Technology
OPENLANE, Inc. Reports Third Quarter 2024 Financial Results
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8 hours agoon
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CARMEL, Ind., Nov. 6, 2024 /PRNewswire/ — OPENLANE, Inc. (NYSE: KAR), today reported its third quarter financial results for the period ended September 30, 2024.
“OPENLANE delivered strong third quarter results while advancing a differentiated pipeline of innovation and expanding our investments in people, technology and the customer experience,” said Peter Kelly, CEO of OPENLANE. “I’m particularly pleased with the performance of our marketplace business, which grew volumes, gross profit and adjusted EBITDA with positive contributions from our US, Canadian and European marketplaces.”
“OPENLANE extended its track record of strong financial and operational performance in the third quarter,” said Brad Lakhia, EVP and CFO of OPENLANE. “On a consolidated basis, we delivered revenue of $448 million driven by 6% volume growth, income from continuing operations of $28 million, adjusted EBITDA of $75 million, and year-to-date cash flow from operating activities of $260 million. Our marketplace segment also demonstrated continued resiliency and profitability, with significant adjusted EBITDA growth while increasing our Gross Merchandise Value by 12% to nearly $7 billion.”
Third Quarter 2024 Financial Highlights
Total revenue of $448 million in Q3 2024, representing 8% YoY growthConsolidated income from continuing operations of $28 million, with Marketplace contributing $5 millionConsolidated adjusted EBITDA of $75 million in Q3 2024, representing 10% YoY growth$260 million of cash flow from operating activities on a year-to-date basisMarketplace revenue of $354 million in Q3 2024, representing 12% YoY growthMarketplace adjusted EBITDA of $36 million, representing 34% YoY growthMarketplace volumes increased 6% YoYGross Merchandise Value (GMV) of approximately $7 billion, representing 12% YoY growth
2024 Guidance
The company is updating its annual guidance to the following:
Annual
Guidance
Income from continuing operations (in millions)
$73 – $81
Adjusted EBITDA (in millions)
$285 – $295
Income from continuing operations per share – diluted *
$0.21 – $0.27
Operating adjusted net income from continuing operations per share – diluted
$0.81 – $0.87
* The company uses the two-class method of calculating income from continuing operations per diluted share. Under the two-class method, income from continuing operations is adjusted for dividends and undistributed earnings (losses) to the holders of the Series A Preferred Stock, and the weighted average diluted shares do not assume conversion of the preferred shares to common shares.
Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments and changes in applicable laws and regulations (including significant accounting and tax matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company’s reported results for any given period. Prospective quantification of these items is generally not practicable. Operating adjusted net income from continuing operations per share excludes amortization expense associated with acquired intangible assets, as well as one-time charges, net of taxes. See reconciliations of the company’s guidance included below.
Share Repurchase Authorization
The board of directors authorized an increase in the size of the company’s share repurchase program by approximately $5 million and an extension of the share repurchase program through December 31, 2025. With the increase, and giving effect to the company’s previous repurchases, approximately $100 million remains available for repurchases under the share repurchase program.
Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Wednesday, November 6, 2024 at 5:00 p.m. ET. The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE’s third quarter 2024 results is available at the investor relations section of corporate.openlane.com.
The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.
About OPENLANE
OPENLANE, Inc. (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. OPENLANE’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.
Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “would,” “anticipate,” “expect,” “project,” “intend,” “contemplate,” “plan,” “believe,” “seek,” “estimate,” “assume,” “can,” “could,” “continue,” “of the opinion,” “confident,” “is set,” “is on track,” “outlook,” “target,” “positioned,” “predict,” “initiative,” “goal,” “opportunity” and similar expressions identify forward-looking statements. Such statements are based on management’s current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled “Risk Factors” in the company’s Form 10-K for the year ended December 31, 2023 and in the company’s other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.
OPENLANE, Inc.
