Connect with us

Technology

Resideo Announces Second Quarter 2024 Financial Results

Published

on

Second quarter net income of $30 million; Adjusted EBITDA of $175 million, above the high end of outlook range

Products and Solutions second quarter gross margin of 41.3%, fifth consecutive quarter of year-over-year improvement

Continued progress on business transformation with forthcoming new product introductions and completed acquisition of Snap One

Appoints new Chief Financial Officer, Mike Carlet, former Snap One CFO

SCOTTSDALE, Ariz., Aug. 8, 2024 /PRNewswire/ — Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer and distributor of technology-driven products and solutions that provide home comfort and smart living, security, life safety and energy efficiency to consumers and businesses, today announced financial results for the second quarter ended June 29, 2024, which include 15 days of Snap One financial results following the close of the transaction on June 15, 2024.

Second Quarter 2024 Financial Highlights

Net revenue of $1.59 billion, down 1% compared to $1.60 billion in the second quarter 2023Net income of $30 million compared to $50 million in the second quarter 2023Adjusted EBITDA(1) of $175 million compared to $155 million in the second quarter 2023Fully diluted EPS of $0.19 and $0.34 and Adjusted EPS(1) of $0.62 and $0.48 for the second quarter 2024 and second quarter 2023, respectively.

Management Remarks

“Our second quarter results demonstrated the substantial progress we have made in transforming the structural profitability profile of the business and in executing on value creating strategic transactions,” commented Jay Geldmacher, Resideo’s President and CEO. “Products and Solutions delivered gross margin and Adjusted EBITDA margin at the highest levels since first quarter 2022. The business accomplished these results in a market environment constrained by higher interest rates and low housing turnover. ADI continued to make progress in driving key strategic initiatives around e-commerce and exclusive brands sales and saw improved customer activity as the quarter progressed.”

“I want to welcome former Snap One CFO, Mike Carlet, as CFO of Resideo effective tomorrow. Mike brings extensive finance and industry experience and will be a real asset across the organization. I also want to thank Tony Trunzo, who will stay on until March of 2025 to ensure a successful transition. Tony has been a tremendous partner to me and instrumental in Resideo’s transformation through his leadership in rebuilding our balance sheet, rationalizing our cost structure, and helping shape the strategic direction of the business.”

(1) This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measure, specifically Adjusted EBITDA and Adjusted EPS, assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis.  See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.

Products and Solutions Second Quarter 2024 Highlights

Net revenue of $630 million, decreased 7% compared to the second quarter 2023Gross margin of 41.3%, up 300 basis points compared to the second quarter 2023Income from operations of $130 million compared to $115 million in the second quarter 2023Adjusted EBITDA of $156 million, 24.8% of revenue, compared to $137 million, 20.2% of revenue, in the second quarter 2023

Products and Solutions delivered net revenue of $630 million in the second quarter 2024, down 7% compared to second quarter 2023 and down 2% excluding the impact of the Genesis divestiture. First Alert safety products again delivered strong year-over-year sales growth, driven by continued expansion in the residential new construction channel. Air product revenue stabilized and orders improved compared to second quarter 2023, reflecting normalized channel inventories with key distributor customers and strength in new construction. Offsetting this growth was slower activity in the EMEA region, particularly in Energy products.

Gross margin for the quarter was 41.3%, compared to 38.3% in the second quarter 2023, reflecting improving material costs, lower direct labor spending and more favorable factory utilization. Selling, general and administrative expenses were down $8 million and research and development expenses remained down compared to 2023. Expense management was again strong in the quarter and helped drive operating profit for the quarter of $130 million or 20.6% of revenue, up from $115 million or 17% of revenue in second quarter 2023. Adjusted EBITDA grew 14% year-over-year in the second quarter 2024 to $156 million, with Adjusted EBITDA margin up 460 basis points to 24.8%.

