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V2X Reports Strong Third Quarter Results with Record Revenue, Net Income, and Adjusted EBITDA

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Third Quarter Highlights

Record revenue of $1.08 billion, up 8% y/yIndo-Pacific revenue growth of 31% y/y driven by increased demandOperating income of $49.9 million; Adjusted operating income1 of $76.9 millionRecord net income of $15.1 million, up $21.5 million y/y; Adjusted net income1 of $41.3 million, up 76% y/yRecord adjusted EBITDA1 of $82.7 million, up 28% y/y with a margin of 7.6%Diluted EPS of $0.47; Adjusted diluted EPS1 of $1.29, up 77% y/y

2024 Guidance:

Raising full-year revenue and adjusted EPS1 guidance midpoint and reaffirming adjusted EBITDA and operating cash flow1

MCLEAN, Va., Nov. 4, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced third quarter 2024 financial results.

“V2X reported strong third quarter results with record revenue, net income, and adjusted EBITDA1, driven by our continued alignment to well-funded critical missions and the ability to deliver capabilities at scale across the globe,” said Jeremy Wensinger, President and Chief Executive Officer of V2X. “Revenue increased 8% year-over-year and adjusted EBITDA1 increased 28% year-over-year, reflecting strong program performance. Adjusted net income1 increased 76% year-over-year and adjusted diluted EPS1 increased 77% year-over-year.”

Mr. Wensinger continued, “During the third quarter we demonstrated continued growth in the Indo-Pacific region with revenue increasing 31% year-over-year. This performance was tied to the DoD’s continued focus on enhancing U.S. readiness in the region. We are seeing additional opportunities for growth in the region that align to improving the capacity and capabilities of U.S. allies and our partners.”  

“Our full spectrum capabilities across the mission lifecycle serve as a differentiator.  The fact that we are with our customers across the globe at every phase of mission execution, gives us prodigious knowledge, allowing us to deliver best of breed cost effective solutions that are enhancing outcomes. This unique position is yielding results with V2X securing approximately $5 billion of awards in the third quarter. This includes the $3.7 billion Warfighter-Training Readiness Solutions (W-TRS) award that represents a milestone win for V2X. We delivered a technology enabled solution that was compelling and will ensure every Army soldier has the tools necessary to conduct accurate training preparing them for whenever called upon to deploy. These wins validate our strong positioning in the marketplace and are expected to contribute to our financial performance for years to come.”

Mr. Wensinger concluded, “I believe there is additional opportunity to build on our momentum through further optimization of our business. This includes enhancing the breadth and depth of our pipeline as a result of the collective capabilities.  W-TRS is a great example of a solution that leveraged the collective capabilities.  We are building on that success to expand our addressable markets in all areas of the company.  We are investing in this expanded pipeline to ensure we address opportunities with talent and solutions that will differentiate V2X offerings.”

Third Quarter 2024 Results

“V2X reported record revenue of $1.08 billion in the quarter, which represents 8% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “We continued to deliver double digit revenue growth in the Indo-Pacific (31% year-over-year) and Middle East (13% year-over-year) regions, which was achieved through continued expansion of existing business as well as new programs.

“For the quarter, the Company reported operating income of $49.9 million and adjusted operating income1 of $76.9 million. V2X delivered record adjusted EBITDA1, increasing 28% year-over-year to $82.7 million, with a margin of 7.6%, reflecting our expected second half program performance. Third quarter GAAP diluted EPS was $0.47. Adjusted diluted EPS1 for the quarter increased 77% year-over-year to $1.29.”

“Third quarter net cash provided by operating activities was $62.7 million. Adjusted net cash provided by operating activities1 increased 35% year-over-year to $130.1 million. On a year-to-date basis, net cash provided by operating activities was $31.1 million. Adjusted net cash used by operating activities1 was $7.2 million.”

