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EXL Reports 2021 Fourth Quarter, Issues 2022 Guidance and Updates Its Medium Term Financial Targets

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2 years ago

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2021 Fourth Quarter Revenues of $295.5 Million, up 18.7% year-over-year
Q4 Diluted EPS (GAAP) of $0.83, down from $0.94 in Q4 of 2020
Q4 Adjusted Diluted EPS (Non-GAAP) (1) of $1.21, up from $1.14 in Q4 of 2020

2021 Revenues of $1.12 Billion, up 17.1% year-over-year
2021 Diluted EPS (GAAP) of $3.35, up from $2.59 in 2020
2021 Adjusted Diluted EPS (Non-GAAP) (1) of $4.83, up from $3.53 in 2020

NEW YORK, Feb. 24, 2022 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a leading data analytics and digital operations and solutions company, today announced its financial results for the quarter and full year ended December 31, 2021.

Rohit Kapoor, Vice Chairman and Chief Executive Officer, said, “EXL had a strong fourth quarter of 2021 with revenue of $295.5 million and full year revenue of $1.12 billion. Our adjusted diluted EPS for the year was $4.83, a 37% increase. This was a pivotal year for us, not just from a revenue growth perspective, but also in terms of the evolution of our business into a data analytics and digital operations and solutions company. Our focus on high value, strategic initiatives that leverage our expertise in advanced analytics, AI (artificial intelligence), digital and cloud has helped us win significant new contracts and expand our relationships with existing clients. As we enter fiscal 2022, we see a strong pipeline across our business lines.”

Maurizio Nicolelli, Chief Financial Officer, said, “We ended 2021 with solid momentum in our business and a healthy balance sheet. Our guidance for 2022 revenue is in the range of $1.28 billion to $1.31 billion, representing a 14% to 17% increase year-over-year on a reported basis and 11% to 13% on an organic constant currency basis. We expect adjusted diluted EPS to be in the range of $5.35 to $5.60, representing a 11% to 16% increase over the prior year.

“We are also updating our medium term financial targets from our Investor Day in November 2020. We now expect annual organic constant currency revenue growth of 11% to 13%, an increase of approximately 200 basis points from the midpoint of our previous target of 10% or more. We expect Analytics revenue to grow in the range of 15% to 20% per annum and digital operations and solutions revenue to grow by 7% to 9% per annum. We are also increasing our annual adjusted operating income margin target to be in the range of 17% to 18%, an increase of 100 basis points from our prior target of 16% to 17%. ”

__________________________________________________________

  1. Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures”. These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

Financial Highlights: Fourth Quarter 2021

  • Revenues for the quarter ended December 31, 2021 increased to $295.5 million compared to $249.0 million for the fourth quarter of 2020, an increase of 18.7% on a reported basis and 18.8% on a constant currency basis from the fourth quarter of 2020. Revenues increased by 1.8% sequentially on a reported basis and 1.9% on a constant currency basis, from the third quarter of 2021.
    Revenues   Gross Margin
    Three months ended   Three months ended
    December
31, 2021		   December
31, 2020
   September
30, 2021
   December
31, 2021		   December
31, 2020
   September
30, 2021
Reportable Segments  
    (dollars in millions)                
Insurance   $ 98.1   $ 88.9   $ 98.0   36.2 %   35.9 %   37.3 %
Healthcare     26.5     24.2     27.3   33.6 %   34.2 %   37.6 %
Emerging Business     44.4     37.8     44.5   43.9 %   45.0 %   46.8 %
Analytics     126.5     98.1     120.5   37.9 %   41.7 %   37.3 %
Total Revenues, net   $ 295.5   $ 249.0   $ 290.3   37.8 %   39.4 %   38.8 %
                         
  • Operating income margin for the quarter ended December 31, 2021 was 12.2%, compared to 15.4% for the fourth quarter of 2020 and 14.6% for the third quarter of 2021. Adjusted operating income margin for the quarter ended December 31, 2021 was 17.0% compared to 19.7% for the fourth quarter of 2020 and 19.4% for the third quarter of 2021.
  • Diluted earnings per share for the quarter ended December 31, 2021 was $0.83 compared to $0.94 for the fourth quarter of 2020 and $0.77 for the third quarter of 2021. Adjusted diluted earnings per share for the quarter ended December 31, 2021 was $1.21 compared to $1.14 for the fourth quarter of 2020 and $1.30 for the third quarter of 2021.

