $608.7 million, including funded backlog of approximately $84.6 million, and unfunded backlog of $524.1 million. The backlog excluded the April CMOP logistics contract award of approximately $202 million.

Conference Call and Webcast Details
DLH management will discuss second quarter results and provide a general business update, including current competitive conditions and strategies, during a conference call beginning at 11:00 AM Eastern Time Thursday, May 6, 2021. Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call.

A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 10155504.

About DLH
DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,200 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding estimates of future revenues, operating income, earnings and cash flow. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements made in this release due to a variety of factors, including: the outbreak of the novel coronavirus (“COVID-19”), including the measures to reduce its spread, and its impact on the economy and demand for our services, are uncertain, cannot be predicted, and may precipitate or exacerbate other risks and uncertainties; the risk that we will not realize the anticipated benefits of our recent or any future acquisition; the challenges of managing larger and more widespread operations resulting from our recent acquisition; contract awards in connection with re-competes for present business and/or competition for new business; compliance with new bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; the ability to successfully integrate the operations our recent acquisition and of any future acquisitions; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, as well as subsequent reports filed thereafter. The forward-looking statements contained herein are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and business. Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements, except as may be required by law.

CONTACTS:

TABLES TO FOLLOW

DLH HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands except per share amounts)

	(unaudited)
	Three Months Ended				Six Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Revenue	$	61,506	$	54,798	$	119,358	$	107,036
Cost of Operations:
Contract costs	48,722		42,941		94,727		84,281
General and administrative costs	6,135		6,260		12,285		12,174
Depreciation and amortization	2,029		1,760		4,091		3,619
Total operating costs	56,886		50,961		111,103		100,074
Income from operations	4,620		3,837		8,255		6,962
Interest expense, net	1,004		906		2,084		1,846
Income before income taxes	3,616		2,931		6,171		5,116
Income tax expense	1,049		855		1,790		1,488
Net income	$	2,567	$	2,076	$	4,381	$	3,628

Net income per share – basic	$	0.20	$	0.17	$	0.35	$	0.30
Net income per share – diluted	$	0.19	$	0.16	$	0.32	$	0.28
Weighted average common shares outstanding
Basic	12,544		12,299		12,521		12,193
Diluted	13,570		13,003		13,568		12,886

DLH HOLDINGS CORP.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except par value of shares)

	March 31, 2021			September 30, 2020
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	420		$	1,357
Accounts receivable	41,675			32,541
Other current assets	3,469			3,499
Total current assets	45,564			37,397
Equipment and improvements, net	2,593			3,339
Operating lease right-of-use assets	21,055			22,427
Deferred taxes, net	—			37
Goodwill	65,643			67,144
Intangible assets, net	50,762			52,612
Other long-term assets	539			606
Total assets	$	186,156		$	183,562

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Debt obligations – current, net of deferred financing costs	$	3,124		$	6,727
Operating lease liabilities – current	2,130			2,045
Accrued payroll	12,012			10,611
Accounts payable, accrued expenses, and other current liabilities	30,824			28,578
Total current liabilities	48,090			47,961
Long-term liabilities:
Deferred taxes, net	1,475			—
Debt obligations – long term, net of deferred financing costs	57,199			60,544
Operating lease liabilities – long-term	20,499			21,620
Total long-term liabilities	79,173			82,164
Total liabilities	127,263			130,125
Shareholders’ equity:
Common stock, $0.001 par value; authorized 40,000 shares; issued and outstanding 12,545 and 12,404 at March 31, 2021 and September 30, 2020, respectively	13			12
Additional paid-in capital	86,942			85,868
Accumulated deficit	(28,062		)	(32,443		)
Total shareholders’ equity	58,893			53,437
Total liabilities and shareholders’ equity	$	186,156		$	183,562

DLH HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)

	Six Months Ended
	March 31,
	2021			2020
	(unaudited)
Operating activities
Net income	$	4,381		$	3,628
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	4,091			3,619
Amortization of deferred financing costs	413			374
Stock based compensation expense	844			384
Deferred taxes, net	1,512			1,258
Gain from lease modification	—			(121		)
Changes in operating assets and liabilities
Accounts receivable	(9,134		)	(11,722		)
Other current assets	30			(1,211		)
Accrued payroll	1,401			1,913
Accounts payable, accrued expenses, and other current liabilities	2,245			2,280
Other long-term assets/liabilities	336			260
Net cash provided by operating activities	6,119			662

