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OPENLANE, Inc. Reports Third Quarter 2024 Financial Results

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CARMEL, Ind., Nov. 6, 2024 /PRNewswire/ — OPENLANE, Inc. (NYSE: KAR), today reported its third quarter financial results for the period ended September 30, 2024.

“OPENLANE delivered strong third quarter results while advancing a differentiated pipeline of innovation and expanding our investments in people, technology and the customer experience,” said Peter Kelly, CEO of OPENLANE. “I’m particularly pleased with the performance of our marketplace business, which grew volumes, gross profit and adjusted EBITDA with positive contributions from our US, Canadian and European marketplaces.”

“OPENLANE extended its track record of strong financial and operational performance in the third quarter,” said Brad Lakhia, EVP and CFO of OPENLANE. “On a consolidated basis, we delivered revenue of $448 million driven by 6% volume growth, income from continuing operations of $28 million, adjusted EBITDA of $75 million, and year-to-date cash flow from operating activities of $260 million. Our marketplace segment also demonstrated continued resiliency and profitability, with significant adjusted EBITDA growth while increasing our Gross Merchandise Value by 12% to nearly $7 billion.”

Third Quarter 2024 Financial Highlights

Total revenue of $448 million in Q3 2024, representing 8% YoY growthConsolidated income from continuing operations of $28 million, with Marketplace contributing $5 millionConsolidated adjusted EBITDA of $75 million in Q3 2024, representing 10% YoY growth$260 million of cash flow from operating activities on a year-to-date basisMarketplace revenue of $354 million in Q3 2024, representing 12% YoY growthMarketplace adjusted EBITDA of $36 million, representing 34% YoY growthMarketplace volumes increased 6% YoYGross Merchandise Value (GMV) of approximately $7 billion, representing 12% YoY growth

2024 Guidance

The company is updating its annual guidance to the following:

Annual

Guidance

Income from continuing operations (in millions)

$73 – $81

Adjusted EBITDA (in millions)

$285 – $295

Income from continuing operations per share – diluted *

$0.21 – $0.27

Operating adjusted net income from continuing operations per share – diluted

$0.81 – $0.87

* The company uses the two-class method of calculating income from continuing operations per diluted share. Under the two-class method, income from continuing operations is adjusted for dividends and undistributed earnings (losses) to the holders of the Series A Preferred Stock, and the weighted average diluted shares do not assume conversion of the preferred shares to common shares.

Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments and changes in applicable laws and regulations (including significant accounting and tax matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company’s reported results for any given period. Prospective quantification of these items is generally not practicable. Operating adjusted net income from continuing operations per share excludes amortization expense associated with acquired intangible assets, as well as one-time charges, net of taxes. See reconciliations of the company’s guidance included below.

Share Repurchase Authorization
The board of directors authorized an increase in the size of the company’s share repurchase program by approximately $5 million and an extension of the share repurchase program through December 31, 2025. With the increase, and giving effect to the company’s previous repurchases, approximately $100 million remains available for repurchases under the share repurchase program.

Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Wednesday, November 6, 2024 at 5:00 p.m. ET. The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE’s third quarter 2024 results is available at the investor relations section of corporate.openlane.com.

The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.

About OPENLANE
OPENLANE, Inc. (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.

Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “would,” “anticipate,” “expect,” “project,” “intend,” “contemplate,” “plan,” “believe,” “seek,” “estimate,” “assume,” “can,” “could,” “continue,” “of the opinion,” “confident,” “is set,” “is on track,” “outlook,” “target,” “positioned,” “predict,” “initiative,” “goal,” “opportunity” and similar expressions identify forward-looking statements. Such statements are based on management’s current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled “Risk Factors” in the company’s Form 10-K for the year ended December 31, 2023 and in the company’s other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.

OPENLANE, Inc.

