Artificial Intelligence

DLH Reports Fiscal 2023 Third Quarter Results

Published

1 year ago

August 2, 2023

ATLANTA, Aug. 02, 2023 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of research and development, systems engineering and integration, and digital transformation solutions to federal agencies, today announced financial results for its fiscal third quarter ended June 30, 2023.

Highlights

Third quarter revenue was $102.2 million in fiscal 2023 versus $66.4 million in fiscal 2022; the prior-year period included an adjustment of $(5.1) million related to the short-term FEMA task orders in Alaska, without which revenue was $71.6 million.
Operating and net income for the third quarter were $7.1 million and $1.7 million, respectively, as compared to $7.1 million and $4.9 million in the prior-year period. Operating income for the fiscal 2022 quarter included $0.6 million from the FEMA task orders.
Earnings before interest, taxes, depreciation and amortization (“EBITDA”) was $11.4 million for the third quarter as compared to $9.0 million in fiscal 2022. The prior-year period included $0.6 million of EBITDA from the FEMA task orders.
Total debt at the end of the third quarter was $195.8 million compared to $204.2 million as of March 31, 2023.
Contract backlog was $817.8 million as of June 30, 2023 versus $940.6 million at the end of the fiscal second quarter.

Management Discussion
“Third quarter performance once again highlighted the Company’s ability to produce strong underlying results,” said Zach Parker, DLH President and Chief Executive Officer. “We passed the $100 million revenue run rate, improved margins sequentially from the second quarter, used cash flow to continue paying down debt and successfully accomplished several milestones in the GRSi integration. The contract award environment continues to experience some headwinds, reflecting certain contract protests and extensive procurement cycles. The Company remains in excellent position to capitalize on current market dynamics and execute on new business development initiatives, resulting in an active bid environment. Our expanded health IT suite of solutions — leveraging unique applications and our highly-credentialed staff — provides us access to penetrate new programs within the key government agencies we serve. At the same time, with our ability to generate healthy cash from operations, we remain on track to de-lever the balance sheet in the coming quarters, which we expect will result in increased returns to our shareholders.

“In addition, we recently announced that DLH had been awarded a contract to expand our role at the National Heart, Lung and Blood Institute within the National Institutes of Health. The multiple-award contract has a total ceiling value of up to $85 million over five years, and we’ll be responsible for driving key digital transformation goals for the agency. Overall, we continue to see numerous opportunities to accelerate growth going forward, leveraging our expanded set of technology solutions, and are well prepared for further improved performance.”

Results for the Three Months Ended June 30, 2023
Revenue for the third quarter of fiscal 2023 was $102.2 million versus $66.4 million in fiscal 2022, with the prior-year period including an adjustment of $(5.1) million related to the Company’s short-term FEMA contracts in Alaska. Comparing this quarter’s revenue performance to the same period in the prior fiscal year, excluding the impact from the FEMA contracts, revenue increased $30.6 million, including contributions of $34.4 million from GRSi.

Income from operations was $7.1 million for the quarter versus $7.1 million in the prior-year period, which included $0.6 million from the FEMA task orders. Comparing this quarter’s operating income performance to the same period in the prior fiscal year, excluding the impact from the FEMA contracts, operating income increased $0.6 million. As a percentage of revenue, the Company reported an operating margin of 7.0% in the fiscal 2023 third quarter versus 10.7% in fiscal 2022, with the year-over-year decline primarily due to higher non-cash amortization expense as a result of the GRSi acquisition.

Interest expense was $4.9 million in the fiscal third quarter of 2023 versus $0.5 million in the prior-year period, reflecting higher debt outstanding due to the acquisition of GRSi and increased interest rates. Income before income taxes was $2.2 million this year versus $6.6 million in fiscal 2022, representing 2.1% and 9.9% of revenue, respectively, for each period.

For the three months ended June 30, 2023 and 2022, respectively, DLH recorded a $0.5 million and $1.7 million of income tax expense. The Company reported net income of approximately $1.7 million, or $0.12 per diluted share, for the third quarter of fiscal 2023 versus $4.9 million or $0.34 per diluted share, for the third quarter of fiscal 2022. As a percentage of revenue, net income was 1.7% for the third quarter of fiscal 2023 versus 7.3% for the prior-year period.

On a non-GAAP basis, EBITDA for the three months ended June 30, 2023 was approximately $11.4 million versus $9.0 million in the prior-year period, or 11.1% and 13.5% of revenue, respectively. Adjusted EBITDA¹ was $11.4 million versus $8.4 million for the prior-year period, or 11.1% and 11.7% of adjusted revenue, respectively.

Key Financial Indicators
For fiscal 2023, DLH has produced $15.0 million in operating cash. As of June 30, 2023, the Company had cash of $0.5 million and debt outstanding under its credit facilities of $195.8 million versus cash of $1.1 million and debt outstanding of $22.0 million as of September 30, 2022. The Company is on pace to reduce its total debt balance to between $185.0 million and $187.0 million by the end of this fiscal year.

At June 30, 2023, total backlog was approximately $817.8 million, including funded backlog of approximately $147.3 million and unfunded backlog of $670.5 million.

