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Uhale OS Powers Latest RCA Digital Picture Frames

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SINGAPORE, Nov. 11, 2024 /PRNewswire/ —  Uhale, the digital picture frame OS maker, today announced that RCA is the next brand to deploy Uhale OS on its latest line of digital picture frames. RCA has developed digital picture frames in various screen sizes with Uhale OS that are intuitive and highly user-friendly.

Uhale OS, paired with the free Uhale mobile app, delivers consumers a seamless and personalized photo-sharing experience. Sharing photos through Uhale is extremely popular among consumers, with 10M+ photos shared each month. The digital picture frames powered by Uhale enable families and friends to connect and celebrate life’s milestones more easily than ever before.

“We are excited to see that RCA chose Uhale OS for their digital picture frames,” said Lewis Zhang, General Manager at Uhale. “Our OS enables RCA customers to easily share their most precious moments with friends and family.”

“By integrating Uhale’s easy-to-use software, we are enhancing our product offering and ensuring that families can easily share and relive their cherished moments,” said Tony Bozzini, President of RCA.

The RCA digital picture frames are now available on Amazon. With Uhale’s commitment to simplicity and flexibility, these picture frames offer a dynamic visual experience that connects loved ones regardless of distance. Families can now effortlessly share photos in real time, creating vibrant displays of cherished moments for everyone to enjoy.

About Uhale

Uhale, a Whale TV brand, is transforming how consumers share memories with its innovative smart solutions for digital photo frames. Uhale offers a seamless platform for sharing photos, celebrating milestones, and enjoying interactive features. By integrating advanced system software with a user-friendly mobile app, Uhale connects families and friends, transforming cherished moments into a dynamic visual experience. Designed for simplicity and flexibility, Uhale ensures that connecting with loved ones through these treasured moments is enjoyable and effortless.

About RCA

RCA is one of the most recognized names in the electronics industry, delivering innovative and reliable technology that has entertained families for over 100 years. Consumers worldwide depend on the RCA brand to provide products and services that feature the latest technology and design, are easy to use, and deliver the highest value and longevity. Generations of families continue to rely on the RCA brand for their home entertainment and lifestyle. RCA is a global trademark of Established.

View original content to download multimedia:https://www.prnewswire.com/news-releases/uhale-os-powers-latest-rca-digital-picture-frames-302302013.html

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CISCO REPORTS FIRST QUARTER EARNINGS

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SAN JOSE, Calif., Nov. 13, 2024 /PRNewswire/ — 

News Summary:

Broad-based acceleration in product orders reflecting normalizing demandProduct orders up 20% year over year; up 9% year over year excluding SplunkRevenue of $13.8 billion in Q1, at the high end of our guidance rangeStrong profitability:GAAP gross margin of 65.9% and non-GAAP gross margin of 69.3%, above our guidance rangeGAAP EPS of $0.68 and non-GAAP EPS of $0.91, above our guidance rangeQ1 FY 2025 Results:Revenue: $13.8 billionDecrease of 6% year over yearEarnings per Share: GAAP: $0.68; Non-GAAP: $0.91GAAP EPS decreased 24% year over yearNon-GAAP EPS decreased 18% year over yearQ2 FY 2025 Guidance:   Revenue: $13.75 billion to $13.95 billionEarnings per Share: GAAP: $0.51 to $0.56; Non-GAAP: $0.89 to $0.91FY 2025 Guidance:Revenue: $55.3 billion to $56.3 billionEarnings per Share: GAAP: $2.26 to $2.38; Non-GAAP: $3.60 to $3.66

Cisco today reported first quarter results for the period ended October 26, 2024. Cisco reported first quarter revenue of $13.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.7 billion or $0.68 per share, and non-GAAP net income of $3.7 billion or $0.91 per share.

“Cisco is off to a strong start to fiscal 2025,” said Chuck Robbins, chair and CEO of Cisco. “Our customers are investing in critical infrastructure to prepare for AI, and with the breadth of our portfolio, we are uniquely positioned to capitalize on this opportunity.”

“Revenue, gross margin and EPS in Q1 were at the high end or above our guidance range, generating strong operating leverage,” said Scott Herren, CFO of Cisco. “We are focused on solid execution and operating discipline while making strategic investments to drive innovation and growth.”

GAAP Results

Q1 FY 2025

Q1 FY 2024

Vs. Q1 FY 2024

Revenue

$              13.8 billion

$              14.7 billion

(6) %

Net Income

$               2.7  billion

$               3.6  billion

(25) %

Diluted Earnings per Share (EPS)

$                     0.68

$                     0.89

(24) %

Q1 FY 2025 GAAP results include a tax benefit of $720 million due to a recent U.S. Tax Court decision regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act.

Non-GAAP Results

Q1 FY 2025

Q1 FY 2024

Vs. Q1 FY 2024

Net Income

$               3.7   billion

$               4.5   billion

(19) %

EPS

$                      0.91

$                      1.11

(18) %

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”

Cisco Declares Quarterly Dividend

Cisco has declared a quarterly dividend of $0.40 per common share to be paid on January 22, 2025, to all stockholders of record as of the close of business on January 3, 2025. Future dividends will be subject to Board approval.

