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KYNDRYL REPORTS SECOND QUARTER FISCAL 2025 RESULTS

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Revenues for the quarter ended September 30, 2024 total $3.8 billion, pretax loss is $5 million, and net loss is $43 millionAdjusted EBITDA is $557 million, adjusted pretax income is $45 million, and adjusted net income is $3 millionKyndryl Consult again delivers double-digit revenue growth in the quarter and over the last twelve monthsReaffirms outlook for fiscal year 2025, including constant-currency revenue growth in the fourth quarter, supported by a record level of post-spin signings in the most recent quarter and for the trailing twelve months

NEW YORK, Nov. 6, 2024 /PRNewswire/ — Kyndryl Holdings, Inc. (NYSE: KD), the world’s largest IT infrastructure services provider, today released financial results for the quarter ended September 30, 2024, the second quarter of its 2025 fiscal year. 

“We continue to build momentum, delivering another quarter of signings growth and remaining well-positioned to deliver top-line growth in the fourth quarter of this fiscal year.  Our strong performance was led by Kyndryl Consult, our alliances with hyperscalers and our expanding mission-critical capabilities in modernization, cloud, cyber-resiliency and AI readiness,” said Kyndryl Chairman and Chief Executive Officer Martin Schroeter.

Total signings in the quarter were a record $5.6 billion, representing a year-over-year increase of 132%.  Total signings for the twelve months ended September 30, 2024 were $16.0 billion, a year-over-year increase of 33%.

“With Kyndryl Bridge powering our services, we’re attracting new customers through our differentiated innovation and delivering incremental value to our existing customers.  We’re uniquely positioned at the nexus of secular trends shaping the evolution of IT, and we’ll continue to capitalize on these market opportunities and drive profitable growth,” Mr. Schroeter said. 

Results for the Fiscal Second Quarter Ended September 30, 2024

For the second quarter, Kyndryl reported revenues of $3.8 billion, a year-over-year decline of 7% on both a reported and a constant-currency basis.  The year-over-year revenue decline reflects the Company’s progress in reducing inherited no-margin and low-margin third-party content in customer contracts, particularly in its United States and Strategic Markets segments.  The Company reported a pretax loss of $5 million and a net loss of $43 million, or ($0.19) per diluted share, in the quarter, compared to a net loss of $142 million, or ($0.62) per diluted share, in the prior-year period.  Cash flow from operations was $149 million, an increase of $103 million compared to the prior-year period.

Adjusted pretax income was $45 million, an 80% increase compared to adjusted pretax income of $25 million in the prior-year period, reflecting contributions from the Company’s “three-A” initiatives and a reduction in depreciation expense due to the previously announced extension of the useful lives of the Company’s hardware assets, offset by the contractually required increase in IBM software costs, workforce rebalancing charges of $39 million and unfavorable currency movements.

In the quarter, adjusted EBITDA was $557 million, and adjusted free cash flow was $56 million.  Both figures reflect workforce rebalancing actions implemented in the quarter.

“In the quarter, we continued to execute on our three-A initiatives to increase our earnings.  Over the last twelve months, we’ve consistently grown our signings to incorporate a broader scope of services, while we continually enhance relationships to generate higher margins,” said David Wyshner, Kyndryl’s Chief Financial Officer.  “The higher margins associated with our post-spin signings underpin our plans to reach high-single-digit adjusted pretax margins in our fiscal year 2027, which begins less than a year and half from now.”

Recent Developments

Alliances initiative – In the second quarter, Kyndryl recognized $260 million in revenue tied to cloud hyperscaler alliances, demonstrating continued progress toward the Company’s hyperscaler revenue target of nearly $1 billion in fiscal year 2025.Advanced Delivery initiative – The AI-enabled Kyndryl Bridge operating platform is further enhancing the world-class technology services the Company provides and creating additional revenue opportunities. It has also helped Kyndryl free up more than 11,500 delivery professionals. This has generated annualized savings of approximately $700 million as of quarter-end, tracking toward the Company’s $750 million fiscal 2025 year-end goal.Accounts initiative – Kyndryl continued to address elements of contracts with substandard margins, bringing the total impact from this initiative to $775 million of annualized benefits, on track to achieve the Company’s $850 million fiscal 2025 year-end objective.Strong projected margin on recent signings – In the quarter, projected pretax income margins associated with total signings were in the high-single-digit range, in line with recent quarters, reflecting the Company’s focus on margin expansion.Double-digit growth in Kyndryl Consult – In the second quarter, Kyndryl Consult revenues grew 23% year-over-year. Kyndryl Consult signings grew 81% year-over-year in the second quarter, and have grown 41% year-over-year over the last twelve months.Securities Industry Services (SIS) divestiture – The Company completed its previously announced sale of its Securities Industry Services platform in Canada earlier this month.

Reaffirming Fiscal Year 2025 Outlook

Kyndryl is reaffirming its outlook for its fiscal year 2025, which runs from April 2024 to March 2025:

Adjusted EBITDA margin of at least 16.3%, representing a year-over-year increase of at least 160 basis points.Adjusted pretax income of at least $460 million, representing a year-over-year increase of at least $295 million.Constant-currency revenue growth of (2%) to (4%), which now implies fiscal 2025 revenue of $15.2 to $15.5 billion based on recent exchange rates. The Company continues to expect to deliver year-over-year constant-currency revenue growth in the fourth quarter of the fiscal year.Adjusted free cash flow of approximately $300 million.

