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S&P 500 Q1 2024 Buybacks Increase 8.1% from Q4 2023; 12-month Expenditure Declines 4.8% from Previous Year, Earnings Per Share Impact Reverses Showing First Gain in Five Quarters; Buybacks Tax Results in a 0.47% Reduction in Q1 Operating Earnings and 0.41% Reduction in 12-month Earnings

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S&P 500 Q1 2024 buybacks were $236.8 billion, up 8.1% from Q4 2023’s $219.1 billion and up 9.9% from Q1 2023’s $215.5 billionThe 12-month March 2024 expenditure of $816.5 billion was down 4.8% from the prior 12-month expenditure of $857.2 billion Consumer Staples increased spending by 32.7%, as Consumer Discretionary reduced spending by 44.1%; Information Technology ticked up 1.8% and Health Care jumped 93.5% The net buyback 1% tax reduced Q1 2024 operating earnings by 0.47% and As Reported GAAP by 0.54%

NEW YORK, June 17, 2024 /PRNewswire/ — S&P Dow Jones Indices (S&P DJI) today announced the preliminary S&P 500® stock buybacks or share repurchases data for Q1 2024.

Historical data on S&P 500 buybacks is available at www.spdji.com/indices/equity/sp-500.

Key Takeaways:

Q1 2024 share repurchases were $236.8 billion, up 8.1% from Q4 2023’s $219.1 billion expenditure, and up 9.9% from Q1 2023’s $215.5 billion.For the 12-months ending March 2024, buybacks were $816.5 billion, down from $867.2 billion for the prior 12-month March 2023 period; the 12-month peak was in June 2022 with $1.005 trillion.352 companies reported buybacks of at least $5 million for the quarter, up from 313 in Q4 2023 and down from 358 in Q1 2023; 380 companies did some buybacks for the quarter, up from 373 in Q4 2023 and down from 390 in Q1 2023; 419 companies did some buybacks in the last 12-month period, down from 432 in the prior 12-month period.Buybacks concentration declined but remained top heavy, with the top 20 S&P 500 companies accounting for 50.9% of Q1 2024 buybacks, down from Q4 2023’s 54.1%, but above the historical average of 47.5%, and above the pre-COVID historical average of 44.5%.13.3% of companies reduced share counts used for earnings per share (EPS) by at least 4% year-over-year, up from Q4 2023’s 12.6% and down from Q1 2023’s 18.5%, it was the first EPS impact increase since Q3 2022; for Q1 2024 196 issues increased their shares used for EPS over Q4 2023, and 255 reduced them.S&P 500 Q1 2024 dividends decreased 1.6% to $151.6 billion from the prior Q4 2023 record of $154.1 billion and were 3.3% greater than the $146.8 billion in Q1 2023. For the 12-month’s ending March 2024, dividends set a record $593.1 billion payments, up 3.4% on an aggregate basis from the prior 12-month March 2023’s $573.7 billion.Total shareholders return of buybacks and dividends increased to $388.4 billion in Q1 2024, up 4.1% from Q4 2023’s $373.2 billion and up 7.2% from Q1 2023’s $362.3 billion. Total shareholder returns for the 12-months ending March 2024 decreased 1.5% to $1.410 trillion from the prior 12-month March 2023’s $1.431 trillion.The 1% tax on net buybacks, which started in 2023, reduced the Q1 2024 S&P 500 operating earnings by 0.47%, up from Q4 2023’s 0.44% impact, and As Reported GAAP earnings by 0.54% up from the prior 0.50%; for the 12-month March 2024 period they reduced earnings 0.41% for operating and 0.46% for As Reported.

“The share count impact on EPS increased for the first time after five consecutive quarters of declines as companies increased their overall buyback expenditure by 8%, which countered the impact of both share issuance and employee options being exercised. While buybacks supported share price, 13.3% of the issues saw a significant increase (of at least 4%) in their EPS due to share count reduction, compared to 18.5% in Q1 2023. For Q1 2024, more issues did buybacks and spent more. While the 13.3% remains lower than the 17.5% average and pales compared to the almost 25% rate posted in Q1 2019, the increase comes after five quarters of declines, and hints to a forward upswing. Companies with strong cashflows continued to aggressively do buybacks, as the top 20 issues accounted for 50.9% of the buybacks in Q1 2024,” said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.

“Given the market’s current expectations for interest rates to decline later in the year and the continued uncertainty over geopolitical and domestic issues, companies may be shy to finance buybacks going forward as discretionary buybacks, which reduce share count, may need to be financed from ongoing operations. Top-tier cash-flow issues however are seen as continuing their buybacks and positively impacting their EPS.”

