Artificial Intelligence
DLH Reports Fiscal 2023 Second Quarter Results
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ATLANTA, May 03, 2023 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of research and development, systems engineering and integration, and digital transformation solutions to federal agencies, today announced financial results for its fiscal second quarter ended March 31, 2023.
Highlights
- Second quarter revenue was $99.4 million in fiscal 2023 versus $108.7 million in fiscal 2022; the prior-year period included $39.8 million from the short-term FEMA task orders in Alaska.
- Operating and net income for the second quarter were $6.0 million and $0.8 million, respectively, as compared to $10.3 million and $7.2 million for the prior-year period. Operating income for the prior year period included $5.5 million from the FEMA task orders.
- Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $10.5 million for the second quarter as compared to $12.1 million in fiscal 2022. The prior-year period included $5.5 million of EBITDA from the FEMA task orders.
- Total debt at the end of the second quarter was $204.2 million, compared to debt of $203.4 million as of December 31, 2022. The Company further reduced its outstanding debt balance to $196.3 million as of the date of this release.
- Contract backlog was $940.6 million as of March 31, 2023 versus $942.7 million at the end of the fiscal first quarter.
Management Discussion
“Strong second quarter results were in line with our expectations, as the Company completed its first full quarter following the acquisition of GRSi,” said Zach Parker, DLH President and Chief Executive Officer. “Revenue for the quarter, which essentially reached the $100 million mark, demonstrates the achievement of a key milestone in our strategy to grow revenue while diversifying our customer base. Our improving EBITDA margins reflect our strategy to expand our business base in highly differentiated capabilities, through which we expect to earn better returns. As of today, we have paid down over $10 million of acquisition debt, and we are confident in our ability to significantly de-lever the balance sheet this year.
“We announced an important award this quarter, gaining a seat on a highly coveted contract vehicle to provide technical solutions and support for the National Cancer Institute’s Center for Biomedical Informatics and Information Technology. This successful pursuit will allow DLH to contribute its expertise to the national imperative of scientific research for cancer causes and treatments. Such wins — and our significant pipeline of future opportunities — underscore the strength of our advanced, innovative offerings and the value that we have built through our growth strategy.
“In addition, we were pleased to welcome Judy Bjornaas, former Chief Financial Officer for ManTech, to the Company’s Board of Directors at our annual meeting in March. Given her business acumen and experience within the industry, she has already made a positive impact on our organization — and we look forward to her playing a key role in our continued success. These recent developments, our solid backlog, and strong demand for our services position us well for the next chapter of our journey.”
Results for the Three Months Ended March 31, 2023
Revenue for the second quarter of fiscal 2023 was $99.4 million versus $108.7 million in fiscal 2022, with the prior-year period reflecting a $39.8 million contribution from the Company’s short-term FEMA contracts in Alaska. Comparing this quarter’s revenue performance to the same period in the prior fiscal year, excluding the impact from the FEMA contracts, revenue increased $30.5 million, including contribution of $32.6 million from GRSi.
Income from operations was $6.0 million for the quarter versus $10.3 million in the prior-year period, which included $5.5 million from the FEMA task orders. Comparing this quarter’s operating income performance to the same period in the prior fiscal year, excluding the impact from the FEMA contracts, operating income increased $1.2 million. As a percentage of revenue, the Company reported an operating margin of 6.0% in the fiscal 2023 second quarter versus 9.4% in fiscal 2022, with the year-over-year decline primarily due to higher amortization expense as a result of the GRSi acquisition.
Interest expense was $4.8 million in the fiscal second quarter of 2023 versus $0.6 million in the prior-year period, reflecting higher debt outstanding due to the acquisition of GRSi and increased interest rates. Income before income taxes was $1.2 million this year versus $9.7 million in fiscal 2022, representing 1.2% and 8.9% of revenue, respectively, for each period.