Financial Summary

All comparative percentages are on a year-over-year basis unless otherwise noted.

Q1 FY 2025 Highlights

Revenue — Total revenue was $13.8 billion, down 6%, with product revenue down 9% and services revenue up 6%. Excluding the contribution from Splunk, total revenue was down 14%.

Revenue by geographic segment was: Americas down 9%, EMEA down 2%, and APJC up 1%. Product revenue performance reflected growth in Security up 100% and Observability up 36%. Networking was down 23% and Collaboration was down 3%. Excluding Splunk, Security and Observability grew 2% and 1%, respectively, in the first quarter of fiscal 2025.

Gross Margin — On a GAAP basis, total gross margin, product gross margin, and services gross margin were 65.9%, 65.1%, and 68.0%, respectively, as compared with 65.2%, 64.5%, and 67.3%, respectively, in the first quarter of fiscal 2024.

On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 69.3%, 68.9%, and 70.3%, respectively, as compared with 67.1%, 66.5%, and 69.0%, respectively, in the first quarter of fiscal 2024.

Total gross margins by geographic segment were: 69.6% for the Americas, 70.3% for EMEA and 66.4% for APJC.

Operating Expenses — On a GAAP basis, operating expenses were $6.8 billion, up 28%, and were 48.9% of revenue. Non-GAAP operating expenses were $4.9 billion, up 9%, and were 35.2% of revenue.

Operating Income — GAAP operating income was $2.4 billion, down 45%, with GAAP operating margin of 17.0%. Non-GAAP operating income was $4.7 billion, down 12%, with non-GAAP operating margin at 34.1%.

Provision for (benefit from) Income Taxes — The GAAP tax provision rate was a benefit of 19.6%, which includes the $720 million benefit on deemed foreign dividends as discussed above. The non-GAAP tax provision rate was 19.0%.

Net Income and EPS — On a GAAP basis, net income was $2.7 billion, a decrease of 25%, and EPS was $0.68, a decrease of 24%. On a non-GAAP basis, net income was $3.7 billion, a decrease of 19%, and EPS was $0.91, a decrease of 18%.

Cash Flow from Operating Activities — $3.7 billion for the first quarter of fiscal 2025, an increase of 54%, compared with $2.4 billion for the first quarter of fiscal 2024.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments — $18.7 billion at the end of the first quarter of fiscal 2025, compared with $17.9 billion at the end of fiscal 2024.

Remaining Performance Obligations (RPO) — $40.0 billion, up 15% in total, with 51% of this amount to be recognized as revenue over the next 12 months. Product RPO were up 24% and services RPO were up 7%.

Deferred Revenue — $27.5 billion, up 7% in total, with deferred product revenue up 11%. Deferred services revenue was up 4%.

Capital Allocation — In the first quarter of fiscal 2025, we returned $3.6 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.40 per common share, or $1.6 billion, and repurchased approximately 40 million shares of common stock under our stock repurchase program at an average price of $49.56 per share for an aggregate purchase price of $2.0 billion. The remaining authorized amount for stock repurchases under the program is $3.2 billion with no termination date.

Acquisitions

In the first quarter of fiscal 2025, we closed the following acquisitions:

DeepFactor, Inc., a privately held cloud-native application security companyRobust Intelligence, Inc., a privately held AI security solutions company

Guidance

Cisco estimates the following results for the second quarter of fiscal 2025:

Q2 FY 2025

Revenue

$13.75 billion – $13.95 billion

Non-GAAP gross margin

68% – 69%

Non-GAAP operating margin

33.5% – 34.5%

Non-GAAP EPS

$0.89 – $0.91

Cisco estimates that GAAP EPS will be $0.51 to $0.56 for the second quarter of fiscal 2025.

Cisco estimates the following results for fiscal 2025:

FY 2025

Revenue

$55.3 billion – $56.3 billion

Non-GAAP EPS

$3.60 – $3.66

Cisco estimates that GAAP EPS will be $2.26 to $2.38 for fiscal 2025.

Our Q2 FY 2025 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 19% for non-GAAP results. Our FY 2025 guidance assumes an effective tax provision rate of approximately 9% for GAAP and approximately 19% for non-GAAP results.

A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled “GAAP to non-GAAP Guidance” located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”

Editor’s Notes:

Q1 fiscal year 2025 conference call to discuss Cisco’s results along with its guidance will be held on Wednesday, November 13, 2024 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).Conference call replay will be available from 4:00 p.m. Pacific Time, November 13, 2024 to 4:00 p.m. Pacific Time, November 19, 2024 at 1-866-360-7722 (United States) or 1-203-369-0174 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com.Additional information regarding Cisco’s financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, November 13, 2024. Text of the conference call’s prepared remarks will be available within 24 hours of completion of the call. The webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com.

