Business Wire

CA-LOGITECH-INTL

Share
Logitech Announces Q1 Fiscal Year 2025 Results

SIX Swiss Exchange Ad hoc announcement pursuant to Art. 53 LR — Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2025.

  • Sales were $1.1 billion, up 12 percent in US dollars and 13 percent in constant currency, compared to Q1 of the prior year.
  • GAAP operating income was $153 million, up 96 percent, compared to Q1 of the prior year. Non-GAAP operating income was $182 million, up 67 percent, compared to Q1 of the prior year.
  • GAAP earnings per share (EPS) was $0.92, up 136 percent compared to Q1 of the prior year. Non-GAAP EPS was $1.13, up 74 percent compared to Q1 of the prior year.
  • Cash flow from operations was $176 million, down 27 percent compared to Q1 of the prior year.

“We started the new fiscal year strong, with high-quality, broad-based growth across all regions and key categories,” said Hanneke Faber, Logitech chief executive officer. “Our team continued disciplined execution, as evidenced by excellent gross and operating margin growth. I am pleased to increase our FY25 outlook for both net sales and non-GAAP operating income.”

Outlook

Logitech raised its full-year outlook for Fiscal Year 2025:

 

Previous FY25 outlook

New FY25 outlook

Sales

$4.3 - $4.4 billion

$4.34 - $4.43 billion

Sales growth (in US dollars, year over year)

0% - 2%

1% - 3%

Non-GAAP operating income

$685 - $715 million

$700 - $730 million

Non-GAAP op. inc. growth / (decline) (year over year)

(2)% - 2%

0% - 4%

Financial Results Videoconference and Webcast

Logitech will hold a financial results videoconference to discuss the results for Q1 Fiscal Year 2025 on Tuesday, July 23, 2024 at 5:30 a.m. Pacific Daylight Time and 2:30 p.m. Central European Summer Time. A livestream of the event will be available on the Logitech corporate website at https://ir.logitech.com. This press release and the Q1 Fiscal Year 2025 Shareholder Letter are also available there.

Fiscal Year 2024 Impact Report

Logitech has released the Company’s seventeenth edition of its annual Impact Report, detailing the Company’s progress in terms of environmental and social sustainability. The 2024 Impact Report can be found at https://impactreport.logitech.com/ on the Company’s sustainability webpage https://www.logitech.com/sustainability.

Use of Non-GAAP Financial Information and Constant Currency

To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures in this press release, which exclude share-based compensation expense, amortization of intangible assets, acquisition-related costs, restructuring charges, net, loss on investments, non-GAAP income tax adjustment, and other items detailed under “Supplemental Financial Information” after the tables below and posted to our website at https://ir.logitech.com. Logitech also presents percentage sales growth in constant currency (“cc”), a non-GAAP measure, to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales. Logitech believes this information, used together with the GAAP financial information, will help investors to evaluate its current period performance, outlook and trends in its business. With respect to the Company’s outlook for non-GAAP operating income, most of these excluded amounts pertain to events that have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy. Therefore, no reconciliation to the GAAP amounts has been provided for the Fiscal Year 2025 non-GAAP operating income outlook.

Public Dissemination of Certain Information

Recordings of Logitech’s earnings videoconferences and certain events Logitech participates in or hosts, with members of the investment community are posted on the company’s investor relations website at https://ir.logitech.com. Additionally, Logitech provides notifications of news or announcements regarding its operations and financial performance, including its filings with the Securities and Exchange Commission (SEC), investor events, and press and earnings releases as part of its investor relations website. Logitech intends to use its investor relations website as means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Logitech’s corporate governance information also is available on its investor relations website.

About Logitech

Logitech designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. As the point of connection between people and the digital world, our purpose is to extend human potential in work and play, in a way that is good for people and the planet. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech and its other brands, including Logitech G, at www.logitech.com or company blog.

