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https://s201.q4cdn.com/385562537/files/doc_financials/2024/q2/24-35-Q2-earnings-PR.pdf
Tyler Technologies Reports Earnings for Second Quarter 2024
Strong results fueled by 23% growth in SaaS revenues
PLANO, Texas (July 24, 2024) – Tyler Technologies, Inc. (NYSE: TYL), a large-cap growth technology
company, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights (all comparisons are to the second quarter of 2023):
Revenues
Total revenues were $541.0 million, up 7.3%. On an organic basis, revenues grew 6.5%.
Recurring Revenues
Recurring revenues from maintenance and subscriptions were $449.0 million, up 8.4%, and comprised
83.0% of total revenues, up from 82.2%. On an organic basis, recurring revenues grew 7.8%.
• Subscription revenues were $333.7 million, up 12.1%. On an organic basis, subscription revenues
grew 11.8%. Within subscriptions:
? SaaS revenues grew 23.2% to $156.0 million. On an organic basis, SaaS revenues grew
22.5%.
? Transaction-based revenues grew 3.8% on an organic basis to $177.7 million.
? SaaS arrangements comprised approximately 97% of the total new software contract value,
up from approximately 82%.
• Annualized recurring revenue (ARR) was $1.80 billion, up 8.4%.
Earnings/EBITDA
• GAAP operating income was $78.0 million, up 26.1%. Non-GAAP operating income was $132.6
million, up 14.4%.
• GAAP net income was $67.7 million, or $1.57 per diluted share, up 37.9%. Non-GAAP net income
was $103.9 million, or $2.40 per diluted share, up 20.9%.
• Adjusted EBITDA was $144.0 million, up 14.7%.
Cash Flow
• Cash flow from operations was $64.3 million, compared to negative $19.2 million.
• Free cash flow was $48.6 million, compared to negative $33.2 million.
Tyler Technologies Reports Earnings
for Second Quarter 2024
July 24, 2024
Page 2
• During the second quarter, cash tax payments included approximately $29 million related to IRC
Section 174 capitalization rules.
"We built on the momentum from our strong first quarter performance to again deliver exceptional results for
the second quarter," said Lynn Moore, Tyler's president and chief executive officer. "SaaS revenues grew
23.2%, and SaaS arrangements comprised 97% of our new software contract value, as clients across all
segments of the public sector increasingly embrace the cloud. Transaction revenues outperformed our plan,
primarily due to higher transaction volumes, including e-filing and new payment services. In addition,
operating margins exceeded our expectations and benefited from improved professional services margins, as
well as continued progress around key initiatives associated with our cloud transition.
"Our new business pipeline remains at elevated levels, reflecting a robust market environment, growing cross-
sell opportunities, and continued solid execution by our sales organization. We're pleased with our progress
under each of the pillars supporting our near and long-term growth objectives. Our outlook for the remainder
of 2024 is positive, and we have revised our full-year guidance accordingly," concluded Moore.
Guidance for 2024
As of July 24, 2024, Tyler Technologies is providing the following guidance for the full year 2024:
• Total revenues are expected to be in the range of $2.120 billion to $2.150 billion.
• GAAP diluted earnings per share are expected to be in the range of $5.76 to $5.96.
• Non-GAAP diluted earnings per share are expected to be in the range of $9.25 to $9.45.
• Free cash flow margin is expected to be in the range of 18% to 20%.
• Research and development expense is expected to be in the range of $122 million to $125 million.
• Capital expenditures are expected to be in the range of $50 million to $52 million, including
approximately $33 million of capitalized software development costs.
Tyler Technologies Reports Earnings
for Second Quarter 2024
July 24, 2024
Page 3
GAAP to non-GAAP guidance reconciliation 2024
GAAP diluted earnings per share (1) $5.76 - $5.96
Plus:
Share-based compensation expense 2.85
Amortization of acquired software and other intangibles 2.23
Acquisition-related costs —
Lease restructuring costs and other —
Less:
Income tax impact (1) (1.59)
Non-GAAP diluted earnings per share $9.25 - $9.45
Shares used in computing diluted earnings per share (millions) 43.5
GAAP estimated annual effective tax rate used in computing GAAP diluted
earnings per share (1) 15.5%
Non-GAAP estimated annual effective tax rate used in computing Non-GAAP
diluted earnings per share 22%
(1) GAAP diluted earnings per share may fluctuate due to the impact on our annual
effective tax rate of discrete tax items, such as stock incentive awards, future
acquisitions, changes in tax legislation, and other transactions.
Conference Call
Tyler Technologies will hold a conference call on Thursday, July 25, 2024, at 10:00 a.m. ET to discuss its
second quarter 2024 results. Participants can pre-register for the teleconference here. Alternatively,
participants can also join the teleconference by dialing 833-470-1428 and entering access code 328788 to join
the live call.
The live audio webcast and archived replay can also be accessed at the Events & Presentations section of
Tyler's investor relations website.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of integrated software and technology services for the
public sector. Tyler's end-to-end solutions empower local, state, and federal government entities to operate
efficiently and transparently with residents and each other. By connecting data and processes across disparate
systems, Tyler's solutions transform how clients turn actionable insights into opportunities and solutions for
their communities. Tyler has more than 44,000 successful installations across 13,000 locations, with clients in
all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized
numerous times for growth and innovation, including Government Technology's GovTech 100 list. More
information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at
tylertech.com.
Tyler Technologies Reports Earnings
for Second Quarter 2024
July 24, 2024
Page 4
Non-GAAP Financial Measures
Tyler Technologies has provided in this press release financial measures that have not been prepared in
accordance with generally accepted accounting principles (GAAP) and are therefore considered non-GAAP
financial measures. This information includes non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP earnings per diluted
share, EBITDA, adjusted EBITDA, free cash flow, and free cash flow margin. We use these non-GAAP
financial measures internally in analyzing our financial results and believe they are useful to investors, as a
supplement to GAAP measures, in evaluating Tyler’s ongoing operational performance because they provide
additional insight in comparing results from period to period. Tyler believes the use of these non-GAAP
financial measures provides an additional tool for investors to use in evaluating ongoing operating results and
trends and in comparing our financial results with other companies in our industry, many of which present
similar non-GAAP financial measures. Non-GAAP financial measures discussed above exclude share-based
compensation expense, employer portion of payroll taxes on employee stock transactions, expenses associated
with amortization of intangibles arising from business combinations, acquisition-related expenses, and lease
restructuring costs and other. Annualized recurring revenues (ARR) is calculated by annualizing the current
quarter's recurring revenues from maintenance and subscriptions.
Tyler currently uses a non-GAAP tax rate of 22.0%. This rate is based on Tyler's estimated annual GAAP
income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating Tyler's
non-GAAP income, as well as significant non-recurring tax adjustments. The non-GAAP tax rate used in
future periods will be reviewed periodically to determine whether it remains appropriate in consideration of
factors including Tyler's periodic annual effective tax rate calculated in accordance with GAAP, changes
resulting from tax legislation, changes in the geographic mix of revenues and expenses, and other factors
deemed significant. Due to differences in tax treatment of items excluded from non-GAAP earnings, as well
as the methodology applied to Tyler's estimated annual tax rate as described above, the estimated tax rate on
non-GAAP income may differ from the GAAP tax rate and from Tyler's actual tax liabilities.
Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to,
financial information prepared in accordance with GAAP. The non-GAAP measures used by Tyler
Technologies may be different from non-GAAP measures used by other companies. Investors are encouraged
to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial
measures, which has been provided in the financial statement tables included below in this press release.
Forward-looking Statements
This document contains “forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical in nature and
typically address future or anticipated events, trends, expectations or beliefs with respect to our financial
condition, results of operations or business. Forward-looking statements often contain words such as
“believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates,” “plans,” “intends,” “continues,”
“may,” “will,” “should,” “projects,” “might,” “could” or other similar words or phrases. Similarly, statements
Tyler Technologies Reports Earnings
for Second Quarter 2024
July 24, 2024
Page 5
that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking
statements. We believe there is a reasonable basis for our forward-looking statements, but they are inherently
subject to risks and uncertainties and actual results could differ materially from the expectations and beliefs
reflected in the forward-looking statements. We presently consider the following to be among the important
factors that could cause actual results to differ materially from our expectations and beliefs: (1) changes in the
budgets or regulatory environments of our clients, primarily local and state governments, that could
negatively impact information technology spending; (2) disruption to our business and harm to our
competitive position resulting from cyber-attacks, security vulnerabilities and software updates; (3) our ability
to protect client information from security breaches and provide uninterrupted operations of data centers; (4)
our ability to achieve growth or operational synergies through the integration of acquired businesses, while
avoiding unanticipated costs and disruptions to existing operations; (5) material portions of our business
require the Internet infrastructure to be adequately maintained; (6) our ability to achieve our financial
forecasts due to various factors, including project delays by our clients, reductions in transaction size, fewer
transactions, delays in delivery of new products or releases or a decline in our renewal rates for service
agreements; (7) general economic, political and market conditions, including continued inflation and rising
interest rates; (8) technological and market risks associated with the development of new products or services
or of new versions of existing or acquired products or services; (9) competition in the industry in which we
conduct business and the impact of competition on pricing, client retention and pressure for new products or
services; (10) the ability to attract and retain qualified personnel and dealing with rising labor costs, and the
loss or retirement of key members of management or other key personnel; and (11) costs of compliance and
any failure to comply with government and stock exchange regulations. These factors and other risks that
affect our business are described in our filings with the Securities and Exchange Commission, including the
detailed “Risk Factors” contained in our most recent annual report on Form 10-K and quarterly report on
Form 10-Q. We expressly disclaim any obligation to publicly update or revise our forward-looking
statements.
(Comparative results follow)
Contact: Hala Elsherbini
Senior Director, Investor Relations
Tyler Technologies, Inc.
