Technology
eBay Inc. Reports Fourth Quarter and Full Year 2023 Results
Published
8 months agoon
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Revenue of $2.6 billion, up 2% on an as-reported basis and up 3% on an FX-Neutral basis Gross Merchandise Volume of $18.6 billion, up 2% on an as-reported basis and nearly flat on an FX-Neutral basisGAAP and Non-GAAP earnings per diluted share of $1.40 and $1.07, respectively, on a continuing operations basisGAAP and Non-GAAP operating margin of 16.0% and 26.7%, respectivelyReturned $379 million to shareholders in Q4, including $250 million of share repurchases and $129 million paid in cash dividendsIn February 2024, the Board of Directors declared a cash dividend for the first quarter of 2024 of $0.27 per share, an 8% increase from the prior quarterly dividend. The Board also authorized an additional $2.0 billion stock repurchase program, increasing the company’s remaining stock repurchase authorization to $3.4 billion
SAN JOSE, Calif., Feb. 27, 2024 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today reported financial results for its fourth quarter and full year ended December 31, 2023.
“Last year, we made significant progress toward our vision to reinvent the future of ecommerce for enthusiasts,” said Jamie Iannone, Chief Executive Officer at eBay. “Our organic GMV growth improved year-over-year during each quarter of 2023, while navigating a challenging macroeconomic environment. Our results demonstrate the strength of our strategy, and I’m proud of our accelerated pace of innovation as we work to fundamentally enhance the customer experience on eBay.”
“I’m pleased that we met or exceeded expectations across our key financial metrics in Q4,” said Steve Priest, Chief Financial Officer at eBay. “Our fortress balance sheet and durable financial model enabled us to invest in our strategic pillars while protecting earnings growth and delivering robust capital returns. I’m proud of the strong execution throughout 2023 and I’m confident our strategy will drive long-term shareholder value.”
Fourth Quarter Financial Highlights
Revenue was $2.6 billion, up 2% on an as-reported basis and up 3% on a foreign exchange (FX) neutral basis.Gross Merchandise Volume (GMV) was $18.6 billion, up 2% on an as-reported basis and nearly flat on an FX-Neutral basis.GAAP net income from continuing operations was $728 million, or $1.40 per diluted share.Non-GAAP net income from continuing operations was $560 million, or $1.07 per diluted share.GAAP and Non-GAAP operating margin was 16.0% and 26.7%, respectively.Generated $123 million of operating cash flow and reported $(3) million of free cash flow.Returned $379 million to shareholders, including $250 million of share repurchases and $129 million paid in cash dividends.
Full Year Financial Highlights
Revenue was $10.1 billion, up 3% on an as-reported basis and up 4% on an FX-Neutral basis.GMV was $73.2 billion, down 1% on an as-reported and FX-Neutral basis.GAAP net income from continuing operations was $2.8 billion, or $5.21 per diluted share.Non-GAAP net income from continuing operations was $2.3 billion, or $4.24 per diluted share.GAAP and Non-GAAP operating margin was 19.2% and 27.4%, respectively.Generated $2.4 billion of operating cash flow and $2.0 billion of free cash flow.Returned $1.9 billion to shareholders, including $1.4 billion of share repurchases and $528 million paid in cash dividends.
Business Highlights
Revenue Initiatives
eBay’s first-party advertising products delivered $368 million of revenue in the fourth quarter, up 33% on an as-reported basis and up 30% on an FX-Neutral basis.The company’s total advertising offerings generated $393 million of revenue in the fourth quarter, representing 2.1% of GMV.
Strategic Initiatives
In Q4, eBay opened its newest authentication center in Japan. The Tokyo-based hub provides an added layer of trust, enabling the company to authenticate luxury items on a global scale.In the Motors Parts & Accessories category, eBay rolled out a multi-warehouse shipping optimization API to U.S. sellers, allowing buyers to see more accurate estimated delivery dates when purchasing from sellers with multiple warehouses.During the quarter, eBay Motors introduced predictive maintenance for users with cars in My Garage. Leveraging eBay’s database of more than 100 million vehicles, this capability offers AI-driven auto part recommendations based on a specific vehicle’s mileage.eBay announced a commercial agreement and investment in sports trading card company COMC. The deal expands COMC’s technology-based listing and management model and offers collectors a more extensive selection and improved listing capabilities.During the quarter, eBay completed the global rollout of its enhanced background removal tool, which leverages AI to effortlessly remove visual background “noise” from product images.eBay launched a new generative AI-powered social caption generator, making social sharing easier for sellers.The company introduced combined shipping with eBay International Shipping, enabling buyers to purchase multiple items from one seller and pay reduced shipping costs.
Impact
eBay published its fourth annual Task Force for Climate Related Financial Disclosure report, showing eBay’s continued commitment to climate disclosure, assessment and planning.eBay was included in the Dow Jones Sustainability World and North American Indices for the fifth consecutive year, recognizing the company for its commitment to sustainability and responsible business.eBay for Charity contributed more than $43 million globally in Q4 and nearly $162 million throughout 2023.In Q4, the eBay Foundation hosted its second annual Giving Week encouraging eBayers around the world to donate, volunteer and connect with local communities. In a single week, employees donated more than $660 thousand to more than a thousand different causes in 25 countries.In 2023, the eBay Foundation granted more than $19 million to nonprofit organizations advancing inclusive entrepreneurship.
Fourth Quarter and Full Year 2023 Financial Highlights (presented in millions, except per share data and percentages)
Fourth Quarter
Full Year
2023
2022
Change
2023
2022
Change
eBay Inc.
