Technology
eBay Inc. Reports Second Quarter 2024 Results
Published
2 months agoon
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Revenue of $2.6 billion, up 1% on an as-reported basis and up 2% on an FX-Neutral basis Gross Merchandise Volume of $18.4 billion, up 1% on an as-reported and FX-Neutral basisGAAP and Non-GAAP earnings per diluted share of $0.45 and $1.18, respectivelyGAAP and Non-GAAP operating margin of 21.3% and 27.9%, respectivelyReturned $1.1 billion to stockholders in Q2, including $1.0 billion of share repurchases and $135 million paid in cash dividends
SAN JOSE, Calif., July 31, 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 second quarter ended June 30, 2024.
“eBay’s strong Q2 results mark another step toward achieving sustainable, long-term growth,” said Jamie Iannone, Chief Executive Officer at eBay. “The continued momentum in Focus Categories contributed to our increase in GMV, while new AI capabilities are driving innovation across the platform and transforming the experience for eBay customers around the world.”
“Q2 was another strong quarter for eBay as we exceeded expectations across our key financial metrics,” said Steve Priest, Chief Financial Officer at eBay. “We achieved positive year-over-year GMV growth, driven by our execution against strategic initiatives, despite an uneven discretionary demand environment in our major markets.”
Second Quarter Financial Highlights
Revenue was $2.6 billion, up 1% on an as-reported basis and up 2% on a foreign exchange (FX) neutral basis.Gross Merchandise Volume (GMV) was $18.4 billion, up 1% on an as-reported and FX-Neutral basis.GAAP net income from continuing operations was $226 million, or $0.45 per diluted share.Non-GAAP net income from continuing operations was $602 million, or $1.18 per diluted share.GAAP and Non-GAAP operating margin was 21.3% and 27.9%, respectively.Generated $367 million of operating cash flow and $278 million of free cash flow.We completed the previously announced sale of Adevinta shares in exchange for $2.4 billion in cash and shares of a newly privatized entity, Aurelia, which are valued at $1.9 billion at the closing of the transactions.Returned $1.1 billion to stockholders, including $1.0 billion of share repurchases and $135 million paid in cash dividends.
Business Highlights
eBay closed a series of transactions with Collectors, including the acquisition of Goldin from Collectors, the sale of the eBay vault, and a commercial agreement for more streamlined grading, storage and selling experiences.eBay enabled Venmo as an additional payment method during the quarter. Known for its popularity among Gen Z and Millennials, Venmo gives eBay buyers in the U.S. even more choice and flexibility during the checkout experience.The company expanded its eBay Refurbished program to include refurbished golf clubs, bringing warranties and hassle-free returns to thousands of previously owned clubs from the world’s top brands.In June, the company announced a sustainability collaboration with Seagate, a global leader in data storage solutions. Seagate’s official storefront on eBay now offers direct sales of factory recertified hard drives, which can eliminate a significant amount of e-waste by extending the lifecycles of these products.The company launched a number of innovative product features to simplify and enhance the buying and selling experience for customers. In the U.S. and U.K., eBay introduced Shop the look, a generative-AI powered discovery feature for fashion buyers. The company also launched its AI-powered background enhancement tool to 100% of iOS and Android users in the U.S., U.K. and Germany, enabling even more sellers to apply a variety of backgrounds to their listing images.The company introduced improved selling and buying experiences for pre-owned apparel in the U.K. For sellers, these changes included a new selling flow that makes it considerably easier to list on eBay, with image guidance, simpler item aspect collection, and a streamlined shipping module. For buyers, we introduced new Generative AI-powered features, like Shop the look and Explore, which offer more inspirational shopping experiences for fashion enthusiasts.eBay and Certilogo launched a new ‘click-to-resell’ feature, making it easier for sellers to list pre-owned clothing on eBay and verify authenticity through Certilogo’s AI-based system. Italian outerwear brand Save The Duck is the first to pilot the new feature.eBay’s consignment service expanded in the U.S. to include luxury watches, footwear and fine jewelry. In partnership with Linda’s Stuff, this service gives casual sellers the opportunity to leverage experts to list and sell luxury items on their behalf.The company partnered with Condé Nast to spotlight pre-loved apparel at some of fashion’s biggest moments like the Met Gala and Vogue World in Paris.eBay became an Official Partner of the McLaren Formula 1 Team, enabling both brands to reach new audiences through unique storytelling opportunities with their respective fans and customers. As part of the multi-year collaboration, eBay branding is being featured on the race cars of drivers Lando Norris and Oscar Piastri for four races across the 2024 season: the Miami, British, United States and Las Vegas Grands Prix.
