Artificial Intelligence
Altair Announces First Quarter 2023 Financial Results
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TROY, Mich., May 04, 2023 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global leader in computational science and artificial intelligence, today released its financial results for the first quarter ended March 31, 2023.
“Altair had a very strong start to 2023, with software product revenue and total revenue above the high end of our guidance,” said James Scapa, founder, chairman and chief executive officer of Altair. “Q1 exceeded our expectations and represents an all-time high for revenue to continue our good momentum from 2022. Demand for our products continues to be strong and we’re seeing the investments we’ve made in product development and our approach to our customers’ success paying off.”
“Coming right on the heels of a very strong fourth quarter to end last year, we had impressive performance in the first quarter,” said Matt Brown, chief financial officer of Altair. “We’re excited to be starting the year so well, which we feel gives us momentum and helps to achieve our financial goals for the year.”
First Quarter 2023 Financial Highlights
- Software product revenue was $149.6 million compared to $140.9 million for the first quarter of 2022, an increase of 6.2% in reported currency and 10.0% in constant currency
- Total revenue was $166.0 million compared to $159.8 million for the first quarter of 2022, an increase of 3.9% in reported currency and 7.5% in constant currency
- Net loss was $(2.0) million compared to net income of $11.5 million for the first quarter of 2022. Diluted net loss per share was $(0.02) based on 80.2 million diluted weighted average common shares outstanding, compared to diluted net income per share of $0.13 for the first quarter of 2022, based on 87.3 million diluted weighted average common shares outstanding. Net loss margin was -1.2% compared to net income margin 7.2% for the first quarter of 2022
- Non-GAAP net income was $31.8 million, compared to non-GAAP net income of $32.9 million for the first quarter of 2022, a decrease of 3.5%. Non-GAAP diluted net income per share was $0.36 based on 88.0 million non-GAAP diluted common shares outstanding, compared to non-GAAP diluted net income per share of $0.38 for the first quarter of 2022, based on 87.3 million non-GAAP diluted common shares outstanding
- Adjusted EBITDA was $43.1 million compared to $46.6 million for the first quarter of 2022, a decrease of 7.6%. Adjusted EBITDA margin was 25.9% compared to 29.2% for the first quarter of 2022
- Cash provided by operating activities was $59.2 million, compared to $5.8 million for the first quarter of 2022
- Free cash flow was $57.5 million, compared to $3.6 million for the first quarter of 2022. Free cash flow in the first quarter of 2022 was impacted by the payment of a $65.9 million litigation judgement assumed as part of the World Programming acquisition.
Business Outlook
Based on information available as of today, Altair is issuing the following guidance for the second quarter and full year 2023:
(in millions, except %) | Second Quarter 2023 | Full Year 2023 | ||||||||||||||
Software Product Revenue | $ | 123.0 | to | $ | 125.0 | $ | 551.0 | to | $ | 561.0 | ||||||
Growth Rate | 5.2 | % | 6.9 | % | 8.8 | % | 10.8 | % | ||||||||
Growth Rate – Constant Currency | 6.7 | % | 8.4 | % | 9.1 | % | 11.0 | % | ||||||||
Total Revenue | $ | 138.0 | $ | 140.0 | $ | 614.0 | $ | 624.0 | ||||||||
Growth Rate | 4.0 | % | 5.5 | % | 7.3 | % | 9.0 | % | ||||||||
Growth Rate – Constant Currency | 5.4 | % | 6.9 | % | 7.5 | % | 9.3 | % | ||||||||
Net Loss | $ | (15.8 | ) | $ | (13.9 | ) | $ | (19.7 | ) | $ | (10.0 | ) | ||||
Non-GAAP Net Income | $ | 11.5 | $ | 13.0 | $ | 89.8 | $ | 97.2 | ||||||||
Adjusted EBITDA | $ | 15.0 | $ | 17.0 | $ | 120.0 | $ | 130.0 | ||||||||
Net Cash Provided by Operating Activities | $ | 118.0 | $ | 126.0 | ||||||||||||
Free Cash Flow | $ | 108.0 | $ | 116.0 |
The following table provides a reconciliation of Full Year 2023 guidance to the last guidance provided in February:
(Unaudited) | ||||||||||||||||
Full Year 2023 | ||||||||||||||||
(in millions) | Midpoint of Guidance in February |
Increase/ (Decrease) |
Currency Fluctuations from Prior Guidance |
Midpoint of Guidance in May |
||||||||||||
Software Product Revenue | $ | 555.0 | $ | — | $ | 1.0 | $ | 556.0 | ||||||||
Total Revenue | $ | 618.0 | $ | — | $ | 1.0 | $ | 619.0 | ||||||||
Adjusted EBITDA | $ | 125.0 | $ | — | $ | — | $ | 125.0 |
Conference Call Information
What: | Altair’s First Quarter 2023 Financial Results Conference Call |
When: | Thursday, May 4, 2023 |
Time: | 5 p.m. ET |
Webcast: | http://investor.altair.com (live & replay) |
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Billings, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.
Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, restructuring charges, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.
Non-GAAP diluted common shares includes the diluted weighted average shares outstanding per GAAP regardless of whether the Company is in a loss position.
Billings consists of total revenue plus the change in deferred revenue, excluding deferred revenue from acquisitions.
Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.
Free cash flow consists of cash flow from operations less capital expenditures.
Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense, restructuring expense and other special items as identified by management and described elsewhere in this press release.
Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.
Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.