Net revenues
$ 2,562
$ 2,510
$ 52
2 %
$ 10,112
$ 9,795
$ 317
3 %
GAAP – Continuing Operations
Net Income (loss)
$ 728
$ 671
$ 57
8 %
$ 2,775
$ (1,274)
$ 4,049
**
Earnings (loss) per diluted share
$ 1.40
$ 1.23
$ 0.17
13 %
$ 5.21
$ (2.28)
$ 7.49
**
Non-GAAP – Continuing Operations
Net income
$ 560
$ 581
$ (21)
(4) %
$ 2,260
$ 2,312
$ (52)
(2) %
Earnings per diluted share
$ 1.07
$ 1.07
$ —
— %
$ 4.24
$ 4.11
$ 0.13
3 %
** Not meaningful
Other Selected Financial and Operational Results
Operating margin – GAAP operating margin decreased to 16.0% for the fourth quarter of 2023, compared to 22.5% for the same period last year. Non-GAAP operating margin decreased to 26.7% for the fourth quarter of 2023, compared to 29.9% for the same period last year.Taxes – The GAAP effective tax rate for continuing operations for the fourth quarter of 2023 was 29.4%, compared to 19.1% for the fourth quarter of 2022. The non-GAAP effective tax rate for continuing operations for the fourth quarter of 2023 was 16.5%(1).Cash flow – The company generated $123 million of operating cash flow and reported $(3) million of free cash flow from continuing operations during the fourth quarter of 2023.Capital returns – The company repurchased $250 million of its common stock, or 6 million shares, in the fourth quarter of 2023. The company’s total repurchase authorization remaining as of December 31, 2023 was approximately $1.4 billion. The company also paid cash dividends of $129 million during the fourth quarter of 2023.Cash and cash equivalents and non-equity investments – The company’s cash and cash equivalents and non-equity investments portfolio totaled $5.1 billion as of December 31, 2023.
Business Outlook
eBay is providing the following guidance for the first quarter 2024.
In billions, except per share data and percentages
Q1 2024 Guidance
Revenue
$2.50 – $2.54
FX-Neutral Y/Y Growth
0% – 2%
Diluted GAAP EPS
$0.86 – $0.90
Diluted Non-GAAP EPS
$1.19 – $1.23
Dividend Declaration
eBay’s Board of Directors has declared a cash dividend of $0.27 per share of the company’s common stock. The dividend is payable on March 25, 2024 to stockholders of record as of March 11, 2024.
(1) We use a non-GAAP effective tax rate for evaluating our operating results. Based on our current long-term projections, we are using a non-GAAP tax rate of 16.5%. This non-GAAP tax rate could change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.
Quarterly Conference Call and Webcast
eBay Inc. will host a conference call to discuss fourth quarter and full year 2023 results at 2:00 p.m. Pacific Time today. Investors and participants can access the call by dialing (855) 761-5600 in the U.S. and (646) 307-1097 internationally. The passcode for the conference line is 7435074. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, can be accessed through the company’s Investor Relations website at https://investors.ebayinc.com. In addition, an archive of the webcast will be accessible for at least three months through the same link.
eBay Inc. uses its Investor Relations website at https://investors.ebayinc.com as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor this website, in addition to following our press releases, SEC filings, public conference calls and webcasts.
About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
Presentation
All growth rates represent year-over-year comparisons, except as otherwise noted. All amounts in tables are presented in U.S. dollars, rounded to the nearest million, except as otherwise noted. As a result, certain amounts may not sum or recalculate using the rounded dollar amounts provided. References to “revenue” refer to “net revenues” as reported in the company’s consolidated statement of income.
Non-GAAP Financial Measures
This press release includes the following financial measures defined as “non-GAAP financial measures” by the Securities and Exchange Commission (SEC): non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and margin, non-GAAP effective tax rate, free cash flow and FX-Neutral basis. These non-GAAP financial measures are presented on a continuing operations basis. These measures may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with generally accepted accounting principles (GAAP). For a reconciliation of these non-GAAP financial measures, except for figures in this press release presented on an “FX-Neutral basis,” to the nearest comparable GAAP measures, see “Business Outlook,” “Non-GAAP Measures of Financial Performance,” “Reconciliation of GAAP Operating Income to Non-GAAP Operating Income,” “Reconciliation of GAAP Net Income to Non-GAAP Net Income and Reconciliation of GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate” and “Reconciliation of Operating Cash Flow to Free Cash Flow” included in this press release. For figures in this press release reported “on an FX-Neutral basis,” we calculate the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of eBay Inc. and its consolidated subsidiaries that are based on the company’s current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements regarding the future performance of eBay Inc. and its consolidated subsidiaries, including management’s vision for the future of eBay and our ability to accomplish our vision, expected financial results for the first quarter and full year 2024 and the future growth in our business, the effects and potential of current and contemplated strategic initiatives and offerings, the effects of geopolitical events, foreign currency volatility, and inflationary pressure on our business and operations and our ability to respond to such effects, operating efficiency and margins, reinvestments, dividends and share repurchases. Actual results could differ materially from those expressed or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: fluctuations in, and our ability to predict, our results of operations and cash flows; our ability to convert visits into sales for our sellers, attract and retain buyers and execute on our business strategy; our ability to compete in the markets in which we participate; our ability to generate revenue from our foreign operations and expand into international markets; the impact of inflationary pressure, fluctuations in foreign currency exchange rates, increasing interest rates and geopolitical events such as the ongoing wars in Ukraine and in Israel and Gaza, including the related disruptions to international shipping in the Red Sea; our ability to keep pace with rapid technological developments or continue to innovate and create new initiatives to provide new programs, products and services; our ability to operate and continuously develop our payments system and financial services offerings; the impact of evolving domestic and foreign government laws, regulations, rules and standards that affect our company, our business and/or our industry; our reliance on third-party providers; our ability to protect or enforce our intellectual property rights; our ability to deal effectively with fraudulent activities on our platforms; the impact of any security breaches, cyberattacks or system failures and resulting interruptions; our ability to attract, retain and develop highly skilled employees; our ability to accomplish or accurately track our disclosures related to our environmental, social and governance goals; current and potential litigation and regulatory and government inquiries, investigations and disputes involving our company or our industry; our ability to generate sufficient cash flow to service our indebtedness; the impact of evolving sales and other tax regimes in various jurisdictions and anticipated tax liabilities; and the success of our pending or potential acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments, including the proposed transactions involving Adevinta.
