Artificial Intelligence
EXL Reports 2022 First Quarter Results
2022 First Quarter Revenues of $329.2 Million, up 25.9% year-over-year
Q1 Diluted Earnings Per Share (GAAP) of $1.07, up from $0.93 in Q1 of 2021
Q1 Adjusted Diluted Earnings Per Share (Non-GAAP) (1) of $1.42, up from $1.18 in Q1 of 2021
NEW YORK, April 28, 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 ended March 31, 2022.
Rohit Kapoor, Vice Chairman and Chief Executive Officer, said, “EXL had a strong first quarter with revenue of $329.2 million, a 25.9% increase from the first quarter of 2021. Analytics continued to lead our growth with a 45.7% revenue increase from the first quarter of 2021. Adjusted diluted earnings per share for the quarter was $1.42, a 20.3% increase year-over-year. This strong performance affirms our strategy of focusing on high value data-led solutions, enabling our clients to improve business outcomes. Our acquisition of Clairvoyant, a global data, AI, ML and cloud services firm, enhances our expertise in data engineering and cloud enablement and is integrating well with our business. We have strong momentum as we head further into 2022, positioning us well for continued growth.”
Maurizio Nicolelli, Chief Financial Officer, said, “Based on our strong first quarter financial results, and the visibility we have for the remainder of the year, we are increasing our revenue guidance for 2022 to be in the range of $1.315 billion to $1.335 billion, from $1.28 billion to $1.31 billion. This represents a 17% to 19% increase year-over-year on a reported basis and 14% to 16% increase year-over-year on an organic constant currency basis. We are also increasing our adjusted diluted earnings per share guidance for 2022 to $5.40 to $5.65, from $5.35 to $5.60, representing a 12% to 17% increase over the prior year. Our balance sheet remains strong with cash and short-term investments of $269.2 million.”
______________________________________________________________
- 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: First Quarter 2022
- Revenues for the quarter ended March 31, 2022 increased to $329.2 million compared to $261.4 million for the first quarter of 2021, an increase of 25.9% on a reported basis and 26.5% on a constant currency basis from the first quarter of 2021. Revenues increased by 11.4% sequentially on a reported basis and 11.5% on a constant currency basis from the fourth quarter of 2021.
| Revenues | Gross Margin | |||||||||||
| Three months ended | Three months ended | |||||||||||
| Reportable Segments | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | ||||||||
| (dollars in millions) | ||||||||||||
| Insurance | $ | 103.3 | $ | 91.1 | 37.0 | % | 38.5 | % | ||||
| Healthcare | 26.2 | 30.3 | 32.5 | % | 42.5 | % | ||||||
| Emerging Business | 50.7 | 37.7 | 42.4 | % | 44.7 | % | ||||||
| Analytics | 149.0 | 102.3 | 35.9 | % | 37.0 | % | ||||||
| Total Revenues, net | $ | 329.2 | $ | 261.4 | 37.0 | % | 39.2 | % | ||||
- Operating income margin for the quarter ended March 31, 2022 was 13.4%, compared to 15.9% for the first quarter of 2021 and 12.2% for the fourth quarter of 2021. Adjusted operating income margin for the quarter ended March 31, 2022 was 18.2% compared to 20.2% for the first quarter of 2021 and 17.0% for the fourth quarter of 2021.
- Diluted earnings per share for the quarter ended March 31, 2022 was $1.07 compared to $0.93 for the first quarter of 2021 and $0.83 for the fourth quarter of 2021. Adjusted diluted earnings per share for the quarter ended March 31, 2022 was $1.42 compared to $1.18 for the first quarter of 2021 and $1.21 for the fourth quarter of 2021.
Business Highlights: First Quarter 2022
- Won 19 new clients in the first quarter of 2022, with 10 in our digital operations and solutions business and nine in analytics.
- Recognized as a Leader in Everest Group’s 2022 Advanced Analytics and Insights Services PEAK Matrix® Assessment.
- Named a Leader and Star Performer in Everest Group’s Healthcare Payer Operations PEAK Matrix® Assessment 2022.
- EXLClarity™ won Best in KLAS® 2022 award for Risk Adjustment and Analytics.
- Positioned in the Winners Circle in the HFS Top 10 for Insurance Services.
- Recognized as a Leader in all categories in the 2021 ISG Provider Lens™ Insurance BPO Services report for the U.S. and Australia.
