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Aurora Mobile Partners with FARFETCH to Empower Global Fashion E-commerce Platform with AI Retail Technology

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SHENZHEN, China, Feb. 26, 2021 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading mobile developer service provider in China, today announced that it has entered into a partnership agreement with FARFETCH (NYSE: FTCH), a global fashion e-commerce platform, to enhance their smart operation capabilities. Leveraging FARFETCH’s expertise in luxury fashion retail and customer services, and Aurora Mobile’s technology strength and digital innovation capabilities, the two companies will collaborate to deliver an unparalleled shopping experience to global customers.

Established in 2007, FARFETCH is a global fashion e-commerce platform, providing customers with instant access to a wide range of trending fashion from over 50 countries and more than 3,000 brands to choose from its network of over 1,300 luxury brands, boutiques and department stores. In addition to the luxury fashion e-commerce platform, FARFETCH provides e-commerce solutions for brands and retailers and promote digital operation of offline stores. FARFETCH also curates its own private label fashion brand.

Through the partnership, Aurora Mobile will leverage its artificial intelligence (“AI”) driven technology, machine learning-based push notification services and intelligent operational analytics, to help FARFETCH personalize smart retail experiences and provide more efficient and targeted services to their customers. This cooperation demonstrates the industry-wide acclaim and trustworthy robust technology and services that Aurora Mobile offers to leading global e-commerce platforms.

Founded in 2011, Aurora Mobile is a leading mobile developer service provider in China. The Company continues to focus on developers’ needs and has launched push notifications, one-key authentication, instant messaging, statistics and analytics, traffic monetization (JG Alliance), JG VaaS, JG UMS and other services. Leveraging its artificial intelligence-based processing platform, Aurora Mobile is committed to help customers in various verticals to improve operational efficiency and conduct advanced decision making with a one-stop, diversified range of big data service solutions. Recently, Aurora Mobile signed milestone agreements with a number of leading platforms in the finance, insurance, weather, internet tools, gaming, fresh food e-commerce, online education, telecom and new energy vehicle sectors, including Ping An Bank, Data Center of China Life, Moji Weather, WiFi Master, Lilith Games, Missfresh, 17zuoye, Beijing Unicom, Dongfeng Motor and other well-known companies, to drive user growth, improve user experience and increase traffic value.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile is a leading mobile developer service provider in China. Aurora Mobile is committed to providing efficient and stable push notification, one-click verification, and APP traffic monetization services to help developers improve operational efficiency, grow and monetize. Meanwhile, Aurora Mobile’s vertical applications have expanded to market intelligence, financial risk management, and location-based intelligence, empowering various industries to improve productivity and optimize decision-making.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SaaS-model; its ability maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For general inquiry, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eyuan@christensenir.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com

University of Electro-Communications e-Bulletin: Innovative automated control systems: Control-theoretic approach for fast online reinforcement learning

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University of Electro-Communications publishes the February 2021 issue of UEC e-Bulletin

The February 2021 issue of the UEC e-Bulletin includes an informative video of a UEC researcher describing his activities on innovative control theory for control, reinforcement learning, and power systems.

Research highlights ‘Innovative automated control systems: Control-theoretic approach for fast online reinforcement learning,’ Tomonori Sadamoto; ‘Computing in close proximity: Edge intelligence with deep reinforcement learning,’ Celimuge Wu.

News and Events page is on the ‘7th UEC Seminar in ASEAN, 2020 and the 2nd ASEAN – UEC Workshop’

February 2021 issue of UEC e-Bulletin

http://www.ru.uec.ac.jp/e-bulletin/

Research Highlights

http://www.ru.uec.ac.jp/e-bulletin/research-highlights/202102/a.html

Innovative automated control systems: Control-theoretic approach for fast online reinforcement learning

Reinforcement Learning (RL) is an effective way of designing model-free linear quadratic regulators (LQRs) for linear time-invariant networks with unknown state-space models. RL has wide ranging applications including industrial automation, self-driving automobiles, power grid systems, and even forecasting stock prices for financial markets.

However, conventional RL can result in unacceptably long learning times when network sizes are large. This can pose a serious challenge for real-time decision-making.

Tomonori Sadamoto at the University of Electro-Communications, Aranya Chakrabortty at North Carolina State UniversityUSA, and Jun-ichi Imura at the Tokyo Institute of Technology have proposed a fast RL algorithm that enables online control of large-scale network systems.

Their approach is to construct a compressed state vector by projecting the measured state through a projection matrix. This matrix is constructed from online measurements of the states in a way that it captures the dominant controllable subspace of the open-loop network model. Next, a RL-controller is learned using the reduced-dimensional state instead of the original state such that the resultant cost is close to the optimal LQR cost.

The lower dimensionality of this approach enables a drastic reduction in the computational complexity for learning. Moreover, stability and optimality of the control performance are theoretically evaluated using robust control theory by treating the dimensionality-reduction error as an uncertainty. Numerical simulations through a 100-dimensional large-scale power grid model showed that the learning speed improved by almost 23 times while maintaining control performance.

The main contribution of the paper is to show how two individually well-known concepts in dynamical system theory and machine learning, namely, model reduction and reinforcement learning, can be combined to construct a highly efficient real-time control design for extreme-scale networks.

Figure: http://www.ru.uec.ac.jp/topics/assets_c/202102/img1.png
Caption: Transient response of frequency deviation of generators in the power system(a) without control, (b) by the optimal controller designed by an existing RL method, and (c) by the controller designed by the proposed algorithm.

References

Tomonori SadamotoAranya Chakrabortty, and Jun-ichi Imura, Fast Online Reinforcement Learning Control using State-Space Dimensionality Reduction, IEEE Transactions on Control of Network Systems (Early Access)

DOI: 10.1109/TCNS.2020.3027780

Computing in close proximity: Edge intelligence with deep reinforcement learning

Mobile edge computing (MEC) is a promising paradigm to improve the quality of computation experience for mobile devices by providing computing capabilities in close proximity. MEC finds applications in homes, factories, and transport modes including trains and airplanes. However, the design of computation offloading policies for an MEC system, specifically, the decision of executing a computation task at the mobile device or at the remote MEC server, should adapt to the network randomness and uncertainties.

Now, Celimuge Wu at the University of Electro-Communications, Tokyo and colleagues in FinlandUSA, and China, report on the Deep-SARL, a double deep Q-network (DQN)-based online strategic computation offloading algorithm to learn the optimal policy without knowing a priori knowledge of network dynamics (Fig. 1).

The computation offloading problem is modeled as a Markov decision process, where its objective is to maximize the long-term utility performance whereby an offloading decision is made based on the task queue state, the energy queue state, and the channel qualities between mobile users and base stations. The researchers describe the adoption of a Q-function decomposition technique to enhance the learning performance.

Numerical experiments based on TensorFlow show that their proposed learning algorithm achieves a significant improvement in computation offloading performance compared with existing baselines, showing an optimal tradeoff among the computation task execution delay, task drops, task queuing delay, task failure penalty, and MEC service payment. Deep-SARL provides a novel and effective approach to facilitate intelligence in edge computing under time-varying network dynamics.

Figure

http://www.ru.uec.ac.jp/topics/assets_c/202102/img2.png
Caption: Deep-SARL-based strategic computation offloading in an MEC system.

Reference

Xianfu ChenHonggang Zhang, Celimuge Wu, Shiwen MaoYusheng JiMehdi Bennis, Optimized Computation Offloading Performance in Virtual Edge Computing Systems via Deep Reinforcement Learning,” IEEE Internet of Things Journal, Vol.6, no.3, pp. 4005-4018, June 2019.

DOI: 10.1109/JIOT.2018.2876279

Researcher Video Profiles

http://www.ru.uec.ac.jp/e-bulletin/researcher-video-profiles/202102/a.html

Tomonori Sadamoto Assistant Professor, Department of Mechanical Engineering and Intelligent Systems, UEC Tokyo.

Innovative control theory: Bridging the gap between research on control, reinforcement learning, and power systems

Assistant Professor Tomonori Sadamoto is an expertise in control theory, currently focusing on integrating control theory with reinforcement learning and power engineering.

Reinforcement learning is a key methodology for controlling large-scale complex systems such as power grids and transportation networks. However, the major contemporary learning theories currently used are unsuitable for real-time control because designers must repeat trials just for acquiring data. Instead, it is necessary to develop a methodology that is capable of real-time decision making.

More

http://www.ru.uec.ac.jp/e-bulletin/researcher-video-profiles/202102/a.html

News and Events

UEC holds the 7th UEC Seminar in ASEAN, 2020 and the 2nd ASEAN – UEC Workshop http://www.ru.uec.ac.jp/e-bulletin/news/202102/a.html

On November 21, 2020, the University of Electro-Communications (UEC) held the 7th UEC Seminar in ASEAN, 2020 and the 2nd ASEAN – UEC Workshop on Energy and AI online in collaboration with Bundung Institute of Technology (ITB), Indonesia, and the ECTI Association.

Net absorption of office spaces to remain stable at 20 million square feet during 2021: Colliers

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In 2021 occupiers should enter flexible leases to allow them to operate in a hybrid work-from-home model and keep their CAPEX low. With new demand likely remaining slow in H1, Colliers expects Grade A office rents to decline in 2021, with overall rents dropping by 3.7% this year and showing improvements from 2023 onwards.

“Occupiers will continue to look for flexibility from developers as employees gradually return into offices in H1 2021. Managed office and enterprise solution players will play a key role in the overall take-up of offices spaces throughout 2021. Pragmatic migration towards a hybrid office portfolio should gain momentum amongst the occupier community. Expenses incurred for transporting employees towards office may get replaced with taking smaller offices closer to employee hubs or be in campuses with good transport connectivity,” said Bhupindra Singh, Managing Director, Regional Tenant Representation (India) at Colliers.

During 2020, office leasing activity remained sluggish as the uncertain economic environment and business conditions brought on by COVID-19 nudged occupiers to postpone their decisions and reassess their real estate portfolios. Net absorption across major markets in India was 20.6 million square feet (1.9 million sq meters), a decline of 42.8% YoY. Occupiers focused on portfolio optimization by relocating, consolidating and downsizing. About 45% of the demand was led by technology firms with larger companies still considering expansion in recently completed projects with better wellness and hygiene standards. As COVID-19 drags into 2021, we expect transaction volumes to remain subdued over the first half. We expect technology firms to continue to lead office space demand in Bengaluru, HyderabadPune, Gurgaon and Noida, where some firms have announced plans to ramp up the hiring process.

“Technology companies are expanding and are likely to fuel demand for office space over the next two years. Over the next three years, technology companies dealing with digitization, artificial intelligence, machine learning and robotics ought to expand led by increasing demand for such services. We expect tech companies to continue to look at markets like Bengaluru, Hyderabad and Chennai,” said Arpit Mehrotra, Managing Director, Office Services (South India) at Colliers.

