Technology
Bandwidth Announces Second Quarter 2024 Financial Results
Published
5 months agoon
By
Revenue of $174 million, up 19% year-over-year
Accelerating profitability, exceeding guidance
Expanding cash flow generation
RALEIGH, N.C., Aug. 1, 2024 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the second quarter ended June 30, 2024.
“We’re pleased to report a very strong first half, making significant progress toward our plan for 2024. In the second quarter, we delivered solid revenue growth while accelerating profitability and cash flow,” said David Morken, CEO of Bandwidth. “Our team’s disciplined approach, coupled with innovative solutions like Maestro and AI Bridge, is driving strong performance in a dynamic market. I am incredibly proud of our Bandmates’ execution and grateful for the trust our customers place in us. As we move forward, we remain focused on delivering exceptional value and transforming the communications landscape.”
Second Quarter 2024 Financial Highlights
The following table summarizes the condensed consolidated financial highlights for the three months ended June 30, 2024 and 2023 ($ in millions).
Three months ended
June 30,
2024
2023
Revenue
$ 174
$ 146
Gross Margin
37 %
40 %
Non-GAAP Gross Margin (1)
56 %
55 %
Adjusted EBITDA(1)
$ 19
$ 11
Free Cash Flow (1)
$ 18
$ (1)
(1) Additional information regarding the Non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to Non-GAAP financial measures has also been provided in the financial tables included below.
“Bandwidth’s second quarter results underscore our commitment to sustainable, profitable growth. With total revenue reaching $174 million and Adjusted EBITDA up 77% from the prior year, we are performing well across all categories,” said Daryl Raiford, CFO of Bandwidth. “Our strategic investments and disciplined financial management have driven impressive free cash flow and operational efficiency. We are well-positioned to continue this momentum into the second half of the year, further enhancing our financial strength and growth trajectory.”
Second Quarter Customer and Operational Highlights
A nationwide provider of medical claims management selected Bandwidth as their exclusive provider for voice calling, valuing our exceptional customer support and the flexibility of our Maestro product to orchestrate and enhance functionality across their platform.A prominent provider of healthcare integrated supportive care solutions chose Bandwidth to power its cloud contact center. Our communications cloud reliability and the comprehensive protection offered by our Call Assure product resonated with the customer, ensuring redundancy and safeguarding mission critical communications.A trusted provider of business insurance switched to Bandwidth as their sole provider for voice calling. They valued our Advanced Call Routing solution, which offers robust resiliency and redundancy for their contact center traffic, along with our superior back-end reporting tools.A well-established customer and provider of communications management software significantly increased their messaging business with us. Our deep industry knowledge and outstanding customer service played pivotal roles in securing this additional business.
Financial Outlook
Bandwidth’s outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its third quarter and full year 2024 as follows (in millions):
3Q 2024 Guidance
Full Year 2024 Guidance
Revenue
$180 – $184
$710 – $720
Adjusted EBITDA
$18 – $20
$72 – $76
Bandwidth has not reconciled its third quarter and full year 2024 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.
Upcoming Investor Conference Schedule
Canaccord Genuity Growth Conference in Boston, MA. Presentation by Daryl Raiford, CFO on Wednesday, August 14th at 10:00AM Eastern Time.Piper Sandler Growth Frontiers Conference in Nashville, TN. Fireside chat with David Morken, CEO and Daryl Raiford, CFO on Tuesday, September 10th at 10:00AM Central Time.
About Bandwidth Inc.
Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.
Conference Call
Bandwidth will host a conference call to discuss financial results for the second quarter ended June 30, 2024 on August 1, 2024. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the call.
Conference Call Details
August 1, 2024
8:00 am ET
Domestic dial-in:
844-481-2707
International dial-in:
412-317-0663
Replay information
An audio replay of this conference call will be available through August 8, 2024, by dialing 877-344-7529 or 412-317-0088 for international callers, and entering passcode 9676778.
Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending September 30, 2024 and year ending December 31, 2024, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our latest Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no obligation to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with certain Non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these Non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these Non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.
The presentation of Non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our Non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.
We define Non-GAAP gross profit as gross profit after adding back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation because they are non-cash items. We eliminate the impact of these non-cash items, because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe that showing gross margin, as adjusted to remove the impact of these non-cash expenses, is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin by dividing Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.
We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.
We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, acquisition related expenses, stock-based compensation expense, impairment of intangible assets, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.
We define free cash flow as net cash provided by or used in operating activities less net cash used in the acquisition of property, plant and equipment and capitalized development costs for software for internal use. We believe free cash flow is a useful indicator of liquidity and provides information to management and investors about the amount of cash generated from our core operations that can be used for investing in our business. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, it does not take into consideration investment in long-term securities, nor does it represent the residual cash flows available for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with our condensed consolidated statements of cash flows.
We believe that these Non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While a reconciliation of Non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of Non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.
BANDWIDTH INC.
Condensed Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Revenue
$ 173,602
$ 145,874
$ 344,635
$ 283,718
Cost of revenue
108,773
86,919
214,322
169,110
Gross profit
64,829
58,955
130,313
114,608
Operating expenses
Research and development
28,132
24,852
57,044
50,513
Sales and marketing
26,066
25,754
55,205
50,783
General and administrative
16,705
15,868
34,554
32,587
Total operating expenses
70,903
66,474
146,803
133,883
Operating loss
(6,074)
(7,519)
(16,490)
(19,275)
Other income, net
9,798
3,782
10,781
16,021
Income (loss) before income taxes
3,724
(3,737)
(5,709)
(3,254)
Income tax benefit (provision)
331
(153)
531
2,975
Net income (loss)
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Net income (loss) per share:
Basic
$ 0.15
$ (0.15)
$ (0.19)
$ (0.01)
Diluted
$ (0.17)
$ (0.15)
$ (0.19)
$ (0.01)
Numerator used to compute net income (loss) per share:
Basic
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Diluted
$ (5,043)
$ (3,890)
$ (5,178)
$ (279)
Weighted average number of common shares outstanding:
Basic
27,079,333
25,555,219
26,786,568
25,502,131
Diluted
29,500,598
25,555,219
26,786,568
25,502,131
The Company recognized total stock-based compensation expense as follows:
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Cost of revenue
$ 375
$ 204
$ 771
$ 396
Research and development
4,684
3,315
10,000
6,456
Sales and marketing
2,105
1,428
4,270
2,665
General and administrative
4,196
3,058
8,658
5,866
Total
$ 11,360
$ 8,005
$ 23,699
$ 15,383
BANDWIDTH INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
As of June 30,
As of December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$ 62,044
$ 131,987
Marketable securities
14,399
21,488
Accounts receivable, net of allowance for doubtful accounts
