Technology
Couchbase Announces Fourth Quarter and Fiscal 2024 Financial Results
Published
10 months agoon
By
SANTA CLARA, Calif., March 5, 2024 /PRNewswire/ — Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today announced financial results for its fourth quarter and fiscal year ended January 31, 2024.
“We finished fiscal 2024 on a strong note, highlighted by 25% ARR growth, and marking a historical year for Couchbase,” said Matt Cain, Chair, President and CEO of Couchbase. “In addition to delivering results that exceeded the high end of our guidance range on all metrics, we achieved an important milestone with Capella, which now represents 11% of our ARR and over 25% of our customer base. As we look ahead towards fiscal 2025, I’m confident that we have the differentiated platform and operational rigor to achieve our next phase of growth.”
Fourth Quarter Fiscal 2024 Financial Highlights
Revenue: Total revenue for the quarter was $50.1 million, an increase of 20% year-over-year. Subscription revenue for the quarter was $48.1 million, an increase of 26% year-over-year.Annual recurring revenue (ARR): Total ARR as of January 31, 2024 was $204.2 million, an increase of 25% year-over-year as reported and on a constant currency basis. See the section titled “Key Business Metrics” below for details.Gross margin: Gross margin for the quarter was 89.7%, compared to 85.7% for the fourth quarter of fiscal 2023. Non-GAAP gross margin for the quarter was 90.4%, compared to 86.3% for the fourth quarter of fiscal 2023. See the section titled “Use of Non-GAAP Financial Measures” and the tables titled “Reconciliation of GAAP to Non-GAAP Results” below for details.Loss from operations: Loss from operations for the quarter was $22.6 million, compared to $18.5 million for the fourth quarter of fiscal 2023. Non-GAAP operating loss for the quarter was $4.1 million, compared to $9.9 million for the fourth quarter of fiscal 2023.Cash flow: Cash flow used in operating activities for the quarter was $6.5 million, compared to $10.2 million in the fourth quarter of fiscal 2023. Capital expenditures were $1.3 million during the quarter, leading to negative free cash flow of $7.7 million, compared to negative free cash flow of $11.8 million in the fourth quarter of fiscal 2023.Remaining performance obligations (RPO): RPO as of January 31, 2024 was $241.8 million, an increase of 46% year-over-year.
Full Year Fiscal 2024 Financial Highlights
Revenue: Total revenue for the year was $180.0 million, an increase of 16% year-over-year. Subscription revenue for the year was $171.6 million, an increase of 20% year-over-year.Gross margin: Gross margin for the year was 87.7%, compared to 86.9% for fiscal 2023. Non-GAAP gross margin for the year was 88.5%, compared to 87.6% for fiscal 2023.Loss from operations: Loss from operations for the year was $84.5 million, compared to $69.3 million for fiscal 2023. Non-GAAP operating loss for the year was $31.3 million, compared to $41.3 million for fiscal 2023.Cash flow: Cash flows used in operating activities for the year were $26.9 million, compared to $41.2 million in fiscal 2023. Capital expenditures were $4.7 million during the year, leading to negative free cash flow of $31.6 million, compared to negative free cash flow of $46.8 million in fiscal 2023.
Recent Business Highlights
Announced vector search as a new feature in Couchbase Capella™ and Couchbase Server to help businesses bring to market a new class of AI-powered adaptive applications that engage users in a hyper-personalized and contextualized way. Couchbase is the first database company to announce it will offer vector search optimized for running onsite, across clouds and to mobile and IoT devices at the edge, paving the way for organizations to run adaptive applications anywhere, including offline.Announced it is extending its AI partner ecosystem with LangChain and LlamaIndex support to further boost developer productivity. The integration with LangChain enables a common API interface to converse with a broad library of large language models (LLMs). Similarly, the integration with LlamaIndex will provide developers with even more choices for LLMs when building adaptive applications. These ecosystem integrations will accelerate query prompt assembly, improve response validation and facilitate retrieval-augmented generation (RAG) applications.Announced new enterprise features, including new file-based index rebalancing, reducing times by up to 80%, one-step upgrade from Couchstore to Magma storage engine without stopping the front-end workloads, faster failover times and query simplification. Couchbase continues to invest at a rapid pace to enhance its platform with new enterprise and developer features.Announced the general availability of Capella iQ, a co-pilot for coding. Capella iQ allows developers to interact with Couchbase Capella using natural language conversation, making database interactions more intuitive, efficient and accessible.Couchbase Capella was named Best Cloud Data Management Solution at the 2023-2024 Cloud Awards for its performance, versatility and community.
