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Paylocity Announces Third Quarter Fiscal Year 2023 Financial Results

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  • Q3 2023 Recurring & Other Revenue of $314.2 million, up 28% year-over-year
  • Q3 2023 Total Revenue of $339.9 million, up 38% year-over-year

SCHAUMBURG, Ill., May 04, 2023 (GLOBE NEWSWIRE) — Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HCM and payroll software solutions, today announced financial results for the third quarter of fiscal year 2023, which ended March 31, 2023.

“Our overall momentum continued in the third quarter, with Q3 recurring & other revenue growth of 28% and total revenue growth of 38%, as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the marketplace. We continued to build upon our unique value proposition with the recent release of AI Assist, the HCM industry’s first integration of generative AI. Leveraging an integration with Open AI – the developer of ChatGPT – AI Assist is designed to help our clients more easily and effectively communicate and engage with their employees. Additionally, our commitment to product development continues to be recognized, with Paylocity recently placing #1 overall in G2’s Best HR Products list and ranking inside of G2’s Top 25 Global Software companies. Similarly, the strong culture at Paylocity was recognized externally as we received Forbes’s 2023 Best Employers for Diversity award for the second consecutive year,” said Steve Beauchamp, Co-Chief Executive Officer of Paylocity.

Third Quarter Fiscal 2023 Financial Highlights

Revenue:

  • Total revenue was $339.9 million, an increase of 38% from the third quarter of fiscal year 2022.
  • Recurring & other revenue was $314.2 million, an increase of 28% from the third quarter of fiscal year 2022.

Operating Income:

  • GAAP operating income was $80.4 million and Non-GAAP operating income was $116.7 million in the third quarter of fiscal year 2023.

Net Income:

  • GAAP net income was $57.6 million or $1.02 per share in the third quarter of fiscal year 2023 based on 56.6 million diluted weighted average common shares outstanding.

Adjusted EBITDA:

  • Adjusted EBITDA, a non-GAAP measure, was $130.7 million in the third quarter of fiscal year 2023.

Balance Sheet and Cash Flow:

  • Cash and cash equivalents totaled $233.7 million as of the third quarter of fiscal year 2023.
  • Cash flow from operations for the first nine months of fiscal year 2023 was $206.1 million.
  • As of March 31, 2023, Paylocity had no long-term debt and had not drawn on its credit facility.

A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Business Outlook

Based on information available as of May 4, 2023, Paylocity is issuing guidance for the fourth quarter and full fiscal year 2023 as indicated below.

Fourth Quarter 2023:

  • Total revenue is expected to be in the range of $299.2 million to $303.2 million, which represents approximately 32% growth over fiscal year 2022 fourth quarter total revenue.
  • Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $93.5 million to $96.5 million.

Fiscal Year 2023:

  • Total revenue is expected to be in the range of $1.165 billion to $1.169 billion, which represents approximately 37% growth over fiscal year 2022 total revenue.
  • Adjusted EBITDA, a non-GAAP measure, is expected to be in the range of $368.1 million to $371.1 million.

We are unable to reconcile forward-looking non-GAAP Adjusted EBITDA to its directly comparable GAAP financial measure because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.

Conference Call Details
Paylocity will host a conference call to discuss its third quarter fiscal year 2023 results at 4:30 p.m. Central Time today (5:30 p.m. Eastern Time). A live audio webcast of the conference call along with detailed financial information can be accessed through https://investors.paylocity.com/events-and-presentations where dial in details are provided. A replay of the call will be available and archived via webcast at https://investors.paylocity.com/.

About Paylocity

Paylocity is a leading provider of cloud-based HCM and payroll software solutions headquartered in Schaumburg, IL. Founded in 1997 and publicly traded since 2014, Paylocity offers an intuitive, easy-to-use product suite that helps businesses tackle today’s challenges while moving them toward the promise of tomorrow. Known for its unique culture and consistently recognized as one of the best places to work, Paylocity accompanies its clients on the journey to create great workplaces and help people achieve their best through automation, data-driven insights, and engagement. For more information, visit www.paylocity.com.