ADI Global Distribution Second Quarter 2024 Highlights

Net revenue of $959 million, increased 4% compared to the second quarter 2023Gross margin of 19.4%, up 20 basis points compared to the second quarter 2023Income from operations of $62 million compared to $71 million in the second quarter 2023Adjusted EBITDA of $77 million, 8.1% of revenue, compared to $79 million, 8.6% of revenue, in the second quarter 2023Exclusive brand sales up 18% compared to prior year second quarter, not including Snap One

ADI second quarter 2024 net revenue of $959 million increased $34 million compared to second quarter 2023, driven by the inclusion of $45 million of Snap One revenue following the transaction close on June 15, 2024. ADI had growth in several categories including Fire, Intrusion, Datacom and Professional Audio Visual. This was offset by year-over-year declines in Video Surveillance and Residential Audio Visual. For ADI, not including Snap One, the e-commerce channel grew 6% in second quarter 2024 compared to the prior year period. Exclusive brand sales, not including Snap One, grew by 18% compared to the second quarter 2023, with record sales levels achieved for the quarter.

Gross margin for the quarter was 19.4%, up 20 basis points compared to second quarter of 2023. The increase was driven by the inclusion of higher margin Snap One sales, largely offset by reduced inflationary pricing benefits and lower product line margin. ADI has experienced a reduction of average cost inventory benefits year-over-year, as supplier price increases have reduced in pace and scale in 2024. Selling, general and administrative expenses were $118 million in 2024, up $16 million compared to prior period including $12 million of Snap One expenses. Operating profit of $62 million for second quarter 2024 decreased 13% from $71 million in second quarter 2023. Adjusted EBITDA declined to $77 million in second quarter 2024 from $79 million in second quarter 2023.

Cash Flow and Liquidity

Net cash provided by operating activities was $92 million in second quarter 2024 compared to $121 million in the second quarter 2023. The decrease was primarily driven by Snap One transaction costs. At June 29, 2024, Resideo had cash and cash equivalents of $413 million and total outstanding debt of $1.99 billion.

Outlook

The following table summarizes the Company’s current third quarter 2024 and full year 2024 outlook.

($ in millions, except per share data)

Q3 2024

2024

Net revenue

$1,790 – $1,830

$6,680 – $6,760

Non-GAAP Adjusted EBITDA

$170 – $180

$655 – $695

Non-GAAP Adjusted Earnings per share

$0.49 – $0.59

$2.15 – $2.35

Full Year Cash Provided by Operating Activities

 At least $375

Conference Call and Webcast Details

Resideo will hold a conference call with investors on August 8, 2024, at 5:00 p.m. ET. An audio webcast of the call will be accessible at https://investor.resideo.com, where related materials will be posted before the call. A replay of the webcast will be available following the presentation. To join the conference call, please dial 888-660-6357 (U.S. toll-free) or 1-929-201-6127 (international), with the conference title “Resideo Second Quarter 2024 Earnings” or the conference ID: 7301399.

About Resideo 

Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through our ADI Global Distribution business, we are also a leading wholesale distributor of professionally installed electronic security and life safety products for commercial and residential markets and serve a variety of adjacent product categories including audio visual, data communications, and smart home solutions. For more information about Resideo, please visit www.resideo.com

Contacts:

Investors:

Media:

Jason Willey

Garrett Terry

Vice President, Investor Relations

Corporate Communications Manager

investorrelations@resideo.com 

garrett.terry@resideo.com 

Forward-Looking Statements

This release contains “forward-looking statements.” All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the third quarter 2024 and full year 2024, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint (3),  the amount of our obligations and nature of our contractual restrictions pursuant to, and disputes that have or may hereafter arise under the agreements we entered into with Honeywell in connection with our spin-off,  (4) risks related to our recently completed acquisitions including our ability to achieve the targeted amount of annual cost synergies and successfully integrate the acquired operations (including successfully driving category growth in connected offerings), (5) the ability of Snap One and/or Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (6) the ability of Snap One and/or Resideo to achieve the targeted amount of synergies and the related valuation implications described in this press release, (7) the accretive nature of the transaction to Resideo’s non-GAAP EPS in the first full year of ownership and the growth and margin profile of the combined businesses, (8) the ability to accelerate brand strategy as a result of the transaction, (9) the ability to integrate the Snap One business into Resideo and realize the anticipated strategic benefits of the transaction, including the anticipated operational and strategic benefits of the transaction, and (10) the other risks described under the headings “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward looking statements.

Use of Non-GAAP Measures

This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.

We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release. A reconciliation of the forecasted range for Adjusted EBITDA and Adjusted Net Income per diluted common share for the third quarter of 2024 and for the fiscal period ending December 31, 2024 are not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors.

