Artificial Intelligence

Taboola Reports Q3 2022 Results

Published

1 year ago

November 9, 2022

Beat Q3 Revenues, Gross Profit, Adjusted EBITDA and Non-GAAP Net Income.
Gross Profit of $102.7M and Ex-TAC Gross Profit of $129.3M.
GAAP Net Loss of $26.0M, Non-GAAP Net Income of $10.2M and Adjusted EBITDA of $24.2M.
Maintain and reiterate 2022 Adjusted EBITDA Guidance of $152-160M.

For FY 2022, expecting $17-25M of Free Cash Flow and $58-66M cash generated before paying publishers $21M in net pre-payments*** and $20M of cash interest payments.
Lowering full year 2022 guidance for ex-TAC Gross Profit by 6% to $564-576M.

NEW YORK, Nov. 09, 2022 (GLOBE NEWSWIRE) — Taboola (Nasdaq: TBLA), a global leader in powering recommendations for the open web, helping people discover things they may like, today announced its results for the quarter ended September 30, 2022.

“Our financial performance was solid in Q3—as we exceeded our guidance for revenues, gross profit, Adjusted EBITDA and Non-GAAP Net Income. We are effectively managing costs and are reiterating our full year Adjusted EBITDA guidance for 2022 at $152M – $160M and importantly, this year we expect to generate $17M – $25M of Free Cash Flow, even after $21M in net pre-payments to publishers to secure long term deals and $20M of cash interest. If we add back net publisher pre-payments and cash interest expense, which is another way we look at this internally, we will generate $58M – $66M of cash. Due to continued softness in the advertising industry, we are lowering our full year Revenue guidance by 4%, and ex-TAC guidance by 6%. Despite the macroenvironment, we do not anticipate a decline in ex-TAC Gross Profit in 2022 versus last year,” said Adam Singolda, Founder and CEO, Taboola.

“It is during times like these that companies are measured for their ability to execute and gain market share. What makes Taboola unique are strong business fundamentals, built on our core of publishers who continue to trust us and stick by our side, resulting in extremely low churn, combined with our investment in performance advertising. Beyond that, we’re investing in e-Commerce, Taboola News and Taboola Header Bidding, gaining us access to new markets, each of which can generate hundreds of millions of dollars for Taboola in years to come. We’re more focused than ever on executing, we have clear competitive advantages and our culture at Taboola is strong,” continued Singolda.

For more commentary on the quarter, please refer to Taboola’s Q3 2022 Shareholder Letter, which was furnished to the SEC and also posted on Taboola’s website today at https://investors.taboola.com.

Third Quarter 2022 Results Summary (unaudited)

	Three Months Ended September 30,
(dollars in millions, except per share data)		2022			2021		% change YoY		Q3 Guidance
	Unaudited
Revenues	$	332.5		$	338.8		(1.9	%)	$311 to $331
Gross profit	$	102.7		$	107.7		(4.6	%)	$91 to $101
Net income (loss)	$	(26.0	)	$	17.3		(250.5	%)
EPS diluted (1)	$	(0.10	)	$	0.07		(252.9	%)
Ratio of net income (loss) to gross profit		(25.3	%)		16.1	%	(257.8	%)
Cash flow provided by operating activities	$	23.2		$	26.6		(12.6	%)
Cash, cash equivalents and short-term investments	$	308.3		$	311.8		(1.1	%)

Non-GAAP Financial Data *
ex-TAC Gross Profit	$	129.3		$	126.9		1.9	%	$120 to $130
Adjusted EBITDA	$	24.2		$	39.7		(39.2	%)	$11 to $17
Non-GAAP Net Income	$	10.2		$	48.3		(78.9	%)	($8) to ($2)
IPO Pro forma Non-GAAP EPS diluted (2)	$	0.040		$	0.186		(78.6	%)
Ratio of Adjusted EBITDA to ex-TAC Gross Profit		18.7	%		31.3	%	(40.4	%)
Free Cash Flow	$	11.0		$	19.5		(43.5	%)

¹The weighted-average shares used in the computation of the diluted EPS for the three months ended September 30, 2022 and 2021 are 255,160,597 and 259,262,529, respectively.

²See Appendix for a description and calculation of IPO Pro forma Non-GAAP EPS basic and diluted.

Business Highlights

While still early stages, announced rapid momentum for Taboola Header Bidding, now used by over 50 publishers around the world, including McClatchy, Ströer and iMedia.
Signed new digital property partner agreements, including competitive wins and engagements with Buzzfeed, Huffington Post, MOPO, and ModelPress.
Signed key renewals, including deals that bring us to 10-year partnerships with large publishers including iMedia, and Cyzo, as well as extended long-term partnerships with Reach PLC and FAZ.
New digital property partners¹ increased by $22.5 million of revenue and existing digital property partners² decreased by $28.8 million of revenue.
Announced that Taboola News’ growth rate is triple digits and on track to exceed $50 million in revenues this year.
Selected by Fortune as one of the 2022 Best Workplaces in Advertising and Marketing, the first time we have made this prestigious list.

¹New digital property partners within the first 12 months that were live on our network.

²Net growth of existing digital property partners, including the growth of new digital property partners (beyond the revenue contribution determined based on the run-rate revenue generated by them when they are first on-boarded).

Fourth Quarter and Full Year 2022 Guidance

For the Fourth Quarter 2022, the Company currently expects:

Revenues of $358 to $374 million
Gross Profit of $127 to $139 million
ex-TAC Gross Profit of $153 to $165 million
Adjusted EBITDA of $59 to $67 million
Non-GAAP Net Income of $35 to $43 million

For the Full Year 2022, the Company currently expects:

(dollars in millions)	Guidance (as of 11/09/22)	Guidance (as of 08/09/22)
Revenues	$1,388 – $1,404	$1,434 – $1,474
Gross profit	$458 – $470	$485 – $505
ex-TAC Gross Profit*	$564 – $576	$595 – $615
Adjusted EBITDA*	$152 – $160	$152 – $160
Non-GAAP Net Income*	$83 – $91	$83 – $91

Although we provide guidance for Adjusted EBITDA and Non-GAAP Net Income, we are not able to provide guidance for projected net income (loss), the most directly comparable GAAP measure. Certain elements of net income (loss), including share-based compensation expenses and warrant valuations, are not predictable due to the high variability and difficulty of making accurate forecasts. As a result, it is impractical for us to provide guidance on net income (loss) or to reconcile our Adjusted EBITDA and Non-GAAP Net Income guidance without unreasonable efforts. Consequently, no disclosure of projected net income (loss) is included. For the same reasons, we are unable to address the probable significance of the unavailable information.