Subsequent Event:
- Entered into an Amended and Restated Credit Agreement on April 18, 2022, increasing the aggregate amount of revolving credit commitment available to the Company to $400 million, with a new maturity date of April 18, 2027.
2022 Guidance
Based on current visibility, and a U.S. Dollar to Indian Rupee exchange rate of 76.5, British Pound to U.S. Dollar exchange rate of 1.33, U.S. Dollar to the Philippine Peso exchange rate of 52.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2022:
- Revenue of $1.315 billion to $1.335 billion, representing an increase of 17% to 19% on a reported basis, and 14% to 16% on an organic constant currency basis from 2021.
- Adjusted diluted earnings per share of $5.40 to $5.65, representing an increase of 12% to 17% from 2021.
Conference Call
ExlService Holdings, Inc. will host a conference call on Thursday, April 28, 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 39,000 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 pandemic, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Quarterly Report on Form 10-Q and 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 (UNAUDITED)
(In thousands, except per share amount and share count)
| Three months ended March 31, | |||||||
| 2022 | 2021 | ||||||
| Revenues, net | $ | 329,208 | $ | 261,415 | |||
| Cost of revenues(1) | 207,516 | 158,821 | |||||
| Gross profit(1) | 121,692 | 102,594 | |||||
| Operating expenses: | |||||||
| General and administrative expenses | 39,945 | 30,703 | |||||
| Selling and marketing expenses | 24,170 | 18,235 | |||||
| Depreciation and amortization expense | 13,602 | 12,101 | |||||
| Total operating expenses | 77,717 | 61,039 | |||||
| Income from operations | 43,975 | 41,555 | |||||
| Foreign exchange gain, net | 1,756 | 434 | |||||
| Interest expense | (876 | ) | (2,474 | ) | |||
| Other income, net | 2,411 | 1,410 | |||||
| Income before income tax expense and earnings from equity affiliates | 47,266 | 40,925 | |||||
| Income tax expense | 11,202 | 8,958 | |||||
| Income before earnings from equity affiliates | 36,064 | 31,967 | |||||
| Gain/(loss) from equity-method investment | 114 | (36 | ) | ||||
| Net income attributable to ExlService Holdings, Inc. stockholders | $ | 36,178 | $ | 31,931 | |||
| Earnings per share attributable to ExlService Holdings, Inc. stockholders: | |||||||
| Basic | $ | 1.08 | $ | 0.95 | |||
| Diluted | $ | 1.07 | $ | 0.93 | |||
| Weighted-average number of shares used in computing earnings per share attributable to ExlService Holdings Inc. stockholders: | |||||||
| Basic | 33,442,038 | 33,734,118 | |||||
| Diluted | 33,894,868 | 34,318,318 | |||||
(1) Exclusive of depreciation and amortization expense.
EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share amount and share count)
| As of | ||||||||
| March 31, 2022 | December 31, 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 106,540 | $ | 135,337 | ||||
| Short-term investments | 162,694 | 178,538 | ||||||
| Restricted cash | 6,274 | 6,174 | ||||||
| Accounts receivable, net | 239,279 | 194,232 | ||||||
| Prepaid expenses | 20,118 | 14,655 | ||||||
| Advance income tax, net | 9,336 | 15,199 | ||||||
| Other current assets | 28,377 | 34,009 | ||||||
| Total current assets | 572,618 | 578,144 | ||||||
| Property and equipment, net | 85,610 | 86,008 | ||||||
| Operating lease right-of-use assets | 75,147 | 76,692 | ||||||
| Restricted cash | 2,255 | 2,299 | ||||||
| Deferred tax assets, net | 22,447 | 21,404 | ||||||
| Intangible assets, net | 76,578 | 81,082 | ||||||
| Goodwill | 404,561 | 403,902 | ||||||
| Other assets | 32,215 | 30,369 | ||||||
| Investment in equity affiliate | 3,118 | 3,004 | ||||||
| Total assets | $ | 1,274,549 | $ | 1,282,904 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 4,796 | $ | 5,647 | ||||
| Current portion of long-term borrowings | 35,000 | 260,016 | ||||||
| Deferred revenue | 22,571 | 20,000 | ||||||
| Accrued employee costs | 52,276 | 114,285 | ||||||
| Accrued expenses and other current liabilities | 86,911 | 76,350 | ||||||
| Current portion of operating lease liabilities | 19,308 | 18,487 | ||||||
| Income taxes payable, net | 1,259 | 901 | ||||||
| Total current liabilities | 222,121 | 495,686 | ||||||
| Long-term borrowings, less current portion | 260,000 | — | ||||||
