Technology
KLA Corporation Reports Fiscal 2024 Fourth Quarter Results and Full Year Results
Published
2 months agoon
By
For the quarter, total revenues were $2.569 billion, at the upper end of the guidance range of $2.5 billion +/- $125 million;For the quarter, GAAP diluted EPS attributable to KLA was $6.18 and non-GAAP diluted EPS attributable to KLA was $6.60, each finishing above the midpoints of the respective guidance ranges;Cash flow from operating activities for the quarter and fiscal year was $892.6 million and $3.31 billion, respectively, and free cash flow was $831.9 million and $3.03 billion, respectively; andCapital returns for the quarter and fiscal year were $667.8 million and $2.51 billion, respectively.
MILPITAS, Calif., July 24, 2024 /PRNewswire/ — KLA Corporation (NASDAQ: KLAC) today announced financial and operating results for its fourth quarter and fiscal year ended June 30, 2024. KLA reported GAAP net income attributable to KLA of $836.4 million and GAAP diluted earnings per share (“EPS”) attributable to KLA of $6.18 on total revenues of $2.57 billion for the fourth quarter of fiscal year 2024. For the fiscal year ended June 30, 2024, KLA reported GAAP net income attributable to KLA of $2.76 billion and GAAP diluted EPS attributable to KLA of $20.28 on total revenues of $9.81 billion.
“KLA’s June quarter results exceeded expectations, including revenue, gross margin and EPS, which were all above their respective guidance midpoints, demonstrating the enduring power and differentiation of the KLA portfolio,” said Rick Wallace, President and CEO, KLA Corporation. “We are encouraged by the early signs of a strengthening market environment for our customers at the leading edge and are increasingly confident in our plan for steady improvement throughout the remainder of this calendar year and into 2025.”
GAAP Results
Q4 FY 2024
Q3 FY 2024
Q4 FY 2023
Total Revenues
$2,569 million
$2,360 million
$2,355 million
Net Income Attributable to KLA
$836 million
$602 million
$685 million
Net Income per Diluted Share Attributable to KLA
$6.18
$4.43
$4.97
Non-GAAP Results
Q4 FY 2024
Q3 FY 2024
Q4 FY 2023
Net Income Attributable to KLA
$893 million
$715 million
$743 million
Net Income per Diluted Share Attributable to KLA
$6.60
$5.26
$5.40
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. KLA will discuss the results for its fiscal year 2024 fourth quarter and full year, along with its outlook, on a conference call today beginning at 2 p.m. PT. A webcast of the call will be available at: www.kla.com.
First Quarter Fiscal 2025 Guidance
The following details our guidance for the first quarter of fiscal 2025 ending in Sept.:
Total revenues is expected to be in a range of $2.75 billion +/- $150 millionGAAP gross margin is expected to be in a range of 59.9% +/- 1.0%Non-GAAP gross margin is expected to be in a range of 61.5% +/- 1.0%GAAP diluted EPS is expected to be in a range of $6.69 +/- $0.60Non-GAAP diluted EPS is expected to be in a range of $7.00 +/- $0.60
For additional details and assumptions underlying our guidance metrics, please see the company’s published Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic on the KLA investor relations website. Such Letter to Shareholders, Earnings Slide Presentation and Earnings Infographic are not incorporated by reference into this earnings release.
About KLA:
KLA Corporation (“KLA”) develops industry-leading equipment and services that enable innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers and reticles, integrated circuits, packaging and printed circuit boards. In close collaboration with leading customers across the globe, our expert teams of physicists, engineers, data scientists and problem-solvers design solutions that move the world forward. Investors and others should note that KLA announces material financial information including SEC filings, press releases, public earnings calls and conference webcasts using an investor relations website (ir.kla.com). Additional information may be found at: www.kla.com.
