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Bandwidth Announces Second Quarter 2024 Financial Results

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Revenue of $174 million, up 19% year-over-year

Accelerating profitability, exceeding guidance

Expanding cash flow generation

RALEIGH, N.C., Aug. 1, 2024 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the second quarter ended June 30, 2024.

“We’re pleased to report a very strong first half, making significant progress toward our plan for 2024. In the second quarter, we delivered solid revenue growth while accelerating profitability and cash flow,” said David Morken, CEO of Bandwidth. “Our team’s disciplined approach, coupled with innovative solutions like Maestro and AI Bridge, is driving strong performance in a dynamic market. I am incredibly proud of our Bandmates’ execution and grateful for the trust our customers place in us. As we move forward, we remain focused on delivering exceptional value and transforming the communications landscape.”

Second Quarter 2024 Financial Highlights

The following table summarizes the condensed consolidated financial highlights for the three months ended June 30, 2024 and 2023 ($ in millions).

Three months ended
June 30,

2024

2023

Revenue

$                         174

$                         146

Gross Margin

37 %

40 %

Non-GAAP Gross Margin (1)

56 %

55 %

Adjusted EBITDA(1)

$                           19

$                           11

Free Cash Flow (1)

$                           18

$                            (1)

(1) Additional information regarding the Non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to Non-GAAP financial measures has also been provided in the financial tables included below. 

“Bandwidth’s second quarter results underscore our commitment to sustainable, profitable growth. With total revenue reaching $174 million and Adjusted EBITDA up 77% from the prior year, we are performing well across all categories,” said Daryl Raiford, CFO of Bandwidth. “Our strategic investments and disciplined financial management have driven impressive free cash flow and operational efficiency. We are well-positioned to continue this momentum into the second half of the year, further enhancing our financial strength and growth trajectory.”

Second Quarter Customer and Operational Highlights

A nationwide provider of medical claims management selected Bandwidth as their exclusive provider for voice calling, valuing our exceptional customer support and the flexibility of our Maestro product to orchestrate and enhance functionality across their platform.A prominent provider of healthcare integrated supportive care solutions chose Bandwidth to power its cloud contact center. Our communications cloud reliability and the comprehensive protection offered by our Call Assure product resonated with the customer, ensuring redundancy and safeguarding mission critical communications.A trusted provider of business insurance switched to Bandwidth as their sole provider for voice calling. They valued our Advanced Call Routing solution, which offers robust resiliency and redundancy for their contact center traffic, along with our superior back-end reporting tools.A well-established customer and provider of communications management software significantly increased their messaging business with us. Our deep industry knowledge and outstanding customer service played pivotal roles in securing this additional business.

Financial Outlook

Bandwidth’s outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its third quarter and full year 2024 as follows (in millions):

3Q 2024 Guidance

Full Year 2024 Guidance

Revenue

$180 – $184

$710 – $720

Adjusted EBITDA

$18 – $20

$72 – $76

Bandwidth has not reconciled its third quarter and full year 2024 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Upcoming Investor Conference Schedule

Canaccord Genuity Growth Conference in Boston, MA. Presentation by Daryl Raiford, CFO on Wednesday, August 14th at 10:00AM Eastern Time.Piper Sandler Growth Frontiers Conference in Nashville, TN. Fireside chat with David Morken, CEO and Daryl Raiford, CFO on Tuesday, September 10th at 10:00AM Central Time.

About Bandwidth Inc.

Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.

Conference Call

Bandwidth will host a conference call to discuss financial results for the second quarter ended June 30, 2024 on August 1, 2024. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the call.

Conference Call Details

August 1, 2024
8:00 am ET
Domestic dial-in:
844-481-2707
International dial-in:
412-317-0663

Replay information

An audio replay of this conference call will be available through August 8, 2024, by dialing 877-344-7529 or 412-317-0088 for international callers, and entering passcode 9676778.

Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending September 30, 2024 and year ending December 31, 2024, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our latest Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no obligation to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

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, or GAAP, we provide investors with certain Non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these Non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these Non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of Non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our Non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.

We define Non-GAAP gross profit as gross profit after adding back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation because they are non-cash items. We eliminate the impact of these non-cash items, because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe that showing gross margin, as adjusted to remove the impact of these non-cash expenses, is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin by dividing Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.

We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.

We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, acquisition related expenses, stock-based compensation expense, impairment of intangible assets, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.

We define free cash flow as net cash provided by or used in operating activities less net cash used in the acquisition of property, plant and equipment and capitalized development costs for software for internal use. We believe free cash flow is a useful indicator of liquidity and provides information to management and investors about the amount of cash generated from our core operations that can be used for investing in our business. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, it does not take into consideration investment in long-term securities, nor does it represent the residual cash flows available for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with our condensed consolidated statements of cash flows.

We believe that these Non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While a reconciliation of Non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of Non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

 

BANDWIDTH INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Revenue

$               173,602

$               145,874

$               344,635

$               283,718

Cost of revenue

108,773

86,919

214,322

169,110

Gross profit

64,829

58,955

130,313

114,608

Operating expenses

Research and development

28,132

24,852

57,044

50,513

Sales and marketing

26,066

25,754

55,205

50,783

General and administrative

16,705

15,868

34,554

32,587

Total operating expenses

70,903

66,474

146,803

133,883

Operating loss

(6,074)

(7,519)

(16,490)

(19,275)

Other income, net

9,798

3,782

10,781

16,021

Income (loss) before income taxes

3,724

(3,737)

(5,709)

(3,254)

Income tax benefit (provision)

331

(153)

531

2,975

Net income (loss)

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Net income (loss) per share:

Basic

$                     0.15

$                   (0.15)

$                   (0.19)

$                   (0.01)

Diluted

$                    (0.17)

$                   (0.15)

$                   (0.19)

$                   (0.01)

Numerator used to compute net income (loss) per share:

Basic

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Diluted

$                  (5,043)

$                 (3,890)

$                 (5,178)

$                    (279)

Weighted average number of common shares outstanding:

Basic

27,079,333

25,555,219

26,786,568

25,502,131

Diluted

29,500,598

25,555,219

26,786,568

25,502,131

The Company recognized total stock-based compensation expense as follows:

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Cost of revenue

$                      375

$                      204

$                      771

$                      396

Research and development

4,684

3,315

10,000

6,456

Sales and marketing

2,105

1,428

4,270

2,665

General and administrative

4,196

3,058

8,658

5,866

Total

$                 11,360

$                   8,005

$                 23,699

$                 15,383

 

BANDWIDTH INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

As of June 30,

As of December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$                       62,044

$                     131,987

Marketable securities

14,399

21,488

Accounts receivable, net of allowance for doubtful accounts

85,576

78,155

Deferred costs

3,871

4,155

Prepaid expenses and other current assets

15,492

16,990

Total current assets

181,382

252,775

Property, plant and equipment, net

173,400

177,864

Operating right-of-use asset, net

155,484

157,507

Intangible assets, net

155,966

166,914

Deferred costs, non-current

4,800

4,586

Other long-term assets

4,851

5,530

Goodwill

326,220

335,872

Total assets

$                  1,002,103

$                  1,101,048

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$                       31,933

$                       34,208

Accrued expenses and other current liabilities

69,256

69,014

Current portion of deferred revenue

7,685

8,059

Advanced billings

4,111

6,027

Operating lease liability, current

3,478

5,463

Line of credit, current portion

40,000

Total current liabilities

156,463

122,771

Other liabilities

354

386

Operating lease liability, net of current portion

220,497

220,548

Deferred revenue, net of current portion

8,142

8,406

Deferred tax liability

28,540

33,021

Convertible senior notes

280,660

418,526

Total liabilities

694,656

803,658

Stockholders’ equity:

Class A and Class B common stock

27

26

Additional paid-in capital

418,503

391,048

Accumulated deficit

(70,068)

(64,890)

Accumulated other comprehensive loss

(41,015)

(28,794)

Total stockholders’ equity

307,447

297,390

Total liabilities and stockholders’ equity

$                  1,002,103

$                  1,101,048

 

BANDWIDTH INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six months ended June 30,

2024

2023

Cash flows from operating activities

Net loss

$                        (5,178)

$                           (279)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

Depreciation and amortization

24,714

18,692

Non-cash reduction to the right-of-use asset

2,007

3,242

Amortization of debt discount and issuance costs

962

1,485

Stock-based compensation

23,699

15,383

Deferred taxes and other

(4,116)

(5,225)

Net gain on extinguishment of debt

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

Changes in operating assets and liabilities:

Accounts receivable, net of allowances

(7,642)

3,712

Prepaid expenses and other assets

1,886

(957)

Accounts payable

(1,112)

(6,171)

Accrued expenses and other liabilities

3,968

(12,464)

Operating right-of-use liability

(2,020)

(3,919)

Net cash provided by (used in) operating activities

26,901

(3,268)

Cash flows from investing activities

Purchase of property, plant and equipment

(7,145)

(3,859)

Capitalized software development costs

(5,843)

(5,001)

Purchase of marketable securities

(31,096)

(40,625)

Proceeds from sales and maturities of marketable securities

38,312

81,233

Proceeds from sale of business

469

835

Net cash (used in) provided by investing activities

(5,303)

32,583

Cash flows from financing activities

Borrowings on line of credit

65,000

Repayments on line of credit

(25,000)

Payments on finance leases

(44)

(90)

Net cash paid for debt extinguishment

(128,451)

(51,259)

Payment of debt issuance costs

(354)

Proceeds from exercises of stock options

119

413

Value of equity awards withheld for tax liabilities

(2,290)

(1,000)

Net cash used in financing activities

(91,020)

(51,936)

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

(608)

27

Net decrease in cash, cash equivalents, and restricted cash

(70,030)

(22,594)

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

132,307

114,622

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

$                       62,277

$                       92,028

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Non-GAAP Gross Profit and Non-GAAP Gross Margin

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Gross Profit

$            64,829

$            58,955

$          130,313

$          114,608

Gross Profit Margin %

37 %

40 %

38 %

40 %

Depreciation

4,678

4,205

9,456

7,734

Amortization of acquired intangible assets

1,941

1,959

3,900

3,904

Stock-based compensation

375

204

771

396

Non-GAAP Gross Profit

$            71,823

$            65,323

$          144,440

$          126,642

Non-GAAP Gross Margin % (1)

56 %

55 %

56 %

54 %

________________________

(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $128 million and $257 million in the three and six months ended June 30, 2024, respectively, and $118 million and $233 million for the three and six months ended June 30, 2023, respectively.

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Non-GAAP Net Income

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Stock-based compensation

11,360

8,005

23,699

15,383

Amortization of acquired intangibles

4,336

4,338

8,697

8,612

Amortization of debt discount and issuance costs for convertible debt

384

474

869

1,036

Net cost associated with early lease terminations and leases without economic benefit

877

2,033

Net gain on extinguishment of debt

(10,267)

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

49

180

129

739

Estimated tax effects of adjustments (2)

(2,075)

(708)

(3,443)

(3,135)

Non-GAAP net income

$                   8,719

$                   4,399

$                 16,539

$                   5,589

Interest expense on Convertible Notes (3)

300

317

617

655

Numerator used to compute Non-GAAP diluted net income per share

$                   9,019

$                   4,716

$                 17,156

$                   6,244

Net income (loss) per share

Basic

$                     0.15

$                   (0.15)

$                   (0.19)

