Artificial Intelligence

DLH Reports Fiscal 2023 Third Quarter Results

Published

2 months 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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complycube-unveils-no-id-age-estimation-to-address-growing-global-age-restriction-regulations

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Through keynotes on the main stage and further breakout stages, attendees will gain on some of the most pressing topics including:
Creating an Exponential Organization in the Modern EraThe Adaptive Enterprise – HR Technology in the Age of AITech & Human Harmony in a Hyper-Connected WorldHarnessing the Power of Resilience and ReinventionMastering Employee Connection and the Social Contract in Today’s Talent LandscapeThe speaker roster itself is star-studded with 200+ of the best in the HR industry with speakers including:
Jean-Claude Le Grand, CHRO, L’OréalKatarina Berg, CHRO, SpotifyJosh Bersin, Founder & CEO, The Josh Bersin CompanyNatalia Wallenberg, CHRO, Ahold DelhaizeSalim Ismail, Founder, OpenExOAnika Grant, CPO, UbisoftThierry Baril, CHRO, AirbusBeatriz Rodriguez, Chief Talent and DEIB Officer, BayerReza Moussavian, VP of People Products, ZalandoMaud Alvarez-Pereyre, Chief People & Transformation Officer, LVMHAndrew Elston, Global Head, Workforce Strategy Enablement, HSBCLaura Hingel, Global Head of Talent & Employer Branding, Christian DiorHenrik Hansen, VP Global Head of Integrated People Services, PhilipsDenise King, Vice President, Global Benefits and Payroll, MedtronicArtur Nejmark, Head of HRIS Operations, Volvo GroupIntroducing the UNLEASH World Startup Program: A veritable launchpad for trailblazing entrepreneurs in the HR and Future of Work. UNLEASH has been the launchpad for the future of HR Tech, this high-impact platform has already seen its network of startups raise an astounding €10 billion in funding. 2023 UNLEASH World Startup Award offers an unparalleled opportunity for early-stage companies to break through. Established in 2011, this accolade has proven to be more than just a trophy; it’s a gateway to funding and exponential growth. Our last four champions and runner-up’s secured game-changing funding within months. Those interested in entering the award can find out more here.
For more information, including the agenda and how to register for the event, visit https://www.unleash.ai/unleashworld.
About UNLEASH
UNLEASH is the go-to marketplace for human resources and breakthrough technologies that shape the future of work, and is an essential source of news, analysis and market trends that inspire and empower organisational leaders worldwide. UNLEASH is a platform to share ideas that work, network and do business, and its mission is to be the world’s number one destination and marketplace for human resources, recruitment and learning leaders globally. UNLEASH is headquartered in London, UK with operations across Europe and the United States.

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Artificial Intelligence

BACARDÍ® RUM TO LAUNCH THE FIRST A.I. POWERED ALBUM PRODUCED BY GRAMMY WINNER BOI-1DA

Published

12 hours ago

October 2, 2023

CISION (PR Newswire)

bacardi-rum-to-launch-the-first-ai.-powered-album-produced-by-grammy-winner-boi-1da

The latest evolution of the iconic rum brand’s Music Liberates Music programme will use cutting-edge generative A.I. software to give a global collective of artists including UK singer/songwriter Bellah access to Boi-1da’s best-in-class production talent.
HAMILTON, Bermuda, Oct. 2, 2023 /PRNewswire/ — Continuing its mission to support emerging talent, BACARDÍ and Grammy Award-winning producer Boi-1da are once again partnering to launch this year’s evolution of the longstanding ‘Music Liberates Music’ programme: The A.I. Powered Album. Dropping this November, The A.I. Powered Album will champion works by five global up-and-coming artists in a one-of-a-kind project exploring how A.I. can be positively leveraged to provide emerging talent unprecedented opportunities. For the first time since the campaign’s inception, each artist will have the opportunity to try out multiple demos with Boi-1da’s star-powered beats, using a generative A.I. trained on the award-winning producer’s sound, to ultimately finalise one incredible track. Together, the tracks will be offered to fans as the first-ever A.I. powered EP produced by Boi-1da.