About Altair
Altair is a global leader in computational science and artificial intelligence (AI) that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit www.altair.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the second quarter and full year 2023, our statements regarding our expectations for 2023, and our reconciliations of projected non-GAAP financial measures. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Altair’s control. Altair’s actual results could differ materially from those stated or implied in our forward-looking statements due to a number of factors, including but not limited to, the risks detailed in Altair’s quarterly and annual reports filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Altair’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Altair undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Altair’s views as of any date subsequent to the date of this press release.
Media Relations
Altair
Dave Simon
248-614-2400 ext. 332
[email protected]
Investor Relations
The Blueshirt Group
Monica Gould
212-871-3927
[email protected]
ALTAIR ENGINEERING INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
March 31, 2023 | December 31, 2022 | |||||||
(In thousands) | (Unaudited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 378,377 | $ | 316,146 | ||||
Accounts receivable, net | 130,636 | 170,279 | ||||||
Income tax receivable | 11,226 | 11,259 | ||||||
Prepaid expenses and other current assets | 28,363 | 29,142 | ||||||
Total current assets | 548,602 | 526,826 | ||||||
Property and equipment, net | 38,260 | 37,517 | ||||||
Operating lease right of use assets | 33,297 | 33,601 | ||||||
Goodwill | 451,170 | 449,048 | ||||||
Other intangible assets, net | 101,586 | 107,609 | ||||||
Deferred tax assets | 9,675 | 9,727 | ||||||
Other long-term assets | 43,582 | 40,410 | ||||||
TOTAL ASSETS | $ | 1,226,172 | $ | 1,204,738 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Accounts payable | $ | 6,014 | $ | 10,434 | ||||
Accrued compensation and benefits | 30,341 | 42,456 | ||||||
Current portion of operating lease liabilities | 9,939 | 10,396 | ||||||
Other accrued expenses and current liabilities | 58,673 | 56,371 | ||||||
Deferred revenue | 114,423 | 113,081 | ||||||
2024 Convertible senior notes, net | 81,004 | — | ||||||
Total current liabilities | 300,394 | 232,738 | ||||||
2027 Convertible senior notes, net | 225,039 | 305,604 | ||||||
Operating lease liabilities, net of current portion | 23,989 | 24,065 | ||||||
Deferred revenue, non-current | 27,520 | 31,379 | ||||||
Other long-term liabilities | 42,325 | 41,216 | ||||||
TOTAL LIABILITIES | 619,267 | 635,002 | ||||||
Commitments and contingencies | ||||||||
STOCKHOLDERS’ EQUITY: | ||||||||
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued and outstanding | — | — | ||||||
Common stock ($0.0001 par value) | ||||||||
Class A common stock, authorized 513,797 shares, issued and outstanding 53,153 and 52,277 shares as of March 31, 2023, and December 31, 2022, respectively |
5 | 5 | ||||||
Class B common stock, authorized 41,203 shares, issued and outstanding 27,505 and 27,745 shares as of March 31, 2023, and December 31, 2022 |
3 | 3 | ||||||
Additional paid-in capital | 753,184 | 721,307 | ||||||
Accumulated deficit | (123,536 | ) | (121,577 | ) | ||||
Accumulated other comprehensive loss | (22,751 | ) | (30,002 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY | 606,905 | 569,736 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,226,172 | $ | 1,204,738 |
ALTAIR ENGINEERING INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands, except per share data) | 2023 | 2022 | ||||||
Revenue | ||||||||
License | $ | 112,409 | $ | 106,169 | ||||
Maintenance and other services | 37,234 | 34,728 | ||||||
Total software | 149,643 | 140,897 | ||||||
Software related services | 7,100 | 9,061 | ||||||
Total software and related services | 156,743 | 149,958 | ||||||
Client engineering services | 7,776 | 8,012 | ||||||
Other | 1,515 | 1,811 | ||||||
Total revenue | 166,034 | 159,781 | ||||||
Cost of revenue | ||||||||
License | 4,824 | 4,687 | ||||||
Maintenance and other services | 14,426 | 12,719 | ||||||
Total software * | 19,250 | 17,406 | ||||||
Software related services | 5,616 | 6,035 | ||||||
Total software and related services | 24,866 | 23,441 | ||||||
Client engineering services | 6,624 | 6,641 | ||||||
Other | 1,245 | 1,521 | ||||||
Total cost of revenue | 32,735 | 31,603 | ||||||
Gross profit | 133,299 | 128,178 | ||||||
Operating expenses: | ||||||||
Research and development * | 53,251 | 47,079 | ||||||
Sales and marketing * | 43,492 | 37,840 | ||||||
General and administrative * | 17,951 | 17,426 | ||||||
Amortization of intangible assets | 7,814 | 5,903 | ||||||
Other operating expense (income), net | 5,605 | (781 | ) | |||||
Total operating expenses | 128,113 | 107,467 | ||||||
Operating income | 5,186 | 20,711 | ||||||
Interest expense | 1,526 | 585 | ||||||
Other (income) expense, net | (3,613 | ) | 2,068 | |||||
Income before income taxes | 7,273 | 18,058 | ||||||
Income tax expense | 9,232 | 6,530 | ||||||
Net (loss) income | $ | (1,959 | ) | $ | 11,528 | |||
(Loss) income per share: | ||||||||
Net (loss) income per share attributable to common stockholders, basic |
$ | (0.02 | ) | $ | 0.15 | |||