Note Regarding Forward-Looking Statements:
Statements in this press release other than historical facts, such as statements pertaining to total revenues, GAAP and non-GAAP gross margin and GAAP and non-GAAP diluted EPS for the quarter ending Sept. 30, 2024, are forward-looking statements and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations and involve a number of risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including, but not limited to: our vulnerability to a weakening in the condition of the financial markets and the global economy; risks related to our international operations; evolving Bureau of Industry and Security of the U.S. Department of Commerce rules and regulations and their impact on our ability to sell products to and provide services to certain customers in China; costly intellectual property disputes that could result in our inability to sell or use the challenged technology; risks related to the legal, regulatory and tax environments in which we conduct our business; increasing attention to ESG matters and the resulting costs, risks and impact on our business; unexpected delays, difficulties and expenses in executing against our environmental, climate, diversity and inclusion or other ESG targets, goals and commitments; our ability to attract, retain and motivate key personnel; our vulnerability to disruptions and delays at our third party service providers; cybersecurity threats, cyber incidents affecting our and our business partners’ systems and networks; our inability to access critical information in a timely manner due to system failures; our ability to identify suitable acquisition targets and successfully integrate and manage acquired businesses; climate change, earthquake, flood or other natural catastrophic events, public health crises such as the COVID-19 pandemic or terrorism and the adverse impact on our business operations; the war between Ukraine and Russia, and the war between Israel and Hamas, and the significant military activity in that region; lack of insurance for losses and interruptions caused by terrorists and acts of war, and our self-insurance of certain risks including earthquake risk; risks related to fluctuations in foreign currency exchange rates; risks related to fluctuations in interest rates and the market values of our portfolio investments; risks related to tax and regulatory compliance audits; any change in taxation rules or practices and our effective tax rate; compliance costs with federal securities laws, rules, regulations, NASDAQ requirements, and evolving accounting standards and practices; ongoing changes in the technology industry, and the semiconductor industry in particular, including future growth rates, pricing trends in end-markets, or changes in customer capital spending patterns; our vulnerability to a highly concentrated customer base; the cyclicality of the industries in which we operate; our ability to timely develop new technologies and products that successfully address changes in the industry; risks related to artificial intelligence; our ability to maintain our technology advantage and protect proprietary rights; our ability to compete in the industry; availability and cost of the materials and parts used in the production of our products; our ability to operate our business in accordance with our business plan; risks related to our debt and leveraged capital structure; we may not be able to declare cash dividends at all or in any particular amount; liability to our customers under indemnification provisions if our products fail to operate properly or contain defects or our customers are sued by third parties due to our products; our government funding for R&D is subject to audit, and potential termination or penalties; we may incur significant restructuring charges or other asset impairment charges or inventory write offs; risks related to receivables factoring arrangements and compliance risk of certain settlement agreements with the government; and risks related to the Court of Chancery of the State of Delaware being the sole and exclusive forum for certain actions and proceedings. For other factors that may cause actual results to differ materially from those projected and anticipated in forward-looking statements in this press release, please refer to KLA’s Annual Report on Form 10-K for the year ended June 30, 2023, and other subsequent filings with the Securities and Exchange Commission (including, but not limited to, the risk factors described therein). KLA assumes no obligation to, and does not currently intend to, update these forward-looking statements.
KLA Corporation
Condensed Consolidated Unaudited Balance Sheets
(In thousands)
June 30, 2024
June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents
$ 1,977,129
$ 1,927,865
Marketable securities
2,526,866
1,315,294
Accounts receivable, net
1,833,041
1,753,361
Inventories
3,034,781
2,876,784
Other current assets
659,327
498,728
Total current assets
10,031,144
8,372,032
Land, property and equipment, net
1,109,968
1,031,841
Goodwill, net
2,015,726
2,278,820
Deferred income taxes
915,241
816,899
Purchased intangibles, net
668,764
935,303
Other non-current assets
692,723
637,462
Total assets
$ 15,433,566
$ 14,072,357
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 359,487
$ 371,026
Deferred system revenue
985,856
651,720
Deferred service revenue
501,926
416,606
Current portion of long-term debt
749,936
—
Other current liabilities
2,063,569
2,303,490
Total current liabilities
4,660,774
3,742,842
Long-term debt
5,880,199
5,890,736
Deferred tax liabilities
486,690
529,287
Deferred service revenue
294,460
176,681
Other non-current liabilities
743,115
813,058
Total liabilities
12,065,238
11,152,604
Stockholders’ equity:
Common stock and capital in excess of par value
2,280,133
2,107,663
Retained earnings
1,137,270
848,431
Accumulated other comprehensive loss
(49,075)
(36,341)
Total stockholders’ equity
3,368,328
2,919,753
Total liabilities and stockholders’ equity
$ 15,433,566
$ 14,072,357
KLA Corporation
Condensed Consolidated Unaudited Statements of Operations
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands, except per share amounts)
2024
2023
2024
2023
Revenues:
Product
$ 1,954,837
$ 1,816,524
$ 7,482,679
$ 8,379,025
Service
613,898
538,613
2,329,568
2,117,031
Total revenues
2,568,735
2,355,137
9,812,247
10,496,056
Costs and expenses:
Costs of revenues
1,010,551
962,949
3,928,073
4,218,307
Research and development
325,759
317,110
1,278,981
1,296,727
Selling, general and administrative
255,106
250,857
969,509
986,326
Impairment of goodwill and purchased intangible assets
—
—
289,474
—
Interest expense
82,836
73,491
311,253
296,940
Loss on extinguishment of debt
—
—
—
13,286
Other expense (income), net
(50,560)
(24,776)
(155,075)
(104,720)
Income before income taxes
945,043
775,506
3,190,032
3,789,190
Provision for income taxes
108,597
90,852
428,136
401,839
Net income
836,446
684,654
2,761,896
3,387,351
Less: Net income attributable to non-controlling interest
—
—
—
74
Net income attributable to KLA
$ 836,446
$ 684,654
$ 2,761,896
$ 3,387,277
Net income per share attributable to KLA:
Basic
$ 6.22
$ 5.00
$ 20.41
$ 24.28
Diluted
$ 6.18
$ 4.97
$ 20.28
$ 24.15
Weighted-average number of shares:
Basic
134,462
136,873
135,345
139,483
Diluted
135,342
137,654
136,187
140,235
KLA Corporation
Condensed Consolidated Unaudited Statements of Cash Flows
Three Months Ended June 30,
(In thousands)
2024
2023
Cash flows from operating activities:
Net income
$ 836,446
$ 684,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
101,001
104,813
Unrealized foreign exchange loss and other
4,214
17,602
Asset impairment charges
11,307
—
Stock-based compensation expense
58,621
49,907
Deferred income taxes
(30,634)
23,567
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions:
Accounts receivable
(221,958)
105,096
Inventories
(32,843)
(144,654)
Other assets
(65,884)
(90,591)
Accounts payable
24,177
(105,844)
Deferred system revenue
(8,613)
117,928
Deferred service revenue
74,096
52,672
Other liabilities
142,685
143,965
Net cash provided by operating activities
892,615
959,115
Cash flows from investing activities:
Capital expenditures
(60,745)
(78,683)
Purchases of available-for-sale securities
(602,081)
(481,096)
Proceeds from sale of available-for-sale securities
36,816
50,079
Proceeds from maturity of available-for-sale securities
488,779
434,819
Purchases of trading securities
(21,635)
(18,852)
Proceeds from sale of trading securities
18,644
19,249
Proceeds from other investments
1,430
—
Net cash used in investing activities
(138,792)
(74,484)
Cash flows from financing activities:
Issuance of common stock
96,501
90,939
Common stock repurchases
(470,266)
(388,825)
Payment of dividends to stockholders
(197,521)
(179,510)
Tax withholding payments related to vested and released restricted stock units
(47,508)
(21,102)
Payment of contingent consideration payable
(67)
(12,823)
Net cash used in financing activities
(618,861)
(511,321)
Effect of exchange rate changes on cash and cash equivalents
(6,000)
(13,958)
Net increase in cash and cash equivalents
128,962
359,352
Cash and cash equivalents at beginning of period
1,848,167
1,568,513
Cash and cash equivalents at end of period
$ 1,977,129
$ 1,927,865
Supplemental cash flow disclosures:
Income taxes paid, net
$ 65,553
$ 43,858
Interest paid
$ 25,171
$ 25,049
Non-cash activities:
Contingent consideration payable – financing activities
$ —
$ (29)
Dividends payable – financing activities
$ 1,953