85,576
78,155
Deferred costs
3,871
4,155
Prepaid expenses and other current assets
15,492
16,990
Total current assets
181,382
252,775
Property, plant and equipment, net
173,400
177,864
Operating right-of-use asset, net
155,484
157,507
Intangible assets, net
155,966
166,914
Deferred costs, non-current
4,800
4,586
Other long-term assets
4,851
5,530
Goodwill
326,220
335,872
Total assets
$ 1,002,103
$ 1,101,048
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 31,933
$ 34,208
Accrued expenses and other current liabilities
69,256
69,014
Current portion of deferred revenue
7,685
8,059
Advanced billings
4,111
6,027
Operating lease liability, current
3,478
5,463
Line of credit, current portion
40,000
—
Total current liabilities
156,463
122,771
Other liabilities
354
386
Operating lease liability, net of current portion
220,497
220,548
Deferred revenue, net of current portion
8,142
8,406
Deferred tax liability
28,540
33,021
Convertible senior notes
280,660
418,526
Total liabilities
694,656
803,658
Stockholders’ equity:
Class A and Class B common stock
27
26
Additional paid-in capital
418,503
391,048
Accumulated deficit
(70,068)
(64,890)
Accumulated other comprehensive loss
(41,015)
(28,794)
Total stockholders’ equity
307,447
297,390
Total liabilities and stockholders’ equity
$ 1,002,103
$ 1,101,048
BANDWIDTH INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended June 30,
2024
2023
Cash flows from operating activities
Net loss
$ (5,178)
$ (279)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization
24,714
18,692
Non-cash reduction to the right-of-use asset
2,007
3,242
Amortization of debt discount and issuance costs
962
1,485
Stock-based compensation
23,699
15,383
Deferred taxes and other
(4,116)
(5,225)
Net gain on extinguishment of debt
(10,267)
(12,767)
Gain on business interruption insurance recoveries
—
(4,000)
Changes in operating assets and liabilities:
Accounts receivable, net of allowances
(7,642)
3,712
Prepaid expenses and other assets
1,886
(957)
Accounts payable
(1,112)
(6,171)
Accrued expenses and other liabilities
3,968
(12,464)
Operating right-of-use liability
(2,020)
(3,919)
Net cash provided by (used in) operating activities
26,901
(3,268)
Cash flows from investing activities
Purchase of property, plant and equipment
(7,145)
(3,859)
Capitalized software development costs
(5,843)
(5,001)
Purchase of marketable securities
(31,096)
(40,625)
Proceeds from sales and maturities of marketable securities
38,312
81,233
Proceeds from sale of business
469
835
Net cash (used in) provided by investing activities
(5,303)
32,583
Cash flows from financing activities
Borrowings on line of credit
65,000
—
Repayments on line of credit
(25,000)
—
Payments on finance leases
(44)
(90)
Net cash paid for debt extinguishment
(128,451)
(51,259)
Payment of debt issuance costs
(354)
—
Proceeds from exercises of stock options
119
413
Value of equity awards withheld for tax liabilities
(2,290)
(1,000)
Net cash used in financing activities
(91,020)
(51,936)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(608)
27
Net decrease in cash, cash equivalents, and restricted cash
(70,030)
(22,594)
Cash, cash equivalents, and restricted cash, beginning of period
132,307
114,622
Cash, cash equivalents, and restricted cash, end of period
$ 62,277
$ 92,028
BANDWIDTH INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)
Non-GAAP Gross Profit and Non-GAAP Gross Margin
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Gross Profit
$ 64,829
$ 58,955
$ 130,313
$ 114,608
Gross Profit Margin %
37 %
40 %
38 %
40 %
Depreciation
4,678
4,205
9,456
7,734
Amortization of acquired intangible assets
1,941
1,959
3,900
3,904
Stock-based compensation
375
204
771
396
Non-GAAP Gross Profit
$ 71,823
$ 65,323
$ 144,440
$ 126,642
Non-GAAP Gross Margin % (1)
56 %
55 %
56 %
54 %
________________________
(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $128 million and $257 million in the three and six months ended June 30, 2024, respectively, and $118 million and $233 million for the three and six months ended June 30, 2023, respectively.
