Technology

Wayfair Announces Third Quarter 2024 Results, Reports Strong Profitability in Tandem with Further Market Share Gains

Published

3 weeks ago

November 1, 2024

Q3 Net Revenue of $2.9 billion with 21.7 million Active Customers

BOSTON, Nov. 1, 2024 /PRNewswire/ — Wayfair Inc. (“Wayfair,” “we,” or “our”) (NYSE: W), one of the world’s largest destinations for the home, today reported financial results for its third quarter ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Total net revenue of $2.9 billion, decreased $60 million, down 2.0% year over yearU.S. net revenue of $2.5 billion, decreased $60 million, down 2.3% year over yearInternational net revenue of $372 million and International Net Revenue Constant Currency Growth remained constant year over yearGross profit was $873 million, or 30.3% of total net revenueNet loss was $74 million and Non-GAAP Adjusted EBITDA was $119 millionDiluted loss per share was $0.60 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.22Net cash provided by operating activities was $49 million and Non-GAAP Free Cash Flow was ($9) millionCash, cash equivalents and short-term investments totaled $1.3 billion and total liquidity was $1.9 billion, including availability under our revolving credit facility

“Q3 marked another proofpoint of resilience for Wayfair with further market share capture in the face of sustained challenges in the category. Once again, we navigated a dynamic consumer environment while driving further discipline on costs to achieve a mid-single-digit Adjusted EBITDA margin for the second quarter in a row. As I’ve mentioned before, our north star is driving Adjusted EBITDA dollars in excess of equity-based compensation and capital expenditures, and we’re pleased to be making noteworthy improvements across each of these fronts,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

Shah continued, “We remain laser-focused on delivering healthy profitability while setting ourselves up for success as the category rebounds. The core goal across each of our initiatives in 2024 is to foster customer loyalty and spur repeat business while driving economic value. We’re not just aiming for short-term gains, but building long-lasting relationships with our customers that will be accretive on both the top and bottom lines.”

Other Third Quarter Highlights

Active customers totaled 21.7 million as of September 30, 2024, a decrease of 2.7% year over yearLTM net revenue per active customer was $545 as of September 30, 2024, an increase of 1.3% year over yearOrders per customer, measured as LTM orders divided by active customers, was 1.85 for the third quarter of 2024, compared to 1.83 for the third quarter of 2023Orders delivered in the third quarter of 2024 were 9.3 million, a decrease of 6.1% year over yearRepeat customers placed 79.9% of total orders delivered in the third quarter of 2024, compared to 79.7% in the third quarter of 2023Repeat customers placed 7.4 million orders in the third quarter of 2024, a decrease of 6.3% year over yearAverage order value was $310 in the third quarter of 2024, compared to $297 in the third quarter of 202363.0% of total orders delivered were placed via a mobile device in the third quarter of 2024, compared to 61.7% in the third quarter of 2023

Key Financial Statement and Operating Metrics

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions, except LTM net revenue per active customer, average order value and per share data)

Key Financial Statement Metrics:

Net revenue

$ 2,884

$ 2,944

$ 8,730

$ 8,889

Gross profit

$ 873

$ 917

$ 2,633

$ 2,723

Loss from operations

$ (74)

$ (152)

$ (344)

$ (641)

Net loss

$ (74)

$ (163)

$ (364)

$ (564)

Loss per share:

Basic

$ (0.60)

$ (1.40)

$ (2.98)

$ (4.99)

Diluted

$ (0.60)

$ (1.40)

$ (2.98)

$ (4.99)

Net cash provided by operating activities

$ 49

$ 121

$ 155

$ 191

Key Operating Metrics:

Active customers (1)

LTM net revenue per active customer (2)

$ 545

$ 538

$ 545

$ 538

Orders delivered (3)

Average order value (4)

$ 310

$ 297

$ 303

$ 297

Non-GAAP Financial Measures:

Adjusted EBITDA

$ 119

$ 100

$ 357

$ 214

Free Cash Flow

$ (9)

$ 42

$ (19)

$ (64)

Adjusted Diluted Earnings (Loss) per Share

$ 0.22

$ (0.13)

$ 0.38

$ (1.02)

(1)

The number of active customers represents the total number of individual customers who have purchased at least once directly from our sites during the preceding twelve-month period. The change in active customers in a reported period captures both the inflow of new customers as well as the outflow of existing customers who have not made a purchase in the last twelve months. We view the number of active customers as a key indicator of our growth.

