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Secureworks Announces First Quarter Fiscal 2025 Results

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ATLANTA, June 6, 2024 /PRNewswire/ — Secureworks (NASDAQ: SCWX), a global leader in cybersecurity, today announced financial results for its first quarter fiscal 2025, which ended on May 3, 2024.

Key Highlights
Taegis™ first quarter revenue grew 10% year-over-year to $69.1 million.Taegis annual recurring revenue (ARR) grew to $287 million, an increase of 7% on a year-over-year basis.Taegis GAAP gross margin and non-GAAP gross margin continued to expand in the first quarter, reaching 71.9% and 74.3%, respectively.”This quarter, we launched new product capabilities targeting high-risk attack vectors and added two high-profile partners in Japan as we expand our Global Partner program,” said Wendy Thomas, CEO, Secureworks. “As the open platform of choice, Taegis enables customers to streamline spend, reduce risk, and evolve their tech stack over time. Our innovation, combined with an open platform approach to XDR, sets the industry standard for security outcomes globally. This compelling proposition benefits our partner community and fuels our business growth.”
“The continued expansion of our Taegis gross margin reflects our ongoing focus on operational efficiencies driven by our investments in AI and unique cloud architecture, while delivering strong security outcomes to our customers,” said Alpana Wegner, Chief Financial Officer, Secureworks. “Delivering on our first quarter financial commitments furthers our confidence in achieving our fiscal 2025 outlook.”
First Quarter Fiscal 2025 Financial Highlights
Total revenue for the first quarter was $85.7 million, compared to $94.4 million in the first quarter of fiscal 2024, reflecting the strategic wind-down of our legacy Other MSS business.Taegis revenue for the first quarter was $69.1 million, compared to $62.6 million in the first quarter of fiscal 2024.GAAP gross profit was $57.8 million, compared with $51.6 million in the first quarter of fiscal 2024. Non-GAAP gross profit was $59.9 million, compared with $56.6 million during the same period last year.GAAP gross profit specific to Taegis was $49.6 million, compared with $42.7 million in the first quarter of fiscal 2024. Non-GAAP Taegis gross profit was $51.3 million, compared with $43.8 million during the same period last year.GAAP gross margin for the first quarter was 67.5%, compared with 54.7% in the same period last year. Non-GAAP gross margin was 69.9%, compared with 59.9% in the first quarter of fiscal 2024.GAAP Taegis gross margin was 71.9% for the quarter, compared with 68.2% in the same period last year. Non-GAAP Taegis gross margin was 74.3%, compared with 70.0% in the first quarter of fiscal 2024.GAAP net loss was $36.1 million for the first quarter, or $0.41 per share, compared with GAAP net loss of $31.0 million, or $0.36 per share, in the same period last year. GAAP net loss in the current quarter was driven by a $26.2 million valuation allowance recorded as a result of our tax deconsolidation from Dell Technologies Inc.Non-GAAP net income was $4.2 million, or $0.05 per share, compared with non-GAAP net loss of $17.1 million, or $0.20 per share, in the same period last year.Adjusted EBITDA for the quarter was $5.6 million, compared with adjusted EBITDA loss of $20.1 million in the first quarter of fiscal 2024, exceeding guidance and representing an adjusted EBITDA margin of 6.6%.The company ended the first quarter with $47.0 million in cash and cash equivalents and no borrowings on its credit facility.Business and Operational Highlights
Launched Taegis Network Detection and Response (NDR), a fully managed cloud offering with on-premises protection, leveraging AI to uncover hidden threats and integrating threat prevention, detection and response to halt malicious activity on the network.Introduced our advanced integration between Taegis XDR and Taegis VDR, enabling customers and partners to view known vulnerabilities in context of threat data to expedite investigation and remediation plans.Expanded our Global MSSP Partner Program with the addition of Softbank Corp., a global telecommunications company, providing Managed Detection and Response (MDR) services powered by our Taegis XDR platform.Entered into an incident response partnership with Tokio Marine & Nichido Fire Insurance Co., Ltd, a market leading insurance company in Japan.Recognized as a leader in the 2024 MDR Radar from Frost & Sullivan for our transparency, collaborative approach, and focus on the customer underpin the company’s success in the MDR sector.Ranked as a Major Player in 2024 IDC Worldwide MDR MarketScape.Recognized with a CIO 100 award for Integrated AI for Better Security Operations, acknowledging our innovation in AI and its meaningful impact for our customers, partners, and internal teams.Financial Outlook
For the second quarter of fiscal 2025, the Company expects:
Revenue of $80 million to $82 million.Adjusted EBITDA of $1 to $3 million.Non-GAAP net earnings per share of $0.00 to $0.02.Secureworks is providing the following updated guidance for full fiscal year 2025. The Company expects:
Fiscal Year 2025 Guidance
Total ARR
$300M or Greater
Total revenue
$325M to $335M
Non-GAAP net income
$4M to $10M
$0.05 to $0.11 per share