Financial Highlights: Full Year 2021

  • Revenues for the year ended December 31, 2021 increased to $1.12 billion compared to $958.4 million for the year ended December 31, 2020, an increase of 17.1% on a reported basis and 16.5% on a constant currency basis.
    Revenues   Gross Margin
    Year ended   Year ended
    December 31,
2021		   December 31,
2020
   December 31,
2021		   December 31,
2020
Reportable Segments  
    (dollars in millions)            
Insurance   $ 382.0   $ 341.8   37.3 %   32.2 %
Healthcare     112.4     101.2   37.9 %   27.8 %
Emerging Business     167.2     152.7   45.1 %   41.4 %
Analytics     460.7     362.7   37.1 %   36.7 %
Total Revenues, net   $ 1,122.3   $ 958.4   38.4 %   34.9 %
  • Operating income margin for the year ended December 31, 2021 was 13.9% compared to 11.5% for the year ended December 31, 2020. Adjusted operating income margin for the year ended December 31, 2021 was 18.6% compared to 15.9% for the year ended December 31, 2020.
  • Diluted earnings per share for the year ended December 31, 2021 was $3.35 compared to $2.59 for the year ended December 31, 2020. Adjusted diluted earnings per share for the year ended December 31, 2021 was $4.83 compared to $3.53 for the year ended December 31, 2020.

Business Highlights: Fourth Quarter 2021

  • Acquired Clairvoyant, a global data, AI, and cloud services firm.
  • Won 18 new clients in the fourth quarter of 2021, with nine each in our digital operations and solutions business and analytics. For the year, we won 58 new clients, with 28 in our digital operations and solutions business and 30 in analytics.
  • Board authorization of new $300 million stock repurchase program effective January 1, 2022.
  • Published our second annual Sustainability Report.
  • Named to Newsweek’s 2022 list of America’s Most Responsible Companies.
  • Positioned in the Winners Circle in the HFS Research’s 2021 OneOffice™ Services Top 10 for Data and Decisions, with the top score for the Voice of the Customer.
  • Named a Top Performer in the 2021 KLAS Risk Adjustment & Analytics Performance Report.
  • Positioned as Leader and Star Performer in the Everest Group Life and Pensions Insurance BPS/TPA PEAK Matrix® Assessment 2022.
  • Recognized as a Leader in all four categories in the ISG Provider Lens™ for Digital Finance and Accounting Outsourcing Services.

2022 Guidance

Based on current visibility, and a U.S. Dollar to Indian Rupee exchange rate of 75.0, British Pound to U.S. Dollar exchange rate of 1.37, U.S. Dollar to the Philippine Peso exchange rate of 51.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2022:

  • Revenue of $1.28 billion to $1.31 billion, representing an increase of 14% to 17% on a reported basis, which includes $40 million to $45 million of revenue from Clairvoyant, and 11% to 13% on an organic constant currency basis, from 2021.
  • Adjusted diluted earnings per share of $5.35 to $5.60, representing an increase of 11% to 16% from 2021.

Medium Term Financial Targets

We are providing the following medium term financial targets:

  • Annual organic constant currency revenue growth of 11% to 13%.
  • Annual Analytics revenue growth of 15% to 20% and digital operations and solutions revenue growth of 7% to 9%.
  • Annual adjusted operating income margin to be in the range of 17% to 18%.

Conference Call

ExlService Holdings, Inc. will host a conference call on Thursday, February 24, 2022 at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

To listen to the conference call via phone, please dial 1-877-303-6384, or if dialing internationally, 1-224-357-2191 and an operator will assist you. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About ExlService Holdings, Inc.

