Technology

Meta Reports Second Quarter 2024 Results

Published

2 months ago

July 31, 2024

MENLO PARK, Calif., July 31, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended June 30, 2024.

“We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said Mark Zuckerberg, Meta founder and CEO. “We’ve released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth across our apps.”

Second Quarter 2024 Financial Highlights

Three Months Ended June 30,

% Change

In millions, except percentages and per share amounts

2024

2023

Revenue

$ 39,071

$ 31,999

22 %

Costs and expenses

24,224

22,607

7 %

Income from operations

$ 14,847

$ 9,392

58 %

Operating margin

38 %

29 %

Provision for income taxes

$ 1,641

$ 1,505

9 %

Effective tax rate

11 %

16 %

Net income

$ 13,465

$ 7,788

73 %

Diluted earnings per share (EPS)

$ 5.16

$ 2.98

73 %

Second Quarter 2024 Operational and Other Financial Highlights

Family daily active people (DAP) – DAP was 3.27 billion on average for June 2024, an increase of 7% year-over-year.Ad impressions – Ad impressions delivered across our Family of Apps increased by 10% year-over-year.Average price per ad – Average price per ad increased by 10% year-over-year.Revenue – Total revenue was $39.07 billion, an increase of 22% year-over-year. Revenue on a constant currency basis would have increased 23% year-over-year.Costs and expenses – Total costs and expenses were $24.22 billion, an increase of 7% year-over-year.Capital expenditures – Capital expenditures, including principal payments on finance leases, were $8.47 billion.Capital return program – Share repurchases were $6.32 billion of our Class A common stock and dividend payments were $1.27 billion.Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $58.08 billion as of June 30, 2024. Free cash flow was $10.90 billion.Headcount – Headcount was 70,799 as of June 30, 2024, a decrease of 1% year-over-year.

CFO Outlook Commentary

We expect third quarter 2024 total revenue to be in the range of $38.5-41 billion. Our guidance assumes foreign currency is a 2% headwind to year-over-year total revenue growth, based on current exchange rates.

We expect full-year 2024 total expenses to be in the range of $96-99 billion, unchanged from our prior outlook. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.

While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint.

We anticipate our full-year 2024 capital expenditures will be in the range of $37-40 billion, updated from our prior range of $35-40 billion. While we continue to refine our plans for next year, we currently expect significant capital expenditures growth in 2025 as we invest to support our artificial intelligence research and product development efforts.

Absent any changes to our tax landscape, we expect our full-year 2024 tax rate to be in the mid-teens.

In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.

Webcast and Conference Call Information

Meta will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta’s earnings conference call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the earnings press release, financial tables, and slide presentation.

Following the call, a replay will be available at the same website. Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.

Disclosure Information

Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg’s Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Meta

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

Contacts

Investors:
Kenneth Dorell
investor@meta.com / investor.fb.com

Press:
Ryan Moore
press@meta.com / about.fb.com/news/

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our artificial intelligence initiatives and metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content review efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on April 25, 2024, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. In addition, please note that the date of this press release is July 31, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled “Limitations of Key Metrics and Other Data” in our most recent quarterly or annual report filed with the SEC.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

Our non-GAAP financial measures are adjusted for the following items:

Foreign exchange effect on revenue. We translated revenue for the three and six months ended June 30, 2024 using the prior year’s monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.

Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of GAAP to Non-GAAP Results” table in this press release.

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue

$ 39,071

$ 31,999

$ 75,527

$ 60,645

Costs and expenses:

Cost of revenue

7,308

5,945

13,948

12,054

Research and development

10,537

9,344

20,515

18,725

Marketing and sales

2,721

3,154

5,285

6,198

General and administrative (1)

3,658

4,164

7,114

7,049

Total costs and expenses

24,224

22,607

46,862

44,026

Income from operations

14,847

9,392

28,665

16,619

Interest and other income (expense), net

259

(99)

624

(19)

Income before provision for income taxes

15,106

9,293

29,289

16,600

Provision for income taxes

1,641

1,505

3,455

3,102

Net income

$ 13,465

$ 7,788

$ 25,834

$ 13,498

Earnings per share:

Basic

$ 5.31

$ 3.03

$ 10.17

$ 5.24

Diluted

$ 5.16

$ 2.98

$ 9.86

$ 5.18

Weighted-average shares used to compute earnings per share:

Basic

2,534

2,568

2,540

2,577

Diluted

2,610

2,612

2,619

2,604

(1) The second quarter 2024 general and administrative expenses include a charge for the recent settlement with the State of Texas. The settlement amount is fully accrued as of June 30, 2024.

META PLATFORMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

June 30, 2024

December 31, 2023

Assets

Current assets:

Cash and cash equivalents

$ 32,045

$ 41,862

Marketable securities

26,035

23,541

Accounts receivable, net

14,505

16,169

Prepaid expenses and other current assets

3,846

3,793

Total current assets

76,431

85,365

Non-marketable equity securities

6,207

6,141

Property and equipment, net

102,959

96,587

Operating lease right-of-use assets

14,058

13,294

Goodwill

20,654

Other assets

9,929

7,582

Total assets

$ 230,238

$ 229,623

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$ 3,173

$ 4,849

Operating lease liabilities, current

1,917

1,623

Accrued expenses and other current liabilities

21,914

25,488

Total current liabilities

27,004

31,960

Operating lease liabilities, non-current

17,685

17,226

Long-term debt

18,389

18,385

Long-term income taxes

7,897

7,514

Other liabilities

2,500

1,370

Total liabilities

73,475

76,455

Commitments and contingencies

Stockholders’ equity:

Common stock and additional paid-in capital

78,270

73,253

Accumulated other comprehensive loss

(2,695)

(2,155)