Table 1: SUMMARY OF FINANCIAL RESULTS (UNAUDITED)

Q2 2024 (1)

YTD 2024 (1)

(in millions)

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Net revenue

$      630

$       959

$        —

$   1,589

$   1,250

$    1,825

$       —

$   3,075

Cost of goods sold

370

773

(1)

1,142

745

1,483

2,228

Gross profit

260

186

1

447

505

342

847

Research and development expenses

21

21

46

46

Selling, general and administrative
     expenses

103

118

59

280

200

220

91

511

Intangible asset amortization

6

6

1

13

12

9

1

22

Restructuring, impairment and
     extinguishment costs, net

11

11

5

2

11

18

Income (loss) from operations

$      130

$         62

$      (70)

$      122

$      242

$        111

$   (103)

$      250

 

Q2 2023 (1)

YTD 2023 (1)

(in millions)

Products
and
Solutions

ADI Global
Distribution

Corporate

Total 
Company

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Net revenue

$      677

$       925

$        —

$   1,602

$   1,335

$    1,816

$        —

$   3,151

Cost of goods sold

418

747

1

1,166

826

1,467

2

2,295

Gross profit (loss)

259

178

(1)

436

509

349

(2)

856

Research and development expenses

28

1

29

55

1

56

Selling, general and administrative
     expenses

111

102

30

242

221

207

58

486

Intangible asset amortization

5

3

1

10

11

6

2

19

Restructuring and impairment
expenses

2

2

2

2

4

Income (loss) from operations

$      115

$         71

$      (33)

$      153

$      220

$       135

$      (64)

$      291

 

Q2 2024 % change compared with
prior period

YTD 2024 % change compared with
prior period

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Net revenue

(7) %

4 %

N/A

(1) %

(6) %

— %

N/A

(2) %

Cost of goods sold

(11) %

3 %

N/A

(2) %

(10) %

1 %

N/A

(3) %

Gross profit

— %

4 %

N/A

3 %

(1) %

(2) %

N/A

(1) %

Research and development expenses

(25) %

N/A

N/A

(28) %

(16) %

N/A

N/A

(18) %

Selling, general and administrative
     expenses

(7) %

16 %

97 %

16 %

(10) %

6 %

57 %

5 %

Intangible asset amortization

20 %

100 %

— %

30 %

9 %

50 %

(50) %

16 %

Restructuring, impairment and
     extinguishment costs, net

N/A

N/A

N/A

450 %

150 %

— %

N/A

350 %

Income (loss) from operations

13 %

(13) %

112 %

(20) %

10 %

(18) %

61 %

(14) %

(1)

On January 1, 2024, certain corporate functions were decentralized into the operating segments aligning with the business strategy. Functional expenses related to information technology, finance, tax, business development, and research and development are now recorded within the Products and Solutions and ADI Global Distribution segments. For the three and six months ended July 1, 2023, $13 million and $25 million of corporate expenses have been reclassified into the Products and Solutions while $8 million and $16 million of corporate expenses have been reclassified into the ADI Global Distribution segments, respectively, decreasing reported Income from Operations to conform to the current year presentation.

Table 2: CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

Six Months Ended

(in millions, except per share data)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Net revenue

$             1,589

$             1,602

$             3,075

$             3,151

Cost of goods sold

1,142

1,166

2,228

2,295

Gross profit

447

436

847

856

Operating expenses:

Research and development expenses

21

29

46

56

Selling, general and administrative expenses

280

242

511

486

Intangible asset amortization

13

10

22

19

Restructuring, impairment and extinguishment costs, net

11

2

18

4

  Total operating expenses

325

283

597

565

  Income from operations

122

153

250

291

Reimbursement Agreement expense (1)

47

44

90

85

Other expense (income), net

1

(2)

(3)

Interest expense, net

15

17

28

34

  Income before taxes

59

94

132

175

Provision for income taxes

29

44

59

68

  Net income

$                   30

$                   50

$                   73

$                107

Earnings per common share:

Basic

$               0.19

$               0.34

$               0.49

$               0.73

Diluted

$               0.19

$               0.34

$               0.48

$               0.72

Weighted average common shares outstanding:

Basic

146

147

146

147

Diluted

149

149

148

149

(1)

Represents the expense incurred pursuant to the Reimbursement Agreement, which has an annual cash payment cap of $140 million. The following table summarizes information concerning the Reimbursement Agreement:

Three Months Ended

Six Months Ended

(in millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Accrual for Reimbursement Agreement liabilities deemed
probable and reasonably estimable

$                   47

$                   44

$                   90

$                   85

Cash payments made to Honeywell

(35)

(35)

(70)

(70)

Accrual increase, non-cash component in period

$                   12

$                     9

$                   20

$                   15

Table 3: CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions, except par value)

June 29, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$                  413

$                          636

Accounts receivable, net

1,071

973

Inventories, net

1,188

941

Other current assets

212

193

Total current assets

2,884

2,743

Property, plant and equipment, net

424

390

Goodwill

3,079

2,705

Intangible assets, net

1,218

461

Other assets

379

346

Total assets

$              7,984

$                       6,645

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                  980

$                          905

Current portion of long-term debt

12

12

Accrued liabilities

602

608

Total current liabilities

1,594

1,525

Long-term debt

1,979

1,396

Obligations payable under Indemnification Agreements

625

609

Other liabilities

492

366

Total liabilities

4,690

3,896

Stockholders’ equity

Preferred stock, $0.001 par value: 100 shares authorized, 0.5 shares issued and
outstanding at June 29, 2024 and no shares issued and outstanding at
December 31, 2023, respectively

482

Common stock, $0.001 par value: 700 shares authorized, 152 and 146 shares
issued and outstanding at June 29, 2024, respectively, and 151 and 145 shares
issued and outstanding at December 31, 2023, respectively

    Additional paid-in capital

2,276

2,226

    Retained earnings

881

810

    Accumulated other comprehensive loss, net

(242)

(194)

Treasury stock at cost

(103)

(93)

Total stockholders’ equity

3,294

2,749

Total liabilities and stockholders’ equity

$              7,984

$                       6,645

Table 4: CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended

Six Months Ended

(in millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Cash Flows From Operating Activities:

Net income

$                   30

$                   50

$                   73

$                107

Adjustments to reconcile net income to net cash in
operating activities:

Depreciation and amortization

28

25

52

49

Stock-based compensation expense

15

13

29

25

Other, net

7

4

17

6

Changes in assets and liabilities, net of acquired
companies:

Accounts receivable, net

(91)

(58)

(57)

(35)

Inventories, net

(11)

12

(4)

(15)

Other current assets

6

11

9

3

Accounts payable

75

56

31

44

Accrued liabilities

11

(8)

(78)

(94)

Other liabilities

22

16

22

27

Net cash provided by operating activities

92

121

94

117

Cash Flows From Investing Activities:

Acquisitions, net of cash acquired

(1,334)

(1,334)

(6)

Capital expenditures

(15)

(29)

(36)

(49)

Other investing activities, net

7

6

Net cash used in investing activities

(1,342)

(29)

(1,364)

(55)

Cash Flows From Financing Activities:

Proceeds from issuance of incremental term loans
under the A&R Term B Facility, net

582

582

Proceeds from issuance of preferred stock, net of
issuance costs

482

482

Repayments of long-term debt

(3)

(3)

(6)

(6)

Other financing activities, net

(1)

(6)

(6)

(12)

Net cash provided by (used in) financing activities

1,060

(9)

1,052

(18)

Effect of foreign exchange rate changes on cash, cash
equivalents and restricted cash

4

(5)

10

Net (decrease) increase in cash, cash equivalents and
restricted cash

(190)

87

(223)

54

Cash, cash equivalents and restricted cash at beginning
of period

604

296

637

329

Cash, cash equivalents and restricted cash at end of
period

$                414

$                383

$                414

$                383

 

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

ADJUSTED NET INCOME PER DILUTED COMMON SHARE AND

NET INCOME COMPARISON

(Unaudited)
 

RESIDEO TECHNOLOGIES, INC.