Net (loss) income per share attributable to common stockholders, diluted |
$ | (0.02 | ) | $ | 0.13 | |||
Weighted average shares outstanding: | ||||||||
Weighted average number of shares used in computing net (loss) income per share, basic |
80,191 | 79,462 | ||||||
Weighted average number of shares used in computing net (loss) income per share, diluted |
80,191 | 87,261 |
* Amounts include stock-based compensation expense as follows (in thousands):
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands) | 2023 | 2022 | ||||||
Cost of revenue – software | $ | 2,752 | $ | 1,903 | ||||
Research and development | 8,743 | 7,358 | ||||||
Sales and marketing | 7,591 | 7,035 | ||||||
General and administrative | 3,075 | 2,318 | ||||||
Total stock-based compensation expense | $ | 22,161 | $ | 18,614 |
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands) | 2023 | 2022 | ||||||
Employee stock-based compensation plans | $ | 18,484 | $ | 13,259 | ||||
Post combination expense in connection with acquisitions | 3,677 | 5,355 | ||||||
Total stock-based compensation expense | $ | 22,161 | $ | 18,614 |
ALTAIR ENGINEERING INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOW | ||||||||
(Unaudited) | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands) | 2023 | 2022 | ||||||
OPERATING ACTIVITIES: | ||||||||
Net (loss) income | $ | (1,959 | ) | $ | 11,528 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 9,750 | 7,686 | ||||||
Stock-based compensation expense | 22,161 | 18,614 | ||||||
Loss on mark-to-market adjustment of contingent consideration | 7,006 | — | ||||||
Other, net | 640 | 506 | ||||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | 39,872 | 21,735 | ||||||
Prepaid expenses and other current assets | 1,981 | (138 | ) | |||||
Other long-term assets | (1,944 | ) | 2,139 | |||||
Accounts payable | (5,362 | ) | (302 | ) | ||||
Accrued compensation and benefits | (12,283 | ) | (6,896 | ) | ||||
Other accrued expenses and current liabilities | 2,015 | (61,759 | ) | |||||
Deferred revenue | (2,678 | ) | 12,673 | |||||
Net cash provided by operating activities | 59,199 | 5,786 | ||||||
INVESTING ACTIVITIES: | ||||||||
Capital expenditures | (1,727 | ) | (2,190 | ) | ||||
Payments for acquisition of businesses, net of cash acquired | — | (12,971 | ) | |||||
Other investing activities, net | (1,405 | ) | (343 | ) | ||||
Net cash used in investing activities | (3,132 | ) | (15,504 | ) | ||||
FINANCING ACTIVITIES: | ||||||||
Proceeds from the exercise of common stock options | 9,872 | 237 | ||||||
Payments for repurchase of common stock | (6,255 | ) | — | |||||
Proceeds from employee stock purchase plan contributions | 1,868 | 2,362 | ||||||
Other financing activities | (29 | ) | (90 | ) | ||||
Net cash provided by financing activities | 5,456 | 2,509 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 379 | (970 | ) | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 61,902 | (8,179 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of year | 316,958 | 414,012 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 378,860 | $ | 405,833 |
Financial Results
The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net (loss) income and net (loss) income per share – diluted, the most comparable GAAP financial measures:
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands, except per share amounts) | 2023 | 2022 | ||||||
Net (loss) income | $ | (1,959 | ) | $ | 11,528 | |||
Stock-based compensation expense | 22,161 | 18,614 | ||||||
Amortization of intangible assets | 7,814 | 5,903 | ||||||
Non-cash interest expense | 465 | 417 | ||||||
Impact of non-GAAP tax rate(1) | (1,933 | ) | (5,036 | ) | ||||
Special adjustments and other(2) | 5,231 | 1,492 | ||||||
Non-GAAP net income | $ | 31,779 | $ | 32,918 | ||||
Net (loss) income per share, diluted | $ | (0.02 | ) | $ | 0.13 | |||
Non-GAAP net income per share, diluted | $ | 0.36 | $ | 0.38 | ||||
GAAP diluted shares outstanding | 80,191 | 87,261 | ||||||
Non-GAAP diluted shares outstanding | 88,041 | 87,261 |
(1) The Company uses a non-GAAP effective tax rate of 26%.
(2) The three months ended March 31, 2023, includes $7.0 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $1.8 million currency gains on acquisition-related intercompany loans. The three months ended March 31, 2022, includes $1.5 million currency losses on acquisition-related intercompany loans.
The following table provides a reconciliation of Adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure:
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands) | 2023 | 2022 | ||||||
Net (loss) income | $ | (1,959 | ) | $ | 11,528 | |||
Income tax expense | 9,232 | 6,530 | ||||||
Stock-based compensation expense | 22,161 | 18,614 | ||||||
Interest expense | 1,526 | 585 | ||||||
Depreciation and amortization | 9,750 | 7,686 | ||||||
Special adjustments, interest income and other(1) | 2,345 | 1,647 | ||||||
Adjusted EBITDA | $ | 43,055 | $ | 46,590 |
(1) The three months ended March 31, 2023, includes $7.0 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition, $2.9 million of interest income, and $1.8 million currency gains on acquisition-related intercompany loans. The three months ended March 31, 2022, includes $1.5 million currency losses on acquisition-related intercompany loans.