972-713-3770
hala.elsherbini@tylertech.com
Source: Tyler Technologies
#TYL_Financial
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
Three months ended June 30, Six months ended June 30,
2024 2023 2024 2023
Revenues:
Subscriptions $ 333,682 $ 297,789 $ 646,925 $ 578,254
Maintenance 115,309 116,539 232,527 231,670
Professional services 71,928 66,420 136,734 127,349
Software licenses and royalties 5,329 9,779 14,063 19,909
Hardware and other 14,728 13,752 23,086 18,951
Total revenues 540,976 504,279 1,053,335 976,133
Cost of revenues:
Subscriptions, maintenance, and professional services 277,145 255,789 546,015 508,204
Software licenses and royalties 1,560 2,432 3,125 4,745
Amortization of software development 4,484 2,896 8,847 5,485
Amortization of acquired software 9,240 8,924 18,479 17,844
Hardware and other 10,731 11,061 15,387 16,841
Total cost of revenues 303,160 281,102 591,853 553,119
Gross profit 237,816 223,177 461,482 423,014
Sales and marketing expense 41,565 37,103 77,992 74,206
General and administrative expense 75,420 77,681 148,130 150,041
Research and development expense 28,951 28,153 58,384 55,139
Amortization of other intangibles 13,845 18,366 31,963 36,774
Operating income 78,035 61,874 145,013 106,854
Interest expense (1,253) (6,387) (3,437) (14,071)
Other income, net 1,883 643 3,728 1,889
Income before income taxes 78,665 56,130 145,304 94,672
Income tax provision 10,927 7,000 23,396 14,667
Net income $ 67,738 $ 49,130 $ 121,908 $ 80,005
Earnings per common share:
Basic $ 1.59 $ 1.17 $ 2.87 $ 1.91
Diluted $ 1.57 $ 1.15 $ 2.82 $ 1.87
Weighted average common shares outstanding:
Basic 42,527 41,980 42,528 41,987
Diluted 43,275 42,751 43,286 42,710
TYLER TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except per share data)
(Unaudited)
Three months ended June 30, Six months ended June 30,
Reconciliation of non-GAAP gross profit and margin 2024 2023 2024 2023
GAAP gross profit $ 237,816 $ 223,177 $ 461,482 $ 423,014
Non-GAAP adjustments:
Add: Share-based compensation expense included in cost of
revenues 7,620 6,437 15,010 12,779
Add: Amortization of acquired software 9,240 8,924 18,479 17,844
Non-GAAP gross profit $ 254,676 $ 238,538 $ 494,971 $ 453,637
GAAP gross margin 44.0 % 44.3 % 43.8 % 43.3 %
Non-GAAP gross margin 47.1 % 47.3 % 47.0 % 46.5 %
Three months ended June 30, Six months ended June 30,
Reconciliation of non-GAAP operating income and margin 2024 2023 2024 2023
GAAP operating income $ 78,035 $ 61,874 $ 145,013 $ 106,854
Non-GAAP adjustments:
Add: Share-based compensation expense 30,407 26,028 57,273 53,924
Add: Employer portion of payroll tax related to employee stock
transactions 873 669 1,678 1,148
Add: Acquisition-related costs 2 50 29 72
Add: Lease restructuring costs and other 167 — (159) 1,545
Add: Amortization of acquired software 9,240 8,924 18,479 17,844
Add: Amortization of other intangibles 13,845 18,366 31,963 36,774
Non-GAAP adjustments subtotal 54,534 54,037 109,263 111,307
Non-GAAP operating income $ 132,569 $ 115,911 $ 254,276 $ 218,161
GAAP operating margin 14.4 % 12.3 % 13.8 % 10.9 %
Non-GAAP operating margin 24.5 % 23.0 % 24.1 % 22.3 %
TYLER TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except per share data)
(Unaudited)
Three months ended June 30, Six months ended June 30,
Reconciliation of non-GAAP net income and earnings per share 2024 2023 2024 2023
GAAP net income $ 67,738 $ 49,130 $ 121,908 $ 80,005
Non-GAAP adjustments:
Add: Total non-GAAP adjustments to operating income 54,534 54,037 109,263 111,307
Less: Income tax impact (18,377) (17,237) (32,609) (30,648)
Non-GAAP net income $ 103,895 $ 85,930 $ 198,562 $ 160,664
GAAP earnings per diluted share $ 1.57 $ 1.15 $ 2.82 $ 1.87
Non-GAAP earnings per diluted share $ 2.40 $ 2.01 $ 4.59 $ 3.76
Three months ended June 30, Six months ended June 30,
Detail of share-based compensation expense 2024 2023 2024 2023
Subscriptions, maintenance, and professional services $ 7,620 $ 6,437 $ 15,010 $ 12,779
Sales and marketing expense 3,141 2,367 6,124 4,760
General and administrative expense 19,646 17,224 36,139 36,385
Total share-based compensation expense $ 30,407 $ 26,028 $ 57,273 $ 53,924
Three months ended June 30, Six months ended June 30,
Reconciliation of EBITDA and adjusted EBITDA 2024 2023 2024 2023
GAAP net income $ 67,738 $ 49,130 $ 121,908 $ 80,005
Amortization of other intangibles 13,845 18,366 31,963 36,774
Depreciation and amortization included in cost of revenues, sales and marketing
expense, general and administrative expense, and research and development
expense 19,620 19,359 40,721 39,124
Interest expense 1,253 5,566 3,437 11,894
Income tax provision 10,927 7,000 23,396 14,667
EBITDA $ 113,383 $ 99,421 $ 221,425 $ 182,464
Share-based compensation expense 30,407 26,028 57,273 53,924
Acquisition-related costs 2 50 29 72
Lease restructuring costs and other asset write-offs 167 — (159) 1,545
Adjusted EBITDA $ 143,959 $ 125,499 $ 278,568 $ 238,005
TYLER TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except per share data)
(Unaudited)
Three months ended June 30, Six months ended June 30,
Reconciliation of free cash flow 2024 2023 2024 2023
Net cash provided by operating activities $ 64,304 $ (19,184) $ 136,143 $ 55,525
Less: additions to property and equipment (6,568) (4,350) (13,850) (6,370)
Less: investment in software development (9,107) (9,674) (16,493) (18,753)
Free cash flow $ 48,629 $ (33,208) $ 105,800 $ 30,402
Free cash flow margin 9.0 % (6.6) % 10.0 % 3.1 %
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
June 30, 2024 December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents $ 250,722 $ 165,493
Accounts receivable, net 700,825 619,704
Short-term investments 7,288 10,385
Prepaid expenses and other current assets 83,497 65,003
Total current assets 1,042,332 860,585
Accounts receivable, long-term portion 7,928 8,988
Operating lease right-of-use assets 36,647 39,039
Property and equipment, net 167,635 169,720
Other assets:
Software development costs, net 74,069 67,124
Goodwill 2,531,899 2,532,109
Other intangibles, net 878,272 928,870
Non-current investments 3,879 7,046
Other non-current assets 76,818 63,182
Total assets $ 4,819,479 $ 4,676,663
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 303,476 $ 304,897
Operating lease liabilities 11,179 11,060
Current income tax payable 20,375 2,466
Deferred revenue 652,302 632,914
Current portion of term loans — 49,801
Total current liabilities 987,332 1,001,138
Convertible senior notes due 2026, net 597,069 596,206
Deferred revenue, long-term — 291
Deferred income taxes 41,584 78,590
Operating lease liabilities, long-term 35,624 39,822
Other long-term liabilities 25,762 22,621
Total liabilities 1,687,371 1,738,668
Shareholders' equity $ 3,132,108 $ 2,937,995
Total liabilities and shareholders' equity $ 4,819,479 $ 4,676,663
TYLER TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three months ended June 30, Six months ended June 30,
2024 2023 2024 2023
Cash flows from operating activities:
Net income $ 67,738 $ 49,130 $ 121,908 $ 80,005
Adjustments to reconcile net income to cash
provided by operations:
Depreciation and amortization 34,139 37,636 74,236 75,748
(Gains) losses from sale of investments (1) 2 (1) 2
Share-based compensation expense 30,407 26,028 57,273 53,924
Operating lease right-of-use assets expense 2,343 2,765 4,865 6,569
Deferred income tax benefit (12,473) (21,109) (36,807) (39,665)
Other 225 (54) 190 445
Changes in operating assets and liabilities,
exclusive of effects of acquired companies (58,074) (113,582) (85,521) (121,503)
Net cash provided (used) by operating activities 64,304 (19,184) 136,143 55,525
Cash flows from investing activities:
Additions to property and equipment (6,568) (4,350) (13,850) (6,370)
Purchase of marketable security investments — — — (10,617)
Proceeds and maturities from marketable security investments 3,080 14,132 6,351 37,107
Investment in software development (9,107) (9,674) (16,493) (18,753)
Cost of acquisitions, net of cash acquired — — (1,302) (1,875)
Other 3 — 21 16
Net cash (used) provided by investing activities (12,592) 108 (25,273) (492)
Cash flows from financing activities:
Payment on term loans — — (50,000) (120,000)
Proceeds from exercise of stock options, net of withheld shares for taxes
upon equity award settlement 5,852 2,281 15,885 2,123
Contributions from employee stock purchase plan 4,921 4,714 8,474 7,751
Net cash provided (used) by financing activities 10,773 6,995 (25,641) (110,126)
Net increase (decrease) in cash and cash equivalents 62,485 (12,081) 85,229 (55,093)
Cash and cash equivalents at beginning of period 188,237 130,845 165,493 173,857
Cash and cash equivalents at end of period $ 250,722 $ 118,764 $ 250,722 $ 118,764
Dow reports second quarter 2024 results
Source: PR Newswire (US)
MIDLAND, Mich., July 25, 2024 /PRNewswire/ -- Dow (NYSE: DOW):
Dow, Inc. (PRNewsfoto/The Dow Chemical Company)
FINANCIAL HIGHLIGHTS
GAAP earnings per share was $0.62; operating earnings per share (EPS)1 was $0.68, compared to $0.75 in the year-ago period and $0.56 in the prior quarter. Operating EPS excludes significant items in the quarter related to restructuring and efficiency costs totaling $0.06 per share.
Net sales were $10.9 billion, down 4% versus the year-ago period. Sales were up 1% sequentially, driven by gains in Performance Materials & Coatings and Packaging & Specialty Plastics.
Volume increased 1% versus the year-ago period, with gains led by the U.S. & Canada. Sequentially, volume increased 1%, with gains in all regions except Asia Pacific, which was flat. Excluding Hydrocarbons & Energy, volume increased 4% year-over-year and 2% sequentially.
Local price decreased 4% year-over-year. Sequentially, local price increased 1%, led by gains in Europe, the Middle East, Africa and India (EMEAI).
Currency decreased net sales by 1% both year-over-year and sequentially.
Equity earnings were $26 million, an $83 million improvement compared to the year-ago period, driven by gains at the Kuwait and Sadara joint ventures. Sequentially, equity earnings were up $9 million.
GAAP net income was $458 million. Operating EBIT1 was $819 million, down $66 million year-over-year, primarily driven by lower integrated margins and higher planned maintenance activity, which were partly offset by improved equity earnings. Sequentially, Op. EBIT was up $145 million, reflecting gains in Performance Materials & Coatings and Packaging & Specialty Plastics.
Cash provided by operating activities – continuing operations was $832 million, down $515 million year-over-year and up $372 million compared to the prior quarter due to stronger cash flow conversion1 and a release of working capital.
Returns to shareholders totaled $691 million in the quarter, including $491 million in dividends and $200 million in share repurchases.
Valero Energy Reports Second Quarter 2024 Results
Source: Business Wire
Reported net income attributable to Valero stockholders of $880 million, or $2.71 per share
Declared a regular quarterly cash dividend on common stock of $1.07 per share on July 18
Returned $1.4 billion to stockholders through dividends and stock buybacks
Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $880 million, or $2.71 per share, for the second quarter of 2024, compared to $1.9 billion, or $5.40 per share, for the second quarter of 2023.
Refining
The Refining segment reported operating income of $1.2 billion for the second quarter of 2024, compared to $2.4 billion for the second quarter of 2023. Refining throughput volumes averaged 3.0 million barrels per day in the second quarter of 2024.
“We see continued strength in our U.S. wholesale system with sales exceeding one million barrels per day in the second quarter,” said Lane Riggs, Valero’s Chief Executive Officer and President.
Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $112 million of operating income for the second quarter of 2024, compared to $440 million for the second quarter of 2023. Segment sales volumes averaged 3.5 million gallons per day in the second quarter of 2024, which was 908 thousand gallons per day lower than the second quarter of 2023. Operating income in the second quarter of 2024 was lower than the second quarter of 2023 due to lower sales volumes resulting from planned maintenance activities and lower renewable diesel margin.
Ethanol
The Ethanol segment reported $105 million of operating income for the second quarter of 2024, compared to $127 million for the second quarter of 2023. Ethanol production volumes averaged 4.5 million gallons per day in the second quarter of 2024, which was 31 thousand gallons per day higher than the second quarter of 2023.
Corporate and Other
General and administrative expenses were $203 million in the second quarter of 2024, compared to $209 million in the second quarter of 2023. The effective tax rate for the second quarter of 2024 was 23 percent.
Investing and Financing Activities
Net cash provided by operating activities was $2.5 billion in the second quarter of 2024. Included in this amount was a $789 million favorable change in working capital and $83 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.6 billion in the second quarter of 2024.
Capital investments totaled $420 million in the second quarter of 2024, of which $329 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $360 million.
Valero returned $1.4 billion to stockholders in the second quarter of 2024, of which $347 million was paid as dividends and $1.0 billion was for the purchase of approximately 6.6 million shares of common stock, resulting in a payout ratio of 87 percent of adjusted net cash provided by operating activities.
Valero remains committed to a through-cycle minimum annual payout ratio of 40 to 50 percent. Valero defines payout ratio as the sum of dividends paid and the total cost of stock buybacks divided by adjusted net cash provided by operating activities.
On July 18, Valero announced a quarterly cash dividend on common stock of $1.07 per share, payable on September 3, 2024 to holders of record at the close of business on August 1, 2024.
Liquidity and Financial Position
Valero ended the second quarter of 2024 with $8.4 billion of total debt, $2.4 billion of finance lease obligations, and $5.2 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 16 percent as of June 30, 2024.
Strategic Update
The Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant is still expected to be operational in the fourth quarter of 2024, with a total cost of $315 million, half of which is attributable to Valero. The project is expected to give the plant the optionality to upgrade approximately 50 percent of its current 470 million gallon renewable diesel annual production capacity to SAF. With the completion of this project, DGD is expected to become one of the largest manufacturers of SAF in the world.
“Our team’s simple strategy of pursuing excellence in operations, return driven discipline on growth projects, and a demonstrated commitment to shareholder returns has underpinned our success and positions us well for the future,” said Riggs.
Conference Call
Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and it sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns two renewable diesel plants located in the U.S. Gulf Coast region with a combined production capacity of approximately 1.2 billion gallons per year, and Valero owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel and Ethanol segments. Please visit investorvalero.com for more information.
Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Safe-Harbor Statement
Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “commitment,” “plans,” “forecast, “guidance” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose profits, windfall or margin taxes or penalties, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.
Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (c) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.
Current Borrow Rate as of 7-24. 65.375%
Red Cat Secures $4.4 Million of Non-Dilutive Financing
Source: GlobeNewswire Inc.
Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced that it secured $4.4 million of non-dilutive financing through its divestiture in Unusual Machines. Additional information on the financing will be filed with the U.S. Securities and Exchange Commission.
The funds will finance working capital needs around the ongoing development of Red Cat’s Family of Systems, which includes Teal Drones, Edge 130, and a new line of FANG™ First-Person View (FPV) drones. The goal of the Family of Systems is to meet the needs of the U.S. Department of Defense and NATO Allies for drone systems that are low-cost, portable, field repairable, and recoverable.
“With military modernization, the defense drone industry is in a rapid growth and innovation cycle,” said Jeff Thompson, Red Cat CEO. “This sea change is driving robust demand for Red Cat’s Family of Systems both domestically and internationally. As a result, we’ve achieved three quarters of record revenue while reducing cash burn during the first three quarters of our year ended April 30, 2024, making this non-dilutive capital highly valuable for our strategic growth plans.”
