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Goosehead Insurance, Inc. Announces Third Quarter 2021 Results

Published

3 years ago

October 27, 2021

–   Total Revenue Growth of 30% and Core Revenue Growth of 41% over the Prior Year Period –
– Total Written Premium Growth of 44% over the Prior Year Period   –
–   Total Franchises and Corporate Sales Headcount Grew 55% and 35%, Respectively   –
– Policies in Force Growth of 44% over the Prior Year Period –
– Launched Digital Agent Platform –

WESTLAKE, Texas , Oct. 27, 2021 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the third quarter ended September 30, 2021.

Third Quarter 2021 Highlights

Total Revenues grew organically 30% over the prior-year period to $41.7 million
Core Revenues* of $37.2 million increased 41% over the prior year period
Third quarter net income of $5.4 million; net income attributable to Goosehead Insurance, Inc. of $4.0 million or $0.21 per basic share and $0.19 per diluted share
Third quarter Adjusted EBITDA* of $6.6 million.
Third quarter Adjusted EPS* of $0.26 per share.
Total written premiums placed increased 44% from the prior-year period to $435 million
Policies in force grew 44% from the prior-year period to 948,000
Corporate sales headcount of 502 was up 35% year-over-year
Total franchises increased 55% compared to the prior-year period to 1,958; operating franchises grew 38% compared to the prior-year period to 1,139

^*Core Revenue, Adjusted EPS, and Adjusted EBITDA are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EBITDA to net income and Adjusted EPS to basic earnings per share, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.

“Goosehead delivered an exceptional third quarter with strong premium and Core Revenue growth, significant talent additions, a 92 net promoter score and industry leading client retention of 89% – all against a very strong year ago comparison,” stated Mark E. Jones, Chairman and CEO. “We are extremely excited to have launched our Digital Agent Platform during the third quarter and have received a tremendously favorable response from our clients, agents and carrier partners around the potential for this powerful and highly differentiated tool to drive growth and enhance the client experience. Leveraging agent-informed artificial intelligence across nearly 30 million of our prior quotes, individuals can run highly accurate home, auto, flood, condo and renter’s quotes online from multiple carriers in less than 60 seconds by entering as little as 3 data points. This is an incredibly effortless client experience as evidenced by an average 96 net promoter score on business generated through the Digital Agent Platform thus far. We are continuing to accelerate our work on deeper carrier technology integrations and expect to unveil a quote-to-issue shopping experience with multiple carriers during 2022, all while maintaining in the background the critical benefits that knowledgeable agents provide to clients. The significant investments we are making in our people and technology platform are clearly expanding our already powerful and substantial competitive moat in the marketplace.”

Third Quarter 2021 Results
For the third quarter of 2021, revenues were $41.7 million, an increase of 30% compared to the corresponding period in 2020. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other income, were $37.2 million, a 41% increase from $26.4 million in the prior year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven by growth in the number of corporate agents and operating franchises (which were driven by investments in our recruiting team in 2019 and prior), productivity improvements in the Franchise Channel, and strong client retention of 89%. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 44% in the third quarter.

Total operating expenses for the third quarter of 2021 were $38.1 million, up 52% from $25.0 million in the prior-year period. The increase from the prior period was due to larger employee compensation and benefits expenses related to ongoing investments in our corporate agents, agent support team, service agents, and information systems developers. Also, we continued to expand our real estate footprint with additional office openings, plus additional investments in our technology roadmap, including the launch of our Digital Agent Platform and enhancements to our client-facing portal, which grew the Company’s general and administrative expenses for the quarter.

Net income for the third quarter of 2021 was $5.4 million. We expect to continue to experience seasonality in our earnings throughout each year due to insurance sales patterns and recognition of contingent commissions, with the bulk of contingents realized in the fourth quarter. Net income attributable to Goosehead Insurance, Inc. for the third quarter of 2021 was $4.0 million, or $0.21 per basic share and $0.19 per diluted share. Total Adjusted EBITDA was $6.6 million for the third quarter of 2021. Adjusted EPS for the third quarter of 2021, which excludes equity-based compensation, was $0.26 per share.

Liquidity and Capital Resources
As of September 30, 2021, the Company had cash and cash equivalents of $25.5 million.