Non-GAAP Financial Measures

The company uses certain non-GAAP financial measures in this release, including Adjusted EBITDA, Adjusted EBITDA margin, adjusted gross profit, adjusted gross profit margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per share, non-GAAP sales and marketing, non-GAAP total research and development and non-GAAP general and administrative, free cash flow and free cash flow margin. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. We define Adjusted EBITDA as net income (loss) before interest expense, income tax expense (benefit), and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described later in this release. We calculate Adjusted EBITDA margin as adjusted EBITDA as described in the preceding sentence divided by total revenues. Adjusted gross profit is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and amortization of capitalized internal-use software costs and certain acquired intangibles. Adjusted gross profit margin is calculated as adjusted gross profit as described in the preceding sentence divided by total revenues. Non-GAAP operating income is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and other items as described later in this release. Non-GAAP sales and marketing expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described later in this release. Non-GAAP general and administrative expense is adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of certain acquired intangibles and other items as described later in this release. Non-GAAP net income and non-GAAP net income per share are adjusted to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, the amortization of acquired intangibles and other items as described later in this release, including the income tax effect on these items. Non-GAAP total research and development is adjusted for capitalized internal-use software costs paid and to eliminate stock-based compensation expense and employer payroll taxes related to stock releases and option exercises and other items as described later in this release. Free cash flow is defined as net cash provided by operating activities less capitalized internal-use software costs, purchase of property and equipment and lease allowances used for tenant improvements. Free cash flow margin is calculated by dividing free cash flow as defined in the preceding sentence divided by total revenues. Please note that other companies may define their non-GAAP financial measures differently than we do. Management presents certain non-GAAP financial measures in this release because it considers them to be important supplemental measures of performance. Management uses these non-GAAP financial measures for planning purposes, including analysis of the company’s performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management believes that these non-GAAP financial measures provide additional insight for analysts and investors in evaluating the company’s financial and operational performance. Management also intends to provide these non-GAAP financial measures as part of the company’s future earnings discussions and, therefore, the inclusion of the non-GAAP financial measures should provide consistency in the company’s financial reporting. Non-GAAP financial measures have limitations as an analytical tool. Investors are encouraged to review the reconciliation of the non-GAAP measures to their most directly comparable GAAP measures provided in this release.

