Artificial Intelligence

Micron Technology, Inc. Reports Results for the Fourth Quarter and Full Year of Fiscal 2022

Published

2 years ago

September 29, 2022

BOISE, Idaho, Sept. 29, 2022 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced results for its fourth quarter and full year of fiscal 2022, which ended September 1, 2022.

Fiscal Q4 2022 highlights

Revenue of $6.64 billion versus $8.64 billion for the prior quarter and $8.27 billion for the same period last year
GAAP net income of $1.49 billion, or $1.35 per diluted share
Non-GAAP net income of $1.62 billion, or $1.45 per diluted share
Operating cash flow of $3.78 billion versus $3.84 billion for the prior quarter and $3.88 billion for the same period last year

Fiscal 2022 highlights

Revenue of $30.76 billion versus $27.71 billion for the prior year
GAAP net income of $8.69 billion, or $7.75 per diluted share
Non-GAAP net income of $9.48 billion, or $8.35 per diluted share
Operating cash flow of $15.18 billion versus $12.47 billion for the prior year

“In fiscal 2022, Micron generated record revenue of $30.8 billion and delivered our sixth consecutive year of positive free cash flow, allowing us to return a record $2.9 billion to our shareholders,” said Micron Technology President and CEO Sanjay Mehrotra. “Our technology and manufacturing leadership in both DRAM and NAND, deep customer relationships, diverse product portfolio, and strong balance sheet put Micron on solid footing to navigate the weakened near-term supply-demand environment. We are taking decisive steps to reduce our supply growth including a nearly 50% wafer fab equipment capex cut versus last year, and we expect to emerge from this downcycle well positioned to capitalize on the long-term demand for memory and storage.”

Quarterly Financial Results
(in millions, except per share amounts)	GAAP⁽¹⁾									Non-GAAP⁽²⁾
(in millions, except per share amounts)	FQ4-22			FQ3-22			FQ4-21			FQ4-22			FQ3-22			FQ4-21

Revenue	$	6,643		$	8,642		$	8,274		$	6,643		$	8,642		$	8,274
Gross margin		2,622			4,035			3,912			2,676			4,097			3,964
percent of revenue		39.5	%		46.7	%		47.3	%		40.3	%		47.4	%		47.9	%
Operating expenses		1,101			1,031			957			1,014			953			891
Operating income		1,521			3,004			2,955			1,662			3,144			3,073
percent of revenue		22.9	%		34.8	%		35.7	%		25.0	%		36.4	%		37.1	%
Net income		1,492			2,626			2,720			1,621			2,939			2,778
Diluted earnings per share		1.35			2.34			2.39			1.45			2.59			2.42

Annual Financial Results
(in millions, except per share amounts)	GAAP⁽¹⁾						Non-GAAP⁽²⁾
(in millions, except per share amounts)	FY 22			FY 21			FY 22			FY 21

Revenue	$	30,758		$	27,705		$	30,758		$	27,705
Gross margin		13,898			10,423			14,113			10,987
percent of revenue		45.2	%		37.6	%		45.9	%		39.7	%
Operating expenses		4,196			4,140			3,832			3,320
Operating income		9,702			6,283			10,281			7,667
percent of revenue		31.5	%		22.7	%		33.4	%		27.7	%
Net income		8,687			5,861			9,475			6,976
Diluted earnings per share		7.75			5.14			8.35			6.06

Investments in capital expenditures, net⁽²⁾ were $3.58 billion for the fourth quarter of 2022 and $11.98 billion for the full year of 2022, which resulted in adjusted free cash flows⁽²⁾ of $196 million for the fourth quarter of 2022 and $3.21 billion for the full year of 2022. Micron repurchased approximately 13.2 million shares of its common stock for $784 million during the fourth quarter of 2022 and 35.4 million shares of its common stock for $2.43 billion during the full year of 2022 and ended the year with cash, marketable investments, and restricted cash of $11.06 billion, for a net cash⁽²⁾ position of $4.15 billion. On September 29, 2022, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 26, 2022, to shareholders of record as of the close of business on October 11, 2022.