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including, without limitation, statements regarding: our preliminary financial results for the three months ended June 30, 2024, Fiscal Year 2025 outlook for sales and non-GAAP operating income, and related assumptions. The forward-looking statements in this press release are subject to risks and uncertainties that could cause Logitech’s actual results and events to differ materially from those anticipated in these forward-looking statements, including, without limitation: macroeconomic and geopolitical conditions and other factors and their impact, for example the resilience of overall consumer demand, B2B and IT spending levels, changes in inflation levels and monetary policies, governments’ fiscal policies, and geopolitical conflicts; our expectations regarding our expense discipline efforts; changes in secular trends that impact our business; if our product offerings, marketing activities and investment prioritization decisions do not result in the sales, profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new products in a timely and cost-effective manner for our new and existing product categories; issues relating to development and use of artificial intelligence; if we do not successfully execute on our growth opportunities or our growth opportunities are more limited than we expect; the effect of demand variability, supply shortages and other supply chain challenges; the effect of logistics challenges, including disruptions in logistics; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; if we are not able to maintain and enhance our brands; if our products and marketing strategies fail to separate our products from competitors’ products; if we do not efficiently manage our spending; our expectations regarding our restructuring efforts, including the timing thereof; if there is a deterioration of business and economic conditions in one or more of our sales regions or product categories, or significant fluctuations in exchange rates; changes in trade regulations, policies and agreements and the imposition of tariffs that affect our products or operations and our ability to mitigate; if we do not successfully execute on strategic acquisitions and investments; risks associated with acquisitions; and the effect of changes to our effective income tax rates. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in Logitech’s periodic filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended March 31, 2024, and other reports filed with the SEC, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not undertake any obligation to update any forward-looking statements to reflect new information or events or circumstances occurring after the date of this press release.

Note that unless noted otherwise, comparisons are year over year.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS*

(In thousands, except per share amounts) - unaudited

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

2024

 

 

 

2023

 

 

 

 

 

 

Net sales

 

$

1,088,217

 

 

$

974,499

 

Cost of goods sold

 

 

619,517

 

 

 

595,712

 

Amortization of intangible assets

 

 

2,442

 

 

 

3,145

 

Gross profit

 

 

466,258

 

 

 

375,642

 

 

 

 

 

 

Operating expenses:

 

 

 

 

Marketing and selling

 

 

196,905

 

 

 

179,185

 

Research and development

 

 

75,307

 

 

 

70,559

 

General and administrative

 

 

37,458

 

 

 

41,297

 

Amortization of intangible assets and acquisition-related costs

 

 

2,703

 

 

 

2,685

 

Restructuring charges, net

 

 

386

 

 

 

3,511

 

Total operating expenses

 

 

312,759

 

 

 

297,237

 

 

 

 

 

 

Operating income

 

 

153,499

 

 

 

78,405

 

Interest income

 

 

15,790

 

 

 

9,826

 

Other income (expense), net

 

 

(1,898

)

 

 

(12,972

)

Income before income taxes

 

 

167,391

 

 

 

75,259

 

Provision for income taxes

 

 

25,558

 

 

 

12,532

 

Net income

 

$

141,833

 

 

$

62,727

 

 

 

 

 

 

Net income per share:

 

 

 

 

Basic

 

$

0.93

 

 

$

0.39

 

Diluted

 

$

0.92

 

 

$

0.39

 

 

 

 

 

 

Weighted average shares used to compute net income per share:

 

 

 

 

Basic

 

 

153,300

 

 

 

158,859

 

Diluted

 

 

154,978

 

 

 

160,155

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

(In thousands, except per share amounts) - unaudited

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

March 31,

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

2024

 

 

 

2024

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

1,534,380

 

 

$

1,520,842

 

Accounts receivable, net

 

 

591,251

 

 

 

541,715

 

Inventories

 

 

459,582

 

 

 

422,513

 

Other current assets

 

 

141,413

 

 

 

146,270

 

Total current assets

 

 

2,726,626

 

 

 

2,631,340

 

 

 

 

 

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

 

113,265

 

 

 

116,589

 

Goodwill

 

 

462,003

 

 

 

461,978

 

Other intangible assets, net

 

 

39,490

 

 

 

44,603

 

Other assets

 

 

343,532

 

 

 

350,194

 

Total assets

 

$

3,684,916

 

 

$

3,604,704

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

554,301

 

 

$

448,627

 

Accrued and other current liabilities

 

 