Safe Harbor/Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included herein regarding Paylocity’s future operations, ability to scale its business, future financial position and performance, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “seek” and similar expressions (or the negative of these terms) are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about management’s estimates regarding future revenues and financial performance and other statements about management’s beliefs, intentions or goals. Paylocity may not actually achieve the expectations disclosed in the forward-looking statements, and you should not place undue reliance on Paylocity’s forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements, including, but not limited to the general economic conditions in regions in which Paylocity does business, including the ongoing impact of the novel coronavirus disease (“COVID-19”) on the U.S. and the global economy, changes in interest rates, business disruptions, reductions in employment and an increase in business failures that have occurred or may occur in the future; the continuing impact of COVID-19 on Paylocity’s employees and clients; Paylocity’s ability to leverage AI Assist and other forms of artificial intelligence and machine learning in its technology, which may be constrained by current and future laws, regulations, interpretive positions or standards governing new and evolving technologies and ethical considerations that could restrict or impose burdensome and costly requirements on its ability to continue to leverage data in innovative ways; Paylocity’s ability to retain existing clients and to attract new clients to enter into subscriptions for its services; the challenges associated with a growing company’s ability to effectively service clients in a dynamic and competitive market; challenges associated with expanding and evolving a sales organization to effectively address new geographies and products and services; challenges related to cybersecurity threats and evolving cybersecurity regulations; Paylocity’s reliance on and ability to expand its referral network of third parties; Paylocity’s reliance on third party payroll partners in foreign jurisdictions in its Blue Marble business; difficulties associated with accurately forecasting revenue and appropriately planning expenses; challenges with managing growth effectively; risks related to regulatory, legislative and judicial uncertainty in Paylocity’s markets; Paylocity’s ability to protect and defend its intellectual property; the risk that Paylocity’s security measures are compromised or a threat actor gains unauthorized access to customer data; unexpected events in the market for Paylocity’s solutions; changes in the competitive environment in Paylocity’s industry and the markets in which it operates; adverse changes in general economic or market conditions; changes in the employment rates of Paylocity’s clients and the resultant impact on revenue; the possibility that Paylocity may be adversely affected by other economic, business, and/or competitive factors; and other risks and potential factors that could affect Paylocity’s business and financial results identified in Paylocity’s filings with the Securities and Exchange Commission (the “SEC”), including its 10-K filed with the SEC on August 5, 2022. Additional information will also be set forth in Paylocity’s future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that Paylocity makes with the SEC. These forward-looking statements represent Paylocity’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Paylocity disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Balance Sheets
(in thousands, except per share data)
  June 30,   March 31,
  2022   2023
Assets      
Current assets:      
Cash and cash equivalents $ 139,756     $ 233,692  
Accounts receivable, net   15,754       27,449  
Deferred contract costs   59,501       73,574  
Prepaid expenses and other   28,896       28,880  
Total current assets before funds held for clients   243,907       363,595  
Funds held for clients   3,987,776       3,202,415  
Total current assets   4,231,683       3,566,010  
Capitalized internal-use software, net   61,985       78,374  
Property and equipment, net   62,839       60,067  
Operating lease right-of-use assets   49,210       45,006  
Intangible assets, net   45,475       37,164  
Goodwill   101,949       102,054  
Long-term deferred contract costs   229,067       280,310  
Long‑term prepaid expenses and other   7,746       6,842  
Deferred income tax assets   19,060       17,690  
Total assets $ 4,809,014     $ 4,193,517  
       
Liabilities and Stockholders’ Equity      
Current liabilities:      
Accounts payable $ 8,374     $ 7,968  
Accrued expenses   124,384       144,281  
Total current liabilities before client fund obligations   132,758       152,249  
Client fund obligations   3,987,776       3,202,415  
Total current liabilities   4,120,534       3,354,664  
Long-term operating lease liabilities   69,119       64,060  
Other long-term liabilities   3,681       3,830  
Deferred income tax liabilities   2,217       2,217  
Total liabilities $ 4,195,551     $ 3,424,771  
Stockholders’ equity:      
Preferred stock, $0.001 par value, 5,000 authorized, no shares issued and outstanding at June 30, 2022 and March 31, 2023 $     $  
Common stock, $0.001 par value, 155,000 shares authorized at June 30, 2022 and March 31, 2023; 55,190 shares issued and outstanding at June 30, 2022 and 55,810 shares issued and outstanding at March 31, 2023   55       56  
Additional paid-in capital   289,843       341,494  
Retained earnings   325,868       429,436  
Accumulated other comprehensive loss   (2,303 )     (2,240 )
Total stockholders’ equity $ 613,463     $ 768,746  
Total liabilities and stockholders’ equity $ 4,809,014     $ 4,193,517  
PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share data)
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023     2022       2023
Revenues:              
Recurring and other revenue $ 244,962     $ 314,170   $ 620,827     $ 816,010
Interest income on funds held for clients   1,008       25,687     2,877       50,135
Total revenues   245,970       339,857     623,704       866,145
Cost of revenues   75,538       95,714     209,608       270,333
Gross profit   170,432       244,143     414,096       595,812
Operating expenses:              
Sales and marketing   52,752       74,064     154,856       220,821
Research and development   25,670       42,323     74,024       123,445
General and administrative   44,632       47,379     119,448       145,872
Total operating expenses   123,054       163,766     348,328       490,138
Operating income   47,378       80,377     65,768       105,674
Other income (expense)   (311 )     1,139     (800 )     971
Income before income taxes   47,067       81,516     64,968       106,645
Income tax expense (benefit)   12,221       23,900     (10,663 )     3,077
Net income $ 34,846     $ 57,616   $ 75,631     $ 103,568
Other comprehensive income (loss), net of tax   (1,218 )     1,919     (1,628 )     63
Comprehensive income $ 33,628     $ 59,535   $ 74,003     $ 103,631
               