Business Outlook

The following table presents Micron’s guidance for the first quarter of 2023:

FQ1-23	GAAP⁽¹⁾ Outlook	Non-GAAP⁽²⁾ Outlook

Revenue	$4.25 billion ± $250 million	$4.25 billion ± $250 million
Gross margin	25.0% ± 2.0%	26.0% ± 2.0%
Operating expenses	$1.09 billion ± $25 million	$1.00 billion ± $25 million
Diluted earnings (loss) per share	($0.09) ± $0.10	$0.04 ± $0.10

Further information regarding Micron’s business outlook is included in the prepared remarks and slides, which have been posted at investors.micron.com.

Investor Webcast

Micron will host a conference call on Thursday, September 29, 2022 at 2:30 p.m. Mountain Time to discuss its fourth quarter financial results and provide forward-looking guidance for its first quarter. A live webcast of the call will be available online at investors.micron.com. A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow @MicronTech on Twitter at twitter.com/MicronTech.

About Micron Technology, Inc.

We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence and 5G applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2022 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at micron.com/certainfactors. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results.

⁽¹⁾ GAAP represents U.S. Generally Accepted Accounting Principles.
⁽²⁾ Non-GAAP represents GAAP excluding the impact of certain activities, which management excludes in analyzing our operating results and understanding trends in our earnings, adjusted free cash flow, net cash, and business outlook. Further information regarding Micron’s use of non-GAAP measures and reconciliations between GAAP and non-GAAP measures are included within this press release.

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)

	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 1, 2022			June 2, 2022			September 2, 2021			September 1, 2022			September 2, 2021

Revenue	$	6,643		$	8,642		$	8,274		$	30,758		$	27,705
Cost of goods sold		4,021			4,607			4,362			16,860			17,282
Gross margin		2,622			4,035			3,912			13,898			10,423

Research and development		839			773			705			3,116			2,663
Selling, general, and administrative		280			264			236			1,066			894
Restructure and asset impairments		5			—			22			48			488
Other operating (income) expense, net		(23	)		(6	)		(6	)		(34	)		95
Operating income		1,521			3,004			2,955			9,702			6,283

Interest income		54			20			9			96			37
Interest expense		(45	)		(44	)		(47	)		(189	)		(183	)
Other non-operating income (expense), net		23			8			19			(38	)		81
		1,553			2,988			2,936			9,571			6,218

Income tax (provision) benefit		(56	)		(358	)		(230	)		(888	)		(394	)
Equity in net income (loss) of equity method investees		(5	)		(4	)		14			4			37
Net income	$	1,492		$	2,626		$	2,720		$	8,687		$	5,861

Earnings per share
Basic	$	1.36		$	2.36		$	2.42		$	7.81		$	5.23
Diluted		1.35			2.34			2.39			7.75			5.14

Number of shares used in per share calculations
Basic		1,097			1,112			1,123			1,112			1,120
Diluted		1,106			1,121			1,138			1,122			1,141

MICRON TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

As of	September 1, 2022			June 2, 2022			September 2, 2021

Assets
Cash and equivalents	$	8,262		$	9,157		$	7,763
Short-term investments		1,069			1,070			870
Receivables		5,130			6,229			5,311
Inventories		6,663			5,629			4,487
Assets held for sale		13			15			974
Other current assets		644			608			502
Total current assets		21,781			22,708			19,907
Long-term marketable investments		1,647			1,646			1,765
Property, plant, and equipment		38,549			36,665			33,213
Operating lease right-of-use assets		678			690			551
Intangible assets		421			415			349
Deferred tax assets		702			682			782
Goodwill		1,228			1,228			1,228
Other noncurrent assets		1,277			1,262			1,054
Total assets	$	66,283		$	65,296		$	58,849

Liabilities and equity
Accounts payable and accrued expenses	$	6,090		$	5,788		$	5,325
Current debt		103			107			155
Other current liabilities		1,346			1,114			944
Total current liabilities		7,539			7,009			6,424
Long-term debt		6,803			6,856			6,621
Noncurrent operating lease liabilities		610			629			504
Noncurrent unearned government incentives		589			663			808
Other noncurrent liabilities		835			858			559
Total liabilities		16,376			16,015			14,916