Despite concerns about potential oversupply in select micro-markets and muted demand, we saw new supply in 2020 of 38.1 million square feet (3.5 million sq meters), a 2.4% decline YoY. Bengaluru, Hyderabad and Delhi NCR drove the bulk of new supply.

During 2021, Colliers forecasts net absorption of 20 million sq feet (1.8 million sq meters), similar to 2020. After seeing a 42.8% decline in demand in 2020, we believe that in keeping with global trends, occupiers will optimise their portfolios in 2021 and 2022. Occupiers approaching lease expiration are undertaking portfolio optimization efforts by relocating to cheaper and/or smaller offices. For perspective, in 2021, leases expiring total about 81 million sq feet (7.5 million sq meters), with 65% of these being smaller than 10,000 sq feet (929 sq meters). We note that Delhi-NCR, especially, is witnessing this trend with occupiers moving to locations such as Golf Course Extension Road in Gurugram.

During 2020, flexible workspace operators leased about 3.0 million sq feet (278,707 square meters) of space, accounting for 9% of the total leasing. The operators are expecting greater traction in demand for their centers as occupiers look at stop-gap arrangements while optimizing their portfolio. We expect that occupiers are implementing hub-and-spoke models with space closer to residential areas, and flexible workspace can help meet this need.

Mumbai is emerging from one of the stringent lockdowns, however, with business picking up and markets opening up we see demand rising in H1 2021,” said Sangram Tanwar, Managing Director, Office Services (Mumbai) at Colliers.

In view of the COVID-19 pandemic, landlords ought to become increasingly focused on health and wellness. As seen above, developers that invest in well-being and health will likely see better returns. This underpins the importance of a high-performance building (HPB) with focus on sustainability and wellness.

“We foresee occupiers optimising their real estate portfolio prioritising employees’ well-being while keeping their real estate commitments flexible and scalability options open in 2021”, said Animesh Tripathi, Senior Director, Office Services, Pune at Colliers.

Cavotec SA – Interim report January – December 2020

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Resilient profitability and record cashflow despite lower revenue 

OCTOBER – DECEMBER 2020 

  •  Revenue decreased -15.7% to EUR 40.3 million (47.8). Ports & Maritime decreased -20.8% and Airports & Industry decreased -11.3%
  •  EBIT excluding non-recurring items decreased to EUR 1.0 million (5.6), corresponding to a margin of 2.5% (11.8%)
  •  Non-recurring items include investment expenditure related to future growth for EUR 1.9 million.
  •  Net result for the period was EUR -4.7 million (1.8) 
  •  Earnings per share basic and diluted amounted to EUR -0.050 (0.019)
  •  Operating cash flow amounted to EUR 9.6 million (9.0)
  •  Net debt amounted to EUR 15.3 million (Q3 2020: 19.0)
  •  Order backlog decreased -7.2% compared to the previous quarter to EUR 85.0 million

JANUARY–DECEMBER 2020 

  •  Revenue decreased -19.2% to EUR 158.4 million (196.0)
  •  EBIT excluding non-recurring items decreased to EUR 5.4 million (15.7), corresponding to a margin of 3.4% (8.0%)
  •  Non-recurring items include investment expenditure related to future growth for EUR 1.9 million.
  •  Net result for the period was EUR -4.0 million (7.5) 
  •  Earnings per share basic and diluted amounted to EUR -0.042 (0.080)
  •  Operating cash flow amounted to EUR 15.7 million (13.8)
  •  Leverage ratio stable at 0.98x (0.98x)

Comment from the CEO 

Optimism in the face of adversity

The second wave of Covid-19 in the fourth quarter and partial lock downs continued to delay decision making and projects in our markets. Despite this revenue and EBIT improved slightly versus the third quarter 2020, while the operating cash flow was considerably stronger.

The measures we implemented early on in the year to control our costs has continued to help us mitigate the most severe effects and remain profitable during the pandemic despite lower revenue levels.

Compared with the same period 2019 revenues decreased 15.7% to EUR 40.3 million (47.8) and adjusted EBIT decreased to EUR 1.0 million (5.6), corresponding to a margin of 2.5%.

The operating cash flow amounted to EUR 9.6 million (9.0), a great achievement in the midst of a global pandemic.

The order backlog decreased 7.2% compared to the previous quarter to EUR 85.0 million. The general uncertainty impacted customer decision making, with delays to orders and approval of new investments taking longer than normal.  

Despite the depressed business climate at the end of the year, we continue to be optimistic about the future. We remain more committed than ever to developing solutions that contribute to improvements in efficiency and productivity while at the same time reducing environmental impact. We actually see the pandemic making key trends of efficiency, safety and sustainability, that our solutions address, more relevant than ever.

Underpinning our optimism are some of the orders we won in the quarter that reinforces our leading position in the growing market for profitable sustainability solutions for the maritime sector. 

We won automated mooring and automated e-charging systems for the world’s first fleet of zero-emission, autonomous, battery powered ships in Norway. 

We were further encouraged by receiving two orders in quick succession for our next generation mooring system, MoorMaster™ NxG soon after the global launch in October. This is a testament to how MoorMaster™ can revolutionise the way ships enter and leave ports, mooring in as little as 30 seconds to drastically reduce docking times. This leads to increased loading/offloading productivity in the port where, from an environmental perspective, it results in an hour less of heavy diesel emissions for every ship, every mooring sequence and a greener, cleaner world.

Our optimistic view of the future also meant that we, despite the headwinds, increased our investments in developing our technology and products. 

In October we announced that we will open a new innovation center in the Netherlands at the beginning of 2021 focusing on profitable sustainability solutions for the maritime sector. This will allow us to bring together our capabilities within areas such as artificial intelligence, remote connectivity, high power, high speed electrical charging and battery technology. 

Although we have seen market challenges affecting revenue in the short term, we will continue to invest in our market position to be prepared for the expected recovery and growth in our markets. We are well positioned to fully leverage on the expected increase in demand as soon as the world returns to a more normal situation.

Lugano, 26 February 2021

Mikael Norin

Chief Executive Officer

ENDS

Conference call in connection with publication of the quarterly report

A conference call for shareholders, analysts and media will be held on 26 February 2021 at 10:00 CET. Participating on the conference call from Cavotec will be Mikael Norin, CEO, and Glenn Withers, CFO.

Conference call Dial-in numbers:
SE: +46856642703
UK: +443333009264
US: +18335268395

Weblink: https://tv.streamfabriken.com/cavotec-q4-2020

Quarterly Reports on www.cavotec.com
The full report for the period January-December 2020 and previous quarterly and full year reports are available at: 
http://ir.cavotec.com/financial-reports

Analysts & Media
Johan Hähnel – Investor Relations Manager
Mobile: +46 70 605 63 34 – Email: investor@cavotec.com

This is information that Cavotec SA is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CET on 26 February 2021.

Attachment

Eddie Listorti, CEO of Viridios Capital, Discusses Collaboration with S&P Global Platts to Create Innovative AI

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Sydney, Australia, Feb. 25, 2021 (GLOBE NEWSWIRE) — Eddie Listorti, ANZ’s former global head of fixed income, is making headway with his new company, Viridios Capital, as chief executive officer and co-founder. Founded in Sydney, Australia, Viridios Capital is a fintech developer and asset manager in the carbon markets. The company is focused on ensuring capital delivered to sustainable developments is fair compensation. Making leaps and bounds in only two short years, Viridios Capital is at the frontlines of new AI innovation. 

S&P Global Platts recently announced that it had signed an MOU, or memorandum of understanding, with Viridios Capital to elevate transparency in the voluntary carbon credits and co-benefit markets by initiating a series of AI, or artificial intelligence, driven carbon indices. This launch will be the first AI-based carbon market indices. S&P Global Platts is the leading independent provider of information and benchmark prices for the commodities and energy markets.

The head of price group at S&P Global Platts, Jonty Rushforth, said, “The complex voluntary carbon markets are evolving at a rapid rate. Combining Platts robust and trusted price assessment data insight alongside Viridios Capital’s proven environmental AI technology will provide market participants with greater transparency into the market value of voluntary carbon credits and their associated co-benefits.”

The terms attached to carbon credits giving proof of meeting the 17 Sustainable Development Goals, or SDGs, established in 2015 by the United National General Assembly are co-benefits. The SDGs include biodiversity, quality education, and clean water. SDGs, project technology, and geography are some of the more significant factors that propose obstacles in figuring out the value of carbon credits. This collaborating team’s ultimate goal is to increase clarity and transparency into voluntary carbon credits and co-benefits. 

Pricing transparency has not quite found its place with carbon markets, and these markets have not yet successfully modernized to traditional commodities. Viridios Capital think that with the carbon trading market expecting to hit $50 billion each year by 2030, now is the appropriate time to address carbon market pricing clarity. 

 “We are delighted to be collaborating with and have gained the trust of such a highly respected organization as S&P Global Platts, which is renowned for professionalism and unbiased perspective in their market-leading publications. We are confident that the outcome will be to greatly assist companies to invest more in mitigating their environmental and social footprint while facilitating the flow of capital into urgent climate and sustainability initiatives,” said Eddie Listorti

About Eddie Listorti
Eddie Listorti is the Founding Partner and CEO of Viridios Capital and director of Jufran Investments. He has a proven track record with 30 years in business and banking. His experience includes managing teams of over 2,000 people and annual revenues exceeding AUD 2 billion. Mr. Listorti has held board positions in industry bodies and joint venture partnerships.

Contact:
Eddie Listorti
Eddie@viridioscapital.com
Viridios Capital
1-3 Gurrigal street Mosman, Sydney Australia
+61437287807
https://viridioscapital.com/

Loop Insights Provides Wallet Pass Platform To World Boxing Council (WBC) To Engage Fans For Championship Fight Being Broadcast To Over 200 Countries Across The World. Combined Social Media To Exceed 10 Million Followers. Additional Global Fight Events Expected To Follow

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VANCOUVER, British Columbia, Feb. 25, 2021 (GLOBE NEWSWIRE) — Loop Insights Inc. (MTRX:TSXV) (RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement, and automated venue tracing to the brick and mortar space, is pleased to announce an agreement with the World Boxing Council to provide Loop’s Wallet pass platform to engage with global boxing fans during the WBC super-middleweight championship fight, featuring champion Saul “Canelo” Álvarez and challenger Avni Yildirim, at Miami’s Hard Rock Stadium this Saturday, February 27th.

The highly-anticipated championship fight, with the WBA (Super), WBC, and The Ring super middleweight titles all on the line, is being broadcast to over 200 countries.

The WBC is a world-class athletic organization often regarded as the most prestigious world title and has held some of the best high-profile fights ever watched in the history of Boxing.

