Artificial Intelligence

IDT Corporation Reports Third Quarter Fiscal Year 2023 Results

Published

12 months ago

June 5, 2023

EPS increases to $0.27 per share on revenue of $299 million

NEWARK, NJ, June 05, 2023 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a global provider of fintech, cloud communications, and traditional communications services, today reported results for the third quarter of its fiscal year 2023, the three months ended April 30, 2023.

HIGHLIGHTS

(Throughout this release, unless otherwise noted, results for the third quarter of fiscal year 2023 (3Q23) are compared to the third quarter of fiscal year 2022 (3Q22). All earnings per share (EPS) and other ‘per share’ results are per diluted share.)

National Retail Solutions (NRS) added approximately 1,600 net active point-of-sale (POS) terminals and 1,600 net NRS Pay Accounts during 3Q23 to end the quarter with 23,900 active terminals and 14,100 NRS Pay accounts. Recurring revenue^* increased 65% to $16.5 million.
net2phone subscription revenue^* increased 20% to $17.1 million. net2phone added approximately 13,000 net seats during the quarter to end 3Q23 with approximately 340,000 seats served.
BOSS Money remittance revenue increased 29% to $19.4 million. Volume increased by 38% to 3.28 million transactions.
Consolidated revenue decreased 9% to $299 million while consolidated direct cost of revenue decreased 15% to $210 million.
Consolidated income from operations decreased to $10.4 million from $13.3 million, including the impact of a $3.9 million charge in the Traditional Communications segment resulting from a legal settlement.
Net income attributable to IDT increased to $6.9 million from $4.8 million.
Consolidated Adjusted EBITDA^** increased 14% to $20.5 million.
EPS increased 50% to $0.27 from $0.18. Non-GAAP EPS^** more than doubled to $0.46 from $0.22.
During 3Q23, IDT repurchased 76,694 shares of its Class B common stock in the open market for approximately $2.5 million. During the first nine months of FY 2023, IDT repurchased 280,130 shares in the open market for approximately $7.5 million.

^*See ‘Explanation of Key Performance Metrics’ at the end of this release.

^**Adjusted EBITDA and Non-GAAP EPS are Non-GAAP financial measures intended to provide useful information that supplements IDT’s or the relevant segment’s results in accordance with GAAP. Please refer to the Reconciliation of Non-GAAP Financial Measures later in this release for an explanation of these terms and their respective reconciliations to the most directly comparable GAAP measures.

REMARKS BY SHMUEL JONAS, CEO

“For the third quarter of our 2023 fiscal year, IDT generated year-over-year increases in gross profit, Adjusted EBITDA, and EPS highlighted by the continued expansion of our three high growth, high-margin businesses and by the relatively resilient cash-flows from our Traditional Communications segment, even as revenue from this segment continued to decline.

“NRS added new POS terminals and payment processing accounts at a record pace this quarter, and achieved solid year-over-year increases in all three of its recurring revenue verticals as well as in recurring revenue per terminal. Advertising revenue decreased sequentially due to seasonal reductions in demand and the advertising industry’s pull-back – particularly in the digital out-of-home segment. Behind the scenes, we are enhancing our advertising platform and diversifying our network partnerships to pursue new opportunities both within and outside of the digital out-of-home market. This foundational work should pay off when advertising demand rebounds. Given our success in accelerating the pace of new payment processing account sign-ups, increasing merchant services’ ARPU, and bringing new premium features to our platform, we expect that NRS will continue to perform extremely well.

“net2phone increased its subscription revenue by 20% year-over-year while approaching cash-flow break-even. In the coming weeks, we expect to launch exciting new offerings and features that will help to build on our momentum, including net2phone AI, which includes powerful analytic tools powered by artificial intelligence technology.

“At BOSS Money, remittance volume increased by 38% year over year driving a 29% revenue increase. I am especially pleased by the robust growth of BOSS Money’s retail channel over the past few quarters. Throughout the rest of the BOSS ecosystem – the synergies between retail and direct-to-consumer drive better economics than we could achieve with a single-channel approach. We believe that the same will be true for the money remittance business. For that reason, we continue to focus on retail channel expansion as we invest to achieve scale and long-term profitability.

“With our diverse mix of businesses, backed by a solid balance sheet and with no debt, IDT is positioned to continue delivering solid results across a wide variety of economic conditions while returning value to our stockholders.”