Condensed Consolidated Statements of Income
(In millions) (Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Operating revenues
Auction fees
$ 113.2
$ 102.1
$ 331.8
$ 305.3
Service revenue
148.1
153.9
445.4
475.2
Purchased vehicle sales
93.0
60.6
231.4
176.5
Finance-related revenue
94.1
99.7
287.9
296.8
Total operating revenues
448.4
416.3
1,296.5
1,253.8
Operating expenses
Cost of services (exclusive of depreciation and amortization)
252.0
216.0
711.8
662.8
Selling, general and administrative
99.4
107.4
314.1
326.6
Depreciation and amortization
23.8
26.4
72.2
76.2
Goodwill and other intangibles impairment
—
—
—
250.8
Total operating expenses
375.2
349.8
1,098.1
1,316.4
Operating profit (loss)
73.2
66.5
198.4
(62.6)
Interest expense
35.3
39.4
112.4
116.5
Other (income) expense, net
(3.6)
1.7
(2.9)
(12.5)
Loss on extinguishment of debt
—
—
—
1.1
Income (loss) from continuing operations before income taxes
41.5
25.4
88.9
(167.7)
Income taxes
13.1
12.7
31.3
0.7
Income (loss) from continuing operations
28.4
12.7
57.6
(168.4)
Income from discontinued operations, net of income taxes
—
—
—
—
Net income (loss)
$ 28.4
$ 12.7
$ 57.6
$ (168.4)
Net income (loss) per share – basic
Income (loss) from continuing operations
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
Income from discontinued operations
—
—
—
—
Net income (loss) per share – basic
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
Net income (loss) per share – diluted
Income (loss) from continuing operations
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
Income from discontinued operations
—
—
—
—
Net income (loss) per share – diluted
$ 0.12
$ 0.01
$ 0.17
$ (1.84)
OPENLANE, Inc.
Condensed Consolidated Balance Sheets
(In millions) (Unaudited)
September 30,
2024
December 31,
2023
Cash and cash equivalents
$ 132.1
$ 93.5
Restricted cash
28.5
65.4
Trade receivables, net of allowances
300.0
291.8
Finance receivables, net of allowances
2,192.5
2,282.0
Other current assets
131.7
109.2
Total current assets
2,784.8
2,841.9
Goodwill
1,269.9
1,271.2
Customer relationships, net of accumulated amortization
123.0
136.1
Operating lease right-of-use assets
70.6
75.9
Property and equipment, net of accumulated depreciation
159.6
169.8
Intangible and other assets
217.9
231.4
Total assets
$ 4,625.8
$ 4,726.3
Current liabilities, excluding obligations collateralized by
finance receivables and current maturities of debt
$ 788.7
$ 692.3
Obligations collateralized by finance receivables
1,528.8
1,631.9
Current maturities of debt
267.8
154.6
Total current liabilities
2,585.3
2,478.8
Long-term debt
—
202.4
Operating lease liabilities
64.1
70.4
Other non-current liabilities
36.8
35.2
Temporary equity
612.5
612.5
Stockholders’ equity
1,327.1
1,327.0
Total liabilities, temporary equity and stockholders’ equity
$ 4,625.8
$ 4,726.3
OPENLANE, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)
Nine Months Ended
September 30,
2024
2023
Operating activities
Net income (loss)
$ 57.6
$ (168.4)
Net income from discontinued operations
—
—
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
72.2
76.2
Provision for credit losses
42.2
42.0
Deferred income taxes
(0.1)
(26.8)
Amortization of debt issuance costs
6.9
6.6
Stock-based compensation
13.9
13.1
Contingent consideration adjustment
—
1.3
Net change in unrealized loss on investment securities
—
0.4
Investment and note receivable impairment
—
11.0
Goodwill and other intangibles impairment
—
250.8
Loss on extinguishment of debt
—
1.1
Other non-cash, net
(0.3)
0.8
Changes in operating assets and liabilities, net of acquisitions:
Trade receivables and other assets
(36.1)
(94.0)
Accounts payable and accrued expenses
103.8
104.7
Payments of contingent consideration in excess of acquisition-date fair value
—
(2.6)
Net cash provided by operating activities – continuing operations
260.1
216.2
Net cash used by operating activities – discontinued operations
(1.4)
(0.1)
Investing activities
Net decrease in finance receivables held for investment
50.4
1.3
Purchases of property, equipment and computer software
(39.0)
(39.8)
Investments in securities
(1.9)
(1.0)
Proceeds from the sale of property and equipment
0.9
0.3
Net cash provided by (used by) investing activities – continuing operations