 

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per-share amounts)

(Unaudited) 

Three Months Ended

October 26, 2024

October 28, 2023

REVENUE:

Product

$       10,114

$       11,139

Services

3,727

3,529

Total revenue

13,841

14,668

COST OF SALES:

Product

3,526

3,957

Services

1,194

1,154

Total cost of sales

4,720

5,111

GROSS MARGIN

9,121

9,557

OPERATING EXPENSES:

Research and development

2,286

1,913

Sales and marketing

2,752

2,506

General and administrative

795

672

Amortization of purchased intangible assets

265

67

Restructuring and other charges

665

123

Total operating expenses

6,763

5,281

OPERATING INCOME

2,358

4,276

Interest income

286

360

Interest expense

(418)

(111)

Other income (loss), net

41

(83)

Interest and other income (loss), net

(91)

166

INCOME BEFORE PROVISION FOR INCOME TAXES

2,267

4,442

Provision for (benefit from) income taxes

(444)

804

NET INCOME

$         2,711

$         3,638

Net income per share:

Basic

$           0.68

$           0.90

Diluted

$           0.68

$           0.89

Shares used in per-share calculation:

Basic

3,990

4,057

Diluted

4,013

4,087

 

CISCO SYSTEMS, INC.

REVENUE BY SEGMENT

(In millions, except percentages)

Three Months Ended

October 26, 2024

Amount

Y/Y %

Revenue:

Americas

$           8,252

(9) %

EMEA

3,588

(2) %

APJC

2,001

1 %

Total

$         13,841

(6) %

Amounts may not sum and percentages may not recalculate due to rounding.

 

CISCO SYSTEMS, INC.

GROSS MARGIN PERCENTAGE BY SEGMENT

(In percentages)

Three Months Ended

October 26, 2024

Gross Margin Percentage:

Americas

69.6 %

EMEA

70.3 %

APJC

66.4 %

 

CISCO SYSTEMS, INC.

REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES

(In millions, except percentages)

Three Months Ended

October 26, 2024

Amount

Y/Y %

Revenue:

Networking

$           6,753

(23) %

Security

2,017

100 %

Collaboration

1,085

(3) %

Observability

258

36 %

Total Product

10,114

(9) %

Services

3,727

6 %

Total

$         13,841

(6) %

Excluding Splunk, Security and Observability grew 2% and 1%, respectively, in the first quarter of fiscal 2025.

Amounts may not sum and percentages may not recalculate due to rounding.

 

CISCO SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

October 26, 2024

July 27, 2024

ASSETS

Current assets:

Cash and cash equivalents

$                9,065

$                7,508

Investments

9,606

10,346

Accounts receivable, net of allowance of $78 at October 26, 2024 and $87
at July 27, 2024

4,457

6,685

Inventories

3,143

3,373

Financing receivables, net

3,123

3,338

Other current assets

6,358

5,612

Total current assets

35,752

36,862

Property and equipment, net

2,082

2,090

Financing receivables, net

3,411

3,376

Goodwill

58,774

58,660

Purchased intangible assets, net

10,744

11,219

Deferred tax assets

6,514

6,262

Other assets

6,056

5,944

TOTAL ASSETS

$            123,333

$            124,413

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt

$              12,364

$              11,341

Accounts payable

1,996

2,304

Income taxes payable

2,096

1,439

Accrued compensation

2,861

3,608

Deferred revenue

15,615

16,249

Other current liabilities

5,610

5,643

Total current liabilities

40,542

40,584

Long-term debt

19,623

19,621

Income taxes payable

3,367

3,985

Deferred revenue

11,887

12,226

Other long-term liabilities

2,637

2,540

Total liabilities

78,056

78,956

Total equity

45,277

45,457

TOTAL LIABILITIES AND EQUITY

$            123,333

$            124,413

 

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended

October 26,
2024

October 28,
2023

Cash flows from operating activities:

Net income

$              2,711

$              3,638

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

Depreciation, amortization, and other

789

401

Share-based compensation expense

827

661

Provision (benefit) for receivables

(1)

4

Deferred income taxes

(281)

(513)

(Gains) losses on divestitures, investments and other, net

(60)

89

Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

Accounts receivable

2,227

979

Inventories

229

307

Financing receivables

173

25

Other assets

(190)

(290)

Accounts payable

(269)

(235)

Income taxes, net

(806)

(1,773)

Accrued compensation

(754)

(908)

Deferred revenue

(971)

259

Other liabilities

37

(273)

Net cash provided by operating activities

3,661

2,371

Cash flows from investing activities:

Purchases of investments

(1,775)

(1,850)

Proceeds from sales of investments

1,490

1,280

Proceeds from maturities of investments

1,164

2,497

Acquisitions, net of cash and cash equivalents acquired and divestitures

(217)

(876)

Purchases of investments in privately held companies

(42)

(13)

Return of investments in privately held companies

77

47

Acquisition of property and equipment

(217)

(134)

Other

(1)

1

Net cash provided by investing activities

479

952

Cash flows from financing activities:

Repurchases of common stock – repurchase program

(2,003)

(1,300)

Shares repurchased for tax withholdings on vesting of restricted stock units

(165)

(153)