1% Buyback Excise Tax:

The 1% excise tax on net buybacks reduced Q1 2024 operating earnings by 0.47%, up from Q4 2023’s 0.44% and up from the 0.45% for Q1 2023. The 12-month impact was 0.41%, up from 2023’s 40% and down from the proforma 2022 of 0.51%. The tax on As Reported GAAP earnings impact increased to 0.54%, up from the Q4 2023 0.50% and up from the Q1 2023 0.49%. The 12-month impact was 0.46%, up from 2023’s 0.45% and down from the proforma 2022 0.58%.

Silverblatt added: “The 1% tax remains an expense but has not impacted overall buybacks at this point. However, given the initial 1% buyback tax had bipartisan support and remains an attractive cash generator for the government, there is an expectation that some increase or potential change to the type of buybacks that are taxed will remain on the table following the election cycle. Given the current corporate sensitivity to costs, a buyback tax rate of 2%-to-2.5% was seen as impacting both buybacks and the EPS impact of share-count-reduction (which is already at a lower level due to high stock prices). This is because some of the expenditures may shift from buybacks to dividends. However, any shift would not be on a-dollar-for-dollar basis as dividends remain a long-term pure cash-flow item which must be incorporated into corporate budgets.”

Q1 2024 GICS® Sector Analysis:

Information Technology maintained its lead in buybacks, representing 24.2% of all buybacks for the quarter. Q1 2024 expenditures increased 1.8% to $57.3 billion, compared to Q4 2023’s $56.3 billion, it was up 24.8% from Q1 2023’s $45.9 billion expenditure. For the 12-months ending March 2024, the sector decreased their expenditure 11.4% to $209.3 billion, representing 25.6% of all S&P 500 buybacks, compared to $236.3 billion spent in the prior 12-month period ending March 2023, which represented 27.6% of all buybacks.

Financials increased their buybacks by 46.5% for Q1 2024 as they spent $43.1 billion on buybacks, accounting for 18.2% of all S&P 500 buybacks. This was up for the quarter compared to Q4 2023’s expenditure of $29.4 billion, but down from Q1 2023’s $46.9 billion. For the 12-month March 2024 period, Financials spent $134.5 billion, up from $113.6 billion for the prior 12-month period.

Healthcare significantly increased their Q1 2024 expenditure by 93.5%, spending $25.5 billion, compared to the Q4 2023 expenditure of $13.2 billion and up 10.0% from the Q1 2023 $23.2 billion expenditure. For the 12-months ending March 2024, the sector spent $67.1 billion, down from the prior period’s expenditure of $84.9 billion.

Consumer Staples increased their spending in Q1 2024 by 32.7% to $12.0 billion, up from the prior $9.0 billion and up 90.9% from the Q1 2023 expenditure of $6.3 billion.

Consumer Discretionary decreased their spending by 44.1% to $16.1 billion from Q4 2023’s $28.7 billion and was 12.3% lower than the $18.3 billion spent in Q1 2023.

Issues:

The five issues with the highest total buybacks for Q1 2024 were:

Apple (AAPL): continued to dominate the issue level buybacks, as it again spent the most of any issue with its Q1 2024 expenditure ranking as the 6th highest in S&P 500 history. For the quarter, the company spent $23.5 billion, up from Q4 2023’s $22.7 billion (the 10th largest in index history). Apple holds 18 of the top 20 record quarters (Meta Platforms holds #14 and QUALCOMM holds #16). For the 12-months ending March 2024, Apple spent $87.4 billion on buybacks, down from the prior 12-month period’s $91.1 billion. Over the five-year period Apple has spent $429 billion, and $664 billion over the ten-year period.Meta Platforms (META): $18.2 billion for Q1 2024, up from the $8.2 billion in Q4 2023; the 12-month expenditure was $34.6 billion versus the prior expenditure of $31.5 billion.Alphabet (GOOG/L): $15.7 billion for Q1 2024, down from $16.2 billion in Q4 2023; the 12-month expenditure was $62.6 billion versus $60.6 billion.NVIDA (NVDA): $9.5 billion for Q1 2024, up from $3.5 billion in Q4 2023; the 12-month expenditure was $21.3 billion versus $9.5 billion.Wells Fargo (WFC): $6.0 billion for Q1 2024, up from $2.4 billion in Q4 2023; the 12-month expenditure was $13.8 billion versus 2022’s $4.0 billion.

For more information about S&P Dow Jones Indices, please visit  https://www.spglobal.com/spdji/en/.