10.4
(39.2)
Net cash provided by investing activities – discontinued operations
—
7.0
Financing activities
Net decrease in book overdrafts
(3.6)
(3.5)
Net repayments of lines of credit
(86.4)
(106.4)
Net (decrease) increase in obligations collateralized by finance receivables
(93.0)
13.2
Payments for debt issuance costs/amendments
(14.7)
(5.4)
Payment for early extinguishment of debt
—
(140.1)
Payments on finance leases
(0.9)
(1.6)
Payments of contingent consideration and deferred acquisition costs
—
(12.4)
Issuance of common stock under stock plans
1.0
2.1
Tax withholding payments for vested RSUs
(3.4)
(2.5)
Repurchase and retirement of common stock
(30.0)
(22.2)
Dividends paid on Series A Preferred Stock
(33.3)
(33.3)
Net cash used by financing activities – continuing operations
(264.3)
(312.1)
Net cash provided by financing activities – discontinued operations
—
—
Net change in cash balances of discontinued operations
—
—
Effect of exchange rate changes on cash
(3.1)
2.6
Net increase (decrease) in cash, cash equivalents and restricted cash
1.7
(125.6)
Cash, cash equivalents and restricted cash at beginning of period
158.9
277.7
Cash, cash equivalents and restricted cash at end of period
$ 160.6
$ 152.1
Cash paid for interest
$ 105.8
$ 106.5
Cash paid for taxes, net of refunds – continuing operations
$ 34.7
$ 28.3
Cash paid for taxes, net of refunds – discontinued operations
$ (0.5)
$ —
OPENLANE, Inc.
Reconciliation of Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). They are not measurements of our financial performance under GAAP and should not be considered as substitutes for net income (loss) or any other performance measures derived in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the company’s results period over period and for the other reasons set forth below.
EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.
Depreciation expense for property and equipment and amortization expense of capitalized internally developed software costs relate to ongoing capital expenditures; however, amortization expense associated with acquired intangible assets, such as customer relationships, software, tradenames and noncompete agreements are not representative of ongoing capital expenditures, but have a continuing effect on our reported results. Non-GAAP financial measures of operating adjusted net income (loss) and operating adjusted net income (loss) per share, in the opinion of the company, provide comparability of the company’s performance to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. In addition, operating adjusted net income (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.
EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.
The following tables reconcile EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions), (Unaudited)
2024
2023
2024
2023
Income (loss) from continuing operations
$ 28.4
$ 12.7
$ 57.6
$ (168.4)
Add back:
Income taxes
13.1
12.7
31.3
0.7
Interest expense, net of interest income
34.9
38.5
111.3
113.4
Depreciation and amortization
23.8
26.4
72.2
76.2
EBITDA
100.2
90.3
272.4
21.9
Non-cash stock-based compensation
4.1
4.5
14.8
13.8
Loss on extinguishment of debt
—
—
—
1.1
Acquisition related costs
—
0.5
0.5
1.1
Securitization interest
(27.9)
(31.6)
(87.0)
(89.0)
Severance
1.5
1.9
9.2
3.4
Foreign currency (gains)/losses
(3.2)
(1.2)
(0.7)
(0.8)
Goodwill and other intangibles impairment
—
—
—
250.8
Contingent consideration adjustment
—
—
—
1.3
Net change in unrealized (gains) losses on investment securities
—
0.5
—
0.4
Professional fees related to business improvement efforts
—
1.7
1.5
4.5
Impact for newly enacted Canadian DST related to prior years
—
—
10.0
—
Other
(0.2)
0.9
—
1.7
Total addbacks/(deductions)
(25.7)
(22.8)
(51.7)
188.3
Adjusted EBITDA
$ 74.5
$ 67.5
$ 220.7
$ 210.2
Three Months Ended September 30, 2024
(Dollars in millions), (Unaudited)
Marketplace
Finance
Consolidated
Income from continuing operations
$ 4.8
$ 23.6
$ 28.4
Add back:
Income taxes
5.0
8.1
13.1
Interest expense, net of interest income
4.2
30.7
34.9
Depreciation and amortization
20.6
3.2
23.8
EBITDA
34.6
65.6
100.2
Non-cash stock-based compensation
3.2
0.9
4.1
Securitization interest
—
(27.9)
(27.9)
