Technology
Quad Reports Second Quarter and Year-to-Date 2024 Results
Published
5 months agoon
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Company continues to drive its marketing experience strategy, launching multiple innovative service offerings
SUSSEX, Wis., July 30, 2024 /PRNewswire/ — Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”), a global marketing experience company, today reported results for the second quarter ended June 30, 2024.
Recent Highlights
Recognized Net Sales of $634 million in the second quarter of 2024 compared to $703 million in 2023 and realized a Net Loss of $3 million or $0.06 Diluted Loss Per Share for the second quarter of 2024.Achieved Non-GAAP Adjusted EBITDA of $52 million in the second quarter of 2024, increased from $50 million in the second quarter of 2023, and delivered $0.12 Adjusted Diluted Earnings Per Share for the second quarter of 2024.Increased Adjusted EBITDA Margin by 100 basis points to 8.2% in the second quarter of 2024 compared to the same period in 2023.Introduced Betty, a creative agency that delivers best-in-class strategy and creative, backed by Quad’s global production resources for speed and scale.Launched 3D Commerce by Quad, the first commercially available automated and scalable 3D scanning solution in the North American market for creating photorealistic 3D assets.Expanded partnerships for In-Store Connect by Quad, the company’s in-store retail media network.Generated $22 million of cash proceeds from sale of minority investment in Manipal Technologies, a leading print services and end-to-end business solutions provider headquartered in India.Declared quarterly dividend of $0.05 per share.Reaffirms full-year 2024 financial guidance.
Joel Quadracci, Chairman, President and CEO of Quad, said: “During the second quarter, we continued our focus on differentiating ourselves as a marketing experience company, including investments in innovative solutions and superior talent. We joined all of our creative business lines under a single agency called Betty, pairing the strategic creative services of an Agency of Record with our global production platform to offer highly scalable content at elevated speeds without sacrificing brand consistency or quality. We further enhanced our creative capabilities with the launch of 3D Commerce by Quad, the first commercially available automated and scalable 3D scanning solution in North America for creating photorealistic 3D assets for a range of applications, including product videos and virtual try-ons. Meanwhile, we advanced our In-Store Connect retail media network, or RMN, through a partnership with Swiftly, a prominent retail technology and media company whose industry-leading platform will help us bring the best elements of digital commerce into physical store environments. We continue to build sales momentum behind In-Store Connect. The Save Mart Companies, the largest private regional grocer on the West Coast, is in the process of activating our in-store RMN solution, and Homeland Stores, a large Oklahoma grocery chain, is scheduled to debut it in October. Additionally, we are in active conversations with more than a dozen other supermarket chains.
“As always, we remain focused on enhancing Quad’s financial strength and creating shareholder value and will continue to prioritize growth while further reducing debt in 2024.”
Added Tony Staniak, Chief Financial Officer: “During the second quarter, our Adjusted EBITDA margin increased by 100 basis points primarily due to higher manufacturing productivity and cost savings from completed restructuring actions that are ultimately expected to generate $60 million of savings in 2024. We generate cash from Free Cash Flow driven by our cost discipline as well as proceeds from asset sales, including $22 million in the second quarter of 2024 from the sale of our minority investment in Manipal Technologies. Net Sales declined in the second quarter reflecting pressure from ongoing external headwinds, including significant postal rate increases and the impact of elevated interest rates on financial services clients. Despite lower Net Sales, with our margin improvement and strong cash generation we are reaffirming our full-year guidance, including approximately 1.8x debt leverage, and we will continue to invest in accelerating our competitive position as a marketing experience company while returning capital to shareholders through our quarterly dividend. We also expect to be opportunistic in terms of our future share repurchases.”
Second Quarter 2024 Financial Results
Net Sales were $634 million in the second quarter of 2024, a decrease of 10% compared to the same period in 2023 primarily due to lower print volumes, a higher mix of lower unit price gravure versus offset print in our magazine and catalog offerings from segment share wins, and lower paper and agency solutions sales, including the loss of a large grocery client.Net Loss was $3 million in the second quarter of 2024 compared to $6 million in the same period in 2023. The improvement is primarily due to benefits from increased manufacturing productivity, savings from cost reduction initiatives and a $4 million gain on the sale of the Company’s minority investment in Manipal Technologies, partially offset by the impact from lower Net Sales.Adjusted EBITDA was $52 million in the second quarter of 2024 compared to $50 million in the same period in 2023, primarily due to the same reasons as the improvement in Net Loss.Adjusted Diluted Earnings Per Share was $0.12 in the second quarter of 2024 compared to $0.02 in the same period in 2023, primarily due to higher Adjusted Net Earnings and the beneficial impact from the Company repurchasing Class A shares totaling approximately 11% of its outstanding shares since the second quarter of 2022.
