新竹2024年1月9日 /美通社/ -- 泓格科技 (3577-TW) 將首次亮相於 2024 日本國際智慧工廠展 Smart Factory Expo，作為新年度的嶄新開端，並為公司奠定全新的里程碑。 泓格科技首度登陸日本國際智慧工廠展 全新IIoT與ESG解決方案點亮東京 此次展出以 ESG 和淨零碳排議題為主題，將呈現一系列與工業物聯網（IIoT）、自動化控制相關的解決方案與產品。 泓格科技以豐富的工業自動化控制領域經驗和全方位的產品線贏得市場的信賴，提供感測器和 I/O 模組、通訊層設備、控制器以及管理軟體。於此次展覽中展示這些產品如何共同構建智慧工廠，實現高效的製程管理。 泓格科技協助客戶找出痛點，並提供最適切的解決方案。過去曾協助一間大型隱形眼鏡製造廠落實碳足跡的管理，並達到其無塵室產線上嚴格的品管標準。 於此成功案例中，泓格科技引入智慧電錶與電錶集中器，將工廠與機台的的即時能耗數據紀錄與回傳。同時，泓格科技部署空氣偵測模組，嚴格監控無塵室產線與廠區的溫度、濕度，及空氣粒子濃度，確保符合嚴謹的生產條件，藉此提升生產效益。 透過 IIoT 雲端管理軟體的加入，泓格科技協助打造可視化的中控室，為整體生產線提供即時且全面的監控功能，進一步為客戶帶來更高的競爭力。 2024年1月24日至1月26日，誠摯邀請您蒞臨東京國際展示場 (Tokyo Big Sight, Japan) 西館1樓，攤位：W62-79，親身體驗泓格科技的整體解決方案。 關於泓格科技 泓格科技成立於1993年，專注於工業自動化技術的創新和研發，致力於提供完整的工業自動化控制、物聯網、工業4.0、能源管理、智能工廠、智慧製造、智能建築、智慧城市、ESG淨零碳排等解決方案，著重在數據採集、數據監控的自動化產品和解決方案的開發與製造 。30 年的全球工業市場經驗使該公司在工業 4.0 和工業物聯網 (IIoT) 解決方案供應商中佔據領先地位。 詳情請參考我們的網站：https://www.icpdas.com/
TAIPEI, Dec. 20, 2023 /PRNewswire/ -- Wiwynn (TWSE: 6669), an innovative cloud IT infrastructure provider for data centers, today announced to refresh its edge server line, Wiwynn® ES100G2 and ES200G2, with the brand-new 5th Gen Intel Xeon Scalable Processors to unlock new network and edge opportunities with built-in accelerators, better efficiency, and lower total cost of ownership (TCO). In the AI era, applications driven by large language models (LLM) are placing increasing demands on data processing, computing power and faster response to enable inference and local model fine-tuning. The 5th Gen Intel Xeon Scalable Processors possess improved performance over previous generations with its built-in AI acceleration 1, Intel Advanced Matrix Extensions (Intel AMX), faster DDR5 memory, and PCIe Gen5 technologies at the same power envelope as the previous generation. The integration with Wiwynn edge servers unlocks new possibilities for networks and edge computing with enhanced efficiency and reduced TCO. Wiwynn® ES200G2, a 2U single-socket edge server, presents a comprehensive platform for edge AI workloads. It seamlessly integrates compute acceleration, storage, and network scale-out capability, all neatly packaged within a compact short-depth form factor. With support for two dual-width GPUs and four NVMe SSDs, ES200G2 is perfect for AI inference and training, 3D graphics, rendering, and video analytics as well as multi-access edge computing. This makes it stand out as the ultimate choice for edge service providers seeking versatility and flexibility, for opportunities of edge applications, such as CDN, smart city, and smart factory. On the other hand, Wiwynn®ES100G2 is a short-depth 1U single socket edge server, designed with NEBS Level 3 compliance. Engineered with four PCIe Gen5 expansions and silicon-based security, it caters to the demands of networking workloads such as vRAN and software-defined networks in far edge. Equipped with Intel's built-in accelerator 1, and enhanced telemetry capabilities, ES100G2 facilitates communication service providers in achieving more-manageable and more-efficient deployments. "We are thrilled to collaborate with Intel in launching groundbreaking servers featuring the 5th Gen Intel Xeon Scalable processor," said Steven Lu, Wiwynn's Executive Vice President. "By integrating state-of-the-art technologies, we're delivering exceptionally efficient edge servers equipped with increased computing power, faster memory and high-speed data transmission. This empowers our customers to deploy their critical network and edge workloads in the AI era, adapting to evolving demands and capitalizing on business opportunities at the edge." "The latest 5th Gen Intel Xeon Scalable processors unlock the capabilities to handle demanding network and edge workloads with lower TCO, increased security and impressive performance per watt for general compute usage", said Bassel Haddad, Vice President and General Manager, Edge Device and AI Products in Intel's Network and Edge Group. "The versatility and built-in AI acceleration of these new processors will enable Wiwynn and their customers with fast time to market customizable hardware, that spans from the Edge to the Cloud." 1. Available on select SKUs. About Wiwynn Wiwynn is an innovative cloud IT infrastructure provider of high-quality computing and storage products, plus rack solutions for leading data centers. We are committed to the vision of "unleash the power of digitalization; ignite the innovation of sustainability". The Company aggressively invest in next-generation technologies to provide the best TCO (Total Cost of Ownership), workload and energy-optimized IT solutions from cloud to edge. For more information, please visit Wiwynn website, Facebook and Linkedin or contact productinfo@wiwynn.com For more complete information about performance and benchmark results, visit intel.com/PerformanceIndex. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries
STOCKHOLM, Dec. 5, 2023 /PRNewswire/ -- AT&T today announced plans to lead the United States in commercial scale open radio access network (Open RAN) deployment. This industry-leading move, in collaboration with Ericsson, will further the telecommunications industry efforts and build a more robust ecosystem of network infrastructure providers and suppliers. AT&T's spend could approach roughly $14 billion over the 5-year term of the contract with Ericsson. AT&T's Open RAN plan is for 70% of its wireless network traffic to flow across open-capable platforms by late 2026. The company expects to have fully integrated open RAN sites operating in coordination with Ericsson and Fujitsu, starting in 2024. This move away from closed proprietary interfaces will enable rapid scaling and management of mixed supplier hardware at each cell site. Beginning in 2025, the company will scale this Open RAN environment throughout its wireless network in coordination with multiple suppliers such as Corning Incorporated, Dell Technologies, Ericsson, Fujitsu and Intel. AT&T's and Ericsson's multiyear joint commitment to Open RAN deployment comes at a pivotal moment in the 5G innovation cycle. This move to an open, agile, programmable wireless network positions AT&T to quickly capitalize on the next generation of wireless technology and spectrum when it becomes available. These innovative technologies will enable lower-power, sustainable networks with higher performance to deliver enhanced user experiences. Ericsson's