RESULTS BY SEGMENT

	NRS						net2phone									Fintech									Traditional Communications
(In millions)	3Q23		2Q23		3Q22		3Q23			2Q23			3Q22			3Q23			2Q23			3Q22			3Q23		2Q23		3Q22
Revenue	$	18.1	$	19.8	$	11.4	$	18.4		$	17.8		$	15.6		$	21.8		$	20.3		$	17.2		$	241.0	$	256.0	$	284.2
Direct cost of revenue	$	2.6	$	2.2	$	1.7	$	3.0		$	3.0		$	2.6		$	9.2		$	8.0		$	6.6		$	195.4	$	209.1	$	236.6
SG&A expense	$	12.8	$	11.6	$	8.4	$	14.4		$	14.0		$	13.8		$	13.2		$	12.8		$	11.2		$	26.0	$	27.3	$	27.6
Income (loss) from operations	$	2.1	$	5.4	$	1.1	$	(0.4	)	$	(0.6	)	$	(2.3	)	$	(1.3	)	$	(0.8	)	$	(1.1	)	$	12.9	$	17.0	$	17.6
Adjusted EBITDA	$	2.7	$	6.0	$	1.3	$	1.0		$	0.8		$	(0.9	)	$	(0.6	)	$	(0.5	)	$	(0.5	)	$	19.7	$	19.6	$	20.0

National Retail Solutions (NRS)

In 3Q23 and 3Q22, the NRS segment contributed 6.0% and 3.5% of IDT’s consolidated revenue, respectively.

*National Retail Solutions (NRS)* *(Terminals and accounts at end of period. $ in millions, except for revenue per terminal)*
	3Q23		2Q23		3Q22		3Q23-3Q22 change %
Terminals and payment processing accounts
Active POS terminals		23,900		22,400		17,900		+34%
Payment processing accounts		14,100		12,500		9,200		+53%

Recurring revenue
Merchant Services and other	$	8.7	$	7.4	$	4.8		+82%
Advertising and Data	$	5.8	$	9.0	$	3.7		+54%
SaaS Fees	$	2.1	$	1.9	$	1.5		+41%
Total recurring revenue	$	16.5	$	18.3	$	10.0		+65%
POS Terminal Sales	$	1.6	$	1.5	$	1.4		+12%
Total revenue	$	18.1	$	19.8	$	11.4		+59%

Monthly average recurring revenue per terminal^*	$	237	$	283	$	193		+23%

Income from operations	$	2.1	$	5.4	$	1.1		+93%
Adjusted EBITDA	$	2.7	$	6.0	$	1.3		+110%

Take-Aways:

Sequentially, NRS added 1,570 net active terminals in 3Q23 – slightly ahead of the prior quarter’s record pace.
Sequentially, NRS added 1,609 net payment processing accounts in 3Q23, also a record increase.
Merchant Services, Advertising and Data, and SaaS Fees all achieved robust year-over-year revenue increases. Industry-wide seasonality and advertising demand weakness resulted in a sequential decrease in Advertising and Data revenue and in monthly average recurring revenue per terminal.

net2phone

*net2phone* *(Seats in thousands at end of period. $ in millions)*
	3Q23			2Q23			3Q22			3Q23-3Q22 Change %, $
Seats		340			327			279			+22%

Revenue
Subscription revenue	$	17.1		$	16.3		$	14.3			+20%
Other revenue	$	1.3		$	1.5		$	1.3			(2	)%
Total Revenue	$	18.4		$	17.8		$	15.6			+18%

Loss from operations	$	(0.4	)	$	(0.6	)	$	(2.3	)		+$1.9
Adjusted EBITDA	$	1.0		$	0.8		$	(0.9	)		+$1.9

In 3Q23 and 3Q22, the net2phone segment accounted for 6.2% and 4.7% of IDT’s consolidated revenue, respectively.

Take-Aways:

The growth in net2phone’s seats-served reflected balanced geographic expansion across key markets led by the U.S., Brazil, and Mexico.
net2phone continued to make progress toward operating profitability. Its loss from operations narrowed to $0.4 million as the business, across all regions, continues to scale. net2phone’s SG&A, expressed as a percentage of revenue, declined from 89% to 78%.
In April, net2phone announced a strategic partnership with Bridgepointe, a leading tech advisory firm. Bridgepointe is now offering net2phone’s cloud communications solutions to its mid-market and enterprise clients.