Retained earnings

81,188

82,070

Total stockholders’ equity

156,763

153,168

Total liabilities and stockholders’ equity

$ 230,238

$ 229,623

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Cash flows from operating activities

Net income

$ 13,465

$ 7,788

$ 25,834

$ 13,498

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

3,637

2,623

7,011

5,147

Share-based compensation

4,616

4,060

8,178

7,111

Deferred income taxes

(1,643)

(1,137)

(2,098)

(1,757)

Impairment charges for facilities consolidation, net

232

280

1,002

Other

(6)

212

(71)

204

Changes in assets and liabilities:

Accounts receivable

(1,171)

(1,424)

1,350

1,122

Prepaid expenses and other current assets

(84)

(54)

767

Other assets

(41)

Accounts payable

250

(51)

(862)

(1,155)

Accrued expenses and other current liabilities

(497)

5,174

(1,771)

5,268

Other liabilities

708

(151)

790

Net cash provided by operating activities

19,370

17,309

38,616

31,307

Cash flows from investing activities

Purchases of property and equipment, net

(8,173)

(6,134)

(14,573)

(12,957)

Purchases of marketable debt securities

(3,289)

(717)

(10,176)

(803)

Sales and maturities of marketable debt securities

3,233

1,816

7,858

2,351

Acquisitions of businesses and intangible assets

(57)

(83)

(129)

(527)

Other investing activities

(12)

(85)

(12)

(10)

Net cash used in investing activities

(8,298)

(5,203)

(17,032)

(11,946)

Cash flows from financing activities

Taxes paid related to net share settlement of equity awards

(3,208)

(1,692)

(6,370)

(2,701)

Repurchases of Class A common stock

(6,299)

(898)

(21,307)

(10,263)

Dividend payments

(1,266)

—

(2,539)

—

Proceeds from issuance of long-term debt, net

—

8,455

—

8,455

Principal payments on finance leases

(299)

(220)

(614)

(484)

Other financing activities

(106)

(353)

(115)

(231)

Net cash provided by (used in) financing activities

(11,178)

5,292

(30,945)

(5,224)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(152)

(14)

(440)

Net increase (decrease) in cash, cash equivalents, and restricted cash

(258)

17,384

(9,801)

14,208

Cash, cash equivalents, and restricted cash at beginning of the period

33,284

12,420

42,827

15,596

Cash, cash equivalents, and restricted cash at end of the period

$ 33,026

$ 29,804

$ 33,026

$ 29,804

Reconciliation of cash, cash equivalents, and restricted cash to the
condensed consolidated balance sheets

Cash and cash equivalents

$ 32,045

$ 28,785

$ 32,045

$ 28,785

Restricted cash, included in prepaid expenses and other current assets

100

165

100

165

Restricted cash, included in other assets

881

854

881

854

Total cash, cash equivalents, and restricted cash

$ 33,026

$ 29,804

$ 33,026

$ 29,804

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Supplemental cash flow data

Cash paid for income taxes, net

$ 5,929

$ 1,102

$ 6,559

$ 1,507

Cash paid for interest, net of amounts capitalized

$ 124

$ —

$ 245

$ 182

Non-cash investing and financing activities:

Property and equipment in accounts payable and accrued expenses and other
current liabilities

$ 3,229

$ 3,845

$ 3,229

$ 3,845

Acquisition of businesses and intangible assets in accrued expenses and
other current liabilities and other liabilities

$ 267

$ 217

$ 267

$ 217

Segment Results

We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual, augmented, and mixed reality related consumer hardware, software, and content.

The following table presents our segment information of revenue and income (loss) from operations:

Segment Information

(In millions)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue:

Advertising

$ 38,329

$ 31,498

$ 73,965

$ 59,599

Other revenue

389

225

769

430

Family of Apps

38,718

31,723

74,734

60,029

Reality Labs

353

276

793

616

Total revenue

$ 39,071

$ 31,999

$ 75,527

$ 60,645

Income (loss) from operations:

Family of Apps

$ 19,335

$ 13,131

$ 36,999

$ 24,351

Reality Labs

(4,488)

(3,739)

(8,334)

(7,732)

Total income from operations

$ 14,847

$ 9,392

$ 28,665

$ 16,619

Reconciliation of GAAP to Non-GAAP Results

(In millions, except percentages)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

GAAP revenue

$ 39,071

$ 31,999

$ 75,527

$ 60,645

Foreign exchange effect on 2024 revenue using 2023 rates

371

265

Revenue excluding foreign exchange effect

$ 39,442

$ 75,792

GAAP revenue year-over-year change %

22 %

25 %

Revenue excluding foreign exchange effect year-over-year change %

23 %

25 %

GAAP advertising revenue

$ 38,329

$ 31,498

$ 73,965

$ 59,599

Foreign exchange effect on 2024 advertising revenue using 2023 rates

367

261

Advertising revenue excluding foreign exchange effect

$ 38,696

$ 74,226

GAAP advertising revenue year-over-year change %

22 %

24 %

Advertising revenue excluding foreign exchange effect year-over-year
change %

23 %

25 %

Net cash provided by operating activities

$ 19,370

$ 17,309

$ 38,616

$ 31,307

Purchases of property and equipment, net

(8,173)

(6,134)

(14,573)

(12,957)

Principal payments on finance leases

(299)

(220)

(614)

(484)

Free cash flow

$ 10,898

$ 10,955

$ 23,429

$ 17,866

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SOURCE Meta

Technology

Fiery to be Acquired by Epson

Published

2 hours ago

September 18, 2024

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

2 hours ago

September 18, 2024

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.

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.

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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

3 hours ago

September 18, 2024

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.

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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
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Email: media@technavio.com
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SOURCE Technavio