$ 2,047
Unsettled common stock repurchase – financing activities
$ 5,500
$ 11,000
Accrued purchase of land, property and equipment – investing activities
$ 13,849
$ 18,445
KLA Corporation
Segment Information (Unaudited)
The following is a summary of results for each of our three reportable segments and reconciliation to total revenues for the indicated periods:
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands)
2024
2023
2024
2023
Revenues:
Semiconductor Process Control
$ 2,307,994
$ 2,097,479
$ 8,733,556
$ 9,324,190
Specialty Semiconductor Process
121,268
129,008
528,701
543,398
PCB and Component Inspection
140,017
128,977
552,491
631,604
Total revenues for reportable segments
2,569,279
2,355,464
9,814,748
10,499,192
Corporate allocations and effects of changes in foreign exchange rates
(544)
(327)
(2,501)
(3,136)
Total revenues
$ 2,568,735
$ 2,355,137
$ 9,812,247
$ 10,496,056
KLA Corporation
Condensed Consolidated Unaudited Supplemental Information
Reconciliation of GAAP Net Income to Non-GAAP Net Income
Three Months Ended
Twelve Months Ended
(In thousands, except per share amounts)
June 30, 2024
March 31, 2024
June 30, 2023
June 30, 2024
June 30, 2023
GAAP net income attributable to KLA
$ 836,446
$ 601,541
$ 684,654
$ 2,761,896
$ 3,387,277
Adjustments to reconcile GAAP net income to non-GAAP net income:
Acquisition-related charges
a
58,777
58,573
64,564
239,901
271,563
Restructuring, severance and other charges
b
17,721
2,042
8,135
21,033
22,035
Impairment of goodwill and purchased intangible assets
c
—
70,474
—
289,474
—
Loss on extinguishment of debt
d
—
—
—
—
13,286
Income tax effect of non-GAAP adjustments
e
(23,227)
(19,879)
(20,892)
(86,311)
(90,409)
Discrete tax items
f
3,092
2,386
6,203
7,630
(46,074)
Non-GAAP net income attributable to KLA
$ 892,809
$ 715,137
$ 742,664
$ 3,233,623
$ 3,557,678
GAAP net income per diluted share attributable to KLA
$ 6.18
$ 4.43
$ 4.97
$ 20.28
$ 24.15
Non-GAAP net income per diluted share attributable to KLA
$ 6.60
$ 5.26
$ 5.40
$ 23.74
$ 25.37
Shares used in diluted net income per share calculation
135,342
135,856
137,654
136,187
140,235
Pre-tax Impact of GAAP to Non-GAAP Adjustments Included in Condensed Consolidated Unaudited Statements of Operations
(In thousands)
Acquisition-Related
Charges
Restructuring,
Severance and
Other Charges
Goodwill
Impairment
Total Pre-tax GAAP to
Non-GAAP
Adjustments
Three Months Ended June 30, 2024
Costs of revenues
$ 45,937
$ 2,240
$ —
$ 48,177
Research and development
—
2,230
—
2,230
Selling, general and administrative
12,840
13,251
—
26,091
Total in three months ended June 30, 2024
$ 58,777
$ 17,721
$ —
$ 76,498
Three Months Ended March 31, 2024
Costs of revenues
$ 44,839
$ 805
$ —
$ 45,644
Research and development
867
922
—
1,789
Selling, general and administrative
12,867
315
—
13,182
Impairment of goodwill
—
—
70,474
70,474
Total in three months ended March 31, 2024
$ 58,573
$ 2,042
$ 70,474
$ 131,089
Three Months Ended June 30, 2023
Costs of revenues
$ 45,437
$ 2,570
$ —
$ 48,007
Research and development
—
2,727
—
2,727
Selling, general and administrative
19,127
2,838
—
21,965
Total in three months ended June 30, 2023
$ 64,564
$ 8,135
$ —
$ 72,699
Free Cash Flow Reconciliation
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands)
2024
2023
2024
2023
Net cash provided by operating activities
$ 892,615
$ 959,115
$ 3,308,575
$ 3,669,805
Capital expenditures
(60,745)
(78,683)
(277,384)
(341,591)
Free cash flow
$ 831,870
$ 880,432
$ 3,031,191
$ 3,328,214
Capital Returns Calculation
Three Months Ended June 30,
Twelve Months Ended June 30,
(In thousands)
2024
2023
2024
2023
Payments of dividends to stockholders
$ 197,521
$ 179,510
$ 773,041
$ 732,556
Common stock repurchases
470,266
388,825
1,735,746
1,311,864
Capital returns
$ 667,787
$ 568,335
$ 2,508,787
$ 2,044,420
First Quarter Fiscal 2025 Guidance
Reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS
Three Months Ending Sept. 30, 2024
(In millions, except per share amounts)
Low
High
GAAP net income per diluted share
$6.09
$7.29
Acquisition-related charges
a
0.40
0.40
Restructuring, severance and other charges
b
0.05
0.05
Income tax effect of non-GAAP adjustments
e
(0.14)
(0.14)
Non-GAAP net income per diluted share
$6.40
$7.60
Shares used in net income per diluted share calculation
135.0
135.0
Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin
Three Months Ending Sept. 30, 2024
Low
High
GAAP gross margin
58.9 %
60.9 %
Acquisition-related charges
a
1.5 %
1.5 %
Restructuring, severance and other charges
b
0.1 %
0.1 %
Non-GAAP gross margin
60.5 %
62.5 %
The non-GAAP and supplemental information provided in this press release is a supplement to, and not a substitute for, KLA’s financial results presented in accordance with United States GAAP.