open architecture will provide a foundation and springboard for developers driving innovation through open and programmable networks and bringing new suppliers into the industry. This will foster modernization and competition in the U.S. wireless equipment market. The company expects that increased competition in the U.S. RAN market will yield more innovation and greater efficiencies. Committing to Open RAN with its suppliers deploying open hardware, migrating to cloud RAN, and introducing 3rd party radios leads to more flexibility in choosing equipment, lower network costs and improved operational efficiencies. This cutting-edge open management approach to building the network will enable the company to continue to invest in its fast-growing broadband network. "AT&T is taking the lead in open platform sourcing in our wireless network," said Chris Sambar, Executive Vice President, AT&T Network. "With this collaboration, we will open up radio access networks, drive innovation, spur competition and connect more Americans with 5G and fiber. We are pleased that Ericsson shares our support for Open RAN and the possibilities this creates for American digital infrastructure." Börje Ekholm, President and CEO of Ericsson, says: "High-performance and differentiated networks will be the foundation for the next step in digitalization. I am excited about this future and happy to see our long-term partner, AT&T, choosing Ericsson for this strategic industry shift - moving to open, cloud-based and programmable networks. Through this shift, and with open interfaces and open APIs, the industry will see new performance-based business models, creating new ways for operators to monetize the network. We are truly proud to be partnering with AT&T in the industrialization of Open RAN and help accelerate digital transformation in the U.S." Ericsson will leverage its USA 5G Smart Factory in Lewisville, Texas in the manufacture of 5G equipment for this contract. Opened in 2020, the factory is highly automated and efficient, and is fully powered by renewable electricity. The Smart Factory recently completed an expansion, bringing its production floor to more than 107,000 square feet. The state-of-the-art 5G smart factory produces next generation 5G and Advanced Antenna System radios for Ericsson's U.S. customers. Ericsson also recently became the first mobile infrastructure provider to achieve compliance with the infrastructure law's Build America, Buy America provisions. The factory's products are labeled Made in USA as Ericsson's facility complies with the Build America, Buy America infrastructure laws Act. AT&T is one of the largest infrastructure investors in the United States across both wireless and broadband fiber. The commitment to Open RAN is a key part of AT&T's strategy to provide the seamless connectivity America needs. With owner's economics in both wireless and fiber, AT&T aims to become the largest, fastest growing converged fiber company with a modern, competitive wireless network. ` AT&T will use this new collaboration with Ericsson to enhance its wireless network in North America and expand the most reliable 5G network. The expected spend under the Ericsson contract is below what the company expects to spend for wireless capital expenditure over the next 5 years. Given the interdependence between fiber and wireless, and the increasing desire for customers to have one connectivity provider across fixed broadband and wireless, the company sees economically attractive opportunities to expand its fiber footprint in the coming years as well. This is a joint press release with AT&T. FOR FURTHER INFORMATION, PLEASE CONTACT Contact person Peter Nyquist, Head of Investor Relations Phone: +46 705 75 29 06 E-mail: peter.nyquist@ericsson.com Additional contacts Stella Medlicott, Senior Vice President, Marketing and Corporate Relations Phone: +46 730 95 65 39 E-mail: media.relations@ericsson.com Investors Lena Häggblom, Director, Investor Relations Phone: +46 72 593 27 78 E-mail: lena.haggblom@ericsson.com Alan Ganson, Director, Investor Relations Phone: +46 70 267 27 30 E-mail: alan.ganson@ericsson.com Media Ralf Bagner, Head of Media Relations Phone: +46 76 128 47 89 E-mail: ralf.bagner@ericsson.com Media relationsPhone: +46 10 719 69 92 E-mail: media.relations@ericsson.com Forward-looking statements This release includes forward-looking statements, including performance and results of operations, business plans, objectives, market conditions, and assumptions upon which those statements are based including, in particular the following risks and uncertainties: - Our goals, strategies, planning assumptions and operational or financial performance expectations - Industry trends, future characteristics and development of the markets in which we operate - The expected demand for our existing and new products and services as well as plans to launch new products and services including research and development expenditures - The ability to deliver on future plans and to realize potential for future growth - Technology and industry trends including the regulatory and standardization environment in which we operate, competition and our customer structure. The words "believe," "expect," "foresee," "anticipate," "assume," "intend," "likely," "projects," "may," "could," "plan," "estimate," "forecast," "will," "should," "would," "predict," "aim," "ambition," "seek," "potential," "target," "might," "continue," or, in each case, their negative or variations, and similar words or expressions are used to identify forward-looking statements. Any statement that refers to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. We caution investors that these statements are subject to risks and uncertainties many of which are difficult to predict and generally beyond our control that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Important factors that could affect whether and to what extent any of our forward-looking statements materialize include, but are not limited to, the factors described in the section "Risk Factors" in the latest interim reports, and in "Risk Factors" in the Annual Report 2022. These forward-looking statements also represent our estimates and assumptions only as of the date that they were made. We expressly disclaim a duty to provide updates to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this release, to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events, whether as a result of new information, future events or otherwise, except as required by applicable law or stock exchange regulations. This is information that Telefonaktiebolaget LM Ericsson is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 23:00 CET on December 4, 2023. The following files are available for download: https://mb.cision.com/Main/15448/3888036/2473764.pdf AT&T to Accelerate Open and Interoperable Radio Access Networks (RAN) in the United States through new collaboration with Ericsson