Forecasted amounts are based on currency exchange rates as of October 2024.

Earnings Webcast

Kyndryl’s earnings call for the second fiscal quarter is scheduled to begin at 8:30 a.m. ET on November 7, 2024.  The live webcast can be accessed by visiting investors.kyndryl.com on Kyndryl’s investor relations website.  A slide presentation will be made available on Kyndryl’s investor relations website before the call on November 7, 2024.  Following the event, a replay will be available via webcast for twelve months at investors.kyndryl.com.

About Kyndryl

Kyndryl (NYSE: KD) is the world’s largest IT infrastructure services provider, serving thousands of enterprise customers in more than 60 countries.  The Company designs, builds, manages and modernizes the complex, mission-critical information systems that the world depends on every day. For more information, visit www.kyndryl.com.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  All statements other than statements of historical fact included in this press release, including statements concerning the Company’s plans, objectives, goals, beliefs, business strategies, future events, business condition, results of operations, financial position, business outlook and business trends and other non-historical statements, including without limitation the information presented in the “Outlook” section of this press release (which does not assume any future acquisitions or divestitures), are forward-looking statements.  Such forward-looking statements often contain words such as  “aim,” “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “opportunity,” “plan,” “position,” “predict,” “project,” “should,” “seek,” “target,” “will,” “would” and other similar words or expressions or the negative thereof or other variations thereon.  Forward-looking statements are based on the Company’s current assumptions and beliefs regarding future business and financial performance.

The Company’s actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others: failure to attract new customers, retain existing customers or sell additional services to customers; failure to meet growth and productivity objectives; competition; impacts of relationships with critical suppliers and partners; failure to address and adapt to technological developments and trends; inability to attract and retain key personnel and other skilled employees; impact of economic, political, public health and other conditions; damage to the Company’s reputation; inability to accurately estimate the cost of services and the timeline for completion of contracts; service delivery issues; the Company’s ability to successfully manage acquisitions and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; the impact of our business with government customers; failure of the Company’s intellectual property rights to prevent competitive offerings and the failure of the Company to obtain, retain and extend necessary licenses; the impairment of our goodwill or long-lived assets; risks relating to cybersecurity, data governance and privacy; risks relating to non-compliance with legal and regulatory requirements; adverse effects from tax matters and environmental matters; legal proceedings and investigatory risks; the impact of changes in market liquidity conditions and customer credit risk on receivables; the Company’s pension plans; the impact of currency fluctuations; risks related to the Company’s spin-off; and risks related to the Company’s common stock and the securities market.

Additional risks and uncertainties include, among others, those risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, and may be further updated from time to time in the Company’s subsequent filings with the Securities and Exchange Commission.  Any forward-looking statement in this press release speaks only as of the date on which it is made.  Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

In this release, certain amounts may not add due to the use of rounded numbers; percentages presented are calculated based on the underlying amounts. 

Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding its results, the Company has provided certain metrics that are not calculated based on generally accepted accounting principles (GAAP), such as constant-currency results, adjusted EBITDA, adjusted pretax income, adjusted net income, adjusted EPS, adjusted EBITDA margin, adjusted pretax margin, adjusted net margin and adjusted free cash flow.  Such non-GAAP metrics are intended to supplement GAAP metrics, but not to replace them.  The Company’s non-GAAP metrics may not be comparable to similarly titled metrics used by other companies.  Definitions of non-GAAP metrics and reconciliations of non-GAAP metrics for historical periods to GAAP metrics are included in the tables in this release.

A reconciliation of forward-looking non-GAAP financial information is not included in this release because the Company is unable to predict with reasonable certainty some individual components of such reconciliation without unreasonable effort.  These items are uncertain, depend on various factors and could have a material impact on future results computed in accordance with GAAP. 

Investor Contact:
Lori Chaitman
lori.chaitman@kyndryl.com 

Media Contact:
Ed Barbini
edward.barbini@kyndryl.com

Table 1

CONSOLIDATED INCOME STATEMENT

(in millions, except per share amounts)

Three Months Ended

Six Months Ended

September 30,

September 30,

2024

2023

2024

2023

Revenues

$

3,774

$

4,073

$

7,513

$

8,266

Cost of services

$

3,024

$

3,422

$

5,958

$

6,871

Selling, general and administrative expenses

647

634

1,304

1,353

Workforce rebalancing charges

39

39

74

97

Transaction-related costs

—

48

21

89

Interest expense

25

31

52

61

Other expense

44

8

44

13

Total costs and expenses

$

3,779

$

4,182

$

7,454

$

8,484

Income (loss) before income taxes

$

(5)

$

(109)

$

59

$

(218)

Provision for income taxes

38

33

91

65

Net income (loss)

$

(43)

$

(142)

$

(32)

$

(283)

Earnings per share data

Basic earnings (loss) per share

$

(0.19)

$

(0.62)

$

(0.14)

$

(1.24)

Diluted earnings (loss) per share

(0.19)

(0.62)

(0.14)

(1.24)

Weighted-average basic shares outstanding

231.6

229.1

231.1

228.5

Weighted-average diluted shares outstanding

231.6

229.1

231.1

228.5

 

Table 2

SEGMENT RESULTS

AND SELECTED BALANCE SHEET INFORMATION

(dollars in millions)

Three Months Ended September 30,

Year-over-Year Growth

As

Constant

Segment Results

2024

2023

Reported

Currency

Revenue

United States

$

960

$

1,108

(13 %)