The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.
More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting the company’s Investor Relations website at https://investors.ebayinc.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.
eBay Inc.
Unaudited Condensed Consolidated Balance Sheet
December 31,
2023
December 31,
2022
(In millions)
ASSETS
Current assets:
Cash and cash equivalents
$ 1,985
$ 2,154
Short-term investments
2,556
2,625
Equity investment in Adevinta
4,474
2,692
Customer accounts and funds receivable
1,013
763
Other current assets
988
1,056
Total current assets
11,016
9,290
Long-term investments
1,133
1,797
Property and equipment, net
1,243
1,238
Goodwill
4,267
4,262
Operating lease right-of-use assets
493
513
Deferred tax assets
3,089
3,169
Other assets
379
581
Total assets
$ 21,620
$ 20,850
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$ 750
$ 1,150
Accounts payable
267
261
Customer accounts and funds payable
1,054
768
Accrued expenses and other current liabilities
2,196
1,866
Income taxes payable
253
226
Total current liabilities
4,520
4,271
Operating lease liabilities
387
418
Deferred tax liabilities
2,408
2,245
Long-term debt
6,973
7,721
Other liabilities
936
1,042
Total liabilities
15,224
15,697
Total stockholders’ equity
6,396
5,153
Total liabilities and stockholders’ equity
$ 21,620
$ 20,850
eBay Inc.
Unaudited Condensed Consolidated Statement of Income
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In millions, except per share amounts)
Net revenues
$ 2,562
$ 2,510
$ 10,112
$ 9,795
Cost of net revenues (1)
710
681
2,833
2,680
Gross profit
1,852
1,829
7,279
7,115
Operating expenses:
Sales and marketing (1)
573
554
2,217
2,136
Product development (1)
399
340
1,544
1,330
General and administrative (1)
365
288
1,196
963
Provision for transaction losses
101
81
360
332
Amortization of acquired intangible assets
4
1
21
4
Total operating expenses
1,442
1,264
5,338
4,765
Income from operations
410
565
1,941
2,350
Interest and other:
Gain (loss) on equity investments and warrant, net
636
319
1,832
(3,786)
Interest expense
(65)
(62)
(263)
(235)
Interest income and other, net
50
7
197
70
Income (loss) from continuing operations before income taxes
1,031
829
3,707
(1,601)
Income tax benefit (provision)
(303)
(158)
(932)
327
Income (loss) from continuing operations
728
671
2,775
(1,274)
Income (loss) from discontinued operations, net of income taxes
(4)
1
(8)
5
Net income (loss)
$ 724
$ 672
$ 2,767
$ (1,269)
Income (loss) per share – basic:
Continuing operations
$ 1.41
$ 1.24
$ 5.24
$ (2.28)
Discontinued operations
(0.01)
0.00
(0.02)
0.01
Net income (loss) per share – basic
$ 1.40
$ 1.24
$ 5.22
$ (2.27)
Income (loss) per share – diluted:
Continuing operations
$ 1.40
$ 1.23
$ 5.21
$ (2.28)
Discontinued operations
(0.01)
0.00
(0.02)
0.01
Net income (loss) per share – diluted
$ 1.39
$ 1.23
$ 5.19
$ (2.27)
Weighted average shares:
Basic
518
541
530
558
Diluted
521
544
533
558
(1) Includes stock-based compensation as follows:
Cost of net revenues
$ 13
$ 13
$ 53
$ 51
Sales and marketing
24
16
92
73
Product development
70
62
272
222
General and administrative
42
37
158
148
$ 149
$ 128
$ 575
$ 494
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In millions)
Cash flows from operating activities:
Net income (loss)
$ 724
$ 672
$ 2,767
$ (1,269)
(Income) loss from discontinued operations, net of income taxes
4
(1)
8
(5)
Adjustments:
Provision for transaction losses
101
81
360
332
Depreciation and amortization
98
107
403
442
Stock-based compensation
149
128
575
494
Loss (gain) on investments and other, net
1
14
(5)
21
Deferred income taxes
160
27
255
(780)
Change in fair value of warrant
(190)
(16)
(150)
230
Change in fair value of equity investment in Adevinta
(451)
(282)
(1,782)
2,691
Change in fair value of equity investment in Adyen
—
—
—
261
Change in fair value of equity investment in Gmarket
13
(5)
96
294
Change in fair value of equity investment in KakaoBank
(13)
(28)
(2)
293
Changes in assets and liabilities, net of acquisition effects
(473)
(11)
(94)
(377)
Net cash provided by continuing operating activities
123
686
2,431
2,627
Net cash used in discontinued operating activities
(1)
(2)
(5)
(373)
Net cash provided by operating activities
122
684
2,426
2,254
Cash flows from investing activities:
Purchases of property and equipment
(126)
(153)
(456)
(449)
Purchases of investments
(3,267)
(3,311)
(13,874)
(18,534)
Maturities and sales of investments
3,003
2,379
14,502
20,626
Proceeds from sale of shares in Adevinta
—
8
—
8
Proceeds from sale of shares in Adyen
—
—
—
800
Proceeds from sale of shares in KakaoBank
105
—
106
287
Acquisition of TCGplayer, net of cash acquired
—
(208)
—
(208)
Other
5
(9)
(38)
(71)
Net cash provided by (used in) continuing investing activities
(280)
(1,294)
240
2,459
Net cash provided by discontinued investing activities
—
—
—
2
Net cash provided by (used in) investing activities
(280)
(1,294)
240
2,461
Cash flows from financing activities:
Proceeds from issuance of common stock
35
32
83
87
Repurchases of common stock
(283)
(315)
(1,401)
(3,143)
Payments for taxes related to net share settlements of restricted stock units and awards
(35)
(30)
(171)
(160)
Payments for dividends
(129)
(119)
(528)
(489)
Proceeds from issuance of long-term debt, net
—
1,143
—
1,143
Repayment of debt
—
—
(1,150)
(1,355)
Net funds receivable and payable activity
33
33
717
125
Net cash provided by (used) in financing activities
(379)
744
(2,450)
(3,792)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
21
32
5
(57)
Net increase (decrease) in cash, cash equivalents and restricted cash
(516)
166
221
866
Cash, cash equivalents and restricted cash at beginning of period
3,009
2,106
2,272
1,406
Cash, cash equivalents and restricted cash at end of period
$ 2,493
$ 2,272
$ 2,493
$ 2,272
eBay Inc.