| Operating lease liabilities, less current portion | 66,173 | 68,506 | ||||||
| Income taxes payable | 1,790 | 1,790 | ||||||
| Deferred tax liabilities, net | 928 | 965 | ||||||
| Other non-current liabilities | 23,196 | 22,801 | ||||||
| Total liabilities | 574,208 | 589,748 | ||||||
| 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, 39,794,154 shares issued and 33,328,744 shares outstanding as of March 31, 2022 and 39,508,340 shares issued and 33,291,482 shares outstanding as of December 31, 2021 | 40 | 40 | ||||||
| Additional paid-in capital | 406,966 | 395,742 | ||||||
| Retained earnings | 792,315 | 756,137 | ||||||
| Accumulated other comprehensive loss | (98,306 | ) | (89,474 | ) | ||||
| Total including shares held in treasury | 1,101,015 | 1,062,445 | ||||||
| Less: 6,465,410 shares as of March 31, 2022 and 6,216,858 shares as of December 31, 2021, held in treasury, at cost | (400,674 | ) | (369,289 | ) | ||||
| Stockholders’ equity | 700,341 | 693,156 | ||||||
| Total equity | 700,341 | 693,156 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,274,549 | $ | 1,282,904 | ||||
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 73.17 during the quarter ended March 31, 2021 to 75.25 during the quarter ended March 31, 2022, representing an appreciation of 2.8%. The average exchange rate of the U.S. Dollar against the Philippine Peso increased from 48.39 during the quarter ended March 31, 2021 to 51.32 during the quarter ended March 31, 2022, representing an appreciation of 6.1%. The average exchange rate of the British Pound against the U.S. Dollar decreased from 1.38 during the quarter ended March 31, 2021 to 1.33 during the quarter ended March 31, 2022, representing an appreciation of 3.5%.
The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2022 and March 31, 2021, and the three months ended December 31, 2021:
Reconciliation of Adjusted Operating Income and Adjusted EBITDA
(Amounts in thousands)
| Three months ended | ||||||||||||
| March 31, | December 31, | |||||||||||
| 2022 | 2021 | 2021 | ||||||||||
| Net Income (GAAP) | $ | 36,178 | $ | 31,931 | $ | 28,299 | ||||||
| add: Income tax expense | 11,202 | 8,958 | 9,831 | |||||||||
| add/(subtract): Foreign exchange gain, interest expense, effects of equity-method investment and other income, net | (3,405 | ) | 666 | (2,072 | ) | |||||||
| Income from operations (GAAP) | $ | 43,975 | $ | 41,555 | $ | 36,058 | ||||||
| add: Stock-based compensation expense | 11,224 | 7,832 | 9,825 | |||||||||
| add: Amortization of acquisition-related intangibles | 4,486 | 3,361 | 2,998 | |||||||||
| add: Other expenses (a) | 134 | — | 1,312 | |||||||||
| Adjusted operating income (Non-GAAP) | $ | 59,819 | $ | 52,748 | $ | 50,193 | ||||||
| Adjusted operating income margin as a % of Revenues (Non-GAAP) | 18.2 | % | 20.2 | % | 17.0 | % | ||||||
| add: Depreciation on long-lived assets | 9,116 | 8,740 | 9,418 | |||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 68,935 | $ | 61,488 | $ | 59,611 | ||||||
| Adjusted EBITDA margin as a % of revenue (Non-GAAP) | 20.9 | % | 23.5 | % | 20.2 | % | ||||||
| (a) | To exclude acquisition-related expenses of $134 for the acquisition of Clairvoyant AI Inc. (“Clairvoyant”) during the three months ended March 31, 2022, and $761 during the three months ended December 31, 2021, and to exclude the impact of $551 on account of effects of lease termination during the three months ended December 31, 2021. |
Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
(Amounts in thousands, except per share data)
| Three months ended | ||||||||||||
| March 31, | December 31, | |||||||||||
| 2022 | 2021 | 2021 | ||||||||||
| Net income (GAAP) | $ | 36,178 | $ | 31,931 | $ | 28,299 | ||||||
| add: Stock-based compensation expense | 11,224 | 7,832 | 9,825 | |||||||||
| add: Amortization of acquisition-related intangibles | 4,486 | 3,361 | 2,998 | |||||||||
| add: Non-cash interest expense related to convertible senior notes | — | 673 | — | |||||||||
| add: Other expenses (a) | 134 | — | 1,312 | |||||||||
| add: Effect of non-recurring tax expenses (b) | — | — | 2,168 | |||||||||
| subtract: Tax impact on stock-based compensation expense (c) | (2,806 | ) | (2,358 | ) | (2,406 | ) | ||||||