Severance
1.4
0.1
1.5
Foreign currency (gains)/losses
(3.1)
(0.1)
(3.2)
Other
(0.3)
0.1
(0.2)
Total addbacks/(deductions)
1.2
(26.9)
(25.7)
Adjusted EBITDA
$ 35.8
$ 38.7
$ 74.5
Three Months Ended September 30, 2023
(Dollars in millions), (Unaudited)
Marketplace
Finance
Consolidated
Income (loss) from continuing operations
$ (19.3)
$ 32.0
$ 12.7
Add back:
Income taxes
2.0
10.7
12.7
Interest expense, net of interest income
4.3
34.2
38.5
Depreciation and amortization
23.8
2.6
26.4
Intercompany interest
9.6
(9.6)
—
EBITDA
20.4
69.9
90.3
Non-cash stock-based compensation
3.5
1.0
4.5
Acquisition related costs
0.5
—
0.5
Securitization interest
—
(31.6)
(31.6)
Severance
1.7
0.2
1.9
Foreign currency (gains)/losses
(1.2)
—
(1.2)
Net change in unrealized (gains) losses on investment securities
—
0.5
0.5
Professional fees related to business improvement efforts
1.4
0.3
1.7
Other
0.5
0.4
0.9
Total addbacks/(deductions)
6.4
(29.2)
(22.8)
Adjusted EBITDA
$ 26.8
$ 40.7
$ 67.5
The following table reconciles operating adjusted net income and operating adjusted net income per diluted share to net income (loss) from continuing operations for the periods presented:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions, except per share amounts), (Unaudited)
2024
2023
2024
2023
Net income (loss) from continuing operations (1)
$ 28.4
$ 12.7
$ 57.6
$ (168.4)
Acquired amortization expense
9.0
11.1
27.4
28.3
Impact for newly enacted Canadian DST related to prior years
—
—
10.0
—
Loss on extinguishment of debt
—
—
—
1.1
Contingent consideration adjustment
—
—
—
1.3
Goodwill and other intangibles impairment
—
—
—
250.8
Income taxes (2)
(0.4)
1.9
(2.9)
(32.3)
Operating adjusted net income from continuing operations
$ 37.0
$ 25.7
$ 92.1
$ 80.8
Operating adjusted net income from discontinued operations
$ —
$ —
$ —
$ —
Operating adjusted net income
$ 37.0
$ 25.7
$ 92.1
$ 80.8
Operating adjusted net income from continuing operations per share – diluted
$ 0.26
$ 0.18
$ 0.64
$ 0.56
Operating adjusted net income from discontinued operations per share – diluted
—
—
—
—
Operating adjusted net income per share – diluted
$ 0.26
$ 0.18
$ 0.64
$ 0.56
Weighted average diluted shares – including assumed conversion of preferred shares
144.8
145.6
145.0
145.1
(1)
The Series A Preferred Stock dividends and undistributed earnings allocated to participating securities have not been included in the calculation of operating adjusted net income and operating adjusted net income per diluted share.
(2)
For the three and nine months ended September 30, 2024 and 2023, each tax deductible item was booked to the applicable statutory rate. The deferred tax benefits of $52.5 million and $6.5 million associated with the goodwill and tradename impairments in 2023, respectively, resulted in the U.S. being in a net deferred tax asset position. Due to the three-year cumulative loss related to U.S. operations, we currently have a $42.9 million valuation allowance against the U.S. net deferred tax asset.
The following table reconciles EBITDA and Adjusted EBITDA to income from continuing operations for the 2024 guidance presented:
2024 Guidance
(In millions), (Unaudited)
Low
High
Income from continuing operations
$ 73
$ 81
Add back:
Income taxes
40
45
Interest expense, net of interest income
144
142
Depreciation and amortization
99
97
EBITDA
356
365
Total addbacks/(deductions), net
(71)
(70)
Adjusted EBITDA
$ 285
$ 295
The following table reconciles operating adjusted net income from continuing operations and operating adjusted net income from continuing operations per diluted share to income from continuing operations for the 2024 guidance presented:
2024 Guidance
(In millions, except per share amounts), (Unaudited)
Low
High
Income from continuing operations
$ 73
$ 81
Total adjustments, net
44
44
Operating adjusted net income from continuing operations
$ 117
$ 125
Operating adjusted net income from continuing operations per share – diluted
$ 0.81
$ 0.87
Weighted average diluted shares – including assumed conversion of preferred shares
145
145
Analyst Inquiries:
Media Inquiries:
Itunu Orelaru
Laurie Dippold
(317) 249-4559
(317) 468-3900
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SOURCE OPENLANE, Inc.