Fintech

In 3Q23 and 3Q22, the Fintech segment contributed 7.3% and 5.2% of IDT’s consolidated revenue, respectively.

*Fintech* *(Transactions in thousands. $ in millions except for revenue per transaction)*
	3Q23			2Q23			3Q22			3Q23-3Q22 Change %, $
BOSS Money Transactions		3,281			3,061			2,371			+38%

Fintech Revenue
BOSS Money	$	19.4		$	17.6		$	15.1			+29%
Other	$	2.4		$	2.7		$	2.1			+10%
Total Revenue	$	21.8		$	20.3		$	17.2			+27%

Average revenue per transaction*	$	5.93		$	5.77		$	6.36			(7	)%

Loss from operations	$	(1.3	)	$	(0.8	)	$	(1.1	)	$	(0.2	)
Adjusted EBITDA	$	(0.6	)	$	(0.5	)	$	(0.5	)	$	(0.1	)

Take-Aways:

BOSS Money transaction volumes increased 38% compared to the year ago quarter with similar contributions from both retail and digital channels.
The year-over-year decrease in BOSS Money’s average revenue per transaction was due to unusually favorable, but temporary, foreign exchange spread opportunities in certain corridors in the year-ago quarter.

Traditional Communications

In 3Q23 and 3Q22, the Traditional Communications segment accounted for 80.5% and 86.6% of IDT’s consolidated revenue, respectively.

*Traditional Communications* *($ in millions)*
	3Q23		2Q23		3Q22		3Q23-3Q22 Change %
Revenue
IDT Digital Payments	$	101.0	$	106.1	$	115.9		(13	)%
BOSS Revolution Calling	$	77.6	$	82.8	$	91.8		(15	)%
IDT Global	$	54.5	$	58.6	$	67.1		(19	)%
Other	$	7.9	$	8.5	$	9.4		(17	%)
Total Revenue	$	241.0	$	256.0	$	284.2		(15	)%

Income from operations	$	12.9	$	17.0	$	17.6		(27	)%
Adjusted EBITDA	$	19.7	$	19.6	$	20.0		(2	)%

Take–Aways:

As in the prior quarter, the year-over-year decrease in IDT Digital Payments revenue was due to the deterioration of a key international mobile top-up corridor that was particularly impactful to sales in the lower margin wholesale and retail channels.
The decreases in BOSS Revolution Calling and IDT Global’s carrier services revenues reflected the long-standing industry-wide decline in the paid minute calling markets and were in-line with expectations.
During 3Q23, IDT Digital Payments launched Zendit, a cloud-based, prepaid-as-a-service platform enabling businesses to easily and quickly add a curated menu of airtime top-ups and other cross-border prepaid offerings to their apps and websites. Subsequently, the Zendit team has formed new strategic alliances globally, expanded its catalog to over 15,000 digital offerings, and onboarded its initial customers.
Income from operations decreased mostly due to the impact of a $3.9 million charge resulting from the settlement of an indemnification claim resulting from a legal settlement.

NOTES ON FINANCIAL STATEMENTS

Consolidated results for all periods presented include corporate overhead. Corporate G&A expense in 3Q23 increased to $2.3 million from $1.8 million in 3Q22 reflecting higher employee compensation and stock-based compensation expense.

As of April 30, 2023, IDT held $138.5 million in cash, cash equivalents, debt securities, and current equity investments. Current assets totaled $390.0 million and current liabilities totaled $301.7 million. IDT had no outstanding debt at quarter end.

Net cash used in operating activities during 3Q23 was $6.9 million compared to net cash provided by operating activities of $1.6 million during 3Q22. Exclusive of changes in customer deposit balances at IDT’s Gibraltar-based bank, net cash used in operating activities during 3Q23 was $4.3 million compared to net cash provided by operating activities of $9.6 million during 3Q22. The decline in operating cash generation is due almost entirely to the timing of certain working capital movements.

Capital expenditures increased to $5.5 million in 3Q23 from $4.8 million in 3Q22.

IDT EARNINGS ANNOUNCEMENT AND SUPPLEMENTAL INFORMATION

This release is available for download in the “Investors & Media” section of the IDT Corporation website (https://www.idt.net/investors-and-media) and has been filed on a current report (Form 8-K) with the SEC.

IDT will host an earnings conference call beginning at 5:30 PM Eastern today with management’s discussion of results followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and request the IDT Corporation call (participant access code: 568841).