“At the end of the quarter, net debt for V2X was $1,089 million.  Net leverage ratio1 was 3.27x, improving 0.29x sequentially. We continue to demonstrate progress on debt paydown and remain on track to be at or below a net leverage ratio of 3.0x, by the end of 2024.”

“Total backlog as of September 27, 2024, was $12.2 billion. Funded backlog was $3.0 billion. Book-to-bill in the quarter was approximately 1.0x. Backlog does not include the full contract value associated with recent awards.”

2024 Guidance

Mr. Mural concluded, “Given our strong performance through the first nine-months of the year we are updating our total year guidance.”

Guidance for 2024 is as follows:       

$ millions, except for per share amounts

Prior 2024 Guidance

Updated 2024 Guidance

Revenue

$4,175

$4,275

$4,225

$4,275

Adjusted EBITDA1

$300

$315

$300

$315

Adjusted Diluted Earnings Per Share1

$3.85

$4.20

$3.95

$4.20

Adjusted Net Cash Provided by Operating Activities1

$145

$165

$145

$165

The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below. 

Third Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 4, 2024. U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/8eqdGbMZ6Xa  

A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 18, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10193464. 

Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.

Footnotes:
1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.

About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Investor Contact

Media Contact

Mike Smith, CFA

Angelica Spanos Deoudes

IR@goV2X.com

Communications@goV2X.com

719-637-5773

571-338-5195

Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under “2024 Guidance” above and other assumptions contained therein for purposes of such guidance, other statements about our 2024 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our discussion regarding the Army and its capabilities; our future performance and capabilities; investing in the expanded pipeline; future net leverage ratio; and our belief in our ability to achieve our updated total year guidance.

These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.  In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

 V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

 

Three Months Ended

Nine Months Ended

September 27,

September 29,

September 27,

September 29,

(In thousands, except per share data)

2024

2023

2024

2023

Revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Cost of revenue

990,220

930,828

2,928,858

2,685,910

Selling, general, and administrative expenses

41,549

49,640

127,901

151,021

Operating income

49,887

21,039

107,644

85,888

Loss on extinguishment of debt

(1,998)

(22,052)

Interest expense, net

(27,152)

(30,252)

(83,533)

(93,946)

Other expense, net

(3,198)

(2,024)

(9,566)

(2,335)

Income (loss) from operations before income taxes

19,537

(11,237)

12,547

(32,445)

Income tax expense (benefit)

4,486

(4,837)

2,896

(10,364)

Net income (loss)

$          15,051

$          (6,400)

$            9,651

$         (22,081)

Earnings (loss) per share

Basic

$              0.48

$            (0.21)

$              0.31

$            (0.71)

Diluted

$              0.47

$            (0.21)

$              0.30

$            (0.71)

Weighted average common shares outstanding – basic

31,550

31,179

31,458

31,048

Weighted average common shares outstanding – diluted

31,973

31,179

31,921

31,048

 

V2X, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 27,

December 31,

(In thousands, except per share data)

2024

2023

Assets

Current assets

Cash, cash equivalents and restricted cash

$          59,857

$          72,651

Receivables

766,399

705,995

Prepaid expenses and other current assets

156,042

96,223

Total current assets

982,298

874,869

Property, plant, and equipment, net

65,746

85,429

Goodwill

1,652,855

1,656,926

Intangible assets, net

345,712

407,530

Right-of-use assets

33,370

41,215

Other non-current assets

46,124

15,931

Total non-current assets

2,143,807

2,207,031

Total Assets

$     3,126,105

$     3,081,900

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable

$        538,225

$        453,052

Compensation and other employee benefits

115,569

158,088

Short-term debt

16,878

15,361

Other accrued liabilities

235,379

213,700

Total current liabilities

906,051

840,201

Long-term debt, net

1,096,865

1,100,269

Deferred tax liabilities

12,313

11,763

Operating lease liabilities

29,590

34,691

Other non-current liabilities

78,725

104,176

Total non-current liabilities

1,217,493

1,250,899

Total liabilities

2,123,544

2,091,100

Commitments and contingencies (Note 7)