Condensed Consolidated Statements of Income

(In millions) (Unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Operating revenues

Auction fees

$      113.2

$      102.1

$      331.8

$      305.3

Service revenue

148.1

153.9

445.4

475.2

Purchased vehicle sales

93.0

60.6

231.4

176.5

Finance-related revenue

94.1

99.7

287.9

296.8

Total operating revenues

448.4

416.3

1,296.5

1,253.8

Operating expenses

Cost of services (exclusive of depreciation and amortization)

252.0

216.0

711.8

662.8

Selling, general and administrative

99.4

107.4

314.1

326.6

Depreciation and amortization

23.8

26.4

72.2

76.2

Goodwill and other intangibles impairment

250.8

Total operating expenses

375.2

349.8

1,098.1

1,316.4

Operating profit (loss)

73.2

66.5

198.4

(62.6)

Interest expense

35.3

39.4

112.4

116.5

Other (income) expense, net

(3.6)

1.7

(2.9)

(12.5)

Loss on extinguishment of debt

1.1

Income (loss) from continuing operations before income taxes

41.5

25.4

88.9

(167.7)

Income taxes

13.1

12.7

31.3

0.7

Income (loss) from continuing operations

28.4

12.7

57.6

(168.4)

Income from discontinued operations, net of income taxes

Net income (loss)

$        28.4

$        12.7

$        57.6

$    (168.4)

Net income (loss) per share – basic

Income (loss) from continuing operations

$        0.12

$        0.01

$        0.17

$      (1.84)

Income from discontinued operations

Net income (loss) per share – basic

$        0.12

$        0.01

$        0.17

$      (1.84)

Net income (loss) per share – diluted

Income (loss) from continuing operations

$        0.12

$        0.01

$        0.17

$      (1.84)

Income from discontinued operations

Net income (loss) per share – diluted

$        0.12

$        0.01

$        0.17

$      (1.84)

 

OPENLANE, Inc.

Condensed Consolidated Balance Sheets

(In millions) (Unaudited)

September 30,

2024

December 31,

2023

Cash and cash equivalents

$                132.1

$                 93.5

Restricted cash

28.5

65.4

Trade receivables, net of allowances

300.0

291.8

Finance receivables, net of allowances

2,192.5

2,282.0

Other current assets

131.7

109.2

Total current assets

2,784.8

2,841.9

Goodwill

1,269.9

1,271.2

Customer relationships, net of accumulated amortization

123.0

136.1

Operating lease right-of-use assets

70.6

75.9

Property and equipment, net of accumulated depreciation

159.6

169.8

Intangible and other assets

217.9

231.4

Total assets

$             4,625.8

$             4,726.3

Current liabilities, excluding obligations collateralized by

     finance receivables and current maturities of debt

$                788.7

$                692.3

Obligations collateralized by finance receivables

1,528.8

1,631.9

Current maturities of debt

267.8

154.6

Total current liabilities

2,585.3

2,478.8

Long-term debt

202.4

Operating lease liabilities

64.1

70.4

Other non-current liabilities

36.8

35.2

Temporary equity

612.5

612.5

Stockholders’ equity

1,327.1

1,327.0

Total liabilities, temporary equity and stockholders’ equity

$             4,625.8

$             4,726.3

 

OPENLANE, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions) (Unaudited)

Nine Months Ended

September 30,

2024

2023

Operating activities

Net income (loss)

$         57.6

$     (168.4)

Net income from discontinued operations

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

     Depreciation and amortization

72.2

76.2

     Provision for credit losses

42.2

42.0

     Deferred income taxes

(0.1)

(26.8)

     Amortization of debt issuance costs

6.9

6.6

     Stock-based compensation

13.9

13.1

     Contingent consideration adjustment

1.3

     Net change in unrealized loss on investment securities

0.4

     Investment and note receivable impairment

11.0

     Goodwill and other intangibles impairment

250.8

     Loss on extinguishment of debt

1.1

     Other non-cash, net

(0.3)

0.8

     Changes in operating assets and liabilities, net of acquisitions:

     Trade receivables and other assets

(36.1)

(94.0)

     Accounts payable and accrued expenses

103.8

104.7

     Payments of contingent consideration in excess of acquisition-date fair value

(2.6)

