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VIAVI Announces First Quarter Fiscal 2025 Results

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CHANDLER, Ariz., Oct. 31, 2024 /PRNewswire/ — VIAVI (NASDAQ: VIAV) today reported results for its first quarter ended September 28, 2024 with the following highlights.

First Quarter

Net revenue of $238.2 million, down $9.7 million or 3.9% year-over-yearGAAP operating margin of 4.8%, down 170 bps year-over-yearNon-GAAP operating margin of 10.0%, down 240 bps year-over-yearGAAP net loss of $1.8 million, down $11.6 million or 118.4% year-over-yearNon-GAAP net income of $12.4 million, down $7.1 million or 36.4% year-over-year GAAP diluted loss per share of $(0.01), down $0.05 or 125.0% year-over-yearNon-GAAP diluted earnings per share (EPS) of $0.06, down $0.03 or 33.3% year-over-year

“VIAVI’s Q1FY25 revenue came in slightly below the midpoint of our guidance, with weaker demand in NSE partially offset by stronger OSP performance. On a positive side, we are starting to see a pickup in the NSE order momentum with our advanced fiber products such as 800G and recently announced 1.6Tb, being particularly strong. This aligns with our expectations for the beginning of NSE demand recovery in second half of FY25,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.

Financial Overview:

The tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”

First Quarter Ended September 28, 2024

GAAP Results

Q1

Q4

Q1

Change

FY 2025

FY 2024

FY 2024

Q/Q

Y/Y

Net revenue

$         238.2

$         252.0

$         247.9

(5.5) %

(3.9) %

Gross margin

57.1 %

57.8 %

58.2 %

(70) bps

(110) bps

Operating margin

4.8 %

(2.3) %

6.5 %

710 bps

(170) bps

Income (loss) from operations

$           11.5

$           (5.7)

$           16.0

301.8 %

(28.1) %

Net (loss) income per share

(0.01)

(0.10)

0.04

90.0 %

(125.0) %

Non-GAAP Results

Q1

Q4

Q1

Change

FY 2025

FY 2024

FY 2024

Q/Q

Y/Y

Gross margin

59.1 %

59.6 %

60.1 %

(50) bps

(100) bps

Operating margin

10.0 %

10.9 %

12.4 %

(90) bps

(240) bps

Income from operations

$           23.9

$           27.5

$           30.8

(13.1) %

(22.4) %

Earnings per share

0.06

0.08

0.09

(25.0) %

(33.3) %

Net Revenue by Segment

Q1

Q4

Q1

Change

FY 2025

FY 2024

FY 2024

Q/Q

Y/Y

Network Enablement

$            141.6

$            158.5

$            150.0

(10.7) %

(5.6) %

Service Enablement

17.8

23.7

20.4

(24.9) %

(12.7) %

Optical Security and Performance Products

78.8

69.8

77.5

12.9 %

1.7 %

Total

$            238.2

$            252.0

$            247.9

(5.5) %

(3.9) %

 

Americas, Asia-Pacific and EMEA customers represented 37.2%, 36.1% and 26.7%, respectively, of total net revenue for the quarter ended September 28, 2024.As of September 28, 2024, the Company held $497.9 million in total cash, short-term investments and short-term restricted cash.As of September 28, 2024, the Company had $250 million aggregate principal amount of 1.625% Senior Convertible Notes and $400 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $637.6 million.During the fiscal quarter ended September 28, 2024, the Company generated $13.5 million of cash flows from operations.

Business Outlook for the Second Quarter of Fiscal 2025

For the second quarter of fiscal 2025 ending December 28, 2024, the Company expects net revenue to be between $255 million to $265 million and non-GAAP EPS to be between $0.09 to $0.11.

With respect to our expectations above, the Company has not reconciled GAAP net loss per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the “Use of Non-GAAP (Adjusted) Financial Measures” section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.