SEOUL, South Korea, Nov. 28, 2023 /PRNewswire/ -- Daewoong Pharmaceutical is pleased to announce that its Osong factory in Korea achieved Good Manufacturing Practice (GMP) certification from the Regulatory Authority of Brazil, ANVISA. Daewoong Pharmaceutical, represented by CEO Seng-ho Jeon and Chang-Jae Lee, proudly announced that their Osong factory passed the Brazilian Good Manufacturing Practice (GMP) inspection with a flawless "Zero" Observation in terms of compliance. This success in the rigorous GMP inspection underscores the Osong plant's commitment to the highest quality standards and the excellence of its smart manufacturing practices. This Successful Inspection paves the way for Daewoong Pharmaceutical to further its entry into the Brazilian pharmaceutical market. Brazil's GMP review is known to be challenging, involving stringent requirements. ANVISA actively conducts on-site inspections overseas, meticulously examines not only pharmaceutical quality management on-site but also data integrity, manufacturing facilities, and compliance with GMP in production processes. Within the industry, passing Brazil's GMP without any issues is publicly recognized as a difficult task, and achieving a flawless inspection is considered a remarkable accomplishment. Daewoong Pharmaceutical emphasized the crucial role of the Level 4 smart factory system in the Osong Plant. Level 4 facilitates proactive measures and optimal decision-making, allowing for advanced process operation simulations where data integrity is demonstrable. Daewoong Pharmaceutical, leveraging its smart process, plans to actively pursue GMP certifications in additional countries, including developed nations. This strategic move aims to establish a smooth global expansion of their innovative drugs. Forward-Looking Statements This press release contains forward-looking statements that are based on the current beliefs and expectations of Daewoong Pharmaceutical's management. Factors that could cause or contribute to such differences include, but are not limited to: (1) Regulatory and governmental approvals: The approval process for pharmaceutical products is subject to extensive regulations and may involve uncertainties and delays. Any failure to obtain necessary approvals or the occurrence of delays in the approval process could adversely affect Daewoong Pharmaceutical's business and results of operations; and (2) Clinical trials: The success of Daewoong Pharmaceutical's products depends on the results of clinical trials. The results of early clinical trials may not be indicative of the results of later-stage or larger-scale clinical trials.
'Lipcure Beam' technology, a single device enabling lip diagnosis, care, and makeup, takes the prize SEOUL, South Korea, Nov. 16, 2023 /PRNewswire/ -- Amorepacific's 'Lipcure Beam' technology has been honored with the Consumer Electronics Show 2024 (CES 2024) Innovation Award, marking the company's fifth consecutive win at the influential worldwide tech event. Amorepacific's 'Lipcure Beam' technology has been honored with the CES 2024 Innovation Award Awarded in the CES 2024 Digital Health category, the 'Lipcure Beam' is a groundbreaking beauty tech device that combines lip diagnosis, care, and makeup capabilities in one unit. The 'Lipcure Beam' cap houses a precision sensor capable of diagnosing the condition of the lips. It instantly detects moisture levels and provides diagnostic results when applied to the lips. Separating the cap from the container reveals a makeup tool. Based on the diagnostic results, the brush-like cosmetic applicator emits optimally customized visible light to aid in lip care. Developed at the Amorepacific R&I Center, a light-responsive material applied to the lips interact with light emitted from the 'Lipcure Beam', maximizing the response of riboflavin, a natural vitamin. This reaction strengthens the collagen fibers inside the lips, forming a moisturizing barrier on the surface. With the technology, users can experience the benefits of slowing down the process of lip aging, thereby creating a more youthful appearance. The device is designed for ease of use, with a size suitable for one-handed operation and portability. It employs a universal color system naturally suited for all races and ages, making it globally accessible. Optimized light operation within the device also conserves battery life. The 'Lipcure Beam' incorporates patented technology by Amorepacific. Byung-Fhy Suh, Head of Amorepacific R&I Center, commented, "We are profoundly honored that Amorepacific's renowned strengths in skin biotechnology and our dedicated research and development in customer-centric technology have led to us winning our fifth consecutive CES Innovation Award. The R&I Center at Amorepacific will continue to exert extensive efforts, ensuring every customer achieves a satisfying life through their unique beauty and health." **Reference: List of Amorepacific's CES Innovation Awards from 2020 to 2023 (Total of 8 Awards Including CES 2024) - CES 2020: Tailored Facial Mask Pack 3D Printing System Amorepacific's innovation was inspired by the limitations of traditional facial masks in accommodating varying facial sizes, feature placement, skin tones, and specific skin imperfections. The Tailored Facial Mask Pack 3D Printing System utilizes an Amorepacific-developed app to capture facial images, measuring the position of eyes, nose, mouth, and the area of the forehead, cheeks, and chin to design a 2D mask blueprint. Based on this information, a hydrogel containing functional ingredients is selected for the skin condition, and a high-speed 3D printer produces a customized mask pack in real time. - CES 2021 1) Lip Factory by Color Tailor (Smart Factory System) The 'Lip Factory by Color Tailor' leverages artificial intelligence to recommend lip colors suitable for customers' skin tones and instantly manufactures lip makeup products on-site. This system, capable of creating over 2,000 colors in real-time, employs advanced technology for precise pigment blending and management, allowing quick and accurate production of lip makeup products with simple operations. 