Commitments and contingencies

Shareholders’ equity
Common stock		123			122			122
Additional capital		10,197			9,950			9,453
Retained earnings		47,274			45,916			39,051
Treasury stock		(7,127	)		(6,343	)		(4,695	)
Accumulated other comprehensive income (loss)		(560	)		(364	)		2
Total equity		49,907			49,281			43,933
Total liabilities and equity	$	66,283		$	65,296		$	58,849

MICRON TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

For the year ended	September 1, 2022			September 2, 2021

Cash flows from operating activities
Net income	$	8,687		$	5,861
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense and amortization of intangible assets		7,116			6,214
Stock-based compensation		514			378
(Gain) loss on debt repurchases and conversions		83			1
Restructure and asset impairment		44			454
Change in operating assets and liabilities:
Receivables		190			(1,446	)
Inventories		(2,179	)		866
Accounts payable and accrued expenses		744			210
Other		(18	)		(70	)
Net cash provided by operating activities		15,181			12,468

Cash flows from investing activities
Expenditures for property, plant, and equipment		(12,067	)		(10,030	)
Purchases of available-for-sale securities		(1,770	)		(3,163	)
Proceeds from maturities of available-for-sale securities		1,321			1,250
Proceeds from sale of Lehi, Utah fab		888			—
Proceeds from sales of available-for-sale securities		294			856
Proceeds from government incentives		115			495
Other		(366	)		3
Net cash provided by (used for) investing activities		(11,585	)		(10,589	)

Cash flows from financing activities
Repurchases of common stock – repurchase program		(2,432	)		(1,200	)
Repayments of debt		(2,032	)		(1,520	)
Payments of dividends to shareholders		(461	)		—
Payments on equipment purchase contracts		(141	)		(295	)
Repurchases of common stock – withholdings on employee equity awards		(125	)		(94	)
Proceeds from issuance of debt		2,000			1,188
Other		211			140
Net cash provided by (used for) financing activities		(2,980	)		(1,781	)

Effect of changes in currency exchange rates on cash, cash equivalents, and restricted cash		(106	)		41

Net increase (decrease) in cash, cash equivalents, and restricted cash		510			139
Cash, cash equivalents, and restricted cash at beginning of period		7,829			7,690
Cash, cash equivalents, and restricted cash at end of period	$	8,339		$	7,829

MICRON TECHNOLOGY, INC.
NOTES
(Unaudited)

Lehi, Utah, Fab and 3D XPoint

In the second quarter of 2021, we updated our portfolio strategy to further strengthen our focus on memory and storage innovations for the data center market. In connection therewith, we determined that there was insufficient market validation to justify the ongoing investments required to commercialize 3D XPoint at scale. Accordingly, we ceased development of 3D XPoint technology and engaged in discussions with potential buyers for the sale of our facility located in Lehi, Utah that was dedicated to 3D XPoint production. As a result, we classified the property, plant, and equipment as held for sale as of the second quarter of 2021 and ceased depreciating the assets. On June 30, 2021, we announced a definitive agreement to sell our Lehi facility to Texas Instruments Incorporated (“TI”) and closed the sale on October 22, 2021.

In the first quarter of 2022, we received $893 million from TI for the sale of the Lehi facility and disposed of $918 million of net assets, consisting primarily of property, plant, and equipment of $921 million; $55 million of other assets, consisting primarily of a receivable for reimbursement of property taxes, equipment spare parts, and raw materials; and $58 million of liabilities, consisting primarily of a finance lease obligation. As a result of the disposition of the Lehi facility and other related adjustments, we recognized a loss of $23 million included in restructure and asset impairments in the first quarter of 2022.

In 2021, we recognized a charge of $435 million included in restructure and asset impairments in connection with the definitive agreement with TI (and a tax benefit of $104 million included in income tax (provision) benefit) to write down the assets held for sale to the expected consideration, net of estimated selling costs. The impairment charge was based on Level 3 inputs including expected consideration and the composition of assets included in the sale, which were derived from the agreement with TI. We also recognized a charge of $49 million to cost of goods sold in 2021 to write down 3D XPoint inventory due to our decision to cease further development of this technology. Our 3D XPoint technology development and Lehi facility operations were primarily included in our CNBU segment results.

