Technology
IAS Reports Fourth Quarter and Full Year 2023 Financial Results
Published
8 months agoon
By
Fourth quarter revenue increased 14% to $134.3 million
Fourth quarter net income of $10.2 million at an 8% margin; fourth quarter adjusted EBITDA increased 19% to $47.5 million at a 35% margin
NEW YORK, Feb. 27, 2024 /PRNewswire/ — Integral Ad Science Holding Corp. (Nasdaq: IAS), a leading global media measurement and optimization platform, today announced financial results for the fourth quarter and full year ended December 31, 2023.
“We ended 2023 with strong fourth quarter performance across optimization and measurement with revenue growth of 16% and 18%, respectively,” said Lisa Utzschneider, CEO of IAS. “Social media revenue increased 37% in the fourth quarter as marketers trusted IAS to maximize their advertising spend globally, particularly in short-form video. In 2024, we will continue to invest in data science and innovate with AI to empower marketers with actionable data to drive superior results. We expect to deliver double-digit revenue growth for the full year.”
Fourth Quarter 2023 Financial Highlights
Total revenue was $134.3 million, a 14% increase compared to $117.4 million in the prior-year period.Optimization revenue was $63.6 million, a 16% increase compared to $55.1 million in the prior-year period.Measurement revenue was $52.6 million, an 18% increase compared to $44.7 million in the prior-year period.Publisher revenue was $18.1 million, a 2% increase compared to $17.6 million in the prior-year period.International revenue, excluding the Americas, was $43.3 million, a 16% increase compared to $37.3 million in the prior-year period, or 32% of total revenue for the fourth quarter of 2023.Gross profit was $106.0 million, an 11% increase compared to $95.5 million in the prior-year period. Gross profit margin was 79% for the fourth quarter of 2023.Net income was $10.2 million, or $0.06 per basic and diluted share, compared to $11.5 million, or $0.07 per basic and diluted share, in the prior-year-period. Net income margin was 8% for the fourth quarter of 2023.Adjusted EBITDA* was $47.5 million, a 19% increase compared to $40.0 million in the prior-year period. Adjusted EBITDA* margin was 35% for the fourth quarter of 2023.
Full Year 2023 Financial Highlights
Total revenue was $474.4 million, a 16% increase compared to $408.3 million in the prior year.Optimization revenue was $224.5 million, an 18% increase compared to $190.6 million in the prior year.Measurement revenue was $186.0 million, a 20% increase compared to $154.9 million in the prior year.Publisher revenue was $63.8 million, a 2% increase compared to $62.8 million in the prior year.International revenue, excluding the Americas, was $146.8 million, a 14% increase compared to $129.1 million in the prior year, or 31% of total revenue for the full year 2023.Gross profit was $375.0 million, a 13% increase compared to $332.6 million in the prior year. Gross profit margin was 79% for the full year 2023.Net income was $7.2 million, or $0.04 per diluted share, compared to $15.4 million, or $0.10 per basic and diluted share, in the prior year. Net income margin was 2% for the full year 2023.Adjusted EBITDA* was $159.5 million, a 26% increase compared to $126.6 million in the prior year. Adjusted EBITDA* margin was 34% for the full year 2023.Cash and cash equivalents were $124.8 million at December 31, 2023.
Recent Business Highlights
Meta Expansion – In February, IAS announced the availability of its AI-driven Total Media Quality (TMQ) brand safety and suitability measurement product across Facebook and Instagram Feed and Reels. IAS’s new post-bid brand safety and suitability expansion with Meta gives advertisers increased transparency into whether their campaigns are appearing next to safe and suitable content.IAS MRC Continuing Accreditation for Measurement of Meta Platforms – In January, IAS received continuing accreditation from the MRC for viewability measurement of Meta, including impressions and two-second video viewability, on Facebook Feed and Instagram Feed and Stories.YouTube TMQ Expansion – During the fourth quarter, IAS expanded its partnership to YouTube Shorts to offer its brand safety and suitability measurement product to advertisers for YouTube Shorts inventory, as part of its existing Total Media Quality for YouTube product suite.X Expansion – In February, IAS expanded its partnership with X to all U.S. advertisers. IAS classifies all vertical video ad adjacencies for brand safety and suitability aligned to the GARM framework, giving advertisers maximum control over where their ads appear on the X vertical video feed.Quality Attention Expansion – In January, IAS announced the general availability of its Quality Attention measurement product. Quality Attention uses advanced machine learning technology, actionable data from Lumen Research’s eye-tracking technology, and a variety of signals obtained as part of IAS’s core technology.