A replay of the conference call will be available approximately three hours after the call concludes through June 19, 2023. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay number: 48437. The replay will also be accessible via streaming audio at the IDT investor relations website.

ABOUT IDT:

IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to contact and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.

Our BOSS Money international remittance, IDT Digital Payments and BOSS Revolution international calling services make sending money, paying for products and services, and speaking with friends and family around the world convenient and reliable. National Retail Solutions’ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone’s communications-as-a-service solutions provide businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

CONTACT:

IDT Corporation Investor Relations
Bill Ulrey
[email protected]
973-438-3838

IDT CORPORATION

CONSOLIDATED BALANCE SHEETS

	April 30, 2023			July 31, 2022
	(Unaudited)
	(in thousands, except per share data)
Assets
Current assets:
Cash and cash equivalents	$	90,722		$	98,352
Restricted cash and cash equivalents		94,321			91,210
Debt securities		41,987			22,303
Equity investments		5,776			17,091
Trade accounts receivable, net of allowance for doubtful accounts of $6,133 at April 30, 2023 and $5,882 at July 31, 2022		65,942			64,315
Disbursement prefunding		40,428			21,057
Prepaid expenses		15,575			17,526
Other current assets		35,211			30,773

Total current assets		389,962			362,627
Property, plant, and equipment, net		39,083			36,866
Goodwill		26,596			26,380
Other intangibles, net		8,483			9,609
Equity investments		10,263			7,426
Operating lease right-of-use assets		6,141			7,210
Deferred income tax assets, net		27,501			36,701
Other assets		10,197			10,275

Total assets	$	518,226		$	497,094

Liabilities, redeemable noncontrolling interest, and equity
Current liabilities:
Trade accounts payable	$	29,715		$	29,080
Accrued expenses		109,177			117,109
Deferred revenue		33,910			36,531
Customer deposits		86,111			85,764
Other current liabilities		42,762			36,588

Total current liabilities		301,675			305,072
Operating lease liabilities		3,572			4,606
Other liabilities		3,527			6,588

Total liabilities		308,774			316,266
Commitments and contingencies
Redeemable noncontrolling interest		10,449			10,191
Equity:
IDT Corporation stockholders’ equity:
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued		—			—
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at April 30, 2023 and July 31, 2022		33			33
Class B common stock, $.01 par value; authorized shares—200,000; 27,798 and 27,725 shares issued and 23,892 and 24,112 shares outstanding at April 30, 2023 and July 31, 2022, respectively		278			277
Additional paid-in capital		300,328			296,005
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 3,906 and 3,613 shares of Class B common stock at April 30, 2023 and July 31, 2022, respectively		(109,410	)		(101,565
Accumulated other comprehensive loss		(14,475	)		(11,305
Retained earnings (accumulated deficit)		16,685			(15,830

Total IDT Corporation stockholders’ equity		193,439			167,615
Noncontrolling interests		5,564			3,022

Total equity		199,003			170,637

Total liabilities, redeemable noncontrolling interest, and equity	$	518,226		$	497,094

IDT CORPORATION

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended April 30,						Nine Months Ended April 30,
	2023			2022			2023			2022
	(in thousands, except per share data)

Revenues	$	299,295		$	328,353		$	935,047		$	1,035,494
Costs and expenses:
Direct cost of revenues (exclusive of depreciation and amortization)		210,250			247,565			664,281			796,516
Selling, general and administrative (i)		68,574			62,772			202,591			183,948
Depreciation and amortization		5,185			4,509			14,986			13,333
Severance		145			—			458			67

Total costs and expenses		284,154			314,846			882,316			993,864
Other operating expense, net		(4,764	)		(179	)		(3,948	)		(709	)

Income from operations		10,377			13,328			48,783			40,921
Interest income, net		709			85			2,029			217
Other expense, net		(382	)		(5,068	)		(2,610	)		(24,234	)

Income before income taxes		10,704			8,345			48,202			16,904
Provision for income taxes		(2,960	)		(3,239	)		(12,594	)		(5,887	)

Net income		7,744			5,106			35,608			11,017
Net income attributable to noncontrolling interests		(854	)		(335	)		(3,093	)		(1,231	)

Net income attributable to IDT Corporation	$	6,890		$	4,771		$	32,515		$	9,786

Earnings per share attributable to IDT Corporation common stockholders:
Basic	$	0.27		$	0.18		$	1.27		$	0.38