2) Formularity - Instant Active Toner Blending Device Amorepacific's 'Formularity - Instant Active Toner Blending Device' received the CES 2021 Innovation Award in the Health & Wellness category. This device instantly produces toner using efficacy ampoules tailored to skin concerns. It then saturates a cotton pad with this freshly made toner, adjusted to the ideal temperature for the skin. Utilizing various efficacy ampoules allows customized skincare for different facial areas and ensures hygiene with freshly made toner for each application. - CES 2022 1) Mind-linked Bathbot The 'Mind-linked Bathbot' is a solution that analyzes a person's emotions through brainwaves and then has a robot instantly create a bath additive with matching scents and colors. Wearing a headset with eight sensors, the user's brainwaves are measured in real-time. This data is analyzed to determine the optimal fragrance and color a robot uses to create a customized bath bomb within a minute. 2) Myskin Recovery Platform The 'Myskin Recovery Platform' is an integrated platform that conveniently monitors daily skin conditions, provides tailored solutions, and tracks skin improvement. Users can diagnose surface skin changes using their smartphone camera and a lighted mirror and measure skin moisture and elasticity with a compact sensor. This next-generation, personalized service offers continuously updated solutions based on AI analysis of skin measurement data and cosmetic prescriptions. - CES 2023 1) Authentic Color Master by TONEWORK The 'Authentic Color Master by TONEWORK' is an AI and robotic arm-based customized makeup smart manufacturing system solution. It precisely measures facial colors using AI algorithms and can produce customized foundation, cushion, and lip products using a robotic arm. Optimal custom colors are recommended by applying facial recognition technology and colorimetry research. 2) COSMECHIP The 'COSMECHIP' is a device that creates customized skincare cosmetics by inserting an active chip containing efficacy ingredients. Utilizing Amorepacific's microfluidic channel technology allows for the uniform combination of small amounts of water and efficacy ingredients, enabling customers to address changing skin concerns promptly. Moreover, the active chip contains various skin-efficacy ingredients in an anhydrous prescription, allowing for stable, long-term storage.
First Quarter of Fiscal Year 2024 Financial Highlights Total revenues were $199.9 million, an increase of 17.6% compared to the comparable prior year period. Gross margin was 34.6%, compared to 31.1% for the comparable prior year period. Non-GAAP gross margin was 34.8%, compared to 31.3% for the comparable prior year period. Net income attributable to Hollysys was $31.6 million, an increase of 47.9% compared to the comparable prior year period. Non-GAAP net income attributable to Hollysys was $32.2 million, an increase of 40.3% compared to the comparable prior year period. Diluted earnings per share was $0.51, an increase of 45.7% compared to the comparable prior year period. Non-GAAP diluted earnings per share was $0.52, an increase of 40.5% compared to the comparable prior year period. Net cash provided by operating activities was $28.2 million. Days sales outstanding ("DSO") of 145 days, compared to 171 days for the comparable prior year period. Inventory turnover days of 84 days, compared to 79 days for the comparable prior year period. See the section entitled "Non-GAAP Measures" for more information about non-GAAP gross margin, non-GAAP net income attributable to Hollysys and non-GAAP diluted earnings per share. BEIJING, Nov. 16, 2023 /PRNewswire/ -- Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the first quarter of fiscal year 2024 ended September 30, 2023. In the industrial automation segment, the Company maintains an emphasis on research and development and technological innovation. In this fiscal quarter, the HOLLiSec-lk220T1 Programmable Logic Controller successfully passed the mandatory national standard testing of the "Critical Network Devices Security Common Requirements" (GB40050-2021). In addition, the Company successfully initiated the trial production at its Tianjin facility in this fiscal quarter. The facility is capable of delivering high-quality products and cost-effective customized solutions while ensuring small batch and multi-variety deliveries, which is expected to further empower the Company's future development. In the chemical and petrochemical sector, the Company successfully assisted in a 20,000-ton hydrogen production from green electricity project. In collaboration with Sinopec, the Company provided an integrated solution for this project, which encompassed functions ranging from basic control and intelligent management. This breakthrough solution successfully addressed the challenge of achieving flexible and cost-effective hydrogen production while maintaining continuous and stable supply in fluctuating power scenarios. Additionally, the Company supported the low-carbon transformation of a Yunnan clean energy development company with its HiaAPC, an advanced process control system that can effectively solve the key control problems in complex industrial processes. This enabled an automatic, stable, and precise control of the hydrogen nitrogen ratio, a key process parameter for methanol synthesis reaction, and created significant economic benefits. In the smart factory sector, the smart factory construction project of Yangfeng Group's synthetic ammonia plant was officially launched, with Hollysys providing the whole-process control optimization of the production equipment as well as the data center and operation platform, intending to establish a top-notch smart factory in China. This project marks further enhancement of Hollysys' comprehensive solution for optimizing whole-process control, digitization, informatization, and intelligent