Conference Call

The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on October 31, 2024 in a live webcast, which will also be archived for replay on the Company’s website at https://investor.viavisolutions.com.  The Company will post supplementary slides outlining the Company’s latest financial results on https://investor.viavisolutions.com under the “Quarterly Results” section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.

About VIAVI Solutions

VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.

Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.

Forward-Looking Statements

This press release 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. These statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company’s ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (k) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (l) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (m) the uncertain and ongoing impact to our supply chain of military conflicts, such as the ongoing conflict between Russia and Ukraine and the ongoing conflict between Israel and Hamas and the expansion of conflict in the Middle East, including in Lebanon and with Iran, tariffs, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of “trade wars,” cyber-attacks, and retaliatory measures; (n) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (o) inherent uncertainty related to global markets, including inflationary pressures, recessions, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements. We have not filed our Form 10-Q for the quarter ended September 28, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q.

Contact Information

Investors:
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com

Press: 
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com

The following financial tables are presented in accordance with GAAP, unless otherwise specified.

-SELECTED PRELIMINARY FINANCIAL DATA –

 

VIAVI SOLUTIONS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

(unaudited)

PRELIMINARY

Three Months Ended

September 28,
2024

September 30,
2023

Net revenue

$                 238.2

$                 247.9

Cost of revenues

98.8

100.0

Amortization of acquired technologies

3.3

3.5

Gross profit

136.1

144.4

Operating expenses:

Research and development

49.4

49.9

Selling, general and administrative

74.1

77.2

Amortization of other intangibles

1.1

2.1

Restructuring and related benefits

(0.8)

 Total operating expenses

124.6

128.4

Income from operations

11.5

16.0

Interest and other income, net

3.2

10.2

Interest expense

(7.5)

(7.8)

 Income before income taxes

7.2

18.4

Provision for income taxes

9.0

8.6

Net (loss) income

$                   (1.8)

$                     9.8

Net (loss) income per share:

 Basic

$                 (0.01)

$                   0.04

 Diluted

$                 (0.01)

$                   0.04

 Shares used in per share calculations:

 Basic

222.0

222.0

 Diluted

222.0

224.2

The preliminary financial statements are estimated based on our current information.

 

VIAVI SOLUTIONS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, unaudited)

PRELIMINARY

September 28, 2024

June 29, 2024

ASSETS

Current assets:

Cash and cash equivalents

$                         467.9

$                         471.3

Short-term investments

25.2

19.9

Restricted cash

4.8

5.0

Accounts receivable, net

203.1

213.1

Inventories, net

93.2

96.5

Prepayments and other current assets

69.8

70.7

Total current assets

864.0

876.5

Property, plant and equipment, net

230.5

228.2

Goodwill, net

461.2

452.9

Intangibles, net

34.0

38.2

Deferred income taxes

86.1

82.5

Other non-current assets

61.8

58.0

  Total assets

$                     1,737.6

$                     1,736.3

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                           47.4

$                           50.4

Accrued payroll and related expenses

44.4

48.2

Deferred revenue

63.7

65.7

Accrued expenses

23.8

25.3

Other current liabilities

53.5

57.5

Total current liabilities

232.8

247.1

Long-term debt

637.6

636.0

Other non-current liabilities

165.1

171.6

  Total liabilities

1,035.5

1,054.7

Total stockholders’ equity

702.1

681.6

Total liabilities and stockholders’ equity

$                     1,737.6

$                     1,736.3

The preliminary financial statements are estimated based on our current information.

 

VIAVI SOLUTIONS INC.