Unaudited Summary of Consolidated Net Revenues
Three Months Ended
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
(In millions, except percentages)
Total net revenues (1)(2)
$ 2,562
$ 2,500
$ 2,540
$ 2,510
$ 2,510
Current quarter vs prior year quarter
2 %
5 %
5 %
1 %
(4) %
Percent from international
50 %
50 %
50 %
50 %
51 %
(1) Hedge gain/(loss)
$ 11
$ 2
$ 14
$ 29
$ 89
(2) Foreign currency impact
$ 63
$ 43
$ (9)
$ (45)
$ (67)
eBay Inc.
Unaudited Supplemental Operating Data
Three Months Ended
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
December 31,
2022
(In millions, except percentages)
Active Buyers (1)
132
132
132
133
134
Current quarter vs prior year quarter
(2) %
(3) %
(4) %
(7) %
(9) %
Active Buyers excluding GittiGidiyor and TCGplayer (2)
131
131
131
131
132
Current quarter vs prior year quarter
(1) %
(1) %
(3) %
(5) %
(8) %
Gross Merchandise Volume (3)
U.S.
$ 8,891
$ 8,638
$ 8,702
$ 9,010
$ 8,894
Current quarter vs prior year quarter
0 %
(1) %
(3) %
(3) %
(9) %
International
$ 9,700
$ 9,353
$ 9,512
$ 9,400
$ 9,333
Current quarter vs prior year quarter
4 %
4 %
(1) %
(7) %
(15) %
Total Gross Merchandise Volume
$ 18,591
$ 17,991
$ 18,214
$ 18,410
$ 18,227
Current quarter vs prior year quarter
2 %
2 %
(2) %
(5) %
(12) %
(1)
Active Buyers consist of all buyers who paid for a transaction on our platforms within the previous 12-month period. Buyers may register more than once, and as a result, may have more than one account.
(2)
On June 20, 2022 we announced the closure of our marketplace business in Turkey, GittiGidiyor. On October 31, 2022, we completed the acquisition of TCGplayer.
(3)
Gross Merchandise Volume consists of the total value of all paid transactions between users on our platforms during the applicable period inclusive of shipping fees and taxes.
eBay Inc.
Business Outlook
The guidance figures provided below and elsewhere in this press release are forward-looking statements, reflect a number of estimates, assumptions and other uncertainties, and are approximate in nature because the company’s future performance is difficult to predict. Such guidance is based on information available on the date of this press release, and the company assumes no obligation to update it.
The company’s future performance involves risks and uncertainties, and the company’s actual results could differ materially from the information below and elsewhere in this press release. Some of the factors that could affect the company’s operating results are set forth under the caption “Forward-Looking Statements” above in this press release. More information about factors that could affect the company’s operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, copies of which may be obtained by visiting eBay’s investor relations website at https://investors.ebayinc.com or the SEC’s website at www.sec.gov.
eBay Inc.
Three Months Ending
March 31, 2024
(In billions, except per share amounts)
GAAP
Non-GAAP (a)
Net revenues
$2.50 – $2.54
$2.50 – $2.54
Diluted EPS from continuing operations
$0.86 – $0.90
$1.19 – $1.23
(a) Estimated non-GAAP amounts above for the three months ending March 31, 2024 reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $8 million, estimated stock-based compensation expense and associated employer payroll tax expense of approximately $145 – $155 million, and estimated adjustment between our GAAP and non-GAAP tax rate of approximately $25 – $35 million. The estimated GAAP diluted EPS above does not assume any gains or losses on our equity investments.
eBay Inc.
Non-GAAP Measures of Financial Performance
To supplement the company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income, non-GAAP effective tax rate, free cash flow and figures in this press release presented on an “FX-Neutral basis.” These non-GAAP financial measures are presented on a continuing operations basis.
These non-GAAP measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. These measures should only be used to evaluate the company’s results of operations in conjunction with the corresponding GAAP measures.
Reconciliation to the nearest GAAP measure of all non-GAAP measures included in this press release, except for figures in this press release presented on an “FX-Neutral basis,” can be found in the tables included in this press release. For figures in this press release reported on an “FX-Neutral basis,” the company calculates the year-over-year impact of foreign currency movements using prior period foreign currency rates, excluding hedging activity, applied to current year transactional currency amounts.
These non-GAAP measures are provided to enhance investors’ overall understanding of the company’s current financial performance and its prospects for the future. Specifically, the company believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses, or net purchases of property and equipment, as the case may be, that may not be indicative of its core operating results and business outlook. In addition, because the company has historically reported certain non-GAAP results to investors, the company believes that the inclusion of non-GAAP measures provides consistency in the company’s financial reporting.