Year-to-Date 2024 Financial Results
Net Sales were $1.3 billion in the six months ended June 30, 2024, a decrease of 12% compared to the same period in 2023 primarily due to lower print volumes, a higher mix of lower unit price gravure versus offset print in our magazine and catalog offerings from segment share wins, and lower paper and agency solutions sales, including the loss of a large grocery client.Net Loss was $31 million, or $0.65 Diluted Loss Per Share, in the six months ended June 30, 2024, compared to Net Loss of $31 million, or $0.62 Diluted Loss Per Share, in the same period in 2023. The impact from lower Net Sales and higher restructuring and impairment charges from recent plant closures was offset by benefits from improved manufacturing productivity, lower depreciation and amortization, savings from cost reduction initiatives and a $4 million gain on the sale of the Company’s minority investment in Manipal Technologies.Adjusted EBITDA was $102 million in the six months ended June 30, 2024, a decrease of $8 million compared to the same period in 2023. The decrease was due to lower Net Sales, partially offset by benefits from improved manufacturing productivity, savings from cost reduction initiatives and a $4 million gain on the sale of the Company’s minority investment in Manipal Technologies.Adjusted Diluted Earnings Per Share was $0.22 in the six months ended June 30, 2024, compared to $0.17 in the same period in 2023.Net Cash Used in Operating Activities was $48 million in the six months ended June 30, 2024, compared to Net Cash Provided by Operating Activities of $0.3 million in the six months ended June 30, 2023. Free Cash Flow was negative $82 million in the six months ended June 30, 2024, compared to negative $45 million in the same period in 2023. During the six months ended June 30, 2023, the Company realized non-recurring cash flow benefits from reducing inventories enabled by an improved supply chain environment. As a reminder, the Company historically generates most of its Free Cash Flow in the fourth quarter of the year.Net Debt was $532 million at June 30, 2024, compared to $470 million at December 31, 2023, and $604 million at June 30, 2023. Compared to December 31, 2023, Net Debt increased primarily due to the negative $82 million of Free Cash Flow in the six months ended June 30, 2024, less the $22 million of proceeds from the sale of the Company’s minority investment in Manipal Technologies. Quad continues to expect to reduce Net Debt to approximately $405 million, achieving a 1.8x Debt Leverage Ratio, at the end of this year.
Dividend
Quad’s next quarterly dividend of $0.05 per share will be payable on September 6, 2024, to shareholders of record as of August 19, 2024.
2024 Guidance
The Company’s full-year 2024 financial guidance ranges are unchanged and are as follows:
Financial Metric
2024 Guidance
Annual Net Sales Change
5% to 9% decline
Full-Year Adjusted EBITDA
$205 million to $245 million
Free Cash Flow
$50 million to $70 million
Capital Expenditures
$60 million to $70 million
Year-End Debt Leverage Ratio (1)
Approximately 1.8x
(1)
Debt Leverage Ratio is calculated at the midpoint of the Adjusted EBITDA guidance.
Conference Call and Webcast Information
Quad will hold a conference call at 8:30 a.m. ET on Wednesday, July 31, to discuss second quarter and year-to-date 2024 financial results. The call will be hosted by Joel Quadracci, Quad Chairman, President and CEO, and Tony Staniak, Quad CFO. As part of the conference call, Quad will conduct a question-and-answer session.
Participants can pre-register for the webcast by navigating to https://dpregister.com/sreg/10191016/fd1a26f188. Participants will be given a unique PIN to gain access to the call, bypassing the live operator. Participants may pre-register at any time, including up to and after the call start time.
Alternatively, participants may dial in on the day of the call as follows:
U.S. Toll-Free: 1-877-328-5508International Toll: 1-412-317-5424
An audio replay of the call will be posted on the Investors section of Quad’s website shortly after the conference call ends. In addition, telephone playback will be available until August 31, 2024, accessible as follows:
U.S. Toll-Free: 1-877-344-7529International Toll: 1-412-317-0088Replay Access Code: 1737252
About Quad
Quad (NYSE: QUAD) is a global marketing experience company that helps brands make direct consumer connections, from household to in-store to online. Supported by state-of-the-art technology and data-driven intelligence, Quad uses its suite of media, creative and production solutions to streamline the complexities of marketing and remove friction from wherever it occurs in the marketing journey. Quad tailors its uniquely flexible, scalable and connected solutions to clients’ objectives, driving cost efficiencies, improving speed to market, strengthening marketing effectiveness, and delivering value on client investments.
Quad employs approximately 13,000 people in 14 countries and serves approximately 2,700 clients including industry leading blue-chip companies that serve both businesses and consumers in multiple industry verticals, with a particular focus on commerce, including retail, consumer packaged goods, and direct-to-consumer; financial services; and health. Quad is ranked among the largest agency companies in the U.S. by Ad Age, buoyed by its full-service Rise media agency and Betty creative agency. Quad is also one the largest commercial printers in North America, according to Printing Impressions.
For more information about Quad, including its commitment to ongoing innovation, culture and sustainable impact, visit quad.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company’s future results, financial condition, sales, earnings, free cash flow, margins, objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook of the Company and can generally be identified by the use of words or phrases such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “foresee,” “project,” “believe,” “continue” or the negatives of these terms, variations on them and other similar expressions. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company’s expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control.