Adjusted EBITDA
$6M to $12M
Cash from operations
$2M to $8M
Guidance for non-GAAP financial measures excludes amortization of intangibles, stock-based compensation expense, reorganization and other related charges, and the effects of non-GAAP income tax expense (benefit). The Company has not reconciled its forward-looking non-GAAP financial measures to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, reconciliations for forward-looking non-GAAP financial measures are not available without unreasonable effort.
Conference Call Information
As previously announced, the Company will hold a conference call to discuss its first quarter fiscal 2025 results and financial guidance on June 6, 2024, at 8:00 a.m. U.S. ET. A live audio webcast of the conference call and the related supplemental financial information will be accessible on the Company’s website at https://investors.secureworks.com. The webcast and supplemental information will be archived at the same location.
About Secureworks
Secureworks (NASDAQ: SCWX) is a global cybersecurity leader that secures human progress with Secureworks® Taegis™, a SaaS-based, open XDR platform built on 20+ years of real-world detection data, security operations expertise, and threat intelligence and research. Taegis is embedded in the security operations of thousands of organizations around the world who use its advanced, AI-driven capabilities to detect advanced threats, streamline and collaborate on investigations, and automate the right actions.
www.secureworks.com
Operating Metrics
We believe that annual recurring revenue (ARR) is a key operating metric that is useful to measure our business because it is driven by our ability to acquire new subscriptions and expand relationships with existing customers. The Company defines ARR as the value of its subscription contracts as of a particular date. Because the Company uses recurring revenue as a leading indicator of future annual revenue, it includes operational backlog. Operational backlog is defined as the recurring revenue associated with pending contracts, which are contracts that have been sold but for which the service period has not yet commenced.
Explanation of Non-GAAP Financial Measures
In addition to determining results in accordance with U.S. generally accepted accounting principles (GAAP), this press release issued by the Company presents information about our non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP Taegis Subscription Solutions cost of revenue, non-GAAP Managed Security Services cost of revenue, non-GAAP gross profit, non-GAAP Taegis Subscription Solutions gross profit, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss),  non-GAAP net income (loss) before income taxes, non-GAAP income tax expense (benefit), non-GAAP earnings (loss) per share before income taxes, non-GAAP net earnings (loss) per share, adjusted EBITDA, non-GAAP gross margin, and non-GAAP Taegis Subscription Solutions gross margin, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with GAAP.
The Company believes that these non-GAAP financial measures provide useful information about our financial performance by enhancing the overall understanding of our past performance and future outlook, while allowing for increased transparency with respect to important metrics used by management for financial and operational decision-making. Investors are encouraged to review the related GAAP financial measures and the reconciliation of each of these non-GAAP financial measures to each of their most directly comparable GAAP financial measures, while not relying on any single financial measure to evaluate the Company’s business.
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release for each of the fiscal periods presented. As presented in the “Reconciliation of GAAP to Non-GAAP Financial Measures” table below, each of the non-GAAP financial measures excludes one or more of the following items:
“Amortization of Intangible Assets” consists of amortization associated with software development costs capitalized and acquired customer relationships and technology. In connection with the acquisition of Dell by Dell Technologies in fiscal 2014 and our acquisition of Delve Laboratories Inc. in fiscal 2021, our tangible and intangible assets and liabilities associated with customer relationships and technology were accounted for and recognized at fair value on the related transaction date.
“Stock-based Compensation Expense” means non-cash, stock-based compensation expense related to the Company’s equity plan. We exclude such expenses when assessing the effectiveness of our operating performance since stock-based compensation does not necessarily correlate with the underlying operating performance of the business.
“Reorganization and Other Related Charges” means expenses associated with the Company’s plan to align its investments more closely with its strategic priorities, as described in further detail in the Company’s Form 10-K for fiscal year ended February 2, 2024.
