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DLH Reports Fiscal 2022 Third Quarter Results

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ATLANTA, Aug. 02, 2022 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of innovative healthcare services and solutions to federal agencies, today announced financial results for its fiscal third quarter ended June 30, 2022.

Highlights

  • Third quarter revenue increased to $66.4 million in fiscal 2022 from $61.6 million in fiscal 2021, reflecting growth of 8% year-over-year
  • Earnings were $4.9 million, or $0.34 per diluted share, for the fiscal 2022 third quarter versus $2.9 million, or $0.21 per diluted share, for the third quarter of fiscal 2021
  • The Company’s term loan was reduced to $28.5 million during the quarter versus $37.5 million at March 31, 2022
  • Contract backlog was $509.7 million as of June 30, 2022 versus $554.7 million at the end of the second quarter

Management Discussion
“I’m very pleased to announce that DLH continued to post strong performance derived from organic growth, margin expansion, and solid bottom line results,” said DLH President and Chief Executive Officer Zach Parker. “Revenue increased 8% year-over-year, while operating margins increased from 8.0% to 10.7%. We also paid down an additional $9 million of debt during the period, strengthening our capacity to pursue strategic acquisitions.

“During the quarter the Company won two key IDIQ contracts, with task orders not yet in our backlog, that position us well for fiscal 2023 and beyond. This includes a contract to provide health-related R&D and support services to the US Department of Defense and an award to assist the NIH’s National Cancer Institute with clinical research and program management expertise, helping in the ongoing fight against cancer. Even with these already in hand, we’re actively bidding on numerous opportunities prior to the end of the government’s fiscal year and remain positive about our growth outlook.”

Results for the Three Months Ended June 30, 2022
Revenue for the third quarter of fiscal 2022 was $66.4 million versus $61.6 million in the prior-year period. The 8% increase year-over-year was due to expanded work across the Company’s existing contracts, which continue to benefit from robust demand for the services provided.

Income from operations was $7.1 million for the quarter versus $4.9 million in the prior-year period and, as a percent of revenue, the Company reported an operating margin of 10.7% in fiscal 2022 versus 8.0% in fiscal 2021. Income from operations increased due to higher revenue, improved program mix and effective management of fringe benefit costs.    

Interest expense was $0.5 million in the fiscal third quarter of 2022 versus $0.9 million in the prior-year period, reflecting lower debt outstanding. Income before taxes was $6.6 million this year versus $4.0 million in fiscal 2021, representing 9.9% and 6.5% of revenue, respectively, for each period.

For the three months ended June 30, 2022 and 2021, respectively, DLH recorded a $1.7 million and $1.2 million provision for tax expense. The Company reported net income of approximately $4.9 million, or $0.34 per diluted share, for the third quarter of fiscal 2022 versus $2.9 million, or $0.21 per diluted share, for the third quarter of fiscal 2021. As a percent of revenue, net income was 7.3% for the third quarter of fiscal 2022 versus 4.7% for the prior year period.

The third quarter results include final closeout activities related to the short-term FEMA COVID support contracts and the related agreements between DLH and its subcontractors. Reconciliation of estimated pass-through travel and accommodation expenses to the final reimbursable expenses resulted in a reduction to expenses previously accrued and pending payment and a corresponding reduction to revenue. This reduction reflected the value of in-kind expenses furnished by the State in support of the contract.

On a non-GAAP basis, EBITDA for the three months ended June 30, 2022 was approximately $9.0 million versus $7.0 million in the prior-year period, or 13.5% and 11.3% of revenue, respectively. A reconciliation of the Company’s performance for the quarter, less the contribution of the FEMA task orders compared to the prior-year period, is included at the back of this document.

Key Financial Indicators
Fiscal year to date, DLH used $4.8 million in operating cash, reflecting performance of the $22.3 million deferred revenue on the aforementioned FEMA contracts, for which there were advance payments in the fourth quarter of fiscal 2021. Excluding the impact of the FEMA contracts DLH would have generated positive operating cash flow fiscal year-to-date. The overall increase in accounts receivable versus the prior-year period reflects normal fluctuations in the timing of customer payments and growth in the overall business volume.

As of June 30, 2022, the Company had cash of $1.1 million and debt outstanding under its credit facility of $28.5 million, versus cash of $24.1 million and debt outstanding of $46.8 million as of September 30, 2021. The Company has satisfied all mandatory principal amortization until maturity and intends to continue to pay down the remaining balance of the term loan.

At June 30, 2022, total backlog was approximately $509.7 million, including funded backlog of approximately $87.4 million, and unfunded backlog of $422.3 million.