Red Cat’s mission is to redefine the role of sUAS for defense applications by combining the capabilities of ISR drones with precision strike payloads. The company is an established leader in the sUAS (Group 1) space with its flagship Teal 2 aircraft. As part of the new family of systems, Red Cat is introducing FANG™, a new line of First-Person View (FPV) drones with precision strike payload capabilities. The acquisition of FlightWave’s Edge 130 rounds out the family of systems, which will include all current and future Teal models.
“We are laser focused on scaling up, including expanding our manufacturing facilities and ramping up production of our Family of Systems to meet the growing demand for low-cost, portable unmanned systems for military and security operations globally,” said Leah Lunger, Red Cat CFO. “Heading into the second half of the year and on the heels of our planned acquisition of FlightWave, this financing will bolster our cash position with non-dilutive capital, solidify our balance sheet, and fuel our goals for growth.”
About Red Cat, Inc.??
Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Red Cat’s solutions are designed to “Dominate the Night™” and include the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class. Learn more at www.redcat.red.
Forward-Looking Statements?
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.?
Contacts:
INVESTORS:
E-mail: Investors@redcat.red
NEWS MEDIA:
Indicate Media
Phone: (347) 880-2895
Email: peter@indicatemedia.com
Primary Logo
https://investors.serverobotics.com/news-releases/news-release-details/serve-robotics-announces-pricing-150-million-private-placement
Serve Robotics Announces Pricing of $15.0 Million Private Placement
July 23, 2024
PDF Version
SAN FRANCISCO, July 23, 2024 /PRNewswire/ -- Serve Robotics Inc. ("Serve") (Nasdaq: SERV), a leading autonomous delivery robotics company, today announced that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale, in a private placement, of pre-funded warrants to purchase 2,500,000 shares of Serve's common stock (the "Common Stock"), together with a warrants to purchase up to an aggregate of 2,500,000 shares of Common Stock at an exercise price of $6.00 per share. Each pre-funded warrant to purchase one share of Common Stock together with one $6.00 warrant to purchase one share of Common Stock is being sold at a purchase price of $6.00. The $6.00 warrants will have, will be exercisable upon issuance, and will expire five and a half years from the date of issuance.
Aegis Capital Corp. is acting as the exclusive placement agent for the offering. Orrick, Herrington & Sutcliffe LLP served as counsel to the Company and Sichenzia Ross Ference Carmel LLP served as counsel to Aegis Capital Corp. for the private placement.
The offering is expected to close on or about July 24, 2024, subject to satisfaction of customary closing conditions. The gross proceeds to Serve Robotics from this offering are expected to be approximately $15.0 million, before deducting placement agent fees and other offering expenses.
The securities described above are being sold in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Act"), and have not been registered under the Act, or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. Pursuant to a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the Securities and Exchange Commission (the "SEC") covering the resale of the shares of Common Stock sold in the private placement and the shares of Common Stock issuable upon exercise of the pre-funded warrants and the warrants sold in the private placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Serve Robotics
Backed by Uber and NVIDIA, Serve Robotics develops advanced, AI-powered, low-emissions sidewalk delivery robots that endeavor to make delivery sustainable and economical. Spun off from Uber in 2021 as an independent company, Serve has completed tens of thousands of deliveries for enterprise partners such as Uber Eats and 7-Eleven. Serve has scalable multi-year contracts, including a signed agreement to deploy up to 2,000 delivery robots on the Uber Eats platform across multiple U.S. markets.
Safe Harbor Forward-Looking Statements
This press release of Serve Robotics, Inc. contains "forward-looking statements". Words such as "may", "will", "could", "should", "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" and other comparable terminology are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses its vision, its strategy, and its products. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there could be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking statements except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statement, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.
Contacts
Aduke Thelwell
Head of Communications
Serve Robotics
aduke.thelwell@serverobotics.com
347.464.8510
CORE IR
investor.relations@serverobotics.com
Cision View original content:https://www.prnewswire.com/news-releases/serve-robotics-announces-pricing-of-15-0-million-private-placement-302204027.html
SOURCE Serve Robotics Inc.
https://pr.tsmc.com/system/files/newspdf/attachment/09349f4b044016a40b284519b3c86005b578749f/2Q24%20%28E%29_with%20guidance_final_wmn.pdf
TSMC Reports Second Quarter EPS of NT$9.56
HSINCHU, Taiwan, R.O.C., Jul. 18, 2024 -- TSMC (TWSE: 2330, NYSE: TSM) today
announced consolidated revenue of NT$673.51 billion, net income of NT$247.85 billion, and
diluted earnings per share of NT$9.56 (US$1.48 per ADR unit) for the second quarter ended June
30, 2024.
Year-over-year, second quarter revenue increased 40.1% while net income and diluted EPS both
increased 36.3%. Compared to first quarter 2024, second quarter results represented a 13.6%
increase in revenue and a 9.9% increase in net income. All figures were prepared in accordance
with TIFRS on a consolidated basis.
In US dollars, second quarter revenue was $20.82 billion, which increased 32.8% year-over-year
and increased 10.3% from the previous quarter.
Gross margin for the quarter was 53.2%, operating margin was 42.5%, and net profit margin was
36.8%.
In the second quarter, shipments of 3-nanometer accounted for 15% of total wafer revenue; 5-
nanometer accounted for 35%; 7-nanometer accounted for 17%. Advanced technologies, defined
as 7-nanometer and more advanced technologies, accounted for 67% of total wafer revenue.
“Our business in the second quarter was supported by strong demand for our industry-leading 3nm
and 5nm technologies, partially offset by continued smartphone seasonality,” said Wendell Huang,
Senior VP and Chief Financial Officer of TSMC. “Moving into third quarter 2024, we expect our
business to be supported by strong smartphone and AI-related demand for our leading-edge process
technologies.”
Based on the Company’s current business outlook, management expects the overall performance
for third quarter 2024 to be as follows:
• Revenue is expected to be between US$22.4 billion and US$23.2 billion;
And, based on the exchange rate assumption of 1 US dollar to 32.5 NT dollars,
• Gross profit margin is expected to be between 53.5% and 55.5%;
• Operating profit margin is expected to be between 42.5% and 44.5%.
TSMC’s 2024 second quarter consolidated results:
(Unit: NT$ million, except for EPS)
2Q24
Amounta
2Q23
Amount
YoY
Inc. (Dec.) %
1Q24
Amount
QoQ
Inc. (Dec.) %
Net sales 673,510 480,841 40.1 592,644 13.6
Gross profit 358,125 260,200 37.6 314,505 13.9
Income from operations 286,556 201,958 41.9 249,018 15.1
Income before tax 306,311 214,675 42.7 266,543 14.9
Net income 247,845 181,799 36.3 225,485 9.9
EPS (NT$) 9.56 b 7.01c 36.3 8.70d 9.9
a: 2Q2024 figures have not been approved by Board of Directors
b: Based on 25,931 million weighted average outstanding shares
c: Based on 25,929 million weighted average outstanding shares
d: Based on 25,930 million weighted average outstanding shares
About TSMC
TSMC pioneered the pure-play foundry business model when it was founded in 1987, and has been
the world’s leading dedicated semiconductor foundry ever since. The Company supports a thriving
ecosystem of global customers and partners with the industry’s leading process technologies and
portfolio of design enablement solutions to unleash innovation for the global semiconductor
industry. With global operations spanning Asia, Europe, and North America, TSMC serves as a
committed corporate citizen around the world.
TSMC deployed 288 distinct process technologies, and manufactured 11,895 products for 528
customers in 2023 by providing the broadest range of advanced, specialty and advanced packaging
technology services. The Company is headquartered in Hsinchu, Taiwan. For more information
please visit https://www.tsmc.com.
# # #
TSMC Spokesperson:
Wendell Huang
Senior Vice President and CFO
Tel: 886-3-505-5901
Media Contacts:
Nina Kao
Head of Public Relations
Tel: 886-3-563-6688
ext.7125036
Mobile: 886-988-239-163
E-Mail:
nina_kao@tsmc.com
Ulric Kelly
Public Relations
Tel: 886-3-563-6688 ext. 7126541
Tyler Technologies Named to America’s Best Midsize Companies List
Source: Business Wire
TIME recognizes Tyler on its inaugural 2024 list
Tyler Technologies, Inc. (NYSE: TYL) was recently recognized on the inaugural list of TIME’s “America’s Best Midsize Companies 2024.” This award marks the first time Tyler has been included on this list.
“It is an honor to be recognized by TIME as one of America’s best midsize companies. This recognition showcases our reputation as a responsible and innovative company,” states Lynn Moore, president and CEO of Tyler. “Here at Tyler, we strive to create a desirable workplace for our team members while also working hard toward the common goal of creating stronger, smarter, and safer communities.”
TIME collaborated with analytics firm Statista to identify America’s best midsize companies based on three important factors: employee satisfaction, revenue growth, and sustainability transparency. The selection process involved evaluating companies by using more than 15 different evaluation criteria. All companies considered are based in the United States and have generated revenue ranging from $100 million to $10 billion in 2022 and 2023.
Tyler was recognized as one of 500 midsize companies in various industries, including banking and financial services, business services and supplies, information technology, transportation, professional services, and hospitality.
About Tyler Technologies, Inc.
Tyler Technologies (NYSE: TYL) is a leading provider of integrated software and technology services for the public sector. Tyler’s end-to-end solutions empower local, state, and federal government entities to operate efficiently and transparently with residents and each other. By connecting data and processes across disparate systems, Tyler’s solutions transform how clients turn actionable insights into opportunities and solutions for their communities. Tyler has more than 44,000 successful installations across 13,000 locations, with clients in all 50 states, Canada, the Caribbean, Australia, and other international locations. Tyler has been recognized numerous times for growth and innovation, including on Government Technology’s GovTech 100 list. More information about Tyler Technologies, an S&P 500 company headquartered in Plano, Texas, can be found at tylertech.com.
#TYL_General
View source version on businesswire.com: https://www.businesswire.com/news/home/20240718657114/en/
Jennifer Kepler
Tyler Technologies
972.713.3770
Media.team@tylertech.com
Form SC 13G - Statement of Beneficial Ownership by Certain Investors
Source: Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Serve Robotics Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
81758H 106
(CUSIP Number)
July 31, 2023
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
?
?
?
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 81758H 106
1.
Names of Reporting Persons
NVIDIA Corporation
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ? (b) ?
3. SEC Use Only 4.
Citizenship or Place of Organization
Delaware
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
5.
Sole Voting Power
3,727,033
6.
Shared Voting Power
0
7.
Sole Dispositive Power
3,727,033
8.
Shared Dispositive Power
0
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
3,727,033
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ?
11.
Percent of Class Represented by Amount in Row (9)
10.0% (1)
12.
Type of Reporting Person (See Instructions)
CO
(1) This percentage is calculated based upon 37,098,653 shares of common stock, $0.0001 par value per share, of Serve Robotics Inc. (the “Issuer”) issued and outstanding as of May 31, 2024, as disclosed in the Issuer’s prospectus filed pursuant to Rule 424(b)(3) (File No. 333-280071) with the Securities and Exchange Commission on July 8, 2024.
2 Explanatory Note
On July 31, 2023, Patricia Acquisition Corp., a special purpose acquisition corporation, and Serve Acquisition Corp., a wholly-owned subsidiary of Patricia Acquisition Corp., consummated a business combination with Serve Robotics Inc. through the merger of Serve Acquisition Corp. with and into Serve Robotics Inc., with Serve Robotics Inc. surviving the merger (the “Business Combination”). Upon the closing of the Business Combination, Patricia Acquisition Corp. changed its name to Serve Robotics Inc. (the “Issuer”). Immediately following the closing of the Business Combination, NVIDIA Corporation beneficially owned 2,676,904 shares of common stock, $0.0001 par value per share (“Common Stock”), of the Issuer, which included 62,500 shares of Common Stock purchased by NVIDIA Corporation in a concurrent private placement by the Issuer. On January 2, 2024, the Issuer issued NVIDIA Corporation a convertible promissory note which was subsequently converted into 1,050,129 shares of Common Stock on April 22, 2024.
Item 1.
(a)
Name of Issuer
Serve Robotics Inc.
(b)
Address of Issuer’s Principal Executive Offices
730 Broadway, Redwood City, California 94063
Item 2. (a)
Name of Person Filing
NVIDIA Corporation
(b)
Address of Principal Business Office or, if none, Residence
2788 San Tomas Expressway, Santa Clara, California 95051
(c)
Citizenship
Delaware
(d)
Title of Class of Securities
Common Stock, $0.0001 par value per share
(e)
CUSIP Number
81758H 106
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: Not applicable. Item 4. Ownership
Provide the following information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1.
(a)
Amount beneficially owned:
See Row 9 of cover page for the Reporting Person
(b)
Percent of class:
See Row 11 of cover page for the Reporting Person
(c) Number of shares as to which the person has: (i)
Sole power to vote or to direct the vote:
See Row 5 of cover page for the Reporting Person.
3 (ii)
Shared power to vote or to direct the vote:
See Row 6 of cover page for the Reporting Person.
(iii)
Sole power to dispose or to direct the disposition of:
See Row 7 of cover page for the Reporting Person.
(iv)
Shared power to dispose or to direct the disposition of:
See Row 8 of cover page for the Reporting Person.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o.