Financial Outlook
“We reported profitable growth in the fourth quarter with a 14% revenue increase at a 35% adjusted EBITDA* margin,” said Tania Secor, CFO of IAS. “As we move through 2024, we expect to ramp both revenue growth and profitability from forecasted first quarter levels as we expand availability and customer adoption of new products. We also plan to maintain our strong financial profile and healthy balance sheet.”
IAS is introducing the following financial outlook for the first quarter and full year 2024:
First Quarter Ending March 31, 2024:
Total revenue of $111 million to $113 millionAdjusted EBITDA* of $28 million to $30 million
Year Ending December 31, 2024:
Total revenue of $530 million to $540 millionAdjusted EBITDA* of $171 million to $179 million
* See “Supplemental Disclosure Regarding Non-GAAP Financial Information” section herein for an explanation of Non-GAAP measures. IAS is unable to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net income (loss), the most closely comparable GAAP measure, because certain material reconciling items, such as depreciation and amortization, interest expense, income tax expense (benefit), restructuring and severance costs, and acquisition and integration costs, 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 first quarter of 2024 in the range of $14 million to $16 million and for the full year 2024 in the range of $72 million to $76 million. A reconciliation is not available without unreasonable effort.
INTEGRAL AD SCIENCE HOLDING CORP.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
December 31, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$ 124,759
$ 86,877
Restricted cash
54
45
Accounts receivable, net
74,609
67,884
Unbilled receivables
46,548
41,550
Prepaid expenses and other current assets
18,959
24,761
Due from related party
—
29
Total current assets
264,929
221,146
Property and equipment, net
3,769
2,412
Internal use software, net
40,301
23,642
Intangible assets, net
178,908
217,558
Goodwill
675,282
674,094
Operating lease right-of-use assets, net
21,668
22,787
Deferred tax asset, net
2,465
2,020
Other long-term assets
4,402
5,024
Total assets
$ 1,191,724
$ 1,168,683
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses
$ 72,232
$ 60,799
Operating lease liabilities, current
9,435
6,749
Due to related party
121
122
Deferred revenue
682
99
Total current liabilities
82,470
67,769
Deferred tax liability, net
20,367
45,495
Long-term debt
153,725
223,262
Operating lease liabilities, non-current
19,523
22,875
Other long-term liabilities
6,183
1,066
Total liabilities
282,268
360,467
Commitments and Contingencies
Stockholders’ Equity
Preferred Stock, $0.001 par value, 50,000,000 shares authorized at December 31, 2023; 0
shares issued and outstanding at December 31, 2023 and 2022
—
—
Common Stock, $0.001 par value, 500,000,000 shares authorized at December 31, 2023,
158,757,620 and 153,990,128 shares issued and outstanding at December 31, 2023 and
2022, respectively
159
154
Additional paid-in-capital
901,259
810,186
Accumulated other comprehensive loss
(916)
(2,899)
Accumulated earnings
8,954
775
Total stockholders’ equity
909,456
808,216
Total liabilities and stockholders’ equity
$ 1,191,724