Debt Activity

On November 1, 2021, we issued in a public offering $1.00 billion in principal amount of 2.703% senior notes due 2032 (green bonds), $500 million in principal amount of 3.366% senior notes due 2041, and $500 million in principal amount of 3.477% senior notes due 2051, and received aggregate net proceeds of $1.99 billion.

On November 17, 2021, we redeemed $1.25 billion in principal amount of our 2.497% senior notes due 2023 and $600 million in principal amount of our 4.640% senior notes due 2024 for $1.93 billion in cash and recognized a non-operating loss of $83 million.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In millions, except per share amounts)

	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 1, 2022			June 2, 2022			September 2, 2021			September 1, 2022			September 2, 2021

GAAP gross margin	$	2,622		$	4,035		$	3,912		$	13,898		$	10,423
Stock-based compensation		49			57			43			193			186
Inventory accounting policy change to FIFO		—			—			—			—			133
Change in inventory cost absorption		—			—			—			—			160
3D XPoint inventory write-down		—			—			—			—			49
Other		5			5			9			22			36
Non-GAAP gross margin	$	2,676		$	4,097		$	3,964		$	14,113		$	10,987

GAAP operating expenses	$	1,101		$	1,031		$	957		$	4,196		$	4,140
Stock-based compensation		(82	)		(78	)		(50	)		(308	)		(209	)
Restructure and asset impairments		(5	)		—			(22	)		(48	)		(488	)
Patent license charges		—			—			—			—			(128	)
Other		—			—			6			(8	)		5
Non-GAAP operating expenses	$	1,014		$	953		$	891		$	3,832		$	3,320

GAAP operating income	$	1,521		$	3,004		$	2,955		$	9,702		$	6,283
Stock-based compensation		131			135			93			501			395
Inventory accounting policy change to FIFO		—			—			—			—			133
Change in inventory cost absorption		—			—			—			—			160
3D XPoint inventory write-down		—			—			—			—			49
Restructure and asset impairments		5			—			22			48			488
Patent license charges		—			—			—			—			128
Other		5			5			3			30			31
Non-GAAP operating income	$	1,662		$	3,144		$	3,073		$	10,281		$	7,667

GAAP net income	$	1,492		$	2,626		$	2,720		$	8,687		$	5,861
Stock-based compensation		131			135			93			501			395
Inventory accounting policy change to FIFO		—			—			—			—			133
Change in inventory cost absorption		—			—			—			—			160
3D XPoint inventory write-down		—			—			—			—			49
Restructure and asset impairments		5			—			22			48			488
Patent license charges		—			—			—			—			128
Amortization of debt discount		6			8			8			31			30
(Gain) loss on debt repurchases and conversions		—			—			—			83			1
Other		5			5			3			30			31
Impact of Idaho income tax reform		—			189			—			189			—
Estimated tax effects of above and other tax adjustments		(18	)		(24	)		(68	)		(94	)		(300	)
Non-GAAP net income	$	1,621		$	2,939		$	2,778		$	9,475		$	6,976

GAAP weighted-average common shares outstanding – Diluted		1,106			1,121			1,138			1,122			1,141
Adjustment for stock-based compensation		15			15			9			13			10
Non-GAAP weighted-average common shares outstanding – Diluted		1,121			1,136			1,147			1,135			1,151

GAAP diluted earnings per share	$	1.35		$	2.34		$	2.39		$	7.75		$	5.14
Effects of the above adjustments		0.10			0.25			0.03			0.60			0.92
Non-GAAP diluted earnings per share	$	1.45		$	2.59		$	2.42		$	8.35		$	6.06

RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued

	4th Qtr.			3rd Qtr.			4th Qtr.			Year Ended
	September 1, 2022			June 2, 2022			September 2, 2021			September 1, 2022			September 2, 2021

GAAP net cash provided by operating activities	$	3,777		$	3,838		$	3,884		$	15,181		$	12,468