EXL (NASDAQ: EXLS) is a leading data analytics and digital operations and solutions company that partners with clients to improve business outcomes and unlock growth. By bringing together deep domain expertise with robust data, powerful analytics, cloud, artificial intelligence (“AI”) and machine learning (“ML”), we create agile, scalable solutions and execute complex operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media, and retail, among others. Focused on driving faster decision-making and transforming operating models, EXL was founded on the core values of innovation, collaboration, excellence, integrity and respect. Headquartered in New York, our team is over 37,400 strong, with more than 50 offices spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to successfully close and integrate strategic acquisitions, our ability to respond to and manage public health crises, including the outbreak and continued effects of COVID-19, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. These risks could cause actual results to differ materially from those implied by forward-looking statements in this release. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

EXLSERVICE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share amounts)

          (Unaudited)
  Year ended December 31,   Three months ended December 31,
    2021       2020       2021       2020  
Revenues, net $ 1,122,293     $ 958,434     $ 295,489     $ 248,953  
Cost of revenues(1)   690,934       623,936       183,669       150,792  
Gross profit(1)   431,359       334,498       111,820       98,161  
Operating expenses:              
General and administrative expenses   142,040       113,891       38,671       29,390  
Selling and marketing expenses   84,306       60,123       24,675       17,326  
Depreciation and amortization expense   49,132       50,462       12,416       13,182  
Total operating expenses   275,478       224,476       75,762       59,898  
Income from operations   155,881        110,022       36,058       38,263  
Foreign exchange gain, net   4,313       4,432       1,355       980  
Interest expense   (7,561 )     (11,190 )     (757 )     (2,607 )
Other income, net   6,773       12,065       1,427       2,826  
Loss on settlement of convertible notes   (12,845 )     —       —       —  
Income before income tax expense and earnings from equity affiliates   146,561       115,329       38,083       39,462  
Income tax expense   31,850       25,626       9,831       7,209  
Income before earnings from equity affiliates   114,711       89,703       28,252       32,253  
Gain/(loss) from equity-method investment   47       (227 )     47       (35 )
Net income attributable to ExlService Holdings, Inc. stockholders $ 114,758     $ 89,476     $ 28,299     $ 32,218  
Earnings per share attributable to ExlService Holdings, Inc. stockholders:              
Basic $ 3.42     $ 2.61     $ 0.85     $ 0.95  
Diluted $ 3.35     $ 2.59     $ 0.83     $ 0.94  
Weighted-average number of shares used in computing earnings per share attributable to ExlService Holdings, Inc. stockholders:              
Basic   33,549,275       34,273,388       33,446,852       33,882,013  
Diluted   34,244,478       34,555,164       33,968,189       34,370,023  

(1)  Exclusive of depreciation and amortization expense.

EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
   (In thousands, except share and per share amounts)

    As of
    December 31, 2021   December 31, 2020
         
Assets        
Current assets:        
Cash and cash equivalents   $ 135,337     $ 218,530  
Short-term investments     178,538       184,286  
Restricted cash     6,174       4,690  
Accounts receivable, net     194,232       147,635  
Prepaid expenses     14,655       11,344  
Advance income tax, net     15,199       5,684  
Other current assets     34,009       37,109  
Total current assets     578,144       609,278  
Property and equipment, net     86,008       92,875  
Operating lease right-of-use assets     76,692       91,918  
Restricted cash     2,299       2,299  
Deferred tax assets, net     21,404       7,749  
Intangible assets, net     81,082       59,594  
Goodwill     403,902       349,088  
Other assets     30,369       32,099  
Investment in equity affiliate     3,004       2,957  
Total assets   $ 1,282,904     $ 1,247,857  
Liabilities and stockholders’ equity        
Current liabilities:        
Accounts payable   $ 6,873     $ 6,992  
Current portion of long-term borrowings     260,016       25,000  
Deferred revenue     20,000       32,649  
Accrued employee costs     114,285       67,645  
Accrued expenses and other current liabilities     75,124       66,410  
Current portion of operating lease liabilities     18,487       18,894  
Income taxes payable, net     901       3,488  
Total current liabilities     495,686       221,078  
Long-term borrowings, less current portion     —       201,961  
Operating lease liabilities, less current portion     68,506       84,874  
Income taxes payable     1,790       1,790  
Deferred tax liabilities, net     965       847  
Other non-current liabilities     22,801       18,135  
Total liabilities     589,748       528,685  
Commitments and contingencies        
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued     —       —  
ExlService Holdings, Inc. Stockholders’ equity:        
Common stock, $0.001 par value; 100,000,000 shares authorized, 39,508,340 shares issued and 33,291,482 shares outstanding as of December 31, 2021 and 38,968,052 shares issued and 33,559,434 shares outstanding as of December 31, 2020     40       39  
Additional paid-in capital     395,742       420,976  
Retained earnings     756,137       641,379  
Accumulated other comprehensive loss     (89,474 )     (74,984 )
Total including shares held in treasury     1,062,445       987,410  
Less: 6,216,858 shares as of December 31, 2021 and 5,408,618 shares as of December 31, 2020, held in treasury, at cost     (369,289 )     (268,238 )
Stockholders’ equity     693,156       719,172  
Total equity     693,156       719,172  
Total liabilities and stockholders’ equity   $ 1,282,904     $ 1,247,857  