$ 1,168,683
INTEGRAL AD SCIENCE HOLDING CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)
Three months ended December 31,
Year ended December 31,
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
2023
2022
2023
2022
Revenue
$ 134,295
$ 117,435
$ 474,369
$ 408,348
Operating expenses:
Cost of revenue (excluding depreciation and amortization shown below)
28,252
21,891
99,352
75,755
Sales and marketing
30,423
28,325
117,989
106,286
Technology and development
19,056
22,280
72,906
76,351
General and administrative
25,961
23,572
111,634
79,654
Depreciation and amortization
14,593
12,811
54,966
50,396
Foreign exchange (gain) loss, net
(501)
1,246
430
4,749
Total operating expenses
117,784
110,125
457,277
393,191
Operating income
16,511
7,310
17,092
15,157
Interest expense, net
(2,489)
(3,194)
(12,236)
(9,053)
Employee retention tax credit
—
—
—
6,981
Net income before income taxes
14,022
4,116
4,856
13,085
(Provision) benefit from income taxes
(3,858)
7,371
2,382
2,288
Net income
$ 10,164
$ 11,487
$ 7,238
$ 15,373
Net income per share:
Basic
$ 0.06
$ 0.07
$ 0.05
$ 0.10
Diluted
$ 0.06
$ 0.07
$ 0.04
$ 0.10
Weighted average shares outstanding:
Basic
158,243,619
153,792,438
156,272,335
154,699,694
Diluted
163,060,805
155,288,725
161,723,131
157,258,083
Other comprehensive income:
Foreign currency translation adjustments
2,772
8,634
1,983
(2,584)
Total comprehensive income
$ 12,936
$ 20,121
$ 9,221
$ 12,789
INTEGRAL AD SCIENCE HOLDING CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’/MEMBERS’ EQUITY
Members’ Interest
Common Stock
(IN THOUSANDS, EXCEPT UNITS
AND SHARES DATA)
Units
Amount
Shares
Amount
Additional
paid-in
capital
Accumulated
other
comprehensive
income (loss)
Accumulated
earnings
(deficit)
Total members’/
stockholders’
equity
Balances at January 1, 2021
134,039,494
$ 553,717
—
$ —
$ —
$ 4,523
$ (126,761)
$ 431,479
Repurchase of units
(99,946)
(413)
—
—
—
—
(791)
(1,204)
Units vested
17,486
—
—
—
—
—
—
—
Option exercises
246,369
1,075
—
—
3,360
—
—
4,435
Foreign currency translation
adjustment
—
—
—
—
—
(4,838)
—
(4,838)
Net loss prior to corporate conversion
—
—
—
—
—
—
(37,832)
(37,832)
Conversion to Delaware corporation
(134,203,403)
(554,379)
134,203,403
134
388,860
—
165,385
—
Rounding units/shares as a result of
corporate conversion
—
—
(17)
—
—
—
—
—
Stock-based compensation
—
—
—
—
55,222
—
—
55,222
RSUs vested
—
—
26,931
—
150
—
—
150
Issuance of common stock in
connection with initial public offering
—
—
16,821,330
17
274,340
—
—
274,357
Issuance of common stock for Publica
acquisition
—
—
2,888,889
3
49,628
—
—
49,631
Issuance of common stock for Context
acquisition
—
—
457,959
—
10,391
—
—
10,391
Net loss
—
—
—
—
—
—
(14,600)
(14,600)
Balances at December 31, 2021
—
$ —
154,398,495
$ 154
$ 781,951
$ (315)
$ (14,600)
$ 767,190
RSUs vested
—
—
1,084,966
1
—
—
—
1
Option exercises
—
—
1,586,728
2
7,153
—
—
7,155
Stock-based compensation
—
—
—
—
44,733
—
—
44,733
Foreign currency translation
adjustment
—
—
—
—
—
(2,584)
—
(2,584)
Repurchase of common stock
—
—
(3,080,061)
(3)
(23,652)
—
—
(23,655)
Net income
—
—
—
—
—
—
15,373
15,373
Balances at December 31, 2022
—
$ —
153,990,128
$ 154
$ 810,186
$ (2,899)
$ 775
$ 808,216
RSUs and MSUs vested
—
—