$                   (0.01)

Diluted

$                   (0.17)

$                   (0.15)

$                   (0.19)

$                   (0.01)

Non-GAAP net income per Non-GAAP share

Basic

$                     0.32

$                     0.17

$                     0.62

$                     0.22

Diluted

$                     0.29

$                     0.16

$                     0.55

$                     0.21

Weighted average number of shares outstanding

Basic

27,079,333

25,555,219

26,786,568

25,502,131

Diluted

29,500,598

25,555,219

26,786,568

25,502,131

Non-GAAP basic shares

27,079,333

25,555,219

26,786,568

25,502,131

Convertible debt conversion

2,421,265

3,317,023

2,869,144

3,569,511

Stock options issued and outstanding

28,513

27,413

30,108

60,583

Nonvested RSUs outstanding

1,284,862

1,260,376

Non-GAAP diluted shares

30,813,973

28,899,655

30,946,196

29,132,225

________________________

(1) Non-recurring items not indicative of ongoing operations and other include (i) less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, (ii) $0.1 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2024, and (iii) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.3 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2023.

(2) The estimated tax-effect of adjustments is determined by recalculating the tax provision on a Non-GAAP basis. The Non-GAAP effective income tax rate was 15.0% and 2.8% for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. We analyze the Non-GAAP valuation allowance position on a quarterly basis. In the fourth quarter of 2022, we removed the valuation allowance against all U.S. deferred tax assets for Non-GAAP purposes as a result of cumulative Non-GAAP U.S. income over the past three years and a significant depletion of net operating loss and tax credit carryforwards on a Non-GAAP basis. As of June 30, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.

(3) Non-GAAP net income is increased for interest expense as part of the calculation for diluted Non-GAAP earnings per share.

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Adjusted EBITDA

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$                   4,055

$                 (3,890)

$                 (5,178)

$                    (279)

Income tax (benefit) provision

(331)

153

(531)

(2,975)

Interest expense, net

698

322

65

1,236

Depreciation

7,964

5,460

16,017

10,080

Amortization

4,336

4,338

8,697

8,612

Stock-based compensation

11,360

8,005

23,699

15,383

Net cost associated with early lease terminations and leases without economic benefit

877

2,033

Net gain on extinguishment of debt

(10,267)

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

49

180

129

337

Adjusted EBITDA

$                 18,741

$                 10,568

$                 34,664

$                 15,627

________________________

(1) Non-recurring items not indicative of ongoing operations and other include less than $0.1 million and $0.2 million  of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.

 

Free Cash Flow

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net cash provided by (used in) operating activities

$                 24,436

$                   3,086

$                 26,901

$                 (3,268)

Net cash used in investing in capital assets (1)

(6,116)

(4,314)

(12,988)

(8,860)

Free cash flow

$                 18,320

$                 (1,228)

$                 13,913

$               (12,128)

________________________

(1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use.

 

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SOURCE Bandwidth Inc.

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Gentoo Media – Mandatory notification of trade

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ST JULIANS, Malta, Nov. 14, 2024 /PRNewswire/ — MJ Foundation Fundacja Rodzinna, a company related to Mateusz Juroszek, Board Member and primary insider of Gentoo Media Inc. (Gentoo) has today acquired 115,604 shares in Gentoo at a price of SEK 24,996 per share. After this transaction, close associates of Mateusz Juroszek hold 24,027,766 shares in Gentoo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For further information, contact:
Tore Formo, Group CFO, tore.formo@g2m.com, +47 91668678

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View original content:https://www.prnewswire.co.uk/news-releases/gentoo-media—mandatory-notification-of-trade-302305030.html

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Xinhua Silk Road: World IoT expo 2024 opens in E. China’s Wuxi to showcase future of smart connectivity

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BEIJING, Nov. 14, 2024 /PRNewswire/ — The World Internet of Things (IoT) Exposition 2024 kicked off on Monday in Wuxi City of east China’s Jiangsu Province, attracting industry leaders, representatives of enterprises and experts from across the globe to discuss industry trends and demonstrate innovative applications.