Item 6. Ownership of More than Five Percent on Behalf of Another Person Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person Not applicable. Item 8. Identification and Classification of Members of the Group Not applicable. Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certifications By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
4 Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 18, 2024
NVIDIA Corporation By: /s/ Rebecca Peters
Name: Rebecca Peters
Title: Vice President, Deputy General Counsel and Assistant Secretary
Valero Energy Corporation Declares Regular Cash Dividend on Common Stock
Source: Business Wire
The Board of Directors of Valero Energy Corporation (NYSE: VLO, “Valero”) has declared a regular quarterly cash dividend on common stock of $1.07 per share. The dividend is payable on September 3, 2024 to holders of record at the close of business on August 1, 2024.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns two renewable diesel plants located in the U.S. Gulf Coast region with a combined production capacity of approximately 1.2 billion gallons per year, and Valero owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240718924170/en/
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Form SC 13G - Statement of Beneficial Ownership by Certain Investors
Source: Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Serve Robotics Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
81758H 106
(CUSIP Number)
July 31, 2023
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
?
?
?
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 81758H 106
1.
Names of Reporting Persons
NVIDIA Corporation
2.
Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ? (b) ?
3. SEC Use Only 4.
Citizenship or Place of Organization
Delaware
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
5.
Sole Voting Power
3,727,033
6.
Shared Voting Power
0
7.
Sole Dispositive Power
3,727,033
8.
Shared Dispositive Power
0
9.
Aggregate Amount Beneficially Owned by Each Reporting Person
3,727,033
10.
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ?
11.
Percent of Class Represented by Amount in Row (9)
10.0% (1)
12.
Type of Reporting Person (See Instructions)
CO
(1) This percentage is calculated based upon 37,098,653 shares of common stock, $0.0001 par value per share, of Serve Robotics Inc. (the “Issuer”) issued and outstanding as of May 31, 2024, as disclosed in the Issuer’s prospectus filed pursuant to Rule 424(b)(3) (File No. 333-280071) with the Securities and Exchange Commission on July 8, 2024.
2 Explanatory Note
On July 31, 2023, Patricia Acquisition Corp., a special purpose acquisition corporation, and Serve Acquisition Corp., a wholly-owned subsidiary of Patricia Acquisition Corp., consummated a business combination with Serve Robotics Inc. through the merger of Serve Acquisition Corp. with and into Serve Robotics Inc., with Serve Robotics Inc. surviving the merger (the “Business Combination”). Upon the closing of the Business Combination, Patricia Acquisition Corp. changed its name to Serve Robotics Inc. (the “Issuer”). Immediately following the closing of the Business Combination, NVIDIA Corporation beneficially owned 2,676,904 shares of common stock, $0.0001 par value per share (“Common Stock”), of the Issuer, which included 62,500 shares of Common Stock purchased by NVIDIA Corporation in a concurrent private placement by the Issuer. On January 2, 2024, the Issuer issued NVIDIA Corporation a convertible promissory note which was subsequently converted into 1,050,129 shares of Common Stock on April 22, 2024.
Item 1.
(a)
Name of Issuer
Serve Robotics Inc.
(b)
Address of Issuer’s Principal Executive Offices
730 Broadway, Redwood City, California 94063
Item 2. (a)
Name of Person Filing
NVIDIA Corporation
(b)
Address of Principal Business Office or, if none, Residence
2788 San Tomas Expressway, Santa Clara, California 95051
(c)
Citizenship
Delaware
(d)
Title of Class of Securities
Common Stock, $0.0001 par value per share
(e)
CUSIP Number
81758H 106
Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: Not applicable. Item 4. Ownership
Provide the following information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1.
(a)
Amount beneficially owned:
See Row 9 of cover page for the Reporting Person
(b)
Percent of class:
See Row 11 of cover page for the Reporting Person
(c) Number of shares as to which the person has: (i)
Sole power to vote or to direct the vote:
See Row 5 of cover page for the Reporting Person.
3 (ii)
Shared power to vote or to direct the vote:
See Row 6 of cover page for the Reporting Person.
(iii)
Sole power to dispose or to direct the disposition of:
See Row 7 of cover page for the Reporting Person.
(iv)
Shared power to dispose or to direct the disposition of:
See Row 8 of cover page for the Reporting Person.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o.
Item 6. Ownership of More than Five Percent on Behalf of Another Person Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person Not applicable. Item 8. Identification and Classification of Members of the Group Not applicable. Item 9. Notice of Dissolution of Group Not applicable. Item 10. Certifications By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
4 Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: July 18, 2024
NVIDIA Corporation By: /s/ Rebecca Peters
Name: Rebecca Peters
Title: Vice President, Deputy General Counsel and Assistant Secretary
5
ASML reports €6.2 billion total net sales and €1.6 billion net income in Q2 2024
Source: GlobeNewswire Inc.
ASML reports €6.2 billion total net sales and €1.6 billion net income in Q2 2024
ASML continues to expect 2024 total net sales to be similar to 2023, supported by a strong second half year
VELDHOVEN, the Netherlands, July 17, 2024 – Today, ASML Holding NV (ASML) has published its 2024 second-quarter results.
Q2 total net sales of €6.2 billion, gross margin of 51.5%, net income of €1.6 billion
Quarterly net bookings in Q2 of €5.6 billion2 of which €2.5 billion is EUV
ASML expects Q3 2024 total net sales between €6.7 billion and €7.3 billion and a gross margin between 50% and 51%
(Figures in millions of euros unless otherwise indicated) Q1 2024 Q2 2024
Total net sales 5,290 6,243
...of which Installed Base Management sales1 1,324 1,482
New lithography systems sold (units) 66 89
Used lithography systems sold (units) 4 11
Net bookings2 3,611 5,567
Gross profit 2,697 3,212
Gross margin (%) 51.0 51.5
Net income 1,224 1,578
EPS (basic; in euros) 3.11 4.01
End-quarter cash and cash equivalents and short-term investments 5,406 5,019
(1) Installed Base Management sales equals our net service and field option sales
(2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com
CEO statement and outlook
"Our second-quarter total net sales came in at €6.2 billion, at the high-end of our guidance, with a gross margin of 51.5% which is above guidance, both primarily driven by more immersion systems sales.
"In line with previous quarters, overall semiconductor inventory levels continue to improve, and we also see further improvement in litho tool utilization levels at both Logic and Memory customers. While there are still uncertainties in the market, primarily driven by the macro environment, we expect industry recovery to continue in the second half of the year.
"We expect third-quarter total net sales between €6.7 billion and €7.3 billion with a gross margin between 50% and 51%. ASML expects R&D costs of around €1,100 million and SG&A costs of around €295 million. Our outlook for the full year 2024 remains unchanged. We see 2024 as a transition year with continued investments in both capacity ramp and technology. We currently see strong developments in AI, driving most of the industry recovery and growth, ahead of other market segments," said ASML President and Chief Executive Officer Christophe Fouquet.
Update dividend and share buyback program
An interim dividend of €1.52 per ordinary share will be made payable on August 7, 2024.
In the second quarter, we purchased €96 million worth of shares under the current 2022-2025 share buyback program.
Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML's website (www.asml.com/investors).
Media Relations contacts Investor Relations contacts
Monique Mols +31 6 5284 4418 Skip Miller +1 480 235 0934
Sarah de Crescenzo +1 925 899 8985 Marcel Kemp +31 40 268 6494
Karen Lo +886 939788635 Peter Cheang +886 3 659 6771
Quarterly video interview and investor call
With this press release, ASML has published a video interview in which CEO Christophe Fouquet discusses the 2024 second-quarter results and outlook for 2024. This video and the transcript can be viewed on www.asml.com.
An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on July 17, 2024 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
About ASML
ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity's toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 43,000 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com.
US GAAP and IFRS Financial Reporting
ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly US GAAP Consolidated Statements of Operations, Consolidated Statements of Cash Flows and Consolidated Balance Sheets are available on www.asml.com.
The Consolidated Balance Sheets of ASML Holding N.V. as of June 30, 2024, the related Consolidated Statements of Operations and Consolidated Statements of Cash Flows for the quarter and six-month period ended June 30, 2024 as presented in this press release are unaudited.
Today, July 17, 2024, ASML also published its Statutory Interim Report for the six-month period ended June 30, 2024. This report is in accordance with the requirements of the EU Transparency Directive as implemented in the Netherlands, and includes Condensed Consolidated Interim Financial Statements prepared in accordance with IAS 34 as adopted by the European Union 'Interim Financial Reporting', an Interim Management Report and a Managing Directors' Statement and is available on www.asml.com.
Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected demand, lithography tool utilization and intensity, semiconductor inventory levels, bookings, backlog, expected recovery and growth in the semiconductor industry and expected drivers and timing thereof including expected continued industry recovery in the second half of 2024, plans to add and improve capacity, continued investments in both capacity ramp and technology, outlook and expected financial results, including expected results for Q3 2024, including net sales, IBM sales, gross margin, R&D costs, SG&A costs, outlook for the second half and full year 2024, including expected strong second half of 2024 and expectations with respect to full year 2024 total net sales, gross margin and estimated annualized effective tax rate, expectations with respect to sales by market segment and IBM sales and expected drivers thereof, and other full year 2024 expectations, expectations with respect to expected financial performance and growth in 2025 and expected drivers thereof, statements made at our 2022 Investor Day, including revenue and gross margin opportunity for 2025 and 2030, statements with respect to export control policy and regulations and expected impact on us, statements with respect to continued execution of ESG sustainability strategy, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, including the amount of shares intended to be repurchased thereunder and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans and other non-historical statements. You can generally identify these statements by the use of words like “may”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward-looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery, the impact of inflation, interest rates, geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, constraints and logistics, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, constraints on our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase programs, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2023 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.
Attachments
Link to press release
Link to consolidated financial statements
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Supermicro Joins the Prestigious Nasdaq 100 Index® – Recognition of AI Innovation, Growth, Sustainability, and Global Market Capitalization
Source: Business Wire
Consistent Expansion, Technology Leadership, and Commitment to Excellence for Top-Tier Clients Propels USA Manufacturer Supermicro to the Nasdaq 100 Index
Supermicro, Inc. (NASDAQ: SMCI), a Total IT Solution Provider for AI, Cloud, Storage, and 5G/Edge, has been selected to join the renowned Nasdaq 100 Index, which tracks 100 of the largest non-financial companies listed on the Nasdaq, requiring companies to maintain a weighting of at least 0.1% of the index's value. After hitting record highs recently, the Nasdaq 100 index underscores a company's significant impact, profitability, and leadership.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240715720569/en/
(Graphic: Business Wire)
(Graphic: Business Wire)
"Supermicro is honored to be included in the acclaimed Nasdaq 100 Index," said Charles Liang, president and CEO of Supermicro. "This milestone is a testament to our relentless dedication, innovative spirit, and unwavering commitment to exceeding customer expectations. We remain focused on driving first-to-market innovation, green computing, leading the emerging AI market, and sustainable growth while creating long-term shareholder value."
Learn more about Supermicro at www.supermicro.com.
As Supermicro continues to grow, it has achieved significant milestones, including joining the S&P 500, seeing explosive revenue growth year-over-year, continuous investment in technology and customer-centric solutions, and expanding with new manufacturing facilities to meet the growing demand with faster customer productivity. Recently our leading DLC solutions aim to grow our market share from 1% to 30% in one year.
About Super Micro Computer, Inc.
Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enable our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).
Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.
All other brands, names, and trademarks are the property of their respective owners.
SMCI-F
View source version on businesswire.com: https://www.businesswire.com/news/home/20240715720569/en/
Media Contact:
Greg Kaufman
Super Micro Computer, Inc.
PR@supermicro.com
MicroStrategy Announces 10-for-1 Stock Split
Source: Business Wire
MicroStrategy® Incorporated (Nasdaq: MSTR) (“MicroStrategy”) today announced that its board of directors has declared a 10-for-1 stock split of MicroStrategy’s class A common stock and class B common stock to make MicroStrategy’s stock more accessible to investors and employees. The stock split will be effected by means of a stock dividend to the holders of record of MicroStrategy’s class A common stock and class B common stock as of the close of business on August 1, 2024, the record date for the dividend.
As a result of the dividend, each holder of a share of MicroStrategy’s class A common stock will receive nine (9) additional shares of class A common stock and each holder of a share of MicroStrategy’s class B common stock will receive nine (9) additional shares of class B common stock. In each case, the shares are expected to be distributed after the close of trading on August 7, 2024. Trading is expected to commence on a split-adjusted basis at market open on August 8, 2024. The stock dividend will not have any impact on the voting and other rights of stockholders.
About MicroStrategy Incorporated
MicroStrategy (Nasdaq: MSTR) considers itself the world’s first Bitcoin development company. We are a publicly-traded operating company committed to the continued development of the bitcoin network through our activities in the financial markets, advocacy and technology innovation. As an operating business, we are able to use cashflows as well as proceeds from equity and debt financings to accumulate bitcoin, which serves as our primary treasury reserve asset. We also develop and provide industry-leading AI-powered enterprise analytics software that promotes our vision of Intelligence Everywhere™, and are using our software development capabilities to develop bitcoin applications. We believe that the combination of our operating structure, bitcoin strategy and focus on technology innovation provides a unique opportunity for value creation.