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November 7, 2024By
Partnership to offer loyalty points exchange for travel, hospitality, and lifestyle rewards for banking customers beyond borders
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This alliance brings together two industry leaders, creating a powerful synergy that enhances their value propositions and sets the stage for a transformation in the loyalty market. The partnership also taps into growth opportunities in the Middle East, Europe and APAC region, with a focus on high-demand markets like Saudi Arabia, UAE, UK, Germany, Turkey, Singapore, Hong Kong and Australia where the need for advanced loyalty programs is rapidly increasing. These opportunities will be harnessed through a comprehensive redemption catalogue and Loyyal’s Xpand Point platform, enabling seamless integration and enhanced member experiences.
Ashish Kumar Singh, CEO of Loyyal, quoted, “We are thrilled to partner with Easyrewardz to bring our blockchain-powered loyalty ecosystem to the BFSI sector in India. This collaboration represents a significant opportunity for both companies to innovate and redefine customer engagement across multiple markets, leveraging our combined strengths to deliver personalized and rewarding experiences.”
The partnership aims to create additional growth opportunities for both companies by establishing them as channel partners. Together, Easyrewardz and Loyyal will promote each other’s services, collaborate on marketing initiatives, and offer cross-platform solutions that amplify customer loyalty and engagement. This partnership will enable Easyrewardz to leverage Loyyal’s network of merchants and points exchange partners in India to its clients and prospects in the GCC region through a redemption catalogue and the Loyyal Points Exchange platform.
Soumya Chatterjee, Co-Founder & CEO of Easyrewardz, highlighted the broader impact of this collaboration, saying, “At Easyrewardz, we have always been committed to creating exceptional customer experiences by understanding and anticipating the needs of businesses.
Our partnership with Loyyal will not only allow us to deepen our presence in the BFSI sector but also open doors to new possibilities in the GCC region. Easyrewardz has always had a customer-centric approach and thus by integrating Loyyal’s innovative Points Exchange platform – Xpand Point, into our existing reward offering we are further enhancing our affluent offerings and catering to the growing demand in premium segments for outbound travel and experiences. Together, we will reshape the way businesses approach loyalty, focusing on delivering exceptional value and driving sustainable growth for our clients across industries.”
This partnership is set to deliver significant benefits for businesses by enabling them to adopt more flexible, personalized, and data-driven loyalty programs. With the ability to engage customers at multiple touchpoints and simplify redemption processes, the combined expertise of Loyyal and Easyrewardz will offer unparalleled loyalty solutions that foster deeper customer relationships and generate long-term value.
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About Loyyal
Loyyal is renowned for its innovative Enterprise SAAS Suite for Loyalty & Payments powered with patented blockchain technology, based in UAE, US and India. Loyyal SAAS disrupts loyalty industry with metrics of incremental revenue, rapid growth and scalability at the lowest possible cost. Xpand Point, the world’s first blockchain enabled loyalty points exchange platform leverages Loyyal’s unique USP to empower every program with interoperable exchange facility across different programs, categories both locally and internationally. For more information, please visit www.loyyal.com for PR related queries contact Janis.dsouza@loyyal.com.
About Easyrewardz
Easyrewardz is an industry-agnostic cloud-based CRM & Loyalty platform that enables seamless omnichannel customer experience. Easyrewardz innovative ways to engage new customers & retain existing ones by leveraging technology are helping businesses embrace digital disruption leading to excellent customer experiences. Easyrewardz has more than a decade experience in managing BFSI, Retail and B2B loyalty & CRM programs to provide a seamless & rewarding experience to their customers, enabling consistent engagement.