Our guidance assumes continuing headwinds from the war in Ukraine, inflation, currency exchange rates and overall macroeconomic weakness, which lead us to adopt a conservative stance on guidance. Our guidance assumes that these headwinds do not worsen and cause economic conditions to deteriorate or otherwise significantly reduce advertiser demand.

Webcast Details
Taboola’s senior management team will discuss the Company’s earnings on a call that will take place on November 9, 2022, at 8:30 AM ET. The call can be accessed via webcast at https://investors.taboola.com. To access the call by phone, please go to this link to register https://register.vevent.com/register/BIc6ebc0c84fbf4b2495554e3ed09a6938, and you will be provided with dial in details. The webcast will be available for replay for one year, through the close of business on November 9, 2023.

*About Non-GAAP Financial Information

This press release includes ex-TAC Gross Profit, Adjusted EBITDA, Ratio of Adjusted EBITDA to ex-TAC Gross Profit, Free Cash Flow, Non-GAAP Net Income, Non-GAAP EPS basic and diluted and IPO Pro forma Non-GAAP EPS basic and diluted, which are non-GAAP financial measures. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenues, gross profit, earnings per share, net income (loss), cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly-titled measures used by other companies.

The Company believes non-GAAP financial measures provide useful supplemental information to management and investors regarding future financial and business trends relating to the Company. The Company believes that the use of these measures provides an additional tool for investors to use in evaluating operating results and trends and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations because they reflect the exercise of judgments by management about which items are excluded or included in calculating them, which may vary from period to period. Please refer to the appendix at the end of this press release for reconciliations to the most directly comparable measures in accordance with GAAP.

**About Pro Forma With Connexity Information

This press release includes historical and projected pro forma information for ex-TAC Gross Profit. The pro forma information presents the pro forma effect of the Connexity acquisition as if it had been completed on January 1, 2021. The pro forma information is unaudited, is provided as supplemental information only and is subject to the limitations contained under the heading “Unaudited Pro Forma Condensed Combined Financial Information” in our Prospectus forming part of our Registration Statement on Form F-3 filed on September 29, 2022, as it may be amended from time to time, filed with the Securities and Exchange Commission.

***About Cash Investment in Publisher Prepayments (Net)

We calculate cash investment in publisher prepayments (net) for a specific measurement period as the gross amount of cash publisher prepayments we made in that measurement period minus the amortization of publisher prepayments that were included in traffic acquisition cost during that measurement period, which were the result of cash publisher prepayments made in that measurement period and previous periods.

Note Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking statements. Forward-looking statements generally relate to future events including future financial or operating performance of Taboola.com Ltd. (the “Company”). In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “guidance”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “target”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Uncertainties and risk factors that could affect the Company’s future performance and cause results to differ from the forward-looking statements in this press release include, but are not limited to: the ability to recognize the anticipated benefits of the recent acquisition of Connexity and the business combination between the Company and ION Acquisition Corp. 1 Ltd. (together, the “Business Combinations”), which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; the Company’s ability to successfully integrate the Connexity acquisition; costs related to the Business Combinations; changes in applicable laws or regulations; the Company’s estimates of expenses and profitability and underlying assumptions with respect to accounting presentations and purchase price and other adjustments; ability to attract new digital properties and advertisers; ability to meet minimum guarantee requirements in contracts with digital properties; intense competition in the digital advertising space, including with competitors who have significantly more resources; ability to grow and scale the Company’s ad and content platform through new relationships with advertisers and digital properties; ability to secure high quality content from digital properties; ability to maintain relationships with current advertiser and digital property partners; ability to prioritize investments to improve profitability and free cash flow; ability to make continued investments in the Company’s AI-powered technology platform; the need to attract, train and retain highly-skilled technical workforce; changes in the regulation of, or market practice with respect to, “third party cookies” and its impact on digital advertising; continued engagement by users who interact with the Company’s platform on various digital properties; the impact of the ongoing COVID-19 pandemic and other potential public health emergencies; reliance on a limited number of partners for a significant portion of the Company’s revenue; changes in laws and regulations related to privacy, data protection, advertising regulation, competition and other areas related to digital advertising; ability to enforce, protect and maintain intellectual property rights; and risks related to the fact that we are incorporated in Israel and governed by Israeli law; and other risks and uncertainties set forth in the Company’s Annual Report on Form 20-F for the year ended December 31, 2021 under Item 3.D. “Information About the Company – Risk Factors,” the Company’s Registration Statement on Form F-3 filed on September 29, 2022, as it may be amended or supplemented from time to time, under the sections entitled “Cautionary Note Regarding Forward-looking Statements” and “Risk Factors,” and in the Company’s subsequent filings with the Securities and Exchange Commission.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no duty to update these forward-looking statements except as may be required by law.

About Taboola
Taboola powers recommendations for the open web, helping people discover things they may like.

The Company’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement. Taboola has long-term partnerships with some of the top digital properties in the world, including CNBC, BBC, NBC News, Business Insider, The Independent and El Mundo.

More than 15,000 advertisers use Taboola to reach over 500 million daily active users in a brand-safe environment. Following the acquisition of Connexity in 2021, Taboola is a leader in powering e-commerce recommendations, driving more than 1 million monthly transactions each month. Leading brands, including Walmart, Macy’s, Wayfair, Skechers and eBay are among key customers.

Learn more at www.taboola.com and follow @taboola on Twitter.