Conference Call and Webcast Details
DLH management will discuss third quarter results and provide a general business update, including current competitive conditions and strategies, during a conference call beginning at 10:00 AM Eastern Time tomorrow, August 3, 2023. Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call.

A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 5343381.

About DLH
DLH (NASDAQ:DLHC) enhances public health and national security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by federal customers, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 3,200 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to innovative solutions to improve the lives of millions. For more information, visit www.DLHcorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future financial performance. Any statements that refer to expectations, projections or other characterizations of future events or circumstances or that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans”, “intends” and similar expressions) should be considered forward looking statements that involve risks and uncertainties which could cause actual events or DLH’s actual results to differ materially from those indicated by the forward-looking statements. Forward-looking statements in this release include, among others, statements regarding estimates of future revenues, operating income, earnings and cash flow. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Our actual results may differ materially from such forward-looking statements made in this release due to a variety of factors, including: the risk that we will not realize the anticipated benefits of our acquisition of GRSi or any other acquisitions (including anticipated future financial performance and results); the diversion of management’s attention from normal daily operations of the business and the challenges of managing larger and more widespread operations resulting from our recent acquisition; the inability to retain employees and customers; contract awards in connection with re-competes for present business and/or competition for new business; our ability to manage our increased debt obligations; compliance with bank financial and other covenants; changes in client budgetary priorities; government contract procurement (such as bid and award protests, small business set asides, loss of work due to organizational conflicts of interest, etc.) and termination risks; the ability to successfully integrate the operations of GRSi or any future acquisitions; the impact of inflation and higher interest rates; and other risks described in our SEC filings. For a discussion of such risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as well as subsequent reports filed thereafter. The forward-looking statements contained herein are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry and business.

Such forward-looking statements are made as of the date hereof and may become outdated over time. The Company does not assume any responsibility for updating forward-looking statements, except as may be required by law.

CONTACTS:

INVESTOR RELATIONS

Contact: Chris Witty

Phone: 646-438-9385

Email: [email protected]

TABLES TO FOLLOW

DLH HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands except per share amounts)

	(unaudited)				(unaudited)
	Three Months Ended				Nine Months Ended
	June 30,				June 30,
		2023		2022		2023		2022
Revenue	$	102,241	$	66,440	$	274,385	$	327,940
Cost of Operations:
Contract costs		80,919		49,668		216,779		271,184
General and administrative costs		9,935		7,535		27,670		22,178
Corporate development costs		—		250		1,735		250
Depreciation and amortization		4,280		1,873		11,281		5,740
Total operating costs		95,134		59,326		257,465		299,352
Income from operations		7,107		7,114		16,920		28,588
Interest expense		4,917		512		11,512		1,739
Income before provision for income taxes		2,190		6,602		5,408		26,849
Income tax expense		452		1,738		1,318		7,003
Net income	$	1,738	$	4,864	$	4,090	$	19,846

Net income per share – basic	$	0.13	$	0.38	$	0.30	$	1.55
Net income per share – diluted	$	0.12	$	0.34	$	0.28	$	1.40
Weighted average common shares outstanding
Basic		13,854		12,812		13,638		12,779
Diluted		14,539		14,235		14,421		14,205

DLH HOLDINGS CORP.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except par value of shares)

	June 30, 2023		September 30, 2022
	(unaudited)
ASSETS
Current assets:
Cash	$	530	$	228
Accounts receivable		67,882		40,496
Other current assets		4,082		2,878
Total current assets		72,494		43,602
Equipment and improvements, net		1,690		1,704
Operating lease right-of-use assets		17,911		16,851
Goodwill		138,301		65,643
Intangible assets, net		128,891		40,884
Other long-term assets		88		328
Total assets	$	359,375	$	169,012
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Operating lease liabilities – current	$	3,478	$	2,235
Accrued payroll		17,545		9,444
Debt obligations – current, net of deferred financing costs		28,716		—
Accounts payable and accrued liabilities		25,602		26,862
Total current liabilities		75,341		38,541
Long-term liabilities:
Deferred taxes, net		1,203		1,534
Operating lease liabilities – long-term		16,485		16,461
Debt obligations – long-term, net of deferred financing costs		159,379		20,416
Other long-term liabilities		1,801		—
Total long-term liabilities		178,868		38,411
Total liabilities		254,209		76,952
Shareholders’ equity:
Common stock, $0.001 par value; 40,000 shares authorized; 13,900 and 13,047 shares issued and outstanding at June 30, 2023 and September 30, 2022, respectively		14		13
Additional paid-in capital		100,072		91,057
Retained earnings		5,080		990
Total shareholders’ equity		105,166		92,060
Total liabilities and shareholders’ equity	$	359,375	$	169,012

DLH HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)