3,492,130
4
—
—
—
4
Option exercises
—
—
1,001,793
1
7,988
—
—
7,989
ESPP purchase
—
—
273,569
—
2,306
—
—
2,306
Stock-based compensation
—
—
—
—
80,779
—
—
80,779
Foreign currency translation adjustment
—
—
—
—
—
1,983
—
1,983
Adoption of ASC 326, net of tax
—
—
—
—
—
—
941
941
Net income
—
—
—
—
—
—
7,238
7,238
Balances at December 31, 2023
—
$ —
158,757,620
$ 159
$ 901,259
$ (916)
$ 8,954
$ 909,456
INTEGRAL AD SCIENCE HOLDING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year ended December 31,
(IN THOUSANDS)
2023
2022
Cash flows from operating activities:
Net income
$ 7,238
$ 15,373
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
54,966
50,396
Stock-based compensation
81,103
44,752
Foreign exchange (gain) loss, net
(484)
5,233
Deferred tax benefit
(21,531)
(8,880)
Amortization of debt issuance costs
463
464
Allowance for credit losses
3,816
1,837
Employee retention tax credit
—
(6,981)
Impairment of assets
33
974
Changes in operating assets and liabilities:
Increase in accounts receivable
(8,148)
(18,581)
Increase in unbilled receivables
(4,685)
(5,830)
Decrease (increase) in prepaid expenses and other current assets
6,418
(10,641)
Increase in operating leases, net
(29)
(852)
Decrease (increase) in other long-term assets
375
(1,057)
Increase in accounts payable and accrued expenses and other long-term liabilities
11,478
6,286
Increase (decrease) in deferred revenue
582
(88)
Increase in due to/from related party
28
62
Net cash provided by operating activities
131,623
72,467
Cash flows from investing activities:
Payment for acquisitions, net of acquired cash
(966)
(1,603)
Purchase of property and equipment
(1,975)
(2,016)
Acquisition and development of internal use software and other
(31,777)
(14,673)
Net cash used in investing activities
(34,718)
(18,292)
Cash flows from financing activities:
Repayment of long-term debt
(145,000)
(35,000)
Repayment of short-term debt
—
(1,816)
Proceeds from the Revolver
75,000
15,000
Proceeds from exercise of stock options
7,989
7,155
Payments for repurchase of common stock
—
(23,655)
Cash received from Employee Stock Purchase Program (ESPP)
3,160
845
Net cash used in financing activities
(58,851)
(37,471)
Net increase in cash, cash equivalents, and restricted cash
38,054
16,704
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
(435)
(3,111)
Cash, cash equivalents, and restricted cash, at beginning of year
89,671
76,078
Cash, cash equivalents, and restricted cash, at end of year
$ 127,290
$ 89,671
Supplemental Disclosures:
Cash paid during the year for:
Interest
$ 11,229
$ 8,511
Taxes
$ 10,985
$ 16,396
Non-cash investing and financing activities:
Property and equipment acquired included in accounts payable
$ 431
$ 97
Internal use software acquired included in accounts payable
$ 1,444
$ 1,517
Lease liabilities arising from right of use assets
$ 6,282
$ 29,624
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/loss before depreciation and amortization, stock-based compensation, interest expense, income taxes, restructuring and severance costs, acquisition and integration costs, foreign exchange gains and losses, 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, 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.
