Artificial Intelligence
Getty Images Reports First Quarter 2023 Results
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NEW YORK, May 11, 2023 (GLOBE NEWSWIRE) — Getty Images Holdings, Inc. (“Getty Images” or the “Company”) (NYSE: GETY), a preeminent global visual content creator and marketplace, today reported financial results for the first quarter ended March 31, 2023.
“We are pleased to report a quarter of revenue growth, all of which is organic, despite foreign exchange pressures, driven by strong subscription growth, subscription renewal rates, new customer growth and increased consumption of our content,” said Craig Peters, Chief Executive Officer of Getty Images. “The increased customer commitment and consumption is underpinned by the uniqueness and quality of our content offerings. We are focused on expanding this differentiation alongside embracing new capabilities to increase the value we provide to our customers and create new and recurring revenue streams.”
First Quarter 2023 Financial Summary:
- Revenue of $235.6 million grew 2% year over year. On a currency neutral basis, revenues increased 5.5%.
- Creative revenue of $146.5 million, down 1.3% year over year and up 1.9% on a currency neutral basis.
- Editorial revenue of $84.6 million, up 7.5% year over year and 11.3% on a currency neutral basis.
- Annual Subscription Revenue as a percentage of total revenue grew to over 50%, up from 48.3% in Q1’22 and up from a finish of 49% for the full year 2022.
- Net Income of $3.2 million, down from $25.1 million from Q1’22. Included in Q1’23 was a $9.5 million unrealized loss related to the change in fair value of the Company’s Euro term loan and a $2.1 million loss related to the mark-to-market on an interest rate swap, compared with gains of $5.6 million on the Euro term loan and $12.1 million on the interest rate swap in Q1’22. Net Income Margin was 1.4% compared to 10.9% in Q1’22.
- Adjusted EBITDA* of $76.1 million, down 2% year over year due to the impact of foreign exchange on revenue and the incremental expenses of operating as a public company. On a currency neutral basis, adjusted EBITDA was up 2.2%. Adjusted EBITDA Margin* was 32.3% compared to 33.6% in Q1’22.
- Adjusted EBITDA less capex* was $60.6 million, down 1.4% year over year and up 3.8% on a currency neutral basis.
Liquidity and Balance Sheet:
- Net cash provided by operating activities of $31.9 million in Q1’23, compared to $49.4 million in the prior year period.
- Free cash flow* of $16.4 million in Q1’23, compared to $33.1 million in the prior year period.
- Ending cash balance on March 31, 2023 was $116.8 million, up $18.9 million from the ending balance on December 31, 2022 and a decrease of $94 million from March 31, 2022. The Company had $80 million available through its Revolver at quarter end, which remained undrawn, for total liquidity of $196.8 million.
- On May 4, 2023, the Company amended the Revolver, upsizing the facility to $150 million and extending the maturity to May 4, 2028. The amended facility provides the Company with increased liquidity and greater operating flexibility.
- The Company’s total debt was $1.441 billion, which included $300 million in senior notes and a term loan balance of $1.141 billion, consisting of $684.8 million in USD and $456.5 million in USD equivalent of Euros, converted using exchange rates as of March 31, 2023. After the close of the quarter, in line with its commitment to further delever the balance sheet, the Company made a voluntary repayment on the USD term loan of $20 million in May from balance sheet cash.
* Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA less capex, and Free Cash Flow are non-GAAP financial measures. Refer to the Reconciliation of GAAP and Non-GAAP Financial Measures section below.
Key Performance Indicators (KPIs)1,8 | ||||||||
Last Twelve Months (“LTM”) Ended March 31, | ||||||||
20231 | 2022 | Y/Y Change | ||||||
LTM total purchasing customers (thousands)2 | 829 | 825 | +0.5% | |||||
LTM total active annual subscribers (thousands)3 | 150 | 81 | +85.1% | |||||
LTM paid download volume (millions)4 | 95 | 89 | +6.6% | |||||
LTM annual subscriber revenue retention rate5 | 99.8% | 104.6% | -480 bps | |||||
Image collection (millions)6 | 510 | 466 | +9.5% | |||||
Video collection (millions) 6 | 25 | 21 | +19.0% | |||||
LTM video attachment rate7 | 13.4% | 12.0% | +140 bps | |||||
Note: The Key Operating Metrics outlined are the metrics that provide management with the most immediate understanding of the drivers of business performance and our ability to deliver shareholder return, track to financial targets and prioritize customer satisfaction. Note, KPI comparisons to periods prior to trailing twelve-months ended March 31, 2023 reflect some COVID-19 impact.