(13 %)

Japan

604

569

6 %

9 %

Principal Markets1

1,318

1,376

(4 %)

(5 %)

Strategic Markets1

892

1,019

(12 %)

(11 %)

Total revenue

$

3,774

$

4,073

(7 %)

(7 %)

Adjusted EBITDA2

United States

$

159

$

176

Japan

94

84

Principal Markets

187

169

Strategic Markets

138

166

Corporate and other3

(22)

(21)

Total adjusted EBITDA

$

557

$

574

Six Months Ended September 30,

Year-over-Year Growth

As

Constant

Segment Results

2024

2023

Reported

Currency

Revenue

United States

$

1,946

$

2,272

(14 %)

(14 %)

Japan

1,174

1,180

(0 %)

7 %

Principal Markets1

2,633

2,768

(5 %)

(5 %)

Strategic Markets1

1,761

2,046

(14 %)

(13 %)

Total revenue

$

7,513

$

8,266

(9 %)

(8 %)

Adjusted EBITDA2

United States

$

292

$

412

Japan

177

184

Principal Markets

428

320

Strategic Markets

258

315

Corporate and other3

(42)

(45)

Total adjusted EBITDA

$

1,113

$

1,186

September 30,

March 31,

Balance Sheet Data

2024

2024

Cash and equivalents

$

1,325

$

1,553

Debt (short-term and long-term)

3,241

3,238

___________________________

1

Principal Markets is comprised of Kyndryl’s operations in Canada, France, Germany, India, Italy, Spain/Portugal and the United Kingdom/Ireland.  Strategic Markets is comprised of Kyndryl’s operations in all other geographic locations.  Kyndryl’s operations in Australia/New Zealand transitioned from Principal Markets to Strategic Markets in the quarter ended June 30, 2024; historical segment information has been updated to reflect this change.

2

In the three months ended September 30, 2024, amounts include workforce rebalancing charges of $12 million in United States, $2 million in Japan, $9 million in Principal Markets, and $16 million in Strategic Markets. In the six months ended September 30, 2024, amounts include workforce rebalancing charges of $27 million in United States, $3 million in Japan, $13 million in Principal Markets, and $31 million in Strategic Markets.

3

Represents net amounts not allocated to segments.

 

Table 3

CONSOLIDATED STATEMENT OF CASH FLOWS

(dollars in millions)

Six Months Ended September 30,

2024

2023

Cash flows from operating activities:

Net income (loss)

$

(32)

$

(283)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

Depreciation and amortization

Depreciation of property, equipment and capitalized software

276

431

Depreciation of right-of-use assets

154

173

Amortization of transition costs and prepaid software

647

631

Amortization of capitalized contract costs

205

281

Amortization of acquisition-related intangible assets

17

15

Stock-based compensation

49

48

Deferred taxes

17

51

Net (gain) loss on asset sales and other

(14)

22

Change in operating assets and liabilities:

Deferred costs (excluding amortization)

(852)

(699)

Right-of-use assets and liabilities (excluding depreciation)

(145)

(195)

Workforce rebalancing liabilities

(13)

(18)

Receivables

193

(110)

Accounts payable

(237)

(494)

Taxes

(31)

(55)

Other assets and other liabilities

(133)

75

Net cash provided by (used in) operating activities

$

101

$

(127)

Cash flows from investing activities:

Capital expenditures

$

(256)

$

(275)

Proceeds from disposition of property and equipment

54

119

Acquisitions and divestitures, net of cash acquired

(46)

—

Other investing activities, net

7

(53)

Net cash used in investing activities

$

(241)

$

(208)

Cash flows from financing activities:

Debt repayments

$

(73)

$

(67)

Common stock repurchases for tax withholdings

(24)

(12)

Other financing activities, net

(5)

(1)

Net cash provided by (used in) financing activities

$

(101)

$

(80)

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

$

17

$

(33)

Net change in cash, cash equivalents and restricted cash

$

(224)

$

(448)

Cash, cash equivalents and restricted cash at beginning of period

$

1,554

$

1,860

Cash, cash equivalents and restricted cash at end of period

$

1,330

$

1,412

Supplemental data

Income taxes paid, net of refunds received

$

89

$

88

Interest paid on debt

$

60

$

59

___________________________

Net cash provided by (used in) operating activities was $149 million in the three months ended September 30, 2024 and ($48) million in the three months ended June 30, 2024.

Table 4
NON-GAAP METRIC DEFINITIONS AND RECONCILIATIONS
(dollars in millions, except signings)

We report our financial results in accordance with GAAP.  We also present certain non-GAAP financial measures to provide useful supplemental information to investors.  We provide these non-GAAP financial measures as we believe it enhances investors’ visibility to management decisions and their impacts on operational performance; enables better comparison to peer companies; and allows us to provide a long-term strategic view of the business going forward.

Constant-currency information compares results between periods as if exchange rates had remained constant period over period.  We define constant-currency revenues as total revenues excluding the impact of foreign exchange rate movements and use it to determine the constant-currency revenue growth on a year-over-year basis.  Constant-currency revenues are calculated by translating current period revenues using corresponding prior-period exchange rates.