During the third quarter 2021, the Company refinanced its $25 million revolving credit facility and $77 million term note payable to a $50 million revolving facility and a $100 million term note payable agreement. We also had an unused line of credit of $24.8 million at quarter end. Total outstanding term note payable balance was $99.4 million as of September 30, 2021.

During the quarter ended September 30, 2021, Goosehead Financial, LLC paid a $60 million dividend to holders of LLC Units of record, including the Company. The Company’s Board of Directors also declared a special cash dividend of $1.63 per share (rounded) to all holders of the Company’s Class A common stock with a record date of August 9, 2021.

2021 Outlook
Based on our experience to date, the Company is raising its full-year 2021 outlook with respect to total written premiums and revenue:

Total written premiums placed for 2021 are expected to be between $1.54 billion and $1.56 billion, representing organic growth of 43% on the low end of the range to 45% on the high end of the range. Prior guidance issued was for organic premium growth between 40% and 45%.
Total revenues for 2021 are expected to be between $149 million and $155 million, representing organic growth of 27% on the low end of the range to 32% on the high end of the range. Prior guidance issued was for organic premium growth between 25% and 33%.

Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.

The dial-in number for the conference call is (855) 327-6837 (toll-free) or (631) 891-4304 (international). Please dial the number 10 minutes prior to the scheduled start time.

In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.gooseheadinsurance.com.

A webcast replay of the call will be available at http://ir.gooseheadinsurance.com for one year following the call.

About Goosehead

Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 140 insurance companies that underwrite personal lines and small commercial lines risks, and its operations include a network of 12 corporate sales offices and over 1,958 operating and contracted franchise locations. For more information, please visit gooseheadinsurance.com.

Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the economic effects of the COVID-19 pandemic, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2020 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

Contacts
Investor Contact:
Dan Farrell
Goosehead Insurance – VP Capital Markets
Phone: (214) 838-5290
Email: [email protected]; [email protected];

PR Contact:
Mission North for Goosehead Insurance
Email: [email protected]; [email protected]

Goosehead Insurance, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenues:
Commissions and agency fees	$	22,420		$	19,385		$	61,007		$	49,444
Franchise revenues	18,960			12,418			49,234			32,347
Interest income	301			212			841			573
Total revenues	41,681			32,015			111,082			82,364
Operating Expenses:
Employee compensation and benefits	26,078			17,901			69,862			47,308
General and administrative expenses	10,141			5,872			29,549			17,108
Bad debts	732			376			1,825			1,004
Depreciation and amortization	1,188			900			3,320			2,152
Total operating expenses	38,139			25,049			104,556			67,572
Income from operations	3,542			6,966			6,526			14,792
Other Income (Expense):
Other income	7			10			146			76
Interest expense	(756		)	(582		)	(1,903		)	(1,665		)
Income before taxes	2,793			6,394			4,769			13,203
Tax expense (benefit)	(2,575		)	(331		)	(2,646		)	(612		)
Net income	5,368			6,725			7,415			13,815
Less: net income attributable to non-controlling interests	1,332			3,458			2,288			7,325
Net income attributable to Goosehead Insurance, Inc.	$	4,036		$	3,267		$	5,127		$	6,490
Earnings per share:
Basic	$	0.21		$	0.19		$	0.27		$	0.39
Diluted	$	0.19		$	0.17		$	0.25		$	0.36
Weighted average shares of Class A common stock outstanding
Basic	19,559			17,376			18,903			16,466
Diluted	21,206			18,915			20,570			17,926