	(unaudited)
	Nine Months Ended
	June 30,
		2023			2022
Operating activities
Net income	$	4,090		$	19,846
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		11,281			5,740
Amortization of deferred financing costs charged to interest expense		1,540			497
Stock-based compensation expense		2,020			1,952
Deferred taxes, net		—			(1	)
Changes in operating assets and liabilities:
Accounts receivable		(1,918	)		(16,890	)
Other current assets		130			(152	)
Accrued payroll		274			4,032
Deferred revenue		—			(22,273	)
Accounts payable and accrued liabilities		(4,221	)		2,380
Other long-term assets and liabilities		1,801			110
Net cash provided by (used in) operating activities		14,997			(4,759	)
Investing activities
Business acquisition, net of cash acquired		(180,711	)		—
Purchase of equipment and improvements		(580	)		(244	)
Net cash used in investing activities		(181,291	)		(244	)
Financing activities
Proceeds from revolving line of credit		144,697			—
Repayment of revolving line of credit		(128,204	)		—
Proceeds from debt obligations		168,000			13,500
Repayments of debt obligations		(10,688	)		(31,750	)
Payments of deferred financing costs		(7,666	)		—
Proceeds from issuance of common stock upon exercise of options and warrants		1,107			543
Payment of tax obligations resulting from net exercise of stock options		(650	)		(281	)
Net cash provided by (used in) financing activities		166,596			(17,988	)

Net change in cash		302			(22,991	)
Cash – beginning of period		228			24,051
Cash – end of period	$	530		$	1,060

Supplemental disclosure of cash flow information
Cash paid during the period for interest	$	10,006		$	1,195
Cash paid during the period for income taxes	$	4,055		$	6,403

Supplemental disclosure of non-cash activity
Common stock surrendered for the exercise of stock options	$	238		$	256

Non-GAAP Financial Measures
The Company uses EBITDA and EBITDA Margin on Revenue as supplemental non-GAAP measures of performance. We define EBITDA as net income excluding (i) interest expense, (ii) provision for or benefit from income taxes and (iii) depreciation and amortization. EBITDA Margin on Revenue is EBITDA for the measurement period divided by revenue for the same period.

The Company is presenting additional non-GAAP measures regarding its financial performance for the three and nine months ended June 30, 2023. The measures presented are Adjusted Revenue, Adjusted Operating Income, Adjusted EBITDA, and Adjusted EBITDA Margin on Adjusted Revenue. In calculating these measures, we have added the corporate development costs associated with completing the GRSi acquisition to our results for fiscal year 2023 and we have removed the contribution from the FEMA task orders from the results for fiscal year 2022. These resulting measures present the quarterly financial performance compared to results delivered in the prior year period. Definitions of these additional non-GAAP measures are set forth below.

We have prepared these additional non-GAAP measures to eliminate the impact of items that we do not consider indicative of ongoing operating performance due to their inherent unusual or extraordinary nature. These non-GAAP measures of performance are used by management to conduct and evaluate its business during its review of operating results for the periods presented. Management and the Company’s Board utilize these non-GAAP measures to make decisions about the use of the Company’s resources, analyze performance between periods, develop internal projections and measure management performance. We believe that these non-GAAP measures are useful to investors in evaluating the Company’s ongoing operating and financial results and understanding how such results compare with the Company’s historical performance.

These supplemental performance measurements may vary from and may not be comparable to similarly titled measures by other companies in our industry. Adjusted Revenue, Adjusted Operating Income, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue, and Adjusted EBITDA Margin on Adjusted Revenue are not recognized measurements under accounting principles generally accepted in the United States, or GAAP, and when analyzing our performance investors should (i) evaluate each adjustment in our reconciliation to the nearest GAAP financial measures and (ii) use the aforementioned non-GAAP measures in addition to, and not as an alternative to, revenue, operating income, net income or diluted EPS, as measures of operating results, each as defined under GAAP. We have defined these non-GAAP measures as follows:

“Adjusted Revenue” represents revenue less the contribution to revenue from the short-term FEMA task orders

“Adjusted Operating Income” represents operating income plus the corporate development costs associated with completing the GRSi acquisition incurred in fiscal 2023 less the contribution from the FEMA task orders, which occurred in fiscal 2022.

“Adjusted EBITDA” represents net income before income taxes, interest, depreciation and amortization and the corporate costs associated with completing the acquisition, less the contribution from FEMA task orders. “Adjusted EBITDA Margin on Adjusted Revenue” is calculated as Adjusted EBITDA divided by Adjusted Revenue.

Below is a reconciliation of Adjusted Revenue, Adjusted Operating Income, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue and Adjusted EBITDA Margin on Adjusted Revenue reported for the three and six months ended June 30, 2023 and 2022 compared to the most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands except for per share amounts):

	Three Months Ended									Nine Months Ended
	June 30,									June 30,
		2023			2022		Change				2023			2022		Change
Adjusted Revenue
Revenue	$	102,241		$	66,440		$	35,801		$	274,385		$	327,940		$	(53,555	)
Less: FEMA task orders to support Alaska (a)		—			(5,116	)		5,116			—			125,773			(125,773	)
Adjusted Revenue	$	102,241		$	71,556		$	30,685		$	274,385		$	202,167		$	72,218

Adjusted Operating Income
Operating Income	$	7,107		$	7,114		$	(7	)	$	16,920		$	28,588		$	(11,668	)
Corporate development costs (b)		—			—			—			1,735			—			1,735
Less: FEMA task orders to support Alaska (c)		—			608			(608	)		—			12,479			(12,479	)
Adjusted Operating Income	$	7,107		$	6,506		$	601		$	18,655		$	16,109		$	2,546

EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue & Adjusted EBITDA Margin on Adjusted Revenue
Net Income	$	1,738		$	4,864		$	(3,126	)	$	4,090		$	19,846		$	(15,756	)
Depreciation and amortization		4,280			1,873			2,407			11,281			5,740			5,541
Interest expense		4,917			512			4,405			11,512			1,739			9,773
Income tax expense		452			1,738			(1,286	)		1,319			7,003			(5,684	)
EBITDA	$	11,387		$	8,987		$	2,400		$	28,202		$	34,328		$	(6,126	)
Corporate development costs (b)	$	—		$	—		$	—		$	1,735		$	—		$	1,735
Less: FEMA task order to support Alaska (c)		—			608			(608	)		—			12,479			(12,479	)
Adjusted EBITDA	$	11,387		$	8,379		$	3,008		$	29,937		$	21,849		$	8,088
Net income margin on Revenue		1.7	%		7.3	%					1.5	%		6.1	%
EBITDA Margin on Revenue		11.1	%		13.5	%					10.3	%		10.5	%
Adjusted EBITDA Margin on Adjusted Revenue		11.1	%		11.7	%					10.9	%		10.8	%

(a): Represents revenue adjusted to exclude revenue from the short-term FEMA task orders during the three and nine months ended June 30, 2022.

(b): Represents corporate development costs we incurred to complete the GRSi transaction. These costs primarily include legal counsel, financial due diligence, customer market analysis and representation and warranty insurance premiums.

(c): Adjusted operating income represents the Company’s consolidated operating income, determined in accordance with GAAP, adjusted to add the corporate development costs associated with the GRSi acquisition for fiscal year 2023 and adjusted to exclude the operating income derived from the FEMA task orders. Operating income for the FEMA task orders is derived by subtracting contract costs of ($5.7) million from the revenue attributable to such task orders during the three months ended June 30, 2022 of ($5.1) million. Similarly, for the nine months ended June 30, 2022 operating income for the FEMA task orders is derived by subtracting from the revenue attributable to the tasks orders of $125.8 million the following amounts associated with such task orders: contract costs $112.1 million and general & administrative costs of $1.2 million.

_______________________________
¹ Adjusted Operating Income, EBITDA, Adjusted EBITDA, EBITDA Margin on Revenue, and Adjusted EBITDA Margin on Adjusted Revenue are non-GAAP financial measures. See “Non-GAAP Financial Measures” below for additional detail.

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Artificial Intelligence

ADQ Appoints Modon as Master Developer for Ras El Hekma Megaproject in Egypt

Published

1 day ago

October 4, 2024

CISION (PR Newswire)

adq-appoints-modon-as-master-developer-for-ras-el-hekma-megaproject-in-egypt

In the presence of Mohamed bin Zayed Al Nahyan and Abdel Fattah El-Sisi
The event marked the signing of several significant agreements aimed at driving the development of the new destinationABU DHABI, UAE, Oct. 4, 2024 /PRNewswire/ — In the presence of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, ADQ, an Abu Dhabi-based investment and holding company, appointed Modon Holding PSC as the master developer for the Ras El Hekma megaproject.