Impact
In May, eBay released its 2023 Impact Report showcasing how the company has leveraged its global marketplace to create economic opportunities, promote sustainable commerce, and foster a diverse and inclusive workforce.eBay also published its latest Recommerce Report highlighting the many benefits of shopping pre-loved items.eBay launched “Rocket Man Resale,” a partnership with Elton John, who released a personal collection of pre-loved fashion items exclusively on eBay through auctions and fixed-priced listings. The partnership included a pop-up shop in the West Village of New York City. All proceeds benefited the Elton John AIDS Foundation.During the quarter, eBay Foundation granted nearly $7 million to strategic nonprofit partners across the U.S., which are addressing and removing barriers to entrepreneurship for people who identify with historically excluded groups.eBay for Charity contributed more than $47 million globally in Q2, up 22% year-over-year.
Second Quarter 2024 Financial Highlights (presented in millions, except per share data and percentages)
Second Quarter
2024
2023
Change
eBay Inc.
Net revenues
$ 2,572
$ 2,540
$ 32
1 %
GAAP – Continuing Operations
Net income
$ 226
$ 172
$ 54
31 %
Earnings per diluted share
$ 0.45
$ 0.32
$ 0.13
39 %
Non-GAAP – Continuing Operations
Net income
$ 602
$ 555
$ 47
8 %
Earnings per diluted share
$ 1.18
$ 1.03
$ 0.15
15 %
Other Selected Financial and Operational Results
Operating margin – GAAP operating margin increased to 21.3% for the second quarter of 2024, compared to 20.4% for the same period last year. Non-GAAP operating margin increased to 27.9% for the second quarter of 2024, compared to 26.9% for the same period last year.Taxes – The GAAP effective tax rate for continuing operations for the second quarter of 2024 was 31.1%, compared to 39.7% for the second quarter of 2023. The non-GAAP effective tax rate for continuing operations for the second quarter of 2024 was 16.5%(1).Cash flow – The company generated $367 million of operating cash flow and $278 million of free cash flow during the second quarter of 2024.Capital returns – The company repurchased $1.0 billion of its common stock, or approximately 19 million shares, in the second quarter of 2024. The company’s total repurchase authorization remaining as of June 30, 2024 was approximately $1.9 billion. The company also paid cash dividends of $135 million during the second quarter of 2024.Cash and cash equivalents and non-equity investments – The company’s cash and cash equivalents and non-equity investments portfolio totaled $6.3 billion as of June 30, 2024.
Business Outlook
eBay is providing the following guidance for the third quarter 2024.
In billions, except per share data and percentages
Q3 2024 Guidance
Revenue
$2.50 – $2.56
FX-Neutral Y/Y Growth
1% – 3%
Diluted GAAP EPS
$0.82 – $0.87
Diluted Non-GAAP EPS
$1.15 – $1.20
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 September 13, 2024 to stockholders of record as of August 30, 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 second quarter 2024 results at 2:30 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 third quarter and full year 2024 and the future growth in our business, the effects and potential of current and contemplated strategic initiatives and offerings including with respect to artificial intelligence and partnership with other companies, the effects of new product features or programs, 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 sellers and 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 in international markets; the impact of inflationary pressure, fluctuations in foreign currency exchange rates, changing 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 us, 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 and report results related to our environmental, social and governance goals; current and potential litigation and regulatory and government inquiries, investigations and disputes involving us 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.
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
June 30,
2024
December 31,
2023
(In millions)
ASSETS
Current assets:
Cash and cash equivalents
$ 1,963
$ 1,985
Short-term investments
3,203
2,533
Equity investment in Adevinta
—
4,474
Customer accounts and funds receivable
1,071
1,013
Other current assets
1,032
1,011
Total current assets
7,269
11,016
Long-term investments
1,722
1,129
Equity investment in Aurelia
1,910
—
Property and equipment, net
1,285
1,243
Goodwill
4,285
4,267
Operating lease right-of-use assets
439
493
Deferred tax assets
3,011
3,089
Other assets
457
383
Total assets
$ 20,378
$ 21,620
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt
$ 1,551
$ 750
Accounts payable
319
267
Customer accounts and funds payable
1,113
1,054
Accrued expenses and other current liabilities
2,004
2,196
Income taxes payable
812
253
Total current liabilities
5,799
4,520
Operating lease liabilities
332
387
Deferred tax liabilities
1,814
2,408
Long-term debt
6,174
6,973
Other liabilities
734
936
Total liabilities
14,853
15,224
Total stockholders’ equity
5,525
6,396
Total liabilities and stockholders’ equity
$ 20,378
$ 21,620
eBay Inc.