More than 180 brands, including RBL Bank, Kotak Bank, J&K Bank, Bajaj Finserv, IIFL, Muthoot Fincorp, Bata (India & APAC), BESTSELLER, The Belgian Waffle, The Body Shop, Levi’s, Soch, Senco, and Motherhood Hospitals have trusted Easyrewardz to create brand markers and delight customer. For more information, please visit www.Easyrewardz.com
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Technology
XtalPi and Sinar Mas Multiartha Launch Strategic Partnership to Revolutionize AI Across Asia-Pacific
Published
1 hour agoon
November 7, 2024By
SINGAPORE, Nov. 7, 2024 /PRNewswire/ — XtalPi (2228.HK) has announced a strategic partnership with Indonesia’s powerhouse, led by one of its prominent business pillar Sinar Mas Multiartha. This landmark collaboration is set to transform the future of artificial intelligence (AI) and robotics across the Asia-Pacific region. By establishing an ambitious joint venture, the alliance will integrate XtalPi’s cutting-edge AI and robotics research capabilities with Sinar Mas Group’s extensive industry reach, setting the stage for a commercial and technological revolution.
Sinar Mas Group, one of Indonesia’s most influential and diversified conglomerates, maintains a commanding presence across sectors such as healthcare, mining, renewable energy, logistics, consumer goods, chemicals, and financial services. With its robust supply chain and deep market penetration across the Asia-Pacific, the Group is well-positioned to drive industry innovation through advanced AI solutions, reshaping the region’s economic landscape.
XtalPi is a global leader in integrating AI and robotics for life sciences and advanced materials R&D, collaborating with over 300 top-tier enterprises and research institutions worldwide. Known for transforming scientific discoveries into commercially viable technologies, XtalPi has developed groundbreaking platforms that empower scientists to generate and analyze innovative, complex chemical and biological molecules of desired properties and functions at exceptional speed and precision.
Founded in 2015 by three visionary MIT postdoctoral physicists, XtalPi has been at the forefront of advancements in AI for Science. By combining quantum physics, AI, cloud computing, and large-scale robotics, XtalPi delivers world-class R&D services that solve bottleneck problems and accelerate innovation in medicine, renewable energy, advanced materials, and beyond. XtalPi positions itself as a transformative force reshaping global industries, helping its partners increase the overall efficiency and success rate for breakthrough discoveries.
The partnership between XtalPi and Sinar Mas Group is set to unlock a powerful synergy of expertise. By delivering pioneering, commercially potent solutions across various sectors, this venture will drive significant revenue growth and fuel regional economic expansion. Together, the companies aim to seize opportunities in Southeast Asia’s booming AI market, setting new benchmarks for innovation, competitiveness, and economic influence.
“We are honored to join forces with Sinar Mas Group to realize our shared vision of using advanced technologies like AI to build a healthier, more sustainable future rich in discoveries,” said Shuhao Wen, Chairman of XtalPi. “The Group’s extensive industrial expertise and strategic market reach, combined with XtalPi’s trailblazing AI and robotics platform, will enable us to lead digital and intelligent transformation in key sectors such as renewable energy and advanced materials. We are thrilled about the unprecedented commercial potential this partnership unlocks, bringing next-generation solutions to Southeast Asia and beyond, benefiting global communities.”
By merging their strengths, XtalPi and Sinar Mas Group are set to redefine AI’s impact on industries across the Asia-Pacific, igniting accelerated growth and groundbreaking technological advancements. Together, they are paving the way for a smarter, more sustainable future.
About XtalPi
XtalPi (stock code: 2228.HK) is a quantum physics-based, AI-powered, and robotics-driven, innovative R&D platform company. Established in 2015 by three postdoctoral physicists at Massachusetts Institute of Technology (MIT), the company is dedicated to driving intelligent and digital transformation in the life sciences and materials sciences sectors. XtalPi combines quantum physics, AI, cloud computing, and large-scale robotics to provide R&D solutions and services for biomedicine, chemical, renewable energy and advanced materials industries globally.
About Sinar Mas Group
Sinar Mas Group, one of Indonesia’s most influential and diversified conglomerates, maintains a commanding presence across sectors such as healthcare, mining, renewable energy, logistics, consumer goods, chemicals, and financial services. With its robust supply chain and deep market penetration across the Asia-Pacific, the Group is well-positioned to drive industry innovation through advanced AI solutions, reshaping the region’s economic landscape.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/xtalpi-and-sinar-mas-multiartha-launch-strategic-partnership-to-revolutionize-ai-across-asia-pacific-302298273.html
SOURCE XtalPi Inc.