For its internal budgeting process, and as discussed further below, the company’s management uses financial measures that do not include stock-based compensation expense, employer payroll taxes on stock-based compensation, amortization or impairment of acquired intangible assets, impairment of goodwill, amortization of deferred tax assets associated with the realignment of its legal structure and related foreign exchange effects, significant gains or losses from the disposal/acquisition of a business, certain gains and losses on investments including changes in fair value, changes in foreign currency exchange rates and the impact of any related foreign exchange derivative instruments, gains or losses associated with a warrant agreement that the company entered into with Adyen, restructuring-related charges and the income taxes associated with the foregoing. In addition to the corresponding GAAP measures, the company’s management also uses the foregoing non-GAAP measures in reviewing the financial results of the company.
The company excludes the following items from non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income and non-GAAP effective tax rate:
Stock-based compensation expense and related employer payroll taxes. This expense consists of expenses for stock options, restricted stock and employee stock purchases. The company excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash expenses that management does not believe are reflective of ongoing operating results. The related employer payroll taxes are dependent on the company’s stock price and the vesting of restricted stock by employees and the timing and size of stock option exercises, over which management has limited to no control, and as such management does not believe it correlates to the company’s operation of the business.
Amortization or impairment of acquired intangible assets, impairment of goodwill, certain amortization of deferred tax assets and related foreign exchange effects, significant gains or losses and transaction expenses from the acquisition or disposal of a business and certain gains or losses on investments. The company incurs amortization or impairment of acquired intangible assets and goodwill in connection with acquisitions and may incur significant gains or losses from the acquisition or disposal of a business and therefore excludes these amounts from its non-GAAP measures. The company also excludes certain gains and losses on investments. The company excludes the non-cash amortization of deferred tax assets associated with the realignment of its legal structure, which is not reduced by the effects of the Tax Cuts and Jobs Act, and related foreign exchange effects. The company excludes these items because management does not believe they correlate to the ongoing operating results of the company’s business.
Restructuring. These charges consist of expenses for employee severance and other exit and disposal costs. The company excludes significant restructuring charges primarily because management does not believe they are reflective of ongoing operating results.
Other certain significant gains, losses, or charges that are not indicative of the company’s core operating results. These are significant gains, losses, or charges during a period that are the result of isolated events or transactions which have not occurred frequently in the past and are not expected to occur regularly or be repeated in the future. The company excludes these amounts from its results primarily because management does not believe they are indicative of its current or ongoing operating results. These amounts include changes in fair value and the related change in foreign currency exchange rates of equity securities with readily determinable fair values, globally.
Change in fair market value of warrant. These are gains or losses associated with a warrant agreement that the company entered into with Adyen, which are attributable to changes in fair value during the period.
Income tax effects and adjustments. We use a non-GAAP tax rate for evaluating our operating results. Based on our current long-term projections, we are using a non-GAAP tax rate of 16.5%. This non-GAAP tax rate could change for various reasons including significant changes in our geographic earnings mix or fundamental tax law changes in major jurisdictions in which we operate.
In addition to the non-GAAP measures discussed above, the company also uses free cash flow. Free cash flow represents operating cash flows less purchases of property and equipment. The company considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchases of property, buildings, and equipment, which can then be used to, among other things, invest in the company’s business, make strategic acquisitions, repurchase stock and pay dividends. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in the company’s cash balance for the period and does not exclude certain non-discretionary expenditures, such as mandatory debt service requirements.
eBay Inc.
Reconciliation of GAAP Operating Income to Non-GAAP Operating Income*
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In millions, except percentages)
GAAP operating income
$ 410
$ 565
$ 1,941
$ 2,350
Stock-based compensation expense and related employer payroll taxes
151
130
587
507
Amortization of acquired intangible assets within cost of net revenues and operating expenses
9
5
35
9
Restructuring
99
—
141
—
Legal matters
15
50
65
50
Other general and administrative expenses
2
—
3
23
Total non-GAAP operating income adjustments
276
185
831
589
Non-GAAP operating income
$ 686
$ 750
$ 2,772
$ 2,939
GAAP operating margin
16.0 %
22.5 %
19.2 %
24.0 %
Non-GAAP operating margin
26.7 %
29.9 %
27.4 %
30.0 %
*Presented on a continuing operations basis
Reconciliation of GAAP Net Income to Non-GAAP Net Income and
GAAP Effective Tax Rate to Non-GAAP Effective Tax Rate
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In millions, except per share amounts and percentages)
GAAP income (loss) from continuing operations before income taxes
$ 1,031
$ 829
$ 3,707
$ (1,601)
GAAP (provision) benefit for income taxes
(303)
(158)
(932)
327
GAAP net income (loss) from continuing operations
$ 728
$ 671
$ 2,775
$ (1,274)
Non-GAAP adjustments to net income (loss) from continuing operations:
Non-GAAP operating income from continuing operations adjustments (see table above)
$ 276
$ 185
$ 831
$ 589
Change in fair value of equity investment in Adevinta
(451)
(282)
(1,782)
2,691
Change in fair market value of warrant
(190)
(16)
(150)
230
Change in fair market value of other equity investments
18
(18)
113
645
Realized change in fair market value of equity investments
(13)
(2)
(13)
216
Other significant gains, losses or charges
—
—
—
(1)
Income tax effects and adjustments
192
43
486
(784)
Non-GAAP net income from continuing operations
$ 560
$ 581
$ 2,260
$ 2,312
Diluted net income (loss) from continuing operations per share:
GAAP
$ 1.40
$ 1.23
$ 5.21
$ (2.28)
Non-GAAP
$ 1.07
$ 1.07
$ 4.24
$ 4.11
Shares used in GAAP diluted net income (loss) per share calculation
521
544
533
558
Shares used in non-GAAP diluted net income per share calculation
521
544
533
562
GAAP effective tax rate – Continuing operations
29.4 %
19.1 %
25.1 %
20.4 %
Income tax effects and adjustments to net income (loss) from continuing operations
(12.9) %
(2.6) %
(8.6) %
(3.9) %
Non-GAAP effective tax rate – Continuing operations
16.5 %
16.5 %
16.5 %
16.5 %
Reconciliation of Operating Cash Flow to Free Cash Flow
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(In millions)
Net cash provided by continuing operating activities
$ 123
$ 686
$ 2,431
$ 2,627
Less: Purchases of property and equipment
(126)
(153)
(456)
(449)
Free cash flow
$ (3)
$ 533
$ 1,975
$ 2,178
View original content to download multimedia:https://www.prnewswire.com/news-releases/ebay-inc-reports-fourth-quarter-and-full-year-2023-results-302073214.html
SOURCE eBay Inc.
