Technology
IAS Reports Third Quarter 2024 Financial Results
Published
2 weeks agoon
By
Total revenue increased 11% to $133.5 million
Net income of $16.1 million at a 12% margin; adjusted EBITDA increased to $50.6 million at a 38% margin
NEW YORK, Nov. 12, 2024 /PRNewswire/ — Integral Ad Science Holding Corp. (Nasdaq: IAS), a leading global media measurement and optimization platform, today announced financial results for the third quarter ended September 30, 2024.
“We increased revenue at a double-digit rate in the third quarter, driven by our industry-leading products and the contribution from new customers, with strong adjusted EBITDA performance,” said Lisa Utzschneider, CEO of IAS. “We are excited about several new logo wins and the C-level executives we have added to our team. Our focus remains on driving product innovation and leveraging AI to deliver superior value for our customers. We were delighted to announce our first-to-market optimization solution for Meta in October.”
Third Quarter 2024 Financial Highlights
Total revenue was $133.5 million, an 11% increase compared to $120.3 million in the prior-year period.Optimization revenue was $61.1 million, a 7% increase compared to $57.0 million in the prior-year period.Measurement revenue was $52.9 million, an 11% increase compared to $47.8 million in the prior-year period.Publisher revenue was $19.5 million, a 26% increase compared to $15.5 million in the prior-year period.International revenue, excluding the Americas, was $40.8 million, an 11% increase compared to $36.9 million in the prior-year period, or 31% of total revenue for the third quarter of 2024.Gross profit was $106.2 million, a 12% increase compared to $94.7 million in the prior-year period. Gross profit margin was 80% for the third quarter of 2024.Net income was $16.1 million, or $0.10 per share, compared to a net loss of $13.7 million, or $0.09 per share, in the prior-year period. Net income margin was 12% for the third quarter of 2024.Adjusted EBITDA* was $50.6 million, a 25% increase compared to $40.6 million in the prior-year period. Adjusted EBITDA* margin was 38% for the third quarter of 2024.Cash and cash equivalents were $57.1 million at September 30, 2024.
Recent Business Highlights
C-Level Appointments – In September, IAS announced that Marc Grabowski was appointed as Chief Operating Officer from his previous role as Global VP of Oracle Advertising. Srishti Gupta joined as Chief Product Officer from Rokt where she served as Chief Product Officer. She was previously Director of Ads Measurement at Amazon.First-to-Market Meta Optimization Solution – In October, IAS announced the testing of first-to-market availability pre-bid optimization solutions for IAS’s current advertisers on Meta. Social Optimization for Content Block Lists enable advertisers to ensure that better impressions are delivered to brand suitable ad adjacencies. This solution empowers advertisers with proactive pre-screen capabilities at the content level on Facebook and Instagram.TikTok Partnership Expansion – In October, IAS expanded its Total Media Quality (TMQ) offering for TikTok to include viewability, invalid traffic, and brand safety and suitability measurement for advertisers across TikTok’s newly available ad placements within the Profile, Search, Following Feeds and TikTok Lite.Misinformation Detection Launch on YouTube – In September, IAS announced the expansion of its TMQ offering on YouTube to include its industry-aligned misinformation brand safety and suitability reporting for advertisers running campaigns across YouTube ad inventory. IAS can now detect content across YouTube that it identifies as misinformation, enabling advertisers to further verify the safety and suitability of their digital media investments on YouTube.Google Ad Manager Partnership – In November, IAS announced the launch of IAS Curation with Google Ad Manager. IAS now offers programmatic buyers a deal-based enrichment pathway designed to curate inventory at the source. IAS Curation empowers advertisers with actionable data to activate avoidance and contextual targeting strategies across media buys at scale for Google Ad Manager.Quality Attention Expansion to Publishers and SSPs – In October, IAS announced the availability of Quality Attention for publishers and sell-side platforms (SSPs). IAS’s Quality Attention metrics and scores, previously available only to advertisers, help publishers improve yield optimization and drive revenue opportunities.