(2)

LTM net revenue per active customer represents our total net revenue in the last twelve months divided by our total number of active customers for the same preceding twelve-month period. We view LTM net revenue per active customer as a key indicator of our customers’ purchasing patterns, including their initial and repeat purchase behavior.

(3)

Orders delivered represent the total orders delivered in any period, inclusive of orders that may eventually be returned. As we ship a large volume of packages through multiple carriers, actual delivery dates may not always be available, and as such we estimate delivery dates based on historical data. We recognize net revenue when an order is delivered, and therefore orders delivered, together with average order value, is an indicator of the net revenue we expect to recognize in a given period. We view orders delivered as a key indicator of our growth.

(4)

We define average order value as total net revenue in a given period divided by the orders delivered in that period. We view average order value as a key indicator of the mix of products on our sites, the mix of offers and promotions and the purchasing behavior of our customers.

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its third quarter 2024 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://bit.ly/3AjK2fc. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://bit.ly/4hfCcE7. An archive of the webcast conference call will be available shortly after the call ends on Wayfair’s Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.

About Wayfair

Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you’re looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.

The Wayfair family of brands includes:

Wayfair: Every style. Every home.AllModern: All of modern made simple.Birch Lane: Classic style for joyful living.Joss & Main: The ultimate style edit for home.Perigold: The destination for luxury home.Wayfair Professional: A one-stop Pro shop.

Wayfair generated $11.8 billion in net revenue for the twelve months ended September 30, 2024 and is headquartered in Boston, Massachusetts with global operations.

Media Relations Contact:
Tara Lambropoulos
PR@wayfair.com

Investor Relations Contact:
James Lamb
IR@wayfair.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release, including statements regarding our investment plans and anticipated returns on those investments, our future customer growth, our future results of operations and financial position, including our financial outlook, profitability goals, business strategy, plans and objectives of management for future operations, and, the impact of macroeconomic events and our response to such events, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “continues,” “could,” “intends,” “goals,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or the negative of these terms or other similar expressions.

Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including rising and fluctuating interest rates and inflation, slower growth or the potential for recession, disruptions in the global supply chain, conditions affecting the retail environment for products we sell, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions; our ability to acquire and retain customers in a cost-effective manner; our ability to increase our net revenue per active customer; our ability to build and maintain strong brands; our ability to manage our growth and expansion initiatives; and our ability to expand our business and compete successfully. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.

These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

WAYFAIR INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30,

December 31,

2024

2023

(in millions, except share and per
share data)

Assets:

Current assets

Cash and cash equivalents

$ 1,296

$ 1,322

Short-term investments

Accounts receivable, net

155

140

Inventories

Prepaid expenses and other current assets

248

289

Total current assets

1,812

1,855

Operating lease right-of-use assets

888

820

Property and equipment, net

658

748

Other non-current assets

Total assets

$ 3,414

$ 3,474

Liabilities and Stockholders’ Deficit:

Current liabilities

Accounts payable

$ 1,187

$ 1,234

Other current liabilities

982

949

Total current liabilities

2,169

2,183

Long-term debt

3,061

3,092

Operating lease liabilities, net of current

884

862

Other non-current liabilities

Total liabilities

6,147

6,181

Stockholders’ deficit:

Convertible preferred stock, $0.001 par value per share: 10,000,000 shares authorized and
none issued at September 30, 2024 and December 31, 2023

—

Class A common stock, par value $0.001 per share, 500,000,000 shares authorized,
97,888,601 and 92,457,562 shares issued and outstanding at September 30, 2024 and
December 31, 2023, respectively

—

Class B common stock, par value $0.001 per share, 164,000,000 shares authorized,
25,691,295 shares issued and outstanding at September 30, 2024 and December 31, 2023

—

Additional paid-in capital

1,657

1,316

Accumulated deficit

(4,382)

(4,018)

Accumulated other comprehensive loss

(8)