Special Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In some cases, you can identify these statements by such forward-looking words as “anticipate,” “believe,” “confidence,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “plan,” “potential,” “outlook,” “should,” and “would,” or similar words or expressions that refer to future events or outcomes. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of risks, uncertainties and other factors that include, but are not limited to, the following: achieving or maintaining profitability; enhancing our existing solutions and technologies and developing or acquiring new solutions and technologies; navigating economic conditions, geopolitical uncertainty and financial market volatility; relying on personnel with extensive information security expertise; successfully implementing our strategic plan to realign and optimize its investments with its priorities; intense competition in the Company’s markets; attracting new customers, retaining existing customers and increasing annual contract values; relying on customers in the financial services industry; managing our growth effectively; maintaining high-quality client service and support functions; the terms of our service level agreements with customers that require credits for service failures or inadequacies; recognizing revenue ratably over the terms of our Taegis security solutions and managed security services contracts; long and unpredictable sales cycles; the risks associated with expansion of the Company’s international sales and operations; the risks associated with proposed or currently enacted tax statutes, including, but not limited to, Internal Revenue Code Section 174; our exposure to fluctuations in currency exchange rates or inflation; the effect of new governmental export or import controls on our business or any international sanctions compliance program applicable to us; expanding our key distribution relationships and technology alliance partnerships; real or perceived defects, errors or vulnerabilities in our solutions or the failure of our solutions to prevent a security breach; the risks associated with cyber-attacks or other data security incidents; the risks associated with our development, use and adoption of artificial intelligence; the ability of our solutions to interoperate with our customers’ IT infrastructure; our ability to use third-party technologies; the impact of evolving information security, cybersecurity and data privacy laws and regulations on our business; maintaining and enhancing our brand; the risks associated with our acquisition of other businesses; the effect of natural disasters, public health issues, geopolitical conflict and other catastrophic events on our ability to serve customers, including the Ukrainian/Russian conflict and the conflict between Israel and Hamas; our reliance on patents to protect its intellectual property rights; protecting, maintaining or enforcing our non-patented intellectual property rights and proprietary information; claims by third parties of infringement of their proprietary technology by us; our use of open source technology; the risks related to the Company’s relationship with Dell Technologies Inc. and Dell Inc. and control of the Company by Dell Technologies Inc., which include, but are not limited to, the effects of our deconsolidation as a part of the Dell Technologies Inc. affiliated tax group; and the volatility of the price of the Company’s Class A common stock. 
This list of risks, uncertainties, and other factors is not complete. The Company discusses these matters more fully, as well as certain risk factors that could affect the Company’s business, financial condition, results of operations and prospects, under the caption “Risk Factors” in the Company’s annual report on Form 10-K, as well as in the Company’s other SEC filings.
Such forward-looking statements include, but are not limited to, the statements in this press release with respect to the Company’s expectations regarding revenue, non-GAAP net earnings (loss) per share, and adjusted EBITDA for the second quarter of fiscal 2025, and total annual recurring revenue (“ARR”), total revenue, non-GAAP net income (loss), non-GAAP net earnings (loss) per share, adjusted EBITDA, and cash from operations for full year fiscal 2025, all of which reflect the Company’s current analysis of existing trends and information.
Any or all forward-looking statements the Company makes may turn out to be wrong and can be affected by inaccurate assumptions the Company might make or by known or unknown risks, uncertainties and other factors, including those identified in this press release. These forward-looking statements represent the Company’s judgment only as of the date of this press release. The Company does not undertake to update, and expressly disclaims any obligation to update, any of its forward-looking statements, whether resulting from circumstances or events that arise after the date the statements are made, new information, or otherwise.
(Tables follow)
SECUREWORKS CORP.
Condensed Consolidated Statements of Operations and Related Financial Highlights
(in thousands, except per share data and percentages)
(unaudited)
Three Months Ended
May 3,2024
May 5,2023
Net revenue:
Subscription
$     72,221
$       77,259
Professional services
13,431
17,136
Total net revenue
85,652
94,395
Cost of revenue:
Subscription
20,816
31,019
Professional services
7,060
11,767
Total cost of revenue
27,876
42,786
Gross profit
57,776
51,609
Operating expenses:
Research and development
24,548
31,172
Sales and marketing
23,901
34,526
General and administrative
18,518
22,263
Reorganization and other related charges
1,476