Financial Outlook
“We reported revenue growth of 11% and an adjusted EBITDA margin of 38% for the period,” said Tania Secor, CFO of IAS. “With healthy cash flows and low debt, we will continue to invest in the business to support our growth. Our updated financial outlook for the full year reflects our third quarter performance and anticipated advertising demand in the fourth quarter.”
IAS is providing the following financial outlook for the fourth quarter of 2024 and updating its full year 2024 revenue and adjusted EBITDA outlook:
Fourth Quarter Ending December 31, 2024:
Total revenue of $148 million to $150 millionAdjusted EBITDA* of $55 million to $57 million
Year Ending December 31, 2024:
Total revenue of $525 million to $527 millionAdjusted EBITDA* of $185 million to $187 million
* See “Supplemental Disclosure Regarding Non-GAAP Financial Information” section herein for an explanation of these measures. IAS is unable to provide a reconciliation for forward-looking guidance of adjusted EBITDA and corresponding margin to net income (loss), the most closely comparable GAAP measures without unreasonable effort, because certain material reconciling items, such as depreciation and amortization, interest expense, income tax expense (benefit) and acquisition, restructuring and integration expenses, cannot be estimated due to factors outside of IAS’s control and could have a material impact on the reported results. However, IAS estimates stock-based compensation expense for the fourth quarter of 2024 in the range of $15 million to $16 million and for the full year 2024 in the range of $62 million to $63 million.
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
September 30,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 57,085
$ 124,759
Restricted cash
170
54
Accounts receivable, net
81,168
74,609
Unbilled receivables
48,421
46,548
Prepaid expenses and other current assets
38,030
18,959
Total current assets
224,874
264,929
Property and equipment, net
4,077
3,769
Internal use software, net
51,546
40,301
Intangible assets, net
150,618
178,908
Goodwill
675,538
675,282
Operating lease right-of-use assets
20,472
21,668
Deferred tax asset, net
2,544
2,465
Other long-term assets
5,029
4,402
Total assets
$ 1,134,698
$ 1,191,724
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses
$ 48,874
$ 72,232
Operating lease liability
10,242
9,435
Due to related party
2
121
Deferred revenue
1,454
682
Total current liabilities
60,572
82,470
Deferred tax liability, net
4,989
20,367
Long-term debt, net
64,073
153,725
Operating lease liabilities, non-current
16,391
19,523
Other long-term liabilities
6,186
6,183
Total liabilities
152,211
282,268
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Preferred Stock, $0.001 par value, 50,000,000 shares authorized at September 30, 2024;
0 shares issued and outstanding at September 30, 2024 and December 31, 2023.
–
–
Common Stock, $0.001 par value, 500,000,000 shares authorized, 161,955,151 and
158,757,620 shares issued and outstanding at September 30, 2024 and December 31,
2023, respectively.