REPORTABLE SEGMENT INFORMATION

(in millions, unaudited)

PRELIMINARY

Three Months Ended September 28, 2024

Network and Service Enablement

Network
Enablement

Service
Enablement

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items (1)

Consolidated
GAAP Measures

Net revenue

$           141.6

$             17.8

$           159.4

$             78.8

$                   —

$           238.2

Gross profit

$             86.3

$             10.8

$             97.1

$             43.6

$                 (4.6)

$           136.1

Gross margin

60.9 %

60.7 %

60.9 %

55.3 %

57.1 %

Operating (loss) income

$             (7.3)

$             31.2

$               (12.4)

$             11.5

Operating margin

(4.6) %

39.6 %

4.8 %

Three Months Ended September 30, 2023

Network and Service Enablement

Network
Enablement

Service Enablement

Network and
Service
Enablement

Optical Security
and Performance
Products

Other Items (1)

Consolidated
GAAP Measures

Net revenue

$           150.0

$             20.4

$           170.4

$             77.5

$                   —

$           247.9

Gross profit

$             94.6

$             13.7

$           108.3

$             40.7

$                 (4.6)

$           144.4

Gross margin

63.1 %

67.2 %

63.6 %

52.5 %

58.2 %

Operating income

$               1.5

$             29.3

$               (14.8)

$             16.0

Operating margin

0.9 %

37.8 %

6.5 %

(1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items.

The preliminary financial schedules are estimated based on our current information.

Use of Non-GAAP (Adjusted) Financial Measures

The Company provides non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA financial measures as supplemental information regarding the Company’s operational performance. The Company uses the measures disclosed in this release to evaluate the Company’s historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company’s core operating performance, which the Company believes represent its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition-related intangibles, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities and certain investing and acquisition related expenses and other activities that management believes are not reflective of such ordinary, ongoing and core operating activities.

The Company believes providing this additional information allows investors to see Company results through the eyes of management. The Company further believes that providing this information allows investors to better understand the Company’s financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.

The non-GAAP adjustments described in this release are excluded by the Company from its GAAP financial measures because the Company believes excluding these items enables investors to evaluate more clearly and consistently the Company’s core operational performance. The non-GAAP adjustments are outlined below.

Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company’s GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, equipment and intangibles that have been identified for disposal but remained in use until the date of disposal, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) changes in fair value of contingent consideration liabilities and (vii) other charges unrelated to our core operating performance comprised mainly of acquisition related transaction costs, integration costs related to acquired entities, litigation and legal settlements and other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA.

Non-cash interest expense and other expense: The Company excludes certain investing expenses, including accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.

Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as the utilization of net operating losses where valuation allowances were released, intra-period tax allocation benefit and the tax effect for amortization of non-tax deductible intangible assets, when calculating non-GAAP net income and non-GAAP EPS.

Interest, taxes, depreciation, amortization and other adjustments: The Company’s EBITDA calculation primarily excludes interest income and other income (expense), interest expense, taxes, depreciation and amortization, and other items that are not part of its core operating performance described above. The Company’s adjusted EBITDA excludes items in addition to the items excluded from the EBITDA calculation, such as stock-based compensation, restructuring, gain or loss on sale of available for-sale investments, changes in fair value of contingent consideration liabilities arising from prior acquisitions and other charges related to activities that are not part of its core operating performance described above. Management believes adjusted EBITDA is a helpful indicator of the Company’s core operational cash flow.

Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is net income per share. The Company believes these GAAP measures alone are not fully indicative of its core operating expenses and performance and that providing non-GAAP financial measures in conjunction with GAAP measures provides valuable supplemental information regarding the Company’s overall performance.

VIAVI SOLUTIONS INC.

RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS

TO NON-GAAP MEASURES

(in millions, except per share data)

(unaudited)

PRELIMINARY

The following tables reconcile GAAP measures to non-GAAP measures:

Three Months Ended

September 28, 2024

September 30, 2023

Gross
Profit

Gross
Margin

Gross
Profit

Gross
Margin

GAAP measures

$     136.1

57.1 %

$     144.4

58.2 %

 Stock-based compensation

1.2

0.5 %

1.2

0.5 %

 Other charges (benefits) unrelated to core operating performance

0.1

0.1 %

(0.1)

— %

 Amortization of intangibles

3.3

1.4 %

3.5

1.4 %

Total related to Cost of Revenue

4.6

2.0 %

4.6

1.9 %

Non-GAAP measures

$     140.7

59.1 %

$     149.0

60.1 %

Three Months Ended

September 28, 2024

September 30, 2023

Operating
Income

Operating
Margin

Operating
Income

Operating
Margin

GAAP measures

$       11.5

4.8 %

$       16.0

6.5 %

 Stock-based compensation

12.7

5.3 %

11.2

4.5 %

 Change in fair value of contingent liability

(3.5)

(1.5) %

(1.4)

(0.6) %

 Acquisition and integration related charges

0.6

0.3 %

— %

 Other (benefits) charges unrelated to core operating performance (1)

(0.5)

(0.2) %

0.2

0.1 %

 Amortization of intangibles

4.4

1.8 %

5.6

2.2 %

 Restructuring and related charges

— %

(0.8)

(0.3) %

 Litigation settlement

(1.3)

(0.5) %

— %

Total related to Cost of Revenue and Operating Expenses

12.4

5.2 %

14.8

5.9 %

Non-GAAP measures

23.9

10.0 %

30.8

12.4 %

Three Months Ended

September 28, 2024

September 30, 2023

Net (Loss)
Income

Diluted

 EPS

Net
Income

Diluted

 EPS

GAAP measures

$       (1.8)

$     (0.01)

$         9.8

$       0.04

Items reconciling GAAP Net (Loss) Income and EPS to Non-GAAP Net Income and EPS:

 Stock-based compensation

12.7

0.06

11.2

0.05

 Change in fair value of contingent liability

(3.5)

(0.01)

(1.4)

 Acquisition and integration related charges

0.6

 Other (benefits) charges unrelated to core operating performance (1)

(0.5)

0.2

 Amortization of intangibles

4.4

0.02

5.6

0.02

 Restructuring and related benefits

(0.8)

   Litigation settlement

(1.3)

(0.01)

(7.3)

(0.03)

 Non-cash interest expense and other expense

1.1

0.01

1.2

0.01

 Provision for income taxes

0.7

1.0

    Total related to Net (Loss) Income and EPS

14.2

0.07

9.7

0.05

Non-GAAP measures

$       12.4

$       0.06

$       19.5

$       0.09

Shares used in per share calculation for Non-GAAP EPS

224.0

224.2

Note: Certain totals may not add due to rounding.

(1)  Included in the three months ended September 28, 2024 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $0.4 million.

The preliminary financial schedules are estimated based on our current information.

 

VIAVI SOLUTIONS INC.

RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS

TO ADJUSTED EBITDA

(in millions, unaudited)

PRELIMINARY

Three Months Ended

September 28,
2024

September 30,
2023

GAAP Net (Loss) Income

$                  (1.8)

$                    9.8

Interest and other income, net (1)

(3.2)

(10.2)

Interest expense

7.5

7.8

Provision for income taxes

9.0

8.6

Depreciation

9.7

9.8

Amortization

4.4

5.6

EBITDA

25.6

31.4

Restructuring and related benefits

(0.8)

Stock-based compensation

12.7

11.2

Change in fair value of contingent liability

(3.5)

(1.4)

Acquisition and integration related charges

0.6

Other (benefits) charges unrelated to core operating performance (2)

(1.9)

0.1

Adjusted EBITDA

$                  33.5

$                  40.5

Note: Certain totals may not add due to rounding.

(1) Includes favorable litigation settlement of $7.3 million recorded as a gain to Interest and other income, net in the Consolidated Statements of Operations for the three months ended September 30, 2023. 

(2) Included in the three months ended September 28, 2024 is a gain on litigation settlement of $1.3 million, a gain on the sale of assets previously classified as held for sale of $0.9 million and other charges unrelated to core operating performance of $0.3 million.