Annual subscription – includes products with a duration of 12 months or longer
1 Beginning with the three months ended September 30, 2022, the Company made two changes to its reporting that has some impact on reported KPI’s. First, activity for LATAM, Turkey and Israel, which was previously excluded from these metrics, is now included due to completion of a system migration. Additionally, the method by which we aggregate our customer accounts was updated to better align with our internal sales CRM system. We have not restated historical periods given the immaterial impact to the KPI’s, except for LTM total active annual subscribers and LTM annual subscriber revenue retention rate for which the legacy reporting format is detailed in noted 3 and 5 below.
2 The count of total customers who made a purchase within the reporting period based on billed revenue.
3 The count of customers who were on an annual subscription product during the reporting period. Absent the reporting changes noted in Note 1, LTM total active annual subscribers would have been 135 thousand, up 66% year on year.
4 A count of the number of paid downloads by our customers in the reporting period. Excludes downloads from Editorial Subscriptions, Editorial feeds and certain API structured deals, including bulk unlimited deals. Excludes downloads starting in Q3’22 tied to a two-year deal signed with Amazon in July 2022, as the magnitude of the potential download volume over the deal term could result in significant fluctuations in this metric without corresponding impact to revenue in the same period.
5 This calculates retention of total revenue for customers on an annual subscription product, comparing the customer’s total billed revenue (inclusive of both annual subscription and non-annual subscription products) in the LTM period to the prior LTM period. Absent the reporting changes noted in Note 1 above, LTM annual subscriber retention rate would have been 99.0%.
6 A count of the total images and videos in our content library as of the reporting date.
7 A measure of the percentage of total paid customer downloaders who are video downloaders. The underlying calculation of this metric was changed vs. previously reported metrics. This change was made to exclude the impact of downloader activity from our free trial subscriptions which are skewed entirely to stills-only content.
8 The Company launched Unsplash+ during the three months ended December 31, 2022. This new Unsplash subscription will now be included within these KPI’s from the launch date forward. The impact is not yet material.
First Quarter 2023 Business Highlights:
- Announced collaboration with NVIDIA to develop and distribute responsible generative text-to-image and text-to-video offerings. The collaboration will see Getty Images and NVIDIA working to commercialize responsible AI models to bring new capabilities to their collective customers.
- Announced exclusive, multi-year global partnerships with Sky News and Anadolu to represent their world-class quality footage.
- In partnership with AI visual tools developer BRIA, deployed one-click background removal functionality to iStock subscribers, allowing customers to get to the exact image they need with increased time and budget efficiency.
Financial Outlook for Full Year 2023
The following tables summarize Getty Images fiscal year 2023 guidance:
2023 Guidance | |
Revenue | $936 million to $963 million |
Revenue Growth YoY | 1.0% to 4.0% |
Revenue Growth, Currency Neutral | 1.5% to 4.5% |
Adjusted EBITDA | $305 million to $315 million |
Adjusted EBITDA Growth YoY | 0.4% to 3.6% |
Adjusted EBITDA Growth, Currency Neutral | 0.7% to 4.0% |
Currency neutral growth rates have been updated to remain aligned with Revenue and adjusted EBITDA guidance, which remain unchanged both on a dollar and year over year growth basis.
Assuming foreign currency rates remain at current levels, the guidance includes the following impacts from FX on revenue and EBITDA:
FX Headwind | FX Tailwind | FX Headwind | ||
Q1 2023 | Q2 2023 | 2H 2023 | 2023 | |
Revenue | ($7.6) million | (~$3.5) million | ~$6.0 million, primarily in Q4 | (~$5.0) million |
Adjusted EBITDA | ($3.2) million | (~$1.0) million | ~$3.0 million, primarily in Q4 | (~$1.0) million |
Webcast & Conference Call Information
The Company will host a conference call and live webcast with the investment community at 5:00 p.m. Eastern Time today, Thursday, May 11, 2023, to discuss its first quarter 2023 results. The live webcast will be accessible through the Investor Relations section of the Company’s website at https://investors.gettyimages.com/. To access the call through a conference line, dial 1‑877‑407‑0792 (in the U.S.) or 1‑201‑689‑8263 (international callers). A replay of the conference call will be posted shortly after the call and will be available for fourteen days following the call. To access the replay, dial 1‑844‑512‑2921 (in the U.S.) or 1‑412‑317‑6671 (international callers). The access code for the replay is 13738187.