Diluted	$	0.27		$	0.18		$	1.27		$	0.37

Weighted-average number of shares used in calculation of earnings per share:
Basic		25,518			25,901			25,544			25,706

Diluted		25,612			26,205			25,589			26,455

(i) Stock-based compensation included in selling, general and administrative expenses	$	1,679		$	1,245		$	3,537		$	1,840

IDT CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended April 30,
	2023			2022
	(in thousands)
Operating activities
Net income	$	35,608		$	11,017
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		14,986			13,333
Deferred income taxes		9,200			4,624
Provision for doubtful accounts receivable		1,180			1,578
Net unrealized loss from marketable securities		3,151			19,705
Stock-based compensation		3,537			1,840
Other		2,114			3,486
Change in assets and liabilities:
Trade accounts receivable		(2,084	)		(8,461	)
Disbursement prefunding, prepaid expenses, other current assets, and other assets		(27,043	)		(20,504	)
Trade accounts payable, accrued expenses, other current liabilities, and other liabilities		(6,220	)		(2,566	)
Customer deposits at IDT Financial Services Limited (Gibraltar-based bank)		(2,570	)		(9,843	)
Deferred revenue		(3,160	)		(948	)

Net cash provided by operating activities		28,699			13,261
Investing activities
Capital expenditures		(16,033	)		(13,794	)
Purchase of convertible preferred stock in equity method investment		(168	)		(1,051	)
Payments for acquisitions, net of cash acquired		—			(7,546	)
Purchases of debt securities and equity investments		(44,166	)		(11,277	)
Proceeds from maturities and sales of debt securities and redemptions of equity investments		34,309			7,752

Net cash used in investing activities		(26,058	)		(25,916	)
Financing activities
Distributions to noncontrolling interests		(293	)		(359	)
Proceeds from other liabilities		300			2,301
Repayment of other liabilities.		(2,031	)		(1,319	)
Proceeds from borrowings under revolving credit facility		2,383			2,566
Repayment of borrowings under revolving credit facility.		(2,383	)		(2,566	)
Proceeds from sale of redeemable equity in subsidiary		—			10,000
Proceeds from exercise of stock options		172			137
Repurchases of Class B common stock		(7,845	)		(12,832	)

Net cash used in financing activities		(9,697	)		(2,072	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents		2,537			(14,093	)

Net decrease in cash, cash equivalents, and restricted cash and cash equivalents		(4,519	)		(28,820	)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period		189,562			226,916

Cash, cash equivalents, and restricted cash and cash equivalents at end of period	$	185,043		$	198,096


Supplemental schedule of non-cash investing and financing activities
Conversion of equity method investment’s secured promissory notes into convertible preferred stock	$	4,038		$	—

Stock issued to certain executive officers for bonus payments	$	615		$	—

Liabilities incurred for acquisitions	$	—		$	7,849

Shares of the Company’s Class B common stock issued for acquisition	$	—		$	1,000

Cashless exercise of stock options in exchange for shares of the Company’s Class B common stock	$	—		$	14,930

Reconciliation of Non-GAAP Financial Measures for the
Third Quarter Fiscal 2023 and 2022

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), IDT also disclosed for 3Q23, 2Q23, and 3Q22, Adjusted EBITDA and non-GAAP earnings per diluted share (EPS), both of which are non-GAAP measures.

Generally, a non-GAAP measure is a numerical measure of a company’s performance, financial position, or cash flows 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.

IDT’s measure of non-GAAP EPS is calculated by dividing non-GAAP net income by the diluted weighted-average shares. IDT’s measure of non-GAAP net income starts with net income attributable to IDT in accordance with GAAP and adds severance expense, stock-based compensation, and other operating expense, and deducts other operating gains. These additions and subtractions are non-cash and/or non-routine items in the relevant fiscal 2023 and fiscal 2022 periods.

Management believes that IDT’s Adjusted EBITDA and non-GAAP EPS are measures which provide useful information to both management and investors by excluding certain expenses and non-routine gains and losses that may not be indicative of IDT’s or the relevant segment’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision making. In addition, management uses Adjusted EBITDA and non-GAAP EPS to evaluate operating performance in relation to IDT’s competitors. Disclosure of these financial measures may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, IDT has historically reported similar financial measures and believes such measures are commonly used by readers of financial information in assessing performance, therefore the inclusion of comparative numbers provides consistency in financial reporting.