S&P Dow Jones Indices

S&P 500 proforma net buyback tax impact

TAX

TAX % OF

TAX % OF

$ BILLIONS

OPERATING

AS REPORTED

12 Mo Mar,’24

$7.44

0.41 %

0.46 %

12 Mo Mar,’23

$7.88

0.47 %

0.54 %

Q1 2024

$2.18

0.47 %

0.54 %

Q4 2023

$2.02

0.44 %

0.50 %

Q3 2023

$1.70

0.39 %

0.42 %

Q2 2023

$1.55

0.34 %

0.38 %

Q1 2023

$1.98

0.45 %

0.49 %

2023

$7.47

0.40 %

0.45 %

2022 proforma

$8.47

0.51 %

0.58 %

2021 proforma

$7.93

0.45 %

0.47 %

 

S&P Dow Jones Indices

S&P 500, $ U.S. BILLIONS

(preliminary in bold)

PERIOD

MARKET

OPERATING

AS REPORTED

DIVIDEND &

VALUE

EARNINGS

EARNINGS

DIVIDENDS

BUYBACKS

DIVIDEND 

BUYBACK 

BUYBACK 

$ BILLIONS

$ BILLIONS

$ BILLIONS

$ BILLIONS

$ BILLIONS

YIELD

YIELD

YIELD

12 Mo Mar,’24 Prelim.

$44,078

$1,808.90

$1,606.39

$593.08

$816.45

1.35 %

1.85 %

3.20 %

12 Mo Mar,’23

$34,342

$1,678.59

$1,469.32

$573.73

$857.20

1.67 %

2.50 %

4.17 %

2023

$40,039

$1,787.36

$1,610.73

$588.23

$795.16

1.47 %

1.99 %

3.46 %

2022

$32,133

$1,656.66

$1,453.43

$564.57

$922.68

1.76 %

2.87 %

4.63 %

2021

$40,356

$1,762.75

$1,675.22

$511.23

$881.72

1.27 %

2.18 %

3.45 %

2020

$31,659

$1,019.04

$784.21

$483.18

$519.76

1.53 %

1.64 %

3.17 %

2019

$26,760

$1,304.76

$1,158.22

$485.48

$728.74

1.81 %

2.72 %

4.54 %

2018

$21,027

$1,281.66

$1,119.43

$456.31

$806.41

2.17 %

3.84 %

6.01 %

3/28/2024 Prelim.

$44,078

$460.63

$400.23

$151.61

$236.82

1.35 %

1.85 %

3.20 %

12/31/2023

$40,039

$452.44

$401.16

$154.10

$219.09

1.47 %

1.99 %

3.46 %

9/30/2023

$35,938

$437.90

$399.35

$144.18

$185.62

1.61 %

2.19 %

3.81 %

6/30/2023

$37,162

$457.93

$405.66

$143.20

$174.92

1.55 %

2.19 %

3.74 %

3/31/2023

$34,342

$439.08

$404.57

$146.76

$215.53

1.67 %

2.50 %

4.17 %

12/31/2022

$32,133

$421.55

$331.50

$146.07

$211.19

1.76 %

2.87 %

4.63 %

9/30/2022

$30,119

$422.94

$373.04

$140.34

$210.84

1.83 %

3.26 %

5.09 %

6/30/2022

$31,903

$395.02

$360.21

$140.56

$219.64

1.70 %

3.15 %

4.85 %

3/31/2022

$38,288

$417.16

$388.68

$137.60

$281.01

1.37 %

2.57 %

3.94 %

12/31/2021

$40,356

$480.35

$456.72

$133.90

$270.10

1.27 %

2.18 %

3.45 %

9/30/2021

$36,538

$441.26

$420.64

$130.04

$234.64

1.37 %

2.03 %

3.40 %

6/30/2021

$36,325

$439.95

$409.02

$123.38

$198.84

1.33 %

1.68 %

3.01 %

3/31/2021

$33,619

$401.19

$388.84

$123.91

$178.13

1.43 %

1.48 %

2.91 %

12/31/2020

$31,659

$321.81

$265.00

$121.62

$130.59

1.53 %

1.64 %

3.17 %

9/30/2020

$27,868

$314.06

$273.29

$115.54

$101.79

1.75 %

2.05 %

3.80 %

6/30/2020

$25,637

$221.53

$147.44

$119.04

$88.66

1.93 %

2.52 %

4.45 %

3/31/2020

$21,424

$161.64

$98.48

$126.98

$198.72

2.31 %

3.37 %

5.68 %

 