Net income per share:              
Basic $ 0.63     $ 1.03   $ 1.38     $ 1.86
Diluted $ 0.62     $ 1.02   $ 1.34     $ 1.83
               
Weighted-average shares used in computing net income per share:              
Basic   55,114       55,788     54,996       55,653
Diluted   56,367       56,555     56,437       56,560

Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises for each of the three and nine months ended March 31, are included in the above line items:

  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023     2022       2023
Cost of revenues $ 2,978     $ 4,341   $ 9,832     $ 14,696
Sales and marketing   5,213       9,038     16,982       30,409
Research and development   4,911       8,993     15,131       30,699
General and administrative   11,538       11,161     32,921       46,688
Total stock-based compensation expense and employer payroll taxes related to stock releases and option exercises $ 24,640     $ 33,533   $ 74,866     $ 122,492
PAYLOCITY HOLDING CORPORATION
Unaudited Consolidated Statements of Cash Flows
(in thousands)
  Nine Months Ended
  March 31,
    2022       2023  
Cash flows from operating activities:      
Net income $ 75,631     $ 103,568  
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense   70,197       116,002  
Depreciation and amortization expense   36,419       44,481  
Deferred income tax expense (benefit)   (10,882 )     1,308  
Provision for credit losses   238       864  
Net amortization of premiums (accretion of discounts) on available-for-sale securities   342       (3,602 )
Amortization of debt issuance costs   136       221  
Other   286       1,346  
Changes in operating assets and liabilities:      
Accounts receivable   (9,654 )     (12,548 )
Deferred contract costs   (49,205 )     (62,929 )
Prepaid expenses and other   (9,418 )     2,031  
Accounts payable   141       10  
Accrued expenses and other   1,163       15,355  
Net cash provided by operating activities   105,394       206,107  
Cash flows from investing activities:      
Purchases of available-for-sale securities   (215,538 )     (557,403 )
Proceeds from sales and maturities of available-for-sale securities   85,875       298,113  
Capitalized internal-use software costs   (26,285 )     (30,726 )
Purchases of property and equipment   (15,355 )     (8,769 )
Acquisitions of businesses, net of cash acquired   (107,576 )      
Other investing activities   (2,500 )     33  
Net cash used in investing activities   (281,379 )     (298,752 )
Cash flows from financing activities:      
Net change in client fund obligations   2,564,829       (785,361 )
Borrowings under credit facility   50,000        
Repayment of credit facility   (50,000 )      
Proceeds from employee stock purchase plan   7,216       8,450  
Taxes paid related to net share settlement of equity awards   (68,509 )     (84,174 )
Payment of debt issuance costs   (64 )     (873 )
Net cash provided by (used in) financing activities   2,503,472       (861,958 )
Net change in cash, cash equivalents and funds held for clients’ cash and cash equivalents   2,327,487       (954,603 )
Cash, cash equivalents and funds held for clients’ cash and cash equivalents—beginning of period   1,945,881       3,793,453  
Cash, cash equivalents and funds held for clients’ cash and cash equivalents—end of period $ 4,273,368     $ 2,838,850  
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Purchases of property and equipment and internal-use software, accrued but not paid $ 1,251     $ 3,115  
Liabilities assumed for acquisitions $ 4,470     $ 117  
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest $ 257     $ 282  
Cash paid (refunds received) for income taxes $ (115 )   $ 573  
Reconciliation of cash, cash equivalents and funds held for clients’ cash and cash equivalents to the Consolidated Balance Sheets      
Cash and cash equivalents $ 96,465     $ 233,692  
Funds held for clients’ cash and cash equivalents   4,176,903       2,605,158  
Total cash, cash equivalents and funds held for clients’ cash and cash equivalents $ 4,273,368     $ 2,838,850  
Paylocity Holding Corporation
Reconciliation of GAAP to non-GAAP Financial Measures
(In thousands except per share data)
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Gross profit to Adjusted gross profit:              
Gross profit $ 170,432     $ 244,143     $ 414,096     $ 595,812  