For the three months ended March 31, 2023 and 2022, respectively, DLH recorded a $0.4 million and $2.5 million provision for income taxes. The Company reported net income of approximately $0.8 million, or $0.06 per diluted share, for the second quarter of fiscal 2023 versus $7.2 million, or $0.50 per diluted share, for the second quarter of fiscal 2022. As a percentage of revenue, net income was 0.8% for the second quarter of fiscal 2023 versus 6.6% for the prior-year period.
On a non-GAAP basis, EBITDA for the three months ended March 31, 2023 was approximately $10.5 million versus $12.1 million in the prior-year period, or 10.5% and 11.2% of revenue, respectively. Adjusted EBITDA1 was $10.5 million versus $6.6 million for the prior-year period, or 10.5% and 9.6% of adjusted revenue, respectively.
Key Financial Indicators
For fiscal 2023, DLH has produced $6.9 million in operating cash. As of March 31, 2023, the Company had cash of $0.1 million and debt outstanding under its credit facilities of $204.2 million versus cash of $0.2 million and debt outstanding of $22.0 million as of September 30, 2022. The Company’s debt balance rose slightly during the second quarter as compared to our outstanding debt balance at the end of the first quarter reflecting the timing of funding on certain contracts. The Company’s outstanding debt balance was reduced by $7.9 million after the end of the period and stood at $196.3 million as of the date of this release. The Company is on pace to reduce our total debt balance to between $185.0 million and $190.0 million by the end of this fiscal year.
At March 31, 2023, total backlog was approximately $940.6 million, including funded backlog of approximately $132.0 million, and unfunded backlog of $808.6 million.
Conference Call and Webcast Details
DLH management will discuss second quarter results and provide a general business update, including current competitive conditions and strategies, during a conference call beginning at 10:00 AM Eastern Time tomorrow, May 4, 2023. Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call.
A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 9743329.
About DLH
DLH (NASDAQ:DLHC) enhances public health and national security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 3,200 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit www.DLHcorp.com.
1 Adjusted Operating Income, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue, and Adjusted EBITDA Margin on Adjusted Revenue are non-GAAP financial measures. See “Non-GAAP Financial Measures” below for additional detail.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding estimates of future revenues, operating income, earnings and cash flow. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements made in this release due to a variety of factors, including: the impact of the novel coronavirus (“COVID-19”), including the measures to reduce its spread, and its impact on the economy and demand for our services, are uncertain, cannot be predicted, and may precipitate or exacerbate other risks and uncertainties; the risk that we will not realize the anticipated benefits of our acquisition of GRSi or any other acquisitions (including anticipated future financial performance and results); the diversion of management’s attention from normal daily operations of the business and the challenges of managing larger and more widespread operations resulting from our recent acquisition; the inability to retain employees and customers; contract awards in connection with re-competes for present business and/or competition for new business; our ability to manage our increased debt obligations; compliance with bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; the ability to successfully integrate the operations of GRSi or any future acquisitions; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as well as subsequent reports filed thereafter. The forward-looking statements contained herein are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and business.
Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements, except as may be required by law.