MicroStrategy and Intelligence Everywhere are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240711751900/en/
MicroStrategy Incorporated
Shirish Jajodia
Investor Relations
ir@microstrategy.com
Camtek Receives a $20M Order from a Tier-1 OSAT
Source: PR Newswire (US)
MIGDAL HAEMEK, Israel, July 9, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced that it has received a new multiple-systems' order for a total of $20 million from a tier-1 Outsourced Semiconductor Assembly & Test (OSAT), for the inspection and metrology of Advanced Packaging applications. The systems are expected to be delivered in the second half of 2024.
Camtek_logo
Rafi Amit, CEO of Camtek commented, "This significant order from a tier-1 OSAT underscores our leadership in providing inspection and metrology tools for various Advanced Packaging applications. This order, together with continuous business momentum including orders we recently received for Chiplets and HBM applications, supports our expectations for continued growth in the second half of 2024."
For more information about Camtek Ltd. and its advanced inspection and metrology solutions, please visit www.camtek.com.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.
This press release is available at www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts; the continued demand and future contribution of HBM and Chiplet applications and devices to the Company business resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; and those other factors discussed in our Annual Report on Form 20-F as published on March 21, 2024 as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
CAMTEK LTD.
INTERNATIONAL INVESTOR RELATIONS
Moshe Eisenberg, CFO
EK Global Investor Relations
Tel: +972 4 604 8308
Ehud Helft
Mobile: +972 54 900 7100
Tel: (US) 1 212 378 8040
moshee@camtek.com
camtek@ekgir.com
Logo: https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
Cision View original content:https://www.prnewswire.com/news-releases/camtek-receives-a-20m-order-from-a-tier-1-osat-302191809.html
SOURCE Camtek Ltd.
Copyright 2024 PR Newswire
Wetouch Technologies Inc. Announces $15 Million Stock Buyback Program
Source: PR Newswire (US)
CHENGDU, China, July 8, 2024 /PRNewswire/ -- Wetouch Technologies Inc. (NASDAQ: WETH) ("Wetouch" or the "Company"), a leading innovator in the global touch display industry, today announced a stock buyback program to repurchase up to $15 million of the Company's common stock.
Under the program, the Company is authorized to repurchase its shares from time to time in the open market or in privately negotiated transactions. The timing and amount of any repurchases will depend on a variety of factors, including price, trading volume, general market conditions, and other corporate considerations. The repurchase program does not obligate the Company to repurchase any specific number of shares and may be suspended, modified, or discontinued at any time without prior notice.
"We are pleased to announce this stock buyback program, which reflects our confidence in the strong and growing business of Wetouch," said Zongyi Lian, CEO of Wetouch Technologies Inc. "With over $90 million in cash and nearly $8 per share in cash, however the market capitalization is less than $30 million, we believe our stock is significantly undervalued. This buyback program represents an attractive opportunity to return value to our shareholders."
About WeTouch Technology Inc.
Wetouch Technology Inc. is at the forefront of providing premium touch display solutions, dedicated to reshaping human-machine interaction across diverse industries. With a relentless focus on innovation and customer satisfaction, Wetouch consistently delivers cutting-edge technology and unparalleled performance in touch display solutions globally.
For additional information, please visit: WeTouch Technology Inc.at http://en.usa-wetouch.com/
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook," "objective" and similar terms. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Wetouch's control, which may cause Wetouch's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to Wetouch as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in Wetouch's filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Wetouch does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
Horizon Research Management Consultancy
Michael Wei,
Email: hwey@horizonconsultancy.co
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technologies-inc-announces-15-million-stock-buyback-program-302190838.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire
Worldwide NFT
@WorldwideNFTInc
·
1h
$WNFT has been granted access to OTCIQ and has now uploaded the financial statement for 2024 Q1. We expect to be current soon.
SeaStar Medical Announces 25-for-1 Reverse Stock Split
Source: GlobeNewswire Inc.
SeaStar Medical Holding Corporation (Nasdaq: ICU), a medical device company developing proprietary solutions to reduce the consequences of hyperinflammation on vital organs, announces the Company’s 25-for-1 reverse stock split, which will become effective at June 7, 2024 at 5:00 PM EDT. The Company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market (Nasdaq) effective with the open of the market on June 10, 2024. SeaStar Medical’s stock will continue to trade under the ticker symbol “ICU.”
Authorization for the reverse stock split was approved by the Company’s stockholders at SeaStar Medical’s 2023 Special Meeting of Stockholders held on September 6, 2023. The objective of the reverse stock split is to increase the market price for the Company’s common stock to, among things, enable the Company to regain compliance with the $1.00 minimum bid price requirement under applicable Nasdaq Listing Rules. The Company's common stock will trade under a new CUSIP number – 81256L203.
As a result of the reverse stock split, each 25 pre-split shares of common stock outstanding will automatically combine and convert to 1 issued and outstanding share of common stock. Stockholders of record who otherwise would be entitled to receive fractional shares will receive one whole share of common stock in lieu of such fractional share. The reverse stock split reduces the number of shares of common stock issuable upon the conversion of the Company’s outstanding shares of preferred stock and the exercise or vesting of its outstanding stock options and warrants in proportion to the ratio of the reverse stock split and causes a proportionate increase in the conversion and exercise prices of such preferred stock, stock options and warrants.
Stockholders of record will receive information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Continental Stock Transfer and Trust Company. Continental Stock Transfer and Trust Company can be reached at 800-509-8856. Stockholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take further action in connection with the reverse stock split, subject to brokers’ particular processes.
For additional information regarding the reverse stock split, please refer to SeaStar Medical’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
About SeaStar Medical
SeaStar Medical is a medical technology company that is redefining how extracorporeal therapies may reduce the consequences of excessive inflammation on vital organs. SeaStar Medical’s novel technologies rely on science and innovation to provide life-saving solutions to critically ill patients. The Company is developing and commercializing cell-directed extracorporeal therapies that target the effector cells that drive systemic inflammation, causing direct tissue damage and secreting a range of pro-inflammatory cytokines that initiate and propagate imbalanced immune responses. For more information visit www.seastarmedical.com or visit us on LinkedIn or X.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1955. These forward-looking statements include, without limitation, the proposed reverse stock split and compliance with NASDAQ listing requirements. Words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside SeaStar Medical’s control and are difficult to predict. Factors that may cause actual future events to differ materially from the expected results include, but are not limited to: (i) the risk that SeaStar Medical may not be able to obtain regulatory approval of its SCD product candidates; (ii) the risk that SeaStar Medical may not be able to raise sufficient capital to fund its operations, including clinical trials; (iii) the risk that SeaStar Medical and its current and future collaborators are unable to successfully develop and commercialize its products or services, or experience significant delays in doing so, including failure to achieve approval of its products by applicable federal and state regulators, (iv) the risk that SeaStar Medical may never achieve or sustain profitability; (v) the risk that SeaStar Medical may not be able to access funding under existing agreements; (vi) the risk that third-parties suppliers and manufacturers are not able to fully and timely meet their obligations, (vii) the risk of product liability or regulatory lawsuits or proceedings relating to SeaStar Medical’s products and services, (viii) the risk that SeaStar Medical is unable to secure or protect its intellectual property, and (ix) other risks and uncertainties indicated from time to time in SeaStar Medical’s Annual Report on Form 10-K, including those under the “Risk Factors” section therein and in SeaStar Medical’s other filings with the SEC. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SeaStar Medical assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
LHA Investor Relations
Jody Cain
(310) 691-7100
Jcain@lhai.com
# # #
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Arax Corp’s 1st EDITION NEWSLETTER
https://medium.com/@AraxCorp/arax-corps-1st-edition-newsletter-609dfedda7a8
Welcome to the first edition of ARAX’s Newsletter! We’re excited to begin this adventure, sharing insights, updates, and innovations with our community.
Dear Valued Investors and Community,
Welcome to the first edition of the ARAX Holdings Corp. Newsletter! We’re excited to begin this adventure, sharing insights, updates, and innovations with our stakeholder community. In our inaugural edition, we delve into the pioneering advancements we’ve made in applying our technology to real-world use cases across enterprise data management, blockchain technology, and decentralized infrastructure networks. Stay tuned as we unveil the groundbreaking potential of ARAX’s enterprise blockchain-based ecosystem (BaaP). This innovation is set to transform DePIN applications, decentralized finance, and our latest projects in smart cities and smart buildings to be deployed on the revolutionary Lunaº Mesh technology. It also includes our efforts to meet the regulatory standards set by the EU’s Ecodesign for Sustainable Products Regulation and more. Together, let’s revolutionize the way industries operate and thrive in the digital age!
So, here we go:
We are proud and happy to update you on the significant progress we have made at ARAX Holdings Corp. over the past year and to share the new use cases currently in the making. As the board of directors of ARAX’s technology, we feel it is our responsibility to keep you informed and updated on our latest activities and developments.
Over the past year, ARAX has made significant strides in transforming enterprise data management and blockchain technology. Our pioneering solutions, developed on the Core Blockchain Enterprise Network (BaaP) and integrated with CorePass and Lunaº Mesh, have markedly improved efficiency, transparency, and security. These advancements demonstrate the revolutionary impact of our technology across various sectors:
🔹Manufacturing: Enhancing resource recovery, supply chain logistics, and optimization.
🔹Smart City and Building Solutions: Implementing solutions for renewable energy and decentralized power infrastructure (DePIN).
🔹Asset Management: Strengthening cybersecurity and business intelligence.
🔹Finance: Innovating in decentralized finance (DeFi), traditional finance (TradeFi), and DAO-based risk management, including on-demand insurance underwriting.
🔹Regulatory projects for data analytics
Moreover, we’ve made considerable advancements in our Decentralized Physical Infrastructure Networks (DePIN) platforms, providing robust and dependable connectivity solutions. These advancements have revolutionized the decentralization of existing networks and their integration with the innovative Lunaº Mesh infrastructure. As we continue to drive innovation, our focus remains on expanding the reach and adoption of our enterprise blockchain solutions (BaaP), ensuring that ARAX remains at the forefront of the digital transformation landscape and the drive towards real-world asset (RWA) and real-world process (RWP) tokenization.
Use Cases in the Making:
1. Tuzla Smart City Pilot Project:
o This project in Romania aims to leverage our innovative technologies, including blockchain, IoT, AI, and decentralized physical infrastructure networks (DePIN), to establish a smart city, starting with intelligent street lighting. This initiative is a gateway for future smart city integrations.
2. Commodity and Metals DeFi Projects:
o Focused on enhancing the efficiency and transparency of commodities and metals trading, starting with the copper industry. This project integrates blockchain, smart contracts, and DePIN. It revolutionizes the trading process, ensuring security, transparency, and DAO-based stable and secure transactions using the RWA tokenized reward platform.
3. Use Case Smart Building:
o This project leverages cutting-edge blockchain and decentralized technologies to revolutionize enterprise data management by decentralizing existing infrastructure and software. It integrates seamlessly with ARAX BaaP and the Lunaº Mesh Platform. By merging blockchain, artificial intelligence, and the Internet of Things, we forge a robust, secure, and efficient framework suitable for a myriad of applications.
4. EVP (Environmental Vehicle Passport) and DPP (Digital Product Passport) Projects:
o The product is currently the only blockchain-based cradle-to-grave platform to guarantee adherence to Euro 7 standards for vehicle emissions and strengthen the EU’s Ecodesign for Sustainable Products Regulation, enhancing environmental sustainability. This product and service SaaS platform focuses on creating a comprehensive data repository for product sustainability and real-time monitoring of CO2 footprints.
5. Integration with Third-Party equipment and infrastructure:
o This project will use advanced blockchain and IoT technologies to improve retail, logistics, and asset and resource management in general. It will do this by working with third-party infrastructure and equipment like access control, checkout systems, pay points, ATMs, utility management and measuring equipment, renewable energy solutions, satellites, tracking devices, and other connectivity platforms, to name a few. It includes real-time tracking and management of goods, smart trolleys and carts, connectivity, and compliance with environmental regulations.
Announcing Our New Website: ARAX.cc!
We are excited to announce the launch of our new and improved website at ARAX.cc This revamped platform offers a comprehensive overview of ARAX’s products and services, showcasing our capabilities in enterprise data management, blockchain technology, and decentralized infrastructure. The new website is also mobile-friendly, ensuring you can explore detailed information about our innovative solutions, stay updated with the latest news, and discover how ARAX is transforming industries, all from your mobile device. Visit us today to learn more about how we can help your business thrive in the digital age!
Proposed Uplisting to NASDAQ :
With a large part of the ARAX BaaP now being operation, use cases starting to pile up, resulting in exponential revenue growth expected to follow in the second half of 2024, we are excited to announce that we’re in the process of preparing ARAX Holdings Corp. for uplisting to the main board of NASDAQ. We have engaged with three investment banks for proposals to guide us through this process. As part of our strategy, we are positioning ourselves to acquire and deploy revenue streams that will bring stable income to the business. This will have a direct impact on our shareholder value. As we wrap up our first edition of the ARAX Holdings Corp. Newsletter, we extend our thanks for taking the time to read about our exciting journey and innovations. Your support and interest drive us to continuously push the boundaries of what’s possible in enterprise data management and blockchain technology. We look forward to sharing more updates and breakthroughs with you in the future.