Amortization of capitalized internal-use software costs   6,308       7,984       18,523       22,504  
Amortization of certain acquired intangibles         1,854             5,561  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   2,978       4,341       9,832       14,696  
Other items (1)   46             94       19  
Adjusted gross profit $ 179,764     $ 258,322     $ 442,545     $ 638,592  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Operating income to Non-GAAP Operating income:              
Operating income $ 47,378     $ 80,377     $ 65,768     $ 105,674  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   24,640       33,533       74,866       122,492  
Amortization of acquired intangibles   2,630       2,770       5,982       8,311  
Other items (2)   806       30       1,609       446  
Non-GAAP Operating income $ 75,454     $ 116,710     $ 148,225     $ 236,923  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Net income to Non-GAAP Net income:              
Net income $ 34,846     $ 57,616     $ 75,631     $ 103,568  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   24,640       33,533       74,866       122,492  
Amortization of acquired intangibles   2,630       2,770       5,982       8,311  
Other items (2)   806       30       1,817       446  
Income tax effect on adjustments (3)   5,869       4,540       (20,060 )     (17,899 )
Non-GAAP Net income $ 68,791     $ 98,489     $ 138,236     $ 216,918  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Calculation of Non-GAAP Net income per share:              
Non-GAAP Net income $ 68,791     $ 98,489     $ 138,236     $ 216,918  
Diluted weighted-average number of common shares   56,367       56,555       56,437       56,560  
Non-GAAP Net income per share $ 1.22     $ 1.74     $ 2.45     $ 3.84  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation from Net income to Adjusted EBITDA:              
Net income $ 34,846     $ 57,616     $ 75,631     $ 103,568  
Interest expense   168       187       386       564  
Income tax expense (benefit)   12,221       23,900       (10,663 )     3,077  
Depreciation and amortization expense   13,036       15,387       36,419       44,481  
EBITDA   60,271       97,090       101,773       151,690  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   24,640       33,533       74,866       122,492  
Other items (2)   806       30       1,817       446  
Adjusted EBITDA $ 85,717     $ 130,653     $ 178,456     $ 274,628  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation of Non-GAAP sales and marketing:              
Sales and marketing $ 52,752     $ 74,064     $ 154,856     $ 220,821  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   5,213       9,038       16,982       30,409  
Other items (1)   60             162       22  
Non-GAAP sales and marketing $ 47,479     $ 65,026     $ 137,712     $ 190,390  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation of Non-GAAP total research and development:              
Research and development $ 25,670     $ 42,323     $ 74,024     $ 123,445  
Capitalized internal-use software costs   8,319       10,986       26,285       30,726  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   4,911       8,993       15,131       30,699  
Other items (1)   218       30       686       399  
Non-GAAP total research and development $ 28,860     $ 44,286     $ 84,492     $ 123,073  
  Three Months Ended   Nine Months Ended
  March 31,   March 31,
    2022       2023       2022       2023  
Reconciliation of Non-GAAP general and administrative:              
General and administrative $ 44,632     $ 47,379     $ 119,448     $ 145,872  
Stock-based compensation expense and employer payroll taxes related to stock releases and option exercises   11,538       11,161       32,921       46,688  
Amortization of certain acquired intangibles   2,630       916       5,982       2,750  
Other items (2)   482             667       6  
Non-GAAP general and administrative $ 29,982     $ 35,302     $ 79,878     $ 96,428  
    Nine Months Ended
    March 31,
      2022       2023  
Reconciliation of Free Cash Flow:        
Net cash provided by operating activities   $ 105,394     $ 206,107  
Capitalized internal-use software costs     (26,285 )     (30,726 )
Purchases of property and equipment     (15,355 )     (8,769 )
Free Cash Flow   $ 63,754     $ 166,612  

