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

H3C takes a deep dive into the challenges – and opportunities – AI brings

Published

54 minutes ago

November 22, 2024

BEIJING, Nov. 22, 2024 /PRNewswire/ — Nothing carries quite the gravitas of the Nobel Prizes, the five awards that were founded in Switzerland back in 1901 to recognize developments that have been of the “greatest benefit to humankind” in the fields of in physics, chemistry, physiology or medicine, literature, and in the promotion of peace.

These awards have traditionally noted people who have helped alter the course of human history and so it was telling when they were handed out by The Royal Swedish Academy of Sciences at the start of October that, for the first time, the work of people developing Artificial Intelligence was recognized.

This year’s winners in the sections both for physics (John Hopfield and Geoffrey Hianton) and chemistry (David Baker and joint-winners Demis Hassabis and John Jumper) have been expanding the use of AI software into science and their recognition has again shown how far this new technology’s reach has now spread, so quickly.

That’s a conversation that was carried on to GITEX Global 2024 in Dubai from October 14-18 – an event which brands itself as the “biggest tech & startup show in the world” – with the scope of the impact AI is having around the world once again on show.

At the center-point of displays and discussions were the very latest in AI advances as were the issues of where these developments are going to take the world as the digital economy continues to evolve.

On hand in Dubai was Ray Xu, senior vice-president of H3C, as well as president of the Chinese business innovation and digital transformation group’s cloud, compute, and storage product line. Based out of the eastern Chinese tech hub of Hangzhou, H3C officially launched two new H3C UniServer systems in Dubai (R5500 G7 and R5300 G7) – servers which can support more than 70 kinds of AI.

A week later, Xu sat down to reflect on that experience and on how an AI-led digital transformation, and technological innovation, are reshaping our world.

“These AI technologies are changing our lives and present a lot of new opportunities,” said Xu. “That has sparked a lot of imagination about what the future will be. On the other hand, AI applications also face some challenges in areas such as data privacy and algorithm bias. In the end, though, I’m an optimist. I think the opportunities far outweigh the challenges.”

Through its global commercial partnerships, H3C has helped expand AI technology usage across sectors including “AIGC [Artificial Intelligence Generated Content], autonomous driving in the new energy vehicle industry, and data-driven decision-making and personalized services in finance and enterprise sectors, as well as large-scale computing centers established by governments and operators.”

AIGC is one development that has had a major impact on the way work is done all over the globe. Innovations such as ChatGPT are driving new growth across industries as those industries adapt to generative technology and explore ways to expand AI’s uses.

Xu said there were a number of important challenges ahead, including developing the necessary infrastructure to support the power needed to drive this new technology, the development of more efficient power sources and servers, the building of data centers and learning how to deal with issues of privacy when it comes to data.

“At H3C we are committed to partnering with our customers when it comes to dealing with the challenges of business innovation and digital transformation,” said Xu. “With our comprehensive product line, we have solutions for cloud, computing, networking, security, and terminal issues as well as Information and Communication Technologies [ICT] solutions. With these solutions, we help a lot of our customers in their new journey of digital information transformation.”

The development of arithmetic power was another issue Xu identified, especially in terms of the Chinese market.

“I think there are four key challenges,” he said. “The first thing is computing power. We need huge amounts of computing power, so how to scale up this computing power quickly is very important. Second, how to use this arithmetic power efficiently? How to schedule this power is critical. The third challenge is about storage. We need data so how do we make this data transfer very efficiently, very quickly?

“More computing means more data, more energy. So, how do we leverage this energy more efficiently? Making data centers more green will be the fourth challenge but in order to address these challenges, the first thing we need to do is scale up computing power more quickly.”

H3C has addressed these issues by focusing on “the upgrade and evolution of digital infrastructure to meet the needs of the AI era.”

The company has also launched “diverse heterogeneous computing platforms for intelligent computing centers, high-performance AI servers, advanced data center network architectures, and AI storage solutions to provide strong, stable, and scalable digital infrastructure support.”

There has also been a focus on a green strategy when it comes to data center design and across the H3C production line, in keeping with the requirements of the industry. This includes such innovations as liquid cooling and box immersion, which are helping drive new growth on a global scale.

Overall, H3C has identified a “multifaceted” approach that has focused on increased investment in and construction of “computing infrastructure to rapidly scale up computing power,” the company said.

Other focuses include “the development of more efficient and intelligent computing power allocation and data storage technologies to enhance resource utilization and ensure data security and stability”, while the company continues to explore “the promotion of innovation and application of energy-efficient technologies to reduce energy consumption during computing operations.”

That’s why, Xu said, the company is “open to different kinds of vendors.”

“We have the service capability to help customers build their ecosystem in anticipation of AI development, so they can actively embrace them,” he said. “We can always find ways to solve challenges and deliver more and more opportunities, backed by the belief that AI will bring us a bright and a smart future.”