Total operating expenses
68,443
87,961
Operating loss
(10,667)
(36,352)
Interest and other, net
796
(1,746)
Loss before income taxes
(9,871)
(38,098)
Income tax expense (benefit)
26,205
(7,128)
Net loss
$    (36,076)
$     (30,970)
Loss per common share (basic and diluted)
$        (0.41)
$         (0.36)
Weighted-average common shares outstanding (basic and diluted)
87,512
85,431
 
SECUREWORKS CORP.
Condensed Consolidated Statements of Financial Position
(in thousands)
(unaudited)
May 3,2024
February 2,2024
Assets:
Current assets:
Cash and cash equivalents
$              47,024
$             68,655
Accounts receivable, net
46,805
54,266
Inventories, net
1,123
727
Other current assets
16,646
14,491
Total current assets
111,598
138,139
Property and equipment, net
1,851
2,149
Operating lease right-of-use assets, net
4,632
5,069
Goodwill
425,282
425,472
Intangible assets, net
79,674
83,235
Other non-current assets
44,838
70,715
Total assets
$            667,875
$           724,779
Liabilities and Stockholders’ Equity:
Current liabilities:
Accounts payable
$              10,934
$               8,974
Accrued and other current liabilities
44,292
61,895
Short-term deferred revenue
126,083
131,245
Total current liabilities
181,309
202,114
Long-term deferred revenue
4,535
5,706
Operating lease liabilities, non-current
6,815
7,803
Other non-current liabilities
7,990
7,831
Total liabilities
200,649
223,454
Total stockholders’ equity
467,226
501,325
Total liabilities and stockholders’ equity
$            667,875
$           724,779
 
SECUREWORKS CORP.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
May 3, 2024
May 5, 2023
Cash flows from operating activities:
Net loss
$          (36,076)
$           (30,970)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
5,867
8,980
Amortization of right of use asset
408
627
Amortization of costs capitalized to obtain revenue contracts
3,849
4,574
Amortization of costs capitalized to fulfill revenue contracts

954
Stock-based compensation expense
8,969
7,270
Impact of income tax provision
23,586
(7,128)
Provision for credit losses
(3)
(223)
Changes in assets and liabilities:
Accounts receivable
7,135
15,661
Net transactions with Dell
(2,130)
7,026
Inventories
(396)
(55)
Other assets
(3,950)
(3,295)
Accounts payable
1,912
(4,073)
Deferred revenue
(5,429)
(6,167)
Operating leases, net
(1,198)
(1,060)
Accrued and other liabilities
(15,193)
(32,745)
Net cash used in operating activities
(12,649)
(40,624)
Cash flows from investing activities:
Capital expenditures
(552)
(470)
Software development costs
(1,382)
(1,210)
Net cash used in investing activities
(1,934)
(1,680)
Cash flows from financing activities:
Taxes paid on vested restricted shares
(5,974)
(5,134)
Net cash used in financing activities
(5,974)
(5,134)
Effect of exchange rate changes on cash and cash equivalents
(1,074)
(1,569)
Net decrease in cash and cash equivalents
(21,631)
(49,007)
Cash and cash equivalents at beginning of the period
68,655
143,517
Cash and cash equivalents at end of the period
$            47,024
$            94,510
Non-GAAP Financial Measures
In addition to determining results in accordance with GAAP, this press release presents information about the Company’s non-GAAP subscription cost of revenue, non-GAAP professional services cost of revenue, non-GAAP Taegis Subscription Solutions cost of revenue, non-GAAP Managed Security Services cost of revenue, non-GAAP gross profit, non-GAAP Taegis Subscription Solutions gross profit, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) before income taxes, non-GAAP earnings (loss) per share before income taxes, non-GAAP income tax expense (benefit), non-GAAP net earnings (loss) per share, adjusted EBITDA, non-GAAP gross margin, and non-GAAP Taegis Subscription Solutions gross margin, which are non-GAAP financial measures provided as a supplement to the GAAP results . A detailed discussion of our reasons for including these non-GAAP financial measures, the limitations associated with these measures, the items excluded from these measures, and our reasons for excluding these items are presented in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” in our periodic reports filed with the SEC. The Company encourages investors to review the non-GAAP information presented in these reports in conjunction with, and as a supplement to, the presentation of GAAP financial measures. 
 (Tables Follow)
SECUREWORKS CORP.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
(unaudited)
Three Months Ended
May 3,2024
May 5,2023
Revenue:
Taegis Subscription Solutions
$       69,075
$       62,596
Managed Security Services
3,146
14,663
Total Subscription revenue
72,221
77,259
Professional services
13,431
17,136
Total revenue
$       85,652
$       94,395
GAAP Taegis Subscription Solutions cost of revenue
$       19,431
$       19,908
Amortization of intangibles
(1,420)
(1,069)
Stock-based compensation expense
(266)
(79)
Non-GAAP Taegis Subscription Solutions cost of revenue
$       17,745
$       18,760
Non-GAAP Taegis Subscription Solutions cost of revenue as a % of Taegis Subscription Solutions revenue
25.7 %
30.0 %
GAAP Managed Security Services cost of revenue
$         1,385
$       11,111
Amortization of intangibles