Conference Call and Webcast Details
DLH management will discuss third quarter results and provide a general business update, including current competitive conditions and strategies, during a conference call beginning at 10:00 AM Eastern Time tomorrow, August 3, 2022. Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256.   Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call.     

A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 2605060.

About DLH

DLH (NASDAQ:DLHC) delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,400 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding estimates of future revenues, operating income, earnings and cash flow. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements made in this release due to a variety of factors, including: the outbreak of the novel coronavirus (“COVID-19”), including the measures to reduce its spread, and its impact on the economy and demand for our services, are uncertain, cannot be predicted, and may precipitate or exacerbate other risks and uncertainties; the risk that we will not realize the anticipated benefits of   acquisitions; the challenges of managing larger and more widespread operations; contract awards in connection with re-competes for present business and/or competition for new business; compliance with new bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; the ability to successfully integrate the operations of acquisitions; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2021, as well as subsequent reports filed thereafter. The forward-looking statements contained herein are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and business.

Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements, except as may be required by law.

CONTACTS:

INVESTOR RELATIONS
Contact: Chris Witty
Phone: 646-438-9385
Email: [email protected]
 

TABLES TO FOLLOW

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

  (unaudited)   (unaudited)
  Three Months Ended   Nine Months Ended
  June 30,   June 30,
  2022   2021   2022   2021
Revenue $ 66,440   $ 61,555   $ 327,940   $ 180,913
Cost of Operations:              
Contract costs   49,668     48,365     271,184     143,092
General and administrative costs   7,535     6,237     22,178     18,522
Corporate development costs   250     —     250     —
Depreciation and amortization   1,873     2,014     5,740     6,105
Total operating costs   59,326     56,616     299,352     167,719
Income from operations   7,114     4,939     28,588     13,194
Interest expense, net   512     893     1,739     2,977
Income before income taxes   6,602     4,046     26,849     10,217
Income tax expense   1,738     1,166     7,003     2,956
Net income $ 4,864   $ 2,880   $ 19,846   $ 7,261
               
Net income per share – basic $ 0.38   $ 0.23   $ 1.55   $ 0.58
Net income per share – diluted $ 0.34   $ 0.21   $ 1.40   $ 0.54
Weighted average common shares outstanding              
Basic   12,812     12,545     12,779     12,529
Diluted   14,235     13,655     14,205     13,694
                       

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

  June 30,
2022		   September 30,
2021
  (unaudited)    
ASSETS      
Current assets:      
Cash $ 1,060     $ 24,051  
Accounts receivable   50,337       33,447  
Other current assets   4,417       4,265  
Total current assets   55,814       61,763  
Equipment and improvements, net   1,355       1,912  
Operating lease right-of-use assets   17,429       19,919  
Goodwill   65,643       65,643  
Intangible assets, net   42,530       47,469  
Other long-term assets   365       464  
Total assets $ 183,136     $ 197,170  
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current liabilities:      
Operating lease liabilities – current $ 2,227     $ 2,261  
Accrued payroll   13,157       9,125  
Deferred revenue   —       22,273  
Accounts payable, accrued expenses, and other current liabilities   35,098       32,717  
Total current liabilities   50,482       66,376  
Long-term liabilities:      
Deferred taxes, net   1,175       1,176  
Operating lease liabilities – long-term   17,028       19,374  
Debt obligations – long-term, net of deferred financing costs   26,783       44,636  
Total long-term liabilities   44,986       65,186  
Total liabilities   95,468       131,562  
Shareholders’ equity:      
Common stock, $0.001 par value; authorized 40,000 shares; issued and outstanding 12,961 and 12,714 at June 30, 2022 and September 30, 2021, respectively   13       13  
Additional paid-in capital   90,107       87,893  
Accumulated deficit   (2,452 )     (22,298 )
Total shareholders’ equity   87,668       65,608  
Total liabilities and shareholders’ equity $ 183,136     $ 197,170  
               