The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands) | 2023 | 2022 | ||||||
Net cash provided by operating activities(1) | $ | 59,199 | $ | 5,786 | ||||
Capital expenditures | (1,727 | ) | (2,190 | ) | ||||
Free cash flow(1) | $ | 57,472 | $ | 3,596 |
(1) The three months ended March 31, 2022, includes a $65.9 million payment in January 2022 for a damages judgement assumed as part of an acquisition in December 2021.
The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands) | 2023 | 2022 | ||||||
Gross profit | $ | 133,299 | $ | 128,178 | ||||
Stock-based compensation expense | 2,752 | 1,903 | ||||||
Non-GAAP gross profit | $ | 136,051 | $ | 130,081 | ||||
Gross profit margin | 80.3 | % | 80.2 | % | ||||
Non-GAAP gross margin | 81.9 | % | 81.4 | % |
The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:
(Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
(in thousands) | 2023 | 2022 | ||||||
Total operating expense | $ | 128,113 | $ | 107,467 | ||||
Stock-based compensation expense | (19,409 | ) | (16,711 | ) | ||||
Amortization | (7,814 | ) | (5,903 | ) | ||||
Loss on mark-to-market adjustment of contingent consideration | (7,006 | ) | — | |||||
Non-GAAP operating expense | $ | 93,884 | $ | 84,853 |
The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:
(Unaudited) | |||||||
Three Months Ended March 31, | |||||||
(in thousands) | 2023 | 2022 | |||||
Revenue | $ | 166,034 | $ | 159,781 | |||
Ending deferred revenue | 141,943 | 118,403 | |||||
Beginning deferred revenue | (144,460 | ) | (106,032 | ) | |||
Deferred revenue acquired | — | (815 | ) | ||||
Billings | $ | 163,517 | $ | 171,337 |
The following table provides revenue, Billings and Adjusted EBITDA on a constant currency basis:
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended March 31, 2023 |
Three Months Ended March 31, 2022 | Increase/ (Decrease) % |
||||||||||||||||||||||
(in thousands) | As reported | Currency changes |
As adjusted for constant currency |
As reported | As reported | As adjusted for constant currency |
||||||||||||||||||
Software revenue | $ | 149.6 | $ | 5.4 | $ | 155.0 | $ | 140.9 | 6.2 | % | 10.0 | % | ||||||||||||
Total revenue | $ | 166.0 | $ | 5.8 | $ | 171.8 | $ | 159.8 | 3.9 | % | 7.5 | % | ||||||||||||
Billings | $ | 163.5 | $ | 6.3 | $ | 169.8 | $ | 171.3 | -4.6 | % | -0.9 | % | ||||||||||||
Adjusted EBITDA | $ | 43.1 | $ | 2.3 | $ | 45.4 | $ | 46.6 | -7.6 | % | -2.6 | % |
Change in Classification of Indirect Costs
Beginning in the first quarter of 2023, the Company refined its classification of certain indirect costs to reflect the way management is now reviewing the information in decision making and to improve comparability with peers. These indirect costs include certain IT, facilities, and depreciation expenses that were previously reported primarily in General and administrative expense. These indirect costs have now been reclassified to Research and development, Sales and marketing, and General and administrative expenses based on global headcount. Management believes this refined methodology better reflects the nature of the costs and financial performance of the Company.
As a result, the Company’s Consolidated Statements of Operations have been recast for prior periods presented to reflect the effects of the changes to Research and development, Sales and marketing, and General and administrative expense. There was no net impact to total operating expenses, income from operations, net income or net income per share for any periods presented. The consolidated balance sheets, consolidated statements of comprehensive income, consolidated statements of changes in stockholders’ equity, and the consolidated statements of cash flows were not affected by changes in the presentation of these costs.
Each prior period that will be presented in the forthcoming Form 10-Q and Form 10-K filings will be recast to conform to current period presentation. The following tables provide the relevant financial results as previously reported, as recast for the current period and forthcoming filings, and the associated impacts of the changes. Within these tables, the references to periods such as “FY 2021” and “Q1 2022” refer to the corresponding periods as reported in the applicable Form 10-K, Form 10-Q, or Form 8-K filings.