WBC President Maurico Sulaiman stated: “This premier fight featuring Saul “Canelo” Álvarez and Avni Yildirim provides the perfect opportunity for the WBC to leverage Loop’s Engagement platform to connect in real-time with our worldwide fanbase. Loop’s impressive capabilities will allow the WBC to deliver the right experience at the right time, all while retaining critical information as we continue to grow our fan base throughout 2021, the year of boxing.”

Loop Insights CEO Rob Anson stated: “Working with the World Boxing Council is a great honour that will allow Loop Insights to demonstrate the power of its Engagement and Wallet pass platform at scale. Loop’s automated data capabilities will provide an enhanced layer of engagement and interaction by driving fans to the WBC’s social media channels, eCommerce platforms and driving new memberships in the WBC loyalty platform, creating new revenue streams for both Loop and the WBC. We believe this represents a paradigm shift in the global fight event vertical and expect to announce further partnerships in the near future.”

“WBC FAN PASS” ALLOWS WBC TO ENGAGE WORLDWIDE FANBASE, INCLUDING OVER 2 MILLION SOCIAL MEDIA FOLLOWERS AND OVER 10 MILLION COMBINED FOLLOWERS ON FIGHT NIGHT

Under the terms of the agreement, Loop will deploy its Engage platform to drive real-time engagement and omnichannel updates to the World Boxing Council’s global fanbase. In total, Saul “Canelo” Álvarez, challenger Avni Yildirim, and the WBC itself have over 10 million social media followers, providing Loop with a global scale opportunity to engage with fans from around the world while establishing scalable revenue streams.

Loop Insights’ automated engagement platform will revolutionize the fan onboarding experience for the WBC, enabling the seamless acquisition and activation of fans through the company’s Wallet pass technology. Click the link below to download your own personalized WBC Fan pass for this weekend’s event: https://goloop.ai/WBC-FanPass-IR

Once onboarded into Loop’s fan engagement platform, the WBC and its sponsors will gain direct access to fans through a WBC-branded Fan Pass built on the mobile wallet application found on most smartphones. This all-access pass will be updated to send omnichannel fight updates and promotions, including special offers through streaming partners DAZN and discounts via official merchandisers, including a reduced price on WBC branded merchandise sold via Title Boxing. The WBC Fan Pass is designed to display promotions and targeted marketing opportunities “above” the lock screen of any smartphone, allowing consumers to access their pass without the need for an additional application.

https://youtu.be/ACp4rHWqEPc

Loop’s fan engagement platform is designed to seamlessly guide customers through the entire path to purchase, increasing fan spend and revenues through:

  • Purchases made via Loop’s Fan Access pass
  • Revenue share opportunities through sponsored promotions

BEYOND FIGHT NIGHT ENGAGEMENT AND ACTIVATION
Following Álvarez versus Yildirim, Loop’s Fan Access pass will maintain a direct line of communication between the WBC and its fans, allowing the WBC to communicate directly to its global fan base through their smartphones.

This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement https://agoracom.com/ir/LoopInsights/forums/discussion

About the World Boxing Council

The World Boxing Council is Boxing’s elite sanctioning body and has as its maximum priority to work and protect athlete’s safety and health inside and outside of the boxing ring. The WBC was founded in 1963 and now comprises 165 countries from around the world. Some of their greatest champions include Muhammad Ali, Mike Tyson, Julio Cesar Chavez, Oscar de La Hoya, Sugar Ray Leonard, Floyd Mayweather, and Manny Pacquiao among others.

About Loop Insights

Loop Insights Inc. is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative artificial intelligence (“AI”) automated marketing, contact tracing, and contactless solutions to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia. Loop’s products and services are backed by Amazon’s Partner Network.

For more information, please contact:

Loop Insights Inc.   LOOP Website: www.loopinsights.ai
Rob Anson, CEO   Facebook: @ LoopInsights
T : +1 877-754-5336 Ext. 4   Twitter: @ LoopInsights
E: ir@loopinsights.ai   LinkedIn: @ LoopInsights

This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Loop’s business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop’s technology; and the viability of Loop’s business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated, or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity, or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3ecd81f9-7b76-450d-ac32-4bc4eb629d2b

 

Altair Announces Fourth Quarter 2020 Financial Results

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Record Fourth Quarter and Full Year 2020 Software Product and Total Revenue, Exceeding Expectations

TROY, Mich., Feb. 25, 2021 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global technology company providing software and cloud solutions in the areas of simulation, high-performance computing, data analytics and artificial intelligence today released its financial results for the fourth quarter and full year ended December 31, 2020.

“Altair had an excellent fourth quarter and full year 2020,” said James Scapa, Founder, Chairman and Chief Executive Officer of Altair. “In a year of business disruptions and personal challenges, Altair brought to market broad and deep additions and enhancements to our product portfolio while delivering solid financial performance. I am proud of our global team, and excited about 2021 as we will continue delivering industry-leading technology and expertise aligned with our vision for the convergence of simulation, high-performance computing, and artificial intelligence.”

“Software product revenue increased over 12% from the fourth quarter of 2019 to 85% of total revenue, which drove year over year improvement in gross margin of over 500 basis points for the quarter, while our recurring software license rate rose to 92% for the year,” said Howard Morof, Chief Financial Officer of Altair. “The top line performance coupled with continued discipline managing operating expenses had a very positive impact on our profitability in the quarter.” 

Fourth Quarter 2020 Financial Highlights

  • Software product revenue was $113.6 million compared to $101.2 million for the fourth quarter of 2019.
  • Total revenue was $133.4 million compared to $123.9 million for the fourth quarter of 2019.
  • Net income was $2.2 million compared to net loss of $(1.5) million for the fourth quarter of 2019. Diluted net income per share was $0.03 based on 78.5 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.02) for the fourth quarter of 2019, based on 72.2 million diluted weighted average common shares outstanding.
  • Adjusted EBITDA was $21.7 million, compared to $12.7 million for the fourth quarter of 2019.
  • Non-GAAP net income was $14.1 million, compared to Non-GAAP net income of $5.3 million for the fourth quarter of 2019. Non-GAAP diluted net income per share was $0.17 based on 83.0 million non-GAAP diluted common shares outstanding, compared to Non-GAAP diluted net income per share of $0.07 for the fourth quarter of 2019, based on 78.0 million non-GAAP diluted common shares outstanding.
  • Free cash flow was $3.4 million, compared to $(0.2) million for the fourth quarter of 2019.

Full Year 2020 Financial Highlights

  • Software product revenue was $391.7 million compared to $366.7 million for the full year of 2019.
  • Total revenue was $469.9 million compared to $458.9 million for the full year of 2019.
  • Net loss was $(10.5) million compared to net loss of $(7.5) million for the full year of 2019. Diluted net loss per share was $(0.14) based on 73.2 million diluted weighted average common shares outstanding, compared to diluted net loss per share of $(0.11) for the full year of 2019, based on 71.5 million diluted weighted average common shares outstanding.
  • Adjusted EBITDA was $57.3 million, compared to $39.5 million for the full year of 2019.
  • Non-GAAP net income was $25.5 million, compared to Non-GAAP net income of $16.4 million for the full year of 2019. Non-GAAP diluted net income per share was $0.31 based on 83.0 million non-GAAP diluted common shares outstanding, compared to Non-GAAP diluted net income per share of $0.21 for the full year of 2019, based on 78.0 million non-GAAP diluted common shares outstanding.
  • Free cash flow was $26.8 million, compared to $21.7 million for the full year of 2019.

Business Outlook

Based on information available as of today, Altair is issuing guidance for the first quarter and full year 2021.

     
(in millions)   First Quarter 2021     Full Year 2021  
Software Product Revenue   $ 118.0   to $ 120.0     $ 423.0   to $ 431.0  
Total Revenue   $ 138.0     $ 140.0     $ 502.0     $ 510.0  
Net Loss   $ (5.4 )   $ (4.5 )   $ (44.0 )   $ (38.3 )
Non-GAAP Net Income   $ 16.3     $ 17.8     $ 36.9     $ 42.8  
Adjusted EBITDA   $ 24.0     $ 26.0     $ 58.0     $ 66.0  

Conference Call Information

What: Altair’s Fourth Quarter and Full Year 2020 Financial Results Conference Call
When: Friday, February 26, 2021
Time: 8:30 a.m. ET
Live Call: (866) 754-5204, Domestic
(636) 812-6621, International
Replay: (855) 859-2056, Conference ID 3056322, Domestic
(404) 537-3406, Conference ID 3056322, International
Webcast: http://investor.altair.com (live & replay)

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Adjusted EBITDA, Non-GAAP Net Income, Non-GAAP Net Income Per Share and Free Cash Flow.

Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, restructuring charges, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

Non-GAAP net income – as defined through 2020 results excludes stock-based compensation, amortization of intangible assets related to acquisitions, and special items as identified by management and described elsewhere in this press release.

Non-GAAP net income – as defined starting with 2021 guidance and going forward excludes stock-based compensation, amortization of intangible assets related to acquisitions, non-cash interest expense, impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate form period to period, and special items as identified by management and described elsewhere in this press release.

Non-GAAP diluted common shares includes total outstanding shares plus outstanding equity awards under the Company’s equity award plans.

Free cash flow consists of cash flow from operations less capital expenditures.

Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

About Altair

Altair is a global technology company that provides software and cloud solutions in the areas of simulation, high-performance computing, data analytics and artificial intelligence. Altair enables organizations across broad industry segments to compete more effectively in a connected world while creating a more sustainable future. To learn more, please visit www.altair.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the first quarter and full year 2021, our statements regarding our expectation for 2021, and our reconciliations of projected non-GAAP financial measures. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Altair’s control. Altair’s actual results could differ materially from those stated or implied in our forward-looking statements due to a number of factors, including but not limited to, the risks detailed in Altair’s quarterly and annual reports filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Altair’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Altair undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Altair’s views as of any date subsequent to the date of this press release.