The factors that could cause actual results to materially differ include, among others: the impact of decreasing demand for printing services and significant overcapacity in a highly competitive environment creates downward pricing pressures and potential under-utilization of assets; the impact of increased business complexity as a result of the Company’s transformation to a marketing experience company, including adapting marketing offerings and business processes as required by new markets and technologies, such as artificial intelligence; the impact of changes in postal rates, service levels or regulations, including delivery delays; the impact of fluctuations in costs (including labor and labor-related costs, energy costs, freight rates and raw materials, including paper and the materials to manufacture ink) and the impact of fluctuations in the availability of raw materials, including paper, parts for equipment and the materials to manufacture ink; the impact macroeconomic conditions, including inflation, high interest rates and recessionary concerns, as well as cost and labor pressures, distribution challenges and the price and availability of paper, have had, and may continue to have, on the Company’s business, financial condition, cash flows and results of operations (including future uncertain impacts); the inability of the Company to reduce costs and improve operating efficiency rapidly enough to meet market conditions; the impact of a data-breach of sensitive information, ransomware attack or other cyber incident on the Company; the fragility and decline in overall distribution channels; the failure to attract and retain qualified talent across the enterprise; the impact of digital media and similar technological changes, including digital substitution by consumers; the failure of clients to perform under contracts or to renew contracts with clients on favorable terms or at all; the impact of risks associated with the operations outside of the United States (“U.S.”), including trade restrictions, currency fluctuations, the global economy, costs incurred or reputational damage suffered due to improper conduct of its employees, contractors or agents, and geopolitical events like war and terrorism; the failure to successfully identify, manage, complete and integrate acquisitions, investment opportunities or other significant transactions, as well as the successful identification and execution of strategic divestitures; the impact negative publicity could have on our business and brand reputation; significant capital expenditures and investments may be needed to sustain and grow the Company’s platforms, processes, systems, client and product technology, marketing and talent, and to remain technologically and economically competitive; the impact of the various restrictive covenants in the Company’s debt facilities on the Company’s ability to operate its business, as well as the uncertain negative impacts macroeconomic conditions may have on the Company’s ability to continue to be in compliance with these restrictive covenants; the impact of an other than temporary decline in operating results and enterprise value that could lead to non-cash impairment charges due to the impairment of property, plant and equipment and other intangible assets; the impact of regulatory matters and legislative developments or changes in laws, including changes in cybersecurity, privacy and environmental laws; the impact on the holders of Quad’s class A common stock of a limited active market for such shares and the inability to independently elect directors or control decisions due to the voting power of the class B common stock; and the other risk factors identified in the Company’s most recent Annual Report on Form 10-K, which may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission.
Except to the extent required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains financial measures not prepared in accordance with generally accepted accounting principles (referred to as non-GAAP), specifically Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. Adjusted EBITDA is defined as net earnings (loss) excluding interest expense, income tax expense (benefit), depreciation and amortization and restructuring, impairment and transaction-related charges. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net sales. Free Cash Flow is defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment. Debt Leverage Ratio is defined as total debt and finance lease obligations less cash and cash equivalents (Net Debt) divided by the last twelve months of Adjusted EBITDA. Adjusted Diluted Earnings Per Share is defined as earnings (loss) before income taxes excluding restructuring, impairment and transaction-related charges and adjusted for income tax expense at a normalized tax rate, divided by diluted weighted average number of common shares outstanding.
The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies. Reconciliation to the GAAP equivalent of these non-GAAP measures are contained in tabular form on the attached unaudited financial statements.
Investor Relations Contact
Don Pontes
Executive Director of Investor Relations
916-532-7074
dwpontes@quad.com
Media Contact
Claire Ho
Director of Marketing Communications
414-566-2955
cho@quad.com
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Three Months Ended June 30,
2024
2023
Net sales
$ 634.2
$ 703.1
Cost of sales
493.9
569.8
Selling, general and administrative expenses
88.7
83.3
Depreciation and amortization
26.4
32.0
Restructuring, impairment and transaction-related charges
10.1
9.6
Total operating expenses
619.1
694.7
Operating income
15.1
8.4
Interest expense
17.2
17.0
Net pension income
(0.2)
(0.4)
Loss before income taxes
(1.9)
(8.2)
Income tax expense (benefit)
0.9
(2.1)
Net loss
$ (2.8)
$ (6.1)
Loss per share
Basic and diluted
$ (0.06)
$ (0.12)
Weighted average number of common shares outstanding
Basic and diluted
47.7
49.3
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Six Months Ended June 30,
2024
2023
Net sales
$ 1,289.0
$ 1,469.6
Cost of sales
1,015.2
1,187.3
Selling, general and administrative expenses
171.8
172.5
Depreciation and amortization
55.0
65.7
Restructuring, impairment and transaction-related charges