Management refers to Adjusted EBITDA, as well as the GAAP measures income (loss) from operations and net income, on a segment and/or consolidated level to facilitate internal and external comparisons to the segments’ and IDT’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or capitalized in prior periods. IDT’s Adjusted EBITDA, which is exclusive of depreciation and amortization, is a useful indicator of its current performance.

Severance expense is excluded from the calculation of Adjusted EBITDA and non-GAAP EPS. Severance expense is reflective of decisions made by management in each period regarding the aspects of IDT’s and its segments’ businesses to be focused on in light of changing market realities and other factors. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of IDT’s core and continuing operations.

Other operating gain (expense), net, which is a component of income (loss) from operations, is excluded from the calculation of Adjusted EBITDA and non-GAAP EPS. Other operating gain (expense), net primarily includes gains from the write-off of a contingent consideration liabilities, legal fees net of insurance claims related to Straight Path Communications Inc.’s stockholders’ class action, and expense for the indemnification of a net2phone cable telephony customer related to a legal settlement. From time-to-time, IDT may have gains or incur costs related to non-routine legal and other matters, however, these various items generally do not occur each quarter. IDT believes the gain and losses from these non-routine matters are not components of IDT’s or the relevant segment’s core operating results.

Stock-based compensation recognized by IDT and other companies may not be comparable because of the variety of types of awards as well as the various valuation methodologies and subjective assumptions that are permitted under GAAP. Stock-based compensation is excluded from IDT’s calculation of non-GAAP EPS because management believes this allows investors to make more meaningful comparisons of the operating results per share of IDT’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for IDT for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Adjusted EBITDA and non-GAAP EPS should be considered in addition to, not as a substitute for, or superior to, income (loss) from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, IDT’s measurements of Adjusted EBITDA and non-GAAP EPS may not be comparable to similarly titled measures reported by other companies.

Following are reconciliations of Adjusted EBITDA and non-GAAP EPS to the most directly comparable GAAP measure, which are, (a) for Adjusted EBITDA, income (loss) from operations for IDT’s reportable segments and net income for IDT on a consolidated basis, and (b) for non-GAAP EPS, diluted earnings per share.

IDT Corporation
Reconciliation of Net Income to Adjusted EBITDA
(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions

	Total IDT Corporation			Traditional Communica-tions		net2phone			NRS		Fintech			Corporate
Three Months Ended April 30, 2023 (3Q23)
Net income attributable to IDT Corporation	$	6.9
Adjustments:
Net income attributable to noncontrolling interests		0.9
Net income		7.7
Provision for income taxes		3.0
Income before income taxes		10.7
Interest income, net		(0.7	)
Other expense, net		0.4
Income (loss) from operations		10.4		$	12.9	$	(0.4	)	$	2.1	$	(1.3	)	$	(2.9	)
Depreciation and amortization		5.2			2.5		1.4			0.6		0.7			–
Severance		0.1			0.1		–			–		–			–
Other operating expense, net		4.8			4.1		–			–		–			0.6
Adjusted EBITDA	$	20.5		$	19.7	$	1.0		$	2.7	$	(0.6	)	$	(2.3	)

	Total IDT Corporation			Traditional Communica-tions		net2phone			NRS		Fintech			Corporate
Three Months Ended January 31, 2023 (2Q23)
Net income attributable to IDT Corporation	$	14.6
Adjustments:
Net income attributable to noncontrolling interests		0.7
Net income		15.3
Provision for income taxes		5.3
Income before income taxes		20.6
Interest income, net		(0.8	)
Other income, net		(1.6	)
Income (loss) from operations		18.2		$	17.0	$	(0.6	)	$	5.4	$	(0.8	)	$	(2.8	)
Depreciation and amortization		5.0			2.4		1.4			0.6		0.7			–
Severance		0.2			0.2		–			–		–			–
Other operating (gain) expense, net		–			–		–			–		(0.3	)		0.3
Adjusted EBITDA	$	23.4		$	19.6	$	0.8		$	6.0	$	(0.5	)	$	(2.5	)

IDT Corporation

Reconciliation of Net Income to Adjusted EBITDA

(unaudited) in millions. Figures may not foot or cross-foot due to rounding to millions.