Unaudited Condensed Consolidated Statement of Income
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions, except per share amounts)
Net revenues
$ 2,572
$ 2,540
$ 5,128
$ 5,050
Cost of net revenues (1)
735
718
1,435
1,418
Gross profit
1,837
1,822
3,693
3,632
Operating expenses:
Sales and marketing (1)
577
566
1,118
1,077
Product development (1)
379
392
730
744
General and administrative (1)
241
251
479
548
Provision for transaction losses
86
90
177
174
Amortization of acquired intangible assets
5
5
9
13
Total operating expenses
1,288
1,304
2,513
2,556
Income from operations
549
518
1,180
1,076
Interest and other:
Loss on equity investments and warrant, net
(222)
(214)
(319)
(16)
Interest expense
(65)
(65)
(131)
(133)
Interest income and other, net
66
46
134
88
Income from continuing operations before income taxes
328
285
864
1,015
Income tax provision
(102)
(113)
(199)
(274)
Income from continuing operations
226
172
665
741
Loss from discontinued operations, net of income taxes
(2)
(1)
(3)
(3)
Net income
$ 224
$ 171
$ 662
$ 738
Income per share – basic:
Continuing operations
$ 0.45
$ 0.32
$ 1.31
$ 1.38
Discontinued operations
—
—
(0.01)
(0.01)
Net income per share – basic
$ 0.45
$ 0.32
$ 1.30
$ 1.37
Income per share – diluted:
Continuing operations
$ 0.45
$ 0.32
$ 1.30
$ 1.37
Discontinued operations
—
—
(0.01)
(0.01)
Net income per share – diluted
$ 0.45
$ 0.32
$ 1.29
$ 1.36
Weighted average shares:
Basic
503
534
509
536
Diluted
507
537
513
539
(1) Includes stock-based compensation as follows:
Cost of net revenues
$ 14
$ 14
$ 27
$ 27
Sales and marketing
25
25
48
45
Product development
77
74
141
133
General and administrative
38
41
84
77
$ 154
$ 154
$ 300
$ 282
eBay Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions)
Cash flows from operating activities:
Net income
$ 224
$ 171
$ 662
$ 738
Loss from discontinued operations, net of income taxes
2
1
3
3
Adjustments:
Provision for transaction losses
86
90
177
174
Depreciation and amortization
77
101
153
208
Stock-based compensation
154
154
300
282
Loss on investments and other, net
132
34
138
44
Deferred income taxes
(563)
(111)
(523)
(78)
Change in fair value of warrant
174
(31)
25
(69)
Change in fair value of equity investment in Adevinta
(84)
210
156
36
Changes in assets and liabilities, net of acquisition effects
165
(14)
(109)
108
Net cash provided by continuing operating activities
367
605
982
1,446
Net cash used in discontinued operating activities
—
(4)
—
(4)
Net cash provided by operating activities
367
601
982
1,442
Cash flows from investing activities:
Purchases of property and equipment
(89)
(113)
(232)
(245)
Purchases of investments
(4,601)
(4,144)
(7,913)
(7,687)
Maturities of investments
2,996
3,978
6,699
8,382
Proceeds from sale of shares in Adevinta
2,417
—
2,417
—
Other
(71)
2
(69)
(26)
Net cash provided (used in) by investing activities
652
(277)
902
424
Cash flows from financing activities:
Proceeds from issuance of common stock
55
48
55
48
Repurchases of common stock
(1,030)
(250)
(1,483)
(492)
Payments for taxes related to net share settlements of restricted stock units and awards
(45)
(68)
(96)
(160)
Payments for dividends
(135)
(133)
(274)
(267)
Repayment of debt
—
—
—
(1,150)
Net funds receivable and payable activity
35
333
7
563
Other
1
—
(14)
—
Net cash used in financing activities
(1,119)
(70)
(1,805)
(1,458)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(6)
(11)
(17)
(6)
Net increase (decrease) in cash, cash equivalents and restricted cash
(106)
243
62
402
Cash, cash equivalents and restricted cash at beginning of period
2,661
2,431
2,493
2,272
Cash, cash equivalents and restricted cash at end of period
$ 2,555
$ 2,674
$ 2,555
$ 2,674
eBay Inc.