Financial Outlook
For the first quarter and full year of fiscal 2025, Couchbase expects:
Q1 FY2025 Outlook
FY2025 Outlook
Total Revenue
$48.1-48.9 million
$203.0-207.0 million
Total ARR
$206.5-209.5 million
$235.5-240.5 million
Non-GAAP Operating Loss
$8.5-7.5 million
$27.5-22.5 million
The guidance provided above is based on several assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.
Couchbase is not able, at this time, to provide GAAP targets for operating loss for the first quarter or full year of fiscal 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating loss that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
Conference Call Information
Couchbase will host a live webcast at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, March 5, 2024, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from the United States, or +1 201-689-8029 from international locations. The live webcast and a webcast replay can be accessed from the investor relations page of Couchbase’s website at investors.couchbase.com.
About Couchbase
Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase’s mission is to simplify how developers and architects develop, deploy and run modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Couchbase Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance. More than 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on X (formerly Twitter) @couchbase.
Couchbase has used, and intends to continue using, its investor relations website and the corporate blog at blog.couchbase.com to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the corporate blog in addition to following our press releases, SEC filings and public conference calls and webcasts.
Use of Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures are useful to investors in evaluating our operating performance. We use certain non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. Non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures (provided in the financial statement tables included in this press release), and not to rely on any single financial measure to evaluate our business.
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss and non-GAAP net loss per share: We define these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense, employer payroll taxes on employee stock transactions, restructuring charges and impairment of capitalized internal-use software. We use these non-GAAP financial measures in conjunction with GAAP measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.
Beginning with the fourth quarter of fiscal 2024, we have excluded the impairment of capitalized internal-use software, a non-cash operating expense, from our non-GAAP results as it is not reflective of ongoing operating results. This impairment charge relates to certain previously capitalized internal-use software that we determined would no longer be placed into service. Prior period non-GAAP financial measures have not been adjusted to reflect this change as we did not incur impairment of capitalized internal-use software in any prior period presented.
Free cash flow: We define free cash flow as cash used in operating activities less additions to property and equipment, which includes capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.
Please see the reconciliation tables at the end of this press release for the reconciliation of GAAP and non-GAAP results.
Key Business Metrics
We review a number of operating and financial metrics, including ARR, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.
We define ARR as of a given date as the annualized recurring revenue that we would contractually receive from our customers in the month ending 12 months following such date. Based on historical experience with customers, we assume all contracts will be automatically renewed at the same levels unless we receive notification of non-renewal and are no longer in negotiations prior to the measurement date. ARR also includes revenue from consumption-based cloud credits of Couchbase Capella products. ARR for Couchbase Capella products in a customer’s initial year is calculated as described above; after a customer’s initial year it is calculated by annualizing the prior 90 days of actual consumption, assuming no increases or reductions in usage. ARR excludes revenue derived from the use of cloud products only based on on-demand arrangements and services revenue. ARR should be viewed independently of revenue, and does not represent our revenue under GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal dates. ARR is not intended to be a replacement for forecasts of revenue. Although we seek to increase ARR as part of our strategy of targeting large enterprise customers, this metric may fluctuate from period to period based on our ability to acquire new customers and expand within our existing customers. We believe that our ARR is an important indicator of the growth and performance of our business.