BANDWIDTH INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)
Non-GAAP Net Income
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net income (loss)
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Stock-based compensation
11,360
8,005
23,699
15,383
Amortization of acquired intangibles
4,336
4,338
8,697
8,612
Amortization of debt discount and issuance costs for convertible debt
384
474
869
1,036
Net cost associated with early lease terminations and leases without economic benefit
877
—
2,033
—
Net gain on extinguishment of debt
(10,267)
—
(10,267)
(12,767)
Gain on business interruption insurance recoveries
—
(4,000)
—
(4,000)
Non-recurring items not indicative of ongoing operations and other (1)
49
180
129
739
Estimated tax effects of adjustments (2)
(2,075)
(708)
(3,443)
(3,135)
Non-GAAP net income
$ 8,719
$ 4,399
$ 16,539
$ 5,589
Interest expense on Convertible Notes (3)
300
317
617
655
Numerator used to compute Non-GAAP diluted net income per share
$ 9,019
$ 4,716
$ 17,156
$ 6,244
Net income (loss) per share
Basic
$ 0.15
$ (0.15)
$ (0.19)
$ (0.01)
Diluted
$ (0.17)
$ (0.15)
$ (0.19)
$ (0.01)
Non-GAAP net income per Non-GAAP share
Basic
$ 0.32
$ 0.17
$ 0.62
$ 0.22
Diluted
$ 0.29
$ 0.16
$ 0.55
$ 0.21
Weighted average number of shares outstanding
Basic
27,079,333
25,555,219
26,786,568
25,502,131
Diluted
29,500,598
25,555,219
26,786,568
25,502,131
Non-GAAP basic shares
27,079,333
25,555,219
26,786,568
25,502,131
Convertible debt conversion
2,421,265
3,317,023
2,869,144
3,569,511
Stock options issued and outstanding
28,513
27,413
30,108
60,583
Nonvested RSUs outstanding
1,284,862
—
1,260,376
—
Non-GAAP diluted shares
30,813,973
28,899,655
30,946,196
29,132,225
________________________
(1) Non-recurring items not indicative of ongoing operations and other include (i) less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, (ii) $0.1 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2024, and (iii) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.3 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2023.
(2) The estimated tax-effect of adjustments is determined by recalculating the tax provision on a Non-GAAP basis. The Non-GAAP effective income tax rate was 15.0% and 2.8% for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. We analyze the Non-GAAP valuation allowance position on a quarterly basis. In the fourth quarter of 2022, we removed the valuation allowance against all U.S. deferred tax assets for Non-GAAP purposes as a result of cumulative Non-GAAP U.S. income over the past three years and a significant depletion of net operating loss and tax credit carryforwards on a Non-GAAP basis. As of June 30, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.
(3) Non-GAAP net income is increased for interest expense as part of the calculation for diluted Non-GAAP earnings per share.
BANDWIDTH INC.
Reconciliation of Non-GAAP Financial Measures
(In thousands, except share and per share amounts)
(Unaudited)
Adjusted EBITDA
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net income (loss)
$ 4,055
$ (3,890)
$ (5,178)
$ (279)
Income tax (benefit) provision
(331)
153
(531)
(2,975)
Interest expense, net
698
322
65
1,236
Depreciation
7,964
5,460
16,017
10,080
Amortization
4,336
4,338
8,697
8,612
Stock-based compensation
11,360
8,005
23,699
15,383
Net cost associated with early lease terminations and leases without economic benefit
877
—
2,033
—
Net gain on extinguishment of debt
(10,267)
—
(10,267)
(12,767)
Gain on business interruption insurance recoveries
—
(4,000)
—
(4,000)
Non-recurring items not indicative of ongoing operations and other (1)
49
180
129
337
Adjusted EBITDA
$ 18,741
$ 10,568
$ 34,664
$ 15,627
________________________
(1) Non-recurring items not indicative of ongoing operations and other include less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.
Free Cash Flow
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Net cash provided by (used in) operating activities
$ 24,436
$ 3,086
$ 26,901
$ (3,268)
Net cash used in investing in capital assets (1)
(6,116)
(4,314)
(12,988)
(8,860)
Free cash flow
$ 18,320
$ (1,228)
$ 13,913
$ (12,128)
________________________
(1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use.
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SOURCE Bandwidth Inc.
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Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”
To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”
Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”
“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”
For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.
Media Contact
Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net
View original content to download multimedia:https://www.prweb.com/releases/as-2025-irs-mileage-rate-hits-70-cents-expert-warns-ditch-risky-apps-for-secure-paper-tracking-302337779.html
SOURCE Gig economy expert Ed Ryder
Technology
DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised
Published
56 minutes agoon
December 22, 2024By
NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.
About Ascension Health
Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.
What happened?
On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.
How can I protect my personal data?
If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.
Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.
For more information, please contact:
Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web: www.edelson-law.com
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.