Shareholders’ Equity

Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding

Common stock; $0.01 par value; 100,000,000 shares authorized; 31,556,556 and 31,191,628 shares issued and outstanding as of September 27, 2024 and December 31, 2023, respectively

316

312

Additional paid in capital

766,690

762,324

Retained earnings

240,502

230,851

Accumulated other comprehensive loss

(4,947)

(2,687)

Total shareholders’ equity

1,002,561

990,800

Total Liabilities and Shareholders’ Equity

$     3,126,105

$     3,081,900

 

V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

Nine Months Ended

September 27,

September 29,

(In thousands)

2024

2023

Operating activities

Net income (loss)

$            9,651

$         (22,081)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation expense

16,442

16,532

Amortization of intangible assets

68,252

67,818

Amortization of cloud computing arrangements

2,073

213

Impairment of non-operating long-lived asset

2,192

Loss on disposal of property, plant, and equipment

1,170

625

Stock-based compensation

12,874

26,809

Deferred taxes

72

(9,887)

Amortization of debt issuance costs

5,717

6,875

Loss on extinguishment of debt

1,998

22,052

Changes in assets and liabilities:

Receivables

(25,614)

9,647

Other assets

(70,827)

7,916

Accounts payable

66,101

28,094

Compensation and other employee benefits

(42,417)

(28,620)

Other liabilities

(16,581)

9,182

Net cash provided by operating activities

31,103

135,175

Investing activities

Purchases of capital assets

(10,700)

(16,559)

Proceeds from the disposition of assets

14

16

Acquisitions of businesses

(16,939)

Distribution from joint venture

834

Net cash used in investing activities

(27,625)

(15,709)

Financing activities

Proceeds from issuance of long-term debt

250,000

Repayments of long-term debt

(7,669)

(428,763)

Proceeds from revolver

1,009,250

719,750

Repayments of revolver

(1,009,250)

(669,750)

Proceeds from stock awards and stock options

154

7

Payment of debt issuance costs

(1,188)

(7,507)

Prepayment premium on early redemption of debt

(1,600)

Payments of employee withholding taxes on stock-based compensation

(8,036)

(17,871)

Net cash used in financing activities

(16,739)

(155,734)

Exchange rate effect on cash

467

(1,540)

Net change in cash, cash equivalents and restricted cash

(12,794)

(37,808)

Cash, cash equivalents and restricted cash – beginning of period

72,651

116,067

Cash, cash equivalents and restricted cash – end of period

$          59,857

$          78,259

Supplemental disclosure of cash flow information:

Interest paid

$          74,774

$          89,635

Income taxes paid

$            9,167

$            5,242

Purchase of capital assets on account

$                90

$            2,882

 

Key Performance Indicators and Non-GAAP Measures

The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs, which includes service center transaction costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue.

We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management’s assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.

In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.

Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP.  Definitions and reconciliations of these items are provided below.

Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.

 

Non-GAAP Tables

($K, except per share data)

Three Months Ended 

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Revenue

$             1,081,656

$           1,001,507

$           3,164,403

$           2,922,819

Net income (loss)

$                  15,051

$                 (6,400)

$                  9,651

$               (22,081)

Plus:

Income tax expense (benefit)

4,486

(4,837)

2,896

(10,364)

Other expense, net

3,198

2,024

9,566

2,335

Interest expense, net

27,152

30,252

83,533

93,946

Loss on extinguishment of debt

1,998

22,052

Operating income

$                  49,887

$                21,039

$              107,644

$                85,888

Plus:

Amortization of intangible assets

22,727

22,607

68,252

67,818

M&A, integration and related costs 

4,319

15,824

29,644

41,565

Adjusted operating income

$                  76,933

$                59,470

$              205,540

$              195,271

Plus:

Depreciation and CCA amortization

5,759

5,206

18,515

16,532

Adjusted EBITDA

$                  82,692

$                64,676

$              224,055

$              211,803

Adjusted EBITDA margin

7.6 %

6.5 %

7.1 %

7.2 %

Minus:

Cash interest expense, net

25,598

28,069

77,816

87,071

Income tax expense, as adjusted

6,887

5,937

24,187

26,329

Depreciation and CCA amortization

5,759

5,206

18,515

16,532

Other expense, net, as adjusted

3,198

2,024

7,373

2,335

Adjusted net income

$                  41,250

$                23,440

$                96,163

$                79,536

($K, except per share data)

Three Months Ended 

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Diluted earnings (loss) per share

$                      0.47

$                  (0.21)

$                    0.30

$                  (0.71)

Plus:

M&A, integration and related costs 

0.14

0.37

0.75

0.97

Amortization of intangible assets

0.63

0.52

1.72

1.58

Amortization of debt issuance costs and
Loss on extinguishment of debt

0.05

0.05

0.19

0.67

FMV land impairment

0.00

$                       —

0.06

$                       —

Adjusted diluted earnings per share

$                      1.29

$                    0.73

$                    3.01

$                    2.51

Average shares outstanding:

Basic, as reported

31,550

31,179

31,458

31,048

Diluted, as reported

31,973

31,179

31,921

31,048

Adjusted diluted

31,973

31,761

31,921

31,520

($K)

Three Months Ended 

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Net cash provided by operating activities

62,654

57,035

31,103

135,175

Plus:

M&A, integration, CARES Act, and related payments

13,009

11,854

25,044

34,248

MARPA facility activity

54,471

27,168

(63,348)

(85,832)

Adjusted operating cash flow

130,134

96,057

(7,201)

83,591

 

($K)

TTM

September 27, 2024

Net income (loss)

$                            9,159

Plus:

Interest expense, net

112,030

Income tax expense

11,315

Depreciation and amortization

115,248

Additional permitted add-backs1

85,707

TTM Bank EBITDA

$                         333,458

($K, except ratio)

Period Ending

September 27, 2024

Total debt

$                      1,146,490

Cash, cash equivalents and restricted cash

$                          59,857

Less:

Restricted cash

(2,117)

Cash and cash equivalents

$                          57,740

Net debt

$                      1,088,750

TTM bank EBITDA

$                         333,458

Net leverage ratio

 3.27x 

1Additional permitted add-backs includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation, transaction and integration related costs, and pro forma cost savings.

SUPPLEMENTAL INFORMATION
Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows: 

Revenue by Client

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

Army

$        455,877

$        412,841

10.4 %

$     1,345,997

$     1,196,843

12.5 %

Navy

366,217

311,088

17.7 %

1,037,425

896,976

15.7 %

Air Force

121,863

134,728

(9.5) %

367,899

418,710

(12.1) %

Other

137,699

142,850

(3.6) %

413,082

410,290

0.7 %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Revenue by Contract Type

 

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

Cost-plus and cost-reimbursable

$        649,925

$        570,402

13.9 %

$     1,850,584

$     1,589,619

16.4 %

Firm-fixed-price

403,132

402,219

0.2 %

1,229,565

1,237,110

(0.6) %

Time-and-materials

28,599

28,886

(1.0) %

84,254

96,090

(12.3) %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Revenue by Contract Relationship

 

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

Prime contractor

$     1,021,497

$        945,669

8.0 %

$     2,972,773

$     2,740,908

8.5 %

Subcontractor

60,159

55,838

7.7 %

191,630

181,911

5.3 %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Revenue by Geographic Region

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

United States

$        604,872

$        571,405

5.9 %

$     1,728,480

$     1,698,689

1.8 %

Middle East

346,527

305,918

13.3 %

1,050,888

866,122

21.3 %

Asia

82,907

63,259

31.1 %

236,371

193,109

22.4 %

Europe

47,350

60,925

(22.3) %

148,664

164,899

(9.8) %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

     

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SOURCE V2X, Inc.