Net cash provided by operating activities – continuing operations

260.1

216.2

Net cash used by operating activities – discontinued operations

(1.4)

(0.1)

Investing activities

     Net decrease in finance receivables held for investment

50.4

1.3

     Purchases of property, equipment and computer software

(39.0)

(39.8)

     Investments in securities

(1.9)

(1.0)

 Proceeds from the sale of property and equipment

0.9

0.3

Net cash provided by (used by) investing activities – continuing operations

10.4

(39.2)

Net cash provided by investing activities – discontinued operations

7.0

Financing activities

     Net decrease in book overdrafts

(3.6)

(3.5)

     Net repayments of lines of credit

(86.4)

(106.4)

     Net (decrease) increase in obligations collateralized by finance receivables

(93.0)

13.2

     Payments for debt issuance costs/amendments

(14.7)

(5.4)

     Payment for early extinguishment of debt

(140.1)

     Payments on finance leases

(0.9)

(1.6)

     Payments of contingent consideration and deferred acquisition costs

(12.4)

     Issuance of common stock under stock plans

1.0

2.1

     Tax withholding payments for vested RSUs

(3.4)

(2.5)

     Repurchase and retirement of common stock

(30.0)

(22.2)

     Dividends paid on Series A Preferred Stock

(33.3)

(33.3)

Net cash used by financing activities – continuing operations

(264.3)

(312.1)

Net cash provided by financing activities – discontinued operations

Net change in cash balances of discontinued operations

Effect of exchange rate changes on cash

(3.1)

2.6

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

1.7

(125.6)

Cash, cash equivalents and restricted cash at beginning of period

158.9

277.7

Cash, cash equivalents and restricted cash at end of period

$       160.6

$       152.1

Cash paid for interest

$       105.8

$       106.5

Cash paid for taxes, net of refunds – continuing operations

$         34.7

$         28.3

Cash paid for taxes, net of refunds – discontinued operations

$         (0.5)

$            —

OPENLANE, Inc.
Reconciliation of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). They are not measurements of our financial performance under GAAP and should not be considered as substitutes for net income (loss) or any other performance measures derived in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the company’s results period over period and for the other reasons set forth below.

EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.

Depreciation expense for property and equipment and amortization expense of capitalized internally developed software costs relate to ongoing capital expenditures; however, amortization expense associated with acquired intangible assets, such as customer relationships, software, tradenames and noncompete agreements are not representative of ongoing capital expenditures, but have a continuing effect on our reported results. Non-GAAP financial measures of operating adjusted net income (loss) and operating adjusted net income (loss) per share, in the opinion of the company, provide comparability of the company’s performance to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. In addition, operating adjusted net income (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.

EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.

The following tables reconcile EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In millions), (Unaudited)

2024

2023

2024

2023

Income (loss) from continuing operations

$      28.4

$      12.7

$      57.6

$   (168.4)

Add back:

Income taxes

13.1

12.7

31.3

0.7

Interest expense, net of interest income

34.9

38.5

111.3

113.4

Depreciation and amortization

23.8

26.4

72.2

76.2

EBITDA

100.2

90.3

272.4

21.9

Non-cash stock-based compensation

4.1

4.5

14.8

13.8

Loss on extinguishment of debt

1.1

Acquisition related costs

0.5

0.5

1.1

Securitization interest

(27.9)

(31.6)

(87.0)

(89.0)

Severance

1.5

1.9

9.2

3.4

Foreign currency (gains)/losses

(3.2)

(1.2)

(0.7)

(0.8)

Goodwill and other intangibles impairment

250.8

Contingent consideration adjustment

1.3

Net change in unrealized (gains) losses on investment securities

0.5

0.4

Professional fees related to business improvement efforts

1.7

1.5

4.5

Impact for newly enacted Canadian DST related to prior years

10.0

Other

(0.2)

0.9

1.7

  Total addbacks/(deductions)

(25.7)

(22.8)

(51.7)