The preliminary financial schedules are estimated based on our current information.

 

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SOURCE VIAVI Financials

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City of Redmond to Streamline Capital Program Management Using Aurigo Masterworks

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AUSTIN, Texas, Nov. 5, 2024 /PRNewswire/ — Aurigo Software, the leading provider of capital planning and construction management software for infrastructure and private owners, announced it has entered into a multiyear contract with the City of Redmond, Washington, to modernize its Capital Improvement Program. Aurigo’s flagship product suite, Masterworks, will help the agency prioritize project investments and create long-range capital plans while providing real-time reports and forecasts throughout the program’s phases. The system will also manage all aspects of project delivery, including construction administration, document management, and tracking program performance.

The City of Redmond is located less than 20 miles east of downtown Seattle. Known for its lush green landscapes and as a hub for technology, Redmond is home to several major corporations, including Microsoft’s headquarters, which significantly contribute to its economic profile. Today, the City has around 75,000 residents and 95,000 jobs, and by 2030, it is expected to have 78,000 residents and 119,000 jobs. Redmond also prides itself on providing extensive recreational activities, as it is surrounded by forests and trails, making it well-known for hiking, biking, horseback riding, and birdwatching.

“We are excited to partner with the City of Redmond and provide a modern, intuitive, integrated solution to meet its capital planning and project delivery goals,” said Balaji Sreenivasan, CEO and founder of Aurigo Software. “As Redmond continues to flourish as a technology hub, Masterworks will enable the City to keep pace with its growth by optimizing resources and ensuring efficient project execution. We are committed to supporting Redmond in delivering infrastructure improvements that meet the needs of its expanding community.”

Aurigo Masterworks will enable the agency to gather proposed projects, prioritize them, and estimate costs accurately. The platform’s what-if analysis will help identify the best project combinations based on available funding and strategic priorities. Once projects are underway, the system will help monitor schedules, resource availability, and contract status to ensure timely and on-budget completion.

This initiative will also establish standardized processes to reinforce best practices for the City, including streamlining workflows, integrating with existing systems, and enabling role-based access and permissions. Enterprise-wide dashboards and reports will provide agency executives with the right data to aid decision making. These processes will be fully auditable and will ensure complete transparency, delivering a consistent approach to capital program management.

Redmond joins King County and the city of Seattle, both Washington-based Aurigo partners, along with several other agencies across North America (including the cities of Portland and Las Vegas and regional agencies in Colorado, Florida, and Ontario, Canada) using Masterworks to digitize their capital programs. The company has seen an increase in demand from the public sector as agencies are looking to adopt modern cloud-based solutions to boost productivity and achieve cost savings.

About Aurigo Software

Aurigo builds software that helps build the world. Aurigo provides modern, cloud-based solutions for capital infrastructure and private owners to help plan with confidence, build with quality, and maintain their assets efficiently. With more than $300 billion of capital programs under management, Aurigo’s solutions are trusted by over 300 customers in transportation, water and utilities, healthcare, higher education, and government on over 40,000 projects across North America. Aurigo helps capital program executives make better decisions based on proprietary artificial intelligence and machine learning technology. Aurigo is a privately held U.S. corporation headquartered in Austin, Texas, with global offices in Canada and India. Learn more at www.aurigo.com

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SOURCE Aurigo Software Technologies, Inc.

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European Chips Skills Academy Unveils Comprehensive Skills Strategy to Boost Competitiveness of Semiconductor Ecosystem

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BRUSSELS, Nov. 5, 2024 /PRNewswire/ — The European Chips Skills Academy (ECSA), an EU-funded initiative coordinated by SEMI, today announced the publication of the Skills Strategy report by DECISION Etudes & Conseil that outlines the strategic approaches required to tackle Europe’s growing talent shortage in the semiconductor sector. The report provides critical insights into the industry’s workforce demand and supply, while outlining methods to address the talent gap by 2030.