construction of large-scale coal chemical projects. In the electricity sector, the Company entered into a strategic cooperation agreement with a hydroelectric research institute to collaborate on the research and development of the Hydroelectric Intelligent Distributed Control System (HICS), acting with a common goal to drive the intelligent transformation and advancement of China's hydropower industry. In Rail Transportation Automation segment, the Company continued to maintain its market position. In the high-speed rail sector, its Automation Train Protection wireless download and intelligent analysis system provided high-tech support for the safe functioning of high-speed railway signal equipment during the Asian Games. The Company also delivered Radio Block Center, Train Control Center, and Element Management System as the Chinese Train Control System Level 3 supplier for the Guiyang to Libo section of the Guiyang-Nanning High-speed Railway. In addition, the Company assisted in the AC counting code transformation project of a station with its ZPW-2000S-M, a railway station coding equipment with strong system compatibility, high integration, and easy maintenance characteristics, which successfully enhanced the maintenance efficiency of the station. In the urban rail transit sector, the Company successfully completed the central level equipment switch for the Building Automatic System renovation project of Beijing Metro Line 4, as well as the network security level protection of the integrated monitoring system of Shenyang Metro Line 10. In the mechanical and electrical solutions ("M&E") segment, the Company also manifested a stable performance with smooth executions on various projects. The risk monitor and control are still expected to be its focus in this field in the foreseeable future. With its continuous dedication to the industry and the support of experienced and passionate experts, Hollysys believes that it will continue to create greater value for clients and shareholders. Fiscal Quarter Ended September 30, 2023 Unaudited Financial Results Summary (In USD thousands, except for %, number of shares and per share data) Three months ended September 30, 2023 2022 % Change Revenues $ 199,900 170,041 17.6 % Integrated solutions contracts revenue $ 149,701 143,125 4.6 % Products sales $ 14,319 11,773 21.6 % Revenue from services $ 35,880 15,143 136.9 % Cost of revenues $ 130,724 117,194 11.5 % Gross profit $ 69,176 52,847 30.9 % Total operating expenses $ 34,925 36,304 (3.8) % Selling $ 16,184 13,013 24.4 % General and administrative $ 5,530 12,733 (56.6) % Research and development $ 18,356 17,359 5.7 % VAT refunds and government subsidies $ (5,145) (6,801) (24.3) % Income from operations $ 34,251 16,543 107.0 % Other income, net $ 350 1,066 (67.2) % Foreign exchange (loss) gain $ (45) 4,097 (101.1) % Share of net (losses) income of equity investees $ (943) 597 (258.0) % Interest income $ 3,560 3,161 12.6 % Interest expenses $ (317) (143) 121.7 % Income tax expenses $ 5,273 3,880 35.9 % Net (loss) income attributable to non-controlling interests $ (56) 44 (227.3) % Net income attributable to Hollysys Automation Technologies Ltd. $ 31,639 21,397 47.9 % Basic earnings per share $ 0.51 0.35 45.7 % Diluted earnings per share $ 0.51 0.35 45.7 % Share-based compensation expenses $ 262 1,237 (78.8) % Amortization of acquired intangible assets $ 322 340 (5.3) % Non-GAAP net income attributable to Hollysys Automation Technologies Ltd.(1) $ 32,223 22,974 40.3 % Non-GAAP basic earnings per share(1) $ 0.52 0.37 40.5 % Non-GAAP diluted earnings per share(1) $ 0.52 0.37 40.5 % Basic weighted average common shares outstanding 61,847,885 61,317,302 0.9 % Diluted weighted average common shares outstanding 62,197,935 61,940,240 0.4 % (1) See the section entitled "Non-GAAP Measures" for more information about these non-GAAP measures. Operational Results Analysis for the First Quarter Ended September 30, 2023 Total revenues for the three months ended September 30 were $199.9 million, as compared to $170.0 million for the same period of the prior fiscal year, representing an increase of 17.6%. In terms of revenues by type, integrated solutions contracts revenue increased by 4.6% to $149.7 million, products sales revenue increased by 21.6% to $14.3 million, and services revenue increased by 136.9% to $35.9 million. The following table sets forth the Company's total revenues by segment for the periods indicated. (In USD thousands, except for %) Three months ended Sep 30, 2023 2022 $ % to Total Revenues $ % to Total Revenues Industrial Automation 117,041 58.5 121,048 71.2 Rail Transportation Automation 57,511 28.8 28,242 16.6 Mechanical and Electrical Solution 25,348 12.7 20,751 12.2 Total 199,900 100.0 170,041 100.0 Gross margin was 34.6% for the three months ended September 30, 2023, as compared to 31.1% for the same period of the prior fiscal year. Gross margin of integrated solutions contracts, product sales, and service rendered was 22.1%, 77.6% and 69.5% for the three months ended September 30, 2023, as compared to 25.0%, 70.6% and 58.2% for the same period of the prior fiscal year, respectively. Non-GAAP gross margin was 34.8% for the three months ended September, 2023, as compared to 31.3% for the same period of the prior fiscal year. Non-GAAP gross margin of integrated solutions contracts was 22.3% for the three months ended September 30, 2022, as compared to 25.2% for the same period of the prior fiscal year. See the section entitled "Non-GAAP Measures" for more information about non-GAAP gross margin and non-GAAP gross margin of integrated solutions contracts. Selling expenses were $16.2 million for the three months ended September 30, 2023, representing an increase of $3.2 million, or 24.4%, compared to $13.0 million for the same period of the prior fiscal year. The increase in selling expenses was mainly due to the increase in sales headcount to support the business growth, and the implementation of industry key customer strategy in industrial automation segment. Selling expenses as a percentage of total revenues were 8.1% and 7.7% for the three months ended September 30, 2023 and 2022, respectively. General and administrative expenses were $5.5 million for the three months ended September 30, 2023, representing a decrease of $7.2 million, or 