Adjusted pretax income (loss) is defined as pretax income (loss) excluding transaction-related costs and benefits, charges related to ceasing to use leased / fixed assets, charges related to lease terminations, pension costs other than pension servicing costs and multi-employer plan costs, stock-based compensation expense, amortization of acquisition-related intangible assets, workforce rebalancing charges incurred prior to March 31, 2024, impairment expense, significant litigation costs and benefits, and currency impacts of highly inflationary countries.  The Company’s fiscal year 2025 outlook for adjusted pretax income includes approximately $100 million of anticipated workforce rebalancing charges.  Adjusted pretax margin is calculated by dividing adjusted pretax income by revenue.

Adjusted EBITDA is defined as net income (loss) excluding net interest expense, income taxes, depreciation and amortization (excluding depreciation of right-of-use assets and amortization of capitalized contract costs), charges related to ceasing to use leased / fixed assets, charges related to lease terminations, transaction-related costs and benefits, pension costs other than pension servicing costs and multi-employer plan costs, stock-based compensation expense, workforce rebalancing charges incurred prior to March 31, 2024, impairment expense, significant litigation costs and benefits, and currency impacts of highly inflationary countries.  The Company’s fiscal year 2025 outlook for adjusted EBITDA includes approximately $100 million of anticipated workforce rebalancing charges.  Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue.

Adjusted net income is defined as adjusted pretax income less the reported provision for income taxes, minus or plus the tax effect of the non-GAAP adjustments made to calculate adjusted pretax income, and excluding exceptional items impacting the reported provision for income taxes.  Adjusted net margin is calculated by dividing adjusted net income by revenue.

Adjusted earnings per share (EPS) is defined as adjusted net income divided by diluted weighted average shares outstanding to reflect shares that are dilutive or anti-dilutive based on the amount of adjusted net income.   The weighted average common shares outstanding used to calculate adjusted earnings (loss) per share will differ from such shares used to calculate diluted earnings (loss) per share (GAAP) when the inclusion of dilutive shares has an anti-dilutive effect for one calculation but not for the other.

Adjusted free cash flow is defined as cash flows from operating activities (GAAP) after adding back transaction-related payments, charges related to lease terminations, payments related to workforce rebalancing charges incurred prior to March 31, 2024, and significant litigation payments, less net capital expenditures.  Management uses adjusted free cash flow as a measure to evaluate its operating results, plan strategic investments and assess our ability and need to incur and service debt.  We believe adjusted free cash flow is a useful supplemental financial measure to aid investors in assessing our ability to pursue business opportunities and investments and to service our debt.  Adjusted free cash flow is a financial measure that is not recognized under U.S. GAAP and should not be considered as an alternative to cash flows from operations or liquidity derived in accordance with U.S. GAAP.

Signings are defined by Kyndryl as an initial estimate of the value of a customer’s commitment under a contract.  The calculation involves estimates and judgments to gauge the extent of a customer’s commitment. We calculate this based on various considerations including the type and duration of the agreement as well as the presence of termination charges or wind-down costs.  Contract extensions and increases in scope are treated as signings only to the extent of the incremental new value.  Signings can vary over time due to a variety of factors including, but not limited to, the timing of signing a small number of larger outsourcing contracts, as well as the length of those contracts.  The conversion of signings into revenue may vary based on the types of services and solutions, customer decisions and other factors, which may include, but are not limited to, macroeconomic environment or external events.  Management uses signings as a tool to monitor the performance of the business including the business’ ability to attract new customers and sell additional scope into our existing customer base.

Reconciliation of net income (loss)

to adjusted pretax income,

adjusted EBITDA, adjusted net

Three Months Ended

Six Months Ended

income (loss) and adjusted EPS

September 30,

September 30,

(in millions, except per share amounts)

2024

2023

2024

2023

Net income (loss) (GAAP)

$

(43)

$

(142)

$

(32)

$

(283)

Provision for income taxes

38

33

91

65

Pretax income (loss) (GAAP)

$

(5)

$

(109)

$

59

$

(218)

Workforce rebalancing charges incurred prior to March 31, 2024

—

39

—

97

Charges related to ceasing to use leased/fixed assets and lease terminations

10

—

20

10

Transaction-related costs

—

48

21

89

Stock-based compensation expense

25

25

49

48

Amortization of acquisition-related intangible assets

10

7

17

15

Other adjustments1

5

15

(27)

31

Adjusted pretax income (non-GAAP)

$

45

$

25

$

138

$

72

Interest expense

25

31

52

61

Depreciation of property, equipment and capitalized software2

150

212

276

422

Amortization of transition costs and prepaid software

337

306

647

631

Adjusted EBITDA (non-GAAP)

$

557

$

574

$

1,113

$

1,186

Net income (loss) margin

(1.1) %

(3.5) %

(0.4) %

(3.4) %

Adjusted EBITDA margin

14.8 %

14.1 %

14.8 %

14.4 %

Adjusted pretax income (non-GAAP)

$

45

$

25

$

138

$

72

Provision for income taxes (GAAP)

(38)

(33)

(91)

(65)

Tax effect of non-GAAP adjustments

(4)

(4)

(12)

(19)

Adjusted net income (loss) (non-GAAP)

$

3

$

(12)

$

35

$

(12)

Diluted weighted average shares outstanding for calculating Adjusted EPS3

238.2

229.1

237.0

228.5

Diluted earnings (loss) per share (GAAP)

$

(0.19)

$

(0.62)

$

(0.14)

$

(1.24)

Adjusted earnings (loss) per share (non-GAAP)

$

0.01

$

(0.05)

$

0.15

$

(0.05)

___________________________

1

Other adjustments represent pension costs other than pension servicing costs and multi-employer plan costs, significant litigation costs and benefits, and currency impacts of highly inflationary countries.