42.6
35.6
Total operating expenses
1,284.6
1,461.1
Operating income
4.4
8.5
Interest expense
32.4
33.3
Net pension income
(0.4)
(0.8)
Loss before income taxes
(27.6)
(24.0)
Income tax expense
3.3
6.7
Net loss
$ (30.9)
$ (30.7)
Loss per share
Basic and diluted
$ (0.65)
$ (0.62)
Weighted average number of common shares outstanding
Basic and diluted
47.4
49.2
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2024 and December 31, 2023
(in millions)
(UNAUDITED)
June 30, 2024
December 31,
2023
ASSETS
Cash and cash equivalents
$ 12.8
$ 52.9
Receivables, less allowances for credit losses
294.2
316.2
Inventories
174.5
178.8
Prepaid expenses and other current assets
37.2
39.8
Total current assets
518.7
587.7
Property, plant and equipment—net
586.5
620.6
Operating lease right-of-use assets—net
88.6
96.6
Goodwill
100.3
103.0
Other intangible assets—net
14.0
21.8
Other long-term assets
59.8
80.0
Total assets
$ 1,367.9
$ 1,509.7
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable
$ 333.2
$ 373.6
Other current liabilities
170.3
237.6
Short-term debt and current portion of long-term debt
82.1
151.7
Current portion of finance lease obligations
2.2
2.5
Current portion of operating lease obligations
24.0
25.4
Total current liabilities
611.8
790.8
Long-term debt
455.5
362.5
Finance lease obligations
5.4
6.0
Operating lease obligations
71.2
77.2
Deferred income taxes
5.1
5.1
Other long-term liabilities
139.8
148.6
Total liabilities
1,288.8
1,390.2
Shareholders’ equity
Preferred stock
—
—
Common stock
1.4
1.4
Additional paid-in capital
839.6
842.7
Treasury stock, at cost
(27.7)
(33.1)
Accumulated deficit
(610.0)
(573.9)
Accumulated other comprehensive loss
(124.2)
(117.6)
Total shareholders’ equity
79.1
119.5
Total liabilities and shareholders’ equity
$ 1,367.9
$ 1,509.7
QUAD/GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2024 and 2023
(in millions)
(UNAUDITED)
Six Months Ended June 30,
2024
2023
OPERATING ACTIVITIES
Net loss
$ (30.9)
$ (30.7)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
55.0
65.7
Impairment charges
13.7
10.6
Amortization of debt issuance costs and original issue discount
0.8
1.0
Stock-based compensation
4.4
3.3
Gain on the sale of an investment
(4.1)
—
Gain on the sale or disposal of property, plant and equipment, net
(1.4)
(0.3)
Deferred income taxes
(0.1)
2.7
Changes in operating assets and liabilities
(85.7)
(52.0)
Net cash provided by (used in) operating activities
(48.3)
0.3
INVESTING ACTIVITIES
Purchases of property, plant and equipment
(33.5)
(45.2)
Cost investment in unconsolidated entities
(0.2)
(0.5)
Proceeds from the sale of property, plant and equipment
4.8
7.5
Proceeds from the sale of an investment
22.2
—
Other investing activities
0.5
(4.5)
Net cash used in investing activities
(6.2)
(42.7)
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt
52.8
0.6
Payments of current and long-term debt
(119.3)
(24.2)
Payments of finance lease obligations
(1.6)
(1.0)
Borrowings on revolving credit facilities
776.0
771.4
Payments on revolving credit facilities
(686.4)
(711.4)
Purchases of treasury stock
—
(5.0)
Equity awards redeemed to pay employees’ tax obligations
(2.1)
(1.7)
Payment of cash dividends
(4.7)
(0.1)
Other financing activities
(0.2)
(0.3)
Net cash provided by financing activities
14.5
28.3
Effect of exchange rates on cash and cash equivalents
(0.1)
0.2
Net decrease in cash and cash equivalents
(40.1)
(13.9)
Cash and cash equivalents at beginning of period
52.9
25.2
Cash and cash equivalents at end of period
$ 12.8
$ 11.3
QUAD/GRAPHICS, INC.
SEGMENT FINANCIAL INFORMATION
For the Three and Six Months Ended June 30, 2024 and 2023
(in millions)
(UNAUDITED)
Net Sales
Operating
Income (Loss)
Restructuring,
Impairment and
Transaction-Related
Charges (1)
Three months ended June 30, 2024
United States Print and Related Services
$ 544.3
$ 25.4
$ 9.3
International
89.9
2.3
0.8
Total operating segments
634.2
27.7
10.1
Corporate
—
(12.6)
—
Total
$ 634.2
$ 15.1
$ 10.1
Three months ended June 30, 2023
United States Print and Related Services
$ 588.5
$ 11.8
$ 8.6
International
114.6
8.3
1.0
Total operating segments
703.1
20.1
9.6
Corporate
—
(11.7)
—
Total
$ 703.1
$ 8.4
$ 9.6
Six months ended June 30, 2024
United States Print and Related Services
$ 1,123.2
$ 24.1
$ 40.9
International
165.8
5.7
1.6
Total operating segments
1,289.0
29.8
42.5
Corporate
—
(25.4)
0.1
Total
$ 1,289.0
$ 4.4
$ 42.6
Six months ended June 30, 2023
United States Print and Related Services
$ 1,246.1
$ 19.1
$ 31.1
International
223.5
16.0
3.6
Total operating segments
1,469.6
35.1
34.7
Corporate
—
(26.6)
0.9
Total
$ 1,469.6
$ 8.5
$ 35.6
______________________________
(1)
Restructuring, impairment and transaction-related charges are included within operating income (loss).
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
For the Three Months Ended June 30, 2024 and 2023
(in millions, except margin data)
(UNAUDITED)
Three Months Ended June 30,
2024
2023
Net loss
$ (2.8)
$ (6.1)
Interest expense
17.2
17.0
Income tax expense (benefit)
0.9
(2.1)
Depreciation and amortization
26.4
32.0
EBITDA (non-GAAP)
$ 41.7
$ 40.8
EBITDA Margin (non-GAAP)
6.6 %
5.8 %
Restructuring, impairment and transaction-related charges (1)
10.1
9.6
Adjusted EBITDA (non-GAAP)
$ 51.8
$ 50.4
Adjusted EBITDA Margin (non-GAAP)
8.2 %
7.2 %
______________________________
(1)
Operating results for the three months ended June 30, 2024 and 2023, were affected by the following restructuring, impairment and transaction-related charges:
Three Months Ended June 30,
2024
2023
Employee termination charges (a)
$ 3.2
$ 1.9
Impairment charges (b)
1.1
1.1
Transaction-related charges (c)
0.4
—
Integration costs (d)
0.1
0.5
Other restructuring charges (e)
5.3
6.1
Restructuring, impairment and transaction-related charges
$ 10.1
$ 9.6
______________________________
(a)
Employee termination charges were related to workforce reductions through facility consolidations and separation programs.
(b)
Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility
consolidations and other capacity reduction activities, as well as operating lease right-of-use assets.
(c)
Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities.
(d)
Integration costs were primarily costs related to the integration of acquired companies.