To supplement our Condensed Consolidated Financial Statements presented in accordance with GAAP, we provide certain non-GAAP financial information, which is adjusted from results based on GAAP to exclude certain gains, costs and expenses, as well as other supplemental information. The non-GAAP and supplemental information is provided to enhance the user’s overall understanding of our operating performance and our prospects in the future. Specifically, we believe that the non-GAAP information, including non-GAAP net income attributable to KLA, non-GAAP net income per diluted share attributable to KLA, non-GAAP gross margin and free cash flow, provides useful measures to both management and investors regarding financial and business trends relating to our financial performance by excluding certain costs and expenses that we believe are not indicative of our core operating results to help investors compare our operating performances with our results in prior periods as well as with the performance of other companies. The non-GAAP information is among the budgeting and planning tools that management uses for future forecasting. However, because there are no standardized or generally accepted definitions for most non-GAAP financial metrics, definitions of non-GAAP financial metrics are inherently subject to significant discretion (for example, determining which costs and expenses to exclude when calculating such a metric). As a result, non-GAAP financial metrics may be defined very differently from company to company, or even from period to period within the same company, which can potentially limit the usefulness of such information to an investor. The presentation of non-GAAP and supplemental information is not meant to be considered in isolation or as a substitute for results prepared and presented in accordance with United States GAAP. The following are descriptions of the adjustments made to reconcile GAAP net income attributable to KLA to non-GAAP net income attributable to KLA:
a.
Acquisition-related charges primarily include amortization of intangible assets, transaction costs associated with our acquisitions and dispositions, as well as intangible asset impairment charges. Although we exclude the effect of amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and such amortization of intangible assets related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of these intangible assets contributed to our revenues earned during the periods presented and are expected to contribute to our future period revenues as well.
b.
Restructuring, severance and other charges primarily include costs associated with employee severance including associated acceleration of recognition of certain stock-based and other compensation expenses, gains and losses from exiting non-core businesses, write downs of certain right of use assets and fixed assets that were abandoned and adjustments related to non-controlling interest. Restructuring, severance and other charges in the twelve months ended June 30, 2023 include a gain on the sale of Orbograph, Ltd. (“Orbograph”), which was sold in the first quarter of fiscal 2023, partially offset by certain transaction bonuses triggered by the sale of Orbograph.
c.
Impairment of goodwill and purchased intangible assets included non-cash expense recognized in the three months ended March 31, 2024 and Dec. 31, 2023, following the downward revision of financial outlook for the PCB and Display reporting units in the second quarter of fiscal 2024 and the subsequent decision to exit the Company’s Display business that was based on many factors, including the cancellation of a significant new technology project by a major customer, in the third quarter of fiscal 2024. Management believes that it is appropriate to exclude these impairment charges as they are not indicative of ongoing operating results and therefore limit comparability. Management also believes excluding this item helps investors compare our operating performance with our results in prior periods as well as with the performance of other companies.
d.
Loss on extinguishment of debt during the twelve months ended June 30, 2023 included a pre-tax loss on early extinguishment of the $500 million 4.650% Senior Notes due in Nov. 2024.
e.
Income tax effect of non-GAAP adjustments includes the income tax effects of the excluded items noted above.
f.