2

Amounts for the three and six months ended September 30, 2023 exclude $9 million of expense that is included in transaction-related costs.

3

For the three and six months ended September 30, 2024, the computation of adjusted earnings (loss) per share (EPS) included certain securities that were dilutive to the calculation.

Three Months Ended

Six Months Ended

Reconciliation of cash flow from operations

September 30,

September 30,

to adjusted free cash flow (in millions)

2024

2023

2024

2023

Cash flows from operating activities (GAAP)

$

149

$

46

$

101

$

(127)

Plus: Transaction-related payments (benefits)

—

42

5

84

Plus: Workforce rebalancing payments related to charges incurred prior to March 31, 2024

4

34

25

113

Plus: Significant litigation payments

6

10

10

44

Plus: Payments related to lease terminations

—

(2)

—

5

Less: Net capital expenditures

(104)

(61)

(202)

(155)

Adjusted free cash flow (non-GAAP)

$

56

$

69

$

(60)

$

(37)

Three Months Ended

Six Months Ended

September 30,

September 30,

Signings (in billions)

2024

2023

2024

2023

Signings1

$

5.6

$

2.4

$

8.7

$

5.2

___________________________

1

Signings for the three months ended September 30, 2024 increased by 132%, and 133% in constant currency, compared to the three months ended September 30, 2023.  Signings for the six months ended September 30, 2024 increased by 67%, and 69% in constant currency, compared to the six months ended September 30, 2023. 

 

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Technology

Shipshape Solutions Announces First Partner to Offer It’s Private Label App for Home Maintenance, Rescon Basement Solutions

Published

19 mins ago

on

November 6, 2024

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Shipshape Solutions launches Private Label App for Rescon Basement Solutions to offer customers home maintenance monitoring and alerts. This partnerships combines Rescon’s home services expertise with Shipshape’s smart home technology to enhance the customer experience in the trades.

AUSTIN, Texas, Nov. 6, 2024 /PRNewswire-PRWeb/ — Shipshape Solutions, a pioneer in smart home maintenance technology, today announced its partnership with Rescon Basement Solution (RBS), an industry leader in basement and foundation repair, to launch an innovative Private Label App for home maintenance monitoring. Designed to empower homeowners with proactive solutions, this first-of-its-kind app brings cutting-edge technology directly to RBS customers, allowing them to protect and maintain their homes with unprecedented ease.

“By partnering with Shipshape to launch this first-of-its-kind RBS app, we’re equipping our customers with the best tools available to keep their homes safe, efficient, and well-maintained.” – Christopher Brown, CEO and Founder of Rescon Basement Solutions

“At Rescon, we are committed to staying at the forefront of innovation in our industry, and Shipshape’s cutting-edge monitoring technology represents the future of home maintenance,” said Christopher Brown, CEO and Founder of Rescon Basement Solutions. “By partnering with Shipshape to launch this first-of-its-kind private label app, we’re equipping our customers with the best tools available to keep their homes safe, efficient, and well-maintained.”

The Rescon Private Label App, powered by Shipshape, allows RBS to integrate the latest smart home technology into their services, offering homeowners unprecedented control and insight into their home’s critical systems. The app’s key features include:

Real-time monitoring of critical systems, such as sump pumps and dehumidifiers, to detect issues before they become costly repairs.
Automated maintenance alerts to help ensure each system runs smoothly, extending the life of essential home components.
24/7 remote access to home system data, allowing users to monitor their homes from anywhere and make informed decisions.
Seamless service integration with RBS technicians, simplifying repairs and inspections to maintain peak home performance.

Adam Morrisey, Chief Growth Officer at Shipshape Solutions, emphasized the importance of this partnership: “Rescon is an industry leader partnering with Shipshape to transform the customer experience in home services.”

This partnership combines RBS’s home services expertise with Shipshape’s technological innovations to redefine the approach in the home maintenance industry by reducing the risks associated with unexpected home repairs and making it easier for homeowners to access their trusted service providers.

About Shipshape Solutions
Shipshape Solutions is on a mission to make homes smart enough to take care of themselves. The company’s predictive maintenance platform integrates smart home technology to provide homeowners with actionable insights that improve system performance, safety, and efficiency. Based in Austin, TX, Shipshape is revolutionizing the home services industry with its innovative solutions. For more information, visit http://www.shipshape.ai

About Rescon Basement Solutions
Rescon Basement Solutions is a trusted leader in basement waterproofing, foundation repair, and crawl space encapsulation in New England. Known for their commitment to quality and customer satisfaction, Rescon delivers innovative and reliable solutions to protect homes from water damage and foundation issues. Learn more at resconsolutions.com.

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Adam Morrisey, Shipshape Solutions, Inc., (205) 207-5775, adam@shipshape.ai, www.shipshape.ai

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Indium Tin Oxide (ITO) Market to Grow by USD 239.8 Million from 2024-2028, Driven by Rising Renewable Energy Dependence and AI-Powered Market Evolution – Technavio

Published

19 mins ago

on

November 6, 2024

By

NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Indium Tin Oxide (ITO) market size is estimated to grow by USD 239.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.6% during the forecast period. Increasing dependency on renewable energy sources is driving market growth, with a trend towards increased deposition of silver nanoparticles on it. However, shortage in indium production poses a challenge.Key market players include Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc., Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, MITSUI MINING and SMELTING CO. LTD., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA.