Reconciliation of historical Adjusted EBITDA and corresponding margin to their most directly comparable GAAP financial measures, net income/loss and corresponding margin 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 December 31,
Year ended December 31,
(in thousands, except percentages)
2023
2022
2023
2022
Net income
$ 10,164
$ 11,487
$ 7,238
$ 15,373
Depreciation and amortization
14,593
12,811
54,966
50,396
Stock-based compensation
15,462
11,645
81,103
44,752
Interest expense, net
2,489
3,194
12,236
9,053
Provision (benefit) from income taxes
3,858
(7,371)
(2,382)
(2,288)
Restructuring and severance costs
1,054
5,904
4,028
10,321
Acquisition and integration costs
—
118
—
97
Foreign exchange (gain) loss, net
(501)
1,246
430
4,798
Employee retention tax credit
—
—
—
(6,981)
Offering costs, impairments and other costs
396
1,003
1,913
1,058
Adjusted EBITDA
$ 47,515
$ 40,037
$ 159,532
$ 126,579
Revenue
$ 134,295
$ 117,435
$ 474,369
$ 408,348
Net income margin
8 %
10 %
2 %
4 %
Adjusted EBITDA margin
35 %
34 %
34 %
31 %
Stock-Based Compensation
Three months ended December 31,
Year ended December 31,
(in thousands)
2023
2022
2023
2022
Cost of revenue
$ 124
$ 249
$ 452
$ 507
Sales and marketing
5,512
2,871
23,371
13,520
Technology and development
4,104
2,958
17,538
9,937
General and administrative
5,722
5,567
39,742
20,788
Total stock-based compensation
$ 15,462
$ 11,645
$ 81,103
$ 44,752
Conference Call and Webcast Information
IAS will host a conference call and live webcast to discuss its fourth quarter and full year 2023 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, safety, 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 and business. 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, expenditures, cash flows, growth rates and financial results or our plans and objectives for future operations, growth initiatives or strategies 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; (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 / Lauren Hartman
ir@integralads.com
Media Contact:
press@integralads.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/ias-reports-fourth-quarter-and-full-year-2023-financial-results-302073075.html
SOURCE Integral Ad Science, Inc.
You may like
Technology
EVERSANA Transforms Pharmacovigilance & Drug Safety Industry with Oracle Collaboration, New Global Patient Support Model
Published
48 mins agoon
October 10, 2024By
CHICAGO, Oct. 10, 2024 /PRNewswire/ — EVERSANA, a leading provider of global commercialization services to the life sciences industry, today announced transformational elements to its pharmacovigilance and drug safety offering to meet the growing needs of the industry.
First, EVERSANA has signed an agreement with Oracle Argus Cloud to offer comprehensive features and functionalities including AI-enabled automation, workflow optimization, and conditional touchless processing to manage rapidly increasing caseloads and changing regulations across the life sciences industry. Several EVERSANA pharmacovigilance customers have transitioned to the platform, and all future customers can benefit from the unmatched power of the leading drug safety management system.
Additionally, as an Oracle Partner Network Member since 2023, EVERSANA is committed to investing and growing its drug safety management capabilities and is now promoted by Oracle to global customers for our pharmacovigilance and implementation services.
Both milestones reinforce EVERSANA’s continued growth in drug safety management capabilities and the role it plays in commercialization success.
“We believe that pharmacovigilance services across the life sciences industry are powered by innovation and transformational thinking,” said Jim Lang, CEO, EVERSANA. “Together with Oracle’s leading systems, we are doing just this, combining our experience and operational excellence with best-in-class systems to drive better outcomes and put patient safety first.”
Complimenting Technology Solutions with New Global Support Model with Leading Skilled Workforce
In addition to the power of technology to drive greater efficiency and operational excellence, EVERSANA has also rapidly expanded its global medical information contact center capabilities. The company now offers multi-language and around-the-clock support across four regional hubs including North America, Europe, India and Japan. Here, trained experts are available to answer calls from clinicians, patients, and caregivers in their native language to ensure they have the latest information on therapy and can report any adverse effects or product complaints as necessary.
“Today’s drug safety industry demands that service providers deliver critical medical information to doctors and patients in their region and at any time,” noted Lang. “Our investments in global experts top talent and transformational technology will help bring this commitment to life.”
To learn more about EVERSANA’s global compliance services and pharmacovigilance offering, click here.
About EVERSANA®
EVERSANA® is a leading independent provider of global services to the life sciences industry. The company’s integrated solutions are rooted in the patient experience and span all stages of the product life cycle to deliver long-term, sustainable value for patients, prescribers, channel partners and payers. The company serves more than 650 organizations, including innovative start-ups and established pharmaceutical companies, to advance life sciences solutions for a healthier world. To learn more about EVERSANA, visit eversana.com or connect through LinkedIn and X.