(5)

Total stockholders’ deficit

(2,733)

(2,707)

Total liabilities and stockholders’ deficit

$ 3,414

$ 3,474

WAYFAIR INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions, except per share data)

Net revenue (1)

$ 2,884

$ 2,944

$ 8,730

$ 8,889

Cost of goods sold (2)

2,011

2,027

6,097

6,166

Gross profit

873

917

2,633

2,723

Operating expenses:

Customer service and merchant fees (2)

112

136

350

419

Advertising

354

337

1,043

1,016

Selling, operations, technology, general and administrative (2)

480

596

1,503

1,850

Impairment and other related net charges

—

Restructuring charges

—

Total operating expenses

947

1,069

2,977

3,364

Loss from operations

(74)

(152)

(344)

(641)

Interest expense, net

(5)

(15)

Other income (expense), net

(4)

(2)

Gain on debt extinguishment

—

100

Loss before income taxes

(71)

(161)

(356)

(558)

Provision for income taxes, net

Net loss

$ (74)

$ (163)

$ (364)

$ (564)

Loss per share:

Basic

$ (0.60)

$ (1.40)

$ (2.98)

$ (4.99)

Diluted

$ (0.60)

$ (1.40)

$ (2.98)

$ (4.99)

Weighted-average number of shares of common stock
outstanding used in computing per share amounts:

Basic

123

116

122

113

Diluted

123

116

122

113

(1) The following tables present net revenue attributable to our reportable segments for the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions)

U.S. net revenue

$ 2,512

$ 2,572

$ 7,633

$ 7,772

International net revenue

372

1,097

1,117

Total net revenue

$ 2,884

$ 2,944

$ 8,730

$ 8,889

(2) Includes equity-based compensation and related taxes as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions)

Cost of goods sold

$ 2

$ 8

$ 7

Customer service and merchant fees

Selling, operations, technology, general and administrative

137

300

434

Total equity-based compensation and related taxes

$ 98

$ 146

$ 323

$ 464

WAYFAIR INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months Ended September 30,

2024

2023

(in millions)

Cash flows from operating activities:

Net loss

$ (364)

$ (564)

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

Depreciation and amortization

297

312

Equity-based compensation expense

309

447

Amortization of discount and issuance costs on convertible notes

Impairment and other related net charges

Gain on debt extinguishment

—

(100)

Other non-cash adjustments

(5)

—

Changes in operating assets and liabilities:

Accounts receivable, net

(34)

140

Inventories

(7)

Prepaid expenses and other assets

Accounts payable and other liabilities

(53)

(94)

Net cash provided by operating activities

155

191

Cash flows for investing activities:

Purchase of short- and long-term investments

(37)

(4)

Sale and maturities of short- and long-term investments

229

Purchase of property and equipment

(53)

(101)

Site and software development costs

(121)

(154)

Net cash used in investing activities

(178)

(30)

Cash flows from financing activities:

Proceeds from issuance of convertible notes, net of issuance costs

—

678

Premiums paid for capped call confirmations

—

(87)

Payments to extinguish convertible debt

—

(514)

Other financing activities, net

—

Net cash provided by financing activities

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

(6)

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

(26)

241

Cash, cash equivalents and restricted cash

Beginning of period

$ 1,326

$ 1,050

End of period

$ 1,300

$ 1,291

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Diluted Earnings or Loss per Share and Net Revenue Constant Currency Growth. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.

We calculate Adjusted EBITDA as net income or loss before depreciation and amortization, equity-based compensation and related taxes, interest income or expense, net, other income or expense, net, provision or benefit for income taxes, net, non-recurring items and other items not indicative of our ongoing operating performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted EBITDA because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis as these costs may vary independent of business performance. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We calculate Free Cash Flow as net cash provided by or used in operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, “Capital Expenditures”). We disclose Free Cash Flow because it is an important indicator of our business performance as it measures the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

We calculate Adjusted Diluted Earnings or Loss per Share as net income or loss plus equity-based compensation and related taxes, provision or benefit for income taxes, net, non-recurring items, other items not indicative of our ongoing operating performance, and, if dilutive, interest expense associated with convertible debt instruments under the if-converted method divided by the weighted-average number of shares of common stock used in the computation of diluted earnings or loss per share. Accordingly, we believe that these adjustments to our adjusted diluted net income or loss before calculating per share amounts for all periods presented provide a more meaningful comparison between our operating results from period to period.