We also attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates within the current period. We calculate constant currency growth rates by applying the applicable prior period exchange rates to current period results.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, quotations of management, the section titled “Financial Outlook” above and statements about Couchbase’s market position, strategies and potential market opportunities. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “continue,” “could,” “potential,” “remain,” “may,” “might,” “will,” “would” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: our history of net losses and ability to achieve or maintain profitability in the future; our ability to continue to grow on pace with historical rates; our ability to manage our growth effectively; intense competition and our ability to compete effectively; cost-effectively acquiring new customers or obtaining renewals, upgrades or expansions from our existing customers; the market for our products and services being relatively new and evolving, and our future success depending on the growth and expansion of this market; our ability to innovate in response to changing customer needs, new technologies or other market requirements, including new capabilities, programs and partnerships and their impact on our customers and our business; our limited operating history, which makes it difficult to predict our future results of operations; the significant fluctuation of our future results of operations and ability to meet the expectations of analysts or investors; our significant reliance on revenue from subscriptions, which may decline and, the recognition of a significant portion of revenue from subscriptions over the term of the relevant subscription period, which means downturns or upturns in sales are not immediately reflected in full in our results of operations; and the impact of geopolitical and macroeconomic factors. Further information on risks that could cause actual results to differ materially from forecasted results are included in our filings with the Securities and Exchange Commission that we may file from time to time, including those more fully described in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2023. Additional information will be made available in our Annual Report on Form 10-K for the year ended January 31, 2024 that will be filed with the Securities and Exchange Commission, which should be read in conjunction with this press release and the financial results included herein. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Couchbase, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Revenue:
License
$ 7,196
$ 4,977
$ 21,514
$ 19,885
Support and other
40,865
33,158
150,040
123,010
Total subscription revenue
48,061
38,135
171,554
142,895
Services
2,028
3,488
8,483
11,929
Total revenue
50,089
41,623
180,037
154,824
Cost of revenue:
Subscription(1)
3,580
3,214
14,647
10,762
Services(1)
1,560
2,738
7,435
9,497
Total cost of revenue
5,140
5,952
22,082
20,259
Gross profit
44,949
35,671
157,955
134,565
Operating expenses:
Research and development(1)
16,491
15,000
64,069
57,760
Sales and marketing(1)
34,055
29,303
130,558
111,067
General and administrative(1)
11,840
8,207
42,663
33,390
Impairment of capitalized internal-use software
5,156
—
5,156
—
Restructuring(1)
—
1,663
46
1,663
Total operating expenses
67,542
54,173
242,492
203,880
Loss from operations
(22,593)
(18,502)
(84,537)
(69,315)
Interest expense
—
(25)
(43)
(101)
Other income (expense), net
1,766
1,938
5,752
1,960
Loss before income taxes
(20,827)
(16,589)
(78,828)
(67,456)
Provision for income taxes
575
25
1,355
1,038
Net loss
$ (21,402)
$ (16,614)
$ (80,183)
$ (68,494)
Net loss per share, basic and diluted
$ (0.44)
$ (0.37)
$ (1.70)
$ (1.53)
Weighted-average shares used in computing net loss per share, basic and diluted
48,513
45,281
47,175
44,787
_______________________________
(1)
Includes stock-based compensation expense as follows:
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Cost of revenue—subscription
$ 148
$ 144
$ 707
$ 535
Cost of revenue—services
116
116
529
433
Research and development
3,422
2,046
12,920
7,937
Sales and marketing
4,310
2,563
15,771
9,426
General and administrative
4,630
1,922
15,846
7,390
Restructuring
—
65
1
65
Total stock-based compensation expense
$ 12,626
$ 6,856
$ 45,774
$ 25,786
Couchbase, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
As of January
31, 2024
As of January
31, 2023
Assets
Current assets
Cash and cash equivalents
$ 41,351
$ 40,446
Short-term investments
112,281
127,856
Accounts receivable, net
44,848
39,847
Deferred commissions
15,421
13,096