MEDIA CONTACTS
EVERSANA
Matt Braun
Vice President, Corporate Communications
E-mail: matt.braun@eversana.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/eversana-transforms-pharmacovigilance–drug-safety-industry-with-oracle-collaboration-new-global-patient-support-model-302272577.html
SOURCE EVERSANA
Technology
2024 ASCAP Lab “AI and the Business of Music” Challenge Teams Revealed
Published
48 mins agoon
October 10, 2024By
Upcoming ASCAP VERSED Podcast Explores Benefits of Teams’ Music Industry Tools
NEW YORK, Oct. 10, 2024 /PRNewswire/ — The ASCAP Lab, ASCAP’s innovation initiative, announces the cohort for the 2024 AI and the Business of Music Challenge. The ASCAP Lab Challenge brings together the society’s senior strategy, operations and legal experts; key ASCAP writer, composer and publisher members; and some of the most promising music tech entrepreneurs and early-stage startups in an effort to shape how artificial intelligence(AI) tools can benefit music creators. This year’s ASCAP Lab Challenge explored commercial solutions enabled by AI that can transform music industry workflows, business processes and data exchanges.
To highlight the 2024 ASCAP Lab Challenge teams, VERSED: The ASCAP Podcast will debut “The ASCAP Lab Gets Down to Business with AI” on October 24. The episode will feature this year’s entrepreneurs explaining their innovations and how the industry can leverage these advances. ASCAP composer and producer Gregg Lehrman (trailers for Avatar, Inglourious Basterds) will share his experience as one of the mentors for the Challenge teams and as a startup founder himself.
Launched in 2020, the annual ASCAP Lab Challenge is an accelerator program, operated in partnership with the NYC Media Lab led by the NYU Tandon School of Engineering, that provides selected startups and university teams with mentorship and small grants to develop and expand upon their emerging technologies during the 12-week program. The ASCAP Lab works closely with each selected team to optimize its product development for the music creator community. It is one way in which the ASCAP Lab explores the intersection of technology, art and business to drive value for music creators and users.
ASCAP Chief Strategy and Digital Officer Nick Lehman said: “ASCAP’s creator-first, future-forward commitment makes it imperative for us to embrace technology while simultaneously protecting the rights of creators. The dialogue, understanding and relationships that the ASCAP Lab Challenge creates with the music startup community enable us to drive progress for the industry and deliver on this commitment.”
The 2024 ASCAP Lab Challenge teams are:
CRESQA: An AI social media content assistant designed for songwriters and musicians that automates the process of social media strategy development and helps generate fully personalized post ideas and schedules for TikTok, Instagram, YouTube Shorts, Facebook and more. https://cresqa.com/
Music Tomorrow: Analytics tools that monitor and boost artists’ algorithmic performance on streaming platforms, using AI for advanced audience insights and automation that improve an artist’s content discoverability, listener engagement and team efficiency. https://www.music-tomorrow.com/
RoEx: AI-driven tools for multitrack mixing, mastering, audio cleanup and quality control, designed to streamline and enhance the last steps of the creative process by delivering a professional and balanced mix with ease. http://www.roexaudio.com
SoundSafe.ai: Robust, state-of-the-art audio watermarking using AI to enhance security, reporting and the detection of real-time piracy and/or audio deepfakes. http://www.SoundSafe.ai
Wavelets AI: Tools for artists, labels, copyright holders, content distributors and DSPs that help reduce IP infringement by detecting AI vocals in music. https://wavelets.ai/
This year’s ASCAP Lab Challenge program expands upon the 2023 Challenge, which focused on startups utilizing AI for making and experiencing music. The story of the 2023 Challenge is captured in an ASCAP Lab-produced documentary short “Prelude in AI Major: Crafting a Creator-First Future for AI.” The film takes an in-depth look at the 2023 Challenge teams and how they leveraged AI to build innovative tools for making and experiencing music, informed by their own backgrounds as composers and musicians. ASCAP mentors, including songwriter and composer members, shared their experiences guiding the teams in developing their technologies and exploring the copyright implications of their work.