Discrete tax items in the twelve months ended June 30, 2024 included a one-time tax benefit resulting from changes made to our international structure to better align ownership of certain intellectual property rights with how our business operates. Discrete tax items in all periods presented included a tax impact relating to the amortization of the aforementioned tax benefit or similar tax benefits recorded in other periods. Discrete tax items in the twelve months ended June 30, 2023 also include the following: an adjustment of the net benefit of the Orbotech Ltd. 2012 to 2018 Israel tax audit settlement, for which the net benefit includes the liability on the audit settlement less reductions in unrecognized tax positions and deferred tax assets and liabilities; a tax expense of $19.8 million from an internal restructuring; and a tax impact from the sale of Orbograph.
View original content:https://www.prnewswire.com/news-releases/kla-corporation-reports-fiscal-2024-fourth-quarter-results-and-full-year-results-302205684.html
SOURCE KLA Corporation
You may like
Technology
Siemon Validates Interoperability of AI-Ready Fiber Cabling with NVIDIA™ InfiniBand™ Hardware at IBTA Plugfest
Published
8 mins agoon
September 28, 2024By
Siemon is pleased to announce that its AI Ready fiber optic cabling solutions passed all system interoperability tests with NVIDIA InfiniBand hardware.
WATERTOWN, Conn., Sept. 28, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, successfully participated in the 41st InfiniBand Trade Association (IBTA) Plugfest for InfiniBand and RoCE, held at The University of New Hampshire – Interoperability Lab from April 15th to May 3rd. This year’s Plugfest marked a significant milestone with the IBTA introducing new system interoperability testing that included optical transceivers and fiber cabling from various manufacturers for the first time. This rigorous testing program establishes compliance to industry specifications and real-world interoperability, ensuring a robust ecosystem of InfiniBand and RoCE products.
Siemon is pleased to announce that its AI Ready fiber optic cabling solutions passed all system interoperability tests with NVIDIA InfiniBand hardware.
“These test results provide assurance to our customers that Siemon’s AI Ready fiber cabling performs flawlessly within NVIDIA AI network designs, supporting both switch-to-switch and switch-to-server applications,” stated Gary Bernstein, Siemon’s Sr. Director of Global Data Center Sales.
The System testing was done with NDR 400G and NDR 200G traffic using NVIDIA switches, ConnectX-7 adapter cards, multimode and singlemode transceivers, and Siemon’s multimode and singlemode MTP fiber cabling solutions, including trunks, jumpers, and patch panels.
The IBTA will publish their InfiniBand Integrator’s list soon, listing specific hardware and Siemon components used in various configurations.
For inquiries regarding this testing or Siemon’s AI-Ready solutions, please contact your local Siemon representative.
For more information on Siemon Generative AI Solutions, please visit www.siemon.com/ai.
Media Contact
Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com
View original content:https://www.prweb.com/releases/siemon-validates-interoperability-of-ai-ready-fiber-cabling-with-nvidia-infiniband-hardware-at-ibta-plugfest-302260679.html
SOURCE Siemon
Technology
Liftoff! NASA’s SpaceX Crew-9 Launches to International Space Station
Published
2 hours agoon
September 28, 2024By
WASHINGTON, Sept. 28, 2024 /PRNewswire/ — The two crew members of NASA’s SpaceX Crew-9 mission launched at 1:17 p.m. EDT Saturday, for a science expedition aboard the International Space Station. This is the first human spaceflight mission launched from Space Launch Complex-40 at Cape Canaveral Space Force Station in Florida, and the agency’s ninth commercial crew rotation mission to the space station.
A SpaceX Falcon 9 rocket propelled the Dragon spacecraft into orbit carrying NASA astronaut Nick Hague and Roscosmos cosmonaut Aleksandr Gorbunov. The spacecraft will dock autonomously to the forward-facing port of the station’s Harmony module at approximately 5:30 p.m. Sunday, Sept. 29, where Hague and Gorbunov will join Expedition 72 for a five-month stay aboard the orbiting laboratory.
“This mission required a lot of operational and planning flexibility. I congratulate the entire team on a successful launch today, and godspeed to Nick and Aleksandr as they make their way to the space station,” said NASA Administrator Bill Nelson. “Our NASA wizards and our commercial and international partners have shown once again the success that comes from working together and adapting to changing circumstances without sacrificing the safe and professional operations of the International Space Station.”
During Dragon’s flight, SpaceX will monitor a series of automatic spacecraft maneuvers from its mission control center in Hawthorne, California. NASA will monitor space station operations throughout the flight from the Mission Control Center at the agency’s Johnson Space Center in Houston.