Goosehead Insurance, Inc.
Consolidated Supplemental Statements of Operations
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenues:
Core Revenue:
Renewal Commissions⁽¹⁾	$	10,969		$	7,931		$	29,036		$	21,382
Renewal Royalty Fees⁽²⁾	13,206			8,117			33,622			21,406
New Business Commissions⁽¹⁾	6,013			4,790			16,573			12,452
New Business Royalty Fees⁽²⁾	4,003			3,090			10,840			7,737
Agency Fees⁽¹⁾	3,050			2,491			8,579			6,362
Total Core Revenue	37,241			26,419			98,650			69,339
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	1,680			1,152			4,570			3,031
Interest Income	301			212			841			573
Total Cost Recovery Revenue	1,981			1,364			5,411			3,604
Ancillary Revenue:
Contingent Commissions⁽¹⁾	2,388			4,173			6,819			9,248
Other Income⁽²⁾	71			59			202			173
Total Ancillary Revenue	2,459			4,232			7,021			9,421
Total Revenues	41,681			32,015			111,082			82,364
Operating Expenses:
Employee compensation and benefits	26,078			17,901			69,862			47,308
General and administrative expenses	10,141			5,872			29,549			17,108
Bad debts	732			376			1,825			1,004
Depreciation and amortization	1,188			900			3,320			2,152
Total operating expenses	38,139			25,049			104,556			67,572
Income from operations	3,542			6,966			6,526			14,792
Other Income (Expense):
Other income	7			10			146			76
Interest expense	(756		)	(582		)	(1,903		)	(1,665		)
Income before taxes	2,793			6,394			4,769			13,203
Tax (benefit) expense	(2,575		)	(331		)	(2,646		)	(612		)
Net Income	5,368			6,725			7,415			13,815
Less: net income attributable to non-controlling interests	1,332			3,458			2,288			7,325
Net Income attributable to Goosehead Insurance Inc.	$	4,036		$	3,267		$	5,127		$	6,490

Earnings per share:
Basic	$	0.21		0.19			0.27			0.39
Diluted	$	0.19		0.17			0.25			0.36
Weighted average shares of Class A common stock outstanding
Basic	19,559			17,376			18,903			16,466
Diluted	21,206			18,915			20,570			17,926

(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2021 and 2020.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the three and nine months ended September 30, 2021 and 2020.

Goosehead Insurance, Inc.
Segment Information
(Unaudited)
(In thousands, except per share amounts)

	Three Months Ended September 30, 2021
	Franchise Channel			Corporate Channel			Other			Total
Revenues:
Core Revenue:
Renewal Commissions⁽¹⁾	$	—		$	10,969		$	—		$	10,969
Renewal Royalty Fees⁽²⁾	13,206			—			—			13,206
New Business Commissions⁽¹⁾	—			6,013			—			6,013
New Business Royalty Fees⁽²⁾	4,003			—			—			4,003
Agency Fees⁽¹⁾	—			3,050			—			3,050
Total Core Revenue	17,209			20,032			—			37,241
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	1,680			—			—			1,680
Interest Income	301			—			—			301
Total Cost Recovery Revenue	1,981			—			—			1,981
Ancillary Revenue:
Contingent Commissions⁽¹⁾	1,734			654			—			2,388
Other Income⁽²⁾	71			—			—			71
Total Ancillary Revenue	1,805			654			—			2,459
Total Revenues	20,995			20,686			—			41,681
Operating expenses:
Employee compensation and benefits, excluding equity based compensation	9,051			15,176			—			24,227
General and administrative expenses	3,908			5,035			1,198			10,141
Bad debts	220			512			—			732
Total Operating Expenses	13,179			20,723			1,198			35,100
Adjusted EBITDA	7,816			(37		)	(1,198		)	6,581
Other income (expense)	7			—			—			7
Equity based compensation	—			—			(1,851		)	(1,851		)
Interest expense	—			—			(756		)	(756		)
Depreciation and amortization	(759		)	(429		)	—			(1,188		)
Taxes	—			—			2,575			2,575
Net income	$	7,064		$	(466	)	$	(1,230	)	$	5,368
September 30, 2021:
Total Assets	$	45,700		$	43,257		$	158,183		$	247,140

(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the three months ended September 30, 2021 and 2020.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the three months ended September 30, 2021 and 2020.