586,180

 

 

 

637,262

 

Total current liabilities

 

 

1,140,481

 

 

 

1,085,889

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

Income taxes payable

 

 

116,379

 

 

 

112,572

 

Other non-current liabilities

 

 

179,121

 

 

 

172,590

 

Total liabilities

 

 

1,435,981

 

 

 

1,371,051

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

Registered shares, CHF 0.25 par value:

 

 

30,148

 

 

 

30,148

 

Issued shares — 173,106 at June 30, 2024 and March 31, 2024

 

 

 

 

Additional shares that may be issued out of conditional capital — 50,000 at June 30, 2024 and March 31, 2024

 

 

 

 

Additional shares that may be issued out of authorized capital — 17,311 at June 30, 2024 and March 31, 2024

 

 

 

 

Additional paid-in capital

 

 

57,036

 

 

 

63,524

 

Shares in treasury, at cost — 20,090 at June 30, 2024 and 19,243 at March 31, 2024

 

 

(1,418,051

)

 

 

(1,351,336

)

Retained earnings

 

 

3,695,574

 

 

 

3,602,519

 

Accumulated other comprehensive loss

 

 

(115,772

)

 

 

(111,202

)

Total shareholders’ equity

 

 

2,248,935

 

 

 

2,233,653

 

Total liabilities and shareholders’ equity

 

$

3,684,916

 

 

$

3,604,704

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

Three months ended June 30,

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

2024

 

 

 

2023

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net income

 

$

141,833

 

 

$

62,727

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation

 

 

14,506

 

 

 

17,498

 

Amortization of intangible assets

 

 

5,079

 

 

 

5,827

 

Loss on investments

 

 

1,186

 

 

 

11,823

 

Share-based compensation expense

 

 

23,405

 

 

 

21,511

 

Deferred income taxes

 

 

11,662

 

 

 

2,962

 

Other

 

 

(24

)

 

 

24

 

Changes in assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

(53,952

)

 

 

65,390

 

Inventories

 

 

(39,095

)

 

 

110,440

 

Other assets

 

 

4,907

 

 

 

34,342

 

Accounts payable

 

 

109,028

 

 

 

(18,420

)

Accrued and other liabilities

 

 

(42,506

)

 

 

(74,329

)

Net cash provided by operating activities

 

 

176,029

 

 

 

239,795

 

Cash flows from investing activities:

 

 

 

 

Purchases of property, plant and equipment

 

 

(14,586

)

 

 

(16,238

)

Purchases of deferred compensation investments

 

 

(695

)

 

 

(1,069

)

Proceeds from sales of deferred compensation investments

 

 

738

 

 

 

1,071

 

Other investing activities

 

 

(816

)

 

 

(1,294

)

Net cash used in investing activities

 

 

(15,359

)

 

 

(17,530

)

Cash flows from financing activities:

 

 

 

 

Purchases of registered shares

 

 

(130,899

)

 

 

(95,076

)

Proceeds from exercises of stock options and purchase rights

 

 

4,618

 

 

 

2,113

 

Tax withholdings related to net share settlements of restricted stock units

 

 

(18,853

)

 

 

(24,196

)

Net cash used in financing activities

 

 

(145,134

)

 

 

(117,159

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(1,998

)

 

 

(3,043

)

Net increase in cash and cash equivalents

 

 

13,538

 

 

 

102,063

 

Cash and cash equivalents, beginning of the period

 

 

1,520,842

 

 

 

1,149,023

 

Cash and cash equivalents, end of the period

 

$

1,534,380

 

 

$

1,251,086

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL FINANCIAL INFORMATION

 

Three months ended June 30,

NET SALES

 

 

2024

 

 

 

2023

 

 

Change

 

 

 

 

 

 

 

Net sales by product category:

 

 

 

 

 

 

Gaming (1)

 

$

309,475

 

$

266,429

 

16

%

Keyboards & Combos

 

 

215,333

 

 

 

180,855

 

 

19

 

Pointing Devices

 

 

189,946

 

 

 

174,454

 

 

9

 

Video Collaboration

 

 

147,042

 

 

 

139,346

 

 

6

 

Webcams

 

 

72,904

 

 

 

75,200

 

 

(3

)

Tablet Accessories

 

 

78,539

 

 

 

70,336

 

 

12

 

Headsets

 

 

44,236

 

 

 

36,850

 

 

20

 

Other (2)

 

 

30,742

 

 

 

31,029

 

 

(1

)

Total Net Sales

 

$

1,088,217

 

 

$

974,499

 

 

12

%

(1)

Gaming includes streaming services revenue generated by Streamlabs.