The A.I. Powered Album will feature tracks from UK-based singer Bellah as well as Ghanian-raised rapper Blackway, American R&B singers Floyd Fuji and Kyle Dion, and Canadian R&B artist Savannah Ré. Over several weeks, each artist will feed their tracks into a state-of-the-art generative A.I. tool, which has been trained on a selection of beats from Boi-1da’s unreleased catalogue and will learn the sounds and cadence of his unique musical style. After submitting their demos to Boi-1da, each artist will work alongside him to refine their works, resulting in the EP’s final set of songs to be released this November.
Bellah, from North London, has a special knack for gliding over classic R&B instrumentals and captivating audiences. With a handful of EPs under her belt, the burgeoning British/Nigerian singer/songwriter has proven why she is at the forefront of the UK R&B industry. In her third and most recent piece, Adultsville, Bellah explores what it means to evolve into a woman in the modern world. It’s the inner page of a journal that, in looking back on her life and work as a whole, she describes as the “most transforming, traumatic, eye-opening, beautiful, and awful chapter of my life.”
With a style that combines traditional R&B with an Afro influence, Bellah’s very likable and sincere lyricism shines just as brightly as her voice. Her British-Nigerian ancestry lends an Afro influence to that unfiltered R&B, a sound that has been praised by Complex and BBC 1Xtra, which named her first hit their Track Of The Week. As a rising star in the music and entertainment industry, she’s already garnered a MOBO nomination, cementing her status as one of the most promising talents in the UK music scene. With over 1 million monthly listeners on Spotify, Bellah has captivated a wide audience with her music.
As with each Music Liberates Music programme, all proceeds from the project will directly benefit the participating artists. All copyright and subsequent revenue from the tracks will remain with the artists and Boi-1da. Fans can enjoy The A.I. Powered Album available for purchase as a limited-edition vinyl as well as for free on streaming platforms, such as Spotify, this November.
“This is the fifth year we’re bringing Music Liberates Music back for artists and fans alike. We’re proud to continually support emerging talent with new resources that fuel creativity and collaboration,” said Laila Mignoni, Global Head of Brand Marketing Communications for BACARDÍ rum. “Ultimately, our goal is to provide opportunity and access to rising artists in the industry, so it’s been exciting to broaden Boi-1da’s capabilities, allowing him to work with multiple artists on multiple tracks, simultaneously as one producer. We know the conversation around AI has been a challenging one, so approaching this project with the utmost respect and protection for the artist was key in developing this new tool. The technology is, and always should be, complementary to each artist’s work and protective of all the creatives involved.”
“I’m thrilled to work with BACARDÍ on this ground-breaking new iteration of Music Liberates Music exploring AI as a tool to enrich human creativity,” says Boi-1da. “One of the most fulfilling responsibilities I have as a producer is to work with up-and-coming talent. Through the A.I. Powered Album, we’ve provided unprecedented access to my personal production style. I’m able to work with an international collective of artists simultaneously, while still honouring their creative autonomy. Music as an art has continually grown thanks to innovative technology, and with AI, I believe we can revolutionise the music industry for good if we view it as a way to provide opportunities that enhance music’s human element, rather than replace it.”
For more information and updates on the launch of The A.I. Powered Album follow @bacardi_uk on all social channels or visit Bacardi.com.
About BACARDÍ® Rum – The World’s Most Awarded Rum In 1862, in the city of Santiago de Cuba, founder Don Facundo Bacardi Massó revolutionized the spirits industry when he created a light-bodied rum with a particularly smooth taste – BACARDÍ. The unique taste of BACARDÍ rum inspired cocktail pioneers to invent some of the world’s most famous recipes including the BACARDÍ Mojito, the BACARDÍ Daiquiri, the BACARDÍ Cuba Libre, the BACARDÍ Piña Colada and the BACARDÍ El Presidente. BACARDÍ rum is the world’s most awarded spirit, with more than 1,000 awards for quality, taste and innovation. Today, BACARDÍ rum is made mainly in Puerto Rico where it is crafted to ensure the taste remains the same today as it did when it was first blended in 1862. http://www.BACARDÍ.com/
The BACARDÍ brand is part of the portfolio of Bacardi Limited, headquartered in Hamilton, Bermuda. Bacardi Limited refers to the Bacardi group of companies, including Bacardi International Limited.
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