We calculate Net Revenue Constant Currency Growth by translating the current period local currency net revenue by the currency exchange rates used to translate the financial statements in the comparable prior-year period. We disclose Net Revenue Constant Currency Growth because it is an important indicator of our operating results. Accordingly, we believe that Net Revenue Constant Currency Growth provides useful information to investors and others in understanding and evaluating trends in our operating results in the same manner as our management.

We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP financial measures. We do not attempt to provide a reconciliation of forward-looking non-GAAP financial measures to forward looking GAAP financial measures because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

The non-GAAP financial measures have limitations as analytical tools. We do not, nor do we suggest that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies, including other companies in our industry.

The following table reflects the reconciliation of net income or loss to Adjusted EBITDA and Adjusted EBITDA margin for each of the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions)

Reconciliation of Adjusted EBITDA:

Net loss

$ (74)

$ (163)

$ (364)

$ (564)

Depreciation and amortization

106

297

312

Equity-based compensation and related taxes

146

323

464

Interest expense, net

Other (income) expense, net

(8)

(3)

Provision for income taxes, net

Other:

Impairment and other related net charges (1)

—

Restructuring charges (2)

—

Gain on debt extinguishment (3)

—

(100)

Adjusted EBITDA

$ 119

$ 100

$ 357

$ 214

Net revenue

$ 2,884

$ 2,944

$ 8,730

$ 8,889

Net loss margin

(2.6) %

(5.5) %

(4.2) %

(6.3) %

Adjusted EBITDA Margin

4.1 %

3.4 %

4.1 %

2.4 %

(1)

During the three and nine months ended September 30, 2024, we recorded charges of $1 million and $2 million, respectively, related to changes in sublease market conditions for U.S. office locations. During the nine months ended September 30, 2023, we recorded charges of $14 million, inclusive of $5 million related to consolidation of certain customer service centers and $9 million related to construction in progress assets at identified U.S. locations.

(2)

During the nine months ended September 30, 2024, we incurred $79 million of charges consisting primarily of one-time employee severance and benefit costs associated with the January 2024 workforce reductions. During the nine months ended September 30, 2023, we incurred $65 million of charges consisting primarily of one-time employee severance and benefit costs associated with the January 2023 workforce reductions.

(3)

During the nine months ended September 30, 2023, we recorded a $100 million gain on debt extinguishment upon repurchase of $83 million in aggregate principal amount of our 2024 Notes and $535 million in aggregate principal amount of our 2025 Notes.

The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income or loss to Adjusted EBITDA is presented in the preceding table:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions)

Segment Adjusted EBITDA:

U.S.

$ 141

$ 123

$ 461

$ 313

International

(22)

(23)

(104)

(99)

Adjusted EBITDA

$ 119

$ 100

$ 357

$ 214

The following table presents a reconciliation of net cash provided by or used in operating activities to Free Cash Flow for each of the periods indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions)

Net cash provided by operating activities

$ 49

$ 121

$ 155

$ 191

Purchase of property and equipment

(17)

(30)

(53)

(101)

Site and software development costs

(41)

(49)

(121)

(154)

Free Cash Flow

$ (9)

$ 42

$ (19)

$ (64)

A reconciliation of the numerator and denominator for diluted earnings or loss per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings or Loss per Share, in order to calculate Adjusted Diluted Earnings or Loss per Share is as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in millions, except per share data)

Numerator:

Numerator for basic and diluted loss per share – net loss

$ (74)

$ (163)

$ (364)

$ (564)

Adjustments to net loss

Equity-based compensation and related taxes

146

323

464

Provision for income taxes, net

Other:

Impairment and other related net charges

—

Restructuring charges

—

Gain on debt extinguishment

—

(100)

Numerator for Adjusted Diluted Earnings (Loss) per Share –
Adjusted net income (loss)

$ 28

$ (15)