(e)
Other restructuring charges primarily include costs to maintain and exit closed facilities, as well as lease exit charges.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
EBITDA, EBITDA MARGIN, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
For the Six Months Ended June 30, 2024 and 2023
(in millions, except margin data)
(UNAUDITED)
Six Months Ended June 30,
2024
2023
Net loss
$ (30.9)
$ (30.7)
Interest expense
32.4
33.3
Income tax expense
3.3
6.7
Depreciation and amortization
55.0
65.7
EBITDA (non-GAAP)
$ 59.8
$ 75.0
EBITDA Margin (non-GAAP)
4.6 %
5.1 %
Restructuring, impairment and transaction-related charges (1)
42.6
35.6
Adjusted EBITDA (non-GAAP)
$ 102.4
$ 110.6
Adjusted EBITDA Margin (non-GAAP)
7.9 %
7.5 %
______________________________
(1)
Operating results for the six months ended June 30, 2024 and 2023, were affected by the following restructuring, impairment and transaction-related charges:
Six Months Ended June 30,
2024
2023
Employee termination charges (a)
$ 16.9
$ 15.0
Impairment charges (b)
13.7
10.6
Transaction-related charges (c)
0.9
0.6
Integration costs (d)
0.2
1.0
Other restructuring charges (e)
10.9
8.4
Restructuring, impairment and transaction-related charges
$ 42.6
$ 35.6
______________________________
(a)
Employee termination charges were related to workforce reductions through facility consolidations and separation programs.
(b)
Impairment charges were for certain property, plant and equipment no longer being utilized in production as a result of facility
consolidations and other capacity reduction activities, as well as operating lease right-of-use assets.
(c)
Transaction-related charges consisted of professional service fees related to business acquisition and divestiture activities.
(d)
Integration costs were primarily costs related to the integration of acquired companies.
(e)
Other restructuring charges primarily include costs to maintain and exit closed facilities, as well as lease exit charges.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
FREE CASH FLOW
For the Six Months Ended June 30, 2024 and 2023
(in millions)
(UNAUDITED)
Six Months Ended June 30,
2024
2023
Net cash provided by (used in) operating activities
$ (48.3)
$ 0.3
Less: purchases of property, plant and equipment
33.5
45.2
Free Cash Flow (non-GAAP)
$ (81.8)
$ (44.9)
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
NET DEBT AND DEBT LEVERAGE RATIO
As of June 30, 2024 and December 31, 2023
(in millions, except ratio)
(UNAUDITED)
June 30, 2024
December 31,
2023
Total debt and finance lease obligations on the condensed consolidated balance sheets
$ 545.2
$ 522.7
Less: Cash and cash equivalents
12.8
52.9
Net Debt (non-GAAP)
$ 532.4
$ 469.8
Divided by: trailing twelve months Adjusted EBITDA (non-GAAP) (1)
$ 225.5
$ 233.7
Debt Leverage Ratio (non-GAAP)
2.36 x
2.01 x
______________________________
(1)
The calculation of Adjusted EBITDA for the trailing twelve months ended June 30, 2024, and December 31, 2023, was as follows:
Add
Subtract
Trailing Twelve
Months Ended
Year Ended
Six Months Ended
December 31,
2023(a)
(UNAUDITED)
June 30, 2024
(UNAUDITED)
June 30, 2023
(UNAUDITED)
June 30, 2024
Net loss
$ (55.4)
$ (30.9)
$ (30.7)
$ (55.6)
Interest expense
70.0
32.4
33.3
69.1
Income tax expense
12.8
3.3
6.7
9.4
Depreciation and amortization
128.8
55.0
65.7
118.1
EBITDA (non-GAAP)
$ 156.2
$ 59.8
$ 75.0
$ 141.0
Restructuring, impairment and transaction-related charges
77.5
42.6
35.6
84.5
Adjusted EBITDA (non-GAAP)
$ 233.7
$ 102.4
$ 110.6
$ 225.5
______________________________
(a)
Financial information for the year ended December 31, 2023, is included as reported in the Company’s 2023 Annual Report on
Form 10-K filed with the SEC on February 22, 2024.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
ADJUSTED DILUTED EARNINGS PER SHARE
For the Three Months Ended June 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Three Months Ended June 30,
2024
2023
Loss before income taxes
$ (1.9)
$ (8.2)
Restructuring, impairment and transaction-related charges
10.1
9.6
Adjusted net earnings, before income taxes (non-GAAP)
8.2
1.4
Income tax expense at 25% normalized tax rate
2.1
0.4
Adjusted net earnings (non-GAAP)
$ 6.1
$ 1.0
Basic weighted average number of common shares outstanding
47.7
49.3
Plus: effect of dilutive equity incentive instruments (non-GAAP)
2.4
1.7
Diluted weighted average number of common shares outstanding (non-GAAP)
50.1
51.0
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.12
$ 0.02
Diluted loss per share (GAAP)
$ (0.06)
$ (0.12)
Restructuring, impairment and transaction-related charges per share
0.20
0.19
Income tax expense (benefit) from condensed consolidated statement of operations per share
0.02
(0.04)
Income tax expense at 25% normalized tax rate per share
(0.04)
(0.01)
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.12
$ 0.02
______________________________
(1)
Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges
and (ii) discrete income tax items.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
QUAD/GRAPHICS, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
ADJUSTED DILUTED EARNINGS PER SHARE
For the Six Months Ended June 30, 2024 and 2023
(in millions, except per share data)
(UNAUDITED)
Six Months Ended June 30,
2024
2023
Loss before income taxes
$ (27.6)
$ (24.0)
Restructuring, impairment and transaction-related charges
42.6
35.6
Adjusted net earnings, before income taxes (non-GAAP)
15.0
11.6
Income tax expense at 25% normalized tax rate
3.8
2.9
Adjusted net earnings (non-GAAP)
$ 11.2
$ 8.7
Basic weighted average number of common shares outstanding
47.4
49.2
Plus: effect of dilutive equity incentive instruments (non-GAAP)
2.5
1.9
Diluted weighted average number of common shares outstanding (non-GAAP)
49.9
51.1
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.22
$ 0.17
Diluted loss per share (GAAP)
$ (0.65)
$ (0.62)
Restructuring, impairment and transaction-related charges per share
0.85
0.70
Income tax expense from condensed consolidated statement of operations per share
0.07
0.13
Income tax expense at 25% normalized tax rate per share
(0.08)
(0.06)
Effect of dilutive equity incentive instruments
0.03
0.02
Adjusted diluted earnings per share (non-GAAP) (1)
$ 0.22
$ 0.17
______________________________
(1)
Adjusted diluted earnings per share excludes the following: (i) restructuring, impairment and transaction-related charges
and (ii) discrete income tax items.