Media Relations
Altair
Dave Simon
248-614-2400 ext. 332
ir@altair.com

Investor Relations
The Blueshirt Group
Monica Gould
212-871-3927
ir@altair.com

Lindsay Savarese
212-331-8417
ir@altair.com

ALTAIR ENGINERING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)

  December 31,  
(in thousands) 2020     2019  
ASSETS              
CURRENT ASSETS              
Cash and cash equivalents $ 241,221     $ 223,117  
Accounts receivable, net   117,878       104,984  
Income tax receivable   6,736       7,264  
Prepaid expenses and other current assets   21,100       17,092  
Total current assets   386,935       352,457  
Property and equipment, net   36,332       36,297  
Operating lease right of use assets   33,526       28,134  
Goodwill   264,481       233,683  
Other intangible assets, net   76,114       67,075  
Deferred tax assets   7,125       5,791  
Other long-term assets   25,389       19,708  
TOTAL ASSETS $ 829,902     $ 743,145  
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY              
CURRENT LIABILITIES              
Current portion of long-term debt $ 30,384     $ 430  
Accounts payable   8,594       8,585  
Accrued compensation and benefits   34,772       30,676  
Current portion of operating lease liabilities   10,331       9,141  
Other accrued expenses and current liabilities   30,982       28,603  
Deferred revenue   85,691       75,431  
Total current liabilities   200,754       152,866  
Long-term debt, net of current portion   188,653       178,238  
Operating lease liabilities, net of current portion   24,323       20,174  
Deferred revenue, non-current   9,388       8,136  
Other long-term liabilities   27,414       26,672  
TOTAL LIABILITIES   450,532       386,086  
Commitments and contingencies              
MEZZANINE EQUITY   784       2,352  
STOCKHOLDERS’ EQUITY              
Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued or outstanding          
Common stock ($0.0001 par value)              
Class A common stock, authorized 513,797 shares, issued and outstanding 44,216 and 41,271 shares as of December 31, 2020 and 2019, respectively   4       4  
Class B common stock, authorized 41,203 shares, issued and outstanding 30,111 and 31,131 shares as of December 31, 2020 and 2019, respectively   3       3  
Additional paid-in capital   474,669       446,633  
Accumulated deficit   (93,293 )     (82,405 )
Accumulated other comprehensive loss   (2,797 )     (9,528 )
TOTAL STOCKHOLDERS’ EQUITY   378,586       354,707  
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY $ 829,902     $ 743,145  
               
               

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

  For the Three Months Ended December 31,     For the Year Ended December 31,  
(in thousands, except per share data) 2020     2019     2020     2019  
Revenue                              
License $ 76,381     $ 64,194     $ 259,965     $ 244,321  
Maintenance and other services   37,244       36,993       131,746       122,381  
Total software   113,625       101,187       391,711       366,702  
Software related services   7,906       8,941       26,454       34,576  
Total software and related services   121,531       110,128       418,165       401,278  
Client engineering services   9,934       11,722       44,320       48,987  
Other   1,976       2,027       7,436       8,650  
Total revenue   133,441       123,877       469,921       458,915  
Cost of revenue                              
License   6,786       8,139       19,637       21,285  
Maintenance and other services   10,105       10,892       38,688       38,401  
Total software *   16,891       19,031       58,325       59,686  
Software related services   6,102       6,497       21,243       25,640  
Total software and related services   22,993       25,528       79,568       85,326  
Client engineering services   8,067       9,882       35,684       39,875  
Other   1,631       1,540       6,053       7,398  
Total cost of revenue   32,691       36,950       121,305       132,599  
Gross profit   100,750       86,927       348,616       326,316  
Operating expenses:                              
Research and development *   34,966       30,498       126,081       117,510  
Sales and marketing *   30,537       27,589       111,440       106,051  
General and administrative *   22,933       21,292       86,432       82,178  
Amortization of intangible assets   4,986       3,769       16,376       14,442  
Other operating loss (income), net   5       (370 )     (3,426 )     (2,072 )
Total operating expenses   93,427       82,778       336,903       318,109  
Operating income   7,323       4,149       11,713       8,207  
Interest expense   3,008       2,785       11,598       6,371  
Other income, net   (65 )     (849 )     (1,917 )     (1,552 )
Income before income taxes   4,380       2,213       2,032       3,388  
Income tax expense   2,182       3,715       12,532       10,930  
Net income (loss) $ 2,198     $ (1,502 )   $ (10,500 )   $ (7,542 )
Income per share:                              
Net income (loss) per share attributable to common stockholders, basic $ 0.03     $ (0.02 )   $ (0.14 )   $ (0.11 )
Net income (loss) per share attributable to common stockholders, diluted $ 0.03     $ (0.02 )   $ (0.14 )   $ (0.11 )
Weighted average shares outstanding:                              
Weighted average number of shares used in computing net income (loss) per share, basic   74,020       72,227       73,241       71,544  
Weighted average number of shares used in computing net income (loss) per share, diluted   78,484       72,227       73,241       71,544  

*   Amounts include stock-based compensation expense as follows (in thousands):

     
  (Unaudited)  
  Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
  2020     2019     2020     2019  
Cost of revenue-software $ 871     $ 342     $ 2,473     $ 1,069  
Research and development   2,686       1,306       8,372       2,917  
Sales and marketing   2,474       688       6,423       2,250  
General and administrative   1,385       608       4,087       2,292  
Total stock-based compensation expense $ 7,416     $ 2,944     $ 21,355     $ 8,528  

ALTAIR ENGINEERING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)

  Year Ended December 31,
(in thousands) 2020     2019  
OPERATING ACTIVITIES:              
Net loss $ (10,500 )   $ (7,542 )
Adjustments to reconcile net loss to net cash provided by operating activities:              
Depreciation and amortization   23,806       21,522  
Provision for credit loss   1,259       671  
Amortization of debt discount and issuance costs   10,829       5,663  
Stock-based compensation expense   21,355       8,528  
Deferred income taxes   (10,350 )     (950 )
Other, net   118       6  
Changes in assets and liabilities:              
Accounts receivable   (11,032 )     (7,901 )
Prepaid expenses and other current assets   (2,131 )     (2,396 )
Other long-term assets   (4,527 )     (2,591 )
Accounts payable   (1,839 )     (426 )
Accrued compensation and benefits   1,985       (1,232 )
Other accrued expenses and current liabilities   5,771       513  
Operating lease right of use assets and liabilities, net   (142 )     102  
Deferred revenue   8,280       17,426  
Net cash provided by operating activities   32,882       31,393  
INVESTING ACTIVITIES:              
Payments for acquisition of businesses, net of cash acquired   (41,028 )     (25,720 )
Capital expenditures   (6,093 )     (9,660 )
Payments for acquisition of developed technology   (2,133 )     (473 )
Other investing activities, net   162       14  
Net cash used in investing activities   (49,092 )     (35,839 )
FINANCING ACTIVITIES:              
Borrowings under revolving commitment   30,000       96,992  
Proceeds from the exercise of stock options   1,710       1,510  
Proceeds from issuance of convertible senior notes, net of underwriters’ discounts and commissions         223,101  
Payments on revolving commitment         (127,941 )
Payments for issuance costs of convertible senior notes         (1,233 )
Other financing activities   (460 )     (513 )
Net cash provided by financing activities   31,250       191,916  
Effect of exchange rate changes on cash, cash equivalents and restricted cash   3,010       342  
Net increase in cash, cash equivalents and restricted cash   18,050       187,812  
Cash, cash equivalents and restricted cash at beginning of year   223,497       35,685  
Cash, cash equivalents and restricted cash at end of period $ 241,547     $ 223,497  
Supplemental disclosures of cash flow:              
Interest paid $ 731     $ 664  
Income taxes paid $ 12,666     $ 7,686  
Supplemental disclosure of non-cash investing and financing activities:              
Issuance of common stock in connection with acquisitions $ 3,504     $ 7,637  
Promissory notes issued and deferred payment obligations for acquisitions $ 1,266     $ 497  
Finance leases $ 118     $ 632  
Property and equipment in accounts payable and other current liabilities $ 1,671     $ 259  
               

Financial Results

The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net income (loss) and net income (loss) per share – diluted, the most comparable GAAP financial measures:

  (Unaudited)  
  Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
(in thousands, except per share amounts) 2020     2019     2020     2019  
Net income (loss) $ 2,198     $ (1,502 )   $ (10,500 )   $ (7,542 )
Stock-based compensation expense   7,416       2,944       21,355       8,528  
Amortization of intangible assets   4,986       3,769       16,376       14,442  
Special adjustments (1)         7       (372 )     2,038  
Income tax effect of non-GAAP adjustments   (451 )     34       (1,380 )     (1,069 )
Non-GAAP net income $ 14,149     $ 5,252     $ 25,479     $ 16,397  
                               
Net income (loss) per share – diluted $ 0.03     $ (0.02 )   $ (0.14 )   $ (0.11 )
Non-GAAP net income per share – diluted $ 0.17     $ 0.07     $ 0.31     $ 0.21  
                               
GAAP diluted shares outstanding:   78,484       72,227       73,241       71,544  
Non-GAAP diluted shares outstanding:   83,000       78,000       83,000       78,000  
(1) The twelve months ended December 31, 2020, includes $1.0 million of proceeds from settlements related to a historical acquisition and $0.6 million of severance expense. The twelve months ended December 31, 2019, includes $1.0 million of impairment charges for royalty contracts, $0.6 million of acquisition related costs and $0.4 million of severance expense.

The following table provides a reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure:

  (Unaudited)  
  Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
(in thousands) 2020     2019     2020     2019  
Net income (loss) $ 2,198     $ (1,502 )   $ (10,500 )   $ (7,542 )
Income tax expense   2,182       3,715       12,532       10,930  
Stock-based compensation expense   7,416       2,944       21,355       8,528  
Interest expense   3,008       2,785       11,598       6,371  
Depreciation and amortization   6,890       5,686       23,806       21,522  
Special adjustments, interest income and other (1)   (2 )     (893 )     (1,503 )     (260 )
Adjusted EBITDA $ 21,692     $ 12,735     $ 57,288     $ 39,549  
(1) The twelve months ended December 31, 2020, includes $1.0 million of proceeds from settlements related to a historical acquisition and $0.6 million of severance expense. The twelve months ended December 31, 2019, includes $1.0 million of impairment charges for royalty contracts, $0.6 million of acquisition related costs and $0.4 million of severance expense.

The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

  (Unaudited)  
  Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
(in thousands) 2020     2019     2020     2019  
Net cash provided by operating activities   5,503       1,388       32,882       31,393  
Capital expenditures   (2,087 )     (1,540 )     (6,093 )     (9,660 )
Free Cash Flow $ 3,416     $ (152 )   $ 26,789     $ 21,733  
                               

Business Outlook

Starting with the 2021 guidance presented in this press release (including the reconciliations provided below) and going forward, our definition of Non-GAAP net income now excludes non-cash interest expense and assumes a non-GAAP income tax rate, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period. There are no other changes from our prior definition. We’ve made these changes to reflect how management reviews results of the business and to be more consistent with our peers.