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Acer Announces Operating Income for Q3’24 at NT$1.60 Billion and for Year-to-September at NT$3.85 Billion with 36.1% Growth

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TAIPEI, Nov. 7, 2024 /PRNewswire/ — Acer Inc. (TWSE: 2353) announced its financial results for the third quarter of 2024: consolidated revenues were NT$72.69 billion with 8.3% growth quarter-on-quarter (QoQ) and 7.8% growth year-on-year (YoY); gross profits reached NT$7.68 billion, up 6.9% QoQ and 5.2% YoY, with 10.6% margin; operating income was NT$1.60 billion, up 9.2% QoQ and 3.7% YoY, with 2.2% margin; net income[1] was NT$1.50 billion, up 7.2% QoQ; and earnings per share was NT$0.50. Businesses other than computers and displays contributed 26.9% of total group revenues, while public subsidiaries contributed 26.4% of operating income.

For year-to-September, consolidated revenues were NT$198.66 billion with 11.5% growth YoY; gross profits reached NT$21.05 billion, up 11.3% YoY with 10.6% margin; operating income was NT$3.85 billion, up 36.1% YoY with 1.9% margin; net income[1] was NT$4.11 billion, up 5.0% YoY; and earnings per share was NT$1.37. Businesses other than computers and displays contributed 28.0% of total group revenues, while public subsidiaries contributed 36.5% of operating income.

To strengthen the company’s risk management, realize sustainable development goals, and enhance governance, Acer’s Board of Directors approved the reorganization of the former Risk Management Committee to become the “Risk Management and Sustainable Development Committee,” with expanded tasks of overseeing cyber security and corporate sustainability.

[1] Net income is reported as profit-after-tax in Acer’s financial statements

About Acer

Founded in 1976, Acer is one of the world’s top ICT companies with a presence in more than 160 countries. As Acer evolves with the industry and changing lifestyles, it is focused on enabling a world where hardware, software and services will fuse with one another, creating ecosystems and opening up new possibilities for consumers and businesses alike. Acer’s 7,700 employees are dedicated to the research, design, marketing, sale, and support of products and solutions that break barriers between people and technology. Please visit www.acer.com for more information.

© 2024 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.

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SOURCE Acer

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LPS Launches NeuroNode: Empowering Advanced AI for Enterprises with On-Premises LLM

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The end-to-end LLM solution is designed to accelerate AI deployment by integrating out-of-the-box AI functionality into powerful Lenovo infrastructure.NeuroNode equips enterprises with security, autonomy, and scalability, rapidly unlocking the most value from their AI investments.

HONG KONG, Nov. 7, 2024 /PRNewswire/ — Lenovo PCCW Solutions (LPS) announces the launch of NeuroNode, a private Large Language Model (LLM) In-A-Box solution that offers a secure, quick and cost-effective AI solution for enterprises – providing an accessible option for businesses looking to benefit from LLMs. The launch of NeuroNode underscores LPS’ commitment to excellence in IT services, reinforced by being named the No.1 IT Services Provider in Hong Kong by IDC[1].

As the promise of AI-powered digital transformation continues to grow, CIOs are faced with the challenge of finding a secure pathway towards AI adoption. This has resulted in an increasingly cautious outlook towards AI investment, with Lenovo’s 2024 Global CIO Study finding 81% of CIOs leveraging third-party AI tools and proprietary AI tools expressing security as a top concern.

NeuroNode: Smarter and Safer AI at Your Fingertips

NeuroNode, named for its brain-like capabilities, embodies intelligence and agility. Built on Lenovo’s powerful infrastructure and offering a LLM ready out-of-the-box, the solution helps organizations embrace AI as quickly as possible. By enabling powerful AI capabilities on-premises, organizations can have total autonomy and control over their own data without the need to channel anything through the public cloud.