Unaudited Summary of Consolidated Net Revenues
Three Months Ended
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
(In millions, except percentages)
Total net revenues (1)(2)
$ 2,572
$ 2,556
$ 2,562
$ 2,500
$ 2,540
Current quarter vs prior year quarter
1 %
2 %
2 %
5 %
5 %
Percent from international
50 %
49 %
50 %
50 %
50 %
(1) Hedge gain/(loss)
$ (10)
$ (10)
$ 11
$ 2
$ 14
(2) Foreign currency impact
$ (11)
$ 14
$ 63
$ 43
$ (9)
eBay Inc.
Unaudited Supplemental Operating Data
Three Months Ended
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
(In millions, except percentages)
Active Buyers (1)
132
132
132
132
132
Current quarter vs prior year quarter
0 %
(1) %
(2) %
(3) %
(4) %
Active Buyers excluding GittiGidiyor, TCGplayer and Goldin (2)
131
131
131
131
131
Current quarter vs prior year quarter
0 %
0 %
(1) %
(1) %
(3) %
Gross Merchandise Volume (3)
U.S.
$ 8,798
$ 8,974
$ 8,891
$ 8,638
$ 8,702
Current quarter vs prior year quarter
1 %
0 %
0 %
(1) %
(3) %
International
$ 9,620
$ 9,649
$ 9,700
$ 9,353
$ 9,512
Current quarter vs prior year quarter
1 %
3 %
4 %
4 %
(1) %
Total Gross Merchandise Volume
$ 18,418
$ 18,623
$ 18,591
$ 17,991
$ 18,214
Current quarter vs prior year quarter
1 %
1 %
2 %
2 %
(2) %
(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. On May 16, 2024, we completed the acquisition of Goldin.
(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
September 30, 2024
(In billions, except per share amounts)
GAAP
Non-GAAP (a)
Net revenues
$2.50 – $2.56
$2.50 – $2.56
Diluted EPS
$0.82 – $0.87
$1.15 – $1.20
(a) Estimated non-GAAP amounts above for the three months ending September 30, 2024 reflect adjustments that exclude the estimated amortization of
acquired intangible assets of approximately $9 – $11 million, estimated stock-based compensation expense and associated employer payroll tax expense
of approximately $140 – $150 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 and margin, 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 margin 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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions, except percentages)
GAAP operating income
$ 549
$ 518
$ 1,180
$ 1,076
Stock-based compensation expense and related employer payroll taxes
158
158
308
290
Amortization of acquired intangible assets within cost of net revenues and operating expenses
9
8
17
18
Restructuring
3
—
(6)
42
Non-recurring legal matters
—
—
(6)
—
Other general and administrative expenses
1
—
1
2
Total non-GAAP operating income adjustments
171
166
314
352
Non-GAAP operating income
$ 720
$ 684
$ 1,494
$ 1,428
GAAP operating margin
21.3 %
20.4 %
23.0 %
21.3 %
Non-GAAP operating margin
27.9 %
26.9 %
29.1 %
28.3 %
*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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions, except per share amounts and percentages)
GAAP income from continuing operations before income taxes
$ 328
$ 285
$ 864
$ 1,015
GAAP provision for income taxes
(102)
(113)
(199)
(274)
GAAP net income from continuing operations
$ 226
$ 172
$ 665
$ 741
Non-GAAP adjustments to net income from continuing operations:
Non-GAAP operating income from continuing operations adjustments (see table above)
$ 171
$ 166
$ 314
$ 352
Change in fair value of equity investment in Adevinta
—
210
234
36
Realized change in fair value of shares sold in Adevinta
(84)
—
(78)
—
Change in fair market value of warrant
174
(31)
25
(69)
Change in fair market value of other equity investments
23
35
29
49
Fair value of Aurelia option
109
—
109
—
Income tax effects and adjustments
(17)
3
(48)
46
Non-GAAP net income from continuing operations
$ 602
$ 555
$ 1,250
$ 1,155
Diluted net income from continuing operations per share:
GAAP
$ 0.45
$ 0.32
$ 1.30
$ 1.37
Non-GAAP
$ 1.18
$ 1.03
$ 2.43
$ 2.14
Shares used in GAAP diluted net income per share calculation
507
537
513
539
Shares used in non-GAAP diluted net income per share calculation
507
537
513
539
GAAP effective tax rate – Continuing operations
31.1 %
39.7 %
23.0 %
27.0 %
Income tax effects and adjustments to net income from continuing operations
(14.6) %
(23.2) %
(6.5) %
(10.5) %
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
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
(In millions)
Net cash provided by operating activities
$ 367
$ 605
$ 982
$ 1,446
Less: Purchases of property and equipment
(89)
(113)
(232)
(245)
Free cash flow
$ 278
$ 492
$ 750
$ 1,201
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SOURCE eBay Inc.