In addition to being master developer for the entire development spanning 170 million square metres, Modon Holding will undertake the responsibility of the developer role for the first phase of the envisaged city consisting of 50 million square metres.
The remaining 120 million square metres, which are part of the master plan presented by Modon Holding, will be developed in partnership with prominent developers from Egypt, the UAE, and the international community under the oversight of the recently established ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.
This iconic project represents a major milestone for Modon Holding by significantly increasing its land under development outside the UAE. Ras El Hekma is located around 350 kilometres northwest of Cairo and envisioned as a fully functional, smart, sustainable, and inclusive urban community situated against the scenic coastline.
The project is expected to become a powerful economic engine, with cumulative investments anticipated to reach US$110 billion by 2045, an annual GDP contribution of around US$25 billion, and approximately 750,000 jobs to be created, both directly and indirectly.
Upon completion, the development will be home to two million people and feature more than 40 kilometres of green spines, set to make Ras El Hekma the greenest megaproject in the region.
As a result of Ras El Hekma’s location within a four-hour flight for over 400 million outbound tourists, the establishment of tourism infrastructure will be a priority during the first phases of the development, encompassing an international airport as well as high-speed rail connectivity. The masterplan also includes residential areas, office spaces, hospitality venues, retail, leisure, and recreation facilities.
Ras El Hekma will have an international marina and a special free zone. Additionally, Modon Holding will look to develop infrastructure to support a range of high-growth industries, including business services, financial services, light manufacturing, and technology.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, Chairman of Modon Holding, said, “Ras El Hekma is destined to become a regional crown jewel in a country already famed for its rich and diverse attractions. Modon Holding is proud to bring this 170-million-square-metre visionary megaproject to life, leveraging our expertise and innovative approach. With our partners, we are poised to transform Ras El Hekma into a dynamic economic powerhouse and a global model for urban development.”
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, said, “As a project of unprecedented scale and impact, Ras El Hekma will be a catalyst for the development of Egypt’s economy by offering opportunities for businesses and stimulate tourism. Modon Holding brings a wealth of expertise in master planning and will pioneer state-of-the-art, innovative solutions, creating a destination that will deliver long-term value for Egypt and its people.”
Bill O’Regan, Group CEO of Modon Holding, said, “The Ras El Hekma destination is one of the Group’s most significant investment and development projects outside the UAE. The project provides an incredible development pipeline, and Modon Holding looks forward to delivering a destination that will be an exceptional experience for visitors and residents alike.”
During the ceremony, Modon Holding PSC engaged with the initial major partners to join in the development of the Ras El Hekma megaproject on Egypt’s stunning Mediterranean coast.
Ras El Hekma is set to become a leading urban and tourist hub, boasting a wide array of attractions and amenities. Modon Holding aims to harness its large-scale development expertise, collaborating with local, regional, and global partners to bring this visionary destination masterplan to life.
These collaborative efforts, combined with a focus on diverse entertainment, sports, cultural events, and top-tier community management, will position Ras El Hekma as a premier Mediterranean destination.
While the immediate focus is on tourism and hospitality, Modon’s long-term vision for the 170-square-metre site also includes business services, financial services, light manufacturing, and technology.
Modon Engages First Batch of Investors and Partners in Landmark Ceremony
On 4th October, in a momentous ceremony attended by President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Egyptian President His Excellency Abdel Fattah El-Sisi, Modon proudly initiated the engagement of its first group of investors and partners.
The event marked the signing of several significant agreements aimed at driving the development of the new destination:
– A framework agreement with Orascom Construction, designating them as one of the primary contractors for the initial phase of the project.
– A memorandum of understanding with Elsewedy Electric to explore opportunities for supplying building materials and collaborating on industrial parks, manufacturing, operations, and maintenance.
– A memorandum of understanding with Abu Dhabi Airports to collaborate in airport strategic planning, design, development, and operational support.
– A memorandum of understanding with TAQA to explore cooperation opportunities in relation to the development, financing, and operation of greenfield utilities infrastructure projects, water desalination projects, electricity transmission and distribution projects and wastewater projects.
– A memorandum of understanding with Valderrama for the development and operation of golf communities.
– A memorandum of understanding with e& Egypt to facilitate the design and implementation of smart city infrastructure, including digital connectivity, fiber networks, and 5G; smart building technologies and IoT-enabled solutions for residential and commercial properties; city-wide data collection, monitoring, and analytics systems; smart utilities, encompassing automated energy management, water, and waste systems; smart transportation systems; and any other mutually agreed smart city services.
– A memorandum of understanding with Candy International aims to explore luxury real estate development opportunities, leveraging Candy’s extensive international reach.
– A memorandum of understanding with Montage International for the development and management of luxury hotels in Ras El Hekma.
– A memorandum of understanding with Accor and Ennismore to operate hotels and resorts in Ras El Hekma.
– Finally, a memorandum of understanding with Burjeel Holding to develop multi-specialty healthcare facilities, implement innovative healthcare solutions, provide medical training programmes, and collaborate on public health initiatives and community wellness programmes.
These strategic partnerships underscore Modon’s commitment to creating a world-class destination, fostering innovation, and enhancing the quality of life for Ras El Hekma’s future residents.
His Excellency Jassem Mohamed Bu Ataba Al Zaabi, said, “Ras El Hekma represents a visionary and multifaceted endeavour that promises to make a substantial contribution to the Egyptian economy. Crafting a masterplan of such scale demands specialised expertise and capabilities across diverse industries, which can only be realised through robust strategic partnerships. We look forward to working with our partners present and future in harnessing the full potential of this extraordinary location.”
Bill O’Regan, said, “Ras El Hekma is an extraordinarily ambitious and complex project that will significantly contribute to the Egyptian economy through various stages of planning, design, and construction, ultimately bringing this new destination to life. Developing and delivering a masterplan of this magnitude requires sector-specific expertise and capabilities across a wide range of industries and is achievable only through strong strategic partnerships.”
About ADQEstablished in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and transport and logistics, amongst others. As a strategic partner to the Government of Abu Dhabi, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to [email protected]. You can also follow ADQ on Instagram, LinkedIn and X.
About Modon HoldingModon develops vibrant communities, unique hospitality and lifestyle experiences, and world-class sports facilities. Based in Abu Dhabi, Modon Holding is a Private Joint Stock company listed on the ADX Growth Market with the shareholding of ADQ and the IHC Group being our majority shareholders. Through a diversified business portfolio in the UAE, we are engaged in strategic investment and innovation on an unrivalled scale, shaping future smart living. Our goal is to deliver long-term, sustainable value, laying the foundations for intelligent, connected living.
Ras El-Hekma Urban Development Project CompanyA wholly owned subsidiary of ADQ, an Abu Dhabi-based investment and holding company, Ras El Hikma Urban Development Project Company S.A.E. (RED) is mandated to oversee the execution of the Ras El Hekma project, a 170 million square meter visionary megacity located on Egypt’s north coast. Established in March 2024 and based in Egypt, RED holds the ownership rights of the Ras El-Hekma as well as responsibility for the implementation of the multi-phase project together with its partners, which include Modon Holding as the master developer.
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Artificial Intelligence