With the simplicity of a box, NeuroNode slots seamlessly into existing technology stacks with minimal infrastructure constraints and can be easily scaled up to meet growing workload demands. NeuroNode comes with native support for leading open source LLMs like Llama 3.1, GLM-4, Pixtral 12B etc. via Open AI compliant API. The simple and interactive interface enables users to input both natural language and images for AI processing with options for pre-built templates to serve unique business needs. Equipped with 4 powerful GPUs at its core, NeuroNode can respond to a typical query by generating a full-length A4 page of text in as little as 10 seconds (A10 GPU model, running Llama3.1 8B model).

NeuroNode empowers organizations to unlock transparent metrics and valuable insights to transform their operations with data privacy ensured. Its robust AI capabilities are designed to meet dynamic industry demands and can be utilized for numerous use cases such as automated content generation, knowledge management, compliance checking, customer service chatbots, and much more.

Dr. Ted Suen, President of LPS, said, “LPS remains committed to driving innovative AI solutions – collaborating closely with Lenovo to fast-track AI adoption for our clients. Our newly launched AI solution, NeuroNode, aims to lower the barriers to entry for enterprises looking for transparent AI value creation and reliable data security.”

As LPS unveils this new solution, the company continues to set the benchmark for IT excellence in Hong Kong. According to IDC Worldwide Semiannual Services Tracker (2024H1 release), LPS leads the Custom Application Development and Systems Integration segments in Hong Kong for 11 consecutive years, commanding 47% and 20.1% market share respectively, with over 9% YoY growth in both. LPS also stands atop the Managed Services segment with an 8.2% YoY revenue growth.

Roger Ling, Associate Vice President, Software, Services and Cloud, IDC Asia/Pacific, said, “As organizations navigate the complexities and opportunities presented by AI, partnering with an experienced and reputable IT service provider is becoming increasingly essential. Such collaborations enable businesses to leverage advanced technologies while ensuring security and operational efficiency, all while effectively addressing local nuances.”

NeuroNode provides a robust and scalable solution for any organization looking to leverage AI technology, with LPS offering further scalability and post-launch support to enhance models through prompt engineering, consulting, and more to help businesses maximize the potential of this solution.

For more information on NeuroNode, please visit here: https://www.lpstech.com/site/en/service/data-ai/neuronode-llm-in-a-box.html

About Lenovo PCCW Solutions (LPS)

LPS is a leading IT and technology solutions provider in the Asia Pacific. We partner with governments and enterprises to achieve digital transformation excellence, driving business growth through our market-leading solutions and industry best practices. As a proud member of Lenovo Group, we have unlocked new synergies with Lenovo’s global reach and technological capabilities. With our 4,000+ team of experts and a strong network of ecosystem partners, LPS is committed to providing end-to-end technology solutions and services, including systems integration, application development and operation, managed services, cloud services, IT outsourcing, and technical services.

To find out more about LPS, please visit www.lpstech.com.

[1] Ranking based on vendor revenue. Source: IDC Worldwide Semiannual Services Tracker (2024H1 release)

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SOURCE Lenovo PCCW Solutions (LPS)

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MGI Tech Partners with the Human Cell Atlas to Further Advance Worldwide Human Cell Mapping Efforts

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SHENZHEN, China, Nov. 7, 2024 /PRNewswire/ — MGI Tech Co., Ltd. (“MGI”), a company committed to building core tools and technologies that drive innovation in life science, today announced a commercial partnership with Human Cell Atlas (HCA) consortium to further accelerate the human cell mapping initiative. Aimed to facilitate the wider adoption of single cell sequencing and spatial transcriptomics technologies globally, MGI will expand access to its proprietary products within the HCA network by providing discounted rates to collaborating members.

“Cutting-edge single cell and spatial genomics are important driving forces for the HCA project,” said John Randell, HCA Chief Alliance Officer. “MGI’s involvement in the HCA discount program will enhance the efforts of our collaborative members and help fuel HCA’s progress and new scientific discoveries.”

