Technology
Sapiens Reports Second Quarter 2024 Financial Results
Published
2 months agoon
By
ROCHELLE PARK, N.J., Aug. 1, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced its financial results for the second quarter ended June 30, 2024.
Summary Results for Second Quarter 2024 (USD in millions, except per share data)
GAAP
Non-GAAP
Q2 2024
Q2 2023
% Change
Q2 2024
Q2 2023
% Change
Revenue
$136.8
$128.3
6.6 %
$136.8
$128.4
6.6 %
Gross Profit
$60.1
$54.7
10.0 %
$62.5
$58.0
7.7 %
Gross Margin
43.9 %
42.6 %
130 bps
45.7 %
45.2 %
50 bps
Operating Income
$21.9
$19.6
11.5 %
$24.8
$23.4
6.1 %
Operating Margin
16.0 %
15.3 %
70 bps
18.2 %
18.2 %
0 bps
Net Income (*)
$18.6
$15.4
20.9 %
$21.0
$18.6
13.1 %
Diluted EPS
$0.33
$0.28
17.9 %
$0.37
$0.33
12.1 %
(*) Attributable to Sapiens’ shareholders
Roni Al-Dor, President and CEO of Sapiens, stated, “We are pleased to report that revenue reached $137 million this quarter, reflecting a 6.6% increase over the same period last year. This quarter non-GAAP demonstrated our strong execution capabilities, particularly with robust growth in North America and Europe. This quarter’s non-GAAP operating profit totaled $25 million, representing 18.2% of total revenue. Additionally, net income this quarter grew by 13%, and EPS per diluted share was $0.37 this quarter of 2024, up 12.1% from the second quarter of 2023″.
“We reiterate our 2024 guidance for non-GAAP revenues in a range of $550 million to $555 million and for non-GAAP operating margin in a range of 18.1%-18.5%,” concluded Mr. Al-Dor.
Quarterly Results Conference Call
Management will host a conference call and webcast on August 1, 2024, at 9:30 a.m. Eastern Time (4:30 p.m. in Israel) to review and discuss Sapiens’ results. Please call the following numbers (at least 10 minutes before the scheduled time) to participate:
North America (toll-free): 1-888-642-5032
International: 972-3-9180644
UK: 0-800-917-5108
The live webcast of the call can be viewed on Sapiens’ website at: https://veidan.activetrail.biz/sapiensq2-2024. A replay of the call will be available one business day following the completion of the event at the same link for 90 days.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: non-GAAP revenue, ARR, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributed to Sapiens shareholders, non-GAAP basic and diluted earnings per share, Adjusted EBITDA and Adjusted Free Cash-Flow.
Sapiens believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Sapiens’ financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analyses, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. These measures are used in financial reports prepared for management and in quarterly financial reports presented to the Company’s board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: Valuation adjustment on acquired deferred revenue, amortization of capitalized software development and other intangible assets, capitalization of software development, stock-based compensation, compensation related to acquisition and acquisition-related costs, restructuring and cost reduction costs, and tax adjustments related to non-GAAP adjustments.
Management of the Company does not consider these non-GAAP measures in isolation, or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations, as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.
To compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. Sapiens urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables of this release.
The Company defines Annual Recurring Revenue (“ARR”) as the annualized value of our revenue from customer subscriptions, term licenses, maintenance, application maintenance, and cloud solutions, which may not be the same as the timing and amount of revenue recognized. The ARR run rate is equal to the product of (i) the sum of these revenues in our most recently completed fiscal quarter, multiplied by (ii) four.
The Company defines Adjusted EBITDA as net profit, adjusted to eliminate valuation adjustment on acquired deferred revenue, stock-based compensation expense, depreciation and amortization, capitalization of software development costs, compensation expenses related to acquisition and acquisition-related costs, restructuring and cost reduction costs, financial expense (income), provision for income taxes and other income (expenses). These amounts are often excluded by other companies as well, in order to help investors understand the operational performance of their business.