CONTACTS:
INVESTOR RELATIONS |
Contact: Chris Witty |
Phone: 646-438-9385 |
Email: [email protected] |
TABLES TO FOLLOW
DLH HOLDINGS CORP. | ||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||
(Amounts in thousands except per share amounts) | ||||||||||||
(unaudited) | (unaudited) | |||||||||||
Three Months Ended | Six Months Ended | |||||||||||
March 31, | March 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Revenue | $ | 99,417 | $ | 108,699 | $ | 172,155 | $ | 261,500 | ||||
Cost of Operations: | ||||||||||||
Contract costs | 78,238 | 88,831 | 135,494 | 221,517 | ||||||||
General and administrative costs | 10,693 | 7,733 | 18,117 | 14,644 | ||||||||
Corporate development costs | — | — | 1,735 | — | ||||||||
Depreciation and amortization | 4,535 | 1,881 | 6,937 | 3,866 | ||||||||
Total operating costs | 93,466 | 98,445 | 162,283 | 240,027 | ||||||||
Income from operations | 5,951 | 10,254 | 9,872 | 21,473 | ||||||||
Interest expense | 4,765 | 554 | 6,595 | 1,226 | ||||||||
Income before provision for income taxes | 1,186 | 9,700 | 3,277 | 20,247 | ||||||||
Provision for income taxes | 381 | 2,522 | 925 | 5,265 | ||||||||
Net income | $ | 805 | $ | 7,178 | $ | 2,352 | $ | 14,982 | ||||
Net income per share – basic | $ | 0.06 | $ | 0.56 | $ | 0.17 | $ | 1.17 | ||||
Net income per share – diluted | $ | 0.06 | $ | 0.50 | $ | 0.16 | $ | 1.04 | ||||
Weighted average common shares outstanding | ||||||||||||
Basic | 13,759 | 12,778 | 13,530 | 12,763 | ||||||||
Diluted | 14,600 | 14,442 | 14,447 | 14,368 |
DLH HOLDINGS CORP. | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands except par value of shares) | ||||||
March 31, 2023 |
September 30, 2022 |
|||||
(unaudited) | ||||||
ASSETS | ||||||
Current assets: | ||||||
Cash | $ | 137 | $ | 228 | ||
Accounts receivable | 67,021 | 40,496 | ||||
Other current assets | 3,513 | 2,878 | ||||
Total current assets | 70,671 | 43,602 | ||||
Equipment and improvements, net | 1,558 | 1,704 | ||||
Operating lease right-of-use assets | 18,754 | 16,851 | ||||
Goodwill | 138,301 | 65,643 | ||||
Intangible assets, net | 133,109 | 40,884 | ||||
Other long-term assets | 183 | 328 | ||||
Total assets | $ | 362,576 | $ | 169,012 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Operating lease liabilities – current | $ | 3,452 | $ | 2,235 | ||
Accrued payroll | 17,279 | 9,444 | ||||
Debt obligations – current, net of deferred financing costs | 33,267 | — | ||||
Accounts payable and accrued liabilities | 25,066 | 26,862 | ||||
Total current liabilities | 79,064 | 38,541 | ||||
Long-term liabilities: | ||||||
Deferred taxes, net | 1,203 | 1,534 | ||||
Operating lease liabilities – long-term | 17,337 | 16,461 | ||||
Debt obligations – long-term, net of deferred financing costs | 162,636 | 20,416 | ||||
Other long-term liabilities | 396 | — | ||||
Total long-term liabilities | 181,572 | 38,411 | ||||
Total liabilities | 260,636 | 76,952 | ||||
Shareholders’ equity: | ||||||
Common stock, $0.001 par value; authorized 40,000 shares; issued and outstanding 13,793 and 13,047 at March 31, 2023 and September 30, 2022, respectively | 14 | 13 | ||||
Additional paid-in capital | 98,584 | 91,057 | ||||
Retained earnings | 3,342 | 990 | ||||
Total shareholders’ equity | 101,940 | 92,060 | ||||
Total liabilities and shareholders’ equity | $ | 362,576 | $ | 169,012 |
DLH HOLDINGS CORP. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Amounts in thousands) | ||||||||
(unaudited) | ||||||||
Six Months Ended | ||||||||
March 31, | ||||||||
2023 | 2022 | |||||||
Operating activities | ||||||||
Net income | $ | 2,352 | $ | 14,982 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization | 6,937 | 3,866 | ||||||
Amortization of deferred financing costs charged to interest expense | 904 | 319 | ||||||
Stock-based compensation expense | 1,352 | 1,309 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,057 | ) | (28,705 | ) | ||||
Other current assets | 719 | 666 | ||||||
Accrued payroll | 8 | 3,339 | ||||||
Deferred revenue | — | (22,273 | ) | |||||
Accounts payable and accrued liabilities | (4,757 | ) | 11,600 | |||||
Other long-term assets and liabilities | 404 | 82 | ||||||
Net cash provided by (used in) operating activities | 6,862 | (14,815 | ) | |||||
Investing activities | ||||||||
Business acquisition, net of cash acquired | (180,711 | ) | — | |||||
Purchase of equipment and improvements | (463 | ) | (89 | ) | ||||
Net cash used in investing activities | (181,174 | ) | (89 | ) | ||||