With increasing demand for chips and the investments from the EU Chips Act beginning to gain traction, the semiconductor industry is expected to experience substantial growth in the coming years. The report shows a projected employment annual growth rate of 5% by 2030, with more than 271,000 job openings expected over the forecast period. However, the current pipeline of graduates is not growing at a sufficient rate to match this growth. The report predicts a shortage of over 75,000 technical jobs across key areas such as hardware and software engineering, technicians, and data specialists.

Despite Europe producing over 1.1 million STEM graduates in 2022 and 320,000 in semiconductor related fields of study, only 6% of European STEM graduates are expected to enter the semiconductor industry. With many of these graduates opting for engineering careers in unrelated domains or positions beyond traditional engineering sectors, it is essential for Europe to respond to solve the talent gap.

ECSA’s Skills Strategy recommends both short- and long-term solutions. In the short-term, Europe should optimize the existing labor supply by improving EU-wide mobility, simplifying visa processes for non-EU workers, and reskilling current employees to meet evolving needs.

“Strategic communications campaigns will be pivotal in driving long-term growth in student interest in semiconductor-related disciplines,” said Laith Altimime, President of SEMI Europe. “The influx of STEM graduates into the sector is heavily shaped by the industry’s ability to project a compelling image, further enhancing its attractiveness as a desirable and innovative field for emerging talent.”

“Collaboration between education and industry needs to be strengthened to meet the long-term demand of the industry,” said Raphaël Beaujeu, Senior Consultant at DECISION Etudes & Conseil. “Aligning the academic curricula with the needs of the sector will ensure a sustainable pipeline of skilled workers that can drive innovation and productivity in Europe.”

Initiatives such as ECSA are well positioned to help address the talent gap by offering relevant training with input from industry. The wide network of companies involved with the ECSA aid in promoting STEM careers and ensuring a diverse workforce.

With the semiconductor industry at the core of global digital transformation, Europe’s ability to close the skills gap in its ecosystem will be crucial in maintaining competitiveness on the global stage.

About SEMI
SEMI® is the global industry association connecting over 3,000 member companies and 1.5 million professionals worldwide across the semiconductor and electronics design and manufacturing supply chain. We accelerate member collaboration on solutions to top industry challenges through Advocacy, Workforce Development, Sustainability, Supply Chain Management, and other programs. Our SEMICON® expositions and events, technology communities, standards, and market intelligence help advance our members’ business growth and innovations in design, devices, equipment, materials, services, and software, enabling smarter, faster, more secure electronics. Visit www.semi.org, contact a regional office, and connect with SEMI on LinkedIn and X to learn more.

About ECSA
The European Chips Skills Academy is an innovative alliance of 18 partners across Europe, working together to bridge the skills gap in the semiconductor sector. Through the development of decentralized education programs and fostering collaboration between industry and academia, ECSA aims to cultivate the next generation of semiconductor professionals essential for Europe’s technological leadership.

Contact Information:
Kartikey Srivastava / SEMI Europe
Phone: +49 151 1436 6324
Email: ksrivastava@semi.org     

Samer Bahou / SEMI Corporate
Phone: +1 408 943 7870
Email: sbahou@semi.org  

SOURCE SEMI

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Could use a vacation right now: Elsa Pataky and Chris Hemsworth Partner with Experience Abu Dhabi

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ABU DHABI, UAE, Nov. 5, 2024 /CNW/ — Hollywood couple Elsa Pataky and Chris Hemsworth have collaborated with Experience Abu Dhabi, sharing all the city has to offer blending rich culture, adventure, and peaceful escapes, with incredible weather and endless experiences for every kind of traveller to enjoy at their own pace.

 

The two-year partnership was announced with a campaign film that features the duo on set, dreaming of a much-needed holiday. Using a mix of comedy and action, the film sees the couple agree that they could use an escape and imagine the blissful moments they could be experiencing in a destination that has it all…Abu Dhabi.