The following table summarizes the changes made to the consolidated statements of income (in thousands):
Previously Reported | ||||||||||||||||||||||||
FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 151,049 | $ | 43,094 | $ | 46,477 | $ | 48,781 | $ | 47,511 | $ | 185,863 | ||||||||||||
Sales and marketing | 132,750 | 35,682 | 39,116 | 39,244 | 41,203 | 155,245 | ||||||||||||||||||
General and administrative | 91,500 | 23,569 | 24,367 | 24,677 | 24,993 | 97,606 | ||||||||||||||||||
Amortization of intangible assets | 18,357 | 5,903 | 6,208 | 6,571 | 8,828 | 27,510 | ||||||||||||||||||
Other operating income, net | (3,482 | ) | (781 | ) | (5,767 | ) | (2,835 | ) | (572 | ) | (9,955 | ) | ||||||||||||
Total operating expenses | $ | 390,174 | $ | 107,467 | $ | 110,401 | $ | 116,438 | $ | 121,963 | $ | 456,269 | ||||||||||||
Recast | ||||||||||||||||||||||||
FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 167,341 | $ | 47,079 | $ | 50,437 | $ | 53,092 | $ | 51,934 | $ | 202,542 | ||||||||||||
Sales and marketing | 141,484 | 37,840 | 41,153 | 41,352 | 43,539 | 163,884 | ||||||||||||||||||
General and administrative | 66,474 | 17,426 | 18,370 | 18,258 | 18,234 | 72,288 | ||||||||||||||||||
Amortization of intangible assets | 18,357 | 5,903 | 6,208 | 6,571 | 8,828 | 27,510 | ||||||||||||||||||
Other operating income, net | (3,482 | ) | (781 | ) | (5,767 | ) | (2,835 | ) | (572 | ) | (9,955 | ) | ||||||||||||
Total operating expenses | $ | 390,174 | $ | 107,467 | $ | 110,401 | $ | 116,438 | $ | 121,963 | $ | 456,269 | ||||||||||||
Change | ||||||||||||||||||||||||
FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | |||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Research and development | $ | 16,292 | $ | 3,985 | $ | 3,960 | $ | 4,311 | $ | 4,423 | $ | 16,679 | ||||||||||||
Sales and marketing | 8,734 | 2,158 | 2,037 | 2,108 | 2,336 | 8,639 | ||||||||||||||||||
General and administrative | (25,026 | ) | (6,143 | ) | (5,997 | ) | (6,419 | ) | (6,759 | ) | (25,318 | ) | ||||||||||||
Amortization of intangible assets | — | — | — | — | — | — | ||||||||||||||||||
Other operating income, net | — | — | — | — | — | — | ||||||||||||||||||
Total operating expenses | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Business Outlook
The following table provides a reconciliation of projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:
(Unaudited) | ||||||||||||||||
Three Months Ending June 30, 2023 |
Year Ending December 31, 2023 |
|||||||||||||||
(in thousands) | Low | High | Low | High | ||||||||||||
Net loss | $ | (15,800 | ) | $ | (13,900 | ) | $ | (19,700 | ) | $ | (10,000 | ) | ||||
Stock-based compensation expense | 21,000 | 21,000 | 85,200 | 85,200 | ||||||||||||
Amortization of intangible assets | 7,600 | 7,600 | 30,200 | 30,200 | ||||||||||||
Non-cash interest expense | 500 | 500 | 1,800 | 1,800 | ||||||||||||
Impact of non-GAAP tax rate | (1,800 | ) | (2,200 | ) | (12,900 | ) | (15,200 | ) | ||||||||
Special adjustments and other(1) | — | — | 5,200 | 5,200 | ||||||||||||
Non-GAAP net income | $ | 11,500 | $ | 13,000 | $ | 89,800 | $ | 97,200 |
(1) The year ending December 31, 2023, includes $7.0 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $1.8 million currency gains on acquisition-related intercompany loans.
The following table provides a reconciliation of projected Adjusted EBITDA to projected net loss, the most comparable GAAP financial measure:
(Unaudited) | ||||||||||||||||
Three Months Ending June 30, 2023 |
Year Ending December 31, 2023 |
|||||||||||||||
(in thousands) | Low | High | Low | High | ||||||||||||
Net loss | $ | (15,800 | ) | $ | (13,900 | ) | $ | (19,700 | ) | $ | (10,000 | ) | ||||
Income tax expense | 2,300 | 2,400 | 18,700 | 19,000 | ||||||||||||
Stock-based compensation expense | 21,000 | 21,000 | 85,200 | 85,200 | ||||||||||||
Interest (income) expense | (2,000 | ) | (2,000 | ) | (7,300 | ) | (7,300 | ) | ||||||||
Depreciation and amortization | 9,500 | 9,500 | 37,900 | 37,900 | ||||||||||||
Special adjustments and other(1) | — | — | 5,200 | 5,200 | ||||||||||||
Adjusted EBITDA | $ | 15,000 | $ | 17,000 | $ | 120,000 | $ | 130,000 |
(1) The year ending December 31, 2023, includes $7.0 million loss from a mark-to-market adjustment of contingent consideration associated with the World Programming acquisition and $1.8 million currency gains on acquisition-related intercompany loans.
The following table provides a reconciliation of projected Free Cash Flow to projected net cash provided by operating activities, the most comparable GAAP financial measure:
(Unaudited) | |||||||
Year Ending December 31, 2023 |
|||||||
(in thousands) | Low | High | |||||
Net cash provided by operating activities | $ | 117,700 | $ | 125,700 | |||
Capital expenditures | (9,700 | ) | (9,700 | ) | |||
Free cash flow | $ | 108,000 | $ | 116,000 |
Artificial Intelligence
Photonic Integrated Circuits Benefit Greatly From AI Data Center Demand, but Other Applications Are Now Emerging, Says IDTechEx
BOSTON, May 7, 2024 /PRNewswire/ — The Silicon Photonics and PICs market is experiencing robust growth, driven by the surge in AI and datacom transceiver demand. Key players in the industry, such as Intel, Coherent, and Infinera, are actively using PICs within their transceivers.
What are the benefits and challenges for Silicon Photonics and Photonic Integrated Circuits?
Photonic Integrated Circuits (PICs) are tiny optical systems made of materials such as Silica (Glass), Silicon, or Indium Phosphide. PICs enable everything from complex optical designs that allow billions of bits of information to be sent and received in a package the size of a candy bar to artificial noses that can detect different compounds and molecules in the air around them.
By leveraging the billions of dollars in investment in the CMOS chips, PICs can unlock new processing scaling potential beyond Moore’s law. However, there are still significant challenges for the PIC market, such as material limitations, integration complexity, and cost management. Large demand volumes are required to offset the initial cost of designing and manufacturing PICs, and production lead times can take months. The brand new IDTechEx report on the topic, ‘Silicon Photonics and Photonic Integrated Circuits 2024-2034: Market, Technologies, and Forecasts’, thoroughly investigates the PIC market and has identified Photonic Transceivers for AI as an emerging segment that is soon to be the largest source of demand for PICs.