As part of its ongoing effort to educate ASCAP members on AI, ASCAP has hosted panels and symposia on the creative possibilities and legal challenges of the technology in Los Angeles, New York and Nashville. The New York and Nashville sessions are available on demand on the ASCAP YouTube Channel:
“How Creators Are Unlocking the Potential of Artificial Intelligence“”Navigating AI for Music Creators: Legal & Copyright Issues“”Melody, Lyrics & Algorithm: Music Creators in the Age of AI“”Navigating AI: Evolving Legal & Policy Frameworks“
Additional past ASCAP Lab programming available on demand includes:
“NFTs: What Every Music Creator Needs to Know” – Presented by the ASCAP Lab, this 2022 ASCAP Experience panel features experts CrossBorderWorks CEO Vickie Nauman, nft now CEO Matt Medved and writer/producer/artist Poo Bear explaining non-fungible tokens, how to buy NFTs and some of the best use cases for music NFTs – to create collectibles, build community, foster direct fan access and more.“Music in the Metaverse: 4 Startups Shaping our New (Extended) Reality” – The metaverse is an immersive platform for creativity, community and identity, rich in potential for music creators and their fans. This ASCAP Experience panel presented by the ASCAP Lab features the 2022 Challenge teams demonstrating new ways to create and experience music, express digital identity through music, and connect music creators and fans in the metaverse.
More information on the ASCAP Lab can be found at https://www.ascap.com/ascap-lab.
About ASCAP
The American Society of Composers, Authors and Publishers (ASCAP) is a membership association of more than one million songwriters, composers and music publishers, and represents some of the world’s most talented music creators. In 2023, ASCAP reported record-high financial results of $1.737 billion in revenues and $1.592 billion available in royalty distribution monies to its members. Over the last eight years, ASCAP has delivered a 7% compound annual growth rate for total revenues, and an 8% compound annual growth rate for total royalty distributions to members. Founded and governed by songwriters, composers and publishers, it is the only performing rights organization in the U.S. that operates on a not-for-profit basis. ASCAP licenses a repertory of over 20 million musical works to hundreds of thousands of businesses that use music, including streaming services, cable television, radio and satellite radio and brick and mortar businesses such as retail stores, hotels, clubs, restaurants and bars. ASCAP collects the licensing fees; identifies, matches and processes trillions of performances every year; and returns nearly 90 cents of every dollar back to its members as royalties. The ASCAP blanket license offers an efficient solution for businesses to legally perform ASCAP music while respecting the right of songwriters and composers to be paid fairly. ASCAP puts music creators first, advocating for their rights and the value of music on Capitol Hill, driving innovation that moves the industry forward, building community and providing the resources and support that creators need to succeed in their careers. Learn more and stay in touch at www.ascap.com, on X and Instagram @ASCAP and on Facebook.
About the NYC Media Lab
The NYC Media Lab connects media and technology companies with both NYU Tandon and industry affiliates to drive innovation, entrepreneurship and talent development. Our interdisciplinary community of innovators from industry and academia allows our network to gain valuable insights, explore the potential of emerging technology and address the challenges and opportunities created by the rapidly evolving digital media landscape. Learn more at engineering.nyu.edu/nyc-media-lab.
View original content to download multimedia:https://www.prnewswire.com/news-releases/2024-ascap-lab-ai-and-the-business-of-music-challenge-teams-revealed-302272421.html
SOURCE ASCAP – American Society of Composers, Authors and Publishers
Technology
CYBER ENVIRO-TECH INC ANNOUNCES PARTNERSHIP WITH SOME OF ITS SHAREHOLDERS TO FOCUS ON THE LAUNDRY INDUSTRY
Published
48 mins agoon
October 10, 2024By
SCOTTSDALE, Ariz., Oct. 10, 2024 /PRNewswire/ — Cyber Enviro-Tech Inc. (CETI) (OTCQB: CETI) CETI, is pleased to announce a partnership with its shareholder-based subsidiary, CETI Axenic (CAX), to pursue opportunities in the commercial laundry business. This industry, which consumes over 1.7 trillion gallons of water annually at a cost exceeding $3.5 billion, currently recycles only about 32% of the water used. With CETI’s innovative water remediation systems, recycling rates can increase to over 90%, resulting in potential annual savings of more than $1 billion.