EXLSERVICE HOLDINGS, INC.

Reconciliation of Adjusted Financial Measures to GAAP Measures

In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

(i) Adjusted operating income and adjusted operating income margin;
(ii) Adjusted EBITDA and adjusted EBITDA margin;
(iii) Adjusted net income and adjusted diluted earnings per share; and
(iv) Revenue growth on an organic constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with further acquisitions and the currency fluctuations and associated tax impacts. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, impairment charges on acquired long-lived and intangible assets including goodwill, provision for litigation settlement, non-cash interest expense on convertible senior notes, gains or losses on settlement of convertible senior notes, restructuring charges, effects of termination of leases, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the income tax impact of the above pre-tax items, as applicable. The income tax impact of each item is calculated by applying the statutory rate and local tax regulations in the jurisdiction in which the item was incurred.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

The information provided on an organic constant currency basis reflects a comparison of current period results translated at the prior period currency rates and exclude the impact from an acquisition for a twelve month period from the date of the acquisition. This information is provided because EXL believes that it provides useful comparative incremental information to investors regarding EXL’s true operating performance. EXL’s primary exchange rate exposure is with the Indian Rupee, the U.K. pound sterling and the Philippine Peso. The average exchange rate of the U.S. Dollar against the Indian Rupee increased from 73.74 during the quarter ended December 31, 2020 to 74.79 during the quarter ended December 31, 2021, representing an appreciation of 1.4%. The average exchange rate of the U.S. Dollar against the Philippine Peso increased from 48.16 during the quarter ended December 31, 2020 to 50.60 during the quarter ended December 31, 2021, representing an appreciation of 5.1%. The average exchange rate of the British Pound against the U.S. Dollar increased from 1.33 during the quarter ended December 31, 2020 to 1.35 during the quarter ended December 31, 2021, representing a depreciation of 1.4%.

The following table shows the reconciliation of these non-GAAP financial measures for the year ended December 31, 2021 and 2020, the three months ended December 31, 2021 and 2020 and the three months ended September 30, 2021:

Reconciliation of Adjusted Operating Income and Adjusted EBITDA
(Amounts in thousands)

    Year ended   Three months ended
    December 31,   December 31,   September 30,
      2021       2020       2021       2020       2021  
Net Income (GAAP)   $ 114,758     $ 89,476     $ 28,299     $ 32,218     $ 26,507  
add: Income tax expense     31,850       25,626       9,831       7,209       4,196  
add: Loss on settlement of convertible notes     12,845       —       —       —       12,845  
subtract: Foreign exchange gain, interest expense, effects of equity-method investment and other income, net     (3,572 )     (5,080 )     (2,072 )     (1,164 )     (1,110 )
Income from operations (GAAP)   $ 155,881     $ 110,022     $ 36,058     $ 38,263     $ 42,438  
add: Stock-based compensation expense     38,621       28,235       9,825       7,385       10,894  
add: Amortization of acquisition-related intangibles     12,778       14,412       2,998       3,415       3,022  
add: Other expenses (a)     1,312       —       1,312       —       —  
Adjusted operating income (Non-GAAP)   $ 208,592     $ 152,669     $ 50,193     $ 49,063     $ 56,354  
Adjusted operating income margin as a % of Revenues (Non-GAAP)     18.6 %     15.9 %     17.0 %     19.7 %     19.4 %
add: Depreciation on long-lived assets     36,354       36,050       9,418       9,767       9,283  
Adjusted EBITDA (Non-GAAP)   $ 244,946     $ 188,719     $ 59,611     $ 58,830     $ 65,637  
Adjusted EBITDA margin as a % of revenue (Non-GAAP)     21.8 %     19.7 %     20.2 %     23.6 %     22.6 %