S&P Dow Jones Indices

S&P 500 SECTOR BUYBACKS

SECTOR $ MILLIONS

Q1,’24

Q4,’23

Q1,’23

12MoMar,’24

12MoMar,’23

5-YEARS

10-YEARS

Consumer Discretionary

$16,059

$28,716

$18,301

$81,248

$84,301

$360,610

$793,279

Consumer Staples

$11,998

$9,042

$6,284

$30,318

$35,294

$157,523

$370,235

Energy

$14,157

$16,060

$19,304

$64,703

$74,534

$179,256

$275,563

Financials

$43,087

$29,418

$46,891

$134,549

$113,632

$710,002

$1,283,424

Healthcare

$25,522

$13,188

$23,194

$67,077

$84,941

$376,507

$783,092

Industrials

$16,854

$27,112

$14,239

$70,837

$71,589

$304,040

$656,239

Information Technology

$57,290

$56,283

$45,923

$209,260

$236,303

$1,135,899

$1,976,566

Materials

$5,241

$2,963

$3,773

$16,636

$24,725

$91,030

$159,612

Real Estate

$620

$243

$526

$1,787

$3,174

$11,962

$20,741

Communication Services

$45,126

$34,715

$35,797

$137,232

$126,691

$538,868

$573,389

Utilities

$868

$1,353

$1,299

$2,806

$2,018

$13,374

$21,088

TOTAL

$236,823

$219,091

$215,532

$816,454

$857,202

$3,879,073

$6,913,228

SECTOR BUYBACK MAKEUP %

Q1,’24

Q4,’23

Q1,’23

12MoMar,’24

12MoMar,’23

5-YEARS

10-YEARS

Consumer Discretionary

6.78 %

13.11 %

8.49 %

9.95 %

9.83 %

9.30 %

11.47 %

Consumer Staples

5.07 %

4.13 %

2.92 %

3.71 %

4.12 %

4.06 %

5.36 %

Energy

5.98 %

7.33 %

8.96 %

7.92 %

8.70 %

4.62 %

3.99 %

Financials

18.19 %

13.43 %

21.76 %

16.48 %

13.26 %

18.30 %

18.56 %

Healthcare

10.78 %

6.02 %

10.76 %

8.22 %

9.91 %

9.71 %

11.33 %

Industrials

7.12 %

12.37 %

6.61 %

8.68 %

8.35 %

7.84 %

9.49 %

Information Technology

24.19 %

25.69 %

21.31 %

25.63 %

27.57 %

29.28 %

28.59 %

Materials

2.21 %

1.35 %

1.75 %

2.04 %

2.88 %

2.35 %

2.31 %

Real Estate

0.26 %

0.11 %

0.24 %

0.22 %

0.37 %

0.31 %

0.30 %

Communication Services

19.05 %

15.85 %

16.61 %

16.81 %

14.78 %

13.89 %

8.29 %

Utilities

0.37 %

0.62 %

0.60 %

0.34 %

0.24 %

0.34 %

0.31 %

TOTAL

100.00 %

100.00 %

100.00 %

100.00 %

100.00 %

100.00 %

100.00 %

 