Investor Contact:	Press Contact:
Stephen Walker	Dave Struzzi
[email protected]	[email protected]

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data

	September 30,		December 31,
	2022		2021
	Unaudited
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	188,477	$	319,319
Short-term investments		119,840		—
Restricted deposits		750		1,000
Trade receivables (net of allowance for credit losses of $4,947 and $3,895 as of September 30, 2022, and December 31, 2021, respectively)		184,794		245,235
Prepaid expenses and other current assets		70,743		63,394
Total current assets		564,604		628,948
NON-CURRENT ASSETS
Long-term prepaid expenses		40,652		32,926
Restricted deposits		4,052		3,897
Deferred tax assets, net		2,909		1,876
Operating lease right of use assets		65,217		65,105
Property and equipment, net		73,758		63,259
Intangible assets, net		205,122		250,923
Goodwill		557,559		550,380
Total non-current assets		949,269		968,366
Total assets	$	1,513,873	$	1,597,314

CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except share and per share data

	September 30,			December 31,
	2022			2021
	Unaudited
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade payables	$	207,775		$	259,941
Short-term operating lease liabilities		13,456			12,958
Accrued expenses and other current liabilities		100,978			124,662
Current portion of long-term loan		3,000			3,000
Total current liabilities		325,209			400,561

LONG-TERM LIABILITIES
Deferred tax liabilities, net		42,563			51,027
Warrants liability		4,239			31,227
Long-term loan, net of current portion		284,270			285,402
Long-term operating lease liabilities		56,075			61,526
Total long-term liabilities		387,147			429,182

SHAREHOLDERS’ EQUITY
Ordinary shares with no par value- Authorized: 700,000,000 as of September 30, 2022 and December 31, 2021; 247,348,424 and 234,031,749 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively.		—			—
Additional paid-in capital		887,845			824,016
Accumulated other comprehensive loss		(2,724	)		—
Accumulated deficit		(83,604	)		(56,445	)
Total shareholders’ equity		801,517			767,571
Total liabilities and shareholders’ equity	$	1,513,873		$	1,597,314

CONSOLIDATED STATEMENTS OF INCOME (LOSS)
U.S. dollars in thousands, except share and per share data

	Three months ended September 30,						Nine months ended September 30,
		2022			2021			2022			2021
	Unaudited

Revenues	$	332,462		$	338,768		$	1,029,883		$	970,790
Cost of revenues:
Traffic acquisition cost		203,125			211,899			619,109			621,137
Other cost of revenues		26,649			19,184			79,695			52,224
Total cost of revenues		229,774			231,083			698,804			673,361
Gross profit		102,688			107,685			331,079			297,429
Operating expenses:
Research and development		36,237			29,946			100,728			83,889
Sales and marketing		63,216			43,518			190,989			146,962
General and administrative		24,685			34,345			78,062			98,489
Total operating expenses		124,138			107,809			369,779			329,340
Operating loss		(21,450	)		(124	)		(38,700	)		(31,911	)
Finance income (expenses), net		(3,570	)		13,960			12,389			13,077
Income (loss) before income taxes		(25,020	)		13,836			(26,311	)		(18,834	)
Income tax benefit (expenses)		(1,006	)		3,460			(848	)		(6,699	)
Net income (loss)	$	(26,026	)	$	17,296		$	(27,159	)	$	(25,533	)
Less: Undistributed earnings allocated to participating securities		—			—			—			(11,944	)
Net income (loss) attributable to Ordinary shares – basic and diluted		(26,026	)		17,296			(27,159	)		(37,477	)
Net income (loss) per share attributable to Ordinary shareholders, basic	$	(0.10	)	$	0.08		$	(0.11	)	$	(0.35	)
Weighted-average shares used in computing net income (loss) per share attributable to Ordinary shareholders, basic		255,160,597			229,024,803			251,865,831			107,884,927
Net income (loss) per share attributable to Ordinary shareholders, diluted	$	(0.10	)	$	0.07		$	(0.11	)	$	(0.35	)
Weighted-average shares used in computing net income (loss) per share attributable to Ordinary shareholders, diluted		255,160,597			259,262,529			251,865,831			107,884,927

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
U.S. dollars in thousands

	Three months ended September 30,					Nine months ended September 30,
		2022			2021		2022			2021
	Unaudited

Net income (loss)	$	(26,026	)	$	17,296	$	(27,159	)	$	(25,533	)
Other comprehensive income (loss):
Unrealized losses on available-for-sale marketable securities		(445	)		—		(704	)		—
Unrealized gains (losses) on derivative instruments		1,504			—		(2,020	)		—
Other comprehensive income (loss)		1,059			—		(2,724	)		—
Comprehensive income (loss)	$	(24,967	)	$	17,296	$	(29,883	)	$	(25,533	)

SHARE BASED COMPENSATION BREAK-DOWN BY EXPENSE LINE
U.S. dollars in thousands

	Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
	Unaudited
	(dollars in thousands)
Cost of revenues	$	673	$	443	$	2,227	$	1,023
Research and development		7,343		7,749		20,888		20,134
Sales and marketing		5,654		3,997		18,351		40,168
General and administrative		5,040		7,751		17,505		42,269
Total share-based compensation expenses	$	18,710	$	19,940	$	58,971	$	103,594

DEPRECIATION AND AMORTIZATION BREAK-DOWN BY EXPENSE LINE
U.S. dollars in thousands

	Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
	Unaudited
	(dollars in thousands)
Cost of revenues	$	8,669	$	6,775	$	25,189	$	18,826
Research and development		654		708		1,994		2,870
Sales and marketing		13,692		5,440		40,917		7,558
General and administrative		207		237		611		796
Total depreciation and amortization expense	$	23,222	$	13,160	$	68,711	$	30,050

CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

	Three months ended September 30,						Nine months ended September 30,
		2022			2021			2022			2021
	Unaudited
Cash flows from operating activities
Net income (loss)	$	(26,026	)	$	17,296		$	(27,159	)	$	(25,533	)
Adjustments to reconcile net income (loss) to net cash flows provided by operating activities:
Depreciation and amortization		23,222			13,160			68,711			30,050
Share-based compensation expenses		18,710			19,940			58,971			103,594
Net loss (gain) from financing expenses		3,417			(500	)		7,733			(1,857	)
Revaluation of the Warrants liability		(988	)		(17,363	)		(26,988	)		(17,091	)
Amortization of loan issuance costs		291			119			1,006			119
Accrued interest on short-term investments, net		(185	)		—			(322	)		—
Change in operating assets and liabilities:
Decrease (increase) in trade receivables		15,056			(4,487	)		60,672			14,544
Increase in prepaid expenses and other current assets and long-term prepaid expenses		(7,571	)		(4,622	)		(13,921	)		(38,379	)
Increase (decrease) in trade payables		(2,134	)		3,840			(54,659	)		(27,185	)
Increase (decrease) in accrued expenses and other current liabilities		(2,570	)		(3,904	)		(25,516	)		1,380
Increase (decrease) in deferred taxes, net		2,800			3,633			(9,676	)		2,716
Change in operating lease right of use assets		3,897			3,587			11,536			10,878
Change in operating lease liabilities		(4,700	)		(4,126	)		(16,962	)		(12,683	)
Net cash provided by operating activities		23,219			26,573			33,426			40,553

Cash flows from investing activities
Purchase of property and equipment, including capitalized internal-use software		(12,224	)		(7,099	)		(28,476	)		(28,774	)
Cash paid in connection with acquisitions		(7,361	)		(583,286	)		(7,981	)		(583,286	)
Proceeds from (investments in) restricted deposits		88			(211	)		98			2,325
Release of escrow funds in connection with acquisition of subsidiary		2,100			—			—			—
Purchase of short-term investments		(51,527	)		—			(126,382	)		—
Proceeds from sales and maturities of short-term investments		6,160			—			6,160			—
Net cash used in investing activities		(62,764	)		(590,596	)		(156,581	)		(609,735	)

Cash flows from financing activities
Exercise of options and vested RSUs		1,435			2,560			7,467			7,479
Issuance of Ordinary shares, net of offering costs		—			(1,262	)		—			286,170
Payment of tax withholding for share-based compensation expenses		(1,925	)		—			(4,110	)		—
Proceeds from long-term loan, net of debt issuance costs		—			288,750			—			288,750
Repayment of current portion of long-term loan		(750	)		—			(2,250	)		—
Costs associated with entering into a revolving credit facility		(1,061	)		—			(1,061	)		—
Issuance of Warrants		—			—			—			53,883
Net cash provided by (used in) financing activities		(2,301	)		290,048			46			636,282
Exchange differences on balances of cash and cash equivalents		(3,417	)		500			(7,733	)		1,857
Increase (decrease) in cash and cash equivalents		(45,263	)		(273,475	)		(130,842	)		68,957
Cash and cash equivalents – at the beginning of the period		233,740			585,243			319,319			242,811
Cash and cash equivalents – at end of the period	$	188,477		$	311,768		$	188,477		$	311,768

	Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
	Unaudited
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Income taxes	$	6,437	$	3,145	$	22,599	$	7,647
Interest	$	4,721	$	—	$	15,094	$	—
Non-cash investing and financing activities:
Purchase of property, plant and equipment and intangible assets	$	2,764	$	1,500	$	2,764	$	1,500
Share-based compensation included in capitalized internal-use software	$	440	$	136	$	1,460	$	401
Deferred offering costs incurred during the period included in long-term prepaid expenses	$	—	$	1,688	$	—	$	1,688
Creation of operating lease right-of-use assets	$	8,541	$	—	$	11,648	$	2,382

APPENDIX A: Non-GAAP Reconciliation

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

(Unaudited)

The following table provides a reconciliation of revenues to ex-TAC Gross Profit.

	Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
	Unaudited
	(dollars in thousands)
Revenues	$	332,462	$	338,768	$	1,029,883	$	970,790
Traffic acquisition cost		203,125		211,899		619,109		621,137
Other cost of revenues		26,649		19,184		79,695		52,224
Gross profit	$	102,688	$	107,685	$	331,079	$	297,429
Add back: Other cost of revenues		26,649		19,184		79,695		52,224
ex-TAC Gross Profit	$	129,337	$	126,869	$	410,774	$	349,653

The following table provides a reconciliation of Operating loss to Adjusted EBITDA.

	Three months ended September 30,						Nine months ended September 30,
		2022			2021			2022			2021
	Unaudited
	(dollars in thousands)
Operating loss	$	(21,450	)	$	(124	)	$	(38,700	)	$	(31,911	)
Adjusted to exclude the following:
Depreciation and amortization		23,222			13,160			68,711			30,050
Share-based compensation expenses (1)		15,937			19,940			50,616			103,594
Restructuring expenses (2)		3,383			—			3,383			—
Holdback compensation expenses (3)		2,773			840			8,355			840
M&A costs		292			5,918			816			11,507
Adjusted EBITDA	$	24,157		$	39,734		$	93,181		$	114,080

We calculate Ratio of net income (loss) to gross profit as net income (loss) divided by gross profit. We calculate the Ratio of Adjusted EBITDA to ex-TAC Gross Profit, a non-GAAP measure, as Adjusted EBITDA divided by ex-TAC Gross Profit. We believe that the Ratio of Adjusted EBITDA to ex-TAC Gross Profit is useful because TAC is what we must pay digital properties to obtain the right to place advertising on their websites, and we believe focusing on ex-TAC Gross Profit better reflects the profitability of our business. The following table reconciles Ratio of net income (loss) to gross profit and Ratio of Adjusted EBITDA to ex-TAC Gross Profit for the period shown.

	Three months ended September 30,						Nine months ended September 30,
		2022			2021			2022			2021
	Unaudited
	(dollars in thousands)
Gross profit	$	102,688		$	107,685		$	331,079		$	297,429
Net income (loss)	$	(26,026	)	$	17,296		$	(27,159	)	$	(25,533	)
Ratio of net income (loss) to gross profit		(25.3	%)		16.1	%		(8.2	%)		(8.6	%)

ex-TAC Gross Profit	$	129,337		$	126,869		$	410,774		$	349,653
Adjusted EBITDA	$	24,157		$	39,734		$	93,181		$	114,080
Ratio of Adjusted EBITDA margin to ex-TAC Gross Profit		18.7	%		31.3	%		22.7	%		32.6	%

The following table provides a reconciliation of net income (loss) to Non-GAAP Net Income.