For media inquiries, please contact:
Email Address: press@arax.cc
Originally published on: EIN Presswire
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this report may be construed as “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). All statements that are not historical facts are “forward-looking statements.” The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe harbor” provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. Investors should consider this cautionary statement and furthermore, no assurance can be made that the transaction described in this Report will be consummated. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
For any questions or further information, please feel free to get in touch with us via email at investors@arax.cc. Thank you and stay tuned!
Dell Technologies (NYSE:DELL), Super Micro Computer (NASDAQ:SMCI) – Elon Musk announced that Dell Technologies will supply half of the server racks for the supercomputer of xAI, his artificial intelligence startup, while Super Micro Computer will provide the other half. This initiative aims to support the advanced development of xAI’s Grok chatbot, planned to operate by 2025.
Supermicro Adding 3 New Manufacturing Facilities in Silicon Valley and Globally to Support the Growth of AI and Enterprise Rack Scale Liquid-Cooled Solutions
Source: PR Newswire (US)
Expanded Manufacturing Footprint is Targeted to Bring Global Liquid-Cooled Rack Capacity to More than Double Today's 1,000 AI SuperClusters Shipped Per Month
SAN JOSE, Calif., June 18, 2024 /PRNewswire/ -- Supermicro, Inc. (NASDAQ: SMCI), a Total IT Solution Provider for AI, Cloud, Storage, and 5G/Edge, continues to expand in Silicon Valley with new campuses as the demand for liquid-cooled data center increases. The new facilities will be part of the new liquid-cooled ecosystem, reducing the time needed to deliver to customers worldwide. These new facilities will focus on delivering entire plug-and-play liquid-cooled solutions, from systems to racks to water towers. With AI factories becoming more prevalent, liquid-cooled data centers are critical to meet these increasing customer demands for AI-focused workloads. Liquid-cooled data centers increase the amount of AI compute performance per watt, resulting in more performance per data center. In addition, electricity consumption and environmental impact are reduced, and operational expenses can be up to 40% lower compared to traditional, air-cooled data centers.
"Supermicro has the highest performing generative deep learning and inferencing AI platform and clusters which benefit from liquid-cooled technologies," said Charles Liang, president and CEO of Supermicro. "Many data center owners are looking for electricity saving Direct Liquid-Cooled solutions. Supermicro is developing building block liquid-cooled solutions for AI factories and the HPC market. We anticipate that liquid-cooled data centers will grow from historically less than 1% to an expected 15% and up to 30% of all data center installations in the next two years. This expansion positions us to capture the majority share of that growth. New data centers will run more efficiently, reducing their carbon footprint, and can be virtually free, compared to air-cooled data centers, with significant operational savings realized through lower electricity use over time."
To learn more about Supermicro's Building Block liquid cooling solutions, click here
"We are thrilled that Supermicro is expanding in San Jose and leading the charge to reduce the impact of data centers," said Matt Mahan, Mayor of San Jose, CA. "Supermicro represents the best of Silicon Valley as a company that continues to push the boundaries of both technology and sustainability."
Supermicro, as a total solution provider, supplies all the components needed for an efficient and optimized liquid-cooled solution. From the Supermicro optimized cold plates to the coolant distribution manifolds (CDMs) to the redundant coolant distribution units (CDUs) and even the external cooling tower, the entire end-to-end solution is designed and tested by Supermicro engineers, which results in a higher quality solution, enabling organizations to get more productive sooner.
Many Supermicro servers are explicitly designed for high-performance NVIDIA GPUs for AI processing, such as the very high-density 4U-8GPU systems, the Intel CPU-based SYS-421GE-TNHR2-LCC, or the AMD CPU-based AS -4125GS-TNHR2-LCC. In addition, many Supermicro servers, such as the popular 8U-8GPU systems, are liquid-cooled ready, as well as NVIDIA-based 1U ARS-111GL-NHR-LCC, which includes the Grace Hopper Superchip. Liquid-cooled servers include the 8U-20-node SuperBlade®, which provides the highest CPU and GPU computing density available today. The 2U-4 node Supermicro BigTwin® and the 4U-8 node FatTwin® multi-node servers are optimized for liquid cooling and are in high volume production today.
Supermicro continues to work closely with data center operators to match the right server technology to the demanding workloads, which are unique to each organization and cloud service provider. Many of these application-optimized servers are designed to be liquid-cooled, which reduces the overall operational cost of the data center.
Many customers have limited experience handling liquid inside data centers, requiring vendors to perform the installation and acceptance testing along with future maintenance and warranty service. On-site support is critical, and Supermicro's service organization is highly trained in liquid-cooling deployments.
About Super Micro Computer, Inc.
Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enable our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).
Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.
All other brands, names, and trademarks are the property of their respective owners.
SMCI-F
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Copyright 2024 PR Newswire
Oracle Announces Fiscal 2024 Fourth Quarter and Fiscal Full Year Financial Results
Source: PR Newswire (US)
Q4 Total Remaining Performance Obligations up 44% to $98 billion
Q4 GAAP Earnings per Share $1.11, Non-GAAP Earnings per Share $1.63
Q4 Total Revenue $14.3 billion, up 3% in USD, up 4% in constant currency
Q4 Cloud Revenue (IaaS plus SaaS) $5.3 billion, up 20% in USD and constant currency
Q4 Cloud Infrastructure (IaaS) Revenue $2.0 billion, up 42% in USD and constant currency
Q4 Cloud Application (SaaS) Revenue $3.3 billion, up 10% in USD and constant currency
Q4 Fusion Cloud ERP (SaaS) Revenue $0.8 billion, up 14% in USD and constant currency
Q4 NetSuite Cloud ERP (SaaS) Revenue $0.8 billion, up 19% in USD and constant currency
FY 2024 Total Revenue $53.0 billion, up 6% in USD and constant currency
AUSTIN, Texas, June 11, 2024 /PRNewswire/ -- Oracle Corporation (NYSE: ORCL) today announced fiscal 2024 Q4 and full-year 2024 results. Total quarterly revenues were up 3% year-over-year in USD and up 4% in constant currency to $14.3 billion. Cloud services and license support revenues were up 9% in USD and up 10% in constant currency to $10.2 billion. Cloud license and on-premise license revenues were down 15% in USD and down 14% in constant currency to $1.8 billion.
Q4 GAAP operating income was $4.7 billion. Non-GAAP operating income was $6.7 billion, up 8% in USD and up 9% in constant currency. GAAP operating margin was 33%, and non-GAAP operating margin was 47%. GAAP net income was $3.1 billion, and non-GAAP net income was $4.6 billion. Q4 GAAP earnings per share was $1.11 while non-GAAP earnings per share was $1.63.
Short-term deferred revenues were $9.3 billion. Operating cash flow was $18.7 billion during fiscal year 2024, up 9% in USD.
Fiscal year 2024 total revenues were up 6% in USD and constant currency to $53.0 billion. Cloud services and license support revenues were up 12% in USD and up 11% in constant currency to $39.4 billion. Cloud license and on-premise license revenues were down 12% in USD and constant currency to $5.1 billion.
Fiscal year 2024 GAAP operating income was $15.4 billion, and GAAP operating margin was 29%. Non-GAAP operating income was $23.1 billion, and non-GAAP operating margin was 44%. GAAP net income was $10.5 billion, while non-GAAP net income was $15.7 billion. GAAP earnings per share was $3.71, while non-GAAP earnings per share was $5.56.
"In Q3 and Q4, Oracle signed the largest sales contracts in our history—driven by enormous demand for training AI large language models in the Oracle Cloud," said Oracle CEO, Safra Catz. "These record level sales drove RPO up 44% to $98 billion. Throughout fiscal year 2025, I expect continued strong AI demand to push Oracle sales and RPO even higher—and result in double-digit revenue growth this fiscal year. I also expect that each successive quarter should grow faster than the previous quarter—as OCI capacity begins to catch up with demand. In Q4 alone, Oracle signed over 30 AI sales contracts totaling more than $12.5 billion—including one with Open AI to train ChatGPT in the Oracle Cloud."
"Our multicloud cooperation with Microsoft expanded significantly in Q4, as we agreed to work together to support Open AI and ChatGPT—and 11 of the 23 OCI datacenters we are building inside Azure went live," said Oracle Chairman and CTO, Larry Ellison. "As this Azure/OCI cloud capacity becomes available to the large installed base of Microsoft and Oracle customers, it will turbocharge our cloud database growth. Now customers can run any and every version of the Oracle database—Autonomous, 23ai Vector DB, etc.— in both the Azure and the Oracle Clouds. As customers continue to choose and use multiple clouds, Hyperscalers like Microsoft and Google are responding by interconnecting their clouds. Oracle recently signed an agreement with Google to interconnect our clouds—and initially build 12 OCI datacenters inside the Google Cloud. We expect the Oracle database to be available within the Google Cloud in September this year."
The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on July 11, 2024, with a payment date of July 25, 2024.
A sample list of customers which purchased Oracle Cloud services during the quarter will be available at www.oracle.com/customers/earnings/.
A list of recent technical innovations and announcements is available at www.oracle.com/news/.
To learn what industry analysts have been saying about Oracle's products and services see www.oracle.com/corporate/analyst-reports/.
Earnings Conference Call and Webcast
Oracle will hold a conference call and webcast today to discuss these results at 4:00 p.m. Central. A live and replay webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor/.
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
Trademarks
Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.
"Safe Harbor" Statement: Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, including expectations for AI demand driving revenue growth and the timing of such growth, the effects of our multicloud strategy on cloud database growth, and our plans for datacenters and Oracle database availability inside the Google Cloud, are "forward-looking statements" and are subject to material risks and uncertainties. Risks and uncertainties that could affect our current expectations and our actual results, include, among others: our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; significant coding, manufacturing or configuration errors in our offerings; risks associated with acquisitions; economic, political and market conditions; information technology system failures, privacy and data security concerns; cybersecurity breaches; unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/. All information set forth in this press release is current as of June 11, 2024. Oracle undertakes no duty to update any statement in light of new information or future events.
Supermicro Introduces Rack Scale Plug-and-Play Liquid-Cooled AI SuperClusters for NVIDIA Blackwell and NVIDIA HGX H100/H200 - Radical Innovations in the AI Era to Make Liquid-Cooling Free with a Bonus
Source: PR Newswire (US)
Generative AI SuperClusters, Integrated with NVIDIA AI Enterprise and NIM Microservices, Offer Instant ROI Gains and More AI Work per Dollar Through a Massively Scalable Compute Unit, Simplifying AI for Rapid Deployment
SAN JOSE, Calif. and TAIPEI, Taiwan, June 4, 2024 /PRNewswire/ -- Supermicro, Inc. (NASDAQ: SMCI), a Total IT Solution Provider for AI, Cloud, Storage, and 5G/Edge, is introducing a ready-to-deploy liquid-cooled AI data center, designed for cloud-native solutions that accelerate generative AI adoption for enterprises across industries with its SuperClusters, optimized for the NVIDIA AI Enterprise software platform for the development and deployment of generative AI. With Supermicro's 4U liquid-cooled, NVIDIA recently introduced Blackwell GPUs can fully unleash 20 PetaFLOPS on a single GPU of AI performance and demonstrate 4X better AI training and 30X better inference performance than the previous GPUs with additional cost savings. Aligned with its first-to-market strategy, Supermicro recently announced a complete line of NVIDIA Blackwell architecture-based products for the new NVIDIA HGX™ B100, B200, and GB200 Grace Blackwell Superchip.
Plug-and-Play Liquid-Cooled AI SuperCluster
"Supermicro continues to lead the industry in creating and deploying AI solutions with rack-scale liquid-cooling," said Charles Liang, president and CEO of Supermicro. "Data centers with liquid-cooling can be virtually free and provide a bonus value for customers, with the ongoing reduction in electricity usage. Our solutions are optimized with NVIDIA AI Enterprise software for customers across industries, and we deliver global manufacturing capacity with world-class efficiency. The result is that we can reduce the time to delivery of our liquid-cooled or air-cooled turnkey clusters with NVIDIA HGX H100 and H200, as well as the upcoming B100, B200, and GB200 solutions. From cold plates to CDUs to cooling towers, our rack-scale total liquid cooling solutions can reduce ongoing data center power usage by up to 40%."
Visit www.supermicro.com/ai for more information.
At COMPUTEX 2024, Supermicro is revealing its upcoming systems optimized for the NVIDIA Blackwell GPU, including a 10U air-cooled and a 4U liquid-cooled NVIDIA HGX B200-based system. In addition, Supermicro will be offering an 8U air-cooled NVIDIA HGX B100 system and Supermicro's NVIDIA GB200 NVL72 rack containing 72 interconnected GPUs with NVIDIA NVLink Switches, as well as the new NVIDIA MGX™ systems supporting NVIDIA H200 NVL PCIe GPUs and the newly announced NVIDIA GB200 NVL2 architecture.
"Generative AI is driving a reset of the entire computing stack — new data centers will be GPU-accelerated and optimized for AI," said Jensen Huang, founder and CEO of NVIDIA. "Supermicro has designed cutting-edge NVIDIA accelerated computing and networking solutions, enabling the trillion-dollar global data centers to be optimized for the era of AI."
The rapid development of large language models and the continuous new introductions of open-source models such as Meta's Llama-3 and Mistral's Mixtral 8x22B make today's state-of-the-art AI models more accessible for enterprises. The need to simplify the AI infrastructure and provide accessibility in the most cost-efficient way is paramount to supporting the current breakneck speed of the AI revolution. The Supermicro cloud-native AI SuperCluster bridges the gap between cloud convenience of instant access and portability, leveraging the NVIDIA AI Enterprise, allowing moving AI projects from pilot to production seamlessly at any scale. This provides the flexibility to run anywhere with securely managed data, including self-hosted systems or on-premises large data centers.
With enterprises across industries rapidly experimenting with generative AI use cases, Supermicro collaborates closely with NVIDIA to ensure a seamless and flexible transition from experimentation and piloting AI applications to production deployment and large-scale data center AI. This result is achieved through rack and cluster-level optimization with the NVIDIA AI Enterprise software platform, enabling a smooth journey from initial exploration to scalable AI implementation.
Managed services compromise infrastructure choices, data sharing, and generative AI strategy control. NVIDIA NIM microservices, part of NVIDIA AI Enterprise, offer managed generative AI and open-source deployment benefits without drawbacks. Its versatile inference runtime with microservices accelerates generative AI deployment across a wide range of models, from open-source to NVIDIA's foundation models. In addition, NVIDIA NeMo™ enables custom model development with data curation, advanced customization, and retrieval-augmented generation (RAG) for enterprise-ready solutions. Combined with Supermicro's NVIDIA AI Enterprise ready SuperClusters, NVIDIA NIM provides the fastest path to scalable, accelerated Generative AI production deployments.
Supermicro's current generative AI SuperCluster offerings include:
Liquid-cooled Supermicro NVIDIA HGX H100/H200 SuperCluster with 256 H100/H200 GPUs as a scalable unit of compute in 5 racks (including 1 dedicated networking rack)
Air-cooled Supermicro NVIDIA HGX H100/H200 SuperCluster with 256 HGX H100/H200 GPUs as a scalable unit of compute in 9 racks (including 1 dedicated networking rack)
Supermicro NVIDIA MGX GH200 SuperCluster with 256 GH200 Grace™ Hopper Superchips as a scalable unit of compute in 9 racks (including 1 dedicated networking rack)
Supermicro SuperClusters are NVIDIA AI Enterprise ready with NVIDIA NIM microservices and NVIDIA NeMo platform for end-to-end generative AI customization and optimized for NVIDIA Quantum-2 InfiniBand as well as the new NVIDIA Spectrum-X Ethernet platform with 400Gb/s of networking speed per GPU for scaling out to a large cluster with tens of thousands of GPUs.
Supermicro's upcoming SuperCluster offerings include:
Supermicro NVIDIA HGX B200 SuperCluster, liquid-cooled
Supermicro NVIDIA HGX B100/B200 SuperCluster, air-cooled
Supermicro NVIDIA GB200 NVL72 or NVL36 SuperCluster, liquid-cooled
Supermicro's SuperCluster solutions are optimized for LLM training, deep learning, and high volume and batch size inference. Supermicro's L11 and L12 validation testing and on-site deployment service provide customers with a seamless experience. Customers receive plug-and-play scalable units for easy deployment in a data center and faster time to results.
About Super Micro Computer, Inc.
Supermicro (NASDAQ: SMCI) is a global leader in Application-Optimized Total IT Solutions. Founded and operating in San Jose, California, Supermicro is committed to delivering first-to-market innovation for Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure. We are a Total IT Solutions manufacturer with server, AI, storage, IoT, switch systems, software, and support services. Supermicro's motherboard, power, and chassis design expertise further enable our development and production, enabling next-generation innovation from cloud to edge for our global customers. Our products are designed and manufactured in-house (in the US, Taiwan, and the Netherlands), leveraging global operations for scale and efficiency and optimized to improve TCO and reduce environmental impact (Green Computing). The award-winning portfolio of Server Building Block Solutions® allows customers to optimize for their exact workload and application by selecting from a broad family of systems built from our flexible and reusable building blocks that support a comprehensive set of form factors, processors, memory, GPUs, storage, networking, power, and cooling solutions (air-conditioned, free air cooling or liquid cooling).
Supermicro, Server Building Block Solutions, and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.
All other brands, names, and trademarks are the property of their respective owners.
SMCI-F
(PRNewsfoto/Super Micro Computer, Inc.)
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SOURCE Super Micro Computer, Inc.
Copyright 2024 PR Newswire
$Cybl Mark, It's been 2 years. Does it really take a lawsuit for you to stand up, have some integrity, and let us know what the hell is going on? Come on. Be an adult. Speak to us. @MDSAdvisor https://t.co/zh0XG68uwT
— The Big Green House (@PennyStockLane) May 24, 2024
Hi Semperfiguy,
Best of luck.
I would recommend a derivative shareholder lawsuit which was the same type of lawsuit I used to take control of $OPTI. This would certainly get their attention! $CYBL @CyberluxC
— Brett Rosen (@BrettRosen325) May 24, 2024
MIDDLEBY CORP
FORM 10-Q
(Quarterly Report)
Filed 05/09/24 for the Period Ending 03/30/24
https://www.otcmarkets.com/filing/conv_pdf?id=17526907&guid=dZQ-kppUa5ECJth
The Middleby Corporation Reports First Quarter Results
Source: Business Wire
Net sales of $927 million
Adjusted EBITDA of $186 million
Organic adjusted EBITDA margin of 20.1%
Operating cash flows of $141 million
Diluted earnings per share of $1.59 and adjusted net earnings per share of $1.89
Net leverage reduced to 2.4x
The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the first quarter of 2024.
“Near-term demand conditions proved to be difficult as we started 2024. We expect improved conditions for the second quarter and remain optimistic for the remainder of the year, as channel inventories have returned to normalized levels and order activity is trending in a positive direction. Our overall profitability remains strong, despite the low order volumes significantly impacting our residential business. We were pleased to again post record cash flows in the quarter, with expected strong cash generation for the entire year,” said Tim FitzGerald, CEO of The Middleby Corporation.
2024 First Quarter Financial Results
Net sales decreased 8.0% in the first quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales decreased 8.7% in the first quarter over the comparative prior year period.
A reconciliation of organic net sales (a non-GAAP measure) by segment is as follows:
Commercial Foodservice
Residential Kitchen
Food Processing
Total Company
Reported Net Sales Growth
(3.8
)%
(21.0
)%
(6.2
)%
(8.0
)%
Acquisitions
0.2
%
0.5
%
1.0
%
0.4
%
Foreign Exchange Rates
0.2
%
0.9
%
0.4
%
0.4
%
Organic Net Sales Growth (1) (2)
(4.2
)%
(22.3
)%
(7.7
)%
(8.7
)%
(1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates
(2) Totals may be impacted by rounding
Adjusted EBITDA (a non-GAAP measure) was $185.8 million in the first quarter compared to $210.9 million in the prior year. A reconciliation of organic adjusted EBITDA (a non-GAAP measure) by segment is as follows:
Commercial Foodservice
Residential Kitchen
Food Processing
Total Company
Adjusted EBITDA
26.0
%
6.4
%
23.4
%
20.0
%
Acquisitions
(0.1
)%
0.1
%
(0.4
)%
(0.1
)%
Foreign Exchange Rates
(0.1
)%
—
%
—
%
(0.1
)%
Organic Adjusted EBITDA (1) (2)
26.1
%
6.3
%
23.8
%
20.1
%
(1) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates.
(2) Totals may be impacted by rounding
Operating cash flows during the first quarter amounted to $140.9 million in comparison to $92.0 million in the prior year period. The total leverage ratio per our credit agreements was 2.4x. The trailing twelve month bank agreement pro-forma EBITDA was $901.3 million.
Net debt, defined as debt excluding the unamortized discount associated with the Convertible Notes less cash, at the end of the 2024 first quarter amounted to $2.1 billion as compared to $2.2 billion at the end of fiscal 2023. Our borrowing availability at the end of the first quarter was approximately $2.8 billion.
"We are excited to be showcasing many of our latest Commercial Foodservice innovations at the upcoming National Restaurant Show to be held from May 18th through 21st in Chicago. This year we are proud to have a record eight Middleby products receiving the prestigious Kitchen Innovations Award. Our award-winning products include the latest in automation & robotics, beverage dispense, ventless solutions, and advanced cooking & frying technologies. Our recent product launches of industry leading innovations addressing foodservice trends and operator challenges has positioned us to serve the rapidly evolving needs of the foodservice industry,” concluded Mr. FitzGerald.
Conference Call
The company has scheduled a conference call to discuss the first quarter results at 11 a.m. Eastern/10 a.m. Central Time on May 8th. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (833) 630-1956, or (412) 317-1837 for international access, and ask to join the Middleby conference call. The conference call will be available for replay from the company’s website.
Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Supporting the company’s pursuit of the most sophisticated innovation, state-of-the-art Middleby Innovation Kitchens and Residential Showrooms showcase and demonstrate the most advanced Middleby solutions. In 2022 Middleby was named a World’s Best Employer by Forbes and is a proud philanthropic partner to organizations addressing food insecurity.
Quarterly Report
For the period ending March 31, 2024 (the “Reporting Period”)
https://www.otcmarkets.com/otcapi/company/financial-report/403234/content
Posts on X
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
We're also going to launch our Champ Life brand and Naturally Peaked hemp lotion on Amazon in the coming months. I'll let you ask know when those go live.
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OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
We're very excited to pursue these new opportunities and are grateful for your continued support! I'll try to answer as many replies or DMs as I can, but please understand if I cannot get to everyone. I will also be updating you all more frequently here. The future looks bright!
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
This update contains forward-looking statements that involve risks and uncertainties. Actual results may differ.
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
Replying to
@OMIDHoldingsInc
This year we have begun expanding our scope of services to include non-CBD/Hemp products and have begun development of 2 skincare products, aiming to disrupt a $20 million/month market within the Amazon ecosystem.
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
Replying to
@OMIDHoldingsInc
Firstly, thank you for your continued support! We're very excited about the future opportunities in front of us. We recently launched our THC powder packs and have had interest from a number of large Convenience Store Distributors, as well as working with a handful of PL clients.
OMID Holdings, Inc.
@OMIDHoldingsInc
·
21h
Hi everyone, Kevin here. I wanted to give you all a little update on what's happening at OMID. I apologize for the lack of communication, but I aim to change that effective immediately. Here is the best place to reach me if you have any questions.
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WETOUCH TECHNOLOGY INC.
FORM NT 10-Q
(Notification that Quarterly Report will be submitted late)
Filed 05/16/24 for the Period Ending 03/31/24
https://www.otcmarkets.com/filing/conv_pdf?id=17550129&guid=7iQ-kF3pD-GaJth
WETOUCH TECHNOLOGY INC.
FORM 8-K
(Current report filing)
Filed 05/16/24 for the Period Ending 05/09/24
https://www.otcmarkets.com/filing/conv_pdf?id=17549484&guid=7iQ-kF3pD-GaJth
Walmart reports strong revenue growth of 6.0% with operating income growing faster at 9.6%; adjusted operating income up 13.7%
Source: Business Wire
eCommerce up 21% globally, led by store-fulfilled pickup & delivery and marketplace
GAAP EPS of $0.63; Adjusted EPS of $0.60
Company issues guidance for Q2; updates outlook for FY25
Walmart Inc. (NYSE: WMT):
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240515384336/en/
First Quarter Highlights:
Consolidated revenue of $161.5 billion, up 6.0%, or 5.8% (in constant currency), including a benefit of ~1% from an additional selling day
Consolidated gross margin rate up 42bps due to improvements across segments, led by Walmart U.S.
Consolidated operating income up $0.6 billion, or 9.6%; adjusted operating income up 13.7%, due to higher gross margins and growth in membership income
Global eCommerce sales grew 21%, led by store fulfilled pickup & delivery and marketplace
Global advertising business grew 24%, including 26% for Walmart Connect in the U.S.
Adjusted EPS of $0.60 excludes the effect, net of tax, from a net gain of $0.05 on equity and other investments and business reorganization charges of $0.02
Global inventory down 2.7%, including a decrease of 4.2% for Walmart U.S.; in-stock levels healthy
The company will hold a live conference call with the Investment Community at 7 a.m. CST Thursday, May 16, 2024, to discuss the company’s first quarter earnings results for fiscal year 2025. The event will be webcast live and is accessible by visiting https://corporate.walmart.com/news/events and selecting the First Quarter Earnings Release event. The webcast will be archived and available on the company website.
About Walmart
Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 255 million customers and members visit approximately 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart, on Twitter at https://twitter.com/walmart, and on LinkedIn at https://www.linkedin.com/company/walmart/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515384336/en/
Investor Relations Contacts
Steph Wissink
Senior Vice President, Investor Relations
ir@walmart.com
Kary Brunner
Sr. Director, Investor Relations
Media Relations Contact
Molly Blakeman
Group Director, Global Communications
800-331-0085
Serve Robotics Announces First Quarter 2024 Results and Provides Corporate Update
Source: PR Newswire (US)
Revenue of $0.95 million; 124% sequential growth in delivery and branding revenue
Signed agreement with Magna International for a long-term licensing partnership and exclusive contract manufacturing of Serve robots
Post quarter-end, successfully uplisted to the Nasdaq Capital Market with concurrent $40 million equity offering
Continued focus on deploying 2,000 robots under Uber Eats contract
SAN FRANCISCO, May 15, 2024 /PRNewswire/ -- Serve Robotics Inc. (the "Company" or "Serve") (Nasdaq:SERV), a leading autonomous sidewalk delivery company, today announced financial results for the three months ended March 31, 2024 and provided a corporate update.
Serve Robotics logo (PRNewsfoto/Serve Robotics Inc.)
"The Company delivered improvements in our operational key metrics and fundamentals, including a 97% increase in daily supply hours and a 70% increase in daily active robots, when compared to the first quarter of last year. These improvements were achieved while our costs to service delivery and branding revenue remained steady. This is a testament to our employees' execution on Serve's mission to reduce the cost of last-mile transportation, and highlight our dedication to scaling our operations infrastructure. Our core technology continues to be validated by our partners, as evidenced through our recent agreements with Magna International, and we continue to see strong demand for our robots to be deployed into existing and new markets. We are also very excited to continue our growth through the completion of our $40 million underwritten public offering, supported by our strategic investors Uber and Nvidia, and our recent listing on Nasdaq," said Ali Kashani, Serve's Cofounder and CEO. "We look forward to executing on the milestones within our strategic plan, which we intend to provide to stockholders in the coming months."
Serve's near-term strategic focus remains executing its plan to develop, manufacture, and deploy a fleet of 2,000 autonomous robots on the Uber Eats platform through 2025. The proceeds from the Company's underwritten public offering in April 2024 allowed Serve to unlock procurement commitments, initiate final design-for-manufacturing reviews, and conduct further validation testing in advance of full-scale commercial production.
Serve's long-term vision remains to deploy robots in adjacent delivery and transportation verticals within multiple markets.
First Quarter 2024 and Recent Highlights
Public Market Debut: The Company commenced listing on the OTCQB on March 7, 2024. Following the end of our first quarter, the Company completed an uplisting to the Nasdaq Capital Market, and began trading on the Nasdaq Capital Market under the ticker symbol "SERV" on April 18, 2024. This uplisting enabled the completion of a public equity offering generating $40.0 million in gross proceeds.
Strategic Investments: Participation in the offering included $4.5 million of new investment from one of Serve's largest stockholders and strategic partners, Postmates, LLC, a wholly-owned subsidiary of Uber Technologies Inc (NYSE: UBER). Long-term technology partner NVIDIA (Nasdaq: NVDA) also participated in a $2.5 million investment round closed on January 2, 2024.
Operational Performance: Serve averaged 300 daily supply hours during the first quarter 2024, a 97% increase compared to first quarter 2023, and a 15% increase compared to fourth quarter 2023. The Company also achieved a 70% increase in daily active robots for the first quarter 2024 compared to first quarter 2023, and 15% increase compared to fourth quarter 2023.
Magna Collaboration: Serve entered into a Master Services Agreement ("MSA") with Magna International Inc. ("Magna") (TSX: MG; NYSE: MGA), one of the world's largest automotive suppliers. Included in the MSA was both a statement of work for services to be provided by Serve, and a licensing agreement in which the Company licensed its autonomous technology software to accelerate Magna's development into new products within the robotics and logistics space.
Manufacturing: On April 24, 2024, the Magna MSA was expanded through the establishment of a new production and purchase agreement wherein Magna became the exclusive contract manufacturer of Serve's delivery robots.
First Quarter Financial Highlights
First quarter revenue was $0.95 million including $0.85 million in software service revenue derived from the Company's agreement with Magna. The Company expects to recognize the remaining $0.35 million in the second quarter 2024.
As of March 31, 2024, the Company had $0.43 million of cash and cash equivalents. As of April 30, 2024, the Company had approximately $34.2 million of cash and cash equivalents, after including proceeds from its April 2024 public offering.
As of March 31, 2024, the Company had 24.6 million shares of common stock outstanding. As of May 13, 2024, following the share issuance from the Company's April 2024 public offering, the Company had 37.1 million shares of common stock outstanding, and 42.2 million shares on a fully diluted basis.
Supplemental Financial Information
The key metrics and financial tables outlined below are metrics that provide management with additional understanding of the drivers of business performance and the Company's ability to deliver stockholder return. Investors should not place undue reliance on these metrics as indicators of future or expected results. The Company's presentation of these metrics may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.
Table 1: Key Metrics
Three Months Ended
March 31,
2024
2023
Key Metrics
(Unaudited)
(Unaudited)
Daily Active Robots (1)
39
23
Daily Supply Hours (2)
300
152
(1)
Daily Active Robots: The Company defines daily active robots as the average number of robots performing daily deliveries during the period.
(2)
Daily Supply Hours: The Company defines daily supply hours as the average number of hours the Company's robots are ready to accept offers and perform daily deliveries during the period.
Forward Looking Statements
This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when we or our management are discussing our beliefs, estimates or expectations. Such statements generally include the words "believes," "plans," "intends," "targets," "may," "could," "should," "will," "expects," "estimates," "suggests," "anticipates," "outlook," "continues," or similar expressions. These statements are not historical facts or guarantees of future performance but represent management's belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside of our control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the Company's partnership with Magna, timing of the Company's robot deployment, the Company's ability to expand to additional markets, and the Company's timing and ability to scale to commercial production.
The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations'' in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the three months ended March 31, 2024 that will be filed following this earnings release, and in our subsequent SEC filings. We can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
OTC Updates
@OtcUpdates
🚨 $GHAV
💰0.0013
Pink Current, AS: 900M, OS: 503M, US: 403M
Update Delay: 72 hours
Public Float Updated:
🔴 163,023,339 (2022-09-30)
🟢 403,684,967 (2024-05-08)
Difference: +147.6% (+240M)
The Home Depot Announces First Quarter Fiscal 2024 Results; Reaffirms Fiscal 2024 Guidance
Source: PR Newswire (US)
ATLANTA, May 14, 2024 /PRNewswire/ -- The Home Depot®, the world's largest home improvement retailer, today reported sales of $36.4 billion for the first quarter of fiscal 2024, a decrease of 2.3% from the first quarter of fiscal 2023. Comparable sales for the first quarter of fiscal 2024 decreased 2.8%, and comparable sales in the U.S. decreased 3.2%.
The Home Depot logo. (PRNewsFoto/The Home Depot) (PRNewsFoto/)
Net earnings for the first quarter of fiscal 2024 were $3.6 billion, or $3.63 per diluted share, compared with net earnings of $3.9 billion, or $3.82 per diluted share, in the same period of fiscal 2023.
"The team executed at a high level in the quarter, and we continued to grow market share," said Ted Decker, chair, president and CEO. "And while the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, our product assortment in stores and online, and our associate engagement. Our associates are energized and ready to serve our customers as spring breaks across the country. I would like to thank them for their continued hard work and dedication to serving our customers and communities."
Fiscal 2024 Guidance
The company reaffirms its fiscal 2024 guidance, which includes 53 weeks of operating results. In addition, in March, the Company entered into a definitive agreement to acquire SRS Distribution Inc. (SRS). Since the acquisition has not closed, the following guidance does not reflect any impacts from the SRS acquisition:
Total sales growth of approximately 1.0%, including the 53rd week
53rd week projected to add approximately $2.3 billion to total sales
Comparable sales to decline approximately 1.0% for the 52-week period
Approximately 12 new stores
Gross margin of approximately 33.9%
Operating margin of approximately 14.1%
Tax rate of approximately 24.5%
Net interest expense of approximately $1.8 billion
53-week diluted earnings-per-share-percent growth of approximately 1.0%
53rd week expected to contribute approximately $0.30 of diluted earnings per share
The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.
At the end of the first quarter, the company operated a total of 2,337 retail stores in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The Company employs approximately 465,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to, among other things, the demand for our products and services, including as a result of macroeconomic conditions; net sales growth; comparable sales; the effects of competition; our brand and reputation; implementation of interconnected retail, store, supply chain and technology initiatives; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer credit; the impact of tariffs; issues related to the payment methods we accept; demand for credit offerings; management of relationships with our associates, potential associates, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt our business, supply chain, technology infrastructure, or demand for our products and services, such as international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, geopolitical conflicts, military conflicts, or acts of war; our ability to maintain a safe and secure store environment; our ability to address expectations regarding environmental, social and governance matters and meet related goals; continuation or suspension of share repurchases; net earnings performance; earnings per share; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including changes to tax laws and regulations; store openings and closures; guidance for fiscal 2024 and beyond; financial outlook; the successful closing of the SRS acquisition; and the impact of acquired companies on our organization and the ability to recognize the anticipated benefits of any acquisitions.
Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A, "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 28, 2024 and also as may be described from time to time in future reports we file with the Securities and Exchange Commission. There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.
Wetouch Technology Inc. Unveils Cutting-Edge Second-Generation Touchscreen Products and Receives US $15M in Orders
Source: PR Newswire (US)
CHENGDU, China, May 6, 2024 /PRNewswire/ -- Wetouch Technology Inc. (Nasdaq: WETH) proudly announces the launch of its highly anticipated second-generation touchable screen products. These innovative offerings redefine user experience with unmatched responsiveness, durability, and state-of-the-art design, solidifying Wetouch's position as an industry innovator and leader.
Mr. Tsungyi Lien, CEO of Wetouch Technology, stated:"We are thrilled to introduce our second-generation touchscreen products, which represent the culmination of years of research, development, and dedication to excellence. The overwhelming response from our clients reaffirms our commitment to delivering cutting-edge solutions that exceed expectations."
Several prominent international clients, including Siemens in Germany, as well as Canon and Sharp in Japan, have already placed orders for our latest products. These orders will contribute around US$15 million of new sales revenue for this fiscal year, emphasizing the remarkable market demand and the superior quality and performance of Wetouch's cutting-edge touchscreen solutions. The company is expecting more orders in the future.
About Wetouch Technology Inc.:
Wetouch Technology Inc. is a leading provider of innovative touchscreen solutions, dedicated to pushing the boundaries of technology to enhance user experiences across various industries. With a focus on quality, performance, and reliability, Wetouch continues to pioneer advancements in touchscreen technology, shaping the future of interactive digital interfaces worldwide.
*Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates, forecasts, and projections and involve risks and uncertainties that could cause actual results to differ materially from those anticipated. The Company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information or future events or developments.
For media inquiries, please contact:
Horizon Investor Relations
Contact: Michael Wei
Email: hwey@horizonconsultancy.co
Financial Disclosure Advisory
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technology-inc-unveils-cutting-edge-second-generation-touchscreen-products-and-receives-us-15m-in-orders-302136745.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire
Wetouch Technology Inc. Announces $56.3M USD Revenue Guidance for FY 2024, Reflecting 41% Growth Over FY 2023
Source: PR Newswire (US)
CHENGDU, China, April 22, 2024 /PRNewswire/ -- Wetouch Technology Inc. (NASDAQ: WETH), a trailblazer in the global touch display industry, is pleased to announce its revenue guidance of $56.3 million USD for the fiscal year 2024, reflecting robust 41% growth and a resilient financial performance.
Building upon the solid foundation laid in 2023, during which Wetouch recorded revenue of $39.70 million USD and net income of $8.26 million USD, the company continues to demonstrate its commitment to driving innovation and delivering value to shareholders. This marks a notable increase of approximately 41% in revenue from the previous fiscal year.
Mr. Tsungyi Lien, CEO of Wetouch, expressed his optimism regarding the company's performance, stating, "We are enthusiastic about Wetouch's performance and growth opportunities in fiscal year 2024. With an expanding portfolio of major clients globally, we are confident that our continued commitment to innovation and customer satisfaction will drive significant value for our shareholders."
Following this positive outlook, Wetouch remains dedicated to expanding its global footprint and enhancing its product offerings to meet the evolving needs of its customers. With ongoing investments in research and development, strategic partnerships, and operational efficiency, Wetouch is poised to capitalize on emerging opportunities and maintain its leadership position in the touch display industry.
About Wetouch Technology Inc.:
Wetouch Technology Inc. is at the forefront of providing premium touch display solutions, dedicated to reshaping human-machine interaction across diverse industries. With a relentless focus on innovation and customer satisfaction, Wetouch consistently delivers cutting-edge technology and unparalleled performance in touch display solutions globally.
Safe Harbor Statement:
This press release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar expressions. Such statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Additional information regarding these risks and other factors is included in the Company's filings with the U.S. Securities and Exchange Commission (SEC). All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements, except as required by law.
This press release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer for sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Cision View original content:https://www.prnewswire.com/news-releases/wetouch-technology-inc-announces-56-3m-usd-revenue-guidance-for-fy-2024--reflecting-41-growth-over-fy-2023--302123206.html
SOURCE Wetouch Technology Inc.
Copyright 2024 PR Newswire