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IQST – iQSTEL and Cycurion Form Exclusive Cybersecurity Partnership to Supercharge Expansion into High-Tech, High-Margin Markets
Published
50 mins agoon
October 10, 2024By
NEW YORK, Oct. 10, 2024 /PRNewswire/ — iQSTEL Inc. (OTCQX: IQST), a dynamic leader in telecommunications, fintech, electric vehicle (EV), and AI-driven solutions, is thrilled to announce an exclusive partnership with Cycurion, INC. This strategic collaboration will allow iQSTEL to offer Cycurion’s top-tier cybersecurity products exclusively to the U.S. telecommunications industry, while also expanding into other sectors internationally. Leveraging iQSTEL’s global presence across 17 time zones, from California to Melbourne, and 7 offices worldwide, this partnership is set to unleash a new wave of high-margin, high-tech offerings for telecommunications clients in Europe, Latin America, the Middle East, and the United States, all while delivering cutting-edge cybersecurity solutions to an increasingly challenging market.
A Transformational Move for iQSTEL.
This partnership is a bold leap forward in iQSTEL’s ongoing journey to diversify and expand its portfolio. Over the past few years, iQSTEL has meticulously built a strong business platform, earning the trust of its global customer base. Now, with this deep foundation in place, iQSTEL is perfectly positioned to cross-sell high-margin, high-tech products such as Fintech, EV, and AI-based services. With this partnership, iQSTEL is adding cybersecurity to its offerings, further solidifying its presence in emerging markets.
Leandro Iglesias, CEO of iQSTEL, stated:
“This partnership with Cycurion couldn’t have come at a more pivotal time for iQSTEL. We’ve earned the trust of our clients by building a strong foundation, and now we’re amplifying that strength by offering the high-tech solutions they need, especially in cybersecurity. We’re delivering future-proof, high-margin services that not only meet the demands of today’s digital landscape but also cement our leadership in these rapidly growing sectors. Investors should take note: we’re just getting started.”
The partnership is laser-focused on addressing critical challenges faced by telecom operators, including meeting stringent security compliance requirements, navigating a global shortage of cybersecurity professionals, and mitigating the increasing number of data breaches. By combining iQSTEL’s operational excellence with Cycurion’s advanced cybersecurity expertise, the companies are poised to deliver unparalleled security solutions to telecom customers, turning these challenges into high-margin growth opportunities.
A Next-Generation Cybersecurity Strategy
Cycurion’s portfolio of cybersecurity services, powered by artificial intelligence (AI), includes 24/7 monitoring, advanced threat detection, incident response, vulnerability assessments, and compliance management. The AI-driven platform continuously adapts to emerging threats, enhancing its ability to detect and respond to cyber risks in real time. Trusted by government agencies such as FEMA, TSA, and the US Courts, Cycurion’s proven track record of delivering world-class security services will empower iQSTEL to enhance its product lineup, further increasing customer loyalty and securing long-term revenue growth.
This partnership is expected to drive significant revenue growth for iQSTEL, tapping into the rapidly expanding global cybersecurity market, projected to reach $376 billion by 2029.
Kevin Kelly, CEO of Cycurion, commented:
“Our partnership with iQSTEL opens up tremendous opportunities. We’re bringing our cybersecurity expertise to iQSTEL’s already strong business platform, enabling them to offer next-level protection to telecom clients. This isn’t just about security—it’s about enhancing customer confidence, increasing profitability, and ultimately growing both companies’ market share in the cybersecurity space.”
Key Benefits for iQSTEL Customers and Investors:
24/7/365 Threat and Risk Management: Immediate, real-time protection from the most advanced cybersecurity threats.Revenue-Driving Public Confidence: Enhanced security measures lead to greater trust from customers, preventing breaches that could undermine public and stakeholder confidence.Privacy Protection & Compliance: Strengthening privacy safeguards while ensuring clients meet evolving regulatory standards.Volume Pricing & Financial Advantage: iQSTEL’s purchasing power ensures significantly lower cybersecurity costs for customers, while maintaining a competitive edge.Expanding into High-Growth Sectors: With Cycurion’s services, iQSTEL will continue expanding its reach into high-margin markets such as Fintech, EV, and AI, reinforcing its leadership position.
Empowering the Future with iQSTEL’s Strong Business Platform.
This partnership exemplifies iQSTEL’s long-term strategy: leveraging the strong foundation of its customer relationships to seamlessly introduce high-tech, high-margin products. The trust that iQSTEL’s customers place in its services positions the company to capitalize on massive opportunities in rapidly growing industries like cybersecurity, fintech, electric vehicles, and AI.
Investors are invited to join iQSTEL on this exciting journey. With a projected revenue of $290 million for FY-2024 and plans to continue delivering innovative solutions, iQSTEL’s growth trajectory is stronger than ever. This partnership with Cycurion sets the stage for significant revenue expansion and positions iQSTEL as a major player in the high-margin tech markets of the future.
About Cycurion Inc.