(a) To exclude acquisition-related expenses of $761 for Clairvoyant’s acquisition and $551 on account of effects of lease termination.

Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
(Amounts in thousands, except per share data)

    Year ended   Three months ended
    December 31,   December 31,   September 30,
      2021       2020       2021       2020       2021  
Net income (GAAP)   $ 114,758     $ 89,476     $ 28,299     $ 32,218     $ 26,507  
add: Stock-based compensation expense     38,621       28,235       9,825       7,385       10,894  
add: Amortization of acquisition-related intangibles     12,778       14,412       2,998       3,415       3,022  
add: Non-cash interest expense and loss on settlement of convertible senior notes     14,640       2,616       —       673       13,276  
add/(subtract): Other expenses/(benefits) (a)     1,312       (556 )     1,312       —       —  
subtract: Tax impact on stock-based compensation expense (b)     (9,535 )     (8,330 )     (2,406 )     (2,099 )     (2,697 )
subtract: Tax impact on amortization of acquisition-related intangibles     (2,993 )     (3,374 )     (770 )     (798 )     (699 )
subtract: Tax impact on non-cash interest expense and loss on settlement of convertible senior notes     (3,633 )     (648 )     (120 )     (168 )     (3,186 )
add/(subtract): Tax impact on other expenses/(benefits)     (136 )     137       (136 )     —       —  
add/(subtract): Other tax expenses/(benefits) (c)     (243 )     (20 )     2,168       (1,340 )     (2,411 )
Adjusted net income (Non-GAAP)   $ 165,569     $ 121,948     $ 41,170     $ 39,286     $ 44,706  
Adjusted diluted earnings per share (Non-GAAP)   $ 4.83     $ 3.53     $ 1.21     $ 1.14     $ 1.30  
(a) To exclude acquisition-related expenses of $761 for Clairvoyant’s acquisition and $551 on account of effects of lease termination in 2021, and to exclude benefits related to wind down of the Health Integrated business in 2020.
(b) Tax impact includes $3,651 and $2,378 for the year ended December 31, 2021 and 2020 respectively, $2,095 and $504 during the three months ended December 31, 2021 and 2020 respectively, and $528 during the three months ended September 30, 2021 related to discrete benefit recognized in income tax expense on adoption of ASU No. 2016-09, Compensation – Stock Compensation.
(c) To exclude other tax expense/(benefits) related to certain deferred tax assets and liabilities.

Investor Relations
Contact: Steven N. Barlow
Vice President, Investor Relations
(917) 596-7684
[email protected]

Media – US
Michael Sherrill
Vice President Marketing
646-419-0778
[email protected]

Media – Europe, India and APAC
Shailendra Singh
Vice President Corporate Communications
+91-98104-76075
[email protected]

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Artificial Intelligence

Rainbow Robotics begins pre-orders of Bimanual Mobile Manipulator RB-Y1, the world’s first research platform for AI experts for $80,000 USD

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4 hours ago

on

May 8, 2024

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DAEJEON, South Korea, May 9, 2024 /PRNewswire/ — Rainbow Robotics(CEO Jungho Lee), a robot platform specialized company, will begin pre-orders for the Bimanual Mobile Manipulator RB-Y1 from May 8.