Prepaid expenses and other current assets
10,385
8,234
Total current assets
224,286
229,479
Property and equipment, net
5,327
7,430
Operating lease right-of-use assets
4,848
6,940
Deferred commissions, noncurrent
11,400
7,524
Other assets
1,891
1,666
Total assets
$ 247,752
$ 253,039
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 4,865
$ 1,407
Accrued compensation and benefits
18,116
12,641
Other accrued expenses
4,581
6,076
Operating lease liabilities
3,208
3,117
Deferred revenue
81,736
71,716
Total current liabilities
112,506
94,957
Operating lease liabilities, noncurrent
2,078
4,543
Deferred revenue, noncurrent
2,747
3,275
Total liabilities
117,331
102,775
Stockholders’ equity
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
621,024
561,547
Accumulated other comprehensive loss
56
(807)
Accumulated deficit
(490,659)
(410,476)
Total stockholders’ equity
130,421
150,264
Total liabilities and stockholders’ equity
$ 247,752
$ 253,039
Couchbase, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
January 31,
Year Ended January 31,
2024
2023
2024
2023
Cash flows from operating activities
Net loss
$ (21,402)
$ (16,614)
$ (80,183)
$ (68,494)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization
390
867
2,424
3,171
Stock-based compensation, net of amounts capitalized
12,626
6,856
45,774
25,786
Amortization of deferred commissions
4,886
4,447
18,628
16,996
Non-cash lease expense
762
757
3,075
2,909
Impairment of capitalized internal-use software
5,156
—
5,156
—
Foreign currency transaction (gains) losses
116
(774)
765
524
Other
(973)
(593)
(3,553)
(416)
Changes in operating assets and liabilities
Accounts receivable
(14,496)
(16,941)
(5,382)
(3,537)
Deferred commissions
(10,937)
(5,321)
(24,829)
(17,590)
Prepaid expenses and other assets
(3,111)
(850)
(2,274)
(159)
Accounts payable
1,712
(1,971)
3,447
(495)
Accrued compensation and benefits
8,989
3,579
5,472
(3,497)
Other accrued expenses
1,481
2,803
(1,516)
3,103
Operating lease liabilities
(828)
(824)
(3,389)
(2,754)
Deferred revenue
9,179
14,376
9,492
3,268
Net cash used in operating activities
(6,450)
(10,203)
(26,893)
(41,185)
Cash flows from investing activities
Purchases of short-term investments
(40,704)
(33,976)
(131,160)
(144,613)
Maturities of short-term investments
39,322
45,750
151,296
126,893
Additions to property and equipment
(1,285)
(1,553)
(4,710)
(5,646)
Net cash provided by (used in) investing activities
(2,667)
10,221
15,426
(23,366)
Cash flows from financing activities
Proceeds from exercise of stock options
3,580
1,189
10,933
5,222
Proceeds from issuance of common stock under ESPP
—
—
2,000
4,484
Net cash provided by financing activities
3,580
1,189
12,933
9,706
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(19)
458
(561)
(397)
Net increase (decrease) in cash, cash equivalents and restricted cash
(5,556)
1,665
905
(55,242)
Cash, cash equivalents, and restricted cash at beginning of period
47,450
39,324
40,989
96,231
Cash, cash equivalents, and restricted cash at end of period
$ 41,894
$ 40,989
$ 41,894
$ 40,989
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown above:
Cash and cash equivalents
$ 41,351
$ 40,446
$ 41,351
$ 40,446
Restricted cash included in other assets
543
543
543
543
Total cash, cash equivalents and restricted cash
$ 41,894
$ 40,989
$ 41,894
$ 40,989
Couchbase, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Total revenue
$ 50,089
$ 41,623
$ 180,037
$ 154,824
Gross profit
$ 44,949
$ 35,671
$ 157,955
$ 134,565
Add: Stock-based compensation expense
264
260
1,236
968
Add: Employer taxes on employee stock transactions
61
5
147
41
Non-GAAP gross profit
$ 45,274
$ 35,936
$ 159,338
$ 135,574
Gross margin
89.7 %
85.7 %
87.7 %
86.9 %
Non-GAAP gross margin
90.4 %
86.3 %
88.5 %
87.6 %
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
GAAP research and development
$ 16,491
$ 15,000
$ 64,069
$ 57,760
Less: Stock-based compensation expense
(3,422)
(2,046)
(12,920)
(7,937)
Less: Employer taxes on employee stock transactions
(181)
(27)
(611)
(165)
Non-GAAP research and development
$ 12,888
$ 12,927
$ 50,538
$ 49,658
GAAP sales and marketing
$ 34,055
$ 29,303
$ 130,558
$ 111,067
Less: Stock-based compensation expense
(4,310)
(2,563)
(15,771)
(9,426)
Less: Employer taxes on employee stock transactions
(377)
(76)
(1,154)
(294)
Non-GAAP sales and marketing
$ 29,368
$ 26,664
$ 113,633
$ 101,347
GAAP general and administrative
$ 11,840
$ 8,207
$ 42,663
$ 33,390
Less: Stock-based compensation expense
(4,630)
(1,922)
(15,846)
(7,390)
Less: Employer taxes on employee stock transactions
(77)
(8)
(341)
(106)
Non-GAAP general and administrative
$ 7,133
$ 6,277
$ 26,476
$ 25,894
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP operating loss to non-GAAP operating loss:
Total revenue
$ 50,089
$ 41,623
$ 180,037
$ 154,824
Loss from operations
$ (22,593)
$ (18,502)
$ (84,537)
$ (69,315)
Add: Stock-based compensation expense
12,626
6,791
45,773
25,721
Add: Employer taxes on employee stock transactions
696
116
2,253
606
Add: Impairment of capitalized internal-use software
5,156
—
5,156
—
Add: Restructuring(2)
—
1,663
46
1,663
Non-GAAP operating loss
$ (4,115)
$ (9,932)
$ (31,309)
$ (41,325)
Operating margin
(45) %
(44) %
(47) %
(45) %
Non-GAAP operating margin
(8) %
(24) %
(17) %
(27) %
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Reconciliation of GAAP net loss to non-GAAP net loss:
Net loss
$ (21,402)
$ (16,614)
$ (80,183)
$ (68,494)
Add: Stock-based compensation expense
12,626
6,791
45,773
25,721
Add: Employer taxes on employee stock transactions
696
116
2,253
606
Add: Impairment of capitalized internal-use software
5,156
—
5,156
—
Add: Restructuring(2)
—
1,663
46
1,663
Non-GAAP net loss
$ (2,924)
$ (8,044)
$ (26,955)
$ (40,504)
GAAP net loss per share
$ (0.44)
$ (0.37)
$ (1.70)
$ (1.53)
Non-GAAP net loss per share
$ (0.06)
$ (0.18)
$ (0.57)
$ (0.90)
Weighted average shares outstanding, basic and diluted
48,513
45,281
47,175
44,787
_______________________________
(2)
For the twelve months ended January 31, 2024 and the three and twelve months ended January 31, 2023, an immaterial amount of stock-based compensation expense related to restructuring charges was included in the restructuring expense line.
The following table presents a reconciliation of free cash flow to net cash used in operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands, unaudited):
Three Months Ended January 31,
Year Ended January 31,
2024
2023
2024
2023
Net cash used in operating activities
$ (6,450)
$ (10,203)
$ (26,893)
$ (41,185)
Less: Additions to property and equipment
(1,285)
(1,553)
(4,710)
(5,646)
Free cash flow
$ (7,735)
$ (11,756)
$ (31,603)
$ (46,831)
Net cash provided by (used in) investing activities
$ (2,667)
$ 10,221
$ 15,426
$ (23,366)
Net cash provided by financing activities
$ 3,580
$ 1,189
$ 12,933
$ 9,706
Couchbase, Inc.
Key Business Metrics
(in millions)
(unaudited)
As of
April 30,
July 31,
Oct. 31,
Jan. 31,
April 30,
July 31,
Oct. 31,
Jan. 31,
2022
2022
2022
2023
2023
2023
2023
2024
Annual Recurring Revenue
$ 139.7
$ 145.2
$ 151.7
$ 163.7
$ 172.2
$ 180.7
$ 188.7
$ 204.2
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SOURCE Couchbase, Inc.
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39 minutes agoon
December 24, 2024By
Representing Top 10% of the largest 2,500 Companies in S&P BMI on long-term economic, environmental and social criteria
TAIPEI, Dec. 23, 2024 /PRNewswire/ — Acer Inc. (TWSE: 2353) announced its debut on the Dow Jones Sustainability (DJSI) World Index 2024, which comprises of the global sustainability leaders identified by S&P Global’s Corporate Sustainability Assessment (CSA). The DJSI World Index represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria.
At the same time, Acer was listed on DSJI’s Emerging Markets Index for the 11th consecutive year in 2024, ranking among the top companies in the THQ (Computers & Peripherals and Office Electronics) industry and scoring in the 100th percentile with full marks across various components: Transparency & Reporting, Materiality, and Customer Relationship Management.
Acer’s commitment to making a positive impact on environmental sustainability includes joining the RE100 initiative, setting the goals to source 100% renewable electricity by 2035 and to achieve net zero emissions by 2050. In 2023 the Acer Group sourced 48% renewable electricity worldwide, with 100% renewable electricity sourced in multiple countries. Acer’s efforts have been recognized in growing capacity by global sustainability accolades and indices throughout 2024:
Listed among TIME’s World’s Most Sustainable Companies.Listed in the MSCI ESG Leaders Indexes for the 11th consecutive year, garnering the best rating of “AAA”[1] that represents the top 15% in the category of technology hardware, storage and peripherals industry.Awarded Platinum medal for EcoVadis’ Sustainability Ratings for the third straight year, the highest tier of recognition representing the top 1% of rated companies[2] evaluated on sustainability across global supply chains based on four key themes: environment, labor and human rights, ethics, and sustainable procurement.A constituent of the FTSE4Good Emerging Index for the ninth consecutive year.In the subcategory FTSE4Good TIP Taiwan ESG Index[3] supported by the Taiwan Stock Exchange, which integrates ESG management practices and financial performances of companies, for the seventh year.