Investing activities
Business acquisition adjustment, net of cash acquired	59			—
Purchase of equipment and improvements	(53		)	(141		)
Net cash provided by (used in) investing activities	6			(141		)
Financing activities
Borrowing on revolving line of credit, net	—			2,000
Repayment of senior debt	(7,250		)	(3,000		)
Payment of deferred financing costs	(43		)	(3		)
Repurchased shares of common stock	—			(211		)
Proceeds from issuance of common stock upon exercise of options	231			27
Net cash used in financing activities	(7,062		)	(1,187		)

Net change in cash and cash equivalents	(938		)	(666		)
Cash and cash equivalents at beginning of year	1,357			1,790
Cash and cash equivalents at end of year	$	420		$	1,124

Supplemental disclosures of cash flow information
Cash paid during the period for interest	$	1,639		$	1583
Cash paid during the period for income taxes	$	184		$	409
Supplemental disclosures of non-cash activity
Non-cash cancellation of common stock	$	—		$	211

Revenue Metrics

	Six Months Ended
	March 31,		March 31,
	2021		2020
Market Mix:
Defense/VA	59	%	47	%
Human Services and Solutions	14	%	21	%
Public Health/Life Sciences	27	%	32	%

Contract Mix:
Time and materials	76	%	70	%
Cost reimbursable	20	%	28	%
Firm fixed price	4	%	2	%

Prime vs Sub:
Prime	89	%	93	%
Subcontractor	11	%	7	%

Non-GAAP Financial Measures
The Company uses EBITDA and EBITDA as a percent of revenue as supplemental non-GAAP measures of performance. We define EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes and (iii) depreciation and amortization. EBITDA as a percent of revenue is EBITDA for the measurement period divided by revenue for the same period.

These non-GAAP measures of performance are used by management to conduct and evaluate its business during its review of operating results for the periods presented. Management and the Company’s Board utilize these non-GAAP measures to make decisions about the use of the Company’s resources, analyze performance between periods, develop internal projections and measure management performance. We believe that these non-GAAP measures are useful to investors in evaluating the Company’s ongoing operating and financial results and understanding how such results compare with the Company’s historical performance.

Reconciliation of GAAP net income to EBITDA, a non-GAAP measure:

(amounts in thousands)	Three Months Ended									Six Months Ended
	March 31,									March 31,
	2021			2020			Change			2021			2020			Change
Net income	$	2,567		$	2,076		$	491		$	4,381		$	3,628		$	753
(i) Interest expense, net		1,004			906			98			2,084		1,846			238
(ii) Provision for taxes		1,049			855			194			1,790		1,488			302
(iii) Depreciation and amortization		2,029			1,760			269			4,091		3,619			472
EBITDA	$	6,649		$	5,597		$	1,052		$	12,346		$	10,581		$	1,765

Net income as a % of revenue		4.2	%		3.7	%		0.5	%		3.7	%	3.4		%	0.3		%
EBITDA as a % of revenue		10.8	%		10.2	%		0.6	%		10.3	%	9.9		%	0.4		%
Revenue	$	61,506		$	54,798		$	6,708		$	119,358		$	107,036		$	12,322

Related Topics:AI Artificial Intelligence Machine learning

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Brainomix Achieves Breakthrough with FDA Clearance of e-Lung AI Software

Published

30 mins ago

May 17, 2024

CISION (PR Newswire)

Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.

The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
Logo – https://mma.prnewswire.com/media/1989193/3856380/Brainomix_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/brainomix-achieves-breakthrough-with-fda-clearance-of-e-lung-ai-software-302144836.html

Artificial Intelligence

CUBE acquires global regulatory intelligence businesses from Thomson Reuters

Published

2 hours ago

May 17, 2024

CISION (PR Newswire)

LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.

The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.”
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.

View original content:https://www.prnewswire.co.uk/news-releases/cube-acquires-global-regulatory-intelligence-businesses-from-thomson-reuters-302147604.html

Artificial Intelligence

Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan

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The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky.
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
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