About Getty Images
Getty Images (NYSE: GETY) is a preeminent global visual content creator and marketplace that offers a full range of content solutions to meet the needs of any customer around the globe, no matter their size. Through its Getty Images, iStock and Unsplash brands, websites and APIs, Getty Images serves customers in almost every country in the world and is the first-place people turn to discover, purchase and share powerful visual content from the world’s best photographers and videographers. Getty Images works with over 527,000 contributors and more than 310 content partners to deliver this powerful and comprehensive content. Each year Getty Images covers more than 160,000 news, sport and entertainment events providing depth and breadth of coverage that is unmatched. Getty Images maintains one of the largest and best privately-owned photographic archives in the world with millions of images dating back to the beginning of photography.
For company news and announcements, visit our Newsroom.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of our management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of risks and uncertainties, including: our inability to continue to license third-party content and offer relevant quality and diversity of content to satisfy customer needs; our ability to attract new customers and retain and motivate an increase in spending by its existing customers; the user experience of our customers on our websites; the extent to which we are able to maintain and expand the breadth and quality of our content library through content licensed from third-party suppliers, content acquisitions and imagery captured by its staff of inhouse photographers; the mix of and basis upon which we license our content, including the price-points at, and the license models and purchase options through, which we license our content; the risk that we operate in a highly competitive market; the risk that we are unable to successfully execute our business strategy or effectively manage costs; our inability to effectively manage our growth; our inability to maintain an effective system of internal controls and financial reporting; the risk that we may lose the right to use “Getty Images” trademarks; our inability to evaluate our future prospects and challenges due to evolving markets and customers’ industries; the legal, social and ethical issues relating to the use of new and evolving technologies, such as Artificial Intelligence; the risk that our operations in and continued expansion into international markets bring additional business, political, regulatory, operational, financial and economic risks; our inability to adequately adapt our technology systems to ingest and deliver sufficient new content; the risk of technological interruptions or cybersecurity vulnerabilities; the inability to expand our operations into new products, services and technologies and to increase customer and supplier awareness of new and emerging products and services; the loss of and inability to attract and retain key personnel that could negatively impact our business growth; the inability to protect the proprietary information of customers and networks against security breaches and protect and enforce intellectual property rights; our reliance on third parties; the risks related to our use of independent contractors; the risk that an increase in government regulation of the industries and markets in which we operate could negatively impact our business; the impact of worldwide and regional political, military or economic conditions, including declines in foreign currencies in relation to the value of the U.S. dollar, hyperinflation, higher interest rates, devaluation the impact of recent bank failures on the marketplace and the ability to access credit and significant political or civil disturbances in international markets where we conduct business; the risk that claims, lawsuits and other proceedings that have been, or may be, instituted against us or our predecessors could adversely affect our business; the inability to maintain the listing of our Class A common stock on the New York Stock Exchange; volatility in our stock price and in the liquidity of the trading market for our Class A Common Stock; the risk that the COVID-19 pandemic and efforts to reduce its spread impacts our business, financial condition, cash flows and operation results more significantly than currently expected; changes in applicable laws or regulations; the risks associated with evolving corporate governance and public disclosure requirements; the risk of greater than anticipated tax liabilities; the risks associated with the storage and use of personally identifiable information; earnings-related risks such as those associated with late payments, goodwill or other intangible assets; our ability to obtain additional capital on commercially reasonable terms; the risks associated with being an “emerging growth company” within the meaning of the Securities Act of 1933, as amended; risks associated with our reliance on information technology in critical areas of our operations; our inability to pay dividends for the foreseeable future; the risks associated with additional issuances of Class A Common Stock without stockholder approval; costs related to operating as a public company; and those factors discussed under the heading “Item 1.A. Risk Factors” of our most recently filed Annual Report on Form 10-K. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements.