Beyond the significant water conservation benefits, CETI’s offers numerous advantages over conventional wastewater cleaning methods. It provides up to 48 hours of residual disinfectant, is eco-friendly, removes PFAS (“forever chemicals”) by over 85% and eliminates water softening measures. By circumventing the use of such chemicals, CETI’s bio-mechanical process eliminates effluent, eliminating the need for sewage treatment. Recycling water creates a 50% energy savings by reducing the use of heat on incoming water and the demand on local water resources to lower the laundromat environmental footprint. These combined benefits could yield over 20% in cost savings while enhancing cleaning and disinfection efficiency.
“We were pleased to be approached by a small group of CETI’s shareholders who believe in our products and processes enough to drive deployment of our technologies into their respective industries. This will allow us to focus on our current markets while providing ancillary revenues to CETI. Such revenues include a licensing fee along with a revenue sharing arrangement between both companies,” said Kim D. Southworth, co-founder and CEO of Cyber Enviro-Tech, Inc.
CETI remains committed to advancing sustainable, efficient water remediation technologies and solutions for cleaning industrial wastewater and is currently focused on contaminated crude oil and sludge, consistently prioritizing cost-effective, environmentally responsible practices.
ABOUT CYBER ENVIRO-TECH, INC. CETI is an international eco-conscious, oil/sludge, water and soil remediation Company. Using bio remedial material and other proprietary equipment and processes, we are able to extract and eliminate many hazardous waste materials found in today’s oil, industrial wastewater and soil. CETI has designed safe, cost-effective remediation systems including 4th Industrial Revolution technologies. This would include machine learning, artificial intelligence, the cloud, SCADA, etc., along with the application of our non-chemical, bio remedial material. Our core business model is focused on cleaning oil/sludge ponds, storage tanks, oil spills, mining and other soil remediation projects and all bodies of contaminated industrial wastewater.
FORWARD-LOOKING STATEMENTS
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals, and commercialization of the Company’s products, or any of the Company’s proposed services, systems, services, licensing arrangements, joint ventures, partnerships, or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company’s development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company’s general failure to effectively implement the Company’s business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.
CONTACT:
Winston McKellar,
Dir of IR/PR
Cyber Enviro-Tech, Inc.
6991 E. Camelback Rd., Suite D-300
Scottsdale, AZ 85251
866.687.6856
View original content to download multimedia:https://www.prnewswire.com/news-releases/cyber-enviro-tech-inc-announces-partnership-with-some-of-its-shareholders-to-focus-on-the-laundry-industry-302272717.html
SOURCE Cyber Enviro-Tech
EVERSANA Transforms Pharmacovigilance & Drug Safety Industry with Oracle Collaboration, New Global Patient Support Model
2024 ASCAP Lab “AI and the Business of Music” Challenge Teams Revealed
CYBER ENVIRO-TECH INC ANNOUNCES PARTNERSHIP WITH SOME OF ITS SHAREHOLDERS TO FOCUS ON THE LAUNDRY INDUSTRY
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Near Videos5 days ago
From Dev-Assisted to AI-Led: The Future of Software Creation
-
Near Videos3 days ago
On-Demand Software: Writing Code That Only Exists When Needed
-
Near Videos4 days ago
Building a Next-Gen AI Agent Economy: Orchestrating AI for Action
-
Near Videos4 days ago
How Big Corporations Are Controlling AI and Data
-
Near Videos2 days ago
User-Owned AI: A Shift Towards Community Control
-
Technology4 days ago
Howard Stern to Interview Vice President Kamala Harris Live on Tuesday, October 8, 2024 at 1:00 pm ET on SiriusXM
-
Technology4 days ago
Government of Canada Announces Support for Indigenous-led Climate Solutions in Remote Indigenous Communities
-
Near Videos2 days ago
NEAR AI Office Hours #21 with Phala Network and Super Protocol