Cycurion, headquartered in McLean, Virginia, is a premier cybersecurity provider specializing in multi-layered defense systems, monitoring, incident response, and compliance management. With a strong leadership team and a growing portfolio of services, Cycurion is dedicated to protecting its clients’ most valuable digital assets across both the public and private sectors.
Cycurion’s leadership team brings a wealth of experience from various sectors, including technology, finance, and cybersecurity:
Emmit McHenry, Chairman: Founder of NetCom Solutions International, which grew to nearly $300 million in revenue within six years, with operations in the U.S., UK, and South Africa. He also founded Network Solutions, which was later sold to SAIC. McHenry is a U.S. Marine Corps service-disabled veteran and has held executive positions at major firms like Allstate Insurance.Kevin Kelly, CEO: Former CEO of Halo Privacy, a cybersecurity company, and Heidrick & Struggles, a leading executive search firm. He also served as CEO and President of North America for APP – Asia Pulp and Paper. Kelly holds an MBA from Duke University’s Fuqua School of Business.Alvin McCoy, CFO: Former Managing Partner of Quantum Capital Partners and President & CEO of The McCoy Group, LLC. McCoy managed over $75 billion in new debt origination at Merrill Lynch and has served on the boards of financial institutions with assets up to $5 billion. He holds an MBA in Finance from Duke University.
Key Facts About Cycurion:
Headquarters: McLean, VirginiaR&D Center: Tel Aviv, IsraelStaff: 80 highly skilled employees, with an impressive list of industry certificationsDoD Cleared Facilities30% of employees hold Top Secret security clearances45 large active contracts2023 Year-End Revenue: $19.6 million
Cycurion Security Platform: Powered by artificial intelligence (AI), Cycurion has developed an enhanced, multi-layered SaaS solution designed to protect clients’ digital assets while minimizing false positives. This AI-driven platform continuously improves its threat detection and incident response capabilities, delivering effective defense in an increasingly complex and evolving cyber landscape.
About iQSTEL (Updated Oct. 2024):
iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based multinational publicly listed company in the final stages of the path to becoming listed on NASDAQ. With FY2023 revenues of $144 million and a forecasted $290 million in revenue, alongside positive operating income of seven digits for FY-2024, iQSTEL is positioning itself for explosive growth. iQSTEL’s mission is to serve basic human needs in today’s modern world by making essential tools accessible, regardless of race, ethnicity, religion, socioeconomic status, or identity. The company recognizes that modern human needs such as physiological, safety, relationship, esteem, and self-actualization are marginalized without access to ubiquitous communications, financial freedom, clean, affordable mobility, and information.
iQSTEL has been building a strong business platform with its customers, and by leveraging this trust, the company is now beginning to sell high-tech, high-margin products across its divisions. iQSTEL is strategically positioned to achieve $1 billion in revenue by 2027 through organic growth, acquisitions, and high-margin product expansion.
Telecommunications Services Division (Communications):
Includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.Fintech Division (Financial Freedom):
Provides remittance services, top-up services, a MasterCard Debit Card, US bank accounts (no SSN required), and a Mobile App.Electric Vehicles (EV) Division (Mobility):
Offers Electric Motorcycles and plans to launch a Mid-Speed Car.Artificial Intelligence (AI) Services Division (Information and Content):
Features an enriched, immersive white-label proprietary AI-Enhanced Metaverse platform that provides access to products, services, entertainment, information, and customer support in a virtual 3D interface.Cybersecurity Services:
Through a new partnership with Cycurion, iQSTEL will offer advanced cybersecurity solutions, including 24/7 monitoring, threat detection, incident response, vulnerability assessments, and compliance management, providing essential protection to telecommunications clients and beyond.
iQSTEL has completed 11 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions, further expanding its suite of products and services both organically and through mergers and acquisitions.
Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Company Website
www.iqstel.com
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SOURCE iQSTEL
Technology
CULT Food Science Subsidiary Further Foods Welcomes New Head of Sales and Marketing
Published
50 mins agoon
October 10, 2024By
Kevin Ryan joins Noochies! team to drive growth and innovation
TORONTO, Oct. 10, 2024 /PRNewswire/ – CULT Food Science Corp. (“CULT” or the “Company”) (CSE: CULT) (OTC: CULTF) (FRA: LN00), a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry, is pleased to announce that Kevin Ryan will be joining its subsidiary, Further Foods Inc., as the Head of Sales and Marketing for its innovative pet food brand, Noochies!
Key Takeaways:
Kevin brings a wealth of pet food industry experience to Noochies! Head of Sales and Marketing roleNoochies! brand is poised for retail sales growth both in North America and internationally
In his new role, Kevin will lead the development and implementation of all sales and marketing strategies aimed at achieving revenue targets and expanding distribution. He will guide the growth of the Noochies! brand into new markets and channels, while building and maintaining strong relationships with key clients, distributors and retail partners. Additionally, he’ll spearhead all consumer and digital marketing initiatives, overseeing the development and execution of the brand’s positioning, messaging and campaigns. Working closely with the Company’s CEO, Kevin will also focus on driving growth through direct-to-consumer platforms, including the company’s own website and 3rd party marketplaces like Amazon and Chewy.
No stranger to the pet industry, Kevin previously served as the International Sales Manager for Midwestern Pet Foods, Inc. While there, he managed the brand’s presence, sales channel and profitability outside of the United States through proactive and assertive marketing initiatives. Prior to that, he served as the Global Marketing Director for TOP 1 Oil Products Co. USA, where he expanded the brand’s global presence, sales channels and profitability across 40 international accounts, while also setting five Guinness World Records.
Management Commentary
“We are thrilled to welcome Kevin to the Noochies! team,” commented Mitchell Scott, CEO of CULT Food Science. “His expertise and ability to identify market opportunities, combined with his strategic approach to both sales and marketing, will be instrumental in driving our growth and establishing Noochies! as a top brand in the global specialty pet market.”