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The wholesale purchase acquisition will preserve Fiery as an independent DFE provider and strengthen its industry leadership.
FREMONT, Calif., Sept. 18, 2024 /PRNewswire/ — Fiery, LLC (“Fiery”), the print industry’s leading innovator of digital front ends (DFEs) and workflow software, today announced that Fiery’s ownership has entered into an agreement with Seiko Epson Corporation (“Epson”) whereby Epson will acquire Fiery from Siris Capital Group, LLC (“Siris”, together with its affiliates, including Electronics for Imaging, Inc.) in a transaction valued at approximately $591 million.
Fiery’s industry-leading products have enabled the exceptional color, personalization, performance, and efficiency that print businesses have relied on for more than three decades. Fiery’s software, server, and workflow solutions will complement Epson’s strategic vision and hardware leadership to drive growth across a broad range of print devices and applications.
By joining Epson, a global leader in innovation, Fiery is better positioned to scale, drive innovation, and continue delivering cutting-edge solutions to its customers while maintaining its independence in areas where the company excels.
Following the consummation of the transaction, Fiery will continue to operate as an independent provider of DFEs and workflow solutions to empower OEM partners to deliver the best possible output from their devices and accelerate the development of digital printing around the world.
“Epson’s acquisition of Fiery showcases the uniquely important role we play in enabling success across the entire print industry,” said Toby Weiss, CEO of Fiery. “Fiery has a demonstrated track record of empowering OEM partners to deliver the best possible results for its customers, and we look forward to building upon this legacy with Epson and our valued partners. I’d also like to thank Frank and the entire Siris team for their invaluable guidance and expertise.”
“We are delighted to welcome Fiery into the Epson Group. We are confident that this agreement will not only drive further growth in our commercial and industrial printing businesses but also accelerate the digital transformation of the analog printing market in an innovative way,” said Yasunori Ogawa, President and Representative Director, Epson. “Together with Fiery, we remain committed to contributing to our customers’ success and enhancing corporate value as we pursue new opportunities in the evolving printing landscape.”
Siris acquired Fiery as part of Siris’s take-private acquisition of Electronics for Imaging, Inc. (“EFI”) in 2019. Under Siris’ ownership, Fiery separated from EFI in 2021 to become an independent company.
“Under our ownership, Toby and the Fiery team accelerated investments in innovative technologies and expanded the product portfolio for the benefit of their OEM partners,” said Frank Baker, a Co-Founder and Managing Partner at Siris. “Epson is the ideal partner for Fiery’s next chapter, and we look forward to seeing how Fiery builds upon its leading position within the print industry moving forward.”
DC Advisory and UBS Investment Bank acted as exclusive financial advisors to EFI in connection with the sale of its interests in Fiery to Epson.
The transaction remains subject to customary closing conditions including regulatory approvals and is expected to close within 2024.
About Fiery
Fiery is the leading provider of digital front ends (DFEs) and workflow solutions for the global print industry. With a customer base that includes over 2 million DFEs sold worldwide, Fiery’s industry-leading software and cloud-based technologies deliver the best possible performance, color, and print quality across a broad range of production printing devices.
Fiery’s innovative solutions empower commercial print, industrial, packaging, signs and display graphics, ceramics, building materials, textiles, and more. Through over 30 years of excellent support and service, Fiery has built an unmatched community of customers, dealers, and partners.
About Epson
Epson is a global technology leader whose philosophy of efficient, compact and precise innovation enriches lives and helps create a better world. The company is focused on solving societal issues through innovations in home and office printing, commercial and industrial printing, manufacturing, visual and lifestyle. Epson’s goal is to become carbon negative and eliminate use of exhaustible underground resources such as oil and metal by 2050.
Led by the Japan-based Seiko Epson Corporation, the worldwide Epson Group generates annual sales of more than JPY 1 trillion. www.global.epson.com
About Siris
Siris is a leading private equity firm that targets control investments in companies that provide mission-critical technology infrastructure. Siris leverages its network of exclusive Executive Partners to identify opportunities and drive strategic and operational value. Siris is based in New York and West Palm Beach and has approximately $7 billion in assets under management as of September 30, 2023.