View original content to download multimedia:https://www.prnewswire.com/news-releases/data-breach-alert-edelson-lechtzin-llp-is-investigating-claims-on-behalf-of-ascension-health-customers-whose-data-may-have-been-compromised-302337976.html
SOURCE Edelson Lechtzin LLP
Technology
Earth’s pulse monitored: a review highlights remote sensing time series progress
Published
5 hours agoon
December 22, 2024By
As urbanization accelerates and environmental dynamics shift, the need for accurate and timely terrestrial monitoring has never been more urgent. A review has introduced a novel approach to remote sensing time series analysis, integrating multi-source data to enable near real-time monitoring. This innovative methodology promises to transform environmental conservation and urban planning by providing unprecedented insights into terrestrial changes and offering a more precise understanding of environmental dynamics.
GUANGZHOU, China, Dec. 22, 2024 /PRNewswire-PRWeb/ — An international team of researchers from South China Normal University, the University of Connecticut, and the Chinese Academy of Sciences has made a significant breakthrough in remote sensing. Their review, published (DOI: 10.34133/remotesensing.0285) in the Journal of Remote Sensing on December 11, 2024, addresses key challenges in remote sensing, such as incomplete data and noise interference. The team’s new time series analysis technique leverages advanced data reconstruction and fusion methods, significantly enhancing the precision and efficiency of remote sensing for monitoring environmental changes.
The research team has developed an advanced time series analysis technique that combines deep learning algorithms with traditional remote sensing methods to integrate data from various remote sensing sources. This innovative approach allows for the extraction of subtle patterns from large, complex datasets, which is crucial for monitoring critical environmental parameters such as land use and vegetation health. Unlike conventional techniques that struggle with incomplete or noisy data, this new methodology offers enhanced accuracy and more reliable insights into terrestrial dynamics, paving the way for more effective environmental monitoring.
Central to the study’s success is the integration of Long Short-Term Memory (LSTM) networks and Generative Adversarial Networks (GANs) to address the challenges posed by missing or noisy data. The LSTM networks capture temporal trends over time, while the GANs generate synthetic data that mimics real-world observations to fill gaps and correct for atmospheric distortions. This dual approach has resulted in a cleaner, more accurate time series dataset, which was validated against independent ground truth measurements. The researchers demonstrated significant improvements in key vegetation indices, such as the Normalized Difference Vegetation Index (NDVI), setting a new benchmark in the field of remote sensing.
Experts in the field have lauded the study’s potential to revolutionize remote sensing applications. They see the method as a transformative tool for enhancing high-resolution monitoring and extending its coverage, particularly in agricultural surveillance, urban planning, and environmental management. “This method represents a crucial advancement in our ability to monitor environmental changes,” says Professor Fu. “As it evolves, it could play a key role in addressing climate change and other global challenges.”
The methodology’s future applications are vast, especially in global environmental monitoring and supporting sustainable development goals. By integrating multi-temporal data from Landsat and Sentinel-2 satellites, the team has created a framework for accurate and continuous terrestrial analysis. As computational power advances and algorithms improve, this technology is expected to become a vital tool for natural resource management, disaster response, and climate change mitigation. In the years to come, it could provide critical data to help policymakers address pressing environmental issues on a global scale.
References
DOI
Oiginal Source URL
https://doi.org/10.34133/remotesensing.0285
Funding information
This work was supported by the National Nature Science Foundation of China (grant numbers 42425001 and 42071399).
About Journal of Remote Sensing
The Journal of Remote Sensing, an online-only Open Access journal published in association with AIR-CAS, promotes the theory, science, and technology of remote sensing, as well as interdisciplinary research within earth and information science.
Media Contact
George Hua, Chuanlink Innovations, 1 8656606278, TranSpread1@gmail.com, http://chuanlink-innovations.com/
View original content to download multimedia:https://www.prweb.com/releases/earths-pulse-monitored-a-review-highlights-remote-sensing-time-series-progress-302337250.html
SOURCE Journal of Remote Sensing
As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking
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