During the pre-order period, the research platform is sold for $80,000 USD and the commercial platform is sold for $120,000 USD (VAT excluded). Products are scheduled to be delivered sequentially starting in October.
RB-Y1 is a research platform that has both arms with 7 degrees of freedom per arm for smooth movements similar to human movements. It is a humanoid-like robot with a single leg with 6 degrees of freedom on a mobile platform for a wide work radius. The LiDAR system is adopted for autonomous movement, and a high-performance 3D recognition sensor and master ARM are provided as options to increase usability. In line with the recent trend of the AI era, Rainbow Robotics plans to provide various APIs and options so that AI developers can easily utilize them for research purposes.
Recently, various organizations are introducing humanoid robots. However, they are only used for their own purposes and there is no standard platform for various AI robot researchers. Rainbow Robotics’ RB-Y1 is the first to commercially sell such a research platform.
Unlike existing simple industrial robots, a Bimanual Mobile Manipulator is a humanoid robot that uses both arms and is suitable for advanced manufacturing sites and services. It is a next-generation robot platform that can be used for complex assembly, manufacturing, and collaboration beyond existing simple automation processes.
If you would like to pre-order RB-Y1, please contact us through enquiry page or email us at [email protected].
Meanwhile, Rainbow Robotics will participate as a bronze sponsor in the IEEE International Conference on Robotics and Automation (ICRA 2024), which will be held at Pacifico Yokohama, Japan on May 13.
During the exhibition, various demonstrations will be shown of controlling RB-Y1 with real-time remote operation technology, which links the data arm and simulation system. Additionally, Rainbow Robotics plans to exhibit the small, high-precision collaborative robot RB3-730 and the quadruped robot RBQ-10.
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Artificial Intelligence

AgriBusiness Global™ Announces 2024 Event Line-Up: Connecting Crop Input Leaders Worldwide

Published

4 hours ago

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May 8, 2024

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agribusiness-global™-announces-2024-event-line-up:-connecting-crop-input-leaders-worldwide

WILLOUGHBY, Ohio, May 8, 2024 /PRNewswire/ — AgriBusiness Global, the premier business source for leaders in the global crop input value chain, is thrilled to announce its lineup of events for 2024. For 37 years, AgriBusiness Global has been the go-to resource for quality, trustworthy information and analysis, leading the industry in providing the next generation of crop solutions covering synthetic crop protection, biologicals, and plant health.

In 2024, AgriBusiness Global will host three events, each designed to connect industry leaders, promote innovation, and drive business growth:
AgriBusiness Global℠ LATAM Conference Date: 14-15 MayLocation: Panama City, Panama
Capitalizing on Emerging Technologies in LATAM
The ABG LATAM Conference will bring together industry experts and influencers to discuss the latest trends and developments in crop protection, plant health, biologicals, and ag technology specific to the Latin American region. The Latin-American market offers new opportunities for business growth and partnerships with leading players in the region. Learn More>
AgriBusiness Global℠ Trade Summit Date: 7-8 AugustLocation: Orlando, Florida, USA
The #1 Global Agribusiness Event- Dedicated to Worldwide Networking and New Business Development               
The ABG Trade Summit is the trusted forum for advancing development in the rapidly emerging global crop protection, ag tech, plant health, and biological sectors. Attendees can expect to meet with the world’s leading manufacturers, exporters, trading companies, sellers, formulators, and consultants.  Trade Summit facilitates global trade by offering educational sessions, a robust exhibit floor, private meeting rooms, and dedicated networking opportunities for the world market to connect, engage, and build business. Learn More>
AgriBusiness Global℠ SE Asia ConferenceDate: 6-7 NovemberLocation: Jakarta, Indonesia
Empowering Southeast Asia’s AgriBusiness for Global Impact
The ABG Southeast Asia Conference, produced in cooperation with the Indonesian CropCare Association, will showcase cutting-edge technologies and innovations in crop production, addressing the unique challenges and opportunities in the Southeast Asian market. Attendees will gain unique insights to prepare for the future and navigate the present in the rapidly evolving agricultural market. Learn More>
“Our events are dynamic platforms for industry leaders to connect, collaborate, and drive innovation,” said Eric Davis, Group Director at AgriBusiness Global. “We are excited to bring together the brightest minds in the industry to explore new ideas, foster partnerships, and shape the future of agriculture.”
For information about the 2024 events and how to participate, visit AgriBusinessGlobal.com.
About Meister Media Worldwide
For media inquiries, please contact:Amy Reddington, Show Director
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Economic Shifts Ahead as AI Integrates Deeply into Work and Society, Fueling $4.4 Trillion Growth