	Nine Months Ended September 30, 2021
	Franchise Channel			Corporate Channel			Other			Total
Revenues:
Core Revenue:
Renewal Commissions⁽¹⁾	$	—		$	29,036		$	—		$	29,036
Renewal Royalty Fees⁽²⁾	33,622			—			—			33,622
New Business Commissions⁽¹⁾	—			16,573			—			16,573
New Business Royalty Fees⁽²⁾	10,840			—			—			10,840
Agency Fees⁽¹⁾	—			8,579			—			8,579
Total Core Revenue	44,462			54,188			—			98,650
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	4,570			—			—			4,570
Interest Income	841			—			—			841
Total Cost Recovery Revenue	5,411			—			—			5,411
Ancillary Revenue:
Contingent Commissions⁽¹⁾	4,986			1,833			—			6,819
Other Income⁽²⁾	202			—			—			202
Total Ancillary Revenue	5,188			1,833			—			7,021
Total Revenues	55,061			56,021			—			111,082
Operating expenses:
Employee compensation and benefits, excluding equity based compensation	24,640			39,578			—			64,218
General and administrative expenses	13,048			13,943			2,558			29,549
Bad debts	516			1,309			—			1,825
Total Operating Expenses	38,204			54,830			2,558			95,592
Adjusted EBITDA	16,857			1,191			(2,558		)	15,490
Other income	38			108			—			146
Equity based compensation	—			—			(5,644		)	(5,644		)
Interest expense	—			—			(1,903		)	(1,903		)
Depreciation and amortization	(2,134		)	(1,186		)	—			(3,320		)
Income tax benefit	—			—			2,646			2,646
Net income	$	14,761		$	113		$	(7,459	)	$	7,415
September 30, 2021:
Total Assets	$	45,700		$	43,257		$	158,183		$	247,140

(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the nine months ended September 30, 2021 and 2020.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of operations within Goosehead’s Form 10-Q for the nine months ended September 30, 2021 and 2020.

Goosehead Insurance, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share amounts)

	September 30,			December 31,
	2021			2020
Assets
Current Assets:
Cash and cash equivalents	$	25,512		$	24,913
Restricted cash	1,179			1,323
Commissions and agency fees receivable, net	8,349			18,604
Receivable from franchisees, net	866			2,100
Prepaid expenses	6,487			3,705
Total current assets	42,393			50,645
Receivable from franchisees, net of current portion	25,734			18,179
Property and equipment, net of accumulated depreciation	21,794			16,650
Right-of-use asset	35,384			22,513
Intangible assets, net of accumulated amortization	2,256			549
Deferred income taxes, net	114,376			73,363
Other assets	5,203			3,938
Total assets	$	247,140		$	185,837
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable and accrued expenses	$	10,643		$	8,101
Premiums payable	1,179			1,323
Lease liability	4,400			3,203
Contract liabilities	5,646			4,233
Note payable	3,750			3,500
Total current liabilities	25,618			20,360
Lease liability, net of current portion	47,200			32,933
Note payable, net of current portion	119,555			79,408
Contract liabilities, net of current portion	38,963			29,968
Liabilities under tax receivable agreement, net of current portion	91,488			61,572
Total liabilities	322,824			224,241
Class A common stock, $0.01 par value per share – 300,000 shares authorized, 19,786 shares issued and outstanding as of September 30, 2021, 18,304 shares issued and outstanding as of December 31, 2020	196			183
Class B common stock, $0.01 par value per share – 50,000 shares authorized, 17,239 issued and outstanding as of September 30, 2021, 18,447 shares issued and outstanding as of December 31, 2020	173			184
Additional paid in capital	41,820			29,371
Accumulated deficit	(61,049		)	(34,614		)
Total stockholders’ equity	(18,860		)	(4,876		)
Non-controlling interests	(56,824		)	(33,528		)
Total equity	(75,684		)	(38,404		)
Total liabilities and equity	$	247,140		$	185,837

Goosehead Insurance, Inc.
Reconciliation Non-GAAP Measures to GAAP

This release includes Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses Core Revenue, Cost Recovery Revenue, Ancillary Revenue, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS for business planning purposes and in measuring its performance relative to that of its competitors.

These non-GAAP financial measures are defined by the Company as follows:

“Core Revenue” is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies.
“Cost Recovery Revenue” is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms.
“Ancillary Revenue” is a supplemental measure of our performance and includes Contingent Commissions and Other Income. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business.
“Adjusted EBITDA” is a supplemental measure of the Company’s performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses.
“Adjusted EBITDA Margin” is Adjusted EBITDA as defined above, divided by total revenue excluding other non-operating items. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level.
“Adjusted EPS” is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.

While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.