162
159
Additional paid-in-capital
952,123
901,259
Accumulated other comprehensive loss
(1,276)
(916)
Retained earnings
31,478
8,954
Total stockholders’ equity
982,487
909,456
Total liabilities and stockholders’ equity
$ 1,134,698
$ 1,191,724
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
Three Months Ended September 30,
Nine Months Ended September 30,
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
2024
2023
2024
2023
Revenue
$ 133,528
$ 120,331
$ 377,063
$ 340,074
Operating expenses:
Cost of revenue (excluding depreciation and amortization
shown below)
27,373
25,599
80,628
71,100
Sales and marketing
30,144
29,604
91,541
87,566
Technology and development
16,840
17,211
52,305
53,850
General and administrative
25,348
22,611
71,407
85,673
Depreciation and amortization
16,243
14,027
47,032
40,373
Foreign exchange (gain) loss, net
(2,607)
2,078
(723)
931
Total operating expenses
113,341
111,130
342,190
339,493
Operating income
20,187
9,201
34,873
581
Interest expense, net
(1,325)
(3,109)
(4,787)
(9,747)
Net income (loss) before income taxes
18,862
6,092
30,086
(9,166)
(Provision) benefit for income taxes
(2,773)
(19,841)
(7,562)
6,240
Net income (loss)
$ 16,089
$ (13,749)
$ 22,524
$ (2,926)
Net income (loss) per share – basic and diluted
$ 0.10
$ (0.09)
$ 0.14
$ (0.02)
Weighted average shares outstanding:
Basic
161,663,506
157,055,904
160,528,610
157,691,005
Diluted
165,084,108
157,055,904
164,635,076
157,691,005
Other comprehensive income (loss):
Foreign currency translation adjustments
892
(1,717)
(360)
(789)
Total comprehensive income (loss)
$ 16,981
$ (15,466)
$ 22,164
$ (3,715)
Stock-Based Compensation
(UNAUDITED)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(IN THOUSANDS)
2024
2023
2024
2023
Cost of revenue
$ 80
$ 118
$ 286
$ 328
Sales and marketing
4,829
5,714
14,002
17,859
Technology and development
4,941
2,902
14,139
13,434
General and administrative
6,593
5,166
18,758
34,020
Total stock-based compensation
$16,443
$13,900
$47,185
$65,641
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended September 30, 2024
Common Stock
(IN THOUSANDS, EXCEPT SHARES)
Shares
Amount
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained
earnings
Total
stockholders’
equity
Balance, June 30, 2024
160,786,740
$ 161
$934,194
$ (2,168)
$ 15,389
$ 947,576
RSUs and MSUs vested
995,796
1
–
–
–
1
ESPP purchase
172,615
–
1,478
–
–
1,478
Stock-based compensation
–
–
16,451
–
–
16,451
Foreign currency translation adjustment
–
–
–
892
–
892
Net income
–
–
–
–
16,089
16,089
Balance, September 30, 2024
161,955,151
$ 162
$952,123
$ (1,276)
$ 31,478
$ 982,487
Nine Months Ended September 30, 2024
Common Stock
(IN THOUSANDS, EXCEPT SHARES)
Shares
Amount
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained
earnings
Total
stockholders’
equity
Balance, December 31, 2023
158,757,620
$ 159
$901,259
$ (916)
$ 8,954
$ 909,456
RSUs and MSUs vested
2,827,628
3
–
–
–
3
Option exercises
44,049
–
313
–
–
313
ESPP purchase
325,854
–
3,373
–
–
3,373
Stock-based compensation
–
–
47,178
–
–
47,178
Foreign currency translation adjustment
–
–
–
(360)
–
(360)
Net income
–
–
–
–
22,524
22,524
Balance, September 30, 2024
161,955,151
$ 162
$952,123
$ (1,276)
$ 31,478
$ 982,487
Three Months Ended September 30, 2023
Common Stock
(IN THOUSANDS, EXCEPT SHARES)
Shares
Amount
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained
earnings
(accumulated
deficit)
Total
stockholders’
equity
Balance, June 30, 2023
156,279,075
$ 156
$867,490
$ (1,971)
$ 12,539
$ 878,214
RSUs and MSUs vested
1,102,702
1
–
–
–
1
Option exercises
53,748
1
590
–
–
591
ESPP purchase
162,406
–
1,424
–
–
1,424
Stock-based compensation
–
–
13,882
–
–
13,882
Foreign currency translation adjustment
–
–
–
(1,717)
–
(1,717)
Net loss
–
–
–
–
(13,749)
(13,749)
Balance, September 30, 2023
157,597,931
$ 158
$883,386
$ (3,688)
$ (1,210)
$ 878,646
Nine Months Ended September 30, 2023
Common Stock
(IN THOUSANDS, EXCEPT SHARES)
Shares
Amount
Additional
paid-in
capital
Accumulated
other
comprehensive
loss
Retained
earnings