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6 hours ago

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May 8, 2024

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economic-shifts-ahead-as-ai-integrates-deeply-into-work-and-society,-fueling-$4.4-trillion-growth

USA News Group News Commentary
Issued on behalf of Scope AI Corp.
VANCOUVER, May 8, 2024 /PRNewswire/ —  USA News Group News Commentary – New developments in AI technology are currently changing the face of work, economies, and society as we know it, according to analysts at McKinsey & Company who are projecting generative AI (gen AI) could add $4.4 trillion annually to the global economy. Between January and March of this year alone, the world’s largest cloud-computing giants have collectively invested $40 billion mostly into data centres equipped to deal with growing AI workloads, according to The Economist. The shift is leading experts to witness how AI companies are leading a transition from Software-as-a-Service to Service-as-Software, turning the table on the very essence of SaaS, representing a $4.6 trillion opportunity. A variety of tech companies have recently advanced the integration of AI, providing swift, safe, and cost-effective solutions for businesses to adopt artificial intelligence technology this past week, including: Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF), Meta Platforms, Inc. (NASDAQ: META), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), and C3.ai, Inc. (NYSE: AI).

The article continued: Seeing the extraordinary speed of AI’s advancements and impacts, combined with surging private- and public-sector demand, is causing regulators in the USA and EU to issue legislation calling for action. Now analysts are trying to determine whether the GenAI boom is setting up to be another bubble, or a legitimate long-term investment opportunity.
SCOPE AI PROVIDES CORPORATE UPDATE
Scope AI Corp. (CSE: SCPE) (OTCQB: SCPCF) (FSE: VN8) (“Scope” or the “Company”) today provided an update  on new developments of Scope’s artificial intelligence driven recognition technology called GEM (General Enterprise Machine Learning) system. Built on advanced visual recognition and neural network technology, GEM could advance industries, including Advertising and Gaming, by providing them with new insights and capabilities.
Advertising: GEM aims to enable advertising businesses to personalize ad content based on real-time user behavior analysis. By leveraging visual recognition technology, companies can create highly targeted and engaging ads, maximizing return on ad spend and driving customer engagement to new heights.
Gaming:  In the gaming industry, GEM aims to enhance user experiences by customizing gameplay and recommendations. By analyzing player behavior using neural networks, GEM provides customers and developers with invaluable insights with the intention of optimizing game design, increasing user retention, and maximizing revenue potential.
Unveiling Neural Networks: Neural networks are the foundation of GEM’s technology. These complex algorithms mimic the structure and functionality of the human brain, enabling machines to learn from vast amounts of data and make intelligent predictions and decisions. By harnessing the power of neural networks, GEM offers comprehensive capabilities in advanced pattern recognition, data analysis, and decision-making across industries.
“We’re very pleased at how seamless we were able to streamline, enhance, and strengthen our platform with the latest performance and security upgrades made to our infrastructure”, said Sean Prescott, Founder and Non-Executive Chairman of Scope AI. “The next generation of our platform will set us apart in the kind and sensitivity of data we can process and store. It’s a potential game-changer for the industry.”
Scope’s GEM platform includes advanced features designed to enhance user experience and security, all while streamlining operations. Built-in customer support and user management modules allow for seamless assistance, while the native referral system fosters user engagement and growth. Along with the full admin suite for comprehensive analysis and reporting, businesses are fully empowered with unparalleled capabilities and insights.
CONTINUED… Read this and more news for Scope AI at:  https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
In other industry developments and happenings in the market this week include:
Meta Platforms, Inc. (NASDAQ: META), the parent company of Facebook, Instagram, and WhatsApp, recently teamed up with the Georgia Institute of Technology to create a massive open dataset to advance AI solutions for carbon capture, a technology with promising potential to address global climate concerns. As per the collaboration, Georgia Tech and Meta say their massive database could potentially make it easier and faster to design and implement new direct air capture technologies.