What are the PIC materials of the future?
There is a wide variety of future PIC materials. Most of the current market uses Silicon and Silica-based PICs for light propagation; however, as an indirect semiconductor, Silicon is not an efficient light source or photodetector. Therefore, Silicon is usually combined with III-V materials for light sources and photodetection. Silicon’s market dominance is set to continue; however, Thin Film Lithium Niobate (TFLN), with its moderate Pockels effect and low material loss, is emerging as a strong contender for applications that require high-performance modulation, such as quantum systems or potentially high-performance transceivers in the future. Monolithic Indium Phosphide (InP) continues to be a major player due to its ability to detect and emit light. Additionally, innovative materials like Barium Titanite (BTO) and rare-earth metals are being explored for their potential in quantum computing and other cutting-edge applications.
How AI is changing the demand for Silicon Photonics and PICs
The rise of Artificial Intelligence (AI) has spurred an unprecedented demand for high-performance transceivers capable of supporting the massive data rates required by AI accelerators and data centers. Silicon Photonics and PICs are at the forefront of this revolution, with their ability to transmit data at speeds of 1.6Tbps and beyond. As shown by Nvidia’s latest Blackwell CPUs, which, according to IDTechEx’s research, require approximately two 800G transceivers per GPU, the need for efficient, high-bandwidth communication is becoming more critical for AI, positioning Silicon Photonics and PICs as essential components in the AI-driven future. The biggest driver of the development of PIC transceivers is AI, as higher-performance AI accelerators will require higher-performance transceivers, with 3.2Tbps transceivers expected to arrive by 2026.
What are the future applications?
Other applications for Silicon Photonics and PICs vary – from high-bandwidth chip-to-chip interconnects to advanced packaging and co-packaged optics. These technologies are paving the way for next-generation computing.
Photonic Engines and Accelerators: Using certain photonic components, such as Mach-Zehnder Interferometers, and controlling these components through electro-optical interconnects, high-performance processors and programmable PIC devices can be designed and manufactured, unlocking higher performance than what is possible with electronic accelerators alone.
PIC-based Sensors: Certain PIC materials, such as Silicon Nitride, can used for a range of different sensors, from gas sensors to ‘artificial noses’. The healthcare sensor industry may be able to take advantage of the miniaturization of optical components into PIC devices, which could see applications in Point-of-Care diagnostics or Wearables.
PIC-based FMCW LiDAR has the potential to transform the automotive and agricultural industries with applications in drones and autonomous vehicles.
Quantum Systems: Companies investing in Trapped Ion and Photon-based Quantum Computing are looking to PICs for more stable and scalable quantum systems. PICs are used in photonic quantum systems to achieve the precise control of photons necessary for quantum computation.
The market for Silicon Photonics and PICs is experiencing robust growth, driven by the surge in AI and datacom transceiver demand. Key players in the industry, such as Intel/Jabil, Coherent, and Infinera, are actively using PICs within their transceivers. Innolight, a China-based transceiver company, hit 1.6Tbps of transfer speed in their latest transceivers in late 2023, which are due to start shipping for data-center applications in 2024. Coherent, which has its own InP wafer fab facilities, is also developing higher-performance transceivers for 1.6T+ applications. Intel Silicon Photonics, which is potentially going to be acquired by manufacturing firm Jabil, sold ~1.7 million PICs in 2023, according to IDTechEx’s analysis, and is continuing to develop datacom and telecom transceivers. IDTechEx forecasts that PIC technology will continue dominating the high-performance transceiver market, further solidifying its position as a critical component in the modern technological landscape.
Key aspects of the IDTechEx report, ‘Silicon Photonics and Photonic Integrated Circuits 2024-2034: Market, Technologies, and Forecasts’, include:
Key Player Analysis for the High-Performance PIC-based Transceiver MarketA breakdown of Co-Packaged Optics and its key conceptsAnalysis of Photonic Integrated Circuits for Quantum SystemsBenchmarks and comparisons of photonic materials, with an industry breakdown by material. It also includes an insight into emerging materials such as Thin-Film Lithium Niobate (TFLN) and Barium Titanite (BTO).Photonic Integrated Circuit Fundamentals and Key Concepts, including important components and underlying principles.An analysis of how AI is changing demand for PIC-based transceivers, with a look at how Nvidia’s recommended server architecture requires large numbers of transceivers.An overview of PIC manufacturing techniques.A look into future applications of PICs such as interconnects, LiDAR, biosensors, and gas sensors.To find out more about this report, including downloadable sample pages, please visit www.IDTechEx.com/SemiPIC.
Upcoming free-to-attend Webinar
Photonic Integrated Circuits: Materials, Forecasts, and How AI Accelerator Demand Is Affecting the PIC Market
James Falkiner, Technology Analyst at IDTechEx and author of this article, will be presenting a free-to-attend webinar on the topic on Thursday 30 May 2024 – Photonic Integrated Circuits: Materials, Forecasts, and How AI Accelerator Demand Is Affecting the PIC Market.
This webinar will include:
What is a photonic integrated circuit?What are current and future applications for PICs?An insight into IDTechEx’s Total PIC Market ForecastsHow AI accelerator demand is affecting the PIC Transceivers marketThe roadmap for the future of Datacom TransceiversPIC Material Benchmarks and ForecastsPlease click here to check timings and register for your specific time zone.