(3,411)
Stock-based compensation expense
(48)
(67)
Non-GAAP Managed Security Services cost of revenue
$         1,337
$         7,633
Non-GAAP Managed Security Services cost of revenue as a % of Managed Security Services revenue
42.5 %
52.1 %
GAAP subscription cost of revenue
$       20,816
$       31,019
Amortization of intangibles
(1,420)
(4,480)
Stock-based compensation expense
(314)
(146)
Non-GAAP subscription cost of revenue
$       19,082
$       26,393
Non-GAAP subscription cost of revenue as a % of subscription revenue
26.4 %
34.2 %
GAAP professional services cost of revenue
$         7,060
$       11,767
Stock-based compensation expense
(374)
(325)
Non-GAAP professional services cost of revenue
$         6,686
$       11,442
Non-GAAP professional services cost of revenue as a % of professional services revenue
49.8 %
66.8 %
GAAP gross profit
$       57,776
$       51,609
Amortization of intangibles
1,420
4,480
Stock-based compensation expense
687
471
Non-GAAP gross profit
$       59,883
$       56,560
Non-GAAP gross margin
69.9 %
59.9 %
GAAP Taegis Subscription Solutions gross profit
$       49,644
$       42,688
Amortization of intangibles
1,420
1,069
Stock-based compensation expense
266
79
Non-GAAP Taegis Subscription Solutions gross profit
$       51,330
$       43,836
Non-GAAP Taegis Subscription Solutions gross margin
74.3 %
70.0 %
GAAP research and development expenses
$       24,548
$       31,172
Stock-based compensation expense
(3,379)
(2,602)
Non-GAAP research and development expenses
$       21,169
$       28,570
Non-GAAP research and development expenses as a % of revenue
24.7 %
30.3 %
GAAP sales and marketing expenses
$       23,901
$       34,526
Stock-based compensation expense
(1,186)
(841)
Non-GAAP sales and marketing expenses
$       22,715
$       33,685
Non-GAAP sales and marketing expenses as a % of revenue
26.5 %
35.7 %
GAAP general and administrative expenses
$       18,518
$       22,263
Amortization of intangibles
(3,523)
(3,524)
Stock-based compensation expense
(3,717)
(3,356)
Non-GAAP general and administrative expenses
$       11,278
$       15,383
Non-GAAP general and administrative expenses as a % of revenue
13.2 %
16.3 %
GAAP operating loss
$     (10,667)
$     (36,352)
Amortization of intangibles
4,943
8,004
Stock-based compensation expense
8,969
7,270
Reorganization and other related charges
1,476

Non-GAAP operating income (loss)
$         4,721
$     (21,078)
Non-GAAP operating margin
5.5 %
(22.3) %
GAAP net loss
$     (36,076)
$     (30,970)
Income tax expense (benefit)
26,205
(7,128)
Amortization of intangibles
4,943
8,004
Stock-based compensation expense
8,969
7,270
Reorganization and other related charges
1,476

Non-GAAP net income (loss) before income taxes
5,517
(22,824)
Non-GAAP income tax expense (benefit)(1)
1,296
(5,688)
Non-GAAP net income (loss)
$         4,221
$     (17,136)
Non-GAAP net income (loss) as a % of revenue
4.9 %
(18.2) %
GAAP loss per share
$         (0.41)
$         (0.36)
Income tax expense (benefit)
0.30
(0.08)
Amortization of intangibles
0.06
0.09
Stock-based compensation expense
0.10
0.09
Reorganization and other related charges
0.02