The following table provides a reconciliation of projected Non-GAAP net income to projected net loss, the most comparable GAAP financial measure:

  (Unaudited)  
  Three Months Ending
March 31, 2021
    Year Ending
December 31, 2021
 
(in thousands) Low     High     Low     High  
Net loss $ (5,400 )   $ (4,500 )   $ (44,000 )   $ (38,300 )
Stock-based compensation expense   11,900       11,900       44,500       44,500  
Amortization of intangible assets   4,400       4,400       17,800       17,800  
Non-cash interest expense   2,800       2,800       11,400       11,400  
Special adjustments and other   4,000       5,000       5,000       7,000  
Impact of non-GAAP tax rate   (1,400 )     (1,800 )     2,200       400  
Non-GAAP net income $ 16,300     $ 17,800     $ 36,900     $ 42,800  
                               

For comparability purposes, the following table provides a reconciliation of the Quarterly Non-GAAP net income results for 2020 to GAAP net income (loss) for 2020, reflecting the 2021 definition:

  (Unaudited)  
  Three Months Ended  
(in thousands) March 31,
2020
    June 30,
2020
    Sept 30,
2020
    December 31,
2020
 
Net income (loss) $ 6,030     $ (10,223 )   $ (8,505 )   $ 2,198  
Stock-based compensation expense   3,171       4,534       6,234       7,416  
Amortization of intangible assets   3,840       3,692       3,858       4,986  
Non-cash interest expense   2,648       2,689       2,725       2,762  
Special adjustments and other         578       (950 )      
Impact of non-GAAP tax rate   (637 )     1,718       1,294       (2,900 )
Non-GAAP net income $ 15,052     $ 2,988     $ 4,656     $ 14,462  
                               

The following table provides a reconciliation of projected Adjusted EBITDA to projected net loss, the most comparable GAAP financial measure:

  (Unaudited)  
  Three Months Ending
March 31, 2021
    Year Ending
December 31, 2021
 
(in thousands) Low     High     Low     High  
Net loss $ (5,400 )   $ (4,500 )   $ (44,000 )   $ (38,300 )
Income tax expense   4,300       4,400       15,200       15,500  
Stock-based compensation expense   11,900       11,900       44,500       44,500  
Interest expense   2,900       2,900       12,000       12,000  
Depreciation and amortization   6,300       6,300       25,400       25,400  
Special adjustments, interest income and other   4,000       5,000       4,900       6,900  
Adjusted EBITDA $ 24,000     $ 26,000     $ 58,000     $ 66,000  

INTRUSION Reports Fourth Quarter and Full Year 2020 Results

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PLANO, Texas, Feb. 25, 2021 (GLOBE NEWSWIRE) — INTRUSION, Inc. (NASDAQ: INTZ) announced today financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter and Recent Business Highlights

  • Ramping orders for its revolutionary Shield™ threat detection and prevention solution after successful market release
  • Expanded network of channel distributors and resellers to sell Shield
  • Further broadened executive team, particularly in sales and marketing, in support of rapid growth
  • Hired Chief Marketing Officer with direct prior experience at McAfee and Intel
  • Appointed new Board member with prior executive experience at Red Hat, Inc., within the enterprise software industry and in scaling organizations globally
  • Ended the quarter with strengthened balance sheet and $16.7 million in cash

“Since releasing INTRUSION’s revolutionary Shield solution only 6 weeks ago, we have received an unprecedented amount of interest and a growing pipeline of customers that is nothing short of extraordinary,” said Jack B. Blount, President and CEO of INTRUSION. “Shield is the first platform that uses real-time artificial intelligence to not just block intruders, but to kill cyberattacks including zero-days.

“Also during the quarter, we continued to expand our executive team with highly experienced individuals that offer deep domain expertise across the cybersecurity and software industries as well as channel sales. I firmly believe we have the right team in place to drive our company to the next level of growth, and I am very pleased with the progress we have made. I’m also encouraged by the early signs of recovery in our government business that should contribute to our growth this year as it returns to historical levels. Overall, the strong momentum we have generated in such a short period of time is indicative of the market need for our Shield family of solutions, for which we expect to see increasing traction and growth throughout the coming year.”  

Fourth Quarter Financial Results

Revenue for the fourth quarter 2020 was $1.6 million, compared to $2.6 million in the fourth quarter 2019 and $1.6 million for the third quarter 2020. For the full year 2020, revenue was $6.6 million as compared to $13.6 million in 2019.

Gross profit margin was 58% of revenue in the fourth quarter of 2020, compared to 61% in the fourth quarter 2019 and 59% in the third quarter 2020. For the full year 2020, gross margin was 59% as compared to 61% in the prior year.

Operating expenses in the fourth quarter of 2020 were $4.8 million, which included a $1.1 million non-cash write-off related to a prior office lease agreement. This compares to operating expenses of $1.3 million in the fourth quarter 2019 and $2.3 million in the third quarter 2020. Full year 2020 operating expenses were $10.4 million, which included the aforementioned non-cash write-off, compared to $3.8 million in 2019.

Net loss in the fourth quarter of 2020 was $3.9 million, which included the $1.1 million non-cash write-off and compares to net income of $0.3 million in the fourth quarter 2019 and a net loss of $1.4 million in the third quarter 2020. For the full year 2020, net loss was $6.5 million, which included the fourth quarter non-cash write-off, compared to net income of $4.5 million in the prior year.

As of December 31, 2020, cash and cash equivalents amounted to $16.7 million. In October, INTRUSION raised $18.2 million in net proceeds from a follow-on public issuance of approximately 2.5 million shares of its common stock.
  
Conference Call
INTRUSION’s management will host a conference call today at 4:00 P.M., CST. Interested investors can access the call at 1-833-366-0416 or +1-236-712-2506 for international callers and provide the following Conference ID: 5796455. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until March 4, 2021 by calling 1-800-585-8367 or +1-416-621-4642 for international callers. At the replay prompt, enter conference ID number 5796455. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

About INTRUSION Inc.
INTRUSION Inc. protects any-sized company by leveraging advanced threat intelligence with real-time artificial intelligence to kill cyberattacks as they occur – including zero-days. INTRUSION’s solution families include Shield™, a combination of plug-n-play hardware, software, global data, and real-time Artificial Intelligence (AI) services that provide organizations with the most robust cybersecurity defense possible; TraceCop™ for identity discovery and disclosure; and, Savant™ for network data mining and advanced persistent threat detection. INTRUSION’s solutions help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please visit www.intrusion.com.

Cautionary Statement Regarding Forward Looking Information

This release may contain certain forward-looking statements, including, without limitations, statements about the performance of protections provided by our Shield products, the effect of the recent additions to our board and executive management team, the anticipated recovery of our governmental customers and an expanded need for them and an increasing customer base to address cybersecurity risks, leading to expected growth in our sales performance for this year, as well as any other statements which reflect management’s expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof and involve a number of risks and uncertainties, including, the risk that the Company does not benefit as anticipated from sales of our current solutions, including the INTRUSION Shield solution, the performance of our expanded management team, and that customers will address and mitigate their perceived cybersecurity risks through the purchase of our products and solutions. These statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, risks that we have detailed in the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”

Investor Relations Contact
Joel Achramowicz
sheltonir@sheltongroup.com
P: (415) 845-9964

        

INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)

     December 31,  
    2020     2019  
Assets                
Current Assets:                
Cash and cash equivalents   $ 16,704     $ 3,334  
Accounts receivable     1,233       1,566  
Prepaid expenses     370       152  
Total current assets     18,307       5,052  
Property and Equipment:                
Equipment     1,453       1,138  
Furniture and fixtures     43       43  
Leasehold improvements     67       63  
      1,563       1,244  
Accumulated depreciation and amortization     (1,097 )     (909 )
      466       335  
Finance leases, right-of-use assets, net     20       62  
Operating leases, right-of-use assets, net     1,010       1,348  
Other assets     79       38  
TOTAL ASSETS   $ 19,882     $ 6,835  
                 
Liabilities and Stockholders’ Equity                
Current Liabilities:                
Accounts payable, trade   $ 408     $ 252  
Accrued expenses     628       828  
Dividends payable           20  
Finance leases liabilities, current portion     21       43  
Operating leases liabilities, current portion     488       284  
PPP loan payable, current portion     421        
Deferred revenue     177       516  
Total current liabilities     2,143       1,943  
                 
Finance leases liability, noncurrent portion           21  
PPP loan payable, noncurrent portion     212        
Operating leases liability, noncurrent portion     1,866       1,315  
                 
Commitments and contingencies                
                 
Stockholders’ Equity:                
Preferred stock, $0.01 par value:                
Authorized shares — 5,000                
Series 1 shares issued and outstanding — 200
Liquidation preference of $1,013 in 2019
          707  
Series 2 shares issued and outstanding — 460
Liquidation preference of $1,155 in 2019
          724  
Series 3 shares issued and outstanding — 289
Liquidation preference of $634 in 2019
          412  
Common stock, $0.01 par value:                
Authorized shares — 80,000                
Issued shares — 17,428 in 2020 and 13,552 in 2019                
Outstanding shares — 17,418 in 2020 and 13,542 in 2019     174       136  
Common stock held in treasury, at cost—10 shares     (362 )     (362 )
Additional paid-in-capital     77,187       56,759  
Accumulated deficit     (61,295 )     (54,777 )
Accumulated other comprehensive loss     (43 )     (43 )
Total stockholders’ equity     15,661       3,556  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 19,882     $ 6,835  

INTRUSION INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)

    Three Months Ended
December 31,
  Year Ended
December 31,
 
    2020   2019   2020   2019  
Revenue   $ 1,580   $ 2,572   $ 6,619   $ 13,643  
Cost of revenue   660   1,002   2,709   5,342  
                   
Gross profit   920   1,570   3,910   8,301  
                   
Operating expenses:                  
Sales and marketing   1,941   485   3,821   1,298  
Research and development   1,056   539   3,797   1,314  
General and administrative   760   252   1,723   1,182  
Loss on lease abandonment   1,092     1,092    
                   
Operating income (loss)   (3,929 ) 294   (6,523 ) 4,507  

Interest expense

  (2 ) (1 ) (6 ) (46 )
Interest income   3   4   11   4  
                   
Income (loss) before income taxes   (3,928 ) 297   (6,518 ) 4,465  
                   
Income tax provision          
                   
Net income (loss)   $ (3,928 ) $ 297   $ (6,518 ) $ 4,465  
                   
Preferred stock dividends accrued     (35 ) (79 ) (139 )
Net income (loss) attributable to common stockholders   $ (3,928 ) $ 262   $ (6,597 ) $ 4,326  
                   
Net income (loss) per share attributable to common stockholders: Basic   $ (0.23 ) $ 0.02   $ (0.45 ) $ 0.32  
                       Diluted   $ (0.23 ) $ 0.02   $ (0.45 $ 0.28  
                   
Weighted average common shares outstanding:
                            Basic
  17,029   13,542   14,678   13,502  
                       Diluted   17,029   15,392   14,678   15,352  

Workday Announces Fiscal Fourth Quarter and Full Year 2021 Financial Results

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Fiscal Fourth Quarter Total Revenues of $1.13 Billion, Up 15.9% Year Over Year
Subscription Revenue of $1.01 Billion, Up 19.8% Year Over Year
24-Month Subscription Revenue Backlog of $6.53 Billion, Up 19.2% Year Over Year
Total Subscription Revenue Backlog of $10.09 Billion, Up 21.6% Year Over Year

Fiscal Year 2021 Total Revenues of $4.32 Billion, Up 19.0% Year Over Year
Subscription Revenue of $3.79 Billion, Up 22.4% Year Over Year
Operating Cash Flows of $1.27 Billion, Up 46.7% Year Over Year

PLEASANTON, Calif., Feb. 25, 2021 (GLOBE NEWSWIRE) — Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today announced results for the fiscal fourth quarter and full year ended January 31, 2021.