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SOURCE H3C

Technology

IMMOTION WINS BEST VR AWARD FOR THE GREAT MIGRATION AT WCFF 2024

Published

54 minutes ago

November 22, 2024

MONTERREY, Mexico, Nov. 22, 2024 /PRNewswire/ — IMMOTION, the global leader in immersive edutainment, received the Best Virtual Reality Award at the Wildlife Conservation Film Festival (WCFF) last month for The Great Migration, its groundbreaking 360º VR film experience.

“What their team accomplished with their intricate and non-intrusive camerawork was previously unseen by our judges.”

The WCFF annually awards the best in conservation filmmaking that spotlight global conservation advocacy.

In The Great Migration, IMMOTION immerses viewers into the incredible journey of over 2 million animals traveling between Tanzania’s Serengeti and Kenya’s Maasai Mara reserves as part of an annual phenomenon known as the Great Migration of East Africa. This journey is filled with predators preying on vulnerable herds that instinctually cross the treacherous Mara River each year.

IMMOTION’s team of VR filmmakers, led by Creative Director Ken Musen, captured breathtaking, immersive footage of the migration using custom-built 360º VR cameras within “rock-cams,” “croc-cams,” drones, and hot air balloons.

“We placed special VR cameras in places along the migration’s paths that no one has ever tried before,” said Musen. “The footage we captured was spectacular; for the first time in VR, you can see inside a herd of wildebeest as they struggle across the river or even come face-to-face with a hippo in the Mara.”

When up for consideration, the film’s production quality and craftsmanship were apparent from start to finish.

“After watching The Great Migration, the decision to award IMMOTION was instantly unanimous,” said Mauricio De La Maza, Interim CEO at the WCFF. “What their team accomplished with their intricate and non-intrusive camerawork was previously unseen by our judges.”

This award adds to the acclaim the film has received since debuting at the Association of Zoos and Aqaurium’s Mid-Year conference in March.

“The reaction from our partners and viewers has been astounding,” said Rod Findley, President and CEO of IMMOTION. “We are honored to receive this award from the WCFF as our missions align on advocating for global wildlife conservation education.”

The Great Migration is the most powerful film in IMMOTION’s growing library, including new immersive content slated for next year.

About IMMOTION

IMMOTION offers dynamic, motion-based virtual reality experiences, featuring live-action and animated educational content guided by marine biologists, wildlife experts, and conservation organizations such as the Marine Megafauna Foundation, Bimini Shark Lab, and the Dian Fossey Gorilla Fund. With over 100 locations worldwide and more than 2M unique annual users, IMMOTION helps leading zoos, aquariums, museums, and science centers generate ancillary revenue through award-winning, on-mission immersive attractions while reinforcing the impact of their education and conservation programs.

About WCFF

The Wildlife Conservation Film Festival aims to inform, engage, and inspire audiences about the utmost need and importance of protecting global biodiversity through its annual film festivals in New York, Los Angeles, and Monterrey, Mexico.

View original content to download multimedia:https://www.prnewswire.com/news-releases/immotion-wins-best-vr-award-for-the-great-migration-at-wcff-2024-302313936.html

SOURCE Immotion

Technology

CCTV+: Embarking on a Renewed Dialogue at Liangzhu Between Global Civilizations–The ‘Liangzhu: A Dialogue across World Civilizations’ Promotional Video and Documentary to Premier

Published

54 minutes ago

November 22, 2024

BEIJING, Nov. 22, 2024 /PRNewswire/ — Exchanges make civilizations colorful, and mutual learning makes them prosper. A documentary on the recently-concluded Portugal and Greece stops of the ‘Belt and Road Initiative’ ‘Liangzhu: A Dialogue across World Civilizations’ cultural exchanges is about to be aired. A representation of cultural exchanges between the land of divine emblems and inscriptions of Liangzhu and the realm of Athena and navigational compasses, it presents Liangzhu culture’s popularity abroad and appreciation by local youth, media outlets, as well as cultural and academic communities.

The documentary, filled with exciting moments at the Events, could serve as a preview to the upcoming second Liangzhu Forum, building up the anticipation for an even more splendid future of human civilization. Also, it features further explorations into the stories and significance behind the Events.

This event was organized by the Information Office of Zhejiang Provincial People’s Government, the Foreign Affairs Office of Zhejiang Provincial People’s Government, and Zhejiang Media Group. It was hosted by the Overseas Center, or ZTV-World, of Zhejiang Media Group and was supported by the Chinese Embassy in Portuga, the Chinese Embassy in Greece, University of Lisbon, Portugal, and Aristotle University of Thessaloniki, Greece, among other institutions.

Video – https://mma.prnewswire.com/media/2565121/2024.mp4

View original content:https://www.prnewswire.co.uk/news-releases/cctv-embarking-on-a-renewed-dialogue-at-liangzhu-between-global-civilizationsthe-liangzhu-a-dialogue-across-world-civilizations-promotional-video-and-documentary-to-premier-302313937.html