These and other factors that could cause actual results to differ from those implied by the forward-looking statements in this press release are more fully described under the heading “Item 1.A. Risk Factors” in our most recently filed Annual Report on Form 10-K and in our other filings with the SEC. The risks described under the heading “Item 1.A. Risk Factors” in our most recently filed Annual Report on Form 10-K are not exhaustive. New risk factors emerge from time to time and it is not possible to predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
In addition, the statements of belief and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us, as applicable, as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
GETTY IMAGES HOLDINGS, INC. | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(In thousands, except share and per share amounts) | |||||||
Three Months Ended March 31, |
|||||||
2023 | 2022 | ||||||
REVENUE | $ | 235,642 | $ | 230,978 | |||
OPERATING EXPENSE: | |||||||
Cost of revenue (exclusive of depreciation and amortization shown separately below) | $ | 63,286 | $ | 61,894 | |||
Selling, general and administrative expenses | 102,395 | 93,153 | |||||
Depreciation | 13,023 | 12,512 | |||||
Amortization | 7,207 | 12,205 | |||||
Other operating expense – net | 279 | 2,706 | |||||
Operating expense | 186,190 | 182,470 | |||||
INCOME FROM OPERATIONS | 49,452 | 48,508 | |||||
OTHER EXPENSE, NET: | |||||||
Interest expense | (30,497 | ) | (29,600 | ) | |||
(Loss) gain on fair value adjustment for swaps and foreign currency exchange contract – net | (2,085 | ) | 12,126 | ||||
Unrealized foreign exchange (loss) gains – net | (10,922 | ) | 7,043 | ||||
Other non-operating expense – net | 488 | 157 | |||||
Total other expense – net | (43,016 | ) | (10,274 | ) | |||
INCOME BEFORE INCOME TAXES | 6,436 | 38,234 | |||||
INCOME TAX EXPENSE | (3,233 | ) | (13,127 | ) | |||
NET INCOME | 3,203 | 25,107 | |||||
Less: | |||||||
Net income attributable to noncontrolling interest | 507 | 208 | |||||
Redeemable Preferred Stock dividend | — | 18,847 | |||||
NET INCOME ATTRIBUTABLE TO GETTY IMAGES HOLDINGS, INC. | $ | 2,696 | $ | 6,052 | |||
Net income per share attributable to Class A Getty Images Holdings, Inc. common stockholders: | |||||||
Basic | $ | 0.01 | $ | 0.03 | |||
Diluted | $ | 0.01 | $ | 0.03 | |||
Weighted-average Class A common shares outstanding: | |||||||
Basic | 395,307,317 | 196,103,962 | |||||
Diluted | 408,640,904 | 221,527,576 | |||||
GETTY IMAGES HOLDINGS, INC. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands, except share and par value data) | |||||||
March 31, 2023 |
December 31, 2022 |
||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 116,820 | $ | 97,912 | |||
Restricted cash | 4,458 | 4,482 | |||||
Accounts receivable – net of allowance of $6,817 and $6,460, respectively | 135,200 | 129,603 | |||||
Prepaid expenses | 15,180 | 15,728 | |||||
Taxes receivable | 11,542 | 11,297 | |||||
Other current assets | 14,185 | 10,497 | |||||
Total current assets | 297,385 | 269,519 | |||||
PROPERTY AND EQUIPMENT – NET | 175,952 | 172,083 | |||||
RIGHT OF USE ASSETS | 45,353 | 47,231 | |||||
GOODWILL | 1,499,889 | 1,499,578 | |||||
IDENTIFIABLE INTANGIBLE ASSETS – NET | 416,945 | 419,548 | |||||
DEFERRED INCOME TAXES – NET | 8,328 | 8,272 | |||||
OTHER LONG-TERM ASSETS | 43,253 | 51,952 | |||||
TOTAL | $ | 2,487,105 | $ | 2,468,183 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 90,303 | $ | 93,766 | |||
Accrued expenses | 36,537 | 49,327 | |||||
Income taxes payable | 13,274 | 8,031 | |||||
Deferred revenue | 179,522 | 171,371 | |||||
Total current liabilities | 319,636 | 322,495 | |||||
LONG-TERM DEBT – NET | 1,436,674 | 1,428,847 | |||||
LEASE LIABILITIES | 44,363 | 46,218 | |||||
DEFERRED INCOME TAXES – NET | 31,458 | 37,075 | |||||