Fiscal Fourth Quarter 2021 Results

  • Total revenues were $1.13 billion, an increase of 15.9% from the fourth quarter of fiscal 2020. Subscription revenue was $1.01 billion, an increase of 19.8% from the same period last year.
  • Operating loss was $73.3 million, or negative 6.5% of revenues, compared to an operating loss of $146.1 million, or negative 15.0% of revenues, in the same period last year. Non-GAAP operating income for the fourth quarter was $211.0 million, or 18.6% of revenues, compared to a non-GAAP operating income of $116.6 million, or 11.9% of revenues, in the same period last year.1
  • Net loss per basic and diluted share was $0.30, compared to a net loss per basic and diluted share of $0.56 in the fourth quarter of fiscal 2020. Non-GAAP net income per diluted share was $0.73, compared to a non-GAAP net income per diluted share of $0.50 in the same period last year.2

Fiscal Year 2021 Results

  • Total revenues were $4.32 billion, an increase of 19.0% from fiscal 2020. Subscription revenue was $3.79 billion, an increase of 22.4% from the prior year.
  • Operating loss was $248.6 million, or negative 5.8% of revenues, compared to an operating loss of $502.2 million, or negative 13.8% of revenues, in fiscal 2020. Non-GAAP operating income was $867.2 million, or 20.1% of revenues, compared to a non-GAAP operating income of $484.5 million, or 13.4% of revenues, in the prior year.1
  • Net loss per basic and diluted share was $1.19, compared to a net loss per basic and diluted share of $2.12 in fiscal 2020. Non-GAAP net income per diluted share was $2.93, compared to a non-GAAP net income per diluted share of $1.88 last year.2
  • Operating cash flows were $1.27 billion compared to $864.6 million in the prior year.
  • Cash, cash equivalents, and marketable securities were $3.54 billion as of January 31, 2021.

Comments on the News

“I couldn’t be prouder of how we closed out this extraordinary year and how we as a company and community – including employees, customers, and partners – responded, innovated, and supported one another,” said Aneel Bhusri, co-founder and co-CEO, Workday. “As we look ahead, I’m inspired by the incredible opportunity we have as we continue to serve as the backbone of digital transformation for the world’s largest organizations as they embrace new ways to engage employees and manage finances in today’s rapidly changing environment.”

“We had a very strong close to the year, as more organizations accelerate their HR and finance technology investments and adopt cloud-based systems to respond to an evolving world,” said Chano Fernandez, co-CEO, Workday. “Reflecting on this year, I’m so pleased with the way our employees were able to respond during such a dynamic time and in turn, create great experiences and results for our customers and each other. Our customer community now represents more than 50 million workers and as we head into next fiscal year, we’re hoping to build on that great momentum with significant pipeline improvement, helping position us well for accelerated new bookings growth.”

“Our solid fourth quarter and full-year fiscal 2021 results are a testament to the strategic, mission-critical nature of our solutions and the resiliency of our business,” said Robynne Sisco, president and chief financial officer, Workday. “We currently expect fiscal 2022 subscription revenue to be in a range of $4.38 billion to $4.40 billion, representing year-over-year growth of 16%, and we expect non-GAAP operating margins of 17%. Our focus this year is on driving accelerated bookings growth, which we expect will ultimately result in a faster pace of future subscription revenue growth.”

Recent Highlights

  • Workday announced its intent to acquire Peakon ApS, an employee success platform that converts feedback into actionable insights. With Peakon, Workday will provide organizations with a continuous listening platform to help drive employee engagement and improve organizational performance.
  • Workday has expanded its addressable market for the office of the chief financial officer with the Workday Enterprise Finance solution. This new offering provides customers – particularly those in product-based industries such as retail or manufacturing with on-premise enterprise resource planning and industry-specific systems – the flexibility to accelerate their digital finance transformation with as little friction as possible.
  • Workday announced a COVID-19 vaccine management solution that combines real-time HR data with immunization information, providing customers with the insight and resources needed to help foster healthier workforces and safer workplaces.
  • Workday announced that Lynne Doughtie, former U.S. chairman and CEO of KPMG, has been elected to its board of directors as an independent director.
  • Workday announced it has promoted Doug Robinson to executive vice president of global sales, reporting to Co-CEO Chano Fernandez.
  • Workday was recognized, for the fourth year in a row, as Best in KLAS in enterprise resource planning for Workday Financial Management, Workday Human Capital Management, and Workday Supply Chain Management solutions for healthcare. Workday was also honored with Best in KLAS for Talent Management.
  • Workday welcomed its newest brand ambassador, Naomi Osaka, a globally recognized tennis champion, recent Australian Open winner, and leading voice of the social justice movement.

Earnings Call Details

Workday plans to host a conference call today to review its fiscal fourth quarter and full year 2021 financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30 p.m. PT/4:30 p.m. ET and can be accessed via webcast. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.

Workday uses the Workday Blog as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

1 Non-GAAP operating income excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.
   
2 Non-GAAP net income per share excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, non-cash interest expense related to our convertible senior notes, and income tax effects. See the section titled “About Non-GAAP Financial Measures” in the accompanying financial tables for further details.
   
3 Gartner “Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises,” by Jason Cerrato, Chris Pang, Jeff Freyermuth, Ron Hanscome, Helen Poitevin, Sam Grinter, Ranadip Chandra, Amanda Grainger, November 9, 2020.

Required Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Workday

Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics have been adopted by thousands of organizations around the world and across industries – from medium-sized businesses to more than 45 percent of the Fortune 500. For more information about Workday, visit workday.com.

© 2021 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Use of Non-GAAP Financial Measures

Reconciliations of non-GAAP financial measures to Workday’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled “About Non-GAAP Financial Measures.” A reconciliation of our forward outlook for non-GAAP operating margin with our forward-looking GAAP operating margin is not available without unreasonable efforts as the quantification of share-based compensation expense, which is excluded from our non-GAAP operating margin, requires additional inputs such as the number of shares granted and market prices that are not ascertainable.

Forward-Looking Statements

This press release contains forward-looking statements including, among other things, statements regarding Workday’s full-year fiscal 2022 subscription revenue and non-GAAP operating margins, growth metrics, opportunities, pipeline, and positioning. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “seek,” “plan,” “project,” “looking ahead,” “look to,” “move into,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) the impact of the ongoing COVID-19 pandemic on our business, as well as our customers, prospects, partners, and service providers; (ii) the risk that the pending acquisition of Peakon may not be completed in a timely manner or at all, that we may not be able to achieve the expected benefits of the transaction, or that we may incur unanticipated costs or other negative effects in connection with the transaction; (iii) our ability to implement our plans, objectives, and other expectations with respect to Peakon or any other of our acquired companies; (iv) breaches in our security measures, unauthorized access to our customers’ or other users’ personal data, or disruptions in our data center or computing infrastructure operations; (v) service outages, delays in the deployment of our applications, and the failure of our applications to perform properly; (vi) our ability to manage our growth effectively; (vii) competitive factors, including pricing pressures, industry consolidation, entry of new competitors and new applications, advancements in technology, and marketing initiatives by our competitors; (viii) the development of the market for enterprise cloud applications and services; (ix) acceptance of our applications and services by customers and individuals, including any new features, enhancements, and modifications, as well as the acceptance of any underlying technology such as machine learning, artificial intelligence, and blockchain; (x) adverse changes in general economic or market conditions; (xi) the regulatory, economic, and political risks associated with our domestic and international operations; (xii) the regulatory risks related to new and evolving technologies such as machine learning, artificial intelligence, and blockchain; (xiii) delays or reductions in information technology spending; and (xiv) changes in sales, which may not be immediately reflected in our results due to our subscription model. Further information on these and additional risks that could affect Workday’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our Form 10-Q for the fiscal quarter ended October 31, 2020, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

Workday, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

  January 31,
  2021   2020
Assets      
Current assets:      
Cash and cash equivalents $ 1,384,181     $ 731,141  
Marketable securities 2,151,472     1,213,432  
Trade and other receivables, net 1,032,484     877,578  
Deferred costs 122,764     100,459  
Prepaid expenses and other current assets 111,160     172,012  
Total current assets 4,802,061     3,094,622  
Property and equipment, net 972,403     936,179  
Operating lease right-of-use assets 414,143     290,902  
Deferred costs, noncurrent 271,796     222,395  
Acquisition-related intangible assets, net 248,626     308,401  
Goodwill 1,819,625     1,819,261  
Other assets 189,757     144,605  
Total assets $ 8,718,411     $ 6,816,365  
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $ 75,596     $ 57,556  
Accrued expenses and other current liabilities 169,266     130,050  
Accrued compensation 285,061     248,154  
Unearned revenue 2,556,624     2,223,178  
Operating lease liabilities 93,000     66,147  
Debt, current 1,103,101     244,319  
Total current liabilities 4,282,648     2,969,404  
Debt, noncurrent 691,913     1,017,967  
Unearned revenue, noncurrent 80,111     86,025  
Operating lease liabilities, noncurrent 350,051     241,425  
Other liabilities 35,854     14,993  
Total liabilities 5,440,577     4,329,814  
Stockholders’ equity:      
Common stock 242     231  
Additional paid-in capital 6,254,936     5,090,187  
Treasury stock (12,384 )    
Accumulated other comprehensive income (loss) (54,970 )   23,492  
Accumulated deficit (2,909,990 )   (2,627,359 )
Total stockholders’ equity 3,277,834     2,486,551  
Total liabilities and stockholders’ equity $ 8,718,411     $ 6,816,365  
 