In addition to financial measures prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), this earnings announcement also contains non-GAAP financial measures, specifically EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Net Debt, Debt Leverage Ratio and Adjusted Diluted Earnings Per Share. The Company believes that these non-GAAP measures, when presented in conjunction with comparable GAAP measures, provide additional information for evaluating Quad’s performance and are important measures by which Quad’s management assesses the profitability and liquidity of its business. These non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net earnings (loss) as a measure of operating performance or to cash flows provided by (used in) operating activities as a measure of liquidity. These non-GAAP measures may be different than non-GAAP financial measures used by other companies.
View original content to download multimedia:https://www.prnewswire.com/news-releases/quad-reports-second-quarter-and-year-to-date-2024-results-302210301.html
SOURCE Quad
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Nearly 50% of Young People Resolve to Quit Nicotine in 2025
Published
50 minutes agoon
December 23, 2024By
EX Program by Truth Initiative Offers a Proven Path to Success
WASHINGTON, Dec. 23, 2024 /PRNewswire/ — Almost half (48%) of young people aged 18-24 are making quitting nicotine a priority for their 2025 New Year’s resolutions, according to new data from Truth Initiative® – the nation’s largest nonprofit public health organization dedicated to preventing youth and young adult nicotine addiction and empowering quitting for all.
This survey data* highlights a growing desire to break free from nicotine addiction and the urgent need for effective resources for 18- to 24-year-olds, among whom e-cigarette use is prevalent and dual use of cigarettes is a growing concern. For many, the journey to quit can feel daunting, especially for the scores of young people who think quitting means going “cold turkey” without a network of support. To meet this need, Truth Initiative is offering resources to help their resolutions stick and has launched Outsmart Nicotine, a new campaign designed to introduce young people to EX® Program, a comprehensive quitting resource developed in partnership with Mayo Clinic in 2008.
Empowering Young People with Tools and Encouragement Through EX Program
EX Program is a free cessation resource tailored to meet the unique challenges faced by young people. It offers proven, evidence-based tools designed to support quitting through personalized quit plans, interactive text messages, and 24/7 access to the nation’s most established online quit community. A randomized clinical trial among young adults published in JAMA Internal Medicine found that EX Program text message support can increase the odds of quitting by up to 40%, making EX Program one of the most effective resources for tackling nicotine addiction. These tools have helped millions quit nicotine over nearly two decades, solidifying EX Program as one of the most effective cessation resources available.
Redefining Quitter’s Day: Introducing “You Got This Day” as Part of the Outsmart Nicotine Campaign
Through the Outsmart Nicotine campaign, Truth Initiative is driving awareness of these tools with a series of ads that celebrate the small, everyday victories that lead to quitting nicotine for good. The campaign’s launch ad, “You Got This,” creates an uplifting tone with the iconic track “Can I Kick It?” by A Tribe Called Quest to inspire young people to take that first step toward a nicotine-free life.
“Quitting nicotine is hard, but it doesn’t have to be a lonely or impossible journey,” said Kathy Crosby, CEO and President of Truth Initiative. “With Outsmart Nicotine and the proven-effective EX Program, we’re showing young people that freedom from addiction is possible and within reach– and giving them the tools to quit smarter, not harder.”
Traditionally known as Quitter’s Day, the second Friday in January – January 10th in 2025 – marks the time of year when many people abandon their new year’s resolutions. Giving it a fresh perspective, Truth Initiative is renaming it “You Got This Day” to motivate young people to push through challenges and keep working toward their quit goals. The campaign reframes this day as a moment of empowerment, reminding young adults that quitting is difficult, but with the right support, it’s possible.
Take the First Step Toward Quitting
Truth Initiative invites young people to take the first step toward quitting by texting EXPROGRAM to 88709 or visiting exprogram.com. Organizations interested in EX Program’s enterprise solution can learn more at exprogram.com/enterprise.
*According to Truth Initiative Continuous Tracking Online (CTO) survey data collected October 17, 2024 – December 17, 2024, from 662 respondents.
About Truth Initiative
Truth Initiative® is a national nonprofit public health organization committed to a future free from lifelong addiction, fostering healthier lives and a more resilient nation. Our mission is to prevent youth and young adult nicotine addiction and empower quitting for all. Through our evidence-based, market-leading cessation EX® Program and national public education and prevention campaigns, we are leading the fight against youth and young adult tobacco use, which threatens to put a new generation at risk of lifetime nicotine addiction. Our rigorous scientific research and policy studies, community and youth engagement programs supporting populations at high risk of using tobacco, and innovation in tobacco dependence treatment continue to contribute to ending one of the most critical public health battles of our time. Based in Washington, D.C., our organization was established and funded through the 1998 Master Settlement Agreement between attorneys general from 46 states, five U.S. territories, and the tobacco industry. To learn more, visit truthinitiative.org.