Three Months Ended

Six Months Ended

(in millions, except per share data)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

GAAP Net income

$                   30

$                   50

$                   73

$                107

Less: preferred stock dividends

2

2

GAAP Net income available to common stockholders

28

50

71

107

Acquisition and integration costs

34

34

Stock-based compensation expense

15

13

29

25

Intangible asset amortization

13

10

22

19

Reimbursement Agreement accrual increase, non-cash
component (1)

12

9

20

15

Other (2)

12

(3)

17

(5)

Tax effect of applicable non-GAAP adjustments (3)

(22)

(7)

(31)

(14)

Non-GAAP Adjusted net income available to common
stockholders

$                   92

$                   72

$                162

$                147

Three Months Ended

Six Months Ended

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

GAAP Net income per diluted common share

$               0.19

$               0.34

$               0.48

$               0.72

Acquisition and integration costs

0.23

0.23

Stock-based compensation expense

0.10

0.09

0.20

0.17

Intangible asset amortization

0.09

0.06

0.15

0.13

Reimbursement Agreement accrual increase, non-cash
component (1)

0.08

0.06

0.14

0.10

Other (2)

0.08

(0.02)

0.11

(0.03)

Tax effect of applicable non-GAAP adjustments (3)

(0.15)

(0.05)

(0.22)

(0.10)

Non-GAAP Adjusted net income per diluted common
share

$               0.62

$               0.48

$               1.09

$               0.99

(1)

Refer to the Unaudited Consolidated Statements of Operations herein.

(2)

Other includes restructuring expenses, impairment charges, extinguishment costs, loss on sale of assets, Tax Matters Agreement gain, foreign exchange transaction loss (income), and litigation settlements.

(3)

We calculated the tax effect of non-GAAP adjustments by applying a flat statutory tax rate of 25% for the three months ended June 29, 2024 and July 1, 2023.

 

 NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(Unaudited)
 

RESIDEO TECHNOLOGIES, INC.

Three Months Ended

Six Months Ended

(in millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Net revenue

$         1,589

$         1,602

$         3,075

$         3,151

GAAP Net income

$               30

$               50

$               73

$             107

GAAP Net income as a % of net revenue

1.9 %

3.1 %

2.4 %

3.4 %

Provision for income taxes

29

44

59

68

GAAP Income before taxes

59

94

132

175

Acquisition and integration costs

34

34

Depreciation and amortization

28

25

52

49

Stock-based compensation expense

15

13

29

25

Interest expense, net

15

17

28

34

Reimbursement Agreement accrual increase, non-cash
component (1)

12

9

20

15

Other (2)

12

(3)

17

(5)

Non-GAAP Adjusted EBITDA

$             175

$             155

$             312

$             293

Non-GAAP Adjusted EBITDA as a % of net revenue

11.0 %

9.7 %

10.1 %

9.3 %

(1) 

Refer to the Unaudited Consolidated Statements of Operations herein.

(2) 

Other includes restructuring expenses, impairment charges, extinguishment costs, loss on sale of assets, Tax Matters Agreement gain, foreign exchange transaction loss (income), and litigation settlements.

 

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(Unaudited)
 

PRODUCTS AND SOLUTIONS SEGMENT

Three Months Ended

Six Months Ended

(in millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Net revenue

$             630

$             677

$         1,250

$         1,335

GAAP Income from operations

$             130

$             115

$             242

$             220

GAAP Income from operations as a % of net revenue

20.6 %

17.0 %

19.4 %

16.5 %

Stock-based compensation expense

4

5

10

9

Other (1)

4

9

2

Non-GAAP Adjusted Income from Operations

$             138

$             120

$             261

$             231

Depreciation and amortization

18

17

35

34

Non-GAAP Adjusted EBITDA

$             156

$             137

$             296

$             265

Non-GAAP Adjusted EBITDA as a % of net revenue

24.8 %

20.2 %

23.7 %

19.9 %

(1)  Other includes restructuring expenses and litigation settlements.

 

ADI GLOBAL DISTRIBUTION SEGMENT

Three Months Ended

Six Months Ended

(in millions)

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Net revenue

$             959

$             925

$         1,825

$         1,816

GAAP Income from operations

$               62

$               71

$             111

$             135

GAAP Income from operations as a % of net revenue

6.5 %

7.7 %

6.1 %

7.4 %

Stock-based compensation expense

3

1

5

3

Acquisition and integration costs

4

4

Other (1)

2

2

2

Non-GAAP Adjusted Income from Operations

$               69

$               74

$             122

$             140

Depreciation and amortization

8

5

13

9

Non-GAAP Adjusted EBITDA

$               77

$               79

$             135

$             149

Non-GAAP Adjusted EBITDA as a % of net revenue

8.0 %

8.5 %

7.4 %

8.2 %

(1)  Other includes restructuring expenses.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/resideo-announces-second-quarter-2024-financial-results-302218342.html

SOURCE Resideo Technologies, Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Marine Biological Laboratory Appoints Nicole A. Theodosiou as Burroughs Wellcome Director of Education

Published

on

By

WOODS HOLE, Mass., July 23, 2026 /PRNewswire/ — The Marine Biological Laboratory (MBL) has appointed Nicole A. Theodosiou, Ph.D., as its next Burroughs Wellcome Director of Education at the Marine Biological Laboratory. She will join the MBL on September 8.

Theodosiou brings more than two decades of experience in science education, academic leadership, and program development. She joins the MBL from Union College in Schenectady, New York, where she held a number of leadership roles focused on curriculum innovation, faculty development, and undergraduate STEM education. Most recently, she served as Special Projects Director for Initiatives in Pedagogy & Course Design. Previously, she directed the Howard Hughes Medical Institute Inclusive Excellence Initiative, led the Biochemistry Program, and served as a faculty member in the Department of Biology.

Throughout her career, Theodosiou has developed interdisciplinary educational programs, led faculty development initiatives, and advanced innovative approaches to teaching and learning. She is a member of the Society for Developmental Biology Academy and served on the Society’s Board of Directors as chair of its Professional Development and Education Committee, where she helped create professional development programs and educational resources for scientists nationwide.

At the MBL, Theodosiou will lead the institution’s educational programs, including its internationally renowned Advanced Research Training Courses (ARTCs), undergraduate and high school programs, and other educational initiatives that support the Laboratory’s mission of advancing biological discovery through research and education.

“Education has been central to the MBL’s mission since our founding in 1888,” said Nipam H. Patel, Director of the MBL. “Nicole brings a remarkable combination of scientific expertise, educational leadership, and strategic vision. Her commitment to experiential learning and developing innovative educational programs makes her an outstanding addition to our leadership team as we work to magnify the MBL’s educational impact for the next generation of scientists. “

Theodosiou has maintained a longstanding connection to the MBL throughout her career. She participated in the Laboratory’s Gene Regulatory Networks course in 2015, collaborated with the Marine Resource Center in support of her research, and has mentored students who have participated in MBL educational programs. She has described the MBL’s educational ecosystem as “unparalleled” and its tradition of learning by doing as closely aligned with her own philosophy of science education.

“The MBL has always been a place where scientific discovery and education go hand in hand,” said Theodosiou. “Its tradition of learning by doing and global community has inspired generations of researchers, including myself. I’m honored to join the MBL community and look forward to strengthening and building on its extraordinary legacy to inspire and train the next generation of scientists. “

Theodosiou earned a Ph.D. in Genetics from Yale University and a bachelor’s degree in biology from Swarthmore College. Her research as a developmental biologist has focused on vertebrate evolution and development, while her educational leadership has emphasized creating accessible, research-driven learning environments that integrate science, education, and communication.

About the Marine Biological Laboratory

The Marine Biological Laboratory (MBL) is dedicated to scientific discovery—exploring fundamental biology, understanding biodiversity and the environment, and informing the human condition through research and education. Founded in Woods Hole, Massachusetts, in 1888, the MBL is a private, nonprofit institution.

Media Contact:
Samantha Cummis
Scummis@mbl.edu
973-800-4118

View original content to download multimedia:https://www.prnewswire.com/news-releases/marine-biological-laboratory-appoints-nicole-a-theodosiou-as-burroughs-wellcome-director-of-education-302833514.html

SOURCE Marine Biological Laboratory

Continue Reading

Technology

Marine Biological Laboratory Appoints Nicole A. Theodosiou as Burroughs Wellcome Director of Education

Published

on

By

WOODS HOLE, Mass., July 23, 2026 /PRNewswire/ — The Marine Biological Laboratory (MBL) has appointed Nicole A. Theodosiou, Ph.D., as its next Burroughs Wellcome Director of Education at the Marine Biological Laboratory. She will join the MBL on September 8.

Theodosiou brings more than two decades of experience in science education, academic leadership, and program development. She joins the MBL from Union College in Schenectady, New York, where she held a number of leadership roles focused on curriculum innovation, faculty development, and undergraduate STEM education. Most recently, she served as Special Projects Director for Initiatives in Pedagogy & Course Design. Previously, she directed the Howard Hughes Medical Institute Inclusive Excellence Initiative, led the Biochemistry Program, and served as a faculty member in the Department of Biology.