Acer continues to research and design climate-conscious solutions that serve both humanity and the planet, providing greener choices for a brighter future. Its eco-conscious offering includes computers and display products built with recycled materials and energy-efficient solutions, lifestyle products such e-bikes and e-scooters, energy storage solutions, along with award-winning packaging designs to contribute to the industry.
[1] MSCI ESG AAA Rating as of November 26, 2021, updated on December 10, 2024
[2] Ecovadis rating, August 2024
[3] First Taiwan domestic benchmark developed using FTSE ESG Ratings and data model, developed in partnership with Taiwan Stock Exchange’s (TWSE) wholly-owned subsidiary, Taiwan Index Plus Corp. (TIP)
About Acer
Founded in 1976, Acer is one of the world’s top ICT companies with a presence in more than 160 countries. As Acer evolves with the industry and changing lifestyles, it is focused on enabling a world where hardware, software and services will fuse with one another, creating ecosystems and opening up new possibilities for consumers and businesses alike. Acer’s 7,700 employees are dedicated to the research, design, marketing, sale, and support of products and solutions that break barriers between people and technology. Please visit www.acer.com for more information.
© 2024 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.
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SOURCE Acer
Technology
LG ACHIEVES 13TH CONSECUTIVE YEAR IN DOW JONES SUSTAINABILITY WORLD INDEX
Published
39 minutes agoon
December 24, 2024By
Only South Korean Company Recognized in Leisure Equipment & Products and Consumer Electronics Category for 13 Years
ENGLEWOOD CLIFFS, N.J., Dec. 23, 2024 /PRNewswire/ — LG Electronics (LG) has once again secured its position in the Dow Jones Sustainability World Index (DJSI World) for the thirteenth consecutive year. The DJSI World ranks the top 10 percent of the largest 2,500 global companies based on their economic, environmental, social, and governance (ESG) practices, serving as a critical benchmark for investors assessing corporate sustainability.
Notably, LG earned the highest overall score in the Leisure Equipment & Products and Consumer Electronics industry category. Furthermore, it remains the only South Korean company to be included in this category for 13 years running.
Additionally, LG has been included in the DJSI Asia Pacific (top 20 percent of the 600 largest companies in the Asia-Pacific region) and DJSI Korea (top 30 percent of the 200 largest companies in Korea) for 15 and 16 consecutive years, respectively.
LG received high evaluations across various ESG areas, including environmental policy and management, human rights management, human resource management, customer relations, supply chain management and product responsibility management.
Under the ESG management vision of Better Life for All, LG is carrying out various activities with the strategy of 3C for the planet (Carbon neutrality, Circularity, and Clean technology) and 3D for people (Decent workplace, Diversity & inclusion, and Design for all).
To achieve its 3C goals for the planet, LG has set ambitious targets, including reaching carbon neutrality in its product manufacturing process by 2030 and transitioning to 100 percent renewable energy by 2050.
Specifically, LG plans to reduce direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) in the product production stage by 54.6 percent compared to 2017 levels. This will be accomplished through process improvements, the introduction of energy-saving technologies and the use of renewable energy. Notably, LG was the first company in the home appliance industry to obtain UN carbon credits in 2015.
In addition, LG is focused on reducing the unit greenhouse gas emissions of its seven major product groups (TVs, refrigerators, washing machines, dryers, home and system air conditioners, and monitors) by 20 percent compared to 2020 levels during the product use stage (Scope 3). This commitment involves various activities aimed at improving the energy efficiency of individual products, thereby reducing overall carbon emissions.
As a member of the UN Global Compact and the Responsible Business Alliance, LG complies with international human rights and labor standards and is enhancing its human rights management processes to respond to strengthening global ESG-related legislation.
In the ESG evaluation and rating announcement results published by the Korea Corporate Governance Service this year, LG received an overall A grade for four consecutive years. LG also received an A grade for five consecutive years in the ESG evaluation conducted by the global ESG evaluation agency Morgan Stanley Capital International, gaining recognition for its ESG management performance from credible domestic and international institutions.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. The company’s commitment to environmental sustainability and its “Life’s Good” marketing theme encompass how LG is dedicated to people’s happiness by exceeding expectations today and tomorrow. For more information, visit www.LG.com.