Financing activities | ||||||||
Proceeds from revolving line of credit | 32,594 | 13,500 | ||||||
Repayment of revolving line of credit | (11,264 | ) | (13,500 | ) | ||||
Proceeds from debt obligations | 168,000 | — | ||||||
Repayments of debt obligations | (7,125 | ) | (9,250 | ) | ||||
Payments of deferred financing costs | (7,622 | ) | — | |||||
Proceeds from issuance of common stock upon exercise of options and warrants | 287 | 462 | ||||||
Payment of tax obligations resulting from net exercise of stock options | (649 | ) | — | |||||
Net cash provided by (used in) financing activities | 174,221 | (8,788 | ) | |||||
Net change in cash | (91 | ) | (23,692 | ) | ||||
Cash – beginning of period | 228 | 24,051 | ||||||
Cash – end of period | $ | 137 | $ | 359 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid during the period for interest | $ | 5,714 | $ | 896 | ||||
Cash paid during the period for income taxes | $ | 3,202 | $ | 3,482 | ||||
Supplemental disclosure of non-cash activity | ||||||||
Common stock surrendered for the exercise of stock options | $ | 238 | $ | — |
Non-GAAP Financial Measures
The Company uses EBITDA and EBITDA Margin on Revenue as supplemental non-GAAP measures of performance. We define EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes and (iii) depreciation and amortization. EBITDA Margin on Revenue is EBITDA for the measurement period divided by revenue for the same period.
The Company is presenting additional non-GAAP measures regarding its financial performance for the three and six months ended March 31, 2023. The measures presented are Adjusted Revenue, Adjusted Operating Income, Adjusted EBITDA, and Adjusted EBITDA Margin on Adjusted Revenue. In calculating these measures, we have added the corporate development costs associated with completing the GRSi acquisition to our results for fiscal year 2023 and we have removed the contribution from the FEMA task orders from the results for fiscal year 2022. These resulting measures present the quarterly financial performance compared to results delivered in the prior year period. Definitions of these additional non-GAAP measures are set forth below.
We have prepared these additional non-GAAP measures to eliminate the impact of items that we do not consider indicative of ongoing operating performance due to their inherent unusual or extraordinary nature. These non-GAAP measures of performance are used by management to conduct and evaluate its business during its review of operating results for the periods presented. Management and the Company’s Board utilize these non-GAAP measures to make decisions about the use of the Company’s resources, analyze performance between periods, develop internal projections and measure management performance. We believe that these non-GAAP measures are useful to investors in evaluating the Company’s ongoing operating and financial results and understanding how such results compare with the Company’s historical performance.
These supplemental performance measurements may vary from and may not be comparable to similarly titled measures by other companies in our industry. Further, the additional non-GAAP financial measures we presented for the first quarter of fiscal 2023 excluded the contribution from GRSi due to the truncated consolidation period. Since GRSi was part of the consolidated financial performance for the full second quarter, we have included their results in both the three and six month periods ended March 31, 2023. Adjusted Revenue, Adjusted Operating Income, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue, and Adjusted EBITDA Margin on Adjusted Revenue are not recognized measurements under accounting principles generally accepted in the United States, or GAAP, and when analyzing our performance investors should (i) evaluate each adjustment in our reconciliation to the nearest GAAP financial measures and (ii) use the aforementioned non-GAAP measures in addition to, and not as an alternative to, revenue, operating income, net income or diluted EPS, as measures of operating results, each as defined under GAAP. We have defined these non-GAAP measures as follows:
“Adjusted Revenue” represents revenue less the contribution to revenue from the short-term FEMA task orders
“Adjusted Operating Income” represents operating income plus the corporate development costs associated with completing the GRSi acquisition incurred in fiscal 2023 less the contribution from the FEMA task orders, which occurred in fiscal 2022.