Short-term borrowings, original maturities of 90 days or less, net

68

Issuances of debt

5,732

Repayments of debt

(4,821)

(750)

Dividends paid

(1,592)

(1,580)

Other

(3)

(17)

Net cash used in financing activities

(2,784)

(3,800)

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

10

(45)

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

1,366

(522)

Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period

8,842

11,627

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

$           10,208

$           11,105

Supplemental cash flow information:

Cash paid for interest

$                 545

$                 128

Cash paid for income taxes, net

$                 643

$              3,090

 

CISCO SYSTEMS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(In millions, except percentages)

October 26, 2024

July 27, 2024

October 28, 2023

Amount

Y/Y%

Amount

Y/Y%

Amount

Y/Y%

Product

$    19,882

24 %

$    20,055

27 %

$    16,011

14 %

Services

20,108

7 %

20,993

10 %

18,742

11 %

Total

$    39,990

15 %

$    41,048

18 %

$    34,753

12 %

We expect 51% of total RPO at October 26, 2024 will be recognized as revenue over the next 12 months.

 

CISCO SYSTEMS, INC.

DEFERRED REVENUE

(In millions)

October 26,
2024

July 27,
2024

October 28,

 2023

Deferred revenue:

Product

$       12,941

$       13,219

$       11,689

Services

14,561

15,256

13,970

Total

$       27,502

$       28,475

$       25,659

Reported as:

Current

$       15,615

$       16,249

$       13,812

Noncurrent

11,887

12,226

11,847

Total

$       27,502

$       28,475

$       25,659

 

CISCO SYSTEMS, INC.

DIVIDENDS PAID AND REPURCHASES OF COMMON STOCK

(In millions, except per-share amounts)

DIVIDENDS

STOCK REPURCHASE PROGRAM

TOTAL

Quarter Ended

Per Share

Amount

Shares

Weighted-Average
Price per Share

Amount

Amount

Fiscal 2025

October 26, 2024

$             0.40

$          1,592

40

$          49.56

$          2,003

$          3,595

Fiscal 2024

July 27, 2024

$             0.40

$          1,606

43

$          46.80

$          2,002

$          3,608

April 27, 2024

$             0.40

$          1,615

26

$          49.22

$          1,256

$          2,871

January 27, 2024

$             0.39

$          1,583

25

$          49.54

$          1,254

$          2,837

October 28, 2023

$             0.39

$          1,580

23

$          54.53

$          1,252

$          2,832

 

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

 

GAAP TO NON-GAAP NET INCOME

(In millions)

Three Months Ended

October 26,
2024

October 28,
2023

GAAP net income

$           2,711

$           3,638

Adjustments to cost of sales:

Share-based compensation expense

131

103

Amortization of acquisition-related intangible assets

319

181

Acquisition/divestiture-related costs

19

Total adjustments to GAAP cost of sales

469

284

Adjustments to operating expenses:

Share-based compensation expense

679

550

Amortization of acquisition-related intangible assets

265

67

Acquisition/divestiture-related costs

285

75

Russia-Ukraine war costs

(2)

Significant asset impairments and restructurings

665

123

Total adjustments to GAAP operating expenses

1,894

813

Adjustments to interest and other income (loss), net:

(Gains) and losses on investments

(98)

51

Total adjustments to GAAP interest and other income (loss), net

(98)

51

Total adjustments to GAAP income before provision for income taxes

2,265

1,148

Income tax effect of non-GAAP adjustments

(476)

(258)

Significant tax matters (1)

(829)

Total adjustments to GAAP provision for income taxes

(1,305)

(258)

Non-GAAP net income

$           3,671

$           4,528

(1) The three months ended October 26, 2024 include a $720 million benefit due to a recent U.S. Tax Court decision regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act.

 

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

 

GAAP TO NON-GAAP EPS

Three Months Ended

October 26,
2024

October 28,
2023

GAAP EPS

$              0.68

$             0.89

Adjustments to GAAP:

Share-based compensation expense

0.20

0.16

Amortization of acquisition-related intangible assets

0.15

0.06

Acquisition/divestiture-related costs

0.08

0.02

Significant asset impairments and restructurings

0.17

0.03

(Gains) and losses on investments

(0.02)

0.01

Income tax effect of non-GAAP adjustments

(0.12)

(0.06)

Significant tax matters

(0.21)

Non-GAAP EPS

$              0.91

$             1.11

Amounts may not sum due to rounding.