	Three months ended September 30,						Nine months ended September 30,
		2022			2021			2022			2021
	Unaudited
	(dollars in thousands)
Net income (loss)	$	(26,026	)	$	17,296		$	(27,159	)	$	(25,533	)
Amortization of acquired intangibles		15,983			5,908			47,591			7,186
Share-based compensation expenses (1)		15,937			19,940			50,616			103,594
Restructuring expenses (2)		3,383			—			3,383			—
Holdback compensation expenses (3)		2,773			—			8,355			—
M&A costs		292			5,918			816			11,507
Revaluation of Warrants		(988	)		—			(26,988	)		—
Exchange rate (income) loss, net (4)		347			1,974			3,053			3,519
Income tax effects		(1,486	)		(2,737	)		(11,563	)		(4,282	)
Non-GAAP Net Income	$	10,215		$	48,299		$	48,104		$	95,991

Non-GAAP EPS basic	$	0.04		$	0.21		$	0.19		$	0.89
Non-GAAP EPS diluted	$	0.04		$	0.19		$	0.19		$	0.68

¹For the nine months ended September 30, 2021, a substantial majority is share-based compensation expenses related to going public.
² Costs associated with the Company’s cost restructuring program implemented in September 2022.
³Represents share based compensation due to holdback of Taboola Ordinary shares issuable under compensatory arrangements relating to Connexity acquisition.
⁴ Represents income or loss related to the remeasurement of monetary assets and liabilities to the Company’s functional currency using exchange rates in effect at the end of the reporting period.

The following table provides a reconciliation of the number of shares used to calculate GAAP EPS to IPO Pro forma Non-GAAP EPS basic and diluted.

	Three months ended September 30,				Nine months ended September 30,
		2022		2021		2022		2021
	Unaudited
GAAP weighted-average shares used to compute net income (loss) per share, basic		255,160,597		229,024,803		251,865,831		107,884,927
Add: Non-GAAP adjustment for Ordinary shares issued in connection with going public		—		—		—		114,313,773
IPO Pro forma Non-GAAP weighted-average shares used to compute net income per share, basic		255,160,597		229,024,803		251,865,831		222,198,700

GAAP weighted-average shares used to compute net income (loss) per share, diluted		255,160,597		259,262,529		251,865,831		107,884,927
Add: Non-GAAP adjustment for Ordinary shares issued in connection with going public		—		—		—		114,313,773
Add: Dilutive Ordinary share equivalents		870,513		—		2,358,472		33,980,786
IPO Pro forma Non-GAAP weighted-average shares used to compute net income per share, diluted		256,031,110		259,262,529		254,224,303		256,179,486

IPO Pro forma Non-GAAP EPS, basic (1)	$	0.040	$	0.211	$	0.191	$	0.432
IPO Pro forma Non-GAAP EPS, diluted (1)	$	0.040	$	0.186	$	0.189	$	0.375

¹IPO Pro Forma Non-GAAP EPS basic and diluted is presented only for the three and nine months ended September 30, 2021 assuming Taboola went public and consummated the related transactions in each case as of January 1, 2021. Therefore the Non-GAAP net income does not include any adjustments of undistributed earnings previously allocated to participating securities, assuming these securities converted to Ordinary shares in each case as of January 1, 2021.

The following table provides a reconciliation of net cash provided by operating activities to Free Cash Flow.

	Three months ended September 30,						Nine months ended September 30,
		2022			2021			2022			2021
	Unaudited
	(dollars in thousands)
Net cash provided by operating activities	$	23,219		$	26,573		$	33,426		$	40,553
Purchases of property and equipment, including capitalized internal-use software		(12,224	)		(7,099	)		(28,476	)		(28,774	)
Free Cash Flow	$	10,995		$	19,474		$	4,950		$	11,779

APPENDIX A: Non-GAAP Guidance Reconciliation

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR Q4 2022 AND FULL YEAR 2022 GUIDANCE

(Unaudited)

The following table provides a reconciliation of projected gross profit to ex-TAC Gross Profit guidance.

	Q4 2022	FY 2022
	Unaudited
	(dollars in millions)
Revenues	$358 – $374	$1,388 – $1,404
Traffic acquisition cost	($205 – $209)	($824 – $828)
Other cost of revenues	($25 – $26)	($105 – $107)
Gross profit	$127 – $139	$458 – $470
Add back: Other cost of revenues	$25 – $26	$105 – $107
ex-TAC Gross Profit	$153 – $165	$564 – $576

Although we provide a projection for Free Cash Flow, we are not able to provide a projection for net cash provided by operating activities, the most directly comparable GAAP measure. Certain elements of net cash provided by operating activities, including taxes and timing of collections and payments, are not predictable therefore projecting an accurate forecast is difficult. As a result, it is impractical for us to provide projections on net cash provided by operating activities or to reconcile our Free Cash Flow projections without unreasonable efforts. Consequently, no disclosure of projected net cash provided by operating activities is included. For the same reasons, we are unable to address the probable significance of the unavailable information.

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Artificial Intelligence

Terra Drone, Unifly, and Aloft Launch UTM Development for AAM Targeting Global Markets

Published

3 hours ago

April 24, 2024

CISION (PR Newswire)

terra-drone,-unifly,-and-aloft-launch-utm-development-for-aam-targeting-global-markets

TOKYO, April 25, 2024 /PRNewswire/ — Terra Drone Corporation, a leading drone and Advanced Air Mobility (AAM) technology provider headquartered in Japan, announced today the launch of joint development with its Group companies Unifly NV (“Unifly”) and Aloft Technologies Inc. (“Aloft”) focused on UAS Traffic Management (UTM) for AAMs targeting global markets. Terra Drone has been making strides in its pioneering UTM business via strategic investments in Unifly, a leading UTM technology provider based in Belgium, and Aloft, which has the top UTM market share in the U.S. This collaboration marks the world’s first-ever joint UTM development for AAMs by multiple companies with extensive track records in UTM implementation and operation.