About EX Program
EX® Program is a proven-effective tobacco cessation program, developed by Truth Initiative® with Mayo Clinic, that brings together the best evidence-based quitting approaches, interactive digital quitting programs, and the most established online quit community. EX Program has helped millions of youth and adults develop the skills and confidence to successfully quit. Truth Initiative research has shown that EX Program text messages can increase a user’s odds of quitting by up to 40%. To learn more, visit exprogram.com.
About EX Program Enterprise
Developed by Truth Initiative® with Mayo Clinic, EX® Program Enterprise is the best strategic partner for employers, health plans, and public health organizations to end smoking, vaping, and nicotine use. Sponsored users receive multimodal quitting support, available in both English and Spanish. Clients get real-time dashboards to track performance, year-round promotions, and expert client success guidance. To learn more about available options visit exprogram.com/enterprise.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nearly-50-of-young-people-resolve-to-quit-nicotine-in-2025-302337746.html
SOURCE Truth Initiative
Technology
Foxconn Announces Strategic Partnership With Zettabyte to Transform AI Data Centers
Published
50 minutes agoon
December 23, 2024By
TAIPEI, Dec. 23, 2024 /PRNewswire/ — Zettabyte, a global leader in AI data center software and infrastructure solutions, is proud to announce a strategic partnership with Hon Hai Technology Group (Foxconn), the world’s largest electronics manufacturer. This collaboration, underpinned by capital funding, aims to drive innovation and expand the adoption of energy-efficient AI solutions worldwide.
At the forefront of Zettabyte’s offerings is Zware, its advanced AI data center management software. Zware optimizes GPU performance, dramatically lowering energy usage while maximizing computing output. This cutting-edge solution empowers businesses to achieve unparalleled efficiency and sustainability in AI computing.
“We are thrilled to partner with Foxconn, a company renowned for its excellence in manufacturing and innovation,” said Kenneth Tai, Chairman of Zettabyte. “This partnership will accelerate the deployment of our technology, meeting the surging demand for high-performance, energy-efficient AI computing globally.”
Partnering with Zettabyte aligns with Foxconn’s commitment to advancing sustainable technologies. According to Foxconn, Zware’s ability to enhance AI data center operations while significantly reducing energy consumption opens opportunities to set new benchmarks for the future of AI data centers.
This collaboration underscores Zettabyte’s leadership in revolutionizing AI infrastructure and its dedication to providing transformative technologies to enterprises worldwide.
About Zettabyte
ZETTABYTE is a global innovator in AI data center technology, delivering solutions that redefine efficiency and sustainability in AI data centers. Its flagship software, Zware, is setting a new standard for sustainable and efficient AI computing.
About Foxconn
Established in 1974 in Taiwan, Hon Hai Technology Group (“Foxconn”) (TWSE: 2317) is the world’s largest electronics manufacturer and leading technological solutions provider, ranking 32nd among the Fortune Global 500. In 2023, revenue totaled TWD6.162 trillion (approx. US$198 billion or EUR183 billion)
View original content:https://www.prnewswire.com/apac/news-releases/foxconn-announces-strategic-partnership-with-zettabyte-to-transform-ai-data-centers-302338255.html
SOURCE Zettabyte
Technology
Karma Automotive Collaborates with the Connected Vehicle Systems Alliance (COVESA), UC Riverside and ROADMEDIC.AI to Develop and Pilot Software and Standards for Next-Generation 9-1-1 Emergency Response Vehicle Communications
Published
50 minutes agoon
December 23, 2024By
At CES2025, a new vision is shared for standardizing the method that enables Software Defined Vehicles to more rapidly and robustly dispatch 9-1-1 Emergency Response Services to vehicle collisions
IRVINE, Calif., Dec. 23, 2024 /PRNewswire/ — Karma Automotive, America’s only full-line ultra-luxury vehicle manufacturer, is passionate about enabling the proliferation of open standards in Software Defined Vehicle Architecture (SDVA) to increase industry collaboration, and to speed development as the expanded role of software redefines the driving experience aboard modern vehicles. With vehicle occupant safety as a preeminent focus in all vehicle development, Karma Automotive is collaborating with the Connected Vehicle Systems Alliance (COVESA), the University of California Riverside and ROADMEDIC.AI to develop standards-based software applications which leverage vehicle connectivity to provide robust and real-time insights to 9-1-1 first responders and the related eco-system.
According to a paper published by the National Institute of Health (NIH), for every 1-minute increase in EMS response time, fatality odds increase by 2.6%. The goal of the effort is to drastically reduce emergency response times, and materially increase preparedness of responders when arriving at the site of a critical incident. Then, to validate software applications and communication protocols that have been validated in real-world applications that can be shared and easily deployed by the broader automotive industry.
To announce this project, Karma Automotive will join the COVESA Networking Reception and Demonstration at CES2025 on January 7 at 5pm at the Bellagio Hotel in Las Vegas, NV and showcase the ultra-exclusive, high-performance 2025 Karma Invictus. Karma Invictus is underpinned by the Karma Cloud Services platform that serves as the backbone for the development of the proposed safety system.