Workday, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

  Three Months Ended January 31,   Year Ended January 31,
  2021   2020   2021   2020
Revenues:              
Subscription services $ 1,006,251     $ 839,694     $ 3,788,452     $ 3,096,389  
Professional services 125,433     136,605     529,544     530,817  
Total revenues 1,131,684     976,299     4,317,996     3,627,206  
Costs and expenses (1):              
Costs of subscription services 169,246     132,578     611,912     488,513  
Costs of professional services 143,798     152,197     586,220     576,745  
Product development 439,095     422,211     1,721,222     1,549,906  
Sales and marketing 335,249     306,618     1,233,173     1,146,548  
General and administrative 117,607     108,792     414,068     367,724  
Total costs and expenses 1,204,995     1,122,396     4,566,595     4,129,436  
Operating income (loss) (73,311 )   (146,097 )   (248,599 )   (502,230 )
Other income (expense), net 4,737     16,884     (26,535 )   19,783  
Loss before provision for (benefit from) income taxes (68,574 )   (129,213 )   (275,134 )   (482,447 )
Provision for (benefit from) income taxes 3,133     (1,255 )   7,297     (1,773 )
Net loss $ (71,707 )   $ (127,958 )   $ (282,431 )   $ (480,674 )
Net loss per share, basic and diluted $ (0.30 )   $ (0.56 )   $ (1.19 )   $ (2.12 )
Weighted-average shares used to compute net loss per share, basic and diluted 240,992     230,491     237,019     227,185  
(1) Costs and expenses include share-based compensation expenses as follows:          
  Three Months Ended January 31,     Year Ended January 31,
  2021       2020       2021     2020
Costs of subscription services $ 17,769     $ 13,869     $ 63,253     $ 49,919  
Costs of professional services 27,402       23,011       101,869       80,401  
Product development 126,426   118,978       505,376       434,188  
Sales and marketing 51,938   48,072       202,819       176,758  
General and administrative 33,579   30,492       131,537       118,614  
                         

Workday, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

  Three Months Ended January 31,   Year Ended January 31,
  2021   2020   2021   2020
Cash flows from operating activities:              
Net loss $ (71,707 )   $ (127,958 )   $ (282,431 )   $ (480,674 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:              
Depreciation and amortization 75,101     75,126     293,657     276,278  
Share-based compensation expenses 257,114     234,422     1,004,854     859,571  
Amortization of deferred costs 30,506     24,744     112,647     90,641  
Amortization of debt discount and issuance costs 12,227     14,634     53,693     54,034  
Non-cash lease expense 23,987     18,170     84,376     67,325  
Other (20,351 )   (26,110 )   (12,311 )   (35,063 )
Changes in operating assets and liabilities, net of business combinations:              
Trade and other receivables, net (286,903 )   (262,280 )   (159,240 )   (176,141 )
Deferred costs (82,629 )   (68,061 )   (184,353 )   (149,168 )
Prepaid expenses and other assets 15,379     (18,413 )   52,117     (17,736 )
Accounts payable 5,837     15,805     (3,476 )   20,293  
Accrued expenses and other liabilities 27,906     (6,375 )   (18,472 )   220  
Unearned revenue 567,279     423,410     327,380     355,018  
Net cash provided by (used in) operating activities 553,746     297,114     1,268,441     864,598  
Cash flows from investing activities:              
Purchases of marketable securities (768,641 )   (368,422 )   (2,731,885 )   (1,797,468 )
Maturities of marketable securities 520,010     346,813     1,802,334     1,686,643  
Sales of marketable securities 5,348     1,009     10,627     56,508  
Owned real estate projects (793 )   (3,693 )   (6,116 )   (99,308 )
Capital expenditures, excluding owned real estate projects (48,688 )   (47,420 )   (253,380 )   (243,694 )
Business combinations, net of cash acquired     (460,718 )       (473,603 )
Purchase of other intangible assets (2,950 )   (850 )   (2,950 )   (850 )
Purchases of non-marketable equity and other investments (4,264 )   (8,100 )   (67,482 )   (25,393 )
Sales and maturities of non-marketable equity and other investments 1,005         7,228     252  
Other             (9 )
Net cash provided by (used in) investing activities (298,973 )   (541,381 )   (1,241,624 )   (896,922 )
Cash flows from financing activities:              
Proceeds from borrowings on Term Loan, net of debt discount and issuance costs         747,795      
Payments on convertible senior notes (66 )       (250,012 )   (30 )
Payments on Term Loan (9,375 )       (18,750 )    
Proceeds from issuance of common stock from employee equity plans 70,506     62,353     148,673     125,673  
Other (221 )   (144 )   (2,657 )   (519 )
Net cash provided by (used in) financing activities 60,844     62,209     625,049     125,124  
Effect of exchange rate changes 788     (78 )   1,334     (282 )
Net increase (decrease) in cash, cash equivalents, and restricted cash 316,405     (182,136 )   653,200     92,518  
Cash, cash equivalents, and restricted cash at the beginning of period 1,071,516     916,857     734,721     642,203  
Cash, cash equivalents, and restricted cash at the end of period $ 1,387,921     $ 734,721     $ 1,387,921     $ 734,721  
 

Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Three Months Ended January 31, 2021
(in thousands, except percentages and per share data)
(unaudited)

  GAAP   Share-Based Compensation Expenses   Other Operating Expenses (2)   Amortization of Convertible Senior Notes Debt Discount and Issuance Costs   Income Tax and Dilution Effects (3)   Non-GAAP
Costs and expenses:                      
Costs of subscription services $ 169,246     $ (17,769 )   $ (8,501 )   $     $     $ 142,976  
Costs of professional services 143,798     (27,402 )   (1,643 )           114,753  
Product development 439,095     (126,426 )   (6,857 )           305,812  
Sales and marketing 335,249     (51,938 )   (8,956 )           274,355  
General and administrative 117,607     (33,579 )   (1,226 )           82,802  
Operating income (loss) (73,311 )   257,114     27,183             210,986  
Operating margin (6.5 )%   22.7  %   2.4  %   —  %   —  %   18.6  %
Other income (expense), net 4,737             12,117         16,854  
Income (loss) before provision for (benefit from) income taxes (68,574 )   257,114     27,183     12,117         227,840  
Provision for (benefit from) income taxes 3,133                 40,157     43,290  
Net income (loss) $ (71,707 )   $ 257,114     $ 27,183     $ 12,117     $ (40,157 )   $ 184,550  
Net income (loss) per share (1) $ (0.30 )   $ 1.07     $ 0.11     $ 0.05     $ (0.20 )   $ 0.73  
(1) GAAP net loss per share is calculated based upon 240,992 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 252,099 diluted weighted-average shares of common stock.
(2) Other operating expenses include amortization of acquisition-related intangible assets of $14.0 million and total employer payroll tax-related items on employee stock transactions of $13.2 million.
(3) We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2021, we determined the projected non-GAAP tax rate to be 19%. Included in this is a dilution impact of $0.03 from the conversion of basic and diluted net loss per share to diluted net income per share.

Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Three Months Ended January 31, 2020
(in thousands, except percentages and per share data)
(unaudited)

  GAAP   Share-Based Compensation Expenses   Other Operating Expenses (2)   Amortization of Convertible Senior Notes Debt Discount and Issuance Costs   Income Tax and Dilution Effects (3)   Non-GAAP
Costs and expenses:                      
Costs of subscription services $ 132,578     $ (13,869 )   $ (8,334 )   $     $     $ 110,375  
Costs of professional services 152,197     (23,011 )   (1,179 )           128,007  
Product development 422,211     (118,978 )   (7,253 )           295,980  
Sales and marketing 306,618     (48,072 )   (9,671 )           248,875  
General and administrative 108,792     (30,492 )   (1,820 )           76,480  
Operating income (loss) (146,097 )   234,422     28,257             116,582  
Operating margin (15.0 )%   24.0  %   2.9  %   —  %   —  %   11.9  %
Other income (expense), net 16,884             14,635         31,519  
Income (loss) before provision for (benefit from) income taxes (129,213 )   234,422     28,257     14,635         148,101  
Provision for (benefit from) income taxes (1,255 )               26,432     25,177  
Net income (loss) $ (127,958 )   $ 234,422     $ 28,257     $ 14,635     $ (26,432 )   $ 122,924  
Net income (loss) per share (1) $ (0.56 )   $ 1.02     $ 0.12     $ 0.06     $ (0.14 )   $ 0.50  
(1) GAAP net loss per share is calculated based upon 230,491 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 247,819 diluted weighted-average shares of common stock.
(2) Other operating expenses include amortization of acquisition-related intangible assets of $17.0 million and total employer payroll tax-related items on employee stock transactions of $11.2 million.
(3) We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2020, the projected non-GAAP tax rate was 17%. Included in the per share amount is a dilution impact of $0.03 from the conversion of basic and diluted net loss per share to diluted net income per share.

Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Year Ended January 31, 2021
(in thousands, except percentages and per share data)
(unaudited)

  GAAP   Share-Based Compensation Expenses   Other Operating Expenses (2)   Amortization of Convertible Senior Notes Debt Discount and Issuance Costs   Income Tax and Dilution Effects (3)   Non-GAAP
Costs and expenses:                      
Costs of subscription services $ 611,912     $ (63,253 )   $ (34,799 )   $     $     $ 513,860  
Costs of professional services 586,220     (101,869 )   (6,486 )           477,865  
Product development 1,721,222     (505,376 )   (27,567 )           1,188,279  
Sales and marketing 1,233,173     (202,819 )   (35,797 )           994,557  
General and administrative 414,068     (131,537 )   (6,337 )           276,194  
Operating income (loss) (248,599 )   1,004,854     110,986             867,241  
Operating margin (5.8 )%   23.3  %   2.6  %   —  %   —  %   20.1  %
Other income (expense), net (26,535 )           53,326         26,791  
Income (loss) before provision for (benefit from) income taxes (275,134 )   1,004,854     110,986     53,326         894,032  
Provision for (benefit from) income taxes 7,297                 162,569     169,866  
Net income (loss) $ (282,431 )   $ 1,004,854     $ 110,986     $ 53,326     $ (162,569 )   $ 724,166  
Net income (loss) per share (1) $ (1.19 )   $ 4.24     $ 0.47     $ 0.22     $ (0.81 )   $ 2.93  
(1) GAAP net loss per share is calculated based upon 237,019 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 247,230 diluted weighted-average shares of common stock.
(2) Other operating expenses include amortization of acquisition-related intangible assets of $59.8 million and total employer payroll tax-related items on employee stock transactions of $51.2 million.
(3) We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2021, we have determined the projected non-GAAP tax rate to be 19%. Included in the per share amount is a dilution impact of $0.12 from the conversion of basic and diluted net loss per share to diluted net income per share.