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

  (unaudited)
  Nine Months Ended
  June 30,
  2022   2021
Operating activities      
Net income $ 19,846     $ 7,261  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization   5,740       6,105  
Amortization of deferred financing costs charged to interest expense   497       610  
Stock based compensation expense   1,952       1,317  
Deferred taxes, net   (1 )     2,177  
Changes in operating assets and liabilities      
Accounts receivable   (16,890 )     (3,868 )
Other current assets   (152 )     (133 )
Accrued payroll   4,032       (403 )
Deferred revenue   (22,273 )     —  
Accounts payable, accrued expenses, and other current liabilities   2,380       1,912  
Other long-term assets and liabilities   110       410  
Net cash provided by (used in) operating activities   (4,759 )     15,388  
Investing activities      
Business acquisition adjustment, net of cash acquired   —       59  
Purchase of equipment and improvements   (244 )     (53 )
Net cash provided by (used in) investing activities   (244 )     6  
Financing activities      
Proceeds from debt obligations   13,500       23,950  
Repayments of debt obligations   (31,750 )     (40,150 )
Payments of deferred financing costs   —       (43 )
Proceeds from issuance of common stock upon exercise of options and warrants   543       231  
Common stock surrendered for the exercise of stock options – tax obligations   (281 )     —  
Net cash used in financing activities   (17,988 )     (16,012 )
       
Net change in cash   (22,991 )     (618 )
Cash at beginning of period   24,051       1,357  
Cash at end of period $ 1,060     $ 739  
       
Supplemental disclosure of cash flow information      
Cash paid during the period for interest $ 1,195     $ 2,321  
Cash paid during the period for income taxes $ 6,403     $ 396  
       
Supplemental disclosure of non-cash activity      
Common stock surrendered for the exercise of stock options $ 256     $ —  
               

Revenue Metrics

  Nine Months Ended
  June 30,   June 30,
  2022   2021
Market Mix:      
Defense/VA 36 %   57 %
Human Services and Solutions 48 %   17 %
Public Health/Life Sciences 17 %   26 %
       
Contract Mix:      
Time and Materials 80 %   76 %
Cost Reimbursable 11 %   20 %
Firm Fixed Price 9 %   4 %
       
Prime vs Sub:      
Prime 93 %   88 %
Subcontractor 7 %   12 %
           

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

The Company is presenting additional non-GAAP measures to describe the impact from two short-term FEMA task orders on its financial performance for the three and nine months periods ended June 30, 2022. The measures presented are revenue, operating income, net income, diluted earnings per share, and EBITDA for our enterprise contract portfolio less the respective performance on the FEMA task orders. These resulting measures present the remaining contract portfolio’s quarterly financial performance compared to results delivered in the prior year period. Definitions of these additional non-GAAP measures are set forth in the footnotes to the reconciliation table below.

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

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

  Three Months Ended   Nine Months Ended
  June 30,   June 30,
(in thousands) 2022   2021   Change   2022   2021   Change
Net income $ 4,864     $ 2,880     $ 1,984     $ 19,846     $ 7,261     $ 12,585  
(i) Interest expense, net   512       893       (381 )     1,739       2,977       (1,238 )
(ii) Provision for taxes   1,738       1,166       572       7,003       2,956       4,047  
(iii) Depreciation and amortization   1,873       2,014       (141 )     5,740       6,105       (365 )
EBITDA $ 8,987     $ 6,953     $ 2,034     $ 34,328     $ 19,299     $ 15,029  
                       
Net income as a % of revenue   7.3 %     4.7 %     2.6 %     6.1 %     4.0 %     2.1 %
EBITDA as a % of revenue   13.5 %     11.3 %     2.2 %     10.5 %     10.7 %   (0.2 )%
Revenue $ 66,440     $ 61,555     $ 4,885     $ 327,940     $ 180,913     $ 147,027  
                                               

Reconciliation of GAAP revenue, operating income, net income, diluted earnings per share, and non-GAAP EBITDA reported for the three and nine months ended to the same metrics for our contract portfolio less the FEMA task orders:

      Three Months Ended   Nine Months Ended
      June 30,   June 30,
(in thousands) Ref   2022   2021   Change   2022   2021   Change
Revenue                          
Total enterprise     $ 66,440     $ 61,555   $ 4,885     $ 327,940   $ 180,913   $ 147,027
Less: FEMA task orders to support Alaska (a)     (5,116 )     —     (5,116 )     125,773     —     125,773
Remaining contract portfolio (a)   $ 71,556       61,555     10,001     $ 202,167   $ 180,913   $ 21,254
                           
Operating income                          
Total enterprise     $ 7,114     $ 4,939   $ 2,175     $ 28,588   $ 13,194   $ 15,394
Less: FEMA task orders to support Alaska (b)     608     $ —   $ 608       12,479     —     12,479
Remaining contract portfolio (b)   $ 6,506     $ 4,939   $ 1,567     $ 16,109   $ 13,194   $ 2,915
                           