$ 48

$ (115)

Denominator:

Denominator for basic and diluted loss per share –
weighted-average number of shares of common stock outstanding

123

116

122

113

Adjustments to effect of dilutive securities:

Restricted stock units

—

Denominator for Adjusted Diluted Earnings (Loss) per
Share – Adjusted weighted-average number of shares of
common stock outstanding after the effect of dilutive securities

123

116

123

113

Diluted Loss per Share

$ (0.60)

$ (1.40)

$ (2.98)

$ (4.99)

Adjusted Diluted Earnings (Loss) per Share

$ 0.22

$ (0.13)

$ 0.38

$ (1.02)

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SOURCE Wayfair Inc.

Technology

Yokogawa Marks 50 Years in Singapore with the launch of Sustainability Incubation Hub

Published

17 minutes ago

November 22, 2024

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — Yokogawa Engineering Asia announces the launch of the Sustainability Incubation Hub (SIH) today, a first-of-its-kind corporate Research and Development (R&D) hub dedicated to driving environmentally sustainable innovations in process manufacturing.

This year, Yokogawa celebrates its 50th anniversary in Singapore and the 20th year of its Singapore Development Centre (SGDC) operations. Growing together with Singapore and customers globally, SGDC has expanded its operations to over 100 Yokogawa innovators exploring co-innovation, digital transformation, and AI solutions.

Co-located with the SGDC, the SIH is established in partnership with the Singapore Economic Development Board (EDB), and provides a crucial platform for Yokogawa to collaborate with customers and partners in the region and beyond to develop and deploy frontier technologies to accelerate their energy transition to net-zero future.

“We recognise the need to raise the level of climate change action in the region. To support this move, we will invest over S$6 million in establishing SIH. Through the new hub, we will apply our expertise to drive sustainable innovations across industries to close the gap between ideation and application,” said Chay Kin Wah, President and CEO of Yokogawa Engineering Asia. “As we integrate sustainability throughout our operations and business model, we are ramping up efforts to develop new solutions and collaborate with like-minded partners and agencies including the EDB to catalyse positive sustainability impact.”

“Congratulations to Yokogawa on its 50th anniversary in Singapore. The launch of the Sustainability Incubation Hub builds on this longstanding partnership, and is a good example of how Singapore can serve as an innovation hub for green and sustainability solutions. We look forward to the collaborations this Hub will foster with our ecosystem, as well as the impactful solutions this Hub will develop for the region,” said Lim Tse Yong, Senior Vice President and Head, Mobility and Industrial Solutions, EDB.

Creating Sustainable Solutions
By capitalising on Yokogawa’s expertise in automation and technology, the SIH aims to serve as a sustainability growth engine to bridge the gap between the present and future solution needs in creating cutting-edge climate technology for the process manufacturing industry. This enables the industry to define, plan, and meet their sustainability goals, addressing global challenges.

As a regional hub for innovation, SIH fosters collaboration and co-creation across Southeast Asia, Oceania, and Taiwan. The SIH leverages Yokogawa’s network to identify, evaluate, and acquire sustainable manufacturing technologies and cultivates strategic partnerships with public agencies, regulatory bodies, and technology suppliers at all stages of development – from research institutions to startups and SMEs – creating new ecosystems and enhancing existing ones.

“We need to be close to our customers to help them succeed. This means knowing the challenges they are facing intimately so that we can better address their unique needs on the ground. Our strategic location enables us to gather critical insights and talents in the region for rapid creation and deployment of innovations at scale for our global customers,” said Saurabh Bhandari, lead of SIH.

The establishment of SIH reinforces Yokogawa’s commitment towards growth for sustainability, focusing on net zero emissions, circular economy, and well-being, to support the industry transition to a low-carbon economy.

About Yokogawa
Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations.

Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,000+ employees in a global network of 126 companies spanning 60 countries.

For more information, visit www.yokogawa.com

The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation or their respective holders.