“Adjusted EBITDA” represents net income before income taxes, interest, depreciation and amortization and the corporate costs associated with completing the acquisition, less the contribution from FEMA task orders. “Adjusted EBITDA Margin on Adjusted Revenue” is calculated as Adjusted EBITDA divided by Adjusted Revenue.
Below is a reconciliation of Adjusted Revenue, Adjusted Operating Income, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue and Adjusted EBITDA Margin on Adjusted Revenue reported for the three and six months ended March 31, 2023 and 2022 compared to the most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands except for per share amounts):
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||
Adjusted Revenue | ||||||||||||||||||||||||
Revenue | $ | 99,417 | $ | 108,699 | $ | (9,282 | ) | $ | 172,155 | $ | 261,500 | $ | (89,345 | ) | ||||||||||
Less: FEMA task orders to support Alaska (a) | — | 39,764 | (39,764 | ) | — | 130,889 | (130,889 | ) | ||||||||||||||||
Adjusted Revenue | $ | 99,417 | $ | 68,935 | $ | 30,482 | $ | 172,155 | $ | 130,611 | $ | 41,544 | ||||||||||||
Adjusted Operating Income | ||||||||||||||||||||||||
Operating Income | $ | 5,951 | $ | 10,254 | $ | (4,303 | ) | $ | 9,872 | $ | 21,473 | $ | (11,601 | ) | ||||||||||
Corporate development costs (b) | — | — | — | 1,735 | — | 1,735 | ||||||||||||||||||
Less: FEMA task orders to support Alaska (c) | — | 5,525 | (5,525 | ) | — | 11,871 | (11,871 | ) | ||||||||||||||||
Adjusted Operating Income | $ | 5,951 | $ | 4,729 | $ | 1,222 | $ | 11,607 | $ | 9,602 | $ | 2,005 | ||||||||||||
EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue & Adjusted EBITDA Margin on Adjusted Revenue | ||||||||||||||||||||||||
Net Income | $ | 805 | $ | 7,178 | $ | (6,373 | ) | $ | 2,352 | $ | 14,982 | $ | (12,630 | ) | ||||||||||
Depreciation and amortization | 4,535 | 1,881 | 2,654 | 6,937 | 3,866 | 3,071 | ||||||||||||||||||
Interest expense | 4,765 | 554 | 4,211 | 6,595 | 1,226 | 5,369 | ||||||||||||||||||
Provision for income taxes | 381 | 2,522 | (2,141 | ) | 925 | 5,265 | (4,340 | ) | ||||||||||||||||
EBITDA | $ | 10,486 | $ | 12,135 | $ | (1,649 | ) | $ | 16,808 | $ | 25,339 | $ | (8,531 | ) | ||||||||||
Corporate development costs (b) | $ | — | $ | — | $ | — | $ | 1,735 | $ | — | $ | 1,735 | ||||||||||||
Less: acquired EBITDA | — | — | — | — | — | — | ||||||||||||||||||
Less: FEMA task order to support Alaska (c) | — | 5,525 | (5,525 | ) | — | 11,871 | (11,871 | ) | ||||||||||||||||
Adjusted EBITDA | $ | 10,486 | $ | 6,610 | $ | 3,876 | $ | 18,543 | $ | 13,468 | $ | 5,075 | ||||||||||||
Net income margin on Revenue | 0.8 | % | 6.6 | % | 1.4 | % | 5.7 | % | ||||||||||||||||
EBITDA Margin on Revenue | 10.5 | % | 11.2 | % | 9.8 | % | 9.7 | % | ||||||||||||||||
Adjusted EBITDA Margin on Adjusted Revenue | 10.5 | % | 9.6 | % | 10.8 | % | 10.3 | % |
(a): Represents revenue adjusted to exclude revenue from the short-term FEMA task orders during the three and six months ended March 31, 2022.
(b): Represents corporate development costs we incurred to complete the GRSi transaction. These costs primarily include legal counsel, financial due diligence, customer market analysis and representation and warranty insurance premiums.