| subtract: Tax impact on amortization of acquisition-related intangibles | (1,052 | ) | (758 | ) | (770 | ) | ||||||
| subtract: Tax impact on non-cash interest expense related to convertible senior notes | — | (162 | ) | (120 | ) | |||||||
| subtract: Tax impact on other expenses | — | — | (136 | ) | ||||||||
| Adjusted net income (Non-GAAP) | $ | 48,164 | $ | 40,519 | $ | 41,170 | ||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 1.42 | $ | 1.18 | $ | 1.21 | ||||||
| (a) | To exclude acquisition-related expenses of $134 for the acquisition of Clairvoyant AI Inc. (“Clairvoyant”) during the three months ended March 31, 2022, and $761 during the three months ended December 31, 2021, and to exclude the impact of $551 on account of effects of lease termination during the three months ended December 31, 2021. | |
| (b) | To exclude non-recurring tax expense related to certain deferred tax assets and liabilities. | |
| (c) | Tax impact includes $3,610 and $931 during the three months ended March 31, 2022 and 2021 respectively, and $2,095 during the three months ended December 31, 2021, related to discrete benefits recognized in income tax expense on adoption of ASU No. 2016-09, Compensation – Stock Compensation. |
Investor Relations
Contact: Steven N. Barlow
Vice President, Investor Relations
(917) 596-7684
[email protected]
Media – US
Cindy Carpenter
Vice President Marketing
617-504-8620
[email protected]
Media – Europe, India and APAC
Shailendra Singh
Vice President Corporate Communications
+91-98104-76075
[email protected]
Artificial Intelligence
Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan
The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”
With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky.
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
Logo: https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg
FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cayman-enterprise-city-publishes-socio-economic-impact-assessment-by-economist-and-leading-advisor-on-the-caribbean-marla-dukharan-302148206.html
Artificial Intelligence
Strava Unveils New Chapter of Accelerated Product Development at Brand’s Flagship Event
The Company introduces increased product velocity, leveraging advancements in Artificial Intelligence, in service of its vision of a world connected through movement
LOS ANGELES, May 16, 2024 /PRNewswire/ — Strava, the leading digital community for active people with more than 125 million athletes, today showcased its latest initiatives and product developments at its annual event, Camp Strava. With the theme of Progress, Together company leaders announced how the platform will empower its global community to make progress in the way they explore, move, and connect on Strava.
“Strava is gaining momentum to realize our vision of a world connected through movement,” said Michael Martin, chief executive officer of Strava. “We are focused on two fundamental shifts to accelerate how we deliver value to 125 million people globally– building for women and leveraging Artificial Intelligence – which will unlock new community-and-partner-powered experiences across the platform.”
A New Era of Product VelocityStrava, with new leaders at the helm, is ushering in its next era of product velocity. The company listened closely to feedback from its global community and announced three of the most requested features coming to the platform by the end of the year.
The first of these updates, AI-enabled Leaderboard Integrity, will harness machine learning to automatically flag irregular, improbable, or impossible activities recorded to the platform. Trained by millions of activities, this feature allows all users on Strava to play fair and have more fun.
Additionally, the company announced a new Family Plan Subscription, the sister of the company’s Student Plan. With Family Plan, it’s easier to make a fitness commitment with your community by sharing an annual subscription with up to three other people – friends, family, or fitness family. Launching in select countries this summer, with plans to roll out globally by the end of the year, Strava’s newest annual subscription option offers the best value for groups (up to four), with a discount off the regular subscription price for each member.