188.3

Adjusted EBITDA

$      74.5

$      67.5

$     220.7

$     210.2

 

Three Months Ended September 30, 2024

(Dollars in millions), (Unaudited)

Marketplace

Finance

Consolidated

Income from continuing operations

$             4.8

$           23.6

$           28.4

Add back:

Income taxes

5.0

8.1

13.1

Interest expense, net of interest income

4.2

30.7

34.9

Depreciation and amortization

20.6

3.2

23.8

EBITDA

34.6

65.6

100.2

Non-cash stock-based compensation

3.2

0.9

4.1

Securitization interest

(27.9)

(27.9)

Severance

1.4

0.1

1.5

Foreign currency (gains)/losses

(3.1)

(0.1)

(3.2)

Other

(0.3)

0.1

(0.2)

  Total addbacks/(deductions)

1.2

(26.9)

(25.7)

Adjusted EBITDA

$           35.8

$           38.7

$           74.5

 

Three Months Ended September 30, 2023

(Dollars in millions), (Unaudited)

Marketplace

Finance

Consolidated

Income (loss) from continuing operations

$          (19.3)

$           32.0

$           12.7

Add back:

Income taxes

2.0

10.7

12.7

Interest expense, net of interest income

4.3

34.2

38.5

Depreciation and amortization

23.8

2.6

26.4

Intercompany interest

9.6

(9.6)

EBITDA

20.4

69.9

90.3

Non-cash stock-based compensation

3.5

1.0

4.5

Acquisition related costs

0.5

0.5

Securitization interest

(31.6)

(31.6)

Severance

1.7

0.2

1.9

Foreign currency (gains)/losses

(1.2)

(1.2)

Net change in unrealized (gains) losses on investment securities

0.5

0.5

Professional fees related to business improvement efforts

1.4

0.3

1.7

Other

0.5

0.4

0.9

  Total addbacks/(deductions)

6.4

(29.2)

(22.8)

Adjusted EBITDA

$           26.8

$           40.7

$           67.5

The following table reconciles operating adjusted net income and operating adjusted net income per diluted share to net income (loss) from continuing operations for the periods presented:

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In millions, except per share amounts), (Unaudited)

2024

2023

2024

2023

Net income (loss) from continuing operations (1)

$      28.4

$      12.7

$      57.6

$   (168.4)

   Acquired amortization expense

9.0

11.1

27.4

28.3

   Impact for newly enacted Canadian DST related to prior years

10.0

   Loss on extinguishment of debt

1.1

   Contingent consideration adjustment

1.3

   Goodwill and other intangibles impairment

250.8

   Income taxes (2)

(0.4)

1.9

(2.9)

(32.3)

Operating adjusted net income from continuing operations

$      37.0

$      25.7

$      92.1

$      80.8

Operating adjusted net income from discontinued operations

$          —

$          —

$          —

$          —

Operating adjusted net income

$      37.0

$      25.7

$      92.1

$      80.8

Operating adjusted net income from continuing operations per share – diluted

$      0.26

$      0.18

$      0.64

$      0.56

Operating adjusted net income from discontinued operations per share – diluted

Operating adjusted net income per share – diluted

$      0.26

$      0.18

$      0.64

$      0.56

Weighted average diluted shares – including assumed conversion of preferred shares

144.8

145.6

145.0

145.1

(1)

The Series A Preferred Stock dividends and undistributed earnings allocated to participating securities have not been included in the calculation of operating adjusted net income and operating adjusted net income per diluted share.

(2)

For the three and nine months ended September 30, 2024 and 2023, each tax deductible item was booked to the applicable statutory rate. The deferred tax benefits of $52.5 million and $6.5 million associated with the goodwill and tradename impairments in 2023, respectively, resulted in the U.S. being in a net deferred tax asset position. Due to the three-year cumulative loss related to U.S. operations, we currently have a $42.9 million valuation allowance against the U.S. net deferred tax asset.