The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf]
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Artificial Intelligence

IBM to Acquire HashiCorp, Inc. Creating a Comprehensive End-to-End Hybrid Cloud Platform

Published

5 hours ago

April 24, 2024

CISION (PR Newswire)

ibm-to-acquire-hashicorp,-inc.-creating-a-comprehensive-end-to-end-hybrid-cloud-platform

$6.4 billion acquisition adds suite of leading hybrid and multi-cloud lifecycle management products to help clients grappling with today’s AI-driven application growth and complexity
HashiCorp’s capabilities to drive significant synergies across multiple strategic growth areas for IBM, including Red Hat, watsonx, data security, IT automation and Consulting
As a part of IBM, HashiCorp is expected to accelerate innovation and enhance its go-to-market, growth and monetization initiatives
Transaction expected to be accretive to Adjusted EBITDA within the first full year, post close, and free cash flow in year two
ARMONK, N.Y. and SAN FRANCISCO, April 24, 2024 /PRNewswire/ — IBM (NYSE: IBM) and HashiCorp Inc. (NASDAQ: HCP), a leading multi-cloud infrastructure automation company, today announced they have entered into a definitive agreement under which IBM will acquire HashiCorp for $35 per share in cash, representing an enterprise value of $6.4 billion. HashiCorp’s suite of products provides enterprises with extensive Infrastructure Lifecycle Management and Security Lifecycle Management capabilities to enable organizations to automate their hybrid and multi-cloud environments. Today’s announcement is a continuation of IBM’s deep focus and investment in hybrid cloud and AI, the two most transformational technologies for clients today.

“Enterprise clients are wrestling with an unprecedented expansion in infrastructure and applications across public and private clouds, as well as on-prem environments. The global excitement surrounding generative AI has exacerbated these challenges and CIOs and developers are up against dramatic complexity in their tech strategies,” said Arvind Krishna, IBM chairman and chief executive officer. “HashiCorp has a proven track record of enabling clients to manage the complexity of today’s infrastructure and application sprawl. Combining IBM’s portfolio and expertise with HashiCorp’s capabilities and talent will create a comprehensive hybrid cloud platform designed for the AI era.”
The rise of cloud-native workloads and associated applications is driving a radical expansion in the number of cloud workloads enterprises are managing. In addition, generative AI deployment continues to grow alongside traditional workloads. As a result, developers are working with increasingly heterogeneous, dynamic, and complex infrastructure strategies. This represents a massive challenge for technology professionals.
HashiCorp’s capabilities enable enterprises to use automation to deliver lifecycle management for infrastructure and security, providing a system of record for the critical workflows needed for hybrid and multi-cloud environments. HashiCorp’s Terraform is the industry standard for infrastructure provisioning in these environments. HashiCorp’s offerings help clients take a cloud-agnostic, and highly interoperable approach to multi-cloud management, and complement IBM’s commitment to industry collaboration (including deep and expanding partnerships with hyperscale cloud service providers), developer communities, and open-source hybrid cloud and AI innovation.
“Our strategy at its core is about enabling companies to innovate in the cloud, while providing a consistent approach to managing cloud at scale. The need for effective management and automation is critical with the rise of multi-cloud and hybrid cloud, which is being accelerated by today’s AI revolution,” said Armon Dadgar, HashiCorp co-founder and chief technology officer. “I’m incredibly excited by today’s news and to be joining IBM to accelerate HashiCorp’s mission and expand access to our products to an even broader set of developers and enterprises.”
“Today is an exciting day for our dedicated teams across the world as well as the developer communities we serve,” said Dave McJannet, HashiCorp chief executive officer. “IBM’s leadership in hybrid cloud along with its rich history of innovation, make it the ideal home for HashiCorp as we enter the next phase of our growth journey. I’m proud of the work we’ve done as a standalone company, I am excited to be able to help our customers further, and I look forward to the future of HashiCorp as part of IBM.”
Transaction Rationale
Strong Strategic Fit – The acquisition of HashiCorp by IBM creates a comprehensive end-to-end hybrid cloud platform built for AI-driven complexity. The combination of each company’s portfolio and talent will deliver clients extensive application, infrastructure and security lifecycle management capabilitiesAccelerates growth in key focus areas – Upon close, HashiCorp is expected to drive significant synergies for IBM, including across multiple strategic growth areas like Red Hat, watsonx, data security, IT automation and Consulting. For example, the powerful combination of Red Hat’s Ansible Automation Platform’s configuration management and Terraform’s automation will simplify provisioning and configuration of applications across hybrid cloud environments. The two companies also anticipate an acceleration of HashiCorp’s growth initiatives by leveraging IBM’s world-class go-to-market strategy, scale, and reach, operating in more than 175 countries across the globeExpands Total Addressable Market (TAM) – The acquisition will create the opportunity to deliver more comprehensive hybrid and multi-cloud offerings to enterprise clients. HashiCorp’s offerings, combined with IBM and Red Hat, will give clients a platform to automate the deployment and orchestration of workloads across evolving infrastructure including hyperscale cloud service providers, private clouds and on-prem environments. This will enhance IBM’s ability to address the total cloud opportunity, which according to IDC had a TAM of $1.1 trillion in 2023, with a compound annual growth rate in the high teens through 2027.1Attractive Financial Opportunity – The transaction will accelerate IBM’s growth profile over time driven by go-to-market and product synergies. This growth combined with operating efficiencies, is expected to achieve substantial near-term margin expansion for the acquired business. It is anticipated that the transaction will be accretive to Adjusted EBITDA within the first full year, post close, and free cash flow in year two.HashiCorp boasts a roster of more than 4,400 clients, including Bloomberg, Comcast, Deutsche Bank, GitHub, J.P Morgan Chase, Starbucks and Vodafone. HashiCorp’s offerings have widescale adoption in the developer community and are used by 85% of the Fortune 500. Their community products across infrastructure and security were downloaded more than 500 million times in HashiCorp’s FY2024 and include:
Terraform – provides organizations with a single workflow to provision their cloud, private datacenter, and SaaS infrastructure and continuously manage infrastructure throughout its lifecycleVault – provides organizations with identity-based security to automatically authenticate and authorize access to secrets and other sensitive dataAdditional products – Boundary for secure remote access; Consul for service-based networking; Nomad for workload orchestration; Packer for building and managing images as code; and Waypoint internal developer platformTransaction Details
Under the terms of the agreement, IBM will acquire HashiCorp for $35 per share in cash, or $6.4 billion enterprise value, net of cash. HashiCorp will be acquired with available cash on hand.
The boards of directors of IBM and HashiCorp have both approved the transaction. The acquisition is subject to approval by HashiCorp shareholders, regulatory approvals and other customary closing conditions.
The Company’s largest shareholders and investors, who collectively hold approximately 43% of the voting power of HashiCorp’s outstanding common stock, entered into a voting agreement with IBM pursuant to which each has agreed to vote all of their common shares in favor of the transaction and against any alternative transactions.
The transaction is expected to close by the end of 2024.
____________________1 The total cloud opportunity is the sum of the cloud-directed spends across Hardware, IT services and SW for Private and Public cloud implementation, sourced from IDC’s Worldwide Black Book Live Edition, March 2024 (V1 2024)
Conference Call Details
IBM’s regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed here. Presentation charts will be available shortly before the Webcast.
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
About HashiCorp
HashiCorp is The Infrastructure Cloud™ company, helping organizations automate multi-cloud and hybrid environments with Infrastructure Lifecycle Management and Security Lifecycle Management. HashiCorp offers The Infrastructure Cloud on the HashiCorp Cloud Platform (HCP) for managed cloud services, as well as self-hosted enterprise offerings and community source-available products. The company is headquartered in San Francisco, California. For more information, visit HashiCorp.com.
Press Contacts:
IBM:Tim Davidson, [email protected]
HashiCorp:Matthew Sherman / Jed Repko / Haley Salas / Joycelyn BarnettJoele Frank, Wilkinson Brimmer Katcher212-355-4449