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Indium Tin Oxide (ITO) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.6%

Market growth 2024-2028

USD 239.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.2

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 53%

Key countries

China, Japan, South Korea, US, and Canada

Key companies profiled

Amalgamated Metal Corp. PLC, American Elements, Diamond Coatings Inc., ENAM OPTOELECTRONIC MATERIAL CO. LTD., ENEOS Holdings Inc., Guangxi Crystal Union Photoelectric Materials Co. Ltd., Indium Corp., Knight Optical Ltd., Kurt J Lesker Co., Merck KGaA, MITSUI MINING and SMELTING CO. LTD., NANOGRAFI Co. Inc., Nanoshel LLC, Nitto Denko Corp., NYACOL Nano Technologies Inc., OPCO Laboratory Inc., Otto Chemie Pvt. Ltd., Tosoh Corp., Ulvac Inc., and Umicore SA

Market Driver

Indium Tin Oxide (ITO) is a transparent conducting oxide material widely used in various industries due to its superior optical and electrical properties. One method to enhance these properties is by depositing noble metal nanoparticles, such as silver, onto ITO surfaces. Silver nanoparticles, in particular, exhibit unique properties like large surface energies and quantum confinement effect, leading to strong responses in the visible light region. The plasma-assisted hot-filament evaporation (PAHFE) technique is used to produce high-density crystalline silver nanoparticles on ITO, controlling their size and distribution. This improvement in ITO’s properties opens up new applications, including touchscreens, solar cells, and sensors, driving the growth of the Indium Tin Oxide market during the forecast period. 

Indium Tin Oxide, or ITO, is a transparent semiconductor made from Indium, Tin, and Oxygen. It’s produced using methods like electron beam evaporation and sputter deposition. ITO is known for its high transparency and conductivity, making it ideal for various applications. These include touch panels, sensors, flat panels, electroluminescent displays, photovoltaic cells, and heat reflective coatings. ITO’s physical properties make it excellent for electromagnetic induction shielding, ultraviolet resistance, and colorfastness. In electronics, ITO is used in touchscreens, shield glass, and advanced driver assistance systems in smart devices, screens (televisions, tablets, smartphones, cameras, computer monitors), and even in smart automobiles. Its uses extend to construction with applications in gas sensors and LCD displays. ITO is a versatile material, contributing significantly to the semiconductor industry. 

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Market Challenges

Indium tin oxide (ITO) is a crucial material in the electronics industry, accounting for 90% of its composition. However, the availability of indium, the primary component of ITO, is uncertain due to trade restrictions and quotas imposed by major producers like China. These policies have resulted in indium supply shortages, potentially impacting the ITO market and downstream industries. Recycling and advanced refining technologies offer potential solutions to restore the supply-demand balance. Despite minor imbalances, the long-term indium supply is expected to pose challenges to the ITO market growth during the forecast period.Indium Tin Oxide (ITO) is a transparent conducting oxide widely used in various industries, including electronics, construction, and energy. In flat panels, ITO is essential for LCD displays, electroluminescent displays, and touchscreens. In the photovoltaic sector, it’s used in solar cells. ITO also finds applications in heat reflective coatings, shield glass, and RF interference shielding. However, challenges persist. Flat panels face intense competition from OLED and QLED technologies. In electroluminescent displays and photovoltaic cells, ITO’s high cost is a concern. ITO’s use in touchscreens and heat reflective coatings is threatened by alternatives like IZO and FTO. ITO’s physical properties, such as UV resistance and electronic conductivity, make it valuable in various sectors. In electronics, it’s used in semiconductors and smart devices like televisions, tablets, smartphones, cameras, computer monitors, and smart automobiles. In construction, ITO is used in energy-efficient windows. In the semiconductor industry, low-temperature vacuum deposition is a potential solution to reduce ITO’s production costs. Despite these challenges, the growing demand for mobile phones, flexible electronics, and energy-efficient technologies is expected to drive the ITO market forward.

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Segment Overview 

This indium tin oxide (ito) market report extensively covers market segmentation by  

Technology 1.1 Sputtering1.2 Vacuum evaporation1.3 Chemical vapor deposition1.4 Spray pyrolysis1.5 OthersApplication 2.1 Electrochromic displays and LCDs2.2 Touch panels2.3 Photovoltaics2.4 Transparent electrodes2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Sputtering-  ITO (Indium Tin Oxide) films are primarily produced using sputtering techniques due to their high-quality, homogeneous, and pure nature. Among these techniques, traditional sputtering offers adaptability in depositing ITO films on substrates. However, it has drawbacks such as substrate overheating and low deposition rates due to secondary electron bombardment from the target. In response, magnetron sputtering has emerged as a preferred method, delivering superior film quality, homogeneity, and adhesive strength. This trend is particularly prominent in APAC markets, including South Korea, Japan, and China, driven by the expanding touch panel manufacturing industry. The ITO market growth is primarily influenced by the sputtering segment’s increasing demand due to its crucial role in downstream industries.