(accumulated
deficit)
Total
stockholders’
equity
Balance, December 31, 2022
153,990,128
$ 154
$810,186
$ (2,899)
$ 775
$ 808,216
RSUs and MSUs vested
2,692,984
3
–
–
–
3
Option exercises
641,250
1
5,583
–
–
5,584
ESPP purchase
273,569
–
2,306
–
–
2,306
Stock-based compensation
–
–
65,311
–
–
65,311
Foreign currency translation adjustment
–
–
–
(789)
–
(789)
Adoption of ASC 326, net of tax
–
–
–
–
941
941
Net loss
–
–
–
–
(2,926)
(2,926)
Balance, September 30, 2023
157,597,931
$ 158
$883,386
$ (3,688)
$ (1,210)
$ 878,646
INTEGRAL AD SCIENCE HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended September 30,
(IN THOUSANDS)
2024
2023
Cash flows from operating activities:
Net income (loss)
$22,524
$ (2,926)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
47,032
40,373
Stock-based compensation
47,185
65,641
Foreign currency (gain) loss, net
(1,775)
571
Deferred tax benefit
(15,457)
(17,974)
Amortization of debt issuance costs
348
348
Allowance for credit losses
949
2,223
Impairment of assets
37
–
Changes in operating assets and liabilities:
Increase in accounts receivable
(7,028)
(19,936)
Increase in unbilled receivables
(1,723)
(370)
(Increase) decrease in prepaid expenses and other current assets
(18,668)
5,851
(Increase) decrease in operating leases, net
(1,169)
139
Increase in other long-term assets
(696)
(27)
(Decrease) increase in accounts payable and accrued expenses and other long-term liabilities
(21,958)
148
Increase in deferred revenue
768
150
Decrease in due to/from related party
(119)
(93)
Net cash provided by operating activities
50,250
74,118
Cash flows from investing activities:
Purchase of property and equipment
(1,594)
(1,954)
Development of internal use software and other
(28,868)
(23,539)
Net cash used in investing activities
(30,462)
(25,493)
Cash flows from financing activities:
Proceeds from the Revolver
–
75,000
Repayment of long-term debt
(90,000)
(125,000)
Proceeds from exercise of stock options
313
5,584
Cash received from Employee Stock Purchase Program
2,329
2,236
Net cash used in financing activities
(87,358)
(42,180)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(67,570)
6,445
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(113)
(1,330)
Cash, cash equivalents and restricted cash at beginning of period
127,290
89,671
Cash, cash equivalents, and restricted cash, at end of period
$59,607
$ 94,786
Supplemental Disclosures:
Net cash paid during the period for:
Interest
$ 4,613
$ 8,880
Taxes
$29,942
$ 10,361
Non-cash investing and financing activities:
Property and equipment acquired included in accounts payable
$ 47
$ 17
Internal use software acquired included in accounts payable
$ 966
$ 1,012
Lease liabilities arising from right of use assets
$ 6,110
$ 4,832
Supplemental Disclosure Regarding Non-GAAP Financial Information
We use supplemental measures of our performance, which are derived from our consolidated financial information, but which are not presented in our consolidated financial statements prepared in accordance with GAAP. Adjusted EBITDA is the primary financial performance measure used by management to evaluate our business and monitor ongoing results of operations. Adjusted EBITDA is defined as income before depreciation and amortization, stock-based compensation, interest expense, income taxes, acquisition, restructuring and integration costs, foreign exchange gain, net, asset impairments, and other one-time, non-recurring costs. Adjusted EBITDA margin represents the adjusted EBITDA for the applicable period divided by the revenue for that period presented in accordance with GAAP.
We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our shareholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. Although we believe these measures are useful to investors and analysts for the same reasons they are useful to management, as discussed below, these measures are not a substitute for, or superior to, U.S. GAAP financial measures or disclosures. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.