(c): Adjusted operating income represents the Company’s consolidated operating income, determined in accordance with GAAP, adjusted to add the corporate development costs associated with the GRSi acquisition for fiscal year 2023 and adjusted to exclude the operating income derived from the FEMA task orders. Operating income for the FEMA task orders is derived by subtracting from the revenue attributable to such task orders during the three months ended March 31, 2022 of $39.8 million the following amounts associated with such task orders: contract costs of $33.7 million and general & administrative costs of $0.6 million. Similarly, for the six months ended March 31, 2022 operating income for the FEMA task orders is derived by subtracting from the revenue attributable to the tasks orders of $130.9 million the following amounts associated with such task orders: contract costs $117.9 million and general & administrative costs of $1.1 million.
Artificial Intelligence
Rockwell Automation and its PartnerNetwork™ Ecosystem Present Artificial Intelligence, Autonomous Operations, 5G and Cybersecurity in Driving Digital Transformation at Hannover Messe 2024
In collaboration with partners including Cisco, Ericsson, Microsoft, ODVA, the OPC Foundation and NVIDIA, Rockwell will showcase the latest technologies shaping the future of industrial operations
DUSSELDORF, Germany, April 18, 2024 /PRNewswire/ — Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, will showcase its innovative, industry-leading technology and services with its partners, including Microsoft and Cisco, at the Hannover Messe 2024 trade fair, April 22-26, in Hannover, Germany.
Rockwell will collaborate with its PartnerNetwork™ ecosystem and demonstrate solutions that address a variety of challenges for industrial companies, including modernizing operations, achieving sustainability goals and accelerating digital transformation.
“Our partnerships embody a shared vision of building and delivering the best solutions to drive digital transformation in industry and enable intelligent factories,” said Malte Dieckelmann, vice president, enterprise software sales, Europe, Middle East and Africa, Rockwell Automation. “We do this by simplifying how manufacturers design, operate and maintain their operations and empower their people in a secure, connected enterprise.”
In collaboration with Cisco, Ericsson, Microsoft, ODVA, the OPC Foundation and NVIDIA, Rockwell will present technology and services that help solve complex challenges with solutions for the entire value chain of a digital transformation journey.
Artificial intelligence (AI), autonomous operations, 5G and cybersecurity are among key technologies that help manufacturers accelerate their digital transformation. According to Rockwell’s recently published 9th annual “State of Smart Manufacturing Report,” industrial companies around the world cite artificial intelligence as their top priority for new investment over the next 12 months.
At the Microsoft booth, visitors will see the latest technology integrations between the two companies, including how AI is transforming manufacturing through a customer-inspired digital twin of a quality inspection process using artificial intelligence, highlighted by a real-world simulation of product sorting and autonomous material handling.
Following a recently announced collaboration with NVIDIA, Rockwell will share how it is integrating NVIDIA Omniverse Cloud application programming interfaces (APIs) into Emulate3D by Rockwell Automation, bringing users data interoperability, live collaboration and physically based visualization for designing, building and operating industrial-scale digital twins of production systems.
At the Cisco booth, Rockwell will present how the two companies enable a secure connected industrial environment leveraging Rockwell’s Converged Plantwide EthernetTM reference architecture (CPwE) with its co-developed industrial ethernet switching, as well as cybersecurity solutions such as Cisco® Cyber Vision, which enables network segmentation, asset discovery and security monitoring.
Rockwell will highlight its collaboration with Ericsson by demonstrating Plex Asset Performance Management (APM) – enabled by industrial private 5G connectivity – driving real-time decision-making and managing new assets such as autonomous mobile robots (AMRs). Private 5G allows manufacturers to be more agile, flexible and sustainable while adding more devices and intelligence to their networks.
Rockwell is also partnering with ODVA, a standards development organization, to demonstrate the benefits of EtherNet/IP, CIP Security™ and 5G. Reliable wireless industrial automation appliances using EtherNet/IP and CIP Safety in private 5G networks will be shown. Also on display will be recent wireless device additions to Rockwell’s EtherNet/IP product portfolio.