Non-GAAP earnings (loss) per share before income taxes
0.06
(0.27)
Non-GAAP income tax expense (benefit)
0.01
(0.07)
Non-GAAP earnings (loss) per share *
$           0.05
$         (0.20)
Shares used in computing non-GAAP earnings (loss) per share
88,755
85,431
* Sum of reconciling items may differ from total due to rounding of individual components
GAAP net loss
$     (36,076)
$     (30,970)
Interest and other, net
(796)
1,746
Income tax expense (benefit)
26,205
(7,128)
Depreciation and amortization
5,867
8,980
Stock-based compensation expense
8,969
7,270
Reorganization and other related charges
1,476

Adjusted EBITDA
$         5,645
$     (20,102)
Adjusted EBITDA as a % of revenue
6.6 %
(21.3) %
(1) 
In periods in which the Company has non-GAAP income before tax, the non-GAAP income tax expense is based on the Company’s estimated blended tax rate. In periods the Company has non-GAAP loss before tax, the non-GAAP income tax benefit is based on GAAP tax benefit.
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Artificial Intelligence

Workers embrace AI and prioritise skills growth amid rising workloads and an accelerating pace of change: PwC 2024 Global Workforce Hopes & Fears Survey

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Almost half (45%) of workers say their workload has increased significantly in the past year, as almost two-thirds (62%) say the pace of change at work has increased over the same timeMore than one-quarter (28%) say they are very or extremely likely to switch employer in the next 12 months – a higher proportion than during the ‘Great Resignation’ (19%) in 2022Employees prioritise skills-growth: fewer than half (46%) strongly or moderately agree that their employer provides adequate opportunities to learn new skills. This is particularly important for workers considering leaving: two-thirds (67%) say opportunities to learn new skills are a key factor in any decision to job-switchMore than 80% of workers who use generative AI daily expect it to make their time at work more efficient in the next 12 months. Half (49%) of all users expect it to lead to higher salariesCost-of-living pressures ease slightly: the proportion of workers with money left over each month rises to 45% (compared to 38% in 2023). However, 52% say they are still financially stressedLONDON, June 25, 2024 /PRNewswire/ — Among more than 56,000 workers across 50 countries and territories, many say they are prioritising long-term skills growth to accelerate their careers amid rising workloads and heightened workplace uncertainty, according to PwC’s 2024 Global Workforce Hopes & Fears Survey, published today.

In the last 12 months, workers say they have experienced rising workloads (45%) and an accelerating pace of workplace change. Nearly two-thirds (62%) say they have experienced more change at work in the past year than the 12 months prior, with two-fifths (40%) noting their daily responsibilities have changed to a large or very large extent. Almost half (44%) don’t understand the purpose of changes taking place.
In the midst of this growing mix of employee pressures, the findings suggest workers are alert to opportunities elsewhere, and are highly focused on skills growth and embracing AI.
More than one-quarter (28%) say they are likely to switch employer in the next 12 months, a percentage far higher than during the ‘Great Resignation’ (19%) of 2022. Two-thirds (67%) of those considering moving say skills is an important factor in their decision to stay with their current employer or switch to a new one.
Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, said:
“As workers face heightened uncertainty, rising workloads and continue to face financial stress, they are prioritising skills growth and embracing new and emerging technologies such as GenAI to turbocharge their growth and accelerate their careers. The findings suggest that job satisfaction is no longer enough. Employees are placing an increased premium on skills growth in a climate characterised by constant technological change. Employers must ensure they are investing in their employees and technological platforms to mitigate employee pressures and retain the brightest talent.”
Workers embrace AI to ease workplace pressures and unlock personal growth
As employees face heightened workplace pressures, they are also turning to new and emerging technologies such as generative AI (GenAI) to help. Among those employees who use GenAI daily, 82% expect it to make their time at work more efficient in the next 12 months.
Employees are also optimistic about opportunities for GenAI to support their growth. Half (49%) of all users expect GenAI to lead to higher salaries – an expectation that’s even higher (76%) among employees who use the technology daily. More than 70% of users agree that GenAI tools will create opportunities to be more creative at work (73%) and improve the quality of their work (72%).
The skills imperative
Workers are placing an increased premium on skills growth to mitigate their concerns and accelerate their careers. Employees who say they are likely to switch employers in the next 12 months are nearly twice as likely to strongly consider upskilling in that decision than workers planning to stay (67% vs. 36%). This comes as fewer than half (46%) of all employees moderately or strongly agree that their employer provides adequate opportunities to learn new skills that will be helpful to their careers.
Employees who are likely to leave in the next year may be more attuned to skills changes that are needed than the general workforce, with 51% moderately or strongly agreeing that the skills their job requires will change in the next five years (vs. 29% of those unlikely to change employer).
There is particular interest in the impact of AI on skills development, with 76% of all users expecting it to create opportunities to learn new skills at work. However, employers will need to invest heavily in new and emerging technology training and access. Among employees who have not used GenAI at work in the last 12 months, one-third (33%) don’t think there are opportunities to use the technology in their line of work, while 24% don’t have access to the tools at work, and 23% don’t know how to use the tools.
Despite the pace of change, there are also signs of optimism and engagement at work. 60% of workers expressed at least moderate job satisfaction (up from 56% in 2023) while more than half (57%) of employees who view fair pay as important agree that their job is fairly paid. Cost-of-living pressures have slightly eased since 2023 (the proportion of workers with money left over each month has risen to 45%, up from 38%). However,  more than half (52%) say they are still financially stressed to some degree.
Pete Brown, Global Workforce Leader, PwC UK, said:
“Technology is fundamentally transforming the way work gets done and the types of skills employers are looking for. Employees are therefore placing an increased premium on organisations that invest in their skills growth so that they can stay relevant and thrive in a digital world. Businesses in turn must be proactive in their upskilling programs – prioritising the employee experience and being transparent. Because when you meaningfully engage your workforce, they become an accelerant for successful transformation.”
Notes to Editors: 
About the Survey
In March 2024, PwC surveyed 56,600 individuals across 50 countries and territories who are in work or active in the labour market. The sample was designed to reflect a range of industries, demographic characteristics and working patterns. You can read the full report on pwc.com.
About PwC
© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
Contact:  Imran Javaid, Global Corporate Affairs and Communications, PwC UK: [email protected] Dan Barabas, Global Corporate Affairs and Communications, PwC UK: [email protected]
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Amagi Showcases New Stream Technology With VIZIO