Additional Information and Where to Find It
HashiCorp, Inc. (“HashiCorp”), the members of HashiCorp’s board of directors and certain of HashiCorp’s executive officers are participants in the solicitation of proxies from stockholders in connection with the pending acquisition of HashiCorp (the “Transaction”). HashiCorp plans to file a proxy statement (the “Transaction Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies to approve the Transaction. David McJannet, Armon Dadgar, Susan St. Ledger, Todd Ford, David Henshall, Glenn Solomon and Sigal Zarmi, all of whom are members of HashiCorp’s board of directors, and Navam Welihinda, HashiCorp’s chief financial officer, are participants in HashiCorp’s solicitation. Information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Additional information about such participants is available under the captions “Board of Directors and Corporate Governance,” “Executive Officers” and “Security Ownership of Certain Beneficial Owners and Management” in HashiCorp’s definitive proxy statement in connection with its 2023 Annual Meeting of Stockholders (the “2023 Proxy Statement”), which was filed with the SEC on May 17, 2023 (and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1720671/000114036123025250/ny20008192x1_def14a.htm). To the extent that holdings of HashiCorp’s securities have changed since the amounts printed in the 2023 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC (which are available at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001720671&type=&dateb=&owner=only&count=40&search_text=). Information regarding HashiCorp’s transactions with related persons is set forth under the caption “Related Person Transactions” in the 2023 Proxy Statement. Certain illustrative information regarding the payments to that may be owed, and the circumstances in which they may be owed, to HashiCorp’s named executive officers in a change of control of HashiCorp is set forth under the caption “Executive Compensation—Potential Payments upon Termination or Change in Control” in the 2023 Proxy Statement. With respect to Ms. St. Ledger, certain of such illustrative information is contained in the Current Report on Form 8-K filed with the SEC on June 7, 2023 (and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1720671/000162828023021270/hcp-20230607.htm). Promptly after filing the definitive Transaction Proxy Statement with the SEC, HashiCorp will mail the definitive Transaction Proxy Statement and a WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the Transaction. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT HASHICORP WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by HashiCorp with the SEC in connection with the Transaction at the SEC’s website (http://www.sec.gov). Copies of HashiCorp’s definitive Transaction Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by HashiCorp with the SEC in connection with the Transaction will also be available, free of charge, at HashiCorp’s investor relations website (https://ir.hashicorp.com/), or by emailing HashiCorp’s investor relations department ([email protected]).
Forward-Looking Statements
Certain statements contained in this communication may be characterized as forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially.
Statements in this communication regarding IBM and HashiCorp that are forward-looking may include statements regarding: (i) the Transaction; (ii) the expected timing of the closing of the Transaction; (iii) considerations taken into account in approving and entering into the Transaction; (iv) the anticipated benefits to, or impact of, the Transaction on IBM’s and HashiCorp’s businesses; and (v) expectations for IBM and HashiCorp following the closing of the Transaction. There can be no assurance that the Transaction will be consummated.
Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include: (i) the possibility that the conditions to the closing of the Transaction are not satisfied, including the risk that required approvals from HashiCorp’s stockholders for the Transaction or required regulatory approvals to consummate the Transaction are not obtained, on a timely basis or at all; (ii) the occurrence of any event, change or other circumstance that could give rise to a right to terminate the Transaction, including in circumstances requiring HashiCorp to pay a termination fee; (iii) possible disruption related to the Transaction to IBM’s and HashiCorp’s current plans, operations and business relationships, including through the loss of customers and employees; (iv) the amount of the costs, fees, expenses and other charges incurred by IBM and HashiCorp related to the Transaction; (v) the risk that IBM’s or HashiCorp’s stock price may fluctuate during the pendency of the Transaction and may decline if the Transaction is not completed; (vi) the diversion of IBM and HashiCorp management’s time and attention from ongoing business operations and opportunities; (vii) the response of competitors and other market participants to the Transaction; (viii) potential litigation relating to the Transaction; (ix) uncertainty as to timing of completion of the Transaction and the ability of each party to consummate the Transaction; and (x) other risks and uncertainties detailed in the periodic reports that IBM and HashiCorp filed with the SEC, including IBM’s and HashiCorp’s respective Annual Reports on Form 10-K. All forward-looking statements in this communication are based on information available to IBM and HashiCorp as of the date of this communication, and, except as required by law, IBM and HashiCorp do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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Artificial Intelligence

Businessabc.net, part of Ztudium group partners with IEBF to offer GenerativeAI tools for SMEs, Adds Dilip Pungliya to Leadership

Published

7 hours ago

April 24, 2024

CISION (PR Newswire)

LONDON and NEW DELHI, April 24, 2024 /PRNewswire/ — Businessabc.net part of ztudium group partners with Indo-European Business Forum IEBF and signed an MOU to collaborate in building tech AI-powered tools and trade corridors and technological solutions for businesses in India, UK, and Europe.