	Total IDT Corporation			Traditional Communica-tions		net2phone			NRS		Fintech			Corporate
Three Months Ended April 30, 2022 (3Q22)
Net income attributable to IDT Corporation	$	4.8
Adjustments:
Net income attributable to noncontrolling interests		0.3
Net income		5.1
Provision for income taxes		3.2
Income before income taxes		8.3
Interest income, net		(0.1	)
Other expense, net		5.1
Income (loss) from operations		13.3		$	17.6	$	(2.3	)	$	1.1	$	(1.1	)	$	(2.0	)
Depreciation and amortization		4.5			2.4		1.3			0.2		0.6			–
Other operating expense, net		0.2			–		–			–		–			0.2
Adjusted EBITDA	$	18.0		$	20.0	$	(0.9	)	$	1.3	$	(0.5	)	$	(1.8	)

IDT Corporation

Reconciliation of Earnings per share to Non-GAAP EPS

(unaudited) in millions, except per share data. Figures may not foot due to rounding to millions.

		3Q23			2Q23			3Q22

Net income attributable to IDT Corporation	$	6.9		$	14.6		$	4.8
Adjustments (add) subtract:
Stock-based compensation		(1.7	)		(1.3	)		(1.2	)
Severance expense		(0.1	)		(0.2	)		–
Other operating expense, net		(4.8	)		–			(0.2	)
Total adjustments		(6.6	)		(1.5	)		(1.4	)
Income tax effect of total adjustments		(1.8	)		(0.4	)		(0.6	)
		4.8			1.1			0.8
Non-GAAP net income	$	11.7		$	15.7		$	5.6

Earnings per share:
Basic	$	0.27		$	0.57		$	0.18
Total adjustments		0.19			0.05			0.04
Non-GAAP – basic	$	0.46		$	0.62		$	0.22

Weighted-average number of shares used in calculation of basic earnings per share		25.5			25.5			25.9

Diluted	$	0.27		$	0.57		$	0.18
Total adjustments		0.19			0.05			0.04
Non-GAAP – diluted	$	0.46		$	0.62		$	0.22

Weighted-average number of shares used in calculation of diluted earnings per share		25.6			25.5			26.2

*Explanation of Key Performance Metrics

NRS’ recurring revenue is NRS’ revenue in accordance with GAAP excluding revenue from POS terminal sales.

NRS’ Monthly Average Recurring Revenue per Terminal is a financial metric. Monthly Average Recurring Revenue per Terminal is calculated by dividing NRS’ recurring revenue by the average number of active POS terminals during the period. The average number of active POS terminals is calculated by adding the beginning and ending number of active POS terminals during the period and dividing by two. NRS’ recurring revenue divided by the average number of active POS terminals is divided by three when the period is a fiscal quarter. Monthly Average Recurring Revenue per Terminal is useful for comparisons of NRS’ revenue per customer to prior periods and to competitors and others in the market, as well as for forecasting future revenue from the customer base.

BOSS Money’s Average Revenue per Transaction is also a financial metric. Average Revenue per Transaction is calculated by dividing BOSS Money’s revenue in accordance with GAAP by the number of transactions during the period. Average Revenue per Transaction is useful for comparisons of BOSS Money’s revenue per transaction to prior periods and to competitors and others in the market, as well as for forecasting future revenue based on transaction trends.

net2phone’s subscription revenue is its revenue in accordance with GAAP excluding its equipment revenue and revenue generated by a legacy SIP trunking offering in Brazil. net2phone’s cloud communications offerings are priced on a per-seat basis, with customers paying based on the number of users in their organization. The number of seats served and subscription revenue trends and comparisons between periods are used in the analysis of net2phone’s revenues and direct cost of revenues are strong indications of the top-line growth and performance of the business.

# # #

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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

Published

8 hours ago

May 17, 2024

CISION (PR Newswire)

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]
Photo – https://mma.prnewswire.com/media/2416174/Regeneron_ISEF_2024_Winners_Photo.jpg
Logo – https://mma.prnewswire.com/media/2416197/Society_for_Science_Logo.jpg

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

Published

10 hours ago

May 17, 2024

CISION (PR Newswire)

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.

View original content:https://www.prnewswire.co.uk/news-releases/jp-morgan-life-sciences-private-capital-blue-horizon-advisors-and-united-al-saqer-announce-winner-of-inaugural-2024-life-sciences-innovation-summit-302149186.html

Artificial Intelligence

Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024

Published

12 hours ago

May 17, 2024

CISION (PR Newswire)

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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