If you are unable to make the date, please register anyway to receive the links to the on-demand recording (available for a limited time) and webinar slides as soon as they are available.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com.
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Media Contact:
Lucy RogersSales and Marketing [email protected] +44(0)1223 812300
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Artificial Intelligence
Trintech Named a Leader in ISG’s Provider Lens™ Finance and Accounting Platforms 2024 for Record to Report Capabilities
Trintech’s Enterprise Platform, Cadency, Recognized for Strengths in Customer Service, Configurability, User Interface, Data Handling, and Integration
DALLAS, May 7, 2024 /PRNewswire/ — Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, is pleased to announce it has been named a Leader in ISG’s Provider Lens™ Finance and Accounting Platforms 2024 for Record to Report Capabilities. According to ISG, companies named Leaders have a comprehensive product and service offering, a strong market presence and established competitive position. The product portfolios and competitive strategies of Leaders are strongly positioned to win business in the markets covered by the study and represent innovative strength and competitive stability.
“We are honored that ISG has recognized Trintech’s enterprise platform, Cadency, as a leader in its latest Finance and Accounting Platforms 2024 report,” said Darren Heffernan, CEO of Trintech. “Our mission is to lead productivity transformation in finance and accounting by establishing an integrated platform for the Office of the CFO. By eliminating manual burdens and driving efficiency through innovative, purpose-built solutions, we aim to give people back their time, ensuring accuracy to mitigate risk and empowering strategic decision-making. This makes the ‘continuous close’ possible – providing more accurate and up-to-date financial information, improved visibility into financial performance, and a reduced risk of errors or discrepancies going unnoticed for long periods. This is critical to help organizations make more informed decisions in real-time and react more quickly to changes in their financial position. This acknowledgment reaffirms our commitment to prioritizing customer success and fostering continuous innovation to empower organizations with seamless Record to Report processes.”
Built for large enterprises, Cadency is the leading end-to-end platform for Record to Report processes including transaction matching (Cadency Match), account reconciliation (Cadency Certification), journal entry (Cadency Journal Entry) and close task management (Cadency Close). As a leader in mature AI Technologies for the financial close, Cadency’s machine learning algorithms and robotic process automations minimize manual efforts and efficiently manage risk throughout Record to Report activities. This is bolstered by Cadency’s dedicated integrations with (and certifications by) leading ERPs as well as Trintech’s Universal Connectors that provide integration with virtually any 3rd party system. Cadency enhances visibility for global leadership, ensures policy adherence, manages risk, reduces menial efforts, and enables a controlled transformation of accounting operations while minimizing change management effort.
“Trintech’s Cadency platform offers comprehensive support, user-focused innovation, effortless data integration and extensive customization options to enhance efficiency,” Gaurang Pagdi, Lead Analyst at ISG.
To access a complimentary copy of the complete report, please download here.
About Trintech
Trintech gives people time back for what matters most. Our cloud–based platform and solutions enable over 4,200 clients worldwide to lead productivity transformation across their finance and accounting organizations — driving efficiencies, ensuring accuracy to mitigate risk, and empowering strategic decision-making. Make time count with Trintech.
As the leader in Financial Close Management, Trintech is headquartered in Plano, Texas with offices and strategic resellers across United States, Europe, Australia, South America, Africa, and Asia Pacific. With a strong partner ecosystem, Trintech collaborates with over 100 companies to create a network of interconnected businesses. To learn more about Trintech, visit www.trintech.com.
Media Contact: Kelli Shoevlin Director, Global Corporate Marketing & Communications [email protected]
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Artificial Intelligence
Neo4j Awards Technology Grant to Syracuse University for Mapping Misinformation Trends in 2024 U.S. Elections with Knowledge Graphs
Released today, first IDJC ElectionGraph report reveals the biggest spenders on social media political ads, their affiliations and patterns in their content
SAN MATEO, Calif., May 7, 2024 /PRNewswire/ — Neo4j®, the world’s leading graph database and analytics company, today announced a $250,000 research grant and licensed use of its software to Syracuse University’s Institute for Democracy, Journalism and Citizenship (IDJC). The grant supports the university’s yearlong research initiative to identify and map misinformation campaigns and their sources with the potential to mislead voters’ decisions in the U.S. 2024 elections.
The announcement comes with the launch of IDJC ElectionGraph which identifies the origins of misinformation campaigns within social media ad spending, focusing on Facebook and Instagram initially, given their broad reach of more than half of the U.S. voting population. The project uses Neo4j’s graph database and analytics enabling researchers to connect, traverse and analyze large volumes of connected datasets faster and more easily than any other technology.
The research project is led by Professor Jennifer Stromer-Galley, senior associate dean at Syracuse University’s School of Information Studies and a nationally recognized expert in political campaigns and misinformation. She is conducting the research in collaboration with the IDJC’s Kramer Director Margaret Talev, a professor of practice at the Newhouse School of Public Communications and journalist specializing in American politics, elections and the White House; and IDJC research director Johanna Dunaway, a political science professor at the Maxwell School of Citizenship and Public Affairs and expert in political communication, partisan polarization and mass media.
IDJC will release periodic reports of its research findings and insights to the public throughout the year, along with an interactive dashboard that will assist journalists in investigating misinformation campaigns impacting the U.S. elections.