The following table reconciles EBITDA and Adjusted EBITDA to income from continuing operations for the 2024 guidance presented:

2024 Guidance

(In millions), (Unaudited)

Low

High

Income from continuing operations

$                73

$                81

Add back:

Income taxes

40

45

Interest expense, net of interest income

144

142

Depreciation and amortization

99

97

EBITDA

356

365

  Total addbacks/(deductions), net

(71)

(70)

Adjusted EBITDA

$              285

$              295

The following table reconciles operating adjusted net income from continuing operations and operating adjusted net income from continuing operations per diluted share to income from continuing operations for the 2024 guidance presented:

2024 Guidance

(In millions, except per share amounts), (Unaudited)

Low

High

Income from continuing operations

$                73

$                81

   Total adjustments, net

44

44

Operating adjusted net income from continuing operations

$              117

$              125

Operating adjusted net income from continuing operations per share – diluted

$             0.81

$             0.87

Weighted average diluted shares – including assumed conversion of preferred shares

145

145

 

Analyst Inquiries:

Media Inquiries:

Itunu Orelaru 

Laurie Dippold  

(317) 249-4559 

(317) 468-3900

investor_relations@openlane.com

laurie.dippold@openlane.com 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/openlane-inc-reports-third-quarter-2024-financial-results-302297852.html

SOURCE OPENLANE, Inc.

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AABE, FPL and Partners Hosted the Blacks in Energy Event and Generator Build Competition at Palm Beach Lakes Community High School

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Black Energy Awareness Month event in West Palm Beach.

WEST PALM BEACH, Fla., Nov. 23, 2024 /PRNewswire-PRWeb/ — In recognition of Black Energy Awareness Month, members of the American Association of Blacks in Energy (AABE), Florida Chapter, partnered with Florida Power & Light Company (FPL), and others, to host and conduct a Generator Build Competition at Palm Beach Lakes Community High School in West Palm Beach, Florida.

“It is such a joy and delight to witness the determination of these young and ambitious students who are focused-driven and eager to excel,” says Whitney Walker, Lead Community Relations Specialist with Next Era Energy/FPL.

During the event, high school students were provided with an overview of the energy industry and introduced to the field of engineering. The students met with and heard from engineers and senior managers in the industry, and took part in the generator build competition, where they learned the basics of generator theory and how electric voltage is created. Each member of the competition’s winning team received a $50 gift card.

“It is such a joy and delight to witness the determination of these young and ambitious students who are focused-driven and eager to excel,” says Whitney Walker, Lead Community Relations Specialist with Next Era Energy/FPL.

Other empowering speakers included: Dr. Michelle Saunders, Lead Project Manager – Distribution, Next Era Energy/FPL; Norman Riemer, SECME District Coordinator – Palm Beach County School District; Dion Watson, Director – Next Era Energy Resource Development – Next Era Energy/FPL; Oleg Andric, Department Chair & Professor, Electric Power Technology – Palm Beach State College, and Jasmine Govan, Community Relations Specialist, Next Era Energy/FPL.

This event was made possible by the generous support and involvement of the American Association of Blacks in Energy (AABE) – Florida Chapter, Florida Power & Light Company, NextEra Energy, Inc., the University of Florida – SECME of Palm Beach County School District, Palm Beach State College and Palm Beach Lakes Community High School.

About AABE

Established in 1977, the American Association of Blacks in Energy (AABE) is an association founded and dedicated to ensuring the input of African Americans and other minorities into the discussions and developments of energy policies regulations. The national membership includes more than 1,600 professionals representing every sector of the energy industry. There are 40 chapters located in states, metropolitan areas and college campuses around the country. AABE utilizes the expertise of their members to analyze energy policy and serve as a resource for community leaders, consumers, policymakers and regulators on the impact that these policies have on underrepresented communities.

The members of AABE are committed to building the pipeline of African Americans in leadership positions in the energy industry. Through scholarship programs, students who plan to major in science, mathematics, engineering and technology have the opportunity to receive scholarships on the local, regional and national level. The AABE members have the opportunity for professional development at chapter meetings, regional and national conferences. For more information about the association, visit www.aabe.org.