 

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

 

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND NET INCOME

(In millions, except percentages)

Three Months Ended

October 26, 2024

Product
Gross
Margin

Services

Gross

Margin

Total
Gross

Margin

Operating

Expenses

Y/Y

Operating
Income

Y/Y

Interest and

other income

 (loss), net

Net

Income

Y/Y

GAAP amount

$ 6,588

$ 2,533

$ 9,121

$ 6,763

28 %

$ 2,358

(45) %

$   (91)

$ 2,711

(25) %

% of revenue

65.1 %

68.0 %

65.9 %

48.9 %

17.0 %

(0.7) %

19.6 %

Adjustments to GAAP amounts:

Share-based compensation expense

57

74

131

679

810

810

Amortization of acquisition-related intangible assets

319

319

265

584

584

Acquisition/divestiture-related costs

5

14

19

285

304

304

Significant asset impairments and restructurings

665

665

665

(Gains) and losses on investments

(98)

(98)

Income tax effect/significant tax matters

(1,305)

Non-GAAP amount

$ 6,969

$ 2,621

$ 9,590

$ 4,869

9 %

$ 4,721

(12) %

$ (189)

$ 3,671

(19) %

% of revenue

68.9 %

70.3 %

69.3 %

35.2 %

34.1 %

(1.4) %

26.5 %

               

Three Months Ended

October 28, 2023

Product
Gross
Margin

Services

Gross

Margin

Total

Gross

Margin

Operating

Expenses

Operating

Income

Interest and

other income

 (loss), net

Net

Income

GAAP amount

$   7,182

$   2,375

$   9,557

$   5,281

$   4,276

$      166

$   3,638

% of revenue

64.5 %

67.3 %

65.2 %

36.0 %

29.2 %

1.1 %

24.8 %

Adjustments to GAAP amounts:

Share-based compensation expense

42

61

103

550

653

653

Amortization of acquisition-related intangible assets

181

181

67

248

248

Acquisition/divestiture-related costs

75

75

75

Significant asset impairments and restructurings

123

123

123

Russia-Ukraine war costs

(2)

(2)

(2)

(Gains) and losses on investments

51

51

Income tax effect/significant tax matters

(258)

Non-GAAP amount

$   7,405

$   2,436

$   9,841

$   4,468

$   5,373

$      217

$   4,528

% of revenue

66.5 %

69.0 %

67.1 %

30.5 %

36.6 %

1.5 %

30.9 %

Amounts may not sum and percentages may not recalculate due to rounding.

 

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

 

EFFECTIVE TAX RATE

(In percentages)

Three Months Ended

October 26, 2024

October 28, 2023

GAAP effective tax rate

(19.6) %

18.1 %

Total adjustments to GAAP provision for income taxes

38.6 %

0.9 %

Non-GAAP effective tax rate

19.0 %

19.0 %

 

GAAP TO NON-GAAP GUIDANCE

Q2 FY 2025

Gross Margin
Rate

Operating Margin

 Rate

Earnings per
Share (1)

GAAP

64.5% – 65.5%

20% – 21%

$0.51 – $0.56

Estimated adjustments for:

Share-based compensation expense

1.0 %

7.0 %

$0.18 – $0.19

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs

2.5 %

6.0 %

$0.16 – $0.17

Significant asset impairments and restructurings

0.5 %

$0.01 – $0.02

Non-GAAP

68% – 69%

33.5% – 34.5%

$0.89 – $0.91

 

FY 2025

Earnings per

 Share (1)

GAAP

$2.26 – $2.38

Estimated adjustments for:

Share-based compensation expense

$0.73 – $0.75

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs                                                          

$0.60 – $0.62

Significant asset impairments and restructurings

$0.18 – $0.20

(Gains) and losses on investments

($0.02)

Significant tax matters

($0.21)

Non-GAAP

$3.60– $3.66

(1) Estimated adjustments to GAAP earnings per share are shown after income tax effects.

Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on investments, significant tax matters, or other items, which may or may not be significant.

Forward Looking Statements, Non-GAAP Information and Additional Information

This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as our customers’ investments in critical infrastructure to prepare for AI, our position to capitalize on that opportunity given the breadth of our portfolio, and our focus on solid execution and operating discipline while making strategic investments to drive innovation and growth) and the future financial performance of Cisco (including the guidance for Q2 FY 2025 and full year FY 2025) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; our development and use of artificial intelligence; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market, cloud, enterprise and other customer markets; the return on our investments in certain key priority areas, and in certain geographical locations, as well as maintaining leadership in Networking and services; the timing of orders and manufacturing and customer lead times; supply constraints; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and services markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, other intellectual property, antitrust, stockholder and other matters, and governmental investigations; our ability to achieve the benefits of restructurings and possible changes in the size and timing of related charges; cyber attacks, data breaches or other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco’s most recent report on Form 10-K filed on September 5, 2024. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco’s most recent report on Form 10-K as it may be amended from time to time. Cisco’s results of operations for the three months ended October 26, 2024 are not necessarily indicative of Cisco’s operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.

This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco’s results of operations in conjunction with the corresponding GAAP measures.

Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.

For its internal budgeting process, Cisco’s management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition/divestiture-related costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, RussiaUkraine war costs, gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco’s management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.

Annualized recurring revenue represents the annualized revenue run-rate of active subscriptions, term licenses, operating leases and maintenance contracts at the end of a reporting period, net of rebates to customers and partners as well as certain other revenue adjustments. Includes both revenue recognized ratably as well as upfront on an annualized basis.

About Cisco

Cisco (Nasdaq: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more at newsroom.cisco.com and follow us on X at @Cisco.

Copyright © 2024 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks. Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.