Electronic Access Control Systems Market Set for Significant Expansion, with Projected Growth to USD 16 Billion by 2031: Market Research Intellect

Published

2 days ago

October 4, 2024

CISION (PR Newswire)

The Electronic Access Control System market is driven by increasing security concerns and advancements in technology. As businesses and institutions face growing threats, there is a rising demand for sophisticated access control solutions to protect assets and data. Technological innovations, including biometrics, IoT integration, and cloud-based systems, enhance system functionality and appeal. Additionally, the trend toward smart buildings and stringent regulatory requirements further fuels the market’s expansion, reflecting a broadening need for advanced security solutions.
LEWES, Del., Oct. 4, 2024 /PRNewswire/ — The Electronic Access Control System market is projected to grow from approximately USD 10 billion in 2024 to USD 16 billion by 2031, achieving a compound annual growth rate (CAGR) of around 7.5%. This growth is driven by rising security needs, advancements in technology, and increased adoption of smart and connected security solutions across various sectors.

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202 – Pages126 – Tables37 – Figures
Scope Of The Report
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand).
SEGMENTS COVERED
By Type, By Application And By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
Electronic Access Control System Market Overview
Market Size and Growth:The Electronic Access Control System market is experiencing robust growth, expected to expand from approximately USD 10 billion in 2024 to USD 16 billion by 2031, representing a compound annual growth rate (CAGR) of about 7.5%. This growth trajectory is driven by the increasing need for enhanced security solutions across various sectors, including commercial, residential, and industrial applications. The rising concerns over security breaches and unauthorized access are prompting organizations to invest in advanced access control technologies. Additionally, the growing adoption of smart buildings and connected infrastructure contributes to the market’s expansion, as these technologies offer more efficient and scalable security solutions. As the demand for higher security standards continues to rise, the EACS market is poised for substantial growth in the coming years.Technological Advancements:The EACS market is significantly influenced by rapid technological advancements. Innovations such as biometric authentication, including fingerprint and facial recognition, are enhancing the capabilities of access control systems, providing more secure and user-friendly solutions. The integration of Internet of Things (IoT) technology allows for remote monitoring and management of access control systems, increasing their flexibility and effectiveness. Cloud-based solutions are also gaining traction, offering scalable and cost-effective options for businesses of all sizes. These technological advancements not only improve security but also streamline system management and integration with other smart technologies. As the technology continues to evolve, the EACS market is expected to benefit from more sophisticated, efficient, and adaptable access control solutions that meet the growing demands for security and convenience.Market Drivers:The primary drivers of the EACS market include heightened security concerns and the need for compliance with regulatory standards. Organizations across various sectors are increasingly investing in advanced access control solutions to safeguard their assets, sensitive information, and personnel. The growing frequency of security breaches and unauthorized access incidents further amplifies the need for reliable and robust security systems. Additionally, the trend toward smart buildings and the integration of IoT technology are driving market growth by offering more sophisticated and interconnected security solutions. Regulatory requirements related to data protection and physical security are also influencing the adoption of EACS, as businesses seek to meet these standards while ensuring the safety and security of their operations.Regional Insights:The EACS market shows varying growth patterns across different regions. North America and Europe lead the market due to their high adoption rates of advanced security technologies and stringent regulatory requirements. In these regions, the emphasis on high-security standards and the presence of major market players contribute to significant market growth. Conversely, the Asia-Pacific region is emerging as a key growth area due to rapid urbanization, industrialization, and increasing investments in infrastructure development. Countries such as China and India are witnessing a surge in demand for electronic access control systems as they modernize their infrastructure and enhance security measures. The diverse regional dynamics reflect varying levels of market maturity and growth opportunities, influencing the overall global market landscape.Download Sample Report Now: https://www.marketresearchintellect.com/download-sample/?rid=194769Market Segmentation:The EACS market can be segmented based on type, application, and technology. Key types include biometric systems, card-based systems, and electronic locks. Biometric systems are gaining popularity for their high security and convenience, while card-based systems remain widely used due to their affordability and ease of integration. Electronic locks offer versatile security options for both residential and commercial applications. In terms of application, the market serves commercial buildings, residential complexes, government facilities, and industrial sites. Each segment has unique requirements and preferences, driving the development of specialized solutions. Technology-wise, advancements such as IoT integration, cloud-based systems, and mobile access are shaping the market, offering improved functionality and user experience. Understanding these segments helps stakeholders tailor their offerings to meet diverse market needs effectively.Challenges:Despite its growth, the EACS market faces several challenges. High initial investment costs can deter small and medium-sized enterprises (SMEs) from adopting advanced access control solutions. Integration complexities, particularly with existing security infrastructure, can also pose hurdles for implementation. Additionally, concerns about data privacy and cybersecurity risks associated with connected systems may affect market adoption. The rapid pace of technological advancements requires continuous updates and upgrades, adding to the cost and complexity of maintaining access control systems. Addressing these challenges involves developing cost-effective solutions, enhancing system compatibility, and ensuring robust cybersecurity measures. Overcoming these obstacles is crucial for market players to successfully expand their customer base and capture emerging opportunities in the evolving security landscape.Competitive Landscape:The EACS market is characterized by intense competition, with numerous players vying for market share. Major companies include Honeywell, Johnson Controls, ASSA ABLOY, and Allegion, each offering a range of innovative products and solutions. These players focus on technological