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Research Analysis

Indium Tin Oxide (ITO) is a transparent conducting oxide made from the elements Indium, Tin, and Oxygen. It is widely used in various industries due to its unique physical properties. ITO is produced through techniques such as electron beam evaporation and sputter deposition, resulting in a thin protective coating with high transparency and conductivity. ITO is known for its excellent electromagnetic induction shielding and ultraviolet resistance, making it ideal for use in electronic devices, construction materials, and touch panels. Its colorfastness and heat reflective properties also make it suitable for use in gas sensors and other applications. ITO is a semiconductor, with the chemical formula In2O3:Sn, and is made up of alternating layers of Indium Oxide and Tin Oxide. Its high transparency and conductivity make it a popular choice for applications requiring transparent semiconductors. ITO is used in various industries, including electronics, construction, and automotive, due to its ability to enhance the performance of various materials and devices.

Market Research Overview

Indium Tin Oxide (ITO) is a transparent semiconductor material made by combining Indium, Tin, and Oxygen. ITO is known for its high transparency and electrical conductivity, making it an essential component in various electronic devices. It is typically produced using techniques such as electron beam evaporation and sputter deposition. ITO functions as a thin protective coating in various applications, including touch panels, sensors, flat panels, electroluminescent displays, photovoltaic cells, and heat reflective coatings. ITO provides benefits such as colorfastness, electromagnetic induction shielding, and ultraviolet resistance. It is used extensively in the electronics industry for touchscreens, shield glass, and advanced driver assistance systems in smart devices like televisions, tablets, smartphones, cameras, computer monitors, and smart automobiles. ITO’s physical properties make it suitable for various applications, including energy-efficient windows, gas sensors, LCD displays, electrochromic displays, field emission displays, and electroluminescent displays. With the increasing demand for flexible electronics and energy-efficient devices, ITO is undergoing research for alternatives with lower-temperature vacuum deposition methods. ITO’s applications extend beyond electronics to construction, where it is used in various coatings for energy efficiency and radiation shielding.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologySputteringVacuum EvaporationChemical Vapor DepositionSpray PyrolysisOthersApplicationElectrochromic Displays And LCDsTouch PanelsPhotovoltaicsTransparent ElectrodesOthersGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

Smart City ICT Infrastructure Market to Grow by USD 138.6 Billion from 2024-2028, Driven by Rising Smart City Investments and AI-Driven Market Transformation – Technavio

Published

19 mins ago

on

November 6, 2024

By

NEW YORK, Nov. 6, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global smart city information and communication technologies (ict) infrastructure market  size is estimated to grow by USD 138.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  23.74%  during the forecast period. Growing investments in smart cities is driving market growth, with a trend towards proliferation of smart city projects in emerging economies. However, growing adaption of machine-to-machine in various industries  poses a challenge.Key market players include ABB Ltd., Accenture Plc, AT and T, China Mobile Ltd., Cisco Systems Inc., Deutsche Telekom AG, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nokia Corp., NTT Communications Corp., Oracle Corp., Schneider Electric SE, Siemens AG, Telefonaktiebolaget LM Ericsson, Telefonica SA, Verizon, and Vodafone Group Plc.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Communication, Transportation, Express, Governement, and Education), Component (Smart utilities, Smart transport, Smart home and building, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America)

Region Covered

Europe, North America, APAC, Middle East and Africa, and South America

Key companies profiled

ABB Ltd., Accenture Plc, AT and T, China Mobile Ltd., Cisco Systems Inc., Deutsche Telekom AG, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corp., Microsoft Corp., Nokia Corp., NTT Communications Corp., Oracle Corp., Schneider Electric SE, Siemens AG, Telefonaktiebolaget LM Ericsson, Telefonica SA, Verizon, and Vodafone Group Plc

Key Market Trends Fueling Growth

In developed economies of North America and Europe, smart city projects have been underway for over a decade, with numerous implementations. The Asia-Pacific region is the fastest-growing market for smart city technologies, driven by urban population growth and infrastructure development in emerging countries like India and China. For instance, India plans to implement pilot smart city projects in 100 cities, while China aims to build 500. The Association of Southeast Asian Nations (ASEAN) also supports smart urban development in 26 cities by 2025. Rapid urbanization, particularly in India, necessitates the deployment of smart city infrastructure to help governments, healthcare, and transportation providers respond effectively to urban challenges. With the increasing number of smart devices in these cities, a substantial amount of data will be generated, necessitating analysis for business improvement and innovation. Urban population growth, fueled by mass migration, will continue to expand the smart city market in emerging economies. 

At Spherical Insights & Consulting, we’re excited about the trends shaping the Smart City ICT Infrastructure market. With the Smart Cities Mission, urban areas are transforming into Intellectual Metropolises, integrating Digital Infrastructure for Smart Grid, Water Network, Healthcare, Education, Security, Transport, Express Industry, and more. Telecommunications are advancing with 5G Networks and Fiber-Optic Internet, while Wireless Technologies ensure Operational Efficiency and Citizens’ Welfare. Urban Practitioners leverage Innovative Technology for Smart Energy, Buildings, and Governance. Sustainable Development is at the core, focusing on Clean Environment, Water Supply, Sanitation, and Solid Waste Management. Urban Mobility and Public Transportation are essential for Urbanization and Affordable Housing. Smart Home, Digital Transformation, Cybersecurity, and Data Privacy are key areas of Economic Development. Let’s work together to create Sustainable, Connected, and Efficient Cities. 