RSS Feed for Cisco: https://newsroom.cisco.com/rss-feeds

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ANTERIX INC. REPORTS SECOND QUARTER FISCAL YEAR 2025 RESULTS

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WOODLAND PARK, N.J., Nov. 13, 2024 /PRNewswire/ — Anterix (NASDAQ: ATEX) today announced its second quarter fiscal 2025 results and filed its Form 10-Q for the three and six months ended September 30, 2024. The Company also issued an update on its Demonstrated Intent metric which can be found on Anterix’s website at https://www.investors.anterix.com/Q22025/.

“Our results in the second quarter of fiscal 2025 reflect Anterix’s strong market positioning and continued progress in our journey to drive 900 MHz private wireless broadband networks throughout the utility sector. In my first month as President and CEO at Anterix, I have been impressed by our team and the upcoming opportunities for our group. I see an incredible runway for Anterix to grow, with the value of private broadband networks to utilities being stronger than I have ever seen across my 30-year career,” commented Scott Lang, Anterix President and CEO.

“Looking ahead, I am extremely encouraged by our active customer pipeline and the discussions ongoing with prospective clients. In the coming months, we plan to have a dedicated focus on a number of key objectives from enhancing pipeline relationships and innovating our customer approach. The future is bright at Anterix, and I look forward to updating the market on our progress in the quarters ahead.”

Financial and Operational Highlights

Cash and cash equivalents of $43.1 million as of September 30, 2024Received a $7.5 million milestone payment from Ameren CorporationApproximately $168 million of contracted proceeds due to be received with $110 million expected through fiscal 2026Spectrum clearing costs of $5.5 millionApproximately $3 billion pipeline of prospective contract opportunities across 60+ potential customers

Liquidity and Balance Sheet

At September 30, 2024, Anterix had no debt and cash and cash equivalents of $43.1 million. In addition, the Company had a restricted cash balance of $7.6 million in escrow deposits.

The Company has an authorized share repurchase program for up to $250.0 million of the Company’s common stock on or before September 21, 2026. In the fiscal second quarter of 2025, Anterix did not have any share repurchase activity and approximately $234.0 million remains under the current share repurchase program as of September 30, 2024.

Conference Call Information

Anterix senior management will hold an analyst and investor conference call to provide a business update at 9:00 A.M. ET on Thursday November 14, 2024. Interested parties can participate in the call by dialing 1-833-816-1120 and asking the operator to be joined into the Anterix call. International callers should dial 1-412-317-1861. A replay of the call will be accessible on the Investor Relations section of Anterix’s website at https://www.anterix.com/events/.

About Anterix Inc. 

At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements such as statements in this press release related to the Anterix’s business or financial results or outlook. Actual events or results may differ materially from those contemplated in this press release. Forward-looking statements speak only as of the date they are made and readers are cautioned not to put undue reliance on such statements, as they are subject to a number of risks and uncertainties that could cause Anterix’s actual future results to differ materially from results indicated in the forward-looking statement. Such statements are based on assumptions that could cause actual results to differ materially from those in the forward-looking statements, including: (i) the timing of payments under customer agreements, (ii) Anterix’s ability to clear the 900 MHz Broadband Spectrum on a timely basis and on commercially reasonable terms; and (iii) Anterix’s ability to qualify for and timely secure broadband licenses. Actual events or results may differ materially from those contemplated in this press release. Anterix’s filings with the Securities and Exchange Commission (“SEC”), which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect the Company’s financial outlook, business, results of operations and financial condition. Anterix undertakes no obligation to update publicly or revise any forward-looking statements contained herein.

Shareholder Contact 

Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com  

Anterix Inc.

Earnings Release Tables

Consolidated Balance Sheets

(in thousands, except share and per share data)

September 30, 2024

March 31, 2024

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$                 43,129

$                 60,578

Spectrum receivable

12,063

8,521

Prepaid expenses and other current assets

1,582

3,912

Total current assets

56,774

73,011

Escrow deposits

7,608

7,546

Property and equipment, net

1,726

2,062

Right of use assets, net

4,987

4,432

Intangible assets

221,863

216,743

Deferred broadband costs

23,759

19,772

Other assets

520

1,328

Total assets

$               317,237

$               324,894

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable and accrued expenses

$                   7,086

$                   8,631

Operating lease liabilities

1,806

1,850

Contingent liability

1,000

1,000

Deferred revenue

5,915

6,470

Total current liabilities

15,807

17,951

Operating lease liabilities

3,845

3,446

Contingent liability

25,000

15,000

Deferred revenue

120,712

115,742

Deferred gain on sale of intangible assets

4,911

4,911

Deferred income tax

7,670

6,281

Other liabilities

229

531

Total liabilities

178,174

163,862

Commitments and contingencies

Stockholders’ equity

Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized and
no shares outstanding at September 30, 2024 and March 31, 2024

Common stock, $0.0001 par value per share, 100,000,000 shares authorized and
18,618,271 shares issued and outstanding at September 30, 2024 and 18,452,892
shares issued and outstanding at March 31, 2024

2

2

Additional paid-in capital

541,551

533,203

Accumulated deficit

(402,490)