“The open-source database enabled the team to train an AI model that is orders of magnitude faster than existing chemistry simulations,” said Georgia Tech in a press release. “The project, named OpenDAC, could accelerate climate solutions the planet desperately needs.”
Researchers at Meta’s Fundamental AI Research (FAIR) team were already looking for ways to harness their machine-learning prowess to address climate concerns. They ultimately landed on direct air capture as what they believed to be a promising technology, and immediately reached out to Georgia Tech. FAIR’s lead authors generated the database by running quantum chemistry computations on inputs provided by Georgia Tech’s team, using about 400 million CPU hours along the way, and surpassing several hundreds of times more computing than the average academic computing lab can do in a year.
Amazon.com, Inc. (NASDAQ: AMZN) through its global Amazon Web Services (AWS) cloud system subsidiary recently rolled out its new AI system called Q, which it has dubbed as “the most capable generative artificial intelligence (AI)-powered assistant for accelerating software development and leveraging companies’ internal data.”
As well, Amazon also recently launched its Custom Model Import for Bedrock tool, which CEO Andy Jassy called a “sneak big launch as it satisfies a customer request we’ve heard frequently and that nobody has yet met.” The tool allows customers to import custom models they’ve built in Amazon SageMaker into tits Amazon Bedrock platform. Doing so lets enterprises utilize AI investments they’ve already made, while also leveraging Bedrock’s capabilities to scale their models and applications.
“Customers are excited about this, and as more companies find they’re employing a mix of custom-built models along with leveraging existing LLMs,” said Jassey. “The prospect of these two linchpin services in SageMaker and Bedrock working well together is quite appealing.”
Apple Inc. (NASDAQ: AAPL), whose iPhones currently hold the Top 4 (and 5 of the Top 10) best-selling smartphone models by sales, recently reported an all-time revenue record in sales in its most recent financial results. While being seen as potentially late to the game on AI, several reports in recent weeks has suggested that Apple is not only talking to OpenAI and/or Google about powering some of its AI features, it’s also been reportedly spending “millions of dollars a day” training its own AI model, called Ajax.
Now industry experts are saying the iPhone is about to become an “AI phone”, in anticipation of Apple’s upcoming iOS 18. A key anticipated feature of iOS 18 is Apple’s own large language model (LLM), similar to the technology behind AI chatbots like ChatGPT. It’s widely speculated that this Apple-developed LLM will be integrated with Siri, enhancing the capabilities of the iPhone’s digital assistant. As indicated by Bloomberg in late April, it’s suggested that Apple’s  LLM will be entirely on-device, meaning the tech will be powered inside by the iPhone’s processor, rather than in the cloud—which may be a bit less powerful and knowledgeable, but with far quicker response times.
C3.ai, Inc. (NYSE: AI), an Enterprise AI application software company, is actively working to enhance the petroleum industry in Houston, through a cooperative effort that allows oil and gas companies to share AI technology and applications with each other. This effort is meant to curb companies from withholding information from competitors, with the goal of collaboration instead.
“We’re building the applications that are, you know, monitoring every device on every offshore oil rig in real time so that they can see with 18 hours in advance before something fails and just shut it down,” said Tom Siebel, CEO of C3.ai. Siebel has explained that AI is at work in oil and gas, diagnosing issues and assisting with maintenance, giving the example of a giant like Shell uses AI to track their half a million valves around the world.
“They can see what’s going on,” said Siebel. “They can predict when a valve is going to be stuck open or closed before it happens, and if one of these valves gets stuck open or closed, things go real bad, real fast, right? And so, they’ve decided to make these applications available to Aramco, Eni, Chevron, Phillips.”
A recent report from Research and Markets predicted that the global AI in oil and gas market is expected to surge to an impressive $5.96 billion by 2028, growing at a CAGR of 13.3%.
Article Source: https://usanewsgroup.com/2024/04/26/the-currency-of-tomorrow-why-investing-in-cutting-edge-ai-recognition-tech-could-mean-big-money/
 CONTACT:USA NEWS [email protected](604) 265-2873
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Scope AI Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares Scope AI Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ own shares of Scope AI Corp. which were purchased as a part of a private placement. MIQ reserves the right to buy and sell, and will buy and sell shares of Scope AI Corp. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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