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Market Challenges

•         The Smart City Information and Communication Technologies (ICT) market, specifically Machine-to-Machine (M2M) solutions, holds significant potential in various industries such as automotive, manufacturing, energy, healthcare, and military. Operators are challenged to provide unique M2M platforms catering to distinct use cases due to market fragmentation. M2M devices and applications necessitate different connectivity requirements than conventional mobile data devices, leading to potential network overload during emergencies or disasters with millions of connected devices. High signaling traffic from numerous small devices operating on and off the network further complicates matters. However, by optimally utilizing existing spectrum and network assets, profits can be maximized, resulting in reduced customer acquisition and support costs and increased revenue through the integration of new wireless devices and business processes. Integrating M2M devices with cellular M2M techniques is intricate for vendors, requiring redesigning of devices and integration with back-end infrastructure using middleware and enterprise application software. Factors like network overload, poor protocol implementation, and emergencies or disasters can impact the growth of the M2M market during the forecast period.

•         The Smart City ICT infrastructure market is a dynamic and growing industry focused on enhancing operational efficiency and improving citizens’ welfare in urban areas. This involves the deployment of innovative technology in sectors such as energy, buildings, transportation, governance, and residential living. Key challenges include ensuring a clean environment with sustainable solutions for water supply, sanitation, and solid waste management. Urban mobility and public transportation are also crucial, as is the provision of affordable housing, health, and education. Digital transformation is at the heart of this revolution, with cybersecurity and data privacy essential for protecting citizens’ information. Economic development, urbanization, and industrial transformation are also major drivers, with energy solutions, value-added resellers, investors, consulting firms, and venture capitalists playing key roles in driving innovation. Silicon Valleys and Intellectual Metropolises are hubs for this technological urban evolution, shaping the future of our cities.

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Segment Overview 

This smart city information and communication technologies (ict) infrastructure market report extensively covers market segmentation by

Application 1.1 Communication1.2 Transportation1.3 Express1.4 Governement1.5 EducationComponent 2.1 Smart utilities2.2 Smart transport2.3 Smart home and building2.4 OthersGeography 3.1 Europe3.2 North America3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Communication-  The communication segment of the global smart city ICT infrastructure market encompasses wireless networks, broadband infrastructure, IoT, smart grid, digital signage and displays, and public safety and emergency management technologies. Wireless networks serve as the foundation for modern smart city communications, enabling citizens and businesses to access information and services citywide. High-speed broadband connectivity is essential for numerous smart city applications, such as smart transportation, buildings, and energy. The IoT connects various devices and sensors, allowing city officials to monitor and manage city functions. The smart grid optimizes energy consumption, while digital signage and displays offer interactive communication channels. Public safety and emergency management technologies enhance response capabilities during crises. Overall, these communication solutions facilitate effective city-stakeholder interaction and enable city officials to manage various city aspects, fueling the demand for communication systems in the smart city market.

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Research Analysis

The Smart City Information and Communication Technologies (ICT) infrastructure market refers to the advanced digital systems and networks that enable the development of smart cities. These cities leverage ICT to optimize urban services and improve the quality of life for residents. Key areas of focus include Smart Grid for energy management, Smart Water Network for water conservation, Smart Healthcare for efficient healthcare delivery, Smart Education for digital learning, Smart Security for public safety, Smart Transport for efficient mobility, and the Express Industry for logistics optimization. Digital Infrastructure, Population Expansion, and the Smart Cities Mission are driving the demand for these technologies. Urban practitioners, Silicon Valleys, Intellectual Metropolis, and Innovative Technology are at the forefront of this transformation. Smart Energy, Smart Buildings, Smart Transportation, Smart Governance, Smart Residents, Sustainable Development, and Urban Landscapes are other essential components of a smart city. The ultimate goal is to create a city that is operationally efficient, citizen-centric, and sustainable.

Market Research Overview

The Smart City Information and Communication Technologies (ICT) infrastructure market refers to the deployment of advanced technologies and digital solutions to enhance urban living and promote sustainable development. Spherical Insights & Consulting reports that the market is witnessing significant growth due to the integration of various sectors such as Smart Grid, Smart Water Network, Smart Healthcare, Smart Education, Smart Security, and Smart Transport. The express industry, digital infrastructure, and telecommunications are also playing a crucial role in this transformation. Population expansion and government initiatives like the Smart Cities Mission are driving the demand for ICT infrastructure. Innovative technologies like 5G networks, fiber-optic internet, and wireless technologies are being adopted to ensure operational efficiency and improve citizens’ welfare. Urban practitioners and Silicon Valleys are collaborating to create Intellectual Metropolises, where smart energy, smart buildings, and smart transportation are becoming the norm. Smart Governance, smart residents, sustainable development, and urban landscapes are other areas where ICT infrastructure is making a significant impact. Infrastructure development, clean environment, water supply, sanitation, solid waste management, urban mobility, public transportation, affordable housing, health and education, smart home, and digital transformation are all benefiting from this technological revolution. Value-added resellers, investors, consulting firms, and venture capitalists are also showing interest in the market, recognizing the potential for economic development and industrial transformation. However, challenges such as cybersecurity, data privacy, and affordability remain, requiring ongoing attention and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationCommunicationTransportationExpressGovernementEducationComponentSmart UtilitiesSmart TransportSmart Home And BuildingOthersGeographyEuropeNorth AmericaAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/smart-city-ict-infrastructure-market-to-grow-by-usd-138-6-billion-from-2024-2028–driven-by-rising-smart-city-investments-and-ai-driven-market-transformation—technavio-302296460.html

SOURCE Technavio

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