Net income                          
Total enterprise     $ 4,864     $ 2,880   $ 1,984     $ 19,846   $ 7,261   $ 12,585
Less: FEMA task orders to support Alaska (c)     450       —     450       9,235     —     9,235
Remaining contract portfolio (c)   $ 4,414     $ 2,880   $ 1,534     $ 10,611   $ 7,261   $ 3,350
                           
Diluted earnings per share                          
Total enterprise     $ 0.34     $ 0.21   $ 0.13     $ 1.40   $ 0.54   $ 0.86
Less: FEMA task orders to support Alaska (d)     0.03       —     0.03       0.64     —     0.64
Remaining contract portfolio (d)   $ 0.31     $ 0.21   $ 0.10     $ 0.76   $ 0.54   $ 0.22
                           
EBITDA                          
Total enterprise     $ 8,987     $ 6,953   $ 2,034     $ 34,328   $ 19,299   $ 15,029
Less: FEMA task orders to support Alaska (e)     608       —     608       12,479     —     12,479
Remaining contract portfolio (e)   $ 8,379     $ 6,953   $ 1,426     $ 21,849   $ 19,299   $ 2,550
                                           

Ref (a): Revenue for the Company’s remaining contract portfolio less the FEMA task orders represents our consolidated revenues less the revenues generated from the FEMA task orders. The results for the three and nine months ended June 30, 2022 include final closeout activities related to the short-term FEMA COVID support contracts and the related agreements between DLH and its subcontractors. Reconciliation of estimated pass-through travel and accommodation expenses to the final reimbursable expenses resulted in a reduction to expenses, and a corresponding reduction to revenue, previously accrued and pending payment. This reduction reflected the value of in-kind expenses furnished by the State in support of the contract.

Ref (b): Operating income attributable to the remaining contract portfolio less the FEMA task orders represents the Company’s consolidated operating income, determined in accordance with GAAP, less the operating income derived from the FEMA task orders. Operating income for the FEMA task orders is derived by subtracting from the revenue attributable to such task orders during the three months ended June 30, 2022 of ($5.1) million the contract costs of ($5.7) million. Similarly, for the nine months ended June 30, 2022 operating income for the FEMA task orders is derived by subtracting from the revenue attributable to the tasks orders of $125.8 million the following amounts associated with such task orders: contract costs $112.1 million and general & administrative costs of $1.2 million. Operating income for the remaining contract portfolio for the three and nine months ended June 30, 2022 represents the Company’s consolidated operating income for such period less the operating income attributable to the FEMA task orders for such period.

Ref (c): Net income attributable to the remaining contract portfolio less the FEMA task orders represents the Company’s consolidated net income, determined in accordance with GAAP, less the net income derived from the FEMA task orders. Net income for the FEMA task orders is derived by subtracting from the revenue attributable to such task orders during the three months ended June 30, 2022 of ($5.1) million the following amounts associated with such task orders: contract costs of ($5.7) million and income tax expense of $0.2 million. Similarly, for the nine months ended June 30, 2022 net income for the FEMA task orders is derived by subtracting from the revenue attributable to the tasks orders of $125.8 million the following amounts associated with such task orders: contract costs of $112.1 million, general & administrative costs of $1.2 million, and tax expense of $3.2 million. Net income for the remaining contract portfolio for the three and nine months ended June 30, 2022 represents the Company’s consolidated net income for such period less the net income attributable to the FEMA task orders for such period.

Ref (d): Diluted earnings per share (diluted EPS) for the FEMA task orders is calculated using the net income attributable to such task orders as opposed to GAAP net income. Diluted EPS for the remaining contract portfolio (total contract portfolio excluding the FEMA task orders) is calculated by subtracting the diluted EPS for the FEMA task orders from the Company’s total diluted EPS.

Ref (e): EBITDA attributable to the FEMA task orders of $0.6 million and $12.5 million for the three and nine months ended June 30, 2022, respectively, is arrived at through the same calculation as operating income as there are not any depreciation and amortization costs attributable to the FEMA task orders. EBITDA for the remaining contract portfolio is calculated by subtracting the EBITDA attributable to the FEMA task orders from the Company’s total EBITDA.

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

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May 16, 2024

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

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.  
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky. 
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter:  @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City 
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman 
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
Logo: https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg
FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone  Email: [email protected]  

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Strava Unveils New Chapter of Accelerated Product Development at Brand’s Flagship Event

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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.
Media Contact: [email protected]
 
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Japan Data Center Market Investment to Reach $14.48 Billion by 2028 – Watch Out Exclusive Insight on Japan & Hong Kong Data Center Market – Arizton

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May 16, 2024

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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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