Businessabc.net is a global business abc AI, digital certification search engine, and directory marketplace that offers a fresh approach to business insights, and analytics and makes it accessible to every company, and employee, empowering knowledge-sharing and strategic insights across every level for businesses worldwide. Businessabc offers a digital hub marketplace to empower SMEs and businesses of all types with B2B, B2C, and AI-powered tools, that give them access to strategies, and insights and connect them with chambers of commerce, trade corridors, digital supply chains, provenance tools, and multi-store e-commerce solutions. The Indo-European Business Forum – IEBF is an independent, impartial organisation promoting two-way flows of trade, and investment in India, the UK, and EU member countries.
Businessabc.net owned by ztudium announces this strategic partnership with the IEBF and announces Dilip Pungliya as a new partner and Board Member to lead these endeavours. In this role, Mr. Pungliya, a tech, business, and data scientist executive will bring his extensive expertise in business strategy and digital transformation to lead key initiatives within the organisation.
The growth of Generative AI among Small and Medium Enterprises (SMEs) worldwide has been steadily gaining momentum, and in India, the UK, and Europe a burgeoning tech ecosystem is growing awareness of the transformative potential of artificial intelligence.
IEBF and Businessabc.net join forces to expand the platform with new indexes powered by Generative AI to enhance efficiency, streamline operations, and give companies a competitive edge in the market. Factors such as the availability of cost-effective AI solutions, the skilled workforce, and a global need to push towards digitalisation have contributed to the adoption of Generative AI technologies. GenAI tools and tech solutions are critical to unlocking new value for businesses and becoming the most important tools for organisations of all sizes. AI revolution through platforms such as businessabc.net semantic and GenAI search, indexes, and chatbots, can solve business problems and offer leaders integrated solutions for their growth.
IEBF has been collaborating with Governments in India, UK, and Europe,. Their contribution includes events in the UK House of Lords, Indian governmental organisations, and research and education initiatives for businesses. Created by Mr. Vijay Goel and Mr. Sunil Kumar Gupta the founders, responsibles for the organisation said about this: “We are excited to work and enhance business solutions between IEBF and Businessabc.net, part of Ztudium group. All businesses need to be aware, educated, and prepared for this new AI and digital growth tools world. Data from India’s Ministry of Electronics and Information Technology (MeitY) reports that GenAI is expected to add USD 450–500 billion to India’s GDP by 2025 – 10% of the country’s USD 5 trillion GDP target. We expect to work together to empower businesses in India, the UK, and Europe joining forces with Businessabc.net to organise strategic trade corridors, events, and Indexes.”
Dinis Guarda, Founder of Ztudium / Businessabc.net, a business top thought leader, author, and Youtuber said about the partnership: “We are thrilled to work with IEBF to expand the businessabc.net solutions to India, UK, and Europe businesses and welcome Dilip Punglyia to support, lead this partnership and Ztudium group. Together we will offer cutting-edge simple tools that use genAI in business and finance. In the financial sector alone GenAI is expected to increase global gross domestic product (GDP) by 7%—nearly $7 trillion—and boost productivity growth by 1.5%, according to Goldman Sachs Research.”
Dilip Pungliya, a seasoned tech, digital, and business strategy leader with more than twenty five years of experience creating data-driven solutions will be at the forefront of this partnership. Mr. Dilip Pungliya said about this: “I’m thrilled to join businessabc.net and Ztudium leadership team and contribute to the growth of the partnership with the IEBF and its holistic company’s mission of driving innovation and digital transformation through cutting-edge technologies like AI, fintech, Web 3.0, Metaverse, and Blockchain. This partnership will allow us to create a digital ID, new AI data-driven generative tools, and scale growth for businesses in India, UK, and Europe, and Dilip’s wealth of experience and strategic vision will be invaluable as we continue to drive innovation and empower businesses with transformative technologies.”
About the Indo-European Business Forum
IEBF is an independent, impartial body actively promoting two-way flows of trade, and investment in India and EU member countries. Indo European Business Forum is an open forum comprising like-minded people who believe that “India can offer strong and sustained business opportunities for European Union countries”. IEBF is patronised by leading personalities from both India and the EU having excellence in the fields of business, finance, real estate, and art, to name a few. Our advisory board consists of people who are determined to create a progressive world.
About the Businessabc.net,
Founded in August 2011 by Dinis Guarda, who was joined by Sonesh Sira as board and partner some years after businessabc.net part of Ztudium group has been creating Digital Transformation, and AI tools and being recognised as one of the top global thought leaders organisations by organisations like Thinkers360.com. The company has been working and advising Fortune 500 companies and governments and offers technology products and platforms. Some of its offers are citiesabc.com, fashionsabc.com, sportsabc.org. It also manages a media division with intelligenthq.com, tradersdna.com, hedgethink.com, and services that integrate a wide range of 4IR, AI, 3D, web 3.0, and blockchain technologies solutions such as Metaverseabc. tech, MStores.shopping, iDNA.technology, and AI.DNA. The platform unveiled recently its Top 10,000 Public Companies Market Cap Index, which lists tech giants like Apple, Microsoft, Google, Alphabet, Nvidia, and Meta, and LVMH, IBM, and JPMorgan Chase & Co., from other industries at the top.
About Ztudium: The maker of 4IR, AI, Web 3.0, and Smart Cities technologies
Ztudium is a UK-based global maker of leading proprietary intellectual property and technologies that integrate Fourth Industrial Revolution (4IR) technologies. The company creates technology products, platforms, media, and services that integrate fintech, smart cities, Web 3.0, AI, Metaverse, and Blockchain. Ztudium collaborates with multiple governments, organisations, educational institutions, and business networks worldwide.
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