Media Contacts:
LG Electronics USA
JL Lavina
jl.lavina@lge.com
www.LG.com
Jennifer Tayebi
Jennifer.tayebi@lg-one.com
LGHAUS@lg-one.com
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SOURCE LG Electronics USA
Technology
CAS and PetroChina Shanghai Advanced Materials Research Institute announce a collaboration to accelerate new materials discovery and innovation
Published
39 minutes agoon
December 24, 2024By
SHANGHAI and COLUMBUS, Ohio, Dec. 23, 2024 /CNW/ — CAS, a division of the American Chemical Society specializing in scientific knowledge management, and PetroChina Shanghai Advanced Materials Research Institute Co., Ltd, a subsidiary of the world’s third largest oil company, China National Petroleum Corporation (CNPC), are collaborating for use of the CAS SciFinder Discovery Platform™ to accelerate research and discovery of new chemical materials.
PetroChina Shanghai Advanced Materials Research Institute Co., Ltd. was founded in 2021 to address key technological challenges in advanced chemical materials and drive a transformation of CNPC from a traditional refinery and petrochemical product provider to a more advanced and sustainable material provider. Its research focus includes high-performance engineering materials, high-performance polyolefin and elastomers, special catalysts, advanced membranes, fibers and composites, etc.
CAS, the creator of the world’s most comprehensive and authoritative curated scientific information resource, the CAS Content Collection™, which covers over 150 years of discoveries, provides content and knowledge management solutions and services that accelerate innovation. The CAS SciFinder Discovery Platform, an authoritative scientific technology solution, will enable the institute research scientists to discover more relevant information faster, identify and optimize synthetic routes through a full retrosynthetic analysis of known and undisclosed substances, and locate, compare, and understand scientific methods via the CAS Content Collection.
“We’re excited that PetroChina Shanghai Advanced Materials Research Institute will harness the CAS SciFinder Discovery Platform to accelerate their research and discovery initiatives. Combining the capabilities of this industry-leading CAS solution with the Research Institute’s expertise in material research will result in breakthroughs that bring advanced sustainable materials to the marketplace,” said Manuel Guzman, President of CAS.
PetroChina Shanghai Advanced Materials Research Institute, as a newly established innovation hub, aims to grow into a world-leading, multi-capabilities research institute that drives cutting-edge innovations, pilots industrial-scale technologies, provides technical services, and facilitates academic and value chain collaborations.
“We are very pleased to cooperate with CAS, who will be a strong partner in bringing their sophisticated scientific information solutions to facilitate and speed up our approach to advanced sciences and technologies in novel materials. We are looking forward to exploring more innovative ideas through our engagement with CAS,” said Xudong Huang, Vice President of PetroChina Shanghai Advanced Materials Research Institute.
About CAS
CAS connects the world’s scientific knowledge to accelerate breakthroughs that improve lives. We empower global innovators to efficiently navigate today’s complex data landscape and make confident decisions in each phase of the innovation journey. As a specialist in scientific knowledge management, our team builds the largest authoritative collection of human-curated scientific data in the world and provides essential information solutions, services, and expertise. Scientists, patent professionals, and business leaders across industries rely on CAS to help them uncover opportunities, mitigate risks, and unlock shared knowledge so they can get from inspiration to innovation faster. CAS is a division of the American Chemical Society. Connect with us at cas.org.
About PetroChina Shanghai Advanced Materials Research Institute
PetroChina Shanghai Advanced Materials Research Institute, located in the Lingang Shanghai, was established in December 2021. It is a wholly owned subsidiary of China National Petroleum Corporation (CNPC) with innovation functions in fundamental research, product development, industrial-scale piloting, technical service and academic collaborations. The research areas cover a broad spectrum of novel chemical materials for the markets of electronics, medical, transportation and new energy.
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SOURCE CAS
Acer Debuts on Dow Jones Sustainability World Index 2024
LG ACHIEVES 13TH CONSECUTIVE YEAR IN DOW JONES SUSTAINABILITY WORLD INDEX
CAS and PetroChina Shanghai Advanced Materials Research Institute announce a collaboration to accelerate new materials discovery and innovation
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