Elsa commented on putting family first: “When it comes to family holidays, Abu Dhabi has it all. Whether it is for us as a couple or a family, every day here is a new adventure, there is something for each one of us to enjoy and discover. My kids have fallen in love with Abu Dhabi, as it gives them a playground for all the things they want to do. Whether it’s theme parks with exciting roller coasters, dune bashing and horse riding in the desert to catching the best wave, Abu Dhabi has it all and is now our must-do holiday spot.”

Chris reflected on creating memories: “We’re thrilled to partner with Experience Abu Dhabi. Abu Dhabi’s got everything we love all in one place. The adventures have left us with amazing memories that will last a lifetime—you can tell how special it was since the kids didn’t want to leave. We’ve loved everything about the culture, the people and the experiences. It’s a place where we can unwind, and relax, with the feeling of being at home. We’ve travelled the world, but Abu Dhabi has captured our hearts. We’re already planning for our next trip!”

As heard in the film, the message “Could Use A Vacation Right Now” resonates with the world. So many of us are drowning in deadlines, work commitments, and a never-ending to-do list—dreaming of that next great holiday. In Abu Dhabi, you can swap your daily routine for the perfect escape, from inspiring cultural experiences to galloping across desert dunes, riding waves at Surf Abu Dhabi and reconnecting with loved ones under a stunning sunset on a white-sand beach.

The campaign film showcases how Abu Dhabi inspires every family to find their own pace—a destination brimming with new adventures and countless opportunities to create lasting memories. From kayaking around Louvre Abu Dhabi to thrilling rollercoasters, all wrapped in the warmth of Emirati hospitality, the couple had the perfect family getaway. They savoured traditional Emirati cuisine before sunset strolls on the beach, feeling welcomed and at ease.

H.E. Nouf Mohamed Al-Boushelaibi, Executive Director of Strategic Marketing & Communications at DCT Abu Dhabi, said: “We’re incredibly passionate about sharing Abu Dhabi with the world and are proud to have Elsa and Chris partnering with us. Their dynamic energy and love for discovery highlights everything Abu Dhabi has to offer from inspiring cultural experiences to adventures, creating meaningful and lasting memories, all at their own pace.”

Get inspired by Chris and Elsa’s dream-come-true adventure in Abu Dhabi and watch the new film here.

About Experience Abu Dhabi:
Experience Abu Dhabi is the destination brand of the Department of Culture and Tourism – Abu Dhabi. 

DCT Abu Dhabi drives the sustainable growth of Abu Dhabi’s culture and tourism sectors and its creative industries, fuelling economic progress and helping to achieve Abu Dhabi’s wider global ambitions. 

By working in partnership with the organisations that define the emirate’s position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate’s potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.

DCT Abu Dhabi’s vision is defined by the emirate’s people, heritage and landscape. We work to enhance Abu Dhabi’s status as a place of authenticity, innovation, and unparalleled experiences, represented by its living traditions of hospitality, pioneering initiatives and creative thought.

For more information about the Department of Culture and Tourism – Abu Dhabi and the destination, please visit: dct.gov.ae and visitabudhabi.ae

Video – https://www.youtube.com/watch?v=LQEYVigHGZQ
Photo – https://mma.prnewswire.com/media/2549319/Elsa_Pataky.jpg
Photo – https://mma.prnewswire.com/media/2549316/Chris_Hemsworth.jpg
Photo – https://mma.prnewswire.com/media/2549317/Elsa_Pataky_Chris_Hemsworth_Desert.jpg
Photo – https://mma.prnewswire.com/media/2549318/Elsa_Pataky_Chris_Hemsworth_dining.jpg
Logo – https://mma.prnewswire.com/media/2239093/4629993/Experience_Abu_Dhabi_Logo.jpg

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SOURCE Experience Abu Dhabi

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