The Company uses Adjusted EBITDA as a measurement of its operating performance, because it assists in comparing the operating performance on a consistent basis by removing the impact of certain non-cash and non-operating items. Adjusted EBITDA reflects an additional way of viewing aspects of the operations that the Company believes, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting its business. The Company uses Adjusted Free Cash-Flow as a measurement of its operating performance, and reconciles cash-flow from operating activities to Adjusted Free Cash-Flow, while reducing the amounts for capitalization of software development costs and capital expenditures. The Company adds back cash payments made for former acquisitions in respect of future performance targets and retention criteria as determined upon acquisition date of the respective acquired company, which were included in the cash-flow from operating activities. We believe that Adjusted Free Cash-Flow is useful in evaluating our business, because Adjusted Free Cash-Flow reflects the cash surplus available to fund the expansion of our business.
About Sapiens
Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit www.sapiens.com or follow us on LinkedIn.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Investor Relations, Sapiens
Yaffa.cohen-ifrah@sapiens.com
+1 917-533-4782
Investor Contacts
Brett Maas
Managing Partner, Hayden IR
+1 646-536-7331
Brett.Maas@HaydenIR.com
Kimberly Rogers
Managing Director, Hayden IR
+1 541-904-5075
kim@HaydenIR.com
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, and are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the recent novel coronavirus pandemic, which adversely affected our results of operations, or fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company. While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 20-F, which we filled with the SEC on March 31, 2022, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
U.S. dollars in thousands (except per share amounts)
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue
136,800
128,299
271,049
253,020
Cost of revenue
76,696
73,635
153,385
145,327
Gross profit
60,104
54,664
117,664
107,693
Operating expenses:
Research and development, net
16,809
15,746
33,330
31,363
Selling, marketing, general and administrative
21,412
19,297
41,929
37,816
Total operating expenses
38,221
35,043
75,259
69,179
Operating income
21,883
19,621
42,405
38,514
Financial and other expenses (income), net
(1,109)
562
(2,201)
1,759
Taxes on income
4,375
3,587
8,488
6,917
Net income
18,617
15,472
36,118
29,838
Attributable to non-controlling interest
–
69
141
239
Net income attributable to Sapiens’ shareholders
18,617
15,403
35,977
29,599
Basic earnings per share
0.33
0.28
0.65
0.54
Diluted earnings per share
0.33
0.28
0.64
0.53
Weighted average number of shares outstanding used to
compute basic earnings per share (in thousands)
55,797
55,196
55,771
55,176
Weighted average number of shares outstanding used to
compute diluted earnings per share (in thousands)
56,163
55,582
56,072
55,576
SAPIENS INTERNATIONAL CORPORATION N.V. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
U.S. dollars in thousands (except per share amounts)
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
(unaudited)
(unaudited)
(unaudited)
(unaudited)
GAAP revenue
136,800
128,299
271,049
253,020
Valuation adjustment on acquired deferred revenue
–
55
–
110
Non-GAAP revenue
136,800
128,354
271,049
253,130
GAAP gross profit
60,104
54,664
117,664
107,693
Revenue adjustment
–
55
–
110
Amortization of capitalized software
1,569
1,425
3,114
2,856
Amortization of other intangible assets
808
1,848
2,587
3,696
Non-GAAP gross profit
62,481
57,992
123,365
114,355
GAAP operating income
21,883
19,621
42,405
38,514
Gross profit adjustments
2,377
3,328
5,701
6,662
Capitalization of software development
(1,823)
(1,679)
(3,540)
(3,337)
Amortization of other intangible assets
1,223
1,084
2,456
2,160
Stock-based compensation
811
1,059
1,583
1,922
Acquisition-related costs *)
365
4
494
10
Non-GAAP operating income
24,836
23,417
49,099
45,931
GAAP net income attributable to Sapiens’ shareholders
18,617
15,403
35,977
29,599
Operating income adjustments
2,953
3,796
6,694
7,417
Taxes on income
(529)
(589)
(1,209)
(1,153)
Non-GAAP net income attributable to Sapiens’ shareholders
21,041
18,610
41,462
35,863
(*) Acquisition-related costs pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal rendered..
Adjusted EBITDA Calculation
U.S. dollars in thousands
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
GAAP operating profit
21,883
19,621
42,405
38,514
Non-GAAP adjustments:
Valuation adjustment on acquired deferred revenue
–
55
–
110
Amortization of capitalized software
1,569
1,425
3,114
2,856
Amortization of other intangible assets
2,031
2,932
5,043
5,856
Capitalization of software development
(1,823)
(1,679)
(3,540)
(3,337)
Stock-based compensation
811
1,059
1,583
1,922
Compensation related to acquisition and acquisition-related costs
365
4
494
10
Non-GAAP operating profit
24,836
23,417
49,099
45,931
Depreciation
1,095
976
2,192
2,031
Adjusted EBITDA
25,931
24,393
51,291
47,962
Summary of NON-GAAP Financial Information
U.S. dollars in thousands (except per share amounts)
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Revenues
136,800
134,249
130,914
130,760
128,354
Gross profit
62,481
60,884
59,370
59,260
57,992
Operating income
24,836
24,263
24,152
24,058
23,417
Adjusted EBITDA
25,931
25,360
25,267
24,777
24,393
Net income to Sapiens’ shareholders
21,041
20,421
20,081
19,080
18,610
Diluted earnings per share
0.37
0.36
0.36
0.34
0.33
Annual Recurring Revenue (“ARR”)
U.S. dollars in thousands
Three months ended
June 30,
2024
2023
168,593
150,417
Non-GAAP Revenues by Geographic Breakdown
U.S. dollars in thousands
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
North America
57,918
55,158
54,882
54,848
52,116
Europe
66,072
68,727
65,239
64,662
62,960
Rest of the World
12,810
10,364
10,793
11,250
13,278
Total
136,800
134,249
130,914
130,760
128,354
Non-GAAP Revenue breakdown
U.S. dollars in thousands
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Software products and re-occurring post-production services (*)
98,044
82,559
192,285
164,401
Pre-production implementation services (**)
38,756
45,795
78,764
88,729
Total Revenues
136,800
128,354
271,049
253,130
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Software products and re-occurring post-production services (*)
52,237
42,437
102,577
87,286
Pre-production implementation services (**)
10,244
15,555
20,788
27,069
Total Gross profit
62,481
57,992
123,365
114,355
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
Software products and re-occurring post-production services (*)
53.3 %
51.4 %
53.3 %
53.1 %
Pre-production implementation services (**)
26.4 %
34.0 %
26.4 %
30.5 %
Gross Margin
45.7 %
45.2 %
45.5 %
45.2 %
(*) Software products and re-occurring post-production services include
mainly subscription, term license, maintenance, application maintenance,
cloud solutions and post-production services. This revenue stream is a
mix of recurring and re-occurring in nature.
(**) Pre-production implementation services include mainly implementation
services before go-live, which are one-time in nature.
Adjusted Free Cash-Flow
U.S. dollars in thousands
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Cash-flow from operating activities
8,545
18,488
38,646
3,988
14,603
Increase in capitalized software development costs
(1,823)
(1,717)
(1,543)
(1,638)
(1,679)
Capital expenditures
(666)
(466)
(421)
(696)
(775)
Free cash-flow
6,056
16,305
36,682
1,654
12,149
Cash payments attributed to acquisition-related costs(*) (**)
134
751
221
–
–
Adjusted free cash-flow
6,190
17,056
36,903
1,654
12,149
(*) Included in cash-flow from operating activities
(**) Acquisition-related payments pertain to charges on behalf of M&A agreements related to future performance targets and retention criteria, as well as completed or prospective third-party services, such as tax, accounting and legal.