56.6%, compared to $12.7 million for the same period of the prior fiscal year, which was primarily due to a $5.5 million decrease in net of allowance for credit losses and a $1.0 million decrease in share-based compensation expenses. Share-based compensation expenses were $0.3 million and $1.2 million for the three months ended September 30, 2023 and 2022, respectively. General and administrative expenses as a percentage of total revenues were 2.8% and 7.5% for the three months ended September 30, 2023 and 2022, respectively. Research and development expenses were $18.4 million for the three months ended September 30, 2023, representing an increase of $1.0 million, or 5.7%, compared to $17.4 million for the same period of the prior fiscal year, which was primarily due to a $1.7 million increase in staff cost. Research and development expenses as a percentage of total revenues were 9.2% and 10.2% for the three months ended September 30, 2023 and 2022, respectively. The VAT refunds and government subsidies were $5.1 million for three months ended September 30, 2023, as compared to $6.8 million for the same period of the prior fiscal year, representing a $1.7 million, or 24.3%, decrease. The income tax expenses and the effective tax rate were $5.3 million and 14.3% for the three months ended September 30, 2023, respectively, as compared to $3.9 million and 15.3% for the comparable period in the prior fiscal year, respectively. The effective tax rate fluctuates, as the Company's subsidiaries contributed different pre-tax income at different tax rates. Net income attributable to Hollysys was $31.6 million for three months ended September 30, 2023, representing an increase of 47.9% from $21.4 million reported in the comparable period in the prior fiscal year. Non-GAAP net income attributable to Hollysys was $32.2 million or $0.52 per diluted share. See the section entitled "Non-GAAP Measures" for more information about non-GAAP net income attributable to Hollysys. Diluted earnings per share was $0.51 for the three months ended September 30, 2023, representing an increase of 45.7% from $0.35 for the comparable period in the prior fiscal year. Non-GAAP diluted earnings per share was $0.52 for the three months ended September 30, 2023, representing an increase of 40.5% from $0.37 for the comparable period in the prior fiscal year. These were calculated based on 62.2 million and 61.9 million diluted weighted average ordinary shares outstanding for the three months ended September 30, 2023 and 2022, respectively. See the section entitled "Non-GAAP Measures" for more information about non-GAAP diluted earnings per share. Contracts and Backlog Highlights Hollysys achieved $256.4 million in terms of the value of new contracts for the three months ended September 30, 2023. The order backlog of contracts as of September 30, 2023 was $938.6 million. The detailed breakdown of new contracts and backlog by segment is shown in the table below: (In USD thousands, except for %) Value of new contracts achieved for the three months ended Sep 30, 2023 Backlog as of Sep 30, 2023 $ % of Total Contract Value $ % of Total Backlog Industrial Automation 155,880 60.8 432,210 46.1 Rail Transportation 73,780 28.8 322,151 34.3 Mechanical and Electrical Solutions 26,757 10.4 184,235 19.6 Total 256,417 100.0 938,596 100.0 Cash Flow Highlights For the three months ended September 30, 2023, the total net cash inflow was $37.8 million. The net cash provided by operating activities was $28.2 million. The net cash used in investing activities was $15.9 million and mainly consisted of $18.2 million of purchases of short-term investments and $16.9 million of purchases of property, plant and equipment, which was partially offset by $19.1 million of maturity of short-term investments. The net cash provided by financing activities was $29.3 million and mainly consisted of $29.5 million of proceeds from long-term bank loans. Balance Sheet Highlights The total amount of cash and cash equivalents was $650.4 million, $611.6 million, and $575.1 million as of September 30, 2023, June 30, 2023 and September 30, 2022, respectively. For the three months ended September 30, 2023, DSO was 145 days, as compared to 171 days for the comparable prior fiscal year and 149 days for the last fiscal quarter; inventory turnover days were 84 days, as compared to 79 days for the comparable prior fiscal year and 81 days for the last fiscal quarter. About Hollysys Automation Technologies Ltd. Hollysys is a leading automation control system solutions provider in China, with overseas operations in eight other countries and regions throughout Asia. Leveraging its proprietary technology and deep industry know-how, Hollysys empowers its customers with enhanced operational safety, reliability, efficiency, and intelligence which are critical to their businesses. Hollysys derives its revenues mainly from providing integrated solutions for industrial automation and rail transportation automation. In industrial automation, Hollysys delivers the full spectrum of automation hardware, software, and services spanning field devices, control systems, enterprise manufacturing management and cloud-based applications. In rail transportation automation, Hollysys provides advanced signaling control and SCADA (Supervisory Control and Data Acquisition) systems for high-speed rail and urban rail (including subways). Founded in 1993, with technical expertise and innovation, Hollysys has grown from a research team specializing in automation control in the power industry into a group providing integrated automation control system solutions for customers in diverse industry verticals. As of June 30, 2023, Hollysys had cumulatively carried out more than 45,000 projects for approximately 23,000 customers in various sectors including power, petrochemical, high-speed rail, and urban rail, in which Hollysys has established leading market positions. Safe Harbor Statements This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. For further information, please contact: Hollysys Automation Technologies Ltd.www.hollysys.com+8610-58981386investors@hollysys.com HOLLYSYS AUTOMATION TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In USD thousands except for number of shares and per share data) Three months ended September 30, 2023 2022 (Unaudited) (Unaudited) Net