Forward-Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements Fiery may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the transaction may not be satisfied, (2) the timing of completion of the transactions is uncertain, (3) the business of Fiery may suffer as a result of uncertainty surrounding the transaction, (4) events, changes or other circumstances could occur that could give rise to the termination of the agreement, (5) there are risks related to disruption of the management’s attention from the ongoing business operations of Fiery due to the transaction, (6) the announcement or pendency of the transaction could affect the relationships of Fiery with its clients, operating results and business generally, including on the ability of Fiery to retain employees, (7) the outcome of any legal proceedings initiated against Fiery following the announcement of the transaction could adversely affect Fiery, including the ability to consummate the transaction, and (8) Fiery may be adversely affected by other economic, business, and/or competitive factors, as well as management’s response to any of the aforementioned factors. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Fiery does not undertake any obligation to update, correct or otherwise revise any forward-looking statements.
Fiery is a registered trademarks of Fiery, LLC in the U.S. and/or certain other countries. All other terms and product names may be trademarks or registered trademarks of their respective owners and are hereby acknowledged.
Nothing herein should be construed as a warranty in addition to the express warranty statements provided with Fiery products and services.
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SOURCE Fiery
Technology
Siris Announces Sale of Fiery to Seiko Epson Corporation
Published
47 mins agoon
September 18, 2024By
During its ownership period, Siris partnered with Fiery to expand product portfolio and deepen strategic partnerships
NEW YORK, Sept. 18, 2024 /PRNewswire/ — Siris (together with its affiliates, including Electronics for Imaging, “Siris”), a leading private equity firm focused on investing and driving value creation in technology companies, today announced the sale of Fiery, LLC (“Fiery”) to global technology leader Seiko Epson Corporation (“Epson”) in a transaction valued at approximately $591 million.
Fiery is a leading provider of digital front end (“DFE”) servers and workflow solutions for the growing industrial and graphic arts print sectors. Utilizing a combination of software and cloud-based technologies, Fiery has a demonstrated track record of delivering fast performance, stunning color and exceptional print quality across a broad range of production printing devices.
Fiery was acquired as part of Siris’ take-private acquisition of EFI in 2019. As part of its value creation strategy, Siris operationalized Fiery as an independent company in order to position it for a strategic exit. The divestiture of Fiery is the second carveout that Siris has completed from the broader EFI portfolio, after previously selling eProductivity Software to Symphony Technology Group, announced in 2022.
“Since our investment in Fiery in 2019, Toby and the team have grown the company’s leadership position in the DFE market, making significant progress expanding the product portfolio and deepening strategic partnerships,” said Frank Baker, a Co-Founder and Managing Partner at Siris. “Our partnership with Fiery is a great example of how we partner with management teams to drive value and position companies for continued long-term success. We look forward to seeing how the company continues to thrive with Epson moving forward.”
Mr. Baker added, “Post separation and divestiture of Fiery and eProductivity Software, EFI is now a streamlined, leading provider of industrial inkjet solutions for the display graphics, packaging and textiles industries with a broad range of printers, inks and service capabilities. We will continue to support EFI as it drives the exciting digital printing transition across a broad range of industrial end markets globally.”
“With Siris’ partnership and investment, we successfully raised the standards of digital printing excellence across a diverse range of operating segments,” said Toby Weiss, Chief Executive Officer of Fiery. “We are thrilled to embark on our next phase of growth alongside Epson, as we continue to provide our customers with dynamic solutions for their digital printing needs.”
The transaction is expected to close within 2024, subject to customary closing conditions including required regulatory approvals. Upon transaction close, Fiery will become part of the Epson group, retain its current name and organizational structure and continue to operate from its existing offices.
DC Advisory and UBS Investment Bank acted as exclusive financial advisors to EFI in connection with the sale of its interests in Fiery, LLC to Seiko Epson Corporation. Sidley Austin LLP served as legal advisor to Siris.
About Siris
Siris is a leading private equity firm that targets control investments in companies that provide mission-critical technology infrastructure. Siris leverages its network of exclusive Executive Partners to identify opportunities and drive strategic and operational value. Siris is based in New York and West Palm Beach and has approximately $7 billion in assets under management as of December 31, 2023. https://siris.com/
About Fiery
Fiery is the leading provider of digital front ends (DFEs) and workflow solutions for the global print industry. With a customer base that includes over 2 million DFEs sold worldwide, Fiery’s industry-leading software and cloud-based technologies deliver the best possible performance, color, and print quality across a broad range of production printing devices.