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Amagi’s new Zero Slate delivers personalized linear streaming, resulting in increased viewership on VIZIO FAST channels 
NEW YORK, June 24, 2024 /PRNewswire/ — Amagi, the global leader in cloud-based SaaS technology for broadcast and Connected TV (CTV), today announced the first successful showcase of Amagi’s Zero Slate technology on VIZIO’s owned and operated WatchFree+ channels, part of Amagi’s broader Stream Personalization initiative. This innovative new offering enhances the streaming experience with its highly impactful, patent-pending technology that can dynamically adjust the length of ad breaks on a per-viewer basis, eliminating the need for slates or filler to round out linear ad breaks.

This new “viewer-first” personalized approach to digital streaming has already demonstrated a lift in viewership (Amagi ANALYTICS showing more than 20% increase) on VIZIO’s owned and operated channels utilizing the Zero Slate capabilities. This industry-first innovation from Amagi paves the path for a more engaging and profitable future for entertainment and enhanced viewer experiences.
Data from Amagi ANALYTICS indicates that slates, often used to fill the unsold portion of ad pods, may increase viewer churn by as much as 15% in today’s Free Ad-supported Streaming TV (FAST) ecosystem. Zero Slate’s early success demonstrates that personalizing pod length can boost viewer engagement, enabling more high-quality viewing experiences over time. This capability also represents an important first step for Amagi toward a broader suite of Stream Personalization capabilities that offer even more engaging linear viewing experiences.
“We are pleased to partner with Amagi on this showcase of their Zero Slate technology. This collaboration reinforces VIZIO’s commitment to enhancing user experiences and delivering personalized content as we expand Zero Slate across more channels,” said Katherine Pond, Group Vice President of Platform Content and Partnerships at VIZIO.
“We are grateful to have partnered with an industry leader like VIZIO to test the impact of our new Zero Slate capability and are excited about Stream Personalization’s ability to further transform the linear viewing experience,” said Srinivasan KA, Co-founder and Chief Revenue Officer, Amagi.
About VIZIOFounded and headquartered in Orange County, California, our mission at VIZIO Holding Corp. (NYSE: VZIO) is to deliver immersive entertainment and compelling lifestyle enhancements that make our products the center of the connected home. We are driving the future of televisions through our integrated platform of cutting-edge Smart TVs and powerful operating system. We also offer a portfolio of innovative sound bars that deliver consumers an elevated audio experience. Our platform gives content providers more ways to distribute their content and advertisers more tools to connect with the right audience.
For more information, visit VIZIO.com and follow VIZIO on Facebook, Twitter, and [email protected] 
About AmagiAmagi is a next-generation media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. Amagi enables content owners to launch, distribute, and monetize live linear channels on Free Ad-supported Streaming TV and video services platforms. Amagi also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations. Overall, Amagi supports 800+ content brands, 800+ playout chains, and over 5,000 channel deliveries on its platform in over 150 countries. Amagi has a presence in New York, Los Angeles, London, Paris, Melbourne, Seoul, Singapore, and broadcast operations in New Delhi, and innovation centers in Bengaluru, Zagreb, and Łódź.
Link to Word Doc: www.wallstcom.com/Amagi/240624-Amagi-VIZIO_ZSlate.docx 
Agency Contact:Joseph LesieutreWall Street CommunicationsEmail: [email protected]
Amagi Contact:Aashish WashikarDirector – Corporate CommunicationsEmail: [email protected]: +91 9533390005