The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Total Revenues	$	41,681	$	32,015	$	111,082	$	82,364

Core Revenue:
Renewal Commissions⁽¹⁾	$	10,969	$	7,931	$	29,036	$	21,382
Renewal Royalty Fees⁽²⁾	13,206		8,117		33,622		21,406
New Business Commissions⁽¹⁾	6,013		4,790		16,573		12,452
New Business Royalty Fees⁽²⁾	4,003		3,090		10,840		7,737
Agency Fees⁽¹⁾	3,050		2,491		8,579		6,362
Total Core Revenue	37,241		26,419		98,650		69,339
Cost Recovery Revenue:
Initial Franchise Fees⁽²⁾	1,680		1,152		4,570		3,031
Interest Income	301		212		841		573
Total Cost Recovery Revenue	1,981		1,364		5,411		3,604
Ancillary Revenue:
Contingent Commissions⁽¹⁾	2,388		4,173		6,819		9,248
Other Income⁽²⁾	71		59		202		173
Total Ancillary Revenue	2,459		4,232		7,021		9,421
Total Revenues	$	41,681	$	32,015	$	111,082	$	82,364

(1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in “Commissions and agency fees” as shown on the Consolidated statements of operations.

(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Income are included in “Franchise revenues” as shown on the Consolidated statements of operations.

The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
Net income (loss)	$	5,368			$	6,725			$	7,415			$	13,815
Interest expense	756				582				1,903				1,665
Depreciation and amortization	1,188				900				3,320				2,152
Tax expense (benefit)	(2,575		)		(331		)		(2,646		)		(612		)
Equity-based compensation	1,851				1,416				5,644				3,330
Other income (expense)	(7		)		(10		)		(146		)		(76		)
Adjusted EBITDA	$	6,581			$	9,282			$	15,490			$	20,274
Adjusted EBITDA Margin⁽¹⁾	16			%	29			%	14			%	25			%

(1) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($6,581 / $41,681) and ($9,282 / $32,015) three months ended September 30, 2021 and 2020. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($15,490 / $111,082) and ($20,274 / $82,364) nine months ended September 30, 2021 and 2020.

The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share amounts). Note that totals may not sum due to rounding:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Earnings per share – basic (GAAP)	$	0.21	$	0.19	$	0.27	$	0.39
Add: equity-based compensation⁽¹⁾	0.05		0.04		0.15		0.09
Adjusted EPS (non-GAAP)	$	0.26	$	0.23	$	0.42	$	0.48

(1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [ $1.9 million / ( 19.6 million + 17.3 million )] for the three months ended September 30, 2021 and [ $1.4 million / ( 16.5 million + 20.0 million )] for the three months ended September 30, 2020. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares [ $5.6 million / ( 18.9 million + 17.9 million )] for the nine months ended September 30, 2021 and [ $3.3 million / ( 16.0 million + 20.4 million )] for the nine months ended September 30, 2020.

Goosehead Insurance, Inc.
Key Performance Indicators

	September 30, 2021			December 31, 2020			September 30, 2020
Corporate sales agents < 1 year tenured	301			207			222
Corporate sales agents > 1 year tenured	201			157			149
Operating franchises < 1 year tenured (TX)	56			43			36
Operating franchises > 1 year tenured (TX)	206			185			183
Operating franchises < 1 year tenured (Non-TX)	335			285			266
Operating franchises > 1 year tenured (Non-TX)	542			378			338
Policies in Force	948,000			713,000			657,000
Client Retention	89		%	88		%	88		%
Premium Retention	92		%	89		%	90		%
QTD Written Premium (in thousands)	$	434,752		$	285,209		$	301,037
Net Promoter Score (“NPS”)	92			92			91

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Artificial Intelligence

More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024

Published

13 hours ago

May 17, 2024

CISION (PR Newswire)

more-than-$9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024

Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.

The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
Photo – https://mma.prnewswire.com/media/2416174/Regeneron_ISEF_2024_Winners_Photo.jpg
Logo – https://mma.prnewswire.com/media/2416197/Society_for_Science_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html

Artificial Intelligence

J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit

Published

15 hours ago

May 17, 2024

CISION (PR Newswire)

In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.

In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.

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Artificial Intelligence

Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024

Published

17 hours ago

May 17, 2024

CISION (PR Newswire)

congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024

SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.

Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
Photo – https://mma.prnewswire.com/media/2415818/Global_Data_Center_Facility_Summit_2024.jpg

View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html