S&P Dow Jones Indices

S&P 500 20 LARGEST Q1 2024 BUYBACKS, $ MILLIONS 

Company  

Ticker

Sector

Q1 2024

Q4 2023

Q1 2023

12-Months

12-Months

5-Year

10-Year

Indicated

Buybacks

Buybacks

Buybacks

Mar,’24

Mar,’23

Buybacks

Buybacks

Dividend

$ Million

$ Million

$ Million

$ Million

$ Million

$ Million

$ Million

$ Million

Apple

AAPL

Information Technology

$23,489

$22,730

$20,012

$87,397

$91,101

$429,133

$663,869

$14,515

Meta Platforms

META

Communication Services

$18,170

$8,165

$10,374

$34,582

$31,494

$141,809

$164,319

$4,400

Alphabet

GOOGL

Communication Services

$15,696

$16,191

$14,557

$62,643

$60,553

$233,290

$255,709

$4,714

NVIDIA 

NVDA

Information Technology

$9,492

$3,500

$507

$21,301

$9,493

$36,508

$42,667

$988

Wells Fargo 

WFC

Financials

$6,001

$2,350

$4,016

$13,836

$4,031

$62,351

$124,396

$5,038

Caterpillar

CAT

Industrials

$4,455

$2,790

$400

$9,054

$3,812

$20,781

$29,856

$2,647

Microsoft 

MSFT

Information Technology

$4,213

$4,000

$5,509

$18,748

$25,298

$122,971

$191,972

$22,291

Cigna Group 

CI

Health Care

$4,022

$544

$962

$5,344

$7,201

$27,222

$32,558

$1,638

T-Mobile US

TMUS

Communication Services

$3,786

$2,213

$4,806

$12,351

$7,877

$40,747

$43,007

$1,358

UnitedHealth Group 

UNH

Health Care

$3,072

$1,500

$2,000

$9,072

$6,500

$29,820

$44,399

$7,769

CVS Health 

CVS

Health Care

$3,058

$5

$2,052

$3,199

$3,860

$9,432

$25,539

$3,347

Exxon Mobil

XOM

Energy

$3,011

$4,656

$4,340

$16,419

$17,428

$36,647

$52,781

$17,152

Thermo Fisher Scientific 

TMO

Health Care

$3,000

$0

$3,000

$3,000

$4,000

$13,358

$17,111

$603

Chevron 

CVX

Energy

$2,891

$3,397

$3,607

$13,962

$12,410

$31,483

$36,332

$11,309

JPMorgan Chase 

JPM

Financials

$2,832

$2,275

$2,690

$9,966

$3,397

$59,653

$119,209

$13,299

Visa

V

Financials

$2,767

$3,752

$2,200

$13,323

$9,967

$51,837

$82,702

$3,290

Goldman Sachs 

GS

Financials

$2,752

$1,001

$3,825

$6,068

$6,889

$28,031

$58,509

$3,587

Comcast 

CMCSA

Communication Services

$2,664

$3,521

$2,176

$11,779

$12,281

$32,746

$59,351

$4,913

Berkshire Hathaway

BRK.b

Financials

$2,562

$2,193

$4,450

$7,283

$9,124

$74,619

$77,550

$0

Bank of America 

BAC

Financials

$2,500

$811

$2,215

$4,861

$4,638

$66,181

$113,071

$6,610

Top 20   

$120,433

$85,594

$93,698

$364,188

$331,354

$1,548,619

$2,234,907

$129,470

S&P 500

$236,823

$219,091

$215,532

$816,454

$857,202

$3,879,073

$6,913,228

$617,469

Top 20 % of S&P 500

50.85 %

39.07 %

43.47 %

44.61 %

38.66 %

39.92 %

32.33 %

20.97 %

   Gross values are not adjusted for float

 

S&P Dow Jones Indices

S&P 500 Q1 2024 Buyback Report

SECTOR

DIVIDEND

BUYBACK 

COMBINED

YIELD

YIELD

YIELD

Consumer Discretionary

0.79 %

1.87 %

2.67 %

Consumer Staples

2.59 %

1.20 %

3.79 %

Energy

3.19 %

3.89 %

7.08 %

Financials

1.70 %

2.40 %

4.11 %

HealthCare

1.65 %

1.23 %

2.88 %

Industrials

1.47 %

1.92 %

3.39 %

Information Technology

0.66 %

1.46 %

2.12 %

Materials

1.86 %

1.66 %

3.52 %

Real Estate

3.70 %

0.19 %

3.88 %

Communications Services

1.13 %

4.10 %

5.23 %

Utilities

3.24 %

0.35 %

3.59 %

S&P 500

1.40 %

1.86 %

3.25 %

   Uses full values (unadjusted for float)

   Dividends based on indicated; buybacks based on the last 12-months ending Q1,’24

 

Share Count Changes

(Y/Y diluted shares used for EPS)

>=4%

<=-4%

Q1 2024

4.62 %

13.25 %

Q4 2023

3.81 %

12.63 %

Q3 2023

4.60 %

13.80 %

Q2 2023

4.22 %

16.27 %

Q1 2023

4.02 %

18.47 %

Q4 2022

5.01 %

19.44 %

Q3 2022

7.21 %

21.24 %

Q2 2022

8.42 %

19.84 %

Q1 2022

7.62 %

17.64 %

Q4 2021

10.06 %

14.89 %

Q3 2021

10.22 %

7.41 %

Q2 2021

11.02 %

5.41 %

Q1 2021

10.40 %

5.80 %

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S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P Dow Jones Indices has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

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MRO Starts 2025 Strong with Top CEO Award, Major Client Wins, and Record-Breaking Growth

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January 15, 2025

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Latest successes underscore MRO’s legacy and leadership in clinical data exchange, setting the stage for another milestone year.

NORRISTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — MRO Corp. (MRO), the leading clinical data exchange company in healthcare, is pleased to announce its CEO, Jason Brown, was named one of The Top 50 Healthcare Technology CEOs of 2024, following several years of client expansion and growth.

This year’s Top CEO list features individuals whose leadership has been a driving force behind some of the most significant advancements in healthcare. MRO’s Jason Brown is one of those CEOs who has inspired his team to push boundaries, fostering a culture of innovation and transformative breakthroughs. This year’s awardees were selected through a methodical nomination process and careful consideration of each candidate’s career track record and industry contributions.

Over the last three years since Jason became CEO of MRO, the organization has experienced remarkable organic growth and innovation.   

“Technological innovation has been pivotal in driving our impressive results and our growth trajectory,” said Jason Brown. “MRO is undergoing a digital transformation, and as part of that transformation, we are enhancing every facet of our business to better serve our clients. This strategic utilization of technology combined with our world class services has enabled us to support our clients’ goals of exchanging secure, high quality, low latency clinical data at scale.” 