About CULT Food Science
CULT Food Science is a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry. CULT’s robust portfolio of investments in cutting-edge, venture-backed cellular agriculture and lab-grown meat companies provides widespread investor access to the future of food. Backed by a team of experts with extensive experience in food technology and launching consumer food products, CULT is committed to being at the forefront of the food revolution.
About Further Foods
Further Foods is revolutionizing pet nutrition through its innovative brand, Noochies! Noochies! leverages advanced cellular agriculture technologies to create pet food products with superior nutrition profiles and ethical standards. Noochies! recently introduced the world’s first freeze-dried, high-protein, nutrient-rich pet treats made without factory farming. Noochies! products are currently available for sale in the United States and Canada at select retailers and online at https://www.noochies.co/.
Additional information can be found by viewing the Company’s website at cultfoodscience.com or its regulatory filings on sedar.com.
On behalf of the Board of Directors of the Company,
CULT FOOD SCIENCE CORP.
“Mitchell Scott”
Mitchell Scott, Chief Executive Officer
Forward-Looking Information:
Information set forth in this news release may involve forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company’s expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include but are not limited to the following risks: those associated with marketing and sale of securities; the need for additional financing; reliance on key personnel; the potential for conflicts of interest among certain officers or directors with certain other projects; and the volatility of common share price and volume. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and except as required by law, the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements. For further information on risk, investors are advised to see the Company’s MD&A and other disclosure filings with the regulators which are found at sedar.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/cult-food-science-subsidiary-further-foods-welcomes-new-head-of-sales-and-marketing-302272590.html
SOURCE Cult Food Science Corp
Technology
Clario and PathAI Collaborate to Deliver Integrated Solution for GI Clinical Trials
Published
50 mins agoon
October 10, 2024By
Partnership combines revolutionary digital pathology and endoscopy solutions, enhancing drug development for IBD and other GI disorders
Strategic Partnership: Streamlined, single-vendor solution improves diagnostic accuracy, boosts efficiency, and enables reliable turnaround times in gastrointestinal (GI) clinical trials.
Advanced GI Solutions: Enhances trial efficiency with AI-powered solutions, including reading for ulcerative colitis (UC) from Clario and histopathology services from PathAI.
Integrated Workflow: Combines endoscopic and histopathology endpoints with simplified processes for CROs, sponsors, and investigational sites.
PHILADELPHIA, Oct. 10, 2024 /PRNewswire/ — Clario, a leading provider of endpoint data solutions to the clinical trials industry, is excited to announce a strategic partnership with PathAI, a leader in AI-powered digital pathology solutions aimed at improving diagnostic accuracy and efficiency. This collaboration offers a single-vendor solution for efficient anatomical pathology services and next-generation video endoscopy analysis.
This co-delivery model streamlines endoscopic and histopathology endpoints to improve efficiency in global GI studies. CROs and sponsors will benefit from an end-to-end process that covers training, logistics, tissue processing, slide digitization, image analysis, and data transfers all with the medical and scientific oversight of our experts. Sites will experience simplified workflows with improved training, reporting, and document management.
“At Clario we have long been at the forefront of supporting GI clinical trials, and we are excited to augment our strengths with PathAI’s capabilities in the area of discovery and patient care,” said Marcela Vieira, M.D., Clario’s Medical Director of Gastroenterology. “The combination of endoscopy and histopathology promises to unlock new avenues for clinical research, and we are proud to be in this leadership position with our partners at PathAI.”
Clario has extensive experience in GI trials, having supported over 130 studies through advanced imaging solutions like endoscopy, MRI, and ultrasound. Their scientists and technologies help reduce site burden and enhance trial efficiency with AI-supported reading for UC and HD-video endoscopy support.
PathAI bolsters the partnership with its expert GI pathologist network and cutting-edge anatomical pathology services while optimizing specimen handling and histological assessments. Their AI-powered tools enhance UC assessment, minimize variability in histological scoring, and expedite biomarker discovery.
“We’re thrilled to partner with Clario to provide a cutting-edge solution for IBD clinical trials,” said Matt Grow, Chief Business Officer & President of Biopharma at PathAI. “Our collaboration will offer an integrated approach in histology and endoscopy for assessing therapeutic efficacy, accelerating biomarker discovery and therapy development in IBD.”
About Clario
Clario is a leading provider of endpoint data solutions to the clinical trials industry, generating high-quality clinical evidence for our pharmaceutical, biotech, and medical device partners. We offer comprehensive evidence generation solutions that combine eCOA, cardiac solutions, medical imaging, precision motion, and respiratory endpoints.
For more than 50 years, Clario has delivered deep scientific expertise and broad endpoint technologies to help transform lives around the world. Our endpoint data solutions have supported over 26,000 clinical trials in more than 100 countries. Our global team of science, technology, and operational experts have supported over 60% of all FDA drug approvals since 2012.
For more information, visit Clario.com or follow on LinkedIn.
About PathAI
Headquartered in Boston, PathAI is the only AI-focused technology company providing comprehensive precision pathology solutions, from wet lab services to algorithm deployment for clinical trials and laboratory use. Rigorously trained and validated with over 15 million annotations, its AI-powered models optimize pathology sample analysis, improving efficiency and accuracy in interpretation while gauging therapeutic efficacy and accelerating drug development for complex diseases.
For more information, visit pathai.com
Media Contact:
media@clario.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/clario-and-pathai-collaborate-to-deliver-integrated-solution-for-gi-clinical-trials-302271866.html
SOURCE Clario
IQST – iQSTEL and Cycurion Form Exclusive Cybersecurity Partnership to Supercharge Expansion into High-Tech, High-Margin Markets
CULT Food Science Subsidiary Further Foods Welcomes New Head of Sales and Marketing
Clario and PathAI Collaborate to Deliver Integrated Solution for GI Clinical Trials
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