UNCERTAIN TAX POSITIONS | 37,407 | 37,333 | |||||
OTHER LONG-TERM LIABILITIES | 3,457 | 3,167 | |||||
Total liabilities | 1,872,995 | 1,875,135 | |||||
Commitments and contingencies | |||||||
STOCKHOLDERS’ EQUITY: | |||||||
Class A common stock, $0.0001 par value: 2.0 billion shares authorized; 396.9 million shares issued and outstanding as of March 31, 2023 and 394.8 million shares issued and outstanding as of December 31, 2022 | 39 | 39 | |||||
Additional paid-in capital | 1,945,803 | 1,936,324 | |||||
Accumulated deficit | (1,279,658 | ) | (1,282,354 | ) | |||
Accumulated other comprehensive loss | (100,548 | ) | (108,928 | ) | |||
Total Getty Images Holdings, Inc. stockholders’ equity | 565,636 | 545,081 | |||||
Noncontrolling interest | 48,474 | 47,967 | |||||
Total stockholders’ equity | 614,110 | 593,048 | |||||
TOTAL | $ | 2,487,105 | $ | 2,468,183 | |||
GETTY IMAGES HOLDINGS, INC. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(In thousands) | |||||||
Three Months Ended March 31, |
|||||||
2023 | 2022 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 3,203 | $ | 25,107 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 13,023 | 12,512 | |||||
Amortization | 7,207 | 12,205 | |||||
Unrealized exchange loss (gains) on foreign denominated debt | 9,489 | (5,582 | ) | ||||
Equity-based compensation | 6,132 | 1,741 | |||||
Deferred income taxes – net | (40 | ) | 7,219 | ||||
Uncertain tax positions | 1,222 | 1,143 | |||||
Non-cash fair value adjustment for swaps and foreign currency exchange contracts | 2,085 | (11,742 | ) | ||||
Amortization of debt issuance costs | 1,031 | 1,495 | |||||
Non-cash operating lease costs | 1,878 | 2,516 | |||||
Impairment of right of use assets | — | 2,563 | |||||
Other | 723 | 1,567 | |||||
Changes in current assets and liabilities: | |||||||
Accounts receivable | (5,721 | ) | 11,366 | ||||
Accounts payable | 657 | 5,294 | |||||
Accrued expenses | (5,079 | ) | (20,624 | ) | |||
Lease liabilities, non-current | (2,022 | ) | (2,992 | ) | |||
Income taxes receivable/payable | (2,015 | ) | 2,412 | ||||
Interest Payable | (7,573 | ) | (948 | ) | |||
Deferred revenue | 7,833 | 5,419 | |||||
Other | (118 | ) | (1,306 | ) | |||
Net cash provided by operating activities | 31,915 | 49,365 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Acquisition of property and equipment | (15,525 | ) | (16,235 | ) | |||
Net cash used in investing activities | (15,525 | ) | (16,235 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Repayment of debt | (2,600 | ) | (2,600 | ) | |||
Proceeds from common stock issuance | 2,639 | 29 | |||||
Cash paid for equity issuance costs | (86 | ) | (3,081 | ) | |||
Net cash used in financing activities | (47 | ) | (5,652 | ) | |||
EFFECTS OF EXCHANGE RATE FLUCTUATIONS | 2,541 | (3,586 | ) | ||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 18,884 | 23,892 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of period | 102,394 | 191,529 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of period | $ | 121,278 | $ | 215,421 | |||
Non-GAAP Financial Measures
In order to assist investors in understanding the core operating results that our management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Adjusted EBITDA, (2) Adjusted EBITDA Margin, (3) Adjusted EBITDA less capex and (4) Free Cash Flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.
The Company believes that these measures are relevant and provide useful information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results. We also evaluate our revenue on an as reported (U.S. GAAP) and currency neutral basis. We believe presenting currency neutral information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.
Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided below.
The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.
Reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EBITDA less capex | ||||||||
(in thousands) | Three Months Ended March 31, | |||||||
2023 | 2022 | |||||||
Net income | $ | 3,203 | $ | 25,107 | ||||
Add/(less) non-GAAP adjustments: | ||||||||
Depreciation and amortization | 20,230 | 24,717 | ||||||
Other operating expense – net | 279 | 2,706 | ||||||
Interest expense | 30,497 | 29,600 | ||||||
Fair value adjustments, foreign exchange and other non operating expense (income) 1 | 12,519 | (19,326 | ) | |||||
Income tax expense | 3,233 | 13,127 | ||||||
Stock based compensation expense | 6,132 | 1,741 | ||||||
Adjusted EBITDA | $ | 76,093 | $ | 77,672 | ||||
Capex | 15,525 | 16,235 | ||||||
Adjusted EBITDA less capex | $ | 60,568 | $ | 61,437 | ||||
Net income margin | 1.4 | % | 10.9 | % | ||||
Adjusted EBITDA Margin | 32.3 | % | 33.6 | % | ||||
Adjusted EBITDA less capex margin | 25.7 | % | 26.6 | % | ||||
(1) Fair value adjustments for our swaps and foreign currency exchange contracts, foreign exchange gains (losses) and other insignificant non-operating related (expenses) income.
Reconciliation of Free Cash Flow | ||||||||
(in millions) | Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
Net cash provided by operating activities | $ | 31.9 | $ | 49.4 | ||||
Acquisition of property and equipment | (15.5 | ) | (16.2 | ) | ||||
Free Cash Flow | $ | 16.4 | $ | 33.1 | ||||
OTHER FINANCIAL DATA
Revenue by Product | ||||||||||||||||||||||
(In thousands) | Three Months Ended March 31, |
increase / (decrease) | ||||||||||||||||||||
2023 | % of revenue | 2022 | % of revenue | $ change | % change | CN % change | ||||||||||||||||
Creative | 146,497 | 62.2 | % | 148,398 | 64.2 | % | (1,901 | ) | (1.3 | )% | 1.9 | % | ||||||||||
Editorial | 84,625 | 35.9 | % | 78,753 | 34.1 | % | 5,872 | 7.5 | % | 11.3 | % | |||||||||||
Other | 4,520 | 1.9 | % | 3,827 | 1.7 | % | 693 | 18.1 | % | 22.4 | % | |||||||||||
Total revenue | $ | 235,642 | 100.0 | % | $ | 230,978 | 100.0 | % | $ | 4,664 | 2.0 | % | 5.5 | % |
Balance Sheet & Liquidity | |||||||||
($ millions) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | ||||||
Cash & Cash Equivalents1 | $116.8 | $97.9 | $210.8 | ||||||
Available under Revolving Credit Facility2 | $80.0 | $80.0 | $80.0 | ||||||
Liquidity | $196.8 | $177.9 | $290.8 | ||||||
Term Loans Outstanding – USD Tranche | $684.8 | $687.4 | $995.2 | ||||||
Term Loans Outstanding – EUR Tranche3 | $456.5 | $447.0 | $468.2 | ||||||
Total Balance – Term Loans Outstanding4 | $1,141.3 | $1,134.4 | $1,463.4 | ||||||
Senior Notes | $300.0 | $300.0 | $300.0 | ||||||
1 Excludes restricted cash of $4.5 million as of March 2023, $4.5 million as of December 2022, $4.6 million as of March 2022.
2 Effective February 2019. On May 4, 2023, the Company entered into an amendment to the existing facility, which upsized the facility to $150 million and extended the maturity to May 4, 2028. The facility remains undrawn.
3 Face Value of Debt is 419M EUR. Converted using the FX spot rate as of March 31, 2023 of 1.09, December 31, 2022 of 1.07, and March 31, 2022 of 1.12.
4 Represents face value of debt, not GAAP carrying value.
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Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/more-than-9-million-awarded-to-high-school-scientists-and-engineers-at-the-regeneron-international-science-and-engineering-fair-2024-302149316.html
Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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View original content:https://www.prnewswire.co.uk/news-releases/congregating-in-the-lion-city-for-a-win-win-future-of-intelligent-computing-at-the-global-data-center-facility-summit-2024-302148973.html
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