Fiery’s innovative solutions empower commercial print, industrial, packaging, signs and display graphics, ceramics, building materials, textiles, and more. Through over 30 years of excellent support and service, Fiery has built an unmatched community of customers, dealers, and partners.
Forward-Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements Siris may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the transaction may not be satisfied, (2) the timing of completion of the transactions is uncertain, (3) the business of Fiery may suffer as a result of uncertainty surrounding the transaction, (4) events, changes or other circumstances could occur that could give rise to the termination of the agreement, (5) there are risks related to disruption of the management’s attention from the ongoing business operations of Fiery due to the transaction, (6) the announcement or pendency of the transaction could affect the relationships of Fiery with its clients, operating results and business generally, including on the ability of Fiery to retain employees, (7) the outcome of any legal proceedings initiated against Fiery following the announcement of the transaction could adversely affect Fiery, including the ability to consummate the transaction, and (8) Fiery may be adversely affected by other economic, business, and/or competitive factors, as well as management’s response to any of the aforementioned factors.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Siris does not undertake any obligation to update, correct or otherwise revise any forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/siris-announces-sale-of-fiery-to-seiko-epson-corporation-302252493.html
SOURCE Siris Capital Group, LLC
Technology
Inspection Robots Market to Grow by USD 5.70 Billion from 2024-2028, with AI Driven Advantages Over Manual Methods Boosting Revenue – Technavio Report
Published
2 hours agoon
September 18, 2024By
NEW YORK, Sept. 18, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global inspection robots market size is estimated to grow by USD 5.70 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 19.86% during the forecast period. Advantages of robotic inspection over manual inspection is driving market growth, with a trend towards shift towards cloud-based solutions in inspection robots. However, rising levels of unemployment due to use of robotics poses a challenge. Key market players include Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations, Eddyfi Technologies, FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co., Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd., IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (ROVs and Autonomous robots), End-user (Oil and gas, Petrochemicals, Food and beverages, and Others), and Geography (Europe, North America, APAC, South America, and Middle East and Africa)
Region Covered
Europe, North America, APAC, South America, and Middle East and Africa
Key companies profiled
Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations, Eddyfi Technologies, FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co., Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd., IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc.
Key Market Trends Fueling Growth
The global inspection robots market is experiencing notable growth due to the adoption of cloud-based solutions. Cloud computing technologies are increasingly being utilized in this industry to facilitate data storage, processing, and analysis. Cloud-based inspection robots offer several advantages, including scalability, flexibility, and accessibility. Users can access inspection data from any location and collaborate with remote teams in real-time. Predictive maintenance is also facilitated through the analysis of historical inspection data. Cloud platforms enable secure sharing of inspection data among authorized users, promoting collaborative workflows and knowledge sharing. Real-time communication and updates ensure that stakeholders remain informed about inspection activities and results. The shift towards cloud-based solutions is driving the growth potential of the global inspection robots market by enhancing efficiency and effectiveness in inspection operations, improving asset management, and boosting overall performance.
Inspection robots are gaining popularity in various industries due to the need for worker safety and the adoption of collaborative robots or cobots. These robots are equipped with sensors, cameras, and specialized tools to collect data from assets in manufacturing, construction, energy, and other sectors. They can access hard-to-reach areas, hazardous environments, and confined spaces, providing real-time visual information for maintenance assessment and safety inspections. Businesses are recognizing the complementary need for human workers and robots, with robots taking on repetitive, dangerous, or time-consuming tasks. Initial investment in inspection robots includes training and infrastructure modifications, but the long-term benefits include increased cost-efficiency, consistency, and informed decisions based on real-time data. However, economic downturns and travel restrictions may hinder robot deployment, making it essential for businesses to consider the versatility and advanced sensors of inspection robots, such as lidar, for maximum effectiveness. Despite the initial costs, the benefits of worker safety, human intervention, and data collection make inspection robots a worthwhile investment.