advancements, strategic partnerships, and mergers and acquisitions to strengthen their market positions. Additionally, emerging players and startups are introducing novel solutions, contributing to market dynamism and innovation. Competitive strategies involve differentiating products through advanced features, improving customer service, and expanding distribution channels. As the market evolves, companies must stay ahead of technological trends and customer demands to maintain a competitive edge and drive growth in a rapidly changing environment.Future Outlook:The future outlook for the EACS market is promising, with continued growth expected as security concerns and technological advancements drive demand. Emerging trends such as the integration of artificial intelligence (AI) and machine learning are likely to enhance system capabilities, providing more proactive and intelligent security solutions. The growing emphasis on smart cities and connected infrastructure will further propel market growth, as EACS plays a crucial role in modernizing urban environments. Additionally, increasing awareness of data privacy and security will lead to greater adoption of advanced access control systems. As the market evolves, stakeholders should focus on innovation, user experience, and addressing emerging security challenges to capitalize on future opportunities and sustain long-term growth.Geographic Dominance:
The Electronic Access Control System market exhibits significant geographic dominance, with North America and Europe leading due to their advanced infrastructure and stringent regulatory standards. North America, particularly the United States, holds a substantial share of the market, driven by high security concerns, technological advancements, and a robust presence of major EACS providers. Europe follows closely, with countries like the UK, Germany, and France investing heavily in security solutions due to strict regulations and high adoption rates. Meanwhile, the Asia-Pacific region is emerging as a major growth area, fueled by rapid urbanization, industrial expansion, and increasing investments in smart infrastructure. Countries such as China and India are witnessing rising demand for advanced access control systems as they modernize and enhance their security measures. The diverse regional dynamics highlight varying levels of market maturity and growth potential across the globe.
Electronic Access Control System Market Key Players Shaping the Future
The Electronic Access Control System market is significantly influenced by key players such as Honeywell International Inc., Johnson Controls International plc, ASSA ABLOY Group, Allegion plc, Schlage (a brand of Allegion), Bosch Security Systems, Tyco International Ltd., and HID Global (an ASSA ABLOY Group brand). These companies are at the forefront of technological innovation and market development, shaping the future of access control solutions through their advanced products and strategic initiatives.
Electronic Access Control System Market Segment Analysis
The Electronic Access Control System market is segmented based on By Type, By Application and Geography, offering a comprehensive analysis of the industry.
By Type:
Biometric Systems: These systems use unique biological characteristics, such as fingerprints, facial recognition, and iris scans, to provide secure access. They offer high security and are increasingly adopted in sensitive areas.Card-Based Systems: These systems use magnetic stripe cards, smart cards, or proximity cards to control access. They are popular due to their affordability, ease of use, and integration capabilities.Electronic Locks: These include keypads, smart locks, and other electronic mechanisms that can be controlled remotely or via electronic credentials. They are versatile and used in various residential and commercial settings.By Application:
Commercial Buildings: EACS in commercial buildings includes office complexes, retail spaces, and hospitality venues. These systems focus on managing employee access, visitor control, and security integration.Residential Complexes: Access control systems for residential complexes include apartment buildings and gated communities, emphasizing security and convenience for residents.Government Facilities: High-security access control solutions are used in government buildings, military bases, and other critical infrastructure to ensure tight security and regulatory compliance.Industrial Sites: EACS for industrial sites manage access to sensitive areas, protect valuable assets, and ensure safety compliance in manufacturing and industrial environments.By Geography:
North America: This region leads the market due to high adoption rates of advanced security technologies, stringent regulations, and a strong presence of major market players.Europe: Europe follows closely, with significant market activity in countries such as the UK, Germany, and France, driven by regulatory standards and high security needs.Asia-Pacific: The Asia-Pacific region is emerging as a key growth area, with increasing urbanization, industrial expansion, and investments in smart infrastructure driving demand for EACS.Latin America: Growth in Latin America is fueled by increasing security concerns and infrastructural development, with a growing adoption of electronic access solutions.Middle East and Africa: The market in this region is expanding due to rising security needs and infrastructure projects, with increasing investments in advanced access control technologies. Automotive And Transportation:
The Electronic Access Control System market within the automotive and transportation sector is experiencing notable growth, driven by advancements in vehicle security and the need for enhanced access management. In vehicles, EACS technology includes electronic locks, biometric systems, and keyless entry solutions that improve convenience and security for drivers and passengers. These systems are increasingly integrated into both commercial and personal vehicles, offering features such as remote access control, advanced theft prevention, and personalized settings. In the transportation sector, EACS is utilized for secure access to restricted areas within transportation hubs, including airports, train stations, and cargo facilities. This enhances the management of personnel and vehicle access, contributing to overall safety and operational efficiency. As the demand for smarter and more secure transportation solutions grows, the EACS market is expected to expand, driven by ongoing innovations and the increasing adoption of connected technologies.
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Artificial Intelligence

System-on-Chip (SoC) Market worth $205.97 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

2 days ago

October 4, 2024

CISION (PR Newswire)

DELRAY BEACH, Fla., Oct. 4, 2024 /PRNewswire/ — The System-on-Chip (SoC) market is projected to grow from USD 138.46 billion in 2024 and is estimated to reach USD 205.97 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the System-on-Chip (SoC) market is driven with the increasing trend of SoC in automotive industry along with the adoption of IoT and connected devices that require SoCs to carry out real time processing. Moreover, the surging adoption of AI and machine learning technologies is likely to fuel the demand for system-on-chips.