(2)

Other primarily consists of mobile speakers and PC speakers.

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

(In thousands, except per share amounts) - unaudited

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL FINANCIAL INFORMATION

 

Three months ended June 30,

GAAP TO NON-GAAP RECONCILIATION (A)

 

 

2024

 

 

 

2023

 

 

 

 

 

 

Gross profit - GAAP

 

$

466,258

 

 

$

375,642

 

Share-based compensation expense

 

 

2,598

 

 

 

1,415

 

Amortization of intangible assets

 

 

2,442

 

 

 

3,145

 

Gross profit - Non-GAAP

 

$

471,298

 

 

$

380,202

 

 

 

 

 

 

Gross margin - GAAP

 

 

42.8

%

 

 

38.5

%

Gross margin - Non-GAAP

 

 

43.3

%

 

 

39.0

%

 

 

 

 

 

Operating expenses - GAAP

 

$

312,759

 

 

$

297,237

 

Less: Share-based compensation expense

 

 

20,807

 

 

 

20,096

 

Less: Amortization of intangible assets and acquisition-related costs

 

 

2,703

 

 

 

2,685

 

Less: Restructuring charges, net

 

 

386

 

 

 

3,511

 

Operating expenses - Non-GAAP

 

$

288,863

 

 

$

270,945

 

 

 

 

 

 

% of net sales - GAAP

 

 

28.7

%

 

 

30.5

%

% of net sales - Non-GAAP

 

 

26.5

%

 

 

27.8

%

 

 

 

 

 

Operating income - GAAP

 

$

153,499

 

 

$

78,405

 

Share-based compensation expense

 

 

23,405

 

 

 

21,511

 

Amortization of intangible assets and acquisition-related costs

 

 

5,145

 

 

 

5,830

 

Restructuring charges, net

 

 

386

 

 

 

3,511

 

Operating income - Non-GAAP

 

$

182,435

 

 

$

109,257

 

 

 

 

 

 

% of net sales - GAAP

 

 

14.1

%

 

 

8.0

%

% of net sales - Non-GAAP

 

 

16.8

%

 

 

11.2

%

 

 

 

 

 

Net income - GAAP

 

$

141,833

 

 

$

62,727

 

Share-based compensation expense

 

 

23,405

 

 

 

21,511

 

Amortization of intangible assets and acquisition-related costs

 

 

5,145

 

 

 

5,830

 

Restructuring charges, net

 

 

386

 

 

 

3,511

 

Loss on investments

 

 

1,186

 

 

 

11,823

 

Non-GAAP income tax adjustment

 

 

2,670

 

 

 

(2,001

)

Net income - Non-GAAP

 

$

174,625

 

 

$

103,401

 

 

 

 

 

 

Net income per share:

 

 

 

 

Diluted - GAAP

 

$

0.92

 

 

$

0.39

 

Diluted - Non-GAAP

 

$

1.13

 

 

$

0.65

 

 

 

 

 

 

Shares used to compute net income per share:

 

 

 

 

Diluted - GAAP and Non-GAAP

 

 

154,978

 

 

 

160,155

 

LOGITECH INTERNATIONAL S.A.

 

 

 

 

PRELIMINARY RESULTS*

 

 

 

 

(In thousands) - unaudited

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL FINANCIAL INFORMATION

 

Three months ended June 30,

SHARE-BASED COMPENSATION EXPENSE

 

 

2024

 

 

 

2023

 

 

 

 

 

 

Share-based Compensation Expense

 

 

 

 

Cost of goods sold

 

$

2,598

 

 

$

1,415

 

Marketing and selling

 

 

11,851

 

 

 

10,483

 

Research and development

 

 

5,739

 

 

 

4,453

 

General and administrative

 

 

3,217

 

 

 

5,160

 

Total share-based compensation expense

 

 

23,405

 

 

 

21,511

 

Income tax benefit

 

 

(7,602

)

 

 

(5,318

)

Total share-based compensation expense, net of income tax benefit

 

$

15,803

 

 

$

16,193

 

*Note: These preliminary results for the three months ended June 30, 2024 are subject to adjustments, including subsequent events that may occur through the date of filing our Quarterly Report on Form 10-Q.