Enabling the detailed transmission of vital vehicle and occupant data in real-time could help responders increase preparedness to triage an incident, as contemporary automobiles carry tremendous amounts of data. Leveraging connectivity systems, a vehicle can directly identify number and location of occupants, severity of impact, location of the incident, vehicle extrication instructions and even driver biometrics. Software can be used to organize, parse, and transmit this data in real-time to parties based on their specific role in the 9-1-1 response eco-system. When combined with vehicle-embedded and cloud-based AI, this data can be sorted and delivered independently, yet simultaneously to the diverse network of service providers that engage in incident response activities. Collectively, this effort is referred to as the ‘9-1-1 Dispatcher Visibility Demonstration Project’.
“Much of what we deliver to our customers in software should not be looked at as differentiating, but rather essential,” says Marques McCammon, President, Karma Automotive. “Safety for example is important to all industry players, and if we could standardize our approach to innovation in the space, we can not only improve the well-being of drivers universally, but also reduce development cost, and time getting new tech technologies to market. This philosophy is central to the Karma Automotive brand promise and our positioning as America’s only ultra-luxury automotive brand.”
“Together with our partners, we look to democratize development and share the learnings to the benefit of the broader industry and the community at large,” continues McCammon, “and with upcoming Karma vehicles, this technology will be seamlessly integrated within our Karma Connect Vehicle Data Management and connectivity services platform.”
“This collaboration is the realization of a 25-year journey,” said Lawrence E. Williams, CEO and Founder of ROADMEDIC.AI. “Many times, it seemed like a pipe dream, but today, thanks to Karma Automotive’s shared vision, we are turning that dream into reality. Together, we are poised to revolutionize 9-1-1 emergency response systems and save countless lives.”
Next Generation 9-1-1 Technology: A Game Changer
Karma Automotive is the first OEM automotive partner to COVESA’s ‘9-1-1 Dispatcher Visibility Demonstration Project’. Working in collaboration with the University of California Riverside, the automaker will utilize 3rd Generation Karma Revero sport sedans to pilot the technology application and its related use cases. The results of this effort will then be shared with the greater COVESA community, National Highway Traffic Safety Administration (NHSTA), and other community members and stakeholders.
Existing 9-1-1 emergency response systems rely heavily on caller-based information, often supplemented by telematics systems transmitting data to manufacturer call centers. These systems, while useful, introduce delays and inconsistencies that can hinder timely emergency responses. By contrast, the Next Generation 9-1-1 Technology spearheaded by Karma Automotive and its partners will enable vehicles to instantly transmit vital, multi-layered crash data directly to 9-1-1 Emergency Communication Centers, bypassing intermediaries and saving precious seconds in emergency scenarios.
About Karma Automotive
Karma Automotive is America’s only full-line ultra-luxury vehicle manufacturer, and a pioneer of EREV (Extended Range Electric) vehicles which it manufactures at its Karma Innovation and Customization Center (KICC) in Moreno Valley, CA. Its Executive, Product Development, and Design headquarters are located in nearby Irvine, CA. The Karma portfolio embodies California’s spirit of innovation and entrepreneurial boldness, reflected by the signature Comet Line which is the central hallmark of Karma’s new design language. Sales of the 3rd Generation Karma Revero sport sedan, the world’s first luxury EREV plug-in hybrid, are now underway in the USA and EU, offering luxury balanced with conscientiousness delivered without compromise. Sales of Revero’s ultra-exclusive, performance-tuned stablemate, Karma Invictus, will begin in Q1 2025, followed by the Gyesera four-seater in Q4 2025. The Karma Kaveya super-coupe, with up to 1,000HP and butterfly-doors, will arrive in Q4 2026, incorporating SDVA (Software-Defined Vehicle Architecture) developed in collaboration with Intel Automotive. Further, Karma Automotive will provide Tier 1’s and Original Equipment Manufacturers (OEMs) with business-to-business SDVA solutions, as it does today with Karma Connect, its proprietary Vehicle Data Management and Over-the-Air services platform, which presently provides services to the world’s second largest OEM. Karma Automotive’s dealer network spans North America, Europe, South America and the Middle East. (www.karmaautomotive.com)
About ROADMEDIC.AI
ROADMEDIC.AI is an authorized automotive OEM Tier 1 supplier dedicated to improving 9-1-1 emergency response through instantaneous IP-based data transmission from motor vehicles to 9-1-1 centers. Their innovative solutions save lives and reduce harm in crash events. For more information, visit www.roadmedic.com.
About COVESA
The Connected Vehicle Systems Alliance (COVESA) is an open, member-driven global technology alliance accelerating the full potential of connected vehicles. By developing common approaches and technologies, COVESA provides a collaborative platform that empowers automotive software stakeholders and world-class developers to address challenges and opportunities in connected mobility and navigate the digital transformation of the automotive industry. Learn more about COVESA or join our community at www.covesa.global.
Media Contact:
Joe Richardson, (917) 716-6617
Joe@BeautifulNoisePR.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/karma-automotive-collaborates-with-the-connected-vehicle-systems-alliance-covesa-uc-riverside-and-roadmedicai-to-develop-and-pilot-software-and-standards-for-next-generation-9-1-1-emergency-response-vehicle-communications-302338073.html
SOURCE Karma Automotive
Nearly 50% of Young People Resolve to Quit Nicotine in 2025
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Karma Automotive Collaborates with the Connected Vehicle Systems Alliance (COVESA), UC Riverside and ROADMEDIC.AI to Develop and Pilot Software and Standards for Next-Generation 9-1-1 Emergency Response Vehicle Communications
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