Technology
V2X Reports Strong Third Quarter Results with Record Revenue, Net Income, and Adjusted EBITDA
Published
3 weeks agoon
By
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
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
View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-reports-strong-third-quarter-results-with-record-revenue-net-income-and-adjusted-ebitda-302295766.html
SOURCE V2X, Inc.
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SOMERVILLE, N.J., Nov. 23, 2024 /PRNewswire/ — Specified Technologies Inc. has announced their latest Firestop Clash Management (FCM) and Firestop Locator (FSL) releases. FCM automates the process of locating and assigning firestop solutions to conditions within Autodesk® Revit®, enabling firestop novices to find firestop solutions like a firestop expert. In this latest release, STI has further expanded the capabilities of FCM by integrating it with their firestop documentation and compliance tool, Firestop Locator (FSL). FSL enables contractors and facilities’ teams to document the status, location, and products used for any and all fire life safety services across a building.
In the latest update for FSL, teams can now create custom items to track any service on their project beyond the base six (Penetration, Joint, Extinguisher, Door, Damper, and Barrier). Teams can also modify the base six items to include project specific inspection and maintenance requirements and any other details that they would like to be tracked.
With this new integration, decisions made during the design phase of a building using FCM are seamlessly passed into FSL during the construction phase, giving implementation teams a jump start on work to be done. This integration also improves data integrity and eliminates the guesswork in the field of determining what firestop systems and products are to be used where.
“We’re proud of the latest releases of FCM and FSL and look forward to continuing to support the fire life safety community,” says Justin Pine, Sr. Manager of Software & Services.
Specified Technologies Inc. promotes life and building safety by developing innovative fire protection systems and accompanying digital tools that help stop the spread of fire, smoke, and hot gases. Our SpecSeal® and EZ Path® product lines are engineered for easy installation and deliver powerful performance, often resulting in lower installed costs. Since firestopping is our only business, we concentrate all our resources on providing the highest quality, fully tested, innovative firestopping solutions.
Contact: Jess Bern; jbern@stifirestop.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/specified-technologies-inc-unveils-firestop-clash-management-and-locator-updates-302314629.html
SOURCE Specified Technologies, Inc.
Technology
ZICC: Internet Experts Pay Attention to the Development of Artificial Intelligence
Published
5 hours agoon
November 23, 2024By
BEIJING, Nov. 23, 2024 /CNW/ — During the Wuzhen Summit of the World Internet Conference, ZICC interviewed Internet experts from all over the world.
Lampros Sterg, UNESCO Chair in AI & Data Science, said that AI can accelerate social progress, but it needs to be used properly to avoid its negative effects in order to benefit citizens and society. Latif Ladid, the president of the IPv6 Forum, called for the establishment of a global governance system to allow artificial intelligence technology to serve humanity for good. South Korean computer scientist Kilnam Chon shared insights on AI’s positive role in healthcare. He urged global efforts to ensure AI safety and prevent its misuse in weapons. Indian entrepreneur Bibin Babu said he believes that AI will not replace humans, but will create more new jobs.
View original content to download multimedia:https://www.prnewswire.com/news-releases/zicc-internet-experts-pay-attention-to-the-development-of-artificial-intelligence-302314745.html
SOURCE ZICC
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