(A) Non-GAAP Financial Measures

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting both our performance and our cash-generating potential, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance. In assessing our business during the quarter ended June 30, 2024 and prior periods presented, we excluded items in the following general categories, each of which are described below:

Share-based compensation expense. We believe that providing non-GAAP measures excluding share-based compensation expense, in addition to the GAAP measures, allows for a more transparent comparison of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine share-based compensation expense. We believe that excluding share-based compensation expense enhances our ability and the ability of investors to understand the impact of non-cash share-based compensation on our operating results and to compare our results against the results of other companies.

Amortization of intangible assets. We incur intangible asset amortization expense, primarily in connection with our acquisitions of various businesses and technologies. The amortization of purchased intangibles varies depending on the level of acquisition activity. We exclude these various charges in budgeting, planning and forecasting future periods and we believe that providing the non-GAAP measures excluding these various non-cash charges, as well as the GAAP measures, provides additional insight when comparing our gross profit, operating expenses, and financial results from period to period.

Acquisition-related costs. We incurred expenses and credits in connection with our acquisitions which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition-related costs include certain incremental expenses incurred to effect a business combination. We believe that providing the non-GAAP measures excluding these costs, as well as the GAAP measures, assists our investors because such costs are not reflective of our ongoing operating results.

Restructuring charges (credits), net. These expenses are associated with restructuring plans, and will vary based on the initiatives in place during any given period. Restructuring charges may include costs related to employee terminations, facility closures and early cancellation of certain contracts as well as other costs resulting from our restructuring initiatives. We believe that providing the non-GAAP measures excluding these items, as well as the GAAP measures, assists our investors because such charges are not reflective of our ongoing operating results.

Loss (gain) on investments. We recognize losses (gains) related to our investments in various companies, which vary depending on the operational and financial performance of the companies in which we invest. These amounts include our losses (earnings) on equity method investments, investment impairments and losses (gains) resulting from sales or other events related to our investments. We believe that providing the non-GAAP measures excluding these items, as well as the GAAP measures, assists our investors because such losses (gains) are not reflective of our ongoing operations.

Non-GAAP income tax adjustment. Non-GAAP income tax adjustment primarily measures the income tax effect of non-GAAP adjustments excluded above as well as the income tax impact of non-recurring deferred taxes, tax settlements, and other non-routine tax events, the determination of which is based upon the nature of the underlying items.

Each of the non-GAAP financial measures described above, and used in this press release, should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in the Company’s financial results for the foreseeable future. We compensate for these limitations by providing specific information in the reconciliation included in this press release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information.

Additional Supplemental Financial Information - Constant Currency

In addition, Logitech presents percentage sales growth in constant currency to show performance unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales.

(LOGIIR)

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240722866500/en/

About Business Wire

Business Wire
Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco

http://businesswire.com
DK

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Bardstown Bourbon Company and Brindiamo Expand Relationship with First-of-its-kind Barrel Leasing Program9.12.2024 20:21:00 CET | Press release

Bardstown Bourbon Company, the leading custom American whiskey distiller and Brindiamo, the global leader in sourcing bulk whiskey, today announced an exclusive relationship to provide a market-leading barrel leasing program for whiskey brand contract distillation customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241209024956/en/ Bardstown Bourbon Company, the leading custom American whiskey distiller and Brindiamo, the global leader in sourcing bulk whiskey, will launch an exclusive barrel leasing program -- a timely, tailored solution for non-distilling brands. Roughly one-third of the cost of a new fill barrel is tied up in the wood used to make the barrel. This program allows brands to simplify this significant upfront expense into manageable monthly payments, offering customers the flexibility to plan for tomorrow while maintaining the cashflow to support their needs today. (Photo: Business Wire) As the whiskey