Under this partnership, HCA members will enjoy more access to MGI’s cost-effective and scalable single cell and spatial omics solutions. In addition, MGI will also provide support to members in experimental design, assay execution, and bioinformatic support when applying MGI’s technologies to their research.

First introduced in 2019, MGI’s single cell series has become one of the company’s main product lines. Based on the core DNBSEQä technology, the series addresses the diverse demand of single cell research by offering users a comprehensive and user-friendly solution. The DNBelab C-TaiM 4 portable droplet generator, the latest addition to MGI’s single cell lineup, is meticulously crafted to facilitate high-throughput single-cell 3’RNA, 5’RNA& V(D)J,ATAC in any setting. This compact but robust device seamlessly integrates dual-bead cell capture, a microfluidic droplet generator, state-of-the-art computing modules, and other advanced technologies to enable intricate genomic analyses anytime anywhere.

Starting June 2024, MGI also became an official distributor of STOmics-related products, opening access to cutting-edge advancements in spatial omics for the scientific community. STOmics’ proprietary Stereo-seq technology has revolutionized spatial multi-omics research with its large field of view, nanoscale resolution, unbiased whole transcriptome capture, and multi-omics solutions. Its applications span diverse fields, including developmental biology, organ atlas, neuroscience, and digital pathology. To date, it has also contributed to over 60 publications in top-tier journals like Cell, Science, Nature, and Cell Research.

“We are proud to support HCA researchers worldwide in this important effort to uncover the intricate details of how the genes in our cells shape life,” said Duncan Yu, President at MGI. “Leveraging MGI’s highly sensitive and specific tools with comprehensive coverage, this partnership will allow the HCA community to push the boundaries of single cell genomics and spatial omics further, with broad implications for scientific discovery and disease research.”

The HCA is a global collaborative research consortium that is creating comprehensive reference maps of all human cells in the healthy body to drive major advances in healthcare and medicine worldwide. Founded in 2016, it has grown to more than 3,600 HCA members from over 100 countries around the world. To date, the global HCA community has profiled tens of millions of cells from nearly 10,000 individuals and produced more than 400 HCA scientific publications, delivering fundamental insights into human biology and diseases.

Over the years, MGI has been empowering scientists and researchers globally in frontier life science research with cutting-edge tools and facilitating advances and discoveries in the understanding of human cells. The company has been actively supporting HCA research as far back as 2018. Notably, in 2019, at a European Molecular Biology Organization (EMBO) workshop on Single Cell Biology, Dr. Sarah Teichmann, co-founder and principal leader of the HCA consortium, shared her systematic evaluation workflow for single-cell RNA sequencing using MGI’s platforms.

Earlier this year, MGI participated in the HCA Single-cell Omics Workshop in Bangkok to connect with members and promote its advanced technology. Following that, the company will be present at the HCA Asia 2024 Meeting, taking place in Hong Kong from December 3 to 4. MGI welcomes researchers and scientists worldwide to participate for exchanges of ideas and to explore partnership opportunities.

About MGI MGI Tech Co., Ltd. (or its subsidiaries, together referred to as MGI) is committed to building core tools and technologies that drive innovation in life science. Our focus lies in research & development, manufacturing, and sales of instruments, reagents, and related products in the field of life science and biotechnology. We provide real-time, multi-omics, and a full spectrum of digital equipment and systems for precision medicine, agriculture, healthcare, and various other industries.

Founded in 2016, MGI has grown into a leader in life science, serving customers across six continents and establishing research, manufacturing, training, and after-sales service facilities globally. MGI stands out as one of the few companies capable of independently developing and mass-producing clinical-grade gene sequencers with varying throughput capacities, ranging from Gb to Tb levels. With unparalleled expertise, cutting-edge products, and a commitment to global impact, MGI continues to shape the trajectory of life sciences into the future.

For more information, please visit the MGI website or connect with us on TwitterLinkedIn or YouTube.

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SOURCE MGI Tech

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