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SOURCE Yokogawa

Technology

Agoda Finds Asian Markets Flocking to U.S. for a Thanksgiving Feast

Published

17 minutes ago

November 22, 2024

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — More Asian travelers are eyeing a U.S. trip for Thanksgiving this year. Digital travel platform Agoda reports a 15% Year-on-Year increase in accommodation searches for the United States by travelers from Asian markets this Thanksgiving. The increase in searches suggests a growing enthusiasm among Asian travelers to experience the Thanksgiving holiday in the U.S.

South Korea leads the list of Asian markets showing interest in U.S. Thanksgiving travel, followed by Japan, Taiwan, the Philippines, and Singapore. The ranking differs from 2023, when Japan was the top origin, followed by South Korea, Taiwan, India, and the Philippines.

Tarik Fadil, Vice President, Supply at Agoda said: “Thanksgiving in the U.S. is a unique cultural experience, and it’s fantastic to see more travelers from Asia eager to partake in it this year. At Agoda, we’re thrilled to be the bridge that connects these curious explorers with their holiday adventures, ensuring they have everything they need for a memorable Thanksgiving feast stateside.”

Agoda provides travelers from Asian markets with access to over 4.5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, making it easy to seamlessly plan a trip, for Thanksgiving or any other reason. These options can be combined in the same booking, allowing travelers to tailor their holiday experience. Explore the latest deals in the Agoda app or via Agoda.com/deals.

ABOUT THE DATA

Agoda looked at accommodation searches on its platform made between 16 October – 15 November 2024, with 28 November 2024 (Thanksgiving Day) as the check-in date. The corresponding dates in 2023 were 11 October – 10 November 2023 for the search window and 23 November 2023 as the check-in date.

ABOUT AGODA

Agoda, a digital travel platform, helps anyone see the world for less with its great value deals on a global network of more than 4.5M hotels and holiday properties worldwide, plus flights, activities, and more. Discover the perfect accommodation and travel options for your Asian festival adventure. Agoda.com and the Agoda mobile app are available in 39 languages and supported by 24/7 customer support.

Headquartered in Singapore, Agoda is part of Booking Holdings (Nasdaq: BKNG) and employs more than 7,000 staff in 27 markets, dedicated to leveraging best-in-class technology to make travel even easier.

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SOURCE Agoda

Technology

Gilbane Building Company President & CEO Adam R. Jelen Joins ACE Mentor Program Board of Directors and Executive Committee

Published

1 hour ago

November 22, 2024

Jelen, a long-time partner of ACE to offer leadership, vision, and strategy to benefit the Program

PROVIDENCE, R.I., Nov. 21, 2024 /PRNewswire-PRWeb/ — Gilbane Building Company announced the appointment of President & CEO Adam R. Jelen to the ACE Mentor Program of America Board of Directors. Jelen will serve in this prestigious leadership role for a renewable three-year term.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company. “The Program empowers and inspires the next generation by enabling young people to see what’s possible in our industry. It plays a crucial role in developing new talent to enter our workforce, fostering diversity, and supporting career pathways. I look forward to contributing to the impactful work ACE Mentor continues to do in building a brighter, more inclusive future for our field.”

Jelen’s appointment bolsters an already esteemed board committed to steering ACE’s goal of inspiring the next generation of architects, engineers, and construction leaders. The board plays a crucial role in shaping ACE’s initiatives and supporting the development of young talent in the field. Jelen has long championed ACE, including serving as a founding member and emeritus board member of the ACE Mentor Program of Wisconsin.

The mission of the ACE Mentor Program is to engage, excite, and enlighten high school students to pursue careers in architecture, engineering, and construction through mentoring and continued support for their advancement into the industry.

For additional details about the ACE Mentor Program and board members, please click here.

About Gilbane Building Company

Gilbane Building Company is a global leader in construction management, delivering high-quality projects for clients across various markets. Gilbane provides a full slate of construction and facilities-related services – from preconstruction planning and integrated consulting capabilities to comprehensive construction management, general contracting, design-build, and facility management services. Founded in 1870, Gilbane is still a privately held, family-owned company. With more than 45 office locations worldwide, Gilbane brings world-class experience to local communities.

For more information, visit http://www.gilbaneco.com.

Media Contact

Lynn Rasic, Gilbane Building Company, 212-822-0319, lrasic@gilbaneco.com, www.gilbaneco.com

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SOURCE Gilbane Building Company