Strava also implemented an updated design system, an initiative that is integral in driving a heightened pace of product innovation at the company. Through this work, Strava announced the launch of one of the company’s most requested features, Dark mode. Dark mode will improve the in-app experience for all users, reducing eye strain and improving accessibility while they record activity or scroll through the feed. Athletes can expect a rollout later this summer with options to keep their mobile settings always dark, always light, or match their device settings.
Company leaders highlighted several other features and updates to current products like Flyover, with its next iteration offering an overlay with activity stats and off-platform sharing capabilities. The overlay is available today for Strava subscribers and an off-platform sharing option will be released later this year.
Build for Her, Build for ManyStudies show that women of all ages participate in sports at a far lower rate than men, and overall, despite wanting to be active, find less time to dedicate to an active lifestyle. As the company continues on its mission to motivate people to live their best active lives, building for women on the platform will ultimately serve everyone in the Strava community. Several new features and initiatives were announced as a part of this strategic focus, which includes:
Night Heatmaps: Night Heatmaps show only activities between sundown and sunrise – so athletes can get an idea of which roads, trails, and paths are well-trafficked after hours. Since Night Heatmaps filter for after-hours routes, it can be a helpful tool for female athletes training before sunrise and after sunset.Quick Edit: For active women, having control over what is shared with the Strava community that cheers them on – like what time a run is logged – is important. Quick Edit makes it easier to make the most common edits – like activity name, and privacy settings so you can hide your start time, your map, or other workout stats.Strive for More®: The company announced a new phase of its Strive for More® initiative, created in 2022 to promote and support women in movement and sport. Today, Strava unveiled an official partnership with media company TOGETHXR to encourage more women to watch – and play – women’s sports. As part of the partnership, Strava will also donate $100,000 to the Alex Morgan Foundation, started by co-founder of TOGETHXR, Alex Morgan, to support their mission to help girls and women find confident paths forward in sports and life.Athlete IntelligenceToday, Strava announced the start of an accelerated product roadmap, outlining how Strava will implement the latest technological enhancements in AI and machine learning, to transform the athlete experience.
One key advancement to the platform includes the company’s latest development, Athlete Intelligence. Strava is introducing its beta AI-powered feature which turns each subscriber’s training data into an easily digestible summary that contextualizes their accomplishments and fitness goals. Unlike other AI-powered training services, Strava connects with thousands of devices, wearables, and fitness apps, so an athlete’s insights can consider their entire fitness story across multiple sports and modalities.
The features shared at Camp Strava will be released on a rolling basis through the end of the year. To view the full list of product releases and further details, visit www.press.strava.com.
For more information on Strava, to create a free account, or to start a free subscription trial visit www.strava.com.
About Strava Strava is the leading digital community for active people with more than 125 million athletes, in more than 190 countries. The platform offers a holistic view of your active lifestyle, no matter where you live, which sport you love and/or what device you use. Everyone belongs on Strava when they are pursuing an active life. Join the community, find motivation and discover new experiences with a Strava subscription.
Visit www.strava.com for more information and connect with Strava on Instagram, Twitter, Facebook, YouTube and LinkedIn.
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Artificial Intelligence
Japan Data Center Market Investment to Reach $14.48 Billion by 2028 – Watch Out Exclusive Insight on Japan & Hong Kong Data Center Market – Arizton
CHICAGO, May 16, 2024 /PRNewswire/ — Arizton publishes the latest research report on the Japan data center market and Hong Kong data center market.
The Japan Data Center Market to Witness Investments of $14.48 Billion by 2029.
Get Insights on 107 Existing Data Centers and 41 Upcoming Facilities across Japan.
The data center market in Japan is experiencing the emergence of self-built hyperscale data center facilities by major operators such as Google, Microsoft, and Amazon Web Services (AWS). This development is expected to impact the colocation market in Japan. Since these hyperscale operators store workloads in their own data center facilities, it may reduce the source of revenue generation for colocation operators.
Japan is a well-established data center market in the APAC region. The country supports investments with its macroeconomic policies and other incentives for investors. The market is witnessing several investments from local and global data center operators, further expanding its presence. Tokyo and Osaka are Japan’s major destinations for data center development, accounting for over 90% of the existing data center facilities. The government announced the offer of subsidies in Hokkaido and Kyushu for data center development and decentralize data centers from Tokyo and Osaka.