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ResourceWise Brings Its Cross-Commodity Data and Analytics Expertise to New Oleochemicals Service

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ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 
CHARLOTTE, N.C., June 24, 2024 /PRNewswire/ — ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 

For the first time, one digital product encompasses expertise that spans all the key commodity sectors that ResourceWise covers. Dedicated to renewable feedstock, the new platform-based oleochemicals analysis and insight tools draw on decades of experience within each distinct business sector. 
Dwight Lynch, Biomaterials Business Manager at ResourceWise, is leading the transition towards data and insight on renewable intermediates and biobased and biodegradable polymer inputs. 
“Navigating oleochemicals markets at a time when regulation, legislation, and competition from renewable fuels markets are the key drivers is a challenge. Our new service offers pricing and analysis that informs decision-makers and allows sustainable business to thrive.” 
The new oleochemicals portal in ResourceWise’s flagship chemicals market intelligence platform, OrbiChem360, has evolved beyond its legacy biomaterials insights to focus on the fats and oils markets that are key to sustainability.  
It presents pricing data and analysis that ResourceWise biomaterials experts have furnished within OrbiChem360 this past decade and includes a crude tall oil (CTO) price index. The inclusion of a forest-based output introduces the ResourceWise platform FisherSolve’s pulp and paper industry insight to our portfolio. 
Pete Stewart, the CEO of ResourceWise, is focused on the future. “From raw material converters to end-use consumer goods producers, manufacturing value chain participants are increasingly seeking cross-commodity insights to meet low-carbon targets. We are building and providing the data and analytics businesses need to achieve environmental, social, and governance (ESG) targets and market products competitively worldwide.  
“The ResourceWise mission is to use the intelligence within the increasingly inter-related business sectors we have harnessed to guide customers in their journey toward a net-zero future. This new offering is the first of many milestones in our endeavor to do just that,” adds Stewart.  
A Streamlined Renewable Chemicals Service  
The new product leverages oleochemical pricing and commentary gathered by ResourceWise legacy brands since 2014 and insight collected since the 1990s. It extends our regional reach with additional price points and streamlines the data and analytics provided.  
The new portal is designed with personal care, cosmetics, detergents, lubricants, pharmaceuticals, flavor and fragrance, and food and beverage market participants in mind. However, it provides pricing data and insights for producers, intermediaries, and consumer product manufacturers in broader industries. 
More Than Forty Current and Historical Prices          
International price indexes for oleochemicals include the feedstocks soybean, coconut, tall, rapeseed, and palm oils, as well as tallow and glycerine grades Dozens of spot and contract prices for fatty acids and fatty alcohols plus comprehensive commentary based on intelligence from a worldwide contact base       Low-carbon price benchmarks and commentary in our oleochemicals offering will increasingly leverage intelligence on the biofuels sector within the Prima CarbonZero platform      Global Trade Flow graphics for all oils and tallow to help customers understand how key plant and animal-based feedstocks are traded globally to identify new markets and sources   Industry experts contextualize data, making it actionable, and respond personally to customer inquiries By bridging information gaps in the chemicals market, OrbiChem360 subscribers gain a competitive edge in volatile markets. The platform provides decision makers with robust, data-driven insight that unravels market trends so they can harness growth opportunities. For more information on the OrbiChem360 platform, visit the ResourceWise OrbiChem360 page. 
CONTACT:
Contact:Suz-Anne Kinney          Vice President, Marketing & Communications at [email protected]  +1 (980) 233-4021
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