Finally, Rockwell will be at the booth of OPC Foundation, an industry group that maintains standards for the secure and reliable information exchange in industrial applications. Rockwell offers scalable OPC UA solutions for machine builders and end users through Embedded Edge Compute Modules and the FactoryTalk® Optix™ software platform, supporting heterogeneous software applications and control environments.
About Rockwell AutomationRockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 29,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.
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Artificial Intelligence
LG STRENGTHENS EUROPEAN PRESENCE WITH ITS KITCHEN SOLUTIONS SHOWCASE AT MDW 2024
Featuring Advanced AI Technologies and Sleek Design, Company’s Expanded Lineup of Built-in Appliances Brings Outstanding Convenience and Style to the Kitchen
SEOUL, South Korea, April 18, 2024 /PRNewswire/ — LG Electronics (LG) is unveiling its latest built-in kitchen appliances at Milan Design Week (MDW) 2024, taking place in Milan, Italy, from April 16-21. At the center of LG’s Milan showcase are the brand-new Signature Kitchen Suite built-in oven, free zone induction hob, and downdraft hood. Boasting innovative, premium design and highly-convenient features, the company’s refined built-in solutions bring exceptional ease-of-use and effortless elegance to the kitchen.
Signature Kitchen Suite Built-in Oven with Advanced Cooking Technologies
Debuting at MDW 2024 and designed with European consumers in mind, the Signature Kitchen Suite 60-centimeter (24-inch) built-in oven offers a variety of cutting-edge features and AI technologies to elevate the culinary experience. Equipped with Gourmet AI™️, the oven can identify what the user is cooking and automatically select the appropriate cooking mode from 130 recipes. Gourmet AI also enables ‘browning’ control for foods such as pizza and steak, actively keeping tabs on the cooking process and notifying users via the ThinQ™️ app as soon as their food is done. Thanks to video-recognition, LG’s intelligent oven can suggest the optimal settings for the dish being prepared, while real-time video monitoring and time-lapse recording make it easy to check on the progress of one’s meal using the ThinQ app.
Employing enhanced ProBake powered by inverter technology, the new oven delivers uniform heat and fast, efficient cooking with an A++ energy rating. LG’s innovative technology rotates the convection fan back and forth to ensure shorter preheating times, even heating, and crispier results when using the oven’s Air Fry mode. The company’s unique InstaView™️ technology further enhances user convenience, making it possible to see inside simply by knocking twice on the oven door.
Free Zone Induction Hob for Convenient and Flexible Cooking
The Signature Kitchen Suite’s 90-centimeter (36-inch) free zone induction hob presents next-level flexibility and ease-of-use, allowing users to place any size and type of cookware – such as Paella pans and moka pots – anywhere on its cooking surface.* The new appliance can detect and track the position of cookware, eliminating the need to manually cancel and reapply settings when moving a saucepan or skillet from one part of the cooking surface to another. What’s more, the AI technology embedded in the hob can detect the temperature of cookware and automatically lower the heat when necessary, helping to minimize spills and splatter when boiling water or preparing soups and sauces.
Expanded Built-in Lineups for Diverse Kitchen Lifestyles
LG is further bolstering its built-in product lineup with the introduction of the new Signature Kitchen Suite downdraft hood. Made to integrate seamlessly into islands and countertops, the 90-centimeter (36-inch) hood offers a sleek, sophisticated look with its chic black glass and modern frame design. It also provides powerful ventilation, effectively extracting steam and odors for a more pleasant cooking experience.
Additionally, LG has expanded its portfolio of built-in appliances for the European market. Along with new products, such as an 80-centimeter (30-inch) induction hob and built-in combi refrigerators and microwave ovens, the company now provides a wider range of options within its oven lineups – from more product variation to a greater choice of colors and sizes. Among the new models are the Signature Kitchen Suite 122 centimeter (48 inch)-wide French-door refrigerator and stunning appliances from the Transitional lineup, featuring slim handles and satin stainless steel exteriors with a velvety matte finish. To help customers create a curated kitchen aesthetic, the company offers an array of new finishes for its premium built-in products, with black stainless steel and stainless steel joining the previously-introduced black glass finish.