MRO is also pleased to announce a record number of new client partnerships. These include one of the nation’s largest Catholic health systems and a provider-sponsored health plan, backed by a top five US research hospital, according to Statista’s World’s Best Hospitals 2024.

Just as the organization has for the last 23 years, MRO continues to support hospitals and health systems in protecting revenues and simplifying the exchange of information with patients and third-party requesters to reduce risk, increase compliance, and introduce new efficiencies. Additionally, MRO has expanded its solutions portfolio.

MRO successfully launched three new solutions in 2023 and 2024. These innovative solutions unlock new market opportunities for MRO while also deepening relationships with existing clients and further solidifying the organization’s position in the healthcare technology industry overall.

Today, MRO partners with 1,200 hospitals, 35,000 clinics, 78 Accountable Care Organizations and works with the top 50 payers in the US. These partnerships are vital as MRO continues to accelerate clinical data exchange between providers, payers and patients.

“We’re continuing to push boundaries in how clinical data is exchanged, setting the foundation for long-term partnerships that improve outcomes across healthcare,” said Matt Wildman, Chief Commercial Officer.

About MRO
MRO is accelerating the exchange of clinical data throughout the healthcare ecosystem on behalf of providers, payers, and users of clinical data. By utilizing industry-leading solutions and incorporating the latest technology, MRO facilitates the efficient management and exchange of clinical data for all stakeholders. With a 23-year legacy, MRO brings a technology-driven mindset built upon a client-first service foundation and a relentless focus on client excellence. For more information on how MRO is empowering healthcare organizations of every type and scale with proven, enterprise-wide clinical data solutions, visit www.mrocorp.com.

Press contact information:
Stephanie Kindlick
MRO
(610) 994-7500, ext. 1353
skindlick@mrocorp.com

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Happiest Minds collaborates with Coca-Cola Beverages Vietnam to deploy an innovative GenAI conversational interface

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January 15, 2025

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BENGALURU, India and SAN JOSE, Calif. and LONDON, Jan. 15, 2025 /PRNewswire/ — Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a ‘Born Digital. Born Agile’, Mindful IT Company, today announced the new association with Coca-Cola Beverages Vietnam, creating a series of GenAI solutions through their Generative AI Business Services (GBS).

In a consultative approach, Happiest Minds collaborated closely with the strategic team at Coca-Cola Beverages Vietnam during a discovery phase. This phase aimed to comprehensively understand the business requirements and explore how GenAI could effectively support them in achieving their goals.

Coca-Cola Beverages Vietnam presented two business cases necessitating technology transformation to enhance organizational productivity and operational efficiency.

Augmenting HR Efficiency: The policy information across different business functions at Coca-Cola Beverages Vietnam was scattered across multiple documents, causing inefficiencies for employees searching for relevant information. This fragmentation impeded productivity and hindered effective decision-making processes within the organization.Monitoring Cooler Productivity: Sales reps and asset managers at Coca-Cola Beverages Vietnam must monitor cooler RoI nationwide, engaging with retailers to enhance productivity. Presently, they navigate multiple systems to assess customer performance, pinpoint focus areas, and identify outliers. Streamlining this process would optimize cooler productivity, fostering better retailer connections.

Happiest Minds harnesses GenAI bots, utilizing Microsoft Azure OpenAI Service and open-source components, to develop a conversational interface that fulfills both critical business needs ― firstly, to create a GenAI-enabled HR assistant, and secondly, to develop a Cooler Productivity Monitoring System with an embedded layer of GenAI. The solution enabled users to access comprehensive information through a single interface and engage in natural language conversations with the underlying data. By integrating GenAI technology, this conversational interface enhances user experience, facilitating seamless interaction and efficient access to information. Users can now intuitively converse with the data, streamlining workflows and fostering a more productive and intuitive user experience for better HR enablement and augmented assistance for Sales reps and Asset Managers.

Implementing the GenAI solution at Coca-Cola Beverages Vietnam promises significant benefits for employees. Firstly, it enhances operational efficiency by automating tasks and streamlining processes, effectively reducing manual workload. Secondly, it fosters increased employee satisfaction and engagement, thereby boosting overall productivity levels.

Sridhar Mantha, CEO, Generative AI Business Services, Happiest Minds, said, “Our enduring partnership with Coca-Cola Beverages Vietnam led to the exploration of unique business cases, igniting excitement at GBS to collaborate and craft a unique GenAI solution. Given our strategic alliance with Microsoft, we were able to leverage Microsoft Azure Open AI stack to deliver tailored solutions for Coca-Cola Beverages Vietnam needs. In a short span since inception, we’ve already served over 20 customers and are actively engaging with numerous others, showcasing our commitment to excellence and customer satisfaction.”