Media Contact

Bernadette Morris, Sonshine Communications, 1 3059488063 201, bmorris@sonshine.com

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SOURCE AABE

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Siemon Introduces Bundled Fiber Trunks for Faster, More Efficient Network Deployments

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The Siemon Company, a global leader in network infrastructure solutions, is proud to announce the launch of its new Bundled Fiber Trunks. Designed to streamline fiber optic network installations and reduce deployment time, Siemon Bundled Fiber Trunks offer a cost-effective and reliable option for a variety of projects.

WATERTOWN, Conn., Nov. 23, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, is proud to announce the launch of its new Bundled Fiber Trunks. Designed to streamline fiber optic network installations and reduce deployment time, Siemon Bundled Fiber Trunks offer a cost-effective and reliable option for a variety of projects.

Siemon Bundled Fiber Trunks are a game-changer for network installations. By simplifying the process and reducing installation time, we’re empowering our customers to achieve their project goals more efficiently and effectively.

Siemon Bundled Fiber Trunks combine high-performance fiber cables into a single, easy-to-manage bundle, optimizing pathway fill and significantly accelerating installation. With up to a 50% faster deployment rate, this innovative solution helps businesses and organizations reduce project costs and time-to-market.

“Siemon Bundled Fiber Trunks are a game-changer for network installations,” said Tony Walker, Siemon Fiber Product Marketing Manager. “By simplifying the process and reducing installation time, we’re empowering our customers to achieve their project goals more efficiently and effectively.”

Key features of Siemon Bundled Fiber Trunks include:

Streamlined installation: Reduced pathway fill and faster deploymentExceptional performance: Equivalent to single-jacket fiberDurability: Robust construction for reliable performanceVersatility: Available in a wide range of configurations

For more information about Siemon Bundled Fiber Trunks and other Siemon products, please visit www.siemon.com.

About Siemon

Established in 1903, Siemon is an industry leader specializing in the design and manufacture of high-quality, high-performance IT infrastructure solutions and services for Data Centers, LANs, and Intelligent Buildings. Headquartered in Connecticut, USA, with global sales, technical, and logistics expertise spanning 150 countries, Siemon offers the most comprehensive suites of copper and optical fiber cabling systems, racks, cable management, and Intelligent Infrastructure Management solutions. With more than 400 patents specific to structured cabling, Siemon Labs invests heavily in R&D and the development of Industry Standards, underlining the company’s long-standing commitment to its customers and the industry. Through an ongoing commitment to waste and energy reduction, Siemon’s environmental sustainability benchmarks are unparalleled in the industry.

Contact Information

Brian Baum

brian_baum@siemon.com

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com

View original content:https://www.prweb.com/releases/siemon-introduces-bundled-fiber-trunks-for-faster-more-efficient-network-deployments-302313831.html

SOURCE Siemon

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Oberon Securities Advises Keens Steakhouse in Sale Transaction

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Oberon Securities acted as exclusive advisor to Keens Steakhouse in the sale transaction.

NEW YORK, Nov. 23, 2024 /PRNewswire-PRWeb/ — Oberon Securities, a New York-based middle market investment banking firm, acted as exclusive advisor to Keens Steakhouse in the sale transaction announced yesterday.

With more than 70 senior bankers serving businesses across the country and around the world, Oberon is one of the fastest growing New York City based middle-market investment banking firms. Its clients benefit from the market credibility associated with the firm’s longstanding relationships with many of the nation’s largest and most prestigious institutional investors. Oberon’s approach has generated numerous long-term, multi-transaction client engagements and attracted investment bankers who have spent their careers working with middle-market companies.

Media Contact

Steven Alschuler, Oberon Securities, 1 917-647-2151, steve@alschulerpr.com, https://oberonsecurities.com/

View original content to download multimedia:https://www.prweb.com/releases/oberon-securities-advises-keens-steakhouse-in-sale-transaction-302314708.html

SOURCE Oberon Securities; Oberon Securities

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