Technology
SkyPixel and DJI Call on Creators for 10th Annual Photo and Video Contest
Published
1 hour agoon
November 7, 2024By
Entrants Invited to Share Creativity and Win Prizes Totaling Over $170,000
SHENZHEN, China, Nov. 6, 2024 /PRNewswire/ — DJI and SkyPixel, one of the world’s most popular online communities for aerial photography and videography, have opened the 10th anniversary of the Annual SkyPixel Photo & Video Contest. Running from November 7, 2024, to February 10, 2025, the competition showcases the evolution of aerial photography over the past ten years with an ever-increasing number of people appreciating other’s unique forms of expression found on the community site. As part of this evolution, this year will include the first ever ‘Handheld’ category in response to the growing number of people using handheld cameras to showcase their talent. To recognize the creativity submitted, the total prize package is worth over $170,000.
“Beauty is in the eye of the beholder, and for 10 years now, the SkyPixel Annual Photo & Video Contest has been proud to award photographers and videographers for capturing and sharing their perspective of beauty with the world,” said Ferdinand Wolf, Creative Director at DJI. “The SkyPixel platform continues to be a community that ignites imaginations, reimagines the art of imagery, and embraces the diverse experiences of individuals and communities across the world.”
Ten Years Celebrating Creativity
Established in 2014, SkyPixel is a leading global community celebrating the remarkable stories that have shaped the art of image capture. The platform has become a huge success, garnering over 55 million registered users and accumulating over 50 million breathtaking aerial images and videos uploaded daily by photography and videography enthusiasts around the globe.
Since 2015, SkyPixel has successfully organized nine annual aerial photography and video contests, inspiring the imaginativeness of DJI users worldwide, resulting in more than 400k submissions from around the globe that have received over 1 billion views. Whether using handheld DJI cameras like the Osmo and Ronin series or DJI’s diverse line of drones that can empower anyone to become an aerial cinematographer, the magnitude of submissions and community engagement is testament to the exceptional creativity of the DJI community and the ability of DJI technology to help anyone anywhere capture uniquely individual cinematic moments.
Explore Without Limits
In the tenth iteration of the contest, DJI and SkyPixel are placing the boundless potential of human expression at the center of the competition, encouraging participants to “Explore Without Limits” which is the central theme. To ignite the artistic passion within all DJI users and support as many entries as possible, the categories for this year’s contest have been simplified to just three separate categories, namely Aerial Photography, Aerial Videography and Handheld Videography. Furthermore, for the first time, contestants can also submit their entries via all DJI social media channels. Alongside the “Aerial Photography” and “Aerial Videography” categories, this year’s SkyPixel competition is unveiling the all new “Handheld” video category, opening up the award to people who chose to share their creativity from the ground. Meanwhile, each month will feature “Popularity Awards” recognizing content that explores new trends or innovate art.
Details of the SkyPixel 10th Annual Photo & Video Contest
The photo contest consists of one category:
Aerial Photography
Overlooking the world, framing moments of eternity. Whether awe-inspiring nature or grand architecture, energetic sporting moments or portraits brimming with emotion – all show the charm of the art of photography.Entries must be shot on aerial photography equipment and entered as a single work with a single image of no less than 3MB and a resolution of no less than 300dpi.Inspire / Mavic / Air / Mini / Phantom series, DJI Neo are eligible to participate.
The video contest is comprised of two categories:
Aerial Videography
Soar through the skies and capture the magnificent beauty of the earth. From natural wonders to urban jungles within cities, from impassioned sporting events to tranquil or colorful getaways – push the limits and let your creativity shine.Entries must be no longer than 5 minutes in length with no less than 30 seconds of footage shot on DJI products.Entries must contain more than 50% aerial footage.Inspire / Mavic / Air / Mini / Avata / Phantom series, DJI FPV / DJI Neo are eligible to participate.Handheld Videography
Hold the camera and record the most intimate moments of life. Whether it’s the pulse of the city, the serenity of nature, the speed and passion of the sports field, the excitement and experience of travel, you are free to interpret the spirit of the footage and tell your unique story.Entries must be no longer than 5 minutes in length with no less than 30 seconds of footage shot on DJI products.Entries must contain more than 50% handheld footage.Ronin Stabilizer / Ronin Cinema Cameras / Osmo Action / Osmo Pocket / Osmo Mobile series are eligible to participate.
Always fly with caution, observe the flight environment, and follow local regulations at all times.