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
U.S. dollars in thousands
June 30,
December 31,
2024
2023
(unaudited)
(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
122,646
126,716
Short-term bank deposit
63,800
75,400
Trade receivables, net and unbilled receivables
102,101
90,273
Other receivables and prepaid expenses
20,258
22,514
Total current assets
308,805
314,903
LONG-TERM ASSETS
Property and equipment, net
12,065
12,661
Severance pay fund
3,360
3,605
Goodwill and intangible assets, net
307,231
317,352
Operating lease right-of-use assets
20,505
23,557
Other long-term assets
15,571
17,546
Total long-term assets
358,732
374,721
TOTAL ASSETS
667,537
689,624
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade payables
11,296
6,291
Current maturities of Series B Debentures
19,796
19,796
Accrued expenses and other liabilities
74,057
77,873
Current maturities of operating lease liabilities
5,705
6,623
Deferred revenue
31,928
38,541
Total current liabilities
142,782
149,124
LONG-TERM LIABILITIES
Series B Debentures, net of current maturities
19,768
39,543
Deferred tax liabilities
8,517
10,820
Other long-term liabilities
11,469
11,538
Long-term operating lease liabilities
17,816
21,084
Accrued severance pay
7,443
7,568
Total long-term liabilities
65,013
90,553
EQUITY
459,742
449,947
TOTAL LIABILITIES AND EQUITY
667,537
689,624
SAPIENS INTERNATIONAL CORPORATION N.V. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOW
U.S. dollars in thousands
For the six months ended June 30,
2024
2023
(unaudited)
(unaudited)
Cash flows from operating activities:
Net income
36,118
29,838
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization
10,349
10,743
Accretion of discount on Series B Debentures
22
32
Capital (gain) loss from sale of property and equipment
(9)
86
Stock-based compensation related to options issued to employees
1,583
1,922
Net changes in operating assets and liabilities, net of amount acquired:
Decrease (increase) in trade receivables, net and unbilled receivables
(12,723)
2,351
Increase (decrease) in deferred tax liabilities, net
(1,428)
45
Decrease (increase) in other operating assets
3,445
(390)
Increase (decrease) in trade payables
4,446
(1,014)
Decrease in other operating liabilities
(8,354)
(12,572)
Increase (decrease) in deferred revenues
(6,587)
5,284
Increase in accrued severance pay, net
171
466
Net cash provided by operating activities
27,033
36,791
Cash flows from investing activities:
Purchase of property and equipment
(1,146)
(1,439)
Proceeds from (investment in) deposits
12,136
(70,002)
Proceeds from sale of property and equipment
14
30
Payments for business acquisitions, net of cash acquired
(375)
–
Capitalized software development costs
(3,540)
(3,337)
Acquisition of intellectual property
–
(177)
Net cash provided by (used in) investing activities
7,089
(74,925)
Cash flows from financing activities:
Proceeds from employee stock options exercised
98
–
Distribution of dividend
(15,635)
(13,796)
Repayment of Series B Debenture
(19,796)
(19,796)
Acquisition of non-controlling interest
(4,131)
–
Dividend to non-controlling interest
–
(47)
Net cash used in financing activities
(39,464)
(33,639)
Effect of exchange rate changes on cash and cash equivalents
1,272
905
Decrease in cash and cash equivalents
(4,070)
(70,868)
Cash and cash equivalents at the beginning of period
126,716
160,285
Cash and cash equivalents at the end of period
122,646
89,417
Debentures Covenants
As of June 30, 2024, Sapiens was in compliance with all of its financial covenants under the indenture for the Series B Debentures, based on having achieved the following in its consolidated financial results:
Covenant 1
Target shareholders’ equity (excluding non-controlling interest): above $120 million.Actual shareholders’ equity (excluding non-controlling interest) equal to $459.7 million.
Covenant 2
Target ratio of net financial indebtedness to net capitalization (in each case, as defined under the indenture for the Company’s Series B Debentures) below 65%.Actual ratio of net financial indebtedness to net capitalization equal to (46.79)%.
Covenant 3
Target ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is below 5.5.Actual ratio of net financial indebtedness to EBITDA (accumulated calculation for the four last quarters) is equal to (1.45).
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SOURCE Sapiens International Corporation
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Qian Wang
wangqian@vision-intelligence.tech
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SOURCE VIAIM
Technology
G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2
Published
2 hours agoon
September 20, 2024By
ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.
The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.
Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.
Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”
In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.
“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”
By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.
About G42
G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.
Media contacts
Media and PR Team, G42
media@g42.ai
View original content:https://www.prnewswire.co.uk/news-releases/g42-collaborates-with-nvidia-to-deliver-next-generation-climate-solutions-using-earth-2-302253818.html
Technology
Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain
Published
3 hours agoon
September 20, 2024By
HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.
“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”
Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.
“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”
Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.
About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.
About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.
About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.
Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.
For media inquiries, please use the contact information below:
Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com
Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/kawasaki-and-cbi-sign-strategic-collaborative-agreement-for-promoting-commercial-use-liquefied-hydrogen-supply-chain-302253698.html
SOURCE McDermott International, Ltd
On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future
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