(372,173)

Total stockholders’ equity

139,063

161,032

Total liabilities and stockholders’ equity

$               317,237

$               324,894

 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

Three months ended September 30,

Six months ended September 30,

2024

2023

2024

2023

Spectrum revenue

$             1,551

$              1,052

$              3,076

$              1,660

Operating expenses

General and administrative

11,397

11,905

24,248

23,578

Sales and support

1,357

1,310

3,207

2,585

Product development

1,776

1,147

3,526

2,216

Depreciation and amortization

151

209

330

455

Operating expenses

14,681

14,571

31,311

28,834

Gain on disposal of intangible assets, net

(8,513)

(93)

(19,298)

Gain on sale of intangible assets, net

(7,332)

(7,332)

Loss from disposal of long-lived assets, net

67

36

(Loss) gain from operations

(13,130)

2,259

(28,142)

(580)

Interest income

585

396

1,279

782

Other income

9

63

25

158

(Loss) income before income taxes

(12,536)

2,718

(26,838)

360

Income tax expense

230

645

1,452

405

Net (loss) income

$         (12,766)

$              2,073

$          (28,290)

$                 (45)

Net (loss) income per common share basic

$              (0.69)

$                0.11

$              (1.53)

$                   —

Net (loss) income per common share diluted

$              (0.69)

$                0.11

$              (1.53)

$                   —

Weighted-average common shares used to compute
basic net (loss) income per share

18,586,075

18,921,126

18,531,169

18,935,929

Weighted-average common shares used to compute
diluted net (loss) income per share

18,586,075

19,109,394

18,531,169

18,935,929

 

Anterix Inc.

Earnings Release Tables

Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Three months ended September 30,

Six months ended September 30,

2024

2023

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss (income)

$          (12,766)

$              2,073

$          (28,290)

$                 (45)

Adjustments to reconcile net loss to net cash (used in)
provided by operating activities

Depreciation and amortization

151

209

330

455

Stock compensation expense

3,408

3,838

7,754

8,103

Deferred income taxes

332

645

1,389

373

Right of use assets

398

262

832

545

Gain on disposal of intangible assets, net

(8,513)

(93)

(19,298)

Gain on sale of intangible assets, net

(7,332)

(7,332)

Loss from disposal of long-lived assets, net

67

36

Changes in operating assets and liabilities

Prepaid expenses and other assets

551

225

1,525

788

Accounts payable and accrued expenses

21

(795)

(1,537)

374

Due to related parties

(533)

Operating lease liabilities

(501)

(371)

(1,032)

(759)

Contingent liability

10,000

Deferred revenue

5,940

20,114

4,415

19,506

Other liabilities

(182)

(302)

Net cash (used in) provided by operating
activities

(2,648)

10,422

(5,009)

2,213

CASH FLOWS FROM INVESTING ACTIVITIES

Purchases of intangible assets, including refundable
deposits, retuning costs and swaps

(5,504)

(4,907)

(10,904)

(10,077)

Proceeds from sale of spectrum

25,178

25,178

Purchases of equipment

(41)

(187)

(41)

(212)

Net cash (used in) provided by investing
activities

(5,545)

20,084

(10,945)

14,889

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from stock option exercises

343

1,960

7

Repurchases of common stock

(10,735)

(2,027)

(10,735)

Payments of withholding tax on net issuance of
restricted stock

(705)

(270)

(1,366)

(1,022)

Net cash used in financing activities

(362)

(11,005)

(1,433)

(11,750)

Net change in cash and cash equivalents
and restricted cash

(8,555)

19,501

(17,387)

5,352

CASH AND CASH EQUIVALENTS AND
RESTRICTED CASH

Cash and cash equivalents and restricted cash at
beginning of the period

59,292

29,033

68,124

43,182

Cash and cash equivalents and restricted cash at
end of the period

$           50,737

$           48,534

$           50,737

$           48,534

SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION

Cash paid during the period:

Taxes paid

$                 885

$                     1

$                 885

$                     1

Operating leases paid

$                 606

$                 578

$              1,199

$              1,152

Non-cash investing activity:

Network equipment provided in exchange for
wireless licenses

$                   —

$                 130

$                   47

$                 568

Deferred gain on sale of intangible assets

$                   —

$              4,889

$                   —

$              4,889

Derecognition of contingent liability related to sale
of intangible assets

$                   —

$            18,840

$                   —

$            18,840

Right of use assets new leases

$                   42

$                   41

$                 290

$                 106

Right of use assets modifications and renewals

$                 850

$                   55

$              1,097

$                   55

The following tables provide a reconciliation of cash and cash equivalents and restricted cash reported on the Consolidated Balance Sheets that sum to the total of the same such amounts on the Consolidated Statements of Cash Flows:

September 30, 2024

June 30, 2024

March 31, 2024

Cash and cash equivalents

$                 43,129

$             51,715

$                 60,578

Escrow deposits

7,608

7,577

7,546

Total cash and cash equivalents and restricted cash

$                 50,737

$             59,292

$                 68,124

September 30, 2023

June 30, 2023

March 31, 2023

Cash and cash equivalents

$                 48,534

$             29,033

$                 43,182

Escrow deposits

Total cash and cash equivalents and restricted cash

$                 48,534

$             29,033

$                 43,182

 

Anterix Inc.