At the expo’s opening ceremony, Wuxi unveiled a national pilot project in intelligent connected vehicles, which aims to create a cohesive mode for car owners, vehicles and cities connection, contributing Wuxi’s expertise to smart vehicle initiatives.

Additionally, a new smart sensing chip engineering center was launched, representing an investment of over 1 billion yuan and focusing on high-density large-scale substrates and other advanced chip technologies to strengthen the city’s integrated circuit development.

The event also saw the release of several major IoT research achievements, including the 2024 IoT innovation development Taihu index and the 2024 white paper on advanced sensing technology and applications.

The three-day event features exhibitions, panel discussions, and thematic sessions that showcase the latest development in IoT innovations and applications. This year’s expo is poised to drive Wuxi’s high-quality growth in IoT while promoting global tech collaboration and knowledge sharing in the IoT field.

Wuxi has become a navigator of the IoT industry in China. The latest statistics show that in 2023, the scale of the IoT industrial cluster in Wuxi surpassed 450 billion yuan, taking the lead in Jiangsu Province.

Original link: https://en.imsilkroad.com/p/343117.html

SOURCE Xinhua Silk Road

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Agoda Highlights Five Urban Hikes for Adventurous Travelers

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SINGAPORE, Nov. 14, 2024 /PRNewswire/ — Digital travel platform Agoda introduces five urban hikes across Asia, offering travelers a chance to experience the perfect blend of city life and nature. These hikes, ranging from family-friendly to more challenging trails, provide an unmatched perspective on some of Asia’s most dynamic cities.

Whether it’s Elephant Hill in Taipei, with its stunning views of the Taipei 101, or Hong Kong’s famous Dragon Back, active travelers are in for a treat when embarking on these city hike adventures.

Andrew Smith, Senior Vice President, Supply at Agoda said: “Asia is special to have so many incredible hike routes right in the heart of these popular cities. The five highlighted hikes are just a sample of the many breathtaking city trails the continent has to offer. Adventurous travelers will want to try them all and thankfully Agoda helps make travel affordable with great value deals on over 4.5 million properties globally.”

These are the five city hikes, ranked from easiest to most challenging:

Kuala Lumpur’s Bukit Nanas Forest Reserve offers a unique experience of trekking through a tropical rainforest right in the city center. The trail is relatively easy, with well-marked paths and informative signboards about the local flora and fauna, making it a great choice for families and nature enthusiasts.

Elephant Hill in Taipei offers a short but rewarding climb. The trail is well-maintained and provides stunning views of Taipei’s skyline, including the famous Taipei 101. It’s an ideal spot for those looking to enjoy a quick escape into nature without straying far from the city.

In Singapore, the Southern Ridges trail offers a moderate hike through a series of interconnected parks and gardens. Spanning 10 kilometers, this trail provides a lush green corridor amidst the urban environment, with highlights including the Henderson Waves bridge and panoramic views of the city.

Namsan in Seoul presents a slightly more challenging hike, leading to the N Seoul Tower. The trail is popular among locals and tourists alike, offering a mix of natural beauty and cultural landmarks, with several routes to choose from depending on the desired difficulty level.

Finally, Hong Kong’s Dragon’s Back is a favorite for its breathtaking views of the coastline and the South China Sea. This moderately challenging hike is known for its undulating ridges and scenic vistas, providing a rewarding experience for those willing to tackle its ups and downs.

In each of these city hike destinations, Agoda offers great value accommodation. In addition to holiday properties, Agoda’s 130,000 flight routes and 300,000 activities ensure the platform is the one-stop travel solution to help booking an entire trip. The latest Agoda deals can be found in the Agoda app or on agoda.com/deals.

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SOURCE Agoda

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