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Browse in-depth TOC on “System-on-Chip (SoC) Market”
250 – Tables73 – Figures326 – Pages
System-on-Chip (SoC) Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 138.46 billion
Estimated Value by 2029
$ 205.97 billion
Growth Rate
Poised to grow at a CAGR of 8.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Core Count, Core Architecture, Device and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Rapid technological changes challenge SoC longevity
Key Market Opportunities
Growing penetration of AI PCs and GenAI smartphones
Key Market Drivers
Rising adoption of ADAS in autonomous vehicles to fuel the growth of automotive SoCs
By core architecture, RISC-V is projected to grow at a high CAGR for system-on-chip market during the forecast period
The market for System-on-Chips (SoC) for RISC-V architecture segment is expected to grow at highest CAGR during the forecast period. The RISC-V architecture is bound to grow at a higher rate in view of the flexibility, cost, and scalability advantages it has over others, driving wide adoption across diversified applications. The open-source nature of the architecture is one of the major growth drivers because it reduces licensing costs and accelerates innovation since customizations are allowed for use cases as per various needs. This flexibility is valuable in the emerging and high-growth sectors of AI, 5G, and IoT, where a solution that is tailor-made to complex requirements needs to be provided. For instance, in May 2024, Arteris, Inc. (US) and Andes Technology Corporation (Taiwan) partnered to develop the Andes Qilai RISC-V platform. It incorporates the high-performance RISC-V processor IPs from Andes Technology Corporation (Taiwan) and the FlexNoC interconnect IP from Arteris, Inc. (US). Their joint effort shows their efforts towards advancing RISC-V based SoC designs for a wide range of applications, which include AI, 5G, Networking, Mobile, Storage, AIoT, and Space. With open-source RISC-V model, such developments further continue to accelerate innovation and drive adoption in these high-growth areas, positioning RISC-V as the choice for future technology roadmaps.
The automotive segment in System-on-Chip (SoC) market will account for the high CAGR from 2024 to 2029
The SoC market for automotive segment will grow at highest CAGR during the forecast period. The SoCs integrated in automotive applications enable enhanced performance, reduced power consumption, and compact designs, which makes them essential for numerous vehicle systems. The automotive segment will experience growth due to the increasing adoption of advanced driver assistance systems (ADAS), infotainment systems, and the rising popularity of electric vehicles. EVs rely heavily on sophisticated electronics for battery management, powertrain control, and energy efficiency optimization, all of which require advanced SoCs. For instance, in June 2024, Intel Corporation (US) launched OLEA U310 SoC chip for automotive applications. It is developed to improve the performance of electric vehicles. This chip combines hardware and software in one SoC to enable seamless operation across various EV station platforms. They are designed to manage the complex systems within EVs. It ensures optimal performance, safety, and extended range. The increasing complexity of autonomous driving systems, along with the demand for safer and more reliable vehicles fuels the adoption of SoCs in the automotive industry, driving significant growth in this segment.
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Asia Pacific is expected to register the highest CAGR during the forecast period
The system-on-chip (SoC) industry in Asia Pacific includes economies such as South Korea, Japan, China, and India and Rest of Asia Pacific. The Rest of Asia Pacific countries include Australia, Singapore, the Philippines, Taiwan, Thailand, and Indonesia. There is a presence of leading SoC manufacturers in this region including MediaTek Inc. (Taiwan), Samsung (South Korea), Infineon Technologies AG (Germany), and Renesas Electronics Corporation (Japan). The Asia-Pacific region is still the biggest revenue generator in terms of SoC market globally due to the fast-growing consumer electronics and mobile device-related sectors. Other regions considered as major manufacturing centers in the world are China, South Korea, Japan, and India for making the latest smartphones, tablets, and other consumer electronic products that require state-of-the-art SoCs for delivering high performance, energy efficiency, and integrated functionalities. A highly and technologically advanced population in the region has always formed the basis for a sustained demand in terms of innovative and feature-rich devices, thereby showing sustainable growth in the SoC market. Automotive and industrial automation are another major sector driving the SoC market in Asia Pacific. This region contains some of the largest automobile manufacturers in the world, such as Hyundai Motor Company (South Korea), Toyota (Japan), and Tata Motors Limited (India). These car manufacturers are now putting SoCs into their automobiles so that they are equipped with ADAS capabilities, infotainment features, and autonomous driving technologies.
Key Players
Key companies operating in the System-on-Chip (SoC) companies are Qualcomm Technologies, Inc. (US), MediaTek Inc. (Taiwan), Samsung (South Korea), Apple Inc. (US), Broadcom (US), Intel Corporation (US), Advanced Micro Devices, Inc. (US), NVIDIA Corporation (US), HiSilicon (China), Microchip Technology Inc. (US), among others.
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