Earnings Release Tables

Other Financial Information

(Unaudited, in thousands except per share data)

Three months ended September 30,

Six months ended September 30,

2024

2023

2024

2023

Number of shares repurchased and retired

333

63

333

Average price paid per share*

$                   —

$              32.69

$              32.47

$              32.69

Total cost to repurchase

$                   —

$           10,735

$              2,027

$           10,735

*

Average price paid per share includes costs associated with the repurchases.

As of September 30, 2024, $234.0 million is remaining under the share repurchase program.

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Itron and PG&E Collaborate to Enable Real-Time Control of Electric Vehicle Charging with Grid Edge Intelligence

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Innovative EV Connect Program Makes EV Charging More Accessible and Affordable for Customers

LIBERTY LAKE, Wash. and SAN JOSE, Calif., Nov. 13, 2024 /PRNewswire/ — Itron, Inc. (NASDAQ: ITRI) and Pacific Gas and Electric Company (PG&E) are collaborating to make electric vehicle (EV) charging more accessible and affordable for PG&E’s customers.

As part of exploring ways to modernize its electric meter network, PG&E is working with Itron on a customer-focused pilot to develop and test the management of EV charging loads in real-time, with the goal of significantly lowering the barrier for customers to charge their EV at home by avoiding the need for costly customer electric panel and service upgrades.

“In collaboration with Itron and our EV solution providers, PG&E is working to give more of our customers access to faster charging at home through a safe and affordable alternative to panel and service upgrades. This solution makes EV adoption easier because customers can avoid out-of-pocket expenses and get faster Level 2 EV charging immediately, while keeping vehicle charging within safe grid limits,” said Mike Delaney, Vice President, Utility Partnerships and Innovation, PG&E.

Typically, a Level 2 EV charger requires a 200-amp service to the customer’s home. A Level 2 charger is up to 15 times faster than plugging into a standard wall outlet and allows drivers to fill an all-electric vehicle from empty overnight. If a customer has 100-amp service, which is the case for about half of the existing homes in PG&E’s service area, upgrading to a 200-amp panel and service can cost customers thousands of dollars and take months to complete.

Unlike typical cloud-only software-based integrations that exchange information only a few times a day, the EV Connect program is unique in that it uses distributed intelligence (DI) edge computing that operates on a customer’s electric meter directly. This on-meter application connects to, and coordinates with, the customer’s EV charger to keep charging within their panel and utility grid limits. The combined solution enables a customer to avoid the cost of panel and service upgrades while still being able to install and operate faster Level 2 EV charging at home.

The innovative EV Connect program is the first of its kind and combines elements of consumer engagement, advanced edge compute capabilities and broad industry collaboration to provide a cost-effective, consumer-friendly, secure end-to-end solution that increases access to electric vehicle charging for PG&E’s customers.

“The EV Connect collaboration with our longtime customer, PG&E, illustrates the possibilities of Itron’s Grid Edge Intelligence portfolio. The utility can deploy additional capabilities to its existing Itron communications network to enable intelligence at the grid edge and help end-use customers avoid the financial burden and wait time associated with upgrading service panels and residential service conductors,” said Don Reeves, senior vice president of Outcomes at Itron. “This is just one example of the possibilities for distributed energy resource management enabled by Itron’s technology platform. By deploying grid edge intelligence, we can help consumers and utilities avoid costly upgrades whatever the source of the demand, such as thermostats, water heaters, appliances, pool pumps, photovoltaic inverters and more.”

The initial scope of the EV Connect pilot program will support up to 1,000 residential customers who currently own or are considering purchasing an EV and have panel or service limitations that prevent them from installing a Level 2 EV charger at home. PG&E will replace customers’ existing electric SmartMeters™ with Itron Riva meters, enabling them to immediately install and utilize Level 2 chargers available within the program. PG&E and Itron plan to launch the new pilot offering in early 2025, with larger availability in the second half of 2025.

Depending on learnings and the success of the pilot program, PG&E will evaluate extending the program to be broadly available on an ongoing basis.

Itron is demonstrating the EV Connect application at PG&E’s 2024 Innovation Summit on Nov. 13, 2024 in San Jose.

Media can access videos, still photos and news releases from the Innovation Summit here: 2024 PG&E Innovation Summit – Multimedia Access Link

More details about the EV Connect program will be available on the PG&E website in early 2025.

About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE: PCG), is a combined natural gas and electric utility serving more than sixteen million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.  

About Itron
Itron is a proven global leader in energy, water, smart city, IIoT and intelligent infrastructure services. For utilities, cities and society, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness. By safeguarding our invaluable natural resources today and tomorrow, we improve the quality of life for people around the world. Join us: www.itron.com.

Itron and the Itron Logo are registered trademarks of Itron, Inc in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

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SOURCE Pacific Gas and Electric Company

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