Expenditures for property, plant, and equipment		(3,613	)		(2,578	)		(2,015	)		(12,067	)		(10,030	)
Proceeds from sales of property, plant, and equipment		30			39			4			117			108
Payments on equipment purchase contracts		(9	)		(27	)		(156	)		(141	)		(295	)
Amounts funded by partners		11			38			160			115			502
Investments in capital expenditures, net		(3,581	)		(2,528	)		(2,007	)		(11,976	)		(9,715	)
Adjusted free cash flow	$	196		$	1,310		$	1,877		$	3,205		$	2,753

As of	September 1, 2022			June 2, 2022			September 2, 2021

Cash and short-term investments	$	9,331		$	10,227		$	8,633
Current and noncurrent restricted cash		77			104			66
Long-term marketable investments		1,647			1,646			1,765
Current and long-term debt		(6,906	)		(6,963	)		(6,776	)
Net cash	$	4,149		$	5,014		$	3,688

The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, adjusted free cash flow, and net cash. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items in analyzing our operating results and understanding trends in our earnings:

Stock-based compensation;
Flow-through of business acquisition-related inventory adjustments;
Acquisition-related costs;
Employee severance;
Gains and losses from settlements and patent license charges;
Restructure and asset impairments;
Amortization of debt discount;
Gains and losses from debt repurchases and conversions;
Gains and losses from business acquisition activities;
Initial impact of inventory accounting policy change to FIFO and change in inventory cost absorption in the second quarter of 2021; and
The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law.

Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income.

MICRON TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK

FQ1-23	GAAP Outlook	Adjustments			Non-GAAP Outlook

Revenue	$4.25 billion ± $250 million		—		$4.25 billion ± $250 million
Gross margin	25.0% ± 2.0%		1%	A	26.0% ± 2.0%
Operating expenses	$1.09 billion ± $25 million	$91 million		B	$1.00 billion ± $25 million
Diluted earnings (loss) per share⁽¹⁾	($0.09) ± $0.10		$0.13	A, B, C	$0.04 ± $0.10

Non-GAAP Adjustments (in millions)

A	Stock-based compensation – cost of goods sold	$	33
A	Other – cost of goods sold		3
B	Stock-based compensation – research and development		52
B	Stock-based compensation – sales, general, and administrative		39
C	Tax effects of the above items and other tax adjustments		14
		$	141

⁽¹⁾	GAAP earnings per share based on approximately 1.10 billion diluted shares and non-GAAP earnings per share based on approximately 1.12 billion diluted shares.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

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CISION (PR Newswire)

LONDON, May 1, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT; CLVT PR A) (“Clarivate”), a leading global provider of transformative intelligence, today announced that its board of directors declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares (the “Preferred Shares”), payable in cash on June 3, 2024 to shareholders of record at the close of business on May 15, 2024.

On the mandatory conversion date, which is scheduled to occur on June 3, 2024, each Preferred Share will automatically and mandatorily convert into a number of ordinary shares of Clarivate (and cash in lieu of any fractional ordinary shares) based on the average volume weighted average price (“VWAP”) of Clarivate’s ordinary shares over a 30-trading day period that begins on, and includes, April 18, 2024 and is scheduled to end on, and include, May 30, 2024 (the “valuation period”). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii) less than or equal to $31.20 but equal to or greater than $26.00, then the mandatory conversion rate will be a number of ordinary shares of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii) less than $26.00, then the mandatory conversion rate will be 3.8462 ordinary shares of Clarivate per Preferred Share. The mandatory conversion rate will be announced following the end of the valuation period. The above description of the terms of the Preferred Shares is not complete and is subject to, and qualified in its entirety by reference to, the “Statement of Rights” for the Preferred Shares, which is filed as Exhibit 3.2 to Clarivate’s annual report on Form 10-K for the fiscal year ended December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also adversely affect our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
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Artificial Intelligence

CGTN: 3rd CMG Forum in Beijing discusses AI development

Published

4 hours ago

May 1, 2024

CISION (PR Newswire)

BEIJING, May 1, 2024 /PRNewswire/ — Focusing on the development of AI, the third CMG Forum was held on Monday in Beijing.

Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and the head of the Publicity Department of the CPC Central Committee, attended the opening of the event and delivered a speech.
Guests at the forum stressed the role of media in promoting the innovative application of AI as well as its governance.
Efforts should also be made to boost the development of AI in creating positive, healthy, diverse and high-quality content, so that AI can become a force for good and benefit mankind, they agreed.
They also called on media to accelerate intelligent transformation and help bridge international exchanges and cooperation on the governance of AI to facilitate its healthy, orderly and safe development.
Hosted by China Media Group (CMG), the forum attracted more than 200 participants from international organizations, media, think tanks and multinational companies.
“Innovation and breakthroughs in science and technology not only guide the development and progress of human civilization, but also bring uncertainty to the changing world,” said Shen Haixiong, vice minister of the Publicity Department of the CPC Central Committee and president of CMG. He called for efforts to jointly create valuable and responsible artificial intelligence.
AI technology is affecting every aspect of our lives. Thomas Bach, president of the International Olympic Committee (IOC), stated in a video speech that CMG has always been a partner of the IOC, bringing the charm of the Olympic Games to hundreds of millions of Chinese viewers. He said the IOC invites CMG to work together for the creation of a future with the application of AI in Olympic sports.
“From ancient inventions such as silk, printing and the compass to modern technological advances such as robotics, telecommunications and green technology, China has always been committed to innovation and creation,” said Daren Tang, director general of the World Intellectual Property Organization (WIPO). He said WIPO pays close attention to ensuring a balance between the opportunities and risks of artificial intelligence and is committed to strengthening cooperation to ensure that artificial intelligence is properly used.
https://news.cgtn.com/news/2024-04-30/3rd-CMG-Forum-in-Beijing-discusses-AI-development-1tdDcXvCexG/p.html

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Artificial Intelligence

Trianz Appoints Sridhar Kannan as Practice Leader – Digital, Elevating its Leadership in the Global Digital Transformation Space

Published

4 hours ago

May 1, 2024

CISION (PR Newswire)

trianz-appoints-sridhar-kannan-as-practice-leader-–-digital,-elevating-its-leadership-in-the-global-digital-transformation-space

SANTA CLARA, Calif., May 1, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Sridhar Kannan as Practice Leader – Digital. With over 25 years of extensive experience in technology and business leadership, Sridhar joins Trianz to lead the expansion of Trianz’s Digital Practice, forging strategic alliances and expanding the business footprint.

Sridhar’s appointment comes at a transformative phase for Trianz as it solidifies its commitment to redefining the digital landscape with an “IP Led” model. This strategic shift is powered by Trianz’s cutting-edge hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace. Sridhar’s visionary leadership in technology-led business transformations across diverse sectors will be instrumental in leveraging IP-led models and innovative methodologies to position Trianz at the forefront of digital transformation.
“We are thrilled to welcome Sridhar Kannan to the Trianz family,” said Seshi Vanguru, Chief Revenue Officer at Trianz. “His appointment marks a significant stride in Trianz’s journey toward innovation and excellence. Sridhar’s wealth of experience and exceptional leadership skills will elevate our Digital Practice to new heights, reaffirming our commitment to delivering exceptional value to our clients.”
Sridhar is recognized as a client-focused technology and business transformation executive with a remarkable track record of helping Banking and Financial Services organizations in business transformation and product innovation using applications, cloud, data, and digital solutions. His extensive prior experience at industry giants such as Wipro, Cognizant, and Infosys include successfully leading Fortune 10 global client relationships and implementing transformative solutions across Banking, Financial Services, and Healthcare industries. Sridhar is highly regarded for his ability to lead global cross-functional teams, foster collaboration, and achieve aggressive business goals while consistently delivering high levels of client satisfaction.
“I am deeply honored to join Trianz and contribute to its mission of shaping the future through digital transformation,” said Sridhar. “Together, we will push the boundaries of what’s possible and drive meaningful impact for our clients in this rapidly evolving digital landscape.”
Based out of Minnesota, US, Sridhar has steered numerous clients towards success through the strategic application of Digital, Cloud, Product Engineering, Data, AI, and Application services, making him a seasoned strategist in today’s dynamic digital landscape. His appointment marks a significant milestone in Trianz’s journey to nurturing talent and delivering world-class solutions.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team : [email protected]+1-408-387-5800
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