Investment Opportunities
In October 2023, SoftBank and its subsidiary, IDC Frontier, announced the plan to develop a new data center facility in Tomakomai City, Hokkaido. The company invested around $420 million toward the project, for which it received subsidies worth $190 million from the Ministry of Economy, Trade, and Industry. In July 2023, Internet Initiative Japan (IIJ) launched its second data center building at the Shiroi data center campus in Chiba Prefecture, Greater Tokyo. Once fully built, the campus will house four data center buildings. Furthermore, the company is involved in a third expansion initiative in its Matsue City campus (which will likely go live in 2025).In June 2023, Digital Edge, in partnership with Hulic, a real estate developer, announced the start of the construction of a new data center facility, TY07, in Tokyo. The facility is expected to go online by 2025.In April 2024, GDS Services partnered with Gaw Capital to develop a new data center campus in Fuchu City, Tokyo. Both companies will jointly invest toward developing a new data center facility, with the first phase slated to go online by 2026.To Buy this Research Now, Click: https://www.arizton.com/market-reports/japan-data-center-market-investment-analysis
Existing Vs. Upcoming Data Centers
Existing Facilities in the Region (Area and Power Capacity)TokyoOsakaOther CitiesList of Upcoming Facilities in the Region (Area and Power Capacity)TokyoOsakaOther CitiesVendor Analysis
IT Infrastructure Providers: Arista Networks, Atos, Broadcom, Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise (HPE), Hitachi Vantara, Huawei Technologies, IBM, Inspur, Lenovo, NEC, NetApp, and Oracle.
Data Center Construction Contractors & Sub-Contractors: Arup, AECOM, Daiwa House Industry, Fuji Furukawa Engineering & Construction, Hibiya Engineering, ISG, Kajima Corporation, Keihanshin Building, Linesight, MARCAI DESIGN, Meiho Facility Works, Nikken Sekkei, NTT FACILITIES, Obayashi Corporation, SHINRYO Corporation, TAISEI Corporation.
Support Infrastructure Providers: 3M, ABB, Alfa Laval, Caterpillar, Cummins, Delta Electronics, Eaton, Fuji Electric, HITEC Power Protection, Johnson Controls, Kawasaki Heavy Industries, KOHLSER-SDMO, Legrand, Mitsubishi Electric, Rittal, Rolls-Royce, Schneider Electric, STULZ, Siemens, Vertiv.
Data Center Investors: AirTrunk, Alibaba Cloud, Amazon Web Services, AT TOKYO, Colt Data Centre Services, Digital Edge, Equinix, Fujitsu, Goodman, Google, IDC Frontier, Internet Initiative Japan (IIJ), MC Digital Realty, Microsoft, NTT Communications, SCSK Corporation (NETXDC), Telehouse, Tencent Cloud, TIS INTEC Group.
New Entrants: Ada Infrastructure, Edge Centres, CyrusOne, ESR, GDS Services, Keppel Data Centres, NEXTDC, Princeton Digital Group (PDG), SC Zeus Data Center, STACK Infrastructure, ST Telemedia Global Data Centres, Vantage Data Centers, Yondr.
The Hong Kong Data Center Market will Witness Investments of $4.80 Billion by 2029.
Get Insights on 54 Existing Data Centers and 12 Upcoming Facilities across Hong Kong.
The Hong Kong data center market is booming, driven by the increasing demand for digital services. The data center investments in Hong Kong over the next two to three years are expected to remain high due to the surge in demand and the significant boost due to the advancements in AI technologies. Investors are actively investing in this market.
Hong Kong is a mature and thriving market for data center development in the APAC region. Investors find it an attractive market owing to the high internet and social media usage levels, a robust business ecosystem, and excellent connectivity through both inland and submarine cables. Additionally, the deployment of 5G technology further enhances its appeal.
Hong Kong stands out globally for the incredibly high rates of cell phone and home broadband service usage. With around 300 licensed internet service providers, there is robust competition, providing data center operators with a wide range of choices.
Hong Kong is considered an attractive destination for businesses due to various reasons. Its proximity to mainland China and its import-export relations with major markets, such as China and the US, make it easier for businesses to operate. Additionally, the market has experienced significant growth in Foreign Direct Investment (FDI), ranking after countries like the UK, the US, and China.
Investment Opportunities
In December 2023, the company completed the core and shell construction of phase-1 of the MEGA IDC data center campus. The facility has already signed lease agreements with cloud service providers and international banks for its available space. The company plans to expand the campus through phase-2 during the forecast period.In March 2023, the company launched its seventh data center facility, MEGA Gateway, in Tsuen Wan. The facility is part of its connected MEGA campus.Goodman is among the major investors in the Hong Kong market, and it is continuously expanding its data center presence. In March 2024, the company announced the construction of the new Texaco data center facility in Tsuen Wan. The facility is a brownfield construction that involved the conversion of an industrial building into a data center facility. The facility is likely to go online by 2026.Over 60% Of Future Demand to Come from Cloud Service Providers
The Hong Kong data center market has the presence of on-premises data centers operated by educational institutions, the government, and financial services such as HSBC Bank. A significant decline in on-premises data centers will occur in the next three to five years owing to the increase in digitalizing initiatives across sectors and the strong growth in demand for colocation and cloud services. In addition, most existing service providers offer managed solutions to enterprise customers, which will likely grow in the market from 2024-2029.
The market has the presence of all global cloud operators, such as Amazon Web Services (AWS), Google, Microsoft, Alibaba Cloud, Huawei Cloud, and Tencent Cloud. This will propel the demand for wholesale colocation services through these service providers’ continuous expansion initiatives. The cloud segments will likely dominate capacity take-up over the next five years. In addition, the market will witness the entry of multiple global organizations to service customers through a local presence.
To Buy this Research Now, Click: https://www.arizton.com/market-reports/hong-kong-data-center-market-size-analysis
Existing VS. Upcoming Data Centers
Existing Facilities in the Region (Area and Power Capacity)Tseung Kwan OKwai ChungTsuen WanFanlingFo TanChai WanTai PoOther LocationList of Upcoming Facilities in the Region (Area and Power Capacity)Tseung Kwan OKwai ChungTsuen WanFanlingFo TanChai WanTai PoOther LocationVendor Analysis
IT Infrastructure Providers: Arista Network, Atos, Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise (HPE), Huawei Technologies, IBM, Inspur, Lenovo, NetApp.
Data Center Construction Contractors & Sub-Contractors: Arup, AtkinsRéalis, Aurecon, BYME Engineering, Chung Hing Engineers Group, Cundall, DSCO Group, Gammon Construction, ISG, Studio One Design.
Support Infrastructure Providers: ABB, Airedale, Caterpillar, Cummins, Delta Electronics, Eaton, Fuji Electric, KOHLER, Legrand, Mitsubishi Electric, Piller Power Systems, Rittal, Schneider Electric, Siemens, STULZ, Sumber, Vertiv.
Data Center Investors: AirTrunk, BDx, CITIC Telcom International, China Mobile International (CMI), China Unicom, Digital Realty, Equinix, ESR, GDS Services, Global Switch, Goodman, iTech Towers Data Centre Services, NTT DATA, SUNeVision Holdings (iAdvantage), Telehouse, Towngas Telecom (TGT), Vantage Data Centers.
New Entrants: Angelo Gordon and Mapletree Investments
Japan & Hong Kong Data Center Market Segmentation
IT Infrastructure
Servers
Storage Systems
Network Infrastructure
Electrical Infrastructure
UPS Systems
Generators
Transfer Switches & Switchgears
PDUs
Other Electrical Infrastructure
Mechanical Infrastructure
Cooling Systems
Rack Cabinets
Other Mechanical Infrastructure
Cooling Systems
CRAC & CRAH Units
Chiller Units
Cooling Towers, Condensers & Dry Coolers
Economizers & Evaporative Coolers
Other Cooling Units
General Construction
Core & Shell Development
Installation & Commissioning Services
Engineering & Building Design
Fire Detection & Suppression Systems
Physical Security
DCIM
Tier Standard
Tier I & Tier II
Tier III
Tier IV
Check Out Some of the Top Selling Research Reports:
Malaysia Data Center Market – Investment Analysis & Growth Opportunities 2024-2029https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
Singapore Data Center Market – Investment Analysis & Growth Opportunities 2024-2029https://www.arizton.com/market-reports/singapore-data-center-market-size-analysis
Southeast Asia Data Center Construction Market – Industry Outlook & Forecast 2024-2029https://www.arizton.com/market-reports/southeast-asia-data-center-construction-market
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