Throughout her career, Theodosiou has developed interdisciplinary educational programs, led faculty development initiatives, and advanced innovative approaches to teaching and learning. She is a member of the Society for Developmental Biology Academy and served on the Society’s Board of Directors as chair of its Professional Development and Education Committee, where she helped create professional development programs and educational resources for scientists nationwide.

At the MBL, Theodosiou will lead the institution’s educational programs, including its internationally renowned Advanced Research Training Courses (ARTCs), undergraduate and high school programs, and other educational initiatives that support the Laboratory’s mission of advancing biological discovery through research and education.

“Education has been central to the MBL’s mission since our founding in 1888,” said Nipam H. Patel, Director of the MBL. “Nicole brings a remarkable combination of scientific expertise, educational leadership, and strategic vision. Her commitment to experiential learning and developing innovative educational programs makes her an outstanding addition to our leadership team as we work to magnify the MBL’s educational impact for the next generation of scientists. “

Theodosiou has maintained a longstanding connection to the MBL throughout her career. She participated in the Laboratory’s Gene Regulatory Networks course in 2015, collaborated with the Marine Resource Center in support of her research, and has mentored students who have participated in MBL educational programs. She has described the MBL’s educational ecosystem as “unparalleled” and its tradition of learning by doing as closely aligned with her own philosophy of science education.

“The MBL has always been a place where scientific discovery and education go hand in hand,” said Theodosiou. “Its tradition of learning by doing and global community has inspired generations of researchers, including myself. I’m honored to join the MBL community and look forward to strengthening and building on its extraordinary legacy to inspire and train the next generation of scientists. “

Theodosiou earned a Ph.D. in Genetics from Yale University and a bachelor’s degree in biology from Swarthmore College. Her research as a developmental biologist has focused on vertebrate evolution and development, while her educational leadership has emphasized creating accessible, research-driven learning environments that integrate science, education, and communication.

About the Marine Biological Laboratory

The Marine Biological Laboratory (MBL) is dedicated to scientific discovery—exploring fundamental biology, understanding biodiversity and the environment, and informing the human condition through research and education. Founded in Woods Hole, Massachusetts, in 1888, the MBL is a private, nonprofit institution.

Media Contact:
Samantha Cummis
Scummis@mbl.edu
973-800-4118

View original content to download multimedia:https://www.prnewswire.com/news-releases/marine-biological-laboratory-appoints-nicole-a-theodosiou-as-burroughs-wellcome-director-of-education-302833514.html

SOURCE Marine Biological Laboratory

Continue Reading

Technology

Canada’s investment industry and business community welcome Ontario’s commitment to join regulatory passport system

Published

on

By

Industry, business, and professional associations voice strong support for greater regulatory harmonization and a more competitive Canadian economy

TORONTO, July 23, 2026 /CNW/ — Canada’s investment industry and business community welcome Ontario’s commitment to join the country’s securities regulatory passport system, marking a significant step toward greater regulatory harmonization and a more efficient and competitive Canadian capital market.

A coalition of associations representing firms and professionals from across Canada’s capital markets sector, together with a broad cross-section of the business community, strongly supports the announcement by Ontario Finance Minister Peter Bethlenfalvy at the recent meeting of Canada’s finance ministers, convened by Federal Finance Minister Francois-Philippe Champagne, and supported by their provincial and territorial counterparts.

Ontario’s participation in the passport system will make it easier for firms to operate and raise capital across Canada, while reducing unnecessary regulatory duplication and costs. More broadly, it advances the national effort to remove internal trade barriers, boost productivity and strengthen Canada’s economic competitiveness.

The passport system has already demonstrated that greater regulatory coordination can be achieved while respecting provincial jurisdiction. Participating regulators retain their authority and distinct roles, while firms benefit from a system in which decisions made by a principal regulator are generally recognized across participating jurisdictions.

Ontario’s participation creates an opportunity not only to reduce duplication but also to strengthen the system as a whole. A more integrated model can better leverage the expertise and capabilities of regulators across the country, creating opportunities for greater regulatory specialization and leadership in areas where individual jurisdictions have particular strengths.