Reconciliations of historical adjusted EBITDA to its most directly comparable GAAP financial measure, net income/loss, are presented below. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items.
Reconciliation of Adjusted EBITDA
Three Months Ended
September 30,
Nine Months Ended
September 30,
(IN THOUSANDS, EXCEPT PERCENTAGES)
2024
2023
2024
2023
Net income (loss)
$ 16,089
$(13,749)
$ 22,524
$ (2,926)
Depreciation and amortization
16,243
14,027
47,032
40,373
Stock-based compensation
16,443
13,900
47,185
65,641
Interest expense, net
1,325
3,109
4,787
9,747
Provision (benefit) for income taxes
2,773
19,841
7,562
(6,240)
Acquisition, restructuring and integration costs
290
1,353
1,465
2,974
Foreign exchange (gain) loss, net
(2,607)
2,078
(723)
931
Asset impairments and other costs
90
11
90
1,517
Adjusted EBITDA
$ 50,646
$ 40,570
$129,922
$112,017
Revenue
$133,528
$120,331
$377,063
$340,074
Net income (loss) margin
12 %
(11) %
6 %
(1) %
Adjusted EBITDA margin
38 %
34 %
34 %
33 %
Conference Call and Webcast Information
IAS will host a conference call and live webcast to discuss its third quarter 2024 financial results today at 5:00 p.m. ET. To access the live webcast and conference call dial-in, please register under the “News & Events” section of IAS’s investor relations website. A replay will be available on IAS’s investor relations website following the live call: https://investors.integralads.com.
About Integral Ad Science
Integral Ad Science (IAS) is a leading global media measurement and optimization platform that delivers the industry’s most actionable data to drive superior results for the world’s largest advertisers, publishers, and media platforms. IAS’s software provides comprehensive and enriched data that ensures ads are seen by real people in safe and suitable environments, while improving return on ad spend for advertisers and yield for publishers. Our mission is to be the global benchmark for trust and transparency in digital media quality. For more information, visit integralads.com.
Forward-Looking Statements
This earnings press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, including guidance, and business, including pipeline and industry trends. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, profitability, expenditures, cash flows, growth rates and financial results or our plans and objectives for future operations, growth initiatives or strategies, including pursuing business from Oracle or other competitors are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: (i) the adverse effect on our business, operating results, financial condition, and prospects from various macroeconomic factors, including instability in geopolitical or market conditions; (ii) our failure to innovate or make the right investment decisions; (iii) our ability to provide digital or cross-platform analytics; (iv) our failure to maintain or achieve industry accreditation standards; (v) our dependence on integrations with advertising platforms, demand side providers (“DSPs”) and proprietary platforms that we do not control; (vi) our ability to compete successfully with our current or future competitors in an intensely competitive market, including with respect to the Oracle opportunity; (vii) our inability to use software licensed from third parties; (viii) our international expansion; (ix) our ability to expand into new channels; (x) our ability to sustain our profitability and revenue growth rate; (xi) risks that our customers do not pay or choose to dispute their invoices; (xii) risks of material changes to revenue share agreements with certain DSPs; (xiii) our dependence on the overall demand for advertising; (xiv) our ability to effectively manage our growth; (xv) the impact that any acquisitions we have completed in the past and may consummate in the future, strategic investments, or alliances may have on our business, financial condition, and results of operations; (xvi) our ability to successfully execute our international plans; (xvii) the risks associated with the seasonality of our market; (xviii) our ability to maintain high impression volumes; (xix) the difficulty in evaluating our future prospects given our short operating history; (xx) uncertainty in how the market for buying digital advertising verification solutions will evolve; (xxi) interruption by man-made problems such as terrorism, computer viruses, or social disruptions; (xxii) the risk of failures in the systems and infrastructure supporting our solutions and operations; (xxiii) our ability to avoid operational, technical, and performance issues with our platform; (xxiv) risks associated with any unauthorized access to user, customer, or inventory and third-party provider data; (xxv) our ability to provide the non-proprietary technology, software, products, and services that we use; (xxvi) the risk that we are sued by third parties for alleged infringement, misappropriation, or other violation of their proprietary rights; (xxvii) our ability to obtain, maintain, protect, or enforce intellectual property and proprietary rights that are important to our business; (xxviii) our involvement in lawsuits to protect or enforce our intellectual property; (xxix) risks that our employees, consultants, or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers; (xxx) risks that our trademarks and trade names are not adequately protected; (xxxi) the impact of unforeseen changes to privacy and data protection laws and regulation on digital advertising; (xxxii) our ability to maintain our corporate culture; (xxxiii) public health outbreaks, epidemics, pandemics, or other public health crises; (xxxiv) risks posed by earthquakes, fires, floods, and other natural catastrophic events; (xxxv) the risk that a perceived failure to comply with laws and industry self-regulation may damage our reputation; and (xxxvi) other factors disclosed in our filings with the SEC. Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods.