IDJC ElectionGraph: Initial FindingsThe first report in the series was released today, titled “IDJC ElectionGraph: How Social Media Ads Mentioning Biden or Trump Shape 2024’s Election Information Landscape.” It analyzes paid advertisements on Facebook and Instagram between September 1, 2023 to February 29, 2024 mentioning Presidential candidates Joe Biden or Donald Trump.
Conservative-leaning groups are the top ad spenders: Liberty Defender Group, the highest spender at over $1.3 million, is not linked to any political organization but their ads indicate a pro-Trump alignment. The second highest spender at more than $1 million is AFP Action or Americans for Prosperity, a conservative organization that endorsed Nikki Haley.More than 24,000 ad buys were made by over 1,800 groups, totaling an estimated $15.3 million. The organizations that ran ads varied from well-known entities like political action committees, political party groups, or other candidates to obscure actors with less clear connections and agendas.
Pro-Biden ads use the “President” honorific to address him and not Trump, and vice versa: The ads showed how specific groups used the title of “President” differently for the opponents. Groups that said “President Biden” and “Donald Trump” tended to favor Biden — and groups that said “President Trump” and “Joe Biden” tended to favor Trump.Attack ads targeting Biden surpass those that attack Trump: While Biden outspent Trump by about 7-to-1 on ads on Facebook and Instagram,more ‘attack’ ads mention Biden (47%) as compared with ‘attack’ ads that mention Trump (37%). Deeper analysis, enabled by Neo4j, also revealed the top 10 groups with ad campaigns most critical of Biden, such as AFP Action, Judicial Watch, America First Legal, and We Deserve Better, outweighed the groups supporting him, such as Biden-Harris HQ, Senate Democrats or the Democratic Governors’ Association. Research also tracked groups most critical of Trump.How knowledge graphs support investigative journalismA knowledge graph is an insight layer of interconnected data enriched with semantics, context, and meaning for accurate, transparent, and explainable results and decision-making. Neo4j knowledge graphs connect information from multiple data sources, enabling investigative journalists to identify and analyze hidden patterns in these datasets and uncover complex webs of connections. Results enable investigative reporters to surface unusual, significant, and influential actors, networks, and behavior patterns in ways that are not possible with any other technology.
The International Consortium of Journalists (ICIJ) in 2015 used Neo4j to uncover one of the biggest ever global corruption scandals with the Panama Papers, winning ICIJ the Pulitzer Prize. Subsequent investigations included the 2017 Paradise Papers and the 2021 Pandora Papers, among others. NBC used Neo4j to uncover Russian interference in the 2016 election; and computational journalists used Neo4j knowledge graphs to support fact-based reporting in the 2020 election.
In the 2024 elections, IDJC will seek insights that can address questions such as who are the most influential actor networks spreading information across which platforms; what themes are circulating; who are the originators vs. spreaders; what misinformation may be propagated in swing states, how and to what effect; and to what extent is AI-generated misinformation present; among other questions.
Supporting Quotes
Jennifer Stromer-Galley, Senior Associate Dean and Professor, Syracuse University School of Information Studies “Revealing details about ads and messaging on social media is vital to provide the public with transparency and support accountability. Failure to do so can make voters more vulnerable to manipulation. Neo4j’s graph technology is enabling us to draw connections and unearth relationships within the complex web of election-related messaging on social media. It has been instrumental in quickly revealing much richer insights that would have been harder or almost impossible to do otherwise.”
Margaret Talev, Kramer Director, Institute for Democracy, Journalism and Citizenship (IDJC), Syracuse University”IDJC ElectionGraph findings give us a glimpse at the firehose of information and misinformation coming at voters from groups with a jumble of motives, ties, and trustworthiness ahead of the 2024 elections. Neo4j’s graph algorithms help reveal hidden connections and interactions in a complicated network, identifying the sources of these messages.”
Jim Webber, Chief Scientist, Neo4j”The challenge faced by digital researchers and computational journalists in unearthing the consequences of AI-driven misinformation on democracy is enormous. Graph technology is an essential enabler to those seeking to uncover hidden patterns and networks of those looking to manipulate democratic populations. We at Neo4j are proud to support Syracuse University’s mission to help journalists and citizens separate fact from fake news so that the voting public can make informed decisions as they go to the polls.”
Syracuse University’s IDJC ElectionGraph and its findings are independent and proprietary to Syracuse University and the IDJC.
Visit https://idjc.syracuse.edu/2024-election-graph-project/ to read the full report and learn more about IDJC’s ElectionGraph.
About Neo4j Neo4j, the Graph Database & Analytics leader, helps organizations find hidden relationships and patterns across billions of data connections deeply, easily, and quickly. Customers leverage the structure of their connected data to reveal new ways of solving their most pressing business problems, from fraud detection, customer 360, knowledge graphs, supply chain, personalization, IoT, network management, and more – even as their data grows. Neo4j’s full graph stack delivers powerful native graph storage with native vector search capability, data science, advanced analytics, and visualization, with enterprise-grade security controls, scalable architecture, and ACID compliance. Neo4j’s dynamic open-source community brings together over 250,000 developers, data scientists, and architects across hundreds of Fortune 500 companies, government agencies, and NGOs. Visit neo4j.com.
About Syracuse University’s Institute for Democracy, Journalism and CitizenshipThe IDJC engages in nonpartisan research, teaching and public dialogue to strengthen trust in news media, governance and society. It is a joint University initiative of the Newhouse School of Public Communications and Maxwell School of Citizenship and Public Affairs.
Neo4j Contact:Pragya [email protected]
Syracuse University Contact:Keith [email protected]
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