Industry Leading Judges
This year’s SkyPixel submissions will be judged by some of the leading videographers and photographers from across the globe.
In photography, there are pioneering experts such as:
Anne Farrar, Assistant Managing Editor-Photography at National Geographic MagazineWeimin Chu, renowned landscape photographer, winner of the 2019 National Geographic Travel Photo Contest, 2023 World Press Photo Award, and 2024 Hasselblad Masters AwardDaniel Kordan, renowned landscape photographerLuke Stackpoole, trailblazer in the world of travel and adventure photography.
In the video category, industry heavy-weights include:
Claudio Miranda, Academy Award-winning cinematographer known for projects including Life of Pi, The Curious Case of Benjamin Button, and Top Gun: MaverickChenyu Jin, Director of Photography known for Blossoms Shanghai and Like A Rolling StoneTianhong Pan, Director of Photography for Commercials, founder of the well-known self-media MediaStormSam Newton, renowned travel filmmaker.
Bonanza of Prizes
This year, SkyPixel and DJI will award three ‘Grand Winners’ and give away more than 80 prizes over the course of the competition with a total value of over US $170,000. For the Grand Winners awarded “Best Work”:
The winning photo participant will receive an all-new Hasselblad X2D 100C, XCD 3.5-4.5/35-75mm, and an XCD F4/45P (worth over $14,000)The winning aerial video participant will receive a DJI Inspire 3 drone, a DL 18 mm F2.8, PROSSD 1TB, and two TB51 Batteries (worth over $20,000)The winning handheld video participant will be awarded a DJI Ronin 4D-8K cinema camera, DJI Transmission, and two TB50 batteries (worth over $15,000).
All grand winners will also receive a SkyPixel trophy and be recognized as an official “SkyPixel Creator.” The full list of awards can be seen on the official SkyPixel website and includes prizes such as the DJI Mavic 3 Pro, DJI Air 3S, DJI Avata 2, and the Osmo Pocket 3. All entrants will also receive DJI credits which can be used at store.dji.com.
Submission Details
Submission Start Date: November 7, 2024, 12:00 (UTC+8)Submission End Date: February 10, 2025, 23:59 (UTC+8)Award Announcement: March 27, 2025, 12:00 (UTC+8)
Submissions will be accepted via the official SkyPixel website and all DJI social media channels. Interested participants can visit the SkyPixel 10th Annual Photo & Video Contest website for more information on contest rules and guidelines: https://www.skypixel.com/contests/2024.
About SkyPixel
Founded in 2014, SkyPixel is a leading global community for aerial photographers and videographers. The platform has over 55 million registered users and hosts thousands of aerial images and videos uploaded daily around the world. In November 2023, SkyPixel hosted its 9th annual aerial photo and video contest and received over 130,000 submissions from 148 countries and regions – a 100% increase from 2022. For more info, please visit https://www.skypixel.com.
About DJI
Since 2006, DJI has led the world with civilian drone innovations that have empowered individuals to take flight for the first time, visionaries to turn their imagination into reality, and professionals to transform their work entirely. Today, DJI serves to build a better world by continuously promoting human advancement. With a solution-oriented mindset and genuine curiosity, DJI has expanded its ambitions into areas such as cycling, renewable energy, agriculture, public safety, surveying and mapping, and infrastructure inspection. In every application, DJI products deliver experiences that add value to lives around the world in more profound ways than ever before.
For more information, visit our:
Website: https://www.dji.com
Online Store: https://store.dji.com
Facebook: https://www.facebook.com/DJI
Instagram: https://www.instagram.com/DJIGlobal
X: https://www.X.com/DJIGlobal
LinkedIn: https://www.linkedin.com/company/dji
Subscribe to our YouTube Channel: https://www.youtube.com/DJI
View original content:https://www.prnewswire.com/news-releases/skypixel-and-dji-call-on-creators-for-10th-annual-photo-and-video-contest-302297246.html
SOURCE DJI; SkyPixel
Loyyal’s Xpand Point Partners with Easyrewardz to bring Loyalty Points Exchange for Programs across Middle East, India, Europe and APAC
XtalPi and Sinar Mas Multiartha Launch Strategic Partnership to Revolutionize AI Across Asia-Pacific
SkyPixel and DJI Call on Creators for 10th Annual Photo and Video Contest
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