We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to update or revise any forward- looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Investor Contact:
Jonathan Schaffer
ir@integralads.com
Media Contact:
press@integralads.com
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SOURCE Integral Ad Science, Inc.
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Becoming a publicly traded company will allow Vulcain to enhance their visibility. This reflects the company’s commitment to increasing shareholder value and advancing its corporate growth strategy in Causal AI and Knowledge Management space.
Former Traccom CEO and continuing Board member, Harry Steck stated, “For Traccom’s shareholders, this transaction provides the opportunity to be invested in one of today’s most exciting industries with an impressive technology and management team.”
Vulcain has commercialized casual AI solutions across various industries including leading US brands in the Consumer-Packaged Goods (CPG) sector to generate annual recurring revenues (ARR) for the company. Vulcain is planning a next phase of expansion into Insurance, Healthcare, Financial Services and other industries. Vulcain uses causal machine learning algorithms and human domain experts to provide high quality causal features necessary for an accurate AI solution. Vulcain’s Causal AI Platform includes causal reasoning models to provide predictive outcomes that identify and explain event risks and opportunities for businesses. Vulcain will continue to focus on bringing human domain knowledge into AI solutions and driving value for organizations seeking to unleash the knowledge from their vast amounts of data, content and domain expertise.
Key Highlights:
Trading Symbol: TRCCMarket Segment: Pink Open MarketSector: Technology, AI
About Traccom, Inc.
The company is at the intersection of human and artificial intelligence, leading the charge to AI 3.0 with high value feature solutions for business. Vulcain’s Causal AI platform is used for harmonizing, testing, and validating data for extracting and commercializing knowledge. The Vulcain platform combines hundreds of millions of AI ready data sets and human domain knowledge to provide a ready to use solution that can be customized, scaled and adapted for customer use-cases and human intervention. With a commitment to human-AI, excellence, sustainability, and customer-centric solutions, the company believes that it is poised for long-term growth and success in the global AI marketplace.
For more information about the company and its wholly owned subsidiary Vulcain, Inc., visit www.vulcain.ai.
Forward-Looking Statements
This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties and factors. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained.
Contact:
View original content:https://www.prnewswire.com/news-releases/traccom-inc-pink-open-market-symbol-trcc-completes-acquisition-of-vulcain-inc-302315225.html
SOURCE Traccom Inc
Technology
Batteries Plus Celebrates Record-Breaking Commercial Sales Month, Surpassing Major Milestones in Franchise and Systemwide Commercial Growth
Published
2 seconds agoon
November 25, 2024By
World’s Leading Specialty Battery Franchise Achieves Historic Success with Unprecedented Commercial Sales Throughout 2024
Batteries Plus achieved a 23.7% year-over-year increase in total systemwide commercial sales for October 2024.Franchise commercial sales grew by 24.4% in October, setting a new all-time monthly record.October’s systemwide commercial sales marked nearly 20% growth year-over-year for Batteries Plus.