NASA will provide live coverage of rendezvous, docking, and hatch opening, beginning at 3:30 p.m., Sept. 29, on NASA+ and the agency’s website. NASA also will broadcast the crew welcome ceremony once Hague and Gorbunov are aboard the orbital outpost. Learn how to stream NASA content through a variety of platforms, including social media.
The duo will join the space station’s Expedition 72 crew of NASA astronauts Michael Barratt, Matthew Dominick, Jeanette Epps, Don Pettit, Butch Wilmore, and Suni Williams, as well as Roscosmos cosmonauts Alexander Grebenkin, Alexey Ovchinin, and Ivan Vagner. The number of crew aboard the space station will increase to 11 for a short time until Crew-8 members Barratt, Dominick, Epps, and Grebenkin depart the space station in early October.
The crewmates will conduct more than 200 scientific investigations, including blood clotting studies, moisture effects on plants grown in space, and vision changes in astronauts during their mission. Following their stay aboard the space station, Hague and Gorbunov will be joined by Williams and Wilmore to return to Earth in February 2025.
With this mission, NASA continues to maximize the use of the orbiting laboratory, where people have lived and worked continuously for more than 23 years, testing technologies, performing science, and developing the skills needed to operate future commercial destinations in low Earth orbit and explore farther from Earth. Research conducted at the space station benefits people on Earth and paves the way for future long-duration missions to the Moon under NASA’s Artemis campaign, and beyond.
More about Crew-9
Hague is the commander of Crew-9 and is making his second trip to the orbital outpost since his selection as an astronaut in 2013. He will serve as a mission specialist during Expedition 72/73 aboard the space station. Follow @AstroHague on X and Instagram.
Roscosmos cosmonaut Aleksandr Gorbunov is flying on his first mission. He will serve as a flight engineer during Expeditions 72/73.
Learn more about NASA’s SpaceX Crew-9 mission and the agency’s Commercial Crew Program at:
https://www.nasa.gov/commercialcrew
View original content to download multimedia:https://www.prnewswire.com/news-releases/liftoff-nasas-spacex-crew-9-launches-to-international-space-station-302261721.html
SOURCE NASA
Technology
Global Times: 75 years on, China committed to global common development
Published
3 hours agoon
September 28, 2024By
BEIJING, Sept. 28, 2024 /PRNewswire/ — October 1 this year marks the 75th anniversary of the founding of the People’s Republic of China. Over the past 75 years, under the leadership of the Communist Party of China (CPC), the country has undergone tremendous changes, realizing unprecedented development. China has achieved in a few decades what took developed countries several centuries, with its economy now ranking as the second largest in the world. With strenuous efforts, China has realized its first centenary goal – building a moderately prosperous society in all respects.
China’s influence on the world has never been as profound and long-lasting as it is today. Likewise, the world’s attention to China has never been as deep, and focused as it is now.
As globalization deepens, nations are becoming more interdependent, while various global challenges continue to emerge. Humanity faces natural challenges such as climate change and the loss of biodiversity, as well as common global threats like extreme poverty, nuclear proliferation, political extremism, hegemony, and escalating geopolitical conflicts. The need for cooperation has never been more urgent or important than it is today, experts said.
“Where is humanity headed?” has become a significant question concerning the future and destiny for all.
To answer this question, Chinese President Xi Jinping put forward the vision of building a community with a shared future for humanity in 2013. This is seen as China’s solution to addressing global challenges and creating a better future through concerted efforts of the international community. “The common interest of all humankind is in a world united and peaceful rather than divided and volatile,” Xi said, Xinhua News Agency reported.
Building a community with a shared future for humanity is not about replacing one system with another or one civilization with another. Instead, it is about countries with different social systems, ideologies, historical contexts, and levels of development achieving mutual benefits, sharing rights, and jointly bearing responsibilities in international affairs, experts said.
“Unlike the confrontational or competitive approaches that often dominate international relations, this concept advocates for inclusivity and multilateralism,” Hamad Al Hosani, senior researcher at TRENDS Research and Advisory, a think tank of the United Arab Emirates, told the Global Times. “It also reflects a shift from traditional approach to one that embraces a holistic and interconnected global outlook.”