Rahul Shinde, Vice President & CIO, Coca-Cola Beverages Vietnam, said, “I am proud of the fact that we were able to create a tool that has the potential to make a real difference in unleashing the productivity of our employees and we are only scratching the surface with Generative AI. We had confidence to partner with Happiest Minds through this journey and the team didn’t disappoint us. They were able to work in an agile manner and their technical expertise coupled with deep understanding of Coca-Cola business helped us to launch this product within a few weeks.”

Rajiv Shah, Executive Director, Happiest Minds, said, “The advent of Generative AI is poised to revolutionize not only the tech landscape but also the business arena in the years ahead, offering a competitive edge to organizations that embrace it swiftly. At Happiest Minds, we collaborate closely with our clients, guiding them through their GenAI implementation journey. From identifying needs and conducting gap analyses to providing tailored solutions aligned with their business objectives, we ensure our clients leverage the full potential of Generative AI to stay ahead in their respective industries.”

Nathan Nash, Strategic Account Technology Strategist, Microsoft, said, “This deployment of Microsoft Azure AI solutions with Coca-Cola Beverages Vietnam continues to build on the strong relationship between Happiest Minds and Microsoft in APJ. This solution has significantly bolstered operational efficiency, showcasing the robust capabilities of Azure AI in driving business transformation. By harnessing advanced analytics and AI tools, Coca-Cola Beverages has streamlined processes, reduced costs, and enhanced decision-making. This collaboration not only exemplifies the tangible benefits of Microsoft Azure AI but also stands as a glowing example of how technology can quickly deliver the business outcomes that customers need to compete in the new era of AI.”

Pioneering the field of Generative AI, Happiest Minds has strategically established a dedicated Generative AI business unit (GBS). GBS provides a comprehensive suite of Gen AI services spanning diverse sectors such as EdTech, BFSI, Healthcare, and more. Backed by a proficient team of AI engineering experts and a repository boasting over 120 use cases, Happiest Minds has successfully delivered bespoke Gen AI solutions for over 20 clients. This track record has firmly positioned Happiest Minds as a ‘Niche & Established’ leader in Gen-AI Engineering Services, a distinction acknowledged by Zinnov’s 2023 Zones Ratings for Digital Engineering and ER&D Services.

Happiest Minds is a recognized Microsoft AI Partner Council Program member. This program acknowledges partners’ expertise in various industries and their capability to facilitate business transformation through Microsoft Azure AI. Happiest Minds champions various Microsoft AI technologies to deliver innovative cloud-based AI solutions, drive innovation, and shape the future of AI-driven technologies.

About Happiest Minds Technologies

Happiest Minds Technologies Limited (NSE: HAPPSTMNDS), a Mindful IT Company, enables digital transformation for enterprises and technology providers by delivering seamless customer experiences, business efficiency and actionable insights. We do this by leveraging a spectrum of disruptive technologies such as: artificial intelligence, blockchain, cloud, digital process automation, internet of things, robotics/drones, security, virtual/ augmented reality, etc. Positioned as ‘Born Digital. Born Agile’, our capabilities span Product & Digital Engineering Services (PDES), Generative AI Business Services (GBS) and Infrastructure Management & Security Services (IMSS). We deliver these services across industry groups: Banking, Financial Services & Insurance (BFSI), EdTech, Healthcare & Life Sciences, Hi-Tech and Media & Entertainment, Industrial, Manufacturing, Energy & Utilities, and Retail, CPG & Logistics. The company has been recognized for its excellence in Corporate Governance practices by Golden Peacock and ICSI. A Great Place to Work Certified™ company, Happiest Minds is headquartered in Bengaluru, India with operations in the U.S., UK, Canada, Australia, and the Middle East.

For more information, contact:

Kiran Veigas, 
Vice President and Head – Corporate Marketing, Branding & Communications, 
Media Contact: media@happiestminds.com

About Coca-Cola Beverages Vietnam Ltd. (Coca-Cola Beverages Vietnam)

Coca-Cola Beverages Vietnam operates plants in Ho Chi Minh City, Da Nang, and Hanoi, generating more than 2,200 indirect jobs through its supply chain and more than 1,400 direct jobs. The company continuously enhances and offers a variety of high-quality beverages, including low-sugar and sugar-free product lines, while diversifying designs and increasing business coverage globally. Coca-Cola’s beverage brands in Vietnam include Coca-Cola, Coca-Cola Light, Coke Zero, Sprite, Fanta, Minute Maid Nutriboost, Minute Maid Teppy, Schweppes, Dasani, and Aquarius, as well as Fuzetea+ bottled tea, Georgia canned coffee, and Thumps Up Charge energy drink.