For firms, greater harmonization means more predictable regulation, less duplication, and a more efficient regulatory environment. For investors, it supports a framework that maintains strong investor protection while responding more effectively to an increasingly complex and competitive global marketplace. For Canada, it helps create a more attractive environment in which to invest, launch new products and raise capital.

This coalition stands ready to work with governments and securities regulators across Canada to support Ontario’s timely and successful implementation of the passport system and build on the progress already made. We encourage all parties to move quickly to bring Ontario into the existing framework, while preserving the features that have made the passport system work so effectively.

Ontario’s commitment is a milestone and an important step toward a more integrated, efficient and competitive capital market that will strengthen the Canadian economy and better serve Canadian investors and businesses.

About the coalition

The Canadian Bankers Association (CBA) is the voice of more than 60 domestic and foreign banks that help drive Canada’s economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. 

The Canadian ETF Association (CETFA) is the national voice of Canada’s ETF industry, representing approximately 96 per cent of exchange traded fund (ETF) assets in Canada. CETFA promotes the growth, sustainability and integrity of Canada’s ETF industry. It keeps investment professionals informed about ETF developments, educates investors about ETFs and their benefits, and debunks ETF myths.

CFA Societies Canada is a collaboration of the 12 Canadian CFA Institute member societies, representing over 21,000 CFA charter holders in Canada. Its mission is to lead the investment profession in Canada by advancing the highest professional standards, integrity, and ethics for the ultimate benefit of Canadian society.

Chartered Professional Accountants of Canada (CPA Canada) is one of the most influential accounting organizations in the world. As a non-regulatory body comprised of individual CPA members, CPA Canada supports the profession and represents Canadian CPAs at the national and international levels. Nationally, CPA Canada acts in the public interest to promote transparency in financial markets, prepares CPAs for a rapidly evolving business environment through extensive guidance and programming and contributes to standard setting and policy making. Globally, CPA Canada works together with international bodies to build a stronger accounting profession worldwide. Its dedicated efforts help shape public policy, influence regulatory frameworks and establish high professional standards that reflect the evolving needs of the accounting industry.

The Alternative Investment Management Association (AIMA) is the global representative of the alternative investment industry, with around 2,100 corporate members in over 60 countries. AIMA’s fund manager members collectively manage more than US$4 trillion in hedge fund and private credit assets. AIMA draws upon the expertise and diversity of its membership to provide leadership in industry initiatives such as advocacy, policy and regulatory engagement, educational programs and sound practice guides. AIMA works to raise media and public awareness of the value of the industry. AIMA set up the Alternative Credit Council (ACC) to help firms focused in the private credit and direct lending space. The ACC currently represents over 250 members that manage US$2 trillion of private credit assets globally. AIMA is committed to developing skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the first and only specialized educational standard for alternative investment specialists. AIMA is governed by its Council (Board of Directors). AIMA was founded in 1990, with the AIMA Canada subsidiary formed in 2003.

The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, non-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC convenes, mobilizes and empowers business and local chambers in pursuit of its purpose: to bring inclusive and sustainable prosperity to Ontario’s businesses, workers, and communities.

The Pension Investment Association of Canada (PIAC) has been the foremost voice for Canadian pension funds in matters related to pension investment and governance since 1977. PIAC is composed of over 130 of the largest pension plans in the country who manage over $3.5 trillion of assets on behalf of millions of Canadians. Its mission is to promote sound investment practices and good governance for the benefit of plan sponsors and beneficiaries.

The Portfolio Management Association of Canada (PMAC) represents over 300 asset management firms that manage more than $4 trillion in assets. Members are all fiduciaries managing investments in the best interests of their clients, which include private individuals, foundations, universities and pension plans. PMAC employs a collaborative information-sharing business model and advocates on behalf of its members on securities regulation and government policy matters. The association’s mission is to advocate the highest standards of unbiased portfolio management in the interest of investors served by members.

The Securities and Investment Management Association (SIMA) empowers Canada’s investment industry. The association, formerly The Investment Funds Institute of Canada (IFIC), is the leading voice for the securities and investment management industry, which oversees approximately $4.5 trillion in assets for over 20 million investors and the Canadian capital markets. Our members–including investment fund managers, investment and mutual fund dealers, capital markets participants, and professional service providers–are committed to creating a resilient, innovative investment sector that fuels long-term economic growth and creates opportunities for all Canadians.

SOURCE Securities and Investment Management Association

Continue Reading

Trending