Hosani added that this concept helps address global challenges by focusing on shared responsibilities, such as equitable resource distribution, environmental stewardship, and collective security measures. It encourages countries to promote a sense of global solidarity and cooperation in managing transnational threats.
China’s vision, embodied in initiatives like the Belt and Road Initiative, focuses on infrastructure investment, trade connectivity, and mutual development without imposing political conditions, Hosani told the Global Times, adding that “this reflects a more pragmatic and cooperative approach that respects the individual paths of nations.”
Therefore, the Chinese path offers developing countries an alternative model of engagement, one that values equal partnership and mutual benefit rather than hierarchical or conditional relationships. “This has attracted many countries, particularly in the Global South, to China’s approach, which they see as less intrusive and more respectful of their developmental needs and choices,” Hosani said.
Li Haidong, a professor at the China Foreign Affairs University, told the Global Times that China has provided substantial aid to the Global South over the past decade and established various organizations such as the Asian Infrastructure Investment Bank (AIIB), which reflect China’s principles of equality, inclusiveness, cooperation, and sustainability.
For a better world
Over the 11 years since the concept of building a community with a shared future for humanity was proposed, China has been both an advocate and a practitioner. Through joint efforts, the Belt and Road Initiative (BRI) has transformed from a Chinese proposal to an international practice, from an idea to concrete actions. It has not only brought tangible benefits to the participating countries but also contributed positively to promoting healthy globalization, addressing global development challenges, and improving global governance.
Projects such as the China-Pakistan Economic Corridor, China-Europe Railway Express, China-Laos Railway, Jakarta-Bandung High-Speed Railway, Piraeus Port, Kopa wind power project have greatly benefited local people. By the end of June 2023, China had signed over 200 cooperation documents with more than 150 countries across five continents and over 30 international organizations under the BRI framework, creating countless iconic projects as well as smaller, people-centered projects.
Bojan Lalic, director of the Belt and Road Institute in Belgrade, told the Global Times that different from the West’s selective alliances, China has opted for a path of inclusive multilateralism, advocating for broader cooperation and promoting inclusive frameworks such as the BRI to facilitate development across numerous nations.
“As developing countries increasingly engage with China, a shift in global power dynamics may occur, enabling a multipolar world where various development models coexist,” Lalic said.
Under the vision of building a community with a shared future for humanity, President Xi proposed the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative successively from 2021 to 2023. These three initiatives focus on addressing global development challenges, eliminating global security dilemmas, and promoting exchanges and mutual learning among civilizations.
So far, more than 100 countries and international organizations have voiced support for the Global Development Initiative, with over 70 countries joining this “Group of Friends.” More than 200 development cooperation projects have yielded results, according to the People’s Daily Overseas Edition.
UN Secretary-General António Guterres praised the Global Development Initiative as a “valued contribution to addressing common challenges and accelerating the transition to a more sustainable and inclusive future.”
View original content:https://www.prnewswire.com/news-releases/global-times-75-years-on-china-committed-to-global-common-development-302261718.html
SOURCE Global Times
Siemon Validates Interoperability of AI-Ready Fiber Cabling with NVIDIA™ InfiniBand™ Hardware at IBTA Plugfest
6 things the US needs to stay competitive in crypto, according to execs
Liftoff! NASA’s SpaceX Crew-9 Launches to International Space Station
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
Token Processing: Overcoming Quantization Challenges
-
Near Videos5 days ago
NEAR AI office hours #19 with Hero – smarter, faster, AI-powered crypto decisions.
-
Technology4 days ago
Wireless Router Market to Grow by USD 8.09 Billion from 2024-2028, Driven by Rising Adoption of Smart Home Systems, AI Powered Report by Technavio
-
Near Videos2 days ago
Hyperbolic on why we need Open Access to AI for Everyone
-
Technology5 days ago
Appeal of Conscience Foundation to Honor His Eminence Archbishop Elpidophoros of America, the leader of the Greek Orthodox Archdiocese of America and Humanitarian Marta Batmasian at the 59th Annual Appeal of Conscience Gala
-
Near Videos2 days ago
[REDACTED] online hackathon workshop Chain Signatures
-
Coin Market3 days ago
Biden admin deliberately killed off Silvergate to ‘decapitate’ crypto: Nic Carter
-
Near Videos1 day ago
Crypto’s Battle: Centralization vs. Decentralization Explained!