HARTLAND, Wis., Nov. 25, 2024 /PRNewswire/ — Batteries Plus, the world’s leading specialty battery franchise, has marked a historic milestone in October 2024, setting all-time commercial sales records across its franchise and systemwide channels. Total systemwide commercial sales grew by 23.7% year-over-year, with franchise commercial sales increasing by 24.4%, marking the highest monthly performance in the company’s history.
The record-breaking success in October was not an isolated achievement, but rather a continuation of a historic 2024. Batteries Plus has experienced more than 20% year-over-year growth in systemwide commercial sales for five of the first 10 months of the year. Year-to-date, total commercial sales have grown by 16.1% through October.
“Achieving this record-breaking October is a testament to the extraordinary efforts of our franchisees and the ongoing strength of our commercial growth strategy,” said Scott O’Farrell, Chief Commercial Officer of Batteries Plus. “Our commitment to providing exceptional service and innovative solutions for our commercial partners continues to position us as a leader in the industry.”
This October milestone also capped off a flawless 10-for-10 streak in exceeding commercial sales targets for 2024, driven by Batteries Plus’s commitment to exceptional service, in-stock availability, and a diversified approach across consumer and commercial channels. The company has exceeded its sales plan for every month, currently 2.6% ahead of plan through October. Remarkably, the top eight commercial sales months in franchise history have all occurred this year, demonstrating the strength and scalability of the franchise system.
“October’s success is just the beginning of an exciting period for Batteries Plus,” said Joe Malmuth, Chief Development Officer. “We’re witnessing substantial growth across all facets of the business. This record-breaking performance is a direct result of our team’s tireless efforts to drive meaningful results for our franchise owners and customers alike.”
Building on this momentum, Batteries Plus is looking ahead to close the year strong, with plans to enhance its market presence, introduce new business partnerships, and continue the expansion of its franchise network that has reached over 800 store locations in operation and development nationwide. In 2024, Batteries Plus was ranked on Franchise Times’ Top 400 list at #128 and named to Entrepreneur Magazine’s Franchise 500® Hall of Fame, alongside placements on Entrepreneur’s Franchise 500® and the Top Brands for Multi-Unit Owners lists.
For more information on Batteries Plus, including franchise opportunities and a virtual store tour, visit batteriesplusfranchise.com.
ABOUT BATTERIES PLUS:
Batteries Plus, founded in 1988 and headquartered in Hartland, WI, is a leading omnichannel retailer of batteries, specialty light bulbs and phone repair services for the direct-to-consumer and commercial channels. The retailer also offers key programming, replacement and cutting services. Through a nationwide network of stores, the company offers a differentiated value proposition of unrivaled product selection, in-stock availability and customer service. Batteries Plus is owned by Freeman Spogli, a private equity firm based in Los Angeles and New York City. To learn more about one of Forbes®’ Best Franchises to Buy in America, visit https://www.batteriesplusfranchise.com.
MEDIA CONTACT: Danny Stewart, Fishman Public Relations, dstewart@fishmanpr.com or 847-945-1300 ext. 266
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SOURCE Batteries Plus
Technology
Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia
Published
3 seconds agoon
November 25, 2024By
NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.
Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income.
Robert will oversee the sales, trading, and research business globally for Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.
Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.
Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”
Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”
Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”
He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”
About Dinosaur Group Holdings
Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.
Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.
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View original content to download multimedia:https://www.prnewswire.com/news-releases/robert-rahman-joins-dinosaur-group-holdings-to-head-its-new-global-corporate-credit-securities-market-unit-in-the-us-europe–asia-302315678.html
SOURCE Dinosaur Merchant Bank Limited
TRACCOM INC. (Pink Open Market Symbol: TRCC) COMPLETES ACQUISITION OF VULCAIN, INC.
Batteries Plus Celebrates Record-Breaking Commercial Sales Month, Surpassing Major Milestones in Franchise and Systemwide Commercial Growth
Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia
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