Coca-Cola Beverages Vietnam is a member of the Swire Coca-Cola Limited, a wholly-owned subsidiary of Swire Pacific Limited, since the completion of acquisition in January 2023.

About Microsoft

Microsoft (Nasdaq “MSFT”) is a global leader in technology, committed to empowering every person and organization on the planet to achieve more. With a focus on cloud computing, artificial intelligence, and productivity solutions, Microsoft is dedicated to driving digital transformation across

industries. The company’s innovations—including Microsoft Azure, Microsoft 365, and Dynamics 365—enable businesses to harness data, streamline operations, and enhance collaboration. Microsoft prioritizes security, compliance, and sustainability, helping organizations navigate today’s complex digital landscape while fostering a culture of inclusivity and trust.

Logo: https://mma.prnewswire.com/media/1812236/4024169/Happiest_Minds_Logo.jpg

 

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EPAM Expands Collaboration with Google Cloud to Deliver Scalable AI Solutions for Industry Transformation

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January 15, 2025

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New AI-powered solutions address generative AI, legacy modernization and data analytics to solve industry-specific challenges

NEWTOWN, Pa., Jan. 15, 2025 /PRNewswire/ — EPAM Systems, Inc. (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced it has expanded its strategic partnership with Google Cloud to deliver innovative industry solutions for clients across the media and entertainment, energy and retail verticals. The enhanced collaboration will leverage Google Cloud’s Vertex AI platform to drive measurable business outcomes for clients through generative AI, legacy modernization and data analytics capabilities.

Building upon EPAM’s existing strategic global partnership with Google Cloud, this strengthened collaboration will create repeatable, high-value solutions that address key industry challenges for clients. The collaboration enables marketing support and go-to-market strategies to deliver impactful digital transformation initiatives for EPAM’s Google Cloud clients.

To accelerate regional growth, EPAM will leverage its deep retail, energy and media industry expertise and regional talent footprint across Ibero markets through its acquisition of Neoris. The Company will also expand its financial services offerings across Europe, North America and APAC through its recent acquisition of First Derivative, delivering strong capabilities in banking and capital markets.

“We are excited to elevate our collaboration with Google Cloud, which enables us to deliver tailored, AI-powered solutions for our clients across top verticals such as energy, media and retail,” said Elaina Shekhter‎, Chief Marketing & Strategy Officer, EPAM. “By leveraging Google Cloud’s advanced AI technologies, enabled by the Vertex AI platform, we can drive measurable business outcomes and enhance customer value, making AI real for our clients. This expanded partnership not only strengthens our ability to create industry-specific solutions but also deepens our relationship with Google Cloud, enabling us to align more closely on delivering impactful, scalable results for our customers.”

EPAM’s expanded partnership with Google Cloud introduces four innovative solutions, leveraging the full power of Google Cloud and the Vertex AI platform. These include three new industry-specific solutions and one cross-industry capability:

Video Search and Indexing for Media and Entertainment: Transform unstructured video data into searchable, actionable insights using the Vertex AI platform, improving accessibility and audience engagement for both internal and external users.JenAii™ for Retail: Enhance customer satisfaction and boost sales with wayfinding assistance and customer education, while addressing staffing shortages and margin pressures for retailers.Geospatial Data Visualization for Energy: Drive better decision-making through intuitive visualization and analysis of complex datasets using EPAM and the Google Cloud Platform, powered by Gemini models.Talk to Your Data: Simplify data analysis with a horizontal solution that enables clients to interact with their data in plain language, transforming complex datasets into clear, actionable visualizations and reports.

“EPAM has helped global enterprises improve everyday operations with Google Cloud’s leading AI technology,” said Colleen Kapase, VP of Channels and Partner Programs, Google Cloud. “Through this next phase of our partnership, EPAM will provide customers with the expertise and services capacity required to successfully plan, deploy and optimize every stage of a generative AI project.”

For more information about EPAM’s partnership with Google Cloud and the new industry solutions, please visit: www.epam.com/services/partners/google-cloud.  

Discover how our expanded partnership is driving digital transformation and how we can empower your business to achieve lasting success: www.epam.com.

About EPAM Systems

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients’ transformation challenges by focusing EPAM Continuum’s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients’ time to market and drive greater value from their innovations and digital investments.

We make GenAI real with our AI LLM orchestration, testing and engineering solutions, EPAM DIAL, EPAM EliteA™ and EPAM AI/RUN™, respectively.

We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as a Top 100 Best Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services.

Learn more at www.epam.com and follow us on LinkedIn.

Forward-Looking Statements
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on client demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company’s most recent Annual Report on Form 10-K and the factors discussed in the Company’s Quarterly Reports on Form 10-Q, particularly under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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SOURCE EPAM Systems, Inc.

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