“We are thrilled to showcase our latest built-in innovations at this year’s Milan Design Week, demonstrating our commitment to leading new design trends and meeting the diverse needs of European customers,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “LG will continue to strengthen its presence in Europe through an expanded range of built-in appliances delivering style, performance and convenience in the kitchen.”
Visitors to MDW 2024 in Milan from April 16-21 can experience LG’s latest built-in lineups at the LG booth at Milan Fairgrounds.
* Cookware recognition may vary depending on the size or number of items placed on the surface.
About LG Electronics Home Appliance & Air Solution Company
The LG Home Appliance & Air Solution Company is a global leader in home appliances, air solutions as well as smart home solutions featuring LG ThinQ. The company is creating various solutions with its industry leading core technologies and is committed to making life better and sustainable for consumers and the planet by developing thoughtfully designed kitchen appliances, living appliances, HVAC and air purification solutions. Together, these products deliver enhanced convenience, superb performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LGnewsroom.com.
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Artificial Intelligence
DataTracks Celebrates Completion of 19 Years
SINGAPORE, April 18, 2024 /PRNewswire/ — DataTracks, a provider of cloud-based software to automate/generate compliance reports for filing with financial/security regulators to more than 28,000 business enterprises in 26 countries, celebrates the completion of 19 years of service and innovation. Founded with a vision to make regulatory compliance “accurate, reliable, timely, and easy”, DataTracks has grown into a leading name in the industry, worldwide with cutting edge software that incorporates “artificial intelligence” aided features to reduce “time to prepare” and improve “accuracy”.
Decades of Dedication and Expertise
Over nearly two decades, DataTracks has achieved significant growth, with its software delivering more than 400,000 reports, showcasing its pivotal role in regulatory reporting. The software and service address regulations across diverse jurisdictions, including SEC in the USA, HMRC and FCA in the UK, Revenue in Ireland, CIPC in South Africa, ACRA in Singapore, MCA in India, SSM in Malaysia and ESMA, EBA, and EIOPA in Europe.
DataTracks distinguishes itself in the industry
(a) with its global footprint (preferred by business enterprises whose regulatory obligations are spread across multiple jurisdictions)
(b) with its state-of-the art software that incorporates “AI/ML” features and
(c) with its credentials for information security (including ISO 9001:2015 and ISO 27001:2013 certifications)
Addressing the employees and spouses in a town hall meeting to celebrate the event, Vinod P John, President of DataTracks said: “We are happy to start our 20th year in the industry. I have to thank the 28,000 clients who trust us and the several hundred employees who developed our software and who helped customers (and our internal team) prepare compliance reports for reaching this milestone. We’ve always believed in leveraging technology to make regulatory compliance as easy, quick, timely, and accurate as possible for our clients. Our continuous investment in AI and machine learning is a testament to this belief, and it’s what keeps us at the forefront of the industry.”
Looking ahead, DataTracks is ready to address upcoming mandates such as the DATA Act and FTA in the US as well as the MBRS/XBRL mandate by SSM in Malaysia.
About DataTracks
DataTracks is a Singapore-based globally renowned leader in providing cloud-based regulatory compliance software for self-use and “black box services” using the same software, catering to 28,000 clients across 26 countries. In 19 years DataTracks has helped its client enterprises prepare more than 400,000 compliance reports for filing with financial/security regulators in several jurisdictions. Financial analysts have rated the quality of reports generated using DataTracks as top of industry for quality; significantly above that of several of its competitors. For further information, visit www.datatracks.com.
For Business Enquiries: Email: [email protected]; Phone: Singapore: +6531582850, US: +1(646)9048324, UK: +44(0)2036088035
Media Contact: [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/datatracks-celebrates-completion-of-19-years-302119623.html
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