(1) Represents certain nonrecurring acquisition-related costs.

(2) Represents nonrecurring costs including acquisition and other transaction-related costs and lease exit activity.

(3) Includes the income tax effect on non-GAAP net income adjustments related to stock-based compensation expense and employer payroll taxes related to stock releases and option exercises, amortization of acquired intangibles and other items, which include acquisition and other transaction-related costs and lease exit activity.

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Artificial Intelligence

TRON Forum collaborates with four major microcontroller manufacturers to hold TRON Programming Contest Using World-Standard Real-Time OS with 5 million JP YEN cash prize

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tron-forum-collaborates-with-four-major-microcontroller-manufacturers-to-hold-tron-programming-contest-using-world-standard-real-time-os-with-5-million-jp-yen-cash-prize

TOKYO, March 29, 2024 /PRNewswire/ — TRON Forum (Chair: Ken Sakamura, Professor Emeritus of the University of Tokyo) is pleased to announce that four microcontroller manufacturers, Infineon Technologies Japan K.K. (President & CEO: Ikuya Kawasaki), STMicroelectronics K.K. (Country Manager for Japan: Koichiro Takakuwa), NXP Japan K.K. (President & CEO: Masayuki Wajima), and Renesas Electronics Corporation (President & CEO: Hidetoshi Shibata) have collaborated with the Forum to hold TRON Programming Contest from Monday, December 11, 2023 jointly. The initial registration is being accepted now.

This contest is for engineers and students in Japan and overseas to compete in various  fields such as microcontroller applications, middleware, development environments, and tools using a member of TRON real-time OS (RTOS) family, “μT-Kernel 3.0” (*), which is a global standard of small-scale embedded computer systems.
(*) μT-Kernel 3.0 is an RTOS that fully complies with the real-time OS standard “IEEE 2050-2018” (IEEE Standard for a Real-Time Operating System (RTOS) for Small-Scale Embedded Systems) and runs on microcontrollers from various manufacturers.
Using the latest microcomputer boards provided by the manufacturers, contestants will compete in technologies that bring out the characteristics of RTOSs such as real-time performance, power saving, and small memory footprint, as well as development environments and tools that utilize new technologies.
The details of the contest with the total amount of cash prize, five million Japanese yen are at the following URL: https://www.tron.org/programming_contest/
About TRON Forum
TRON Forum was established in 2002 to promote TRON Project. We have been actively conducting activities centered on the T-Engine project, which prepares the development environment for embedded systems, and the operation of Ubiquitous ID Centers such as ucode.
In May 2015, Chair Sakamura received the ITU 150th Anniversary Award together with Bill Gates and others for his advocacy of open architecture TRON, which is the origin of ubiquitous networking and the IoT.
One member of the TRON RTOS family has been adopted as an international standard for real-time operating systems (RTOS) for small-scale embedded systems as 2050-2018 by Institute of Electrical and Electronics Engineers (IEEE), the world’s largest association of its kind and an international standardization organization. In 2023, the project leader, Chair Sakamura, received the IEEE Masaru Ibuka Consumer Technology Award from the IEEE in honor of the late Mr. Ibuka. In addition, the TRON RTOS family received the IEEE Milestone recognition in 2023.
URL: https://www.tron.org 
 
 

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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xtalpi-unveils-xtalgazer:-a-comprehensive-ai-driven-polymorph-selection-platform

CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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