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Market Challenges
The integration of robots and robotic applications in various industries, including manufacturing, has significantly boosted productivity, economies of scale, and cost savings. However, this automation trend raises concerns about employment, as it may lead to job losses. Process automation, fueled by machine learning and artificial intelligence, is increasingly common in manufacturing, transportation, finance, and energy management. While these technologies offer performance advantages, they also pose a threat to white-collar and blue-collar jobs, particularly those involving routine, process-driven tasks. Unemployment resulting from automation may lead to income inequality and a need for workforce skill development. Governments in North America and Europe are addressing this challenge by formulating strategies to mitigate the impact of robotic automation on employment. As a result, the rising unemployment rate may hinder the growth of the global inspection robots market during the forecast period.The Inspection Robots Market is experiencing significant growth due to the increasing demand for automation in various industries. However, challenges persist. Injuries and accidents during robot operation pose safety concerns. Data organization and operational costs are key challenges in implementing robot inspections. Integration of cameras, electronics, and operating software requires specialized skills. Robots must navigate hazardous situations, making safety a top priority. The Hotel and Transport industries are major adopters, with the Internet of Things and Artificial Intelligence driving innovation. However, lack of standardization and testing methodologies hinder market growth. Mobile robots in the Mobile Robots segment lead in terms of adoption due to their ease of use and versatility. The Pharmaceutical segment benefits from robots’ efficiency and accuracy in product inspection. Patents and intellectual property are crucial for market leaders like Cognite, Honeybee Robotics, Universal Robots, Inuktun Services, LEO Robotics, and Superdroid Robotics. Robot types include collaborative robots and human-robot cooperation models, with AI and quadruped robot dogs leading the way. Safety, ease of use, and specialized training are essential considerations. Testing Type, such as non-destructive testing and visual inspection, are critical applications. The market’s future lies in the development of more advanced robots and the integration of AI for improved human-robot cooperation in quality control.
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Segment Overview
This inspection robots market report extensively covers market segmentation by
Type 1.1 ROVs1.2 Autonomous robotsEnd-user 2.1 Oil and gas2.2 Petrochemicals2.3 Food and beverages2.4 OthersGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 ROVs- ROV (Remotely Operated Vehicles), also known as inspection robots, are mobile devices controlled from a central unit, typically tethered through a cable. Their diverse shapes and designs increase flexibility and performance, driving market growth. ROVs, primarily used for underwater exploration and inspection, have low power requirements and are easy to operate. Their affordability, low maintenance costs, and suitability for confined spaces make them popular in industries requiring assistance in navigating critical areas. These factors contribute to the revenue generation of the ROV inspection robot market.
Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022)
Research Analysis
Inspection robots are revolutionizing industries by automating quality control and product inspection processes, enhancing efficiency and accuracy while ensuring worker safety. These robots, including Cognite’s quadruped robot dog and ANYbotics’ human-robot cooperation models, employ AI and machine learning to identify faults, failures, leakages, and other critical issues. The adoption of cobots, such as those from Universal Robots and Mitsubishi Electric Corporation, allows for human-robot cooperation in various scenarios. Inspection robots are essential in unmanned facilities, remote locations, and harsh environments, where human presence is limited or dangerous. These robots can navigate complex terrain, inspect hard-to-reach areas, and work in extreme temperatures, ensuring the quality of products and the reliability of transportation systems. Fully autonomous inspection robots are increasingly being adopted to streamline processes and reduce costs, making them an indispensable tool for modern manufacturing and production.
Market Research Overview
Inspection robots are transforming industries by providing efficient and accurate solutions for quality control and maintenance assessment in various sectors. These robots, including quadruped robot dogs, utilize AI and collaborative robots for human-robot cooperation. They are equipped with sensors, cameras, and specialized tools to inspect assets and infrastructure in manufacturing, energy, construction, and other industries. The adoption of these robots is a complementary need to human workers, enhancing safety and consistency in product inspection and maintenance. Inspection robots are particularly valuable in harsh environments, confined spaces, and hazardous areas, where human intervention is risky or inefficient. Real-time data collection and analysis enable informed decisions, increasing cost-efficiency and effectiveness. Advanced sensors, such as lidar, ultrasonic, and thermal imaging, enable accurate defect detection and anomaly identification, leading to predictive maintenance and inspection efficiency. Businesses are investing in inspection robots to improve safety, reliability, and productivity. However, initial investment, training, and infrastructure modifications can be significant. Economic downturns and travel restrictions may impact robot deployment, but the long-term benefits outweigh the costs. Inspection robots are customizable, with options for mobile service robots, vision sensors, and semi-autonomous or fully autonomous operation. They are essential for critical scenarios, unmanned facilities, and remote locations, providing real-time data for informed decisions and ensuring safety in various industries, including aerospace, automotive, and oil and gas.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
TypeROVsAutonomous RobotsEnd-userOil And GasPetrochemicalsFood And BeveragesOthersGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
Fiery to be Acquired by Epson
Siris Announces Sale of Fiery to Seiko Epson Corporation
Inspection Robots Market to Grow by USD 5.70 Billion from 2024-2028, with AI Driven Advantages Over Manual Methods Boosting Revenue – Technavio Report
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