Workday, Inc.
Reconciliation of GAAP to Non-GAAP Data
Year Ended January 31, 2020
(in thousands, except percentages and per share data)
(unaudited)

  GAAP   Share-Based Compensation Expenses   Other Operating Expenses (2)   Amortization of Convertible Senior Notes Debt Discount and Issuance Costs   Income Tax and Dilution Effects (3)   Non-GAAP
Costs and expenses:                      
Costs of subscription services $ 488,513     $ (49,919 )   $ (40,326 )   $     $     $ 398,268  
Costs of professional services 576,745     (80,401 )   (6,440 )           489,904  
Product development 1,549,906     (434,188 )   (30,684 )           1,085,034  
Sales and marketing 1,146,548     (176,758 )   (40,774 )           929,016  
General and administrative 367,724     (118,614 )   (8,592 )           240,518  
Operating income (loss) (502,230 )   859,880     126,816             484,466  
Operating margin (13.8 )%   23.7  %   3.5  %   —  %   —  %   13.4  %
Other income (expense), net 19,783             54,034         73,817  
Income (loss) before provision for (benefit from) income taxes (482,447 )   859,880     126,816     54,034         558,283  
Provision for (benefit from) income taxes (1,773 )               96,681     94,908  
Net income (loss) $ (480,674 )   $ 859,880     $ 126,816     $ 54,034     $ (96,681 )   $ 463,375  
Net income (loss) per share (1) $ (2.12 )   $ 3.78     $ 0.56     $ 0.24     $ (0.58 )   $ 1.88  
(1) GAAP net loss per share is calculated based upon 227,185 basic and diluted weighted-average shares of common stock. Non-GAAP net income per share is calculated based upon 247,013 diluted weighted-average shares of common stock.
(2) Other operating expenses include amortization of acquisition-related intangible assets of $71.8 million and total employer payroll tax-related items on employee stock transactions of $55.0 million.
(3) We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2020, the projected non-GAAP tax rate was 17%. Included in the per share amount is a dilution impact of $0.15 from the conversion of basic and diluted net loss per share to diluted net income per share.

About Non-GAAP Financial Measures

To provide investors and others with additional information regarding Workday’s results, we have disclosed the following non-GAAP financial measures: non-GAAP operating income (loss) and non-GAAP net income (loss) per share. Workday has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Non-GAAP operating income (loss) differs from GAAP in that it excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, and amortization expense for acquisition-related intangible assets. Non-GAAP net income (loss) per share differs from GAAP in that it excludes share-based compensation expenses, employer payroll tax-related items on employee stock transactions, amortization expense for acquisition-related intangible assets, non-cash interest expense related to our convertible senior notes, and income tax effects.

Workday’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate Workday’s financial performance. Management believes these non-GAAP financial measures reflect Workday’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in Workday’s business. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Workday’s operating results and prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

Management believes excluding the following items from the GAAP Condensed Consolidated Statements of Operations is useful to investors and others in assessing Workday’s operating performance due to the following factors:

  • Share-based compensation expenses. Although share-based compensation is an important aspect of the compensation of our employees and executives, management believes it is useful to exclude share-based compensation expenses to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies. Share-based compensation expenses are determined using a number of factors, including our stock price, volatility, and forfeiture rates, that are beyond our control and generally unrelated to operational decisions and performance in any particular period. Further, share-based compensation expenses are not reflective of the value ultimately received by the grant recipients.
  • Other operating expenses. Other operating expenses includes employer payroll tax-related items on employee stock transactions and amortization of acquisition-related intangible assets. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe it is reflective of ongoing operations.
  • Amortization of convertible senior notes debt discount and issuance costs. Under GAAP, we are required to separately account for liability (debt) and equity (conversion option) components of the convertible senior notes that were issued in private placements in June 2013 and September 2017. Accordingly, for GAAP purposes we are required to recognize the effective interest expense on our convertible senior notes and amortize the issuance costs over the term of the notes. The difference between the effective interest expense and the contractual interest expense, and the amortization expense of issuance costs are excluded from management’s assessment of our operating performance because management believes that these non-cash expenses are not indicative of ongoing operating performance. Management believes that the exclusion of the non-cash interest expense provides investors an enhanced view of Workday’s operational performance.
  • Income tax effects. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a three-year financial projection that excludes the direct impact of share-based compensation and related employer payroll taxes, amortization of acquisition-related intangible assets, and amortization of debt discount and issuance costs. The projected rate considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. For fiscal 2021 and 2022, we determined the projected non-GAAP tax rate to be 19%, which reflects currently available information, as well as other factors and assumptions. We will periodically re-evaluate this tax rate, as necessary, for significant events, based on our ongoing analysis of the 2017 U.S. Tax Cuts and Jobs Act, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions.

The use of non-GAAP operating income (loss) and non-GAAP net income (loss) per share measures have certain limitations as they do not reflect all items of income and expense that affect Workday’s operations. Workday compensates for these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review Workday’s financial information in its entirety and not rely on a single financial measure.

Investor Relations Contact:
Justin Furby
IR@Workday.com

Media Contact:
Nina Oestlien
Media@Workday.com

Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.12 Billion in 2027

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Noida, Feb. 25, 2021 (GLOBE NEWSWIRE) — According to a recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, the global healthcare data storage market was worth USD 3.08 billion in 2020 and is further projected to reach USD 6.12 billion by 2027 at a CAGR of 10.7% during the forecast period 2021-2027. Healthcare organizations across the world are investing a significant amount in upgrading their storage IT infrastructure to make it more versatile and robust so as to satisfy the growing demand in the healthcare sector. Organizations often face difficulties in managing clinical data created by connected medical devices, patient data generated by hospitals, and other health-related records. The growth of the market is expected to be influenced by factors such as huge volumes of digital data produced in healthcare institutions, the fast and simple introduction of cloud storage solutions, expanded use of electronic medical records (EMR), computerized provider order entries (CPOE), and the acceptance of hybrid data storage solutions.
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Introduction of the interoperable system and cloud-based computing system in the healthcare sector

The introduction of the interoperable system and cloud-based computing system for detecting diseases is a major driving force of the healthcare data storage market. The demand for early disease detection is rising globally. The computing revolution has given rise to the concept of cloud computing, which uses software, infrastructure, and platform as services. The U.S. National Institute of Standards and Technology studies states that cloud computing is a model for enabling ubiquitous, convenient access to a shared pool of configurable computing resources. For instance, HealthVault launched by Microsoft is a web-based Personal Healthcare Record system used for storing and managing health information. A lot of particular third-party applications, viz., blood pressure management tools, and medical image viewers, as well as hundreds of devices such as blood glucose meters and blood pressure monitors, are compatible with this platform to record health data in the healthcare sector. Moreover, the growing technological advancements devised for improving IT infrastructure, namely the implementation of IoT, artificial intelligence, and Big Data are some of the significant factors that are propelling the market growth. Additionally, cloud computing offering large scalable computing and storage services, along with data sharing services, on-demand 24/7 access to applications and resources in healthcare is driving the adoption of data storage in the healthcare sector.

Increasing Research & Development for Product Development

The rising number of clinical trials, especially the growth in outsourcing of Phase III and Phase II trials clinical trials, along with the growth in collaborations between key players and clinical service providers to minimize mechanical failures are the key factors driving the global healthcare data storage market.
ClinicalTrials.gov currently lists 367,663 studies in all 50 States and 219 countries as of January 2021. The geriatric population and the subsequent increase in the prevalence of chronic diseases, along with the development of new drugs and growing acceptance of evidence-based medicine for various therapeutic areas are accelerating the demand for more clinical research. Consequently, the growing need for more data storage by clinical research organizations for securing their data is fueling the demand for the global healthcare data storage market.

Flash-and Solid-State Storage type segment held the largest share in the global healthcare data storage market in 2020

Based on type, the global healthcare data storage market comprises flash and solid-state storage, and magnetic storage. The Flash and solid-state storage type segment held the largest share in the global healthcare data storage market in 2020. The high capacity of flash and solid-state compared to magnetic disks is driving its demand. Additionally, the price of flash drives and solid-state drives has declined significantly, leading to increased end-user adoption.

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COVID-19 Impact

An immense amount of substantial health care data comes with the outbreak of the COVID-19 pandemic. Huge volumes of data have been gathered from the number of reported cases coming from different countries and hospitals. For policymakers making strategic choices at the peak of this pandemic, it is crucial to exploit data-driven information in real-time, but many healthcare companies are unable to quickly and accurately harness the vast data sources to fulfill the healthcare industry’s demands.
Data teams globally are mobilizing the gathered data to help tackle the pandemic’s most important challenges in response to this threat. Modern data systems offer powerful computing resources that enable analysts, physicians and hospital executives, government, and pharmaceutical companies to compile and interpret different databases and provide decision-makers with actionable insights.
For most hospital systems, digital transformation has been a slow burn, but Covid-19 has sparked an increased initiative, especially in the shift towards integrated health records analytics. Advanced hospitals nowadays use different Electronic Health Record (EHR) systems with complex architectures for data storage and analytics. These complex structures often fail to communicate quickly, making it impossible to gather all the data that would provide a full image of a patient.
Data analytics technology also lets government departments easily generate up-to-date data sets at the state level and execute statistical models. It also helps them distribute money optimally, provide knowledge to public health testing activities, and effectively curtail the spread of Covid-19.
The pandemic has highlighted how the speed of data processing and interpretation is crucial for technological modernization. Cutting-edge infrastructure environments such as cloud data lakes empower companies in healthcare and life sciences to empower real-time data processing, while notebooks make it easier for data scientists to share knowledge and research with their colleagues.

Global Healthcare Data Storage Market: Regional Insights

The global healthcare data storage market is segmented into five regions—North America, Europe, the Asia-Pacific, Latin America, and the Middle-East & Africa.

North America witnessed the largest share in the market owing to the use of innovative solutions by clinics and hospitals for maintaining patient data and the availability of the most advanced healthcare information technology solutions. Europe holds the second-largest share in the global healthcare data storage market and is likely to maintain its place during the forecast period owing to the presence of several healthcare businesses providing diagnosis and treatment products, thereby driving the market for healthcare data storage IT solutions. Additionally, the emergence of a large patient population suffering from arthritis, diabetes, and cancer is further driving the market growth.

The Leading Players in The Market- Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), SPX Transformer Solutions (US), ABB, GridBridge, Cloudian, and other prominent players.

Cloudian (US)- Cloudian US is one of the leading service providers of healthcare data storage that helps manage, secure, and retain huge volumes of patient data, including scans, MRI, X-rays, and other relevant reports. Cloudian provides fast and futureproof S3 object storage. It has also partnered with green cloud technologies, a VMware cloud service provider, to facilitate the storage of healthcare data up to 50 Tb. 

Scope of the Report

By Type

  •   Flash & Solid-State Storage
  •   Magnetic Storage

By Storage System

  •   Storage Area Network
  •   Direct-Attached Storage
  •   Network-Attached Storage

By Delivery

  •   Remote
  •   Hybrid
  •   On-premise

By End-User

  •   Pharmaceutical & Biotechnology Companies
  •   Hospitals & Clinics
  •   Research Centers
  •   Others

By Region

  •   The Asia-Pacific
  •   North America
  •   Europe
  •   The Middle East & Africa
  •   Latin America

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