revenues Integrated solutions contracts revenue $ 149,701 $ 143,125 Products sales 14,319 11,773 Revenue from services 35,880 15,143 Total net revenues 199,900 170,041 Costs of integrated solutions contracts 116,586 107,396 Cost of products sold 3,206 3,465 Costs of services rendered 10,932 6,333 Gross profit 69,176 52,847 Operating expenses Selling 16,184 13,013 General and administrative 5,530 12,733 Research and development 18,356 17,359 VAT refunds and government subsidies (5,145) (6,801) Total operating expenses 34,925 36,304 Income from operations 34,251 16,543 Other income, net 350 1,066 Foreign exchange (loss)gain (45) 4,097 Share of net (losses) income of equity investees (943) 597 Interest income 3,560 3,161 Interest expenses (317) (143) Income before income taxes 36,856 25,321 Income taxes expenses 5,273 3,880 Net income 31,583 21,441 Less: Net income(losses) attributable to non-controlling interests (56) 44 Net income attributable to Hollysys Automation Technologies Ltd. $ 31,639 $ 21,397 Other comprehensive income, net of tax of nil Translation adjustments (7,352) (70,492) Comprehensive (loss) income 24,231 (49,051) Less: Comprehensive (loss) income attributable to non-controlling interests (64) 116 Comprehensive income (loss) attributable to Hollysys Automation Technologies Ltd. $ 24,295 $ (49,167) Net income per share: Basic 0.51 0.35 Diluted 0.51 0.35 Shares used in income per share computation: Basic 61,847,885 61,317,302 Diluted 62,197,935 61,940,240 HOLLYSYS AUTOMATION TECHNOLOGIES LTD. CONSOLIDATED BALANCE SHEETS (In USD thousands except for number of shares and per share data) September 30, June 30, 2023 2023 (Unaudited) (Audited) ASSETS Current assets Cash and cash equivalents $ 650,413 $ 611,632 Short-term investments 32,100 33,202 Restricted cash 24,392 23,009 Accounts receivable, net of allowance for credit losses of $63,925 and $73,009 as of September 30, 2023 and June 30, 2023, respectively 308,788 309,822 Costs and estimated earnings in excess of billings, net of allowance for credit losses of $13,908 and $14,439 as of September 30, 2023 and June 30, 2023, respectively 285,218 253,262 Accounts receivable retention 5,783 7,465 Other receivables, net of allowance for credit losses of $15,584 and $12,044 as of September 30, 2023 and June 30, 2023, respectively 20,389 19,265 Advances to suppliers 31,216 28,493 Amounts due from related parties 28,712 25,906 Inventories 112,261 111,634 Prepaid expenses 280 596 Income tax recoverable 449 649 Total current assets 1,500,001 1,424,935 Non-current assets Restricted cash 11,174 13,489 Costs and estimated earnings in excess of billings 1,451 1,746 Accounts receivable retention 7,418 6,587 Prepaid expenses 2 3 Property, plant and equipment, net 145,885 134,626 Prepaid land leases 11,357 11,503 Intangible assets, net 8,079 8,483 Investments in equity investees 46,381 47,603 Investments securities 1,552 1,561 Goodwill 18,827 18,939 Deferred tax assets 11,364 11,937 Operating lease right-of-use assets 2,997 3,436 Total non-current assets 266,487 259,913 Total assets 1,766,488 1,684,848 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities September30, June 30, 2023 2023 (Unaudited) (Audited) Current portion of long-term loans 15,237 15,231 Accounts payable 174,713 170,632 Construction costs payable 11,328 11,085 Deferred revenue 202,782 181,387 Accrued payroll and related expenses 27,752 26,742 Income tax payable 5,667 6,414 Warranty liabilities 3,094 3,238 Other tax payables 14,197 10,504 Accrued liabilities 36,885 36,870 Amounts due to related parties 5,111 6,155 Operating lease liabilities 1,542 1,887 Total current liabilities 498,308 470,145 Non-current liabilities Accrued liabilities 2,118 2,367 Long-term loans 45,899 16,775 Accounts payable 2,754 2,588 Deferred tax liabilities 12,773 13,069 Warranty liabilities 2,885 2,568 Operating lease liabilities 1,024 1,103 Total non-current liabilities 67,453 38,470 Total liabilities 565,761 508,615 Commitments and contingencies - - Stockholders' equity: Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized; 62,024,409 shares and 62,021,930 shares issued and outstanding as of September 30, 2023 and June 30, 2023, respectively 62 62 Additional paid-in capital 247,170 246,908 Statutory reserves 78,875 78,875 Retained earnings 993,423 961,782 Accumulated other comprehensive income (119,763) (112,418) Total Hollysys Automation Technologies Ltd. stockholder's equity 1,199,767 1,175,209 Non-controlling interests 960 1,024 Total equity 1,200,727 1,176,233 Total liabilities and equity $ 1,766,488 $ 1,684,848 HOLLYSYS AUTOMATION TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (In USD thousands) Three months ended September 30, 2023 (Unaudited) Cash flows from operating activities: Net income $ 31,583 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property, plant and equipment 2,117 Amortization of prepaid land leases 81 Amortization of intangible assets 322 Allowance for credit losses (6,593) Gains on disposal of long-lived assets 4 Share of net income of equity investees 943 Share-based compensation expenses 262 Deferred income tax expenses 257 Changes in operating assets and liabilities: Accounts receivable and retention 6,219 Costs and estimated earnings in excess of billings (33,287) Inventories (1,293) Advances to suppliers (2,901) Other receivables (1,240) Deposits and other assets 315 Due from related parties (2,969) Accounts payable 5,315 Deferred revenue 22,545 Accruals and other payables 4,310 Due to related parties (1,044) Income tax payable (515) Other tax payables 3,768 Net cash provided by operating activities 28,199 Cash flows from investing activities: Purchases of short-term investments (18,206) Purchases of property, plant and equipment (16,895) Proceeds from disposal of property, plant and equipment 73 Maturity of short-term investments 19,137 Net cash used in investing activities (15,891) Cash flows from financing activities: Repayments of short-term bank loans 29,545 Proceeds from long-term bank loans (230) Net cash provided by financing activities 29,315 Effect of foreign exchange rate changes (3,774) Net decrease in cash, cash equivalents and restricted cash $ 37,849 Cash, cash equivalents and restricted cash, beginning of period $ 648,130 Cash, cash equivalents and restricted cash, end of period 685,979 Non-GAAP Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, in evaluating our results, we use the following non-GAAP financial measures: non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share. These non-GAAP financial measures serve as additional indicators of our operating performance and not as any replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures help identify underlying trends in the Company's business that could otherwise be distorted by the effect of the share-based compensation expenses, which are calculated based on the number of shares or options granted and the fair value as of the grant date, and amortization of acquired intangible assets. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. Non-GAAP gross profit and non-GAAP gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share should not be considered in isolation or construed as an alternative to gross profit and gross margin, gross profit and gross margin of integrated solutions contracts, net income attributable to Hollysys Automation Technologies Ltd., basic and diluted earnings per share, or any other measure of performance, or as an indicator of the Company's operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Non-GAAP gross profit and gross margin, non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts, non-GAAP net income attributable to Hollysys Automation Technologies Ltd., as well as non-GAAP basic and diluted earnings per share presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. The Company encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure. We define non-GAAP gross profit and non-GAAP gross margin as gross profit and gross margin, respectively, adjusted to exclude non-cash amortization of acquired intangibles. The following table provides a reconciliation of our gross profit and gross margin to non-GAAP gross profit and non-GAAP gross margin for the periods indicated. Three months ended September 30, 2023 2022 (Unaudited) (Unaudited) Gross profit $ 69,176 $ 52,847 Gross margin(1) 34.6 % 31.1 % Add: Amortization of acquired intangible assets 322 340 Non-GAAP gross profit $ 69,498 $ 53,187 Non-GAAP gross margin(2) 34.8 % 31.3 % (1) Gross margin represents gross profit for the period as a percentage of revenues for such period. (2) Non-GAAP gross margin represents non-GAAP gross profit for the period as a percentage of revenues for such period. We define non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts as gross profit and gross margin of integrated solutions contracts, respectively, adjusted to exclude non-cash amortization of acquired intangibles associated with integrated solutions contracts. The following table provides a reconciliation of the gross profit of integrated solutions contracts to non-GAAP gross profit and non-GAAP gross margin of integrated solutions contracts for the periods indicated. (In USD thousands, except for %) Three months ended September 30, 2023 2022 (Unaudited) (Unaudited) Gross profit of integrated solutions contracts $ 33,115 $ 35,729 Gross margin of integrated solutions contracts(1) 22.1 % 25.0 % Add: Amortization of acquired intangible assets 322 340 Non-GAAP gross profit of integrated solutions contracts $ 33,437 $ 36,069 Non-GAAP gross margin of integrated solutions contracts(2) 22.3 % 25.2 % (1) Gross margin of integrated solutions contracts represents gross profit of integrated solutions contracts for the period as a percentage of integrated solutions contracts revenue for such period. (2) Non-GAAP gross margin of integrated solutions contracts represents non-GAAP gross profit of integrated solutions contracts for the period as a percentage of integrated solutions contracts revenue for such period. We define non-GAAP net income attributable to Hollysys as net income attributable to Hollysys adjusted to exclude the share-based compensation expenses and non-cash amortization of acquired intangible assets. The following table provides a reconciliation of net income attributable to Hollysys to non-GAAP net income attributable to Hollysys for the periods indicated. Three months ended September 30, 2023 2022 (Unaudited) (Unaudited) Net income attributable to Hollysys Automation Technologies Ltd. $ 31,639 $ 21,397 Add: Share-based compensation expenses 262 1,237 Amortization of acquired intangible assets 322 340 Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. $ 32,223 $ 22,974 Non-GAAP basic (or diluted) earnings per share represents non-GAAP net income attributable to Hollysys divided by the weighted average number of ordinary shares outstanding during the periods (or on a diluted basis). The following table provides a reconciliation of our basic (or diluted) earnings per share to non-GAAP basic (or diluted) earnings per share for the periods indicated. (In USD thousands, except for number of shares and per share data) Three months ended September 30, 2023 2022 (Unaudited) (Unaudited) Net income attributable to Hollysys Automation Technologies Ltd. $ 31,639 $ 21,397 Add: Share-based compensation expenses 262 1,237 Amortization of acquired intangible assets 322 340 Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. $ 32,223 $ 22,974 Weighted average number of basic ordinary shares 61,847,885 61,317,302 Weighted average number of diluted ordinary shares 62,197,935 61,940,240 Basic earnings per share(1) $ 0.51 0.35 Add: Non-GAAP adjustments to net income per share(2) 0.01 0.03 Non-GAAP basic earnings per share(3) $ 0.52 $ 0.37 Diluted earnings per share(1) $ 0.51 0.35 Add: Non-GAAP adjustments to net income per share(2) 0.01 0.03 Non-GAAP diluted earnings per share(3) $ 0.52 $ 0.37 (1) Basic (or diluted) earnings per share is derived from net income attributable to ordinary shareholders for computing basic (or diluted) earnings per share divided by weighted average number of shares (or on a diluted basis). (2) Non-GAAP adjustments to net income per share are derived from non-GAAP adjustments to net income divided by weighted average number of shares (or on a diluted basis). (3) Non-GAAP basic (or diluted) earnings per share is derived from non-GAAP net income attributable to ordinary shareholders for computing non-GAAP basic (or diluted) earnings per share divided by weighted average number of shares (or on a diluted basis).
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