Bynder Kicks Off Peak Shopping Season by Serving a Record 6 Billion Assets - Powering Exceptional Global Content Experiences Online9.12.2024 16:07:00 CET | Press release

Bynder, a global leader in AI-powered enterprise DAM, has helped a number of global brands break Black Friday and Cyber Monday records by delivering exceptional content experiences at scale across a number of worldwide e-commerce channels. During the seven day period (November 27 - Dec 2 2024) which included Black Friday, Small Business Saturday, and Cyber Monday, Bynder’s Content Experiences (CX) for Omnichannel solution was responsible for serving more than 6 billion assets to over 70,000 websites, with more than 4.5 billion asset transformations undertaken. The figures represent a 15% increase in assets delivered vs 2023, plus 67% more assets were delivered through CX for Omnichannel on Black Friday than an average day in 2024. Customers such as Sur La Table, Bose, Raymour & Flanigan and Puma used CX for Omnichannel to deliver targeted and optimized content at scale to their digital channels over the busiest shopping days. Bynder customers were able to utilize the assets stored in t

NIQ, World Data Lab, and SPATE launch "Beauty Futures" Report - A guide to generational journeys of global beauty buyers9.12.2024 15:00:00 CET | Press release

Comprehensive report reveals generational beauty spending trends and preferencesMillennials drive the highest growth at US$193 Billion overtaking Gen X by 2034Gen X lead beauty spending in 2024, with an expected $150B increase over the next decade NielsenIQ (NIQ) collaborated with World Data Lab and SPATE to release a comprehensive generational report purely focused on the beauty market in the next decade. The report reveals key insights into generational preferences, spending habits, values, priorities, motivators, shopping behaviors, and their influence on global beauty trends. It highlights the crucial role each generation will play in shaping consumer preferences and spending over the next decade. Millennials will be at the helm of this trend by driving nearly half of global beauty spend at US$ 193 Billion with Gen Z coming a close second at US$ 158 Billion. The global beauty industry is seeing unprecedented growth at US$ 1.1 Trillion, with a projected growth of US$ 700 Billion by

SLB adds AI-driven geosteering to its autonomous drilling solutions to achieve more efficient and productive wells9.12.2024 14:29:00 CET | Press release

Intelligent closed-loop drilling system dynamically responds to subsurface geological informationKeeps well trajectory in the “sweet spot” of the reservoir for maximum productionImproves efficiency — minimizing the carbon footprint of drilling operations Global energy technology company SLB (NYSE: SLB) introduces Neuro™ autonomous geosteering, which dynamically responds to subsurface complexities to drill more efficient, higher-performing wells, while reducing the carbon footprint of the drilling operations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241127402342/en/ Using AI, Neuro geosteering integrates and interprets complex real-time subsurface information to autonomously guide the drill bit through the most productive layer or “sweet spot” of the reservoir. (Photo: Business Wire) Using artificial intelligence (AI), Neuro geosteering integrates and interprets complex real-time subsurface information to autonomously g

DeepGreenX Group and Hues Capital Launch $10 Billion USD Fund to Accelerate AI, Green Energy, and Computing Power9.12.2024 13:00:00 CET | Press release

New DXG-Hues Fund will target innovative enterprises and solutions in these transformative ecosystems worldwide DeepGreenX Group Inc. (“DeepGreenX,” “DXG,” or the “Company”), an AI-enabled green energy and technology company, and Hues Capital (“Hues”), a leading capital provider enabling financial technology ecosystems, AI, and green energy enterprises, jointly announced the formation of a new $10 billion USD fund (the “Fund”) to drive global advancements in AI, green energy, and computing power and accelerate sustainability initiatives worldwide. DeepGreenX and Hues will each hold a 50% stake and act as co-general partners in the $10 billion USD DXG-Hues parent fund, which will be based in the EU and comprise two $5 billion USD sub-funds: the DXG-Hues AI Computing Infrastructure Fund and the DXG-Hues AI Energy Fund. The former will focus on global investments in AI computing power and green energy infrastructure projects, while the latter will target emerging enterprises in the fields

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom