Digital Media Net - Your Gateway To Digital media Creation. News and information on Digital Video, VR, Animation, Visual Effects, Mac Based media. Post Production, CAD, Sound and Music
Categories: MacNews

BowFlex Parent, Nautilus, Inc. Reports First Quarter Fiscal 2024 Results

Net Sales of $42M Down 24% Year-over-Year

Gross Profit Up 24%; Gross Margin Expanded 800 Basis Points vs. Q1 Fiscal 2023

Adjusted EBITDA Loss Reduced by 70% vs Q1 Fiscal 2023

Reaches Approximately 535K JRNY®Members, Up 48% vs Q1 Fiscal 2023

Reaffirms Fiscal Year 2024 Guidance, Expecting Significant Year-over-Year Improvement in Adjusted EBITDA Loss in Full Year Fiscal 2024

VANCOUVER, Wash.–(BUSINESS WIRE)–Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the fiscal 2024 first quarter ended June 30, 2023.

Management Comments

Driven by our operational and supply chain efforts and cost reduction actions, we made progress on our path back to profitability in the first quarter with significant improvement in gross margin and adjusted EBITDA loss,” said Jim Barr, Nautilus, Inc. Chief Executive Officer. “We also delivered our seventh consecutive quarter of sequential improvements in our inventory levels, solidified our liquidity position, and strengthened our balance sheet, providing us with the necessary financial flexibility to navigate the volatile retail environment while continuing to execute on our North Star Strategy.”

Mr. Barr concluded, “We continue to scale our differentiated digital offering, JRNY®, reaching over 535,000 members at the end of the quarter. Continued momentum in our Direct business reflects enhancements we’ve made to our product portfolio in this category. We are excited to further build on our strong portfolio with an exciting new pipeline of products with our new BowFlex® visual branding this Fall. With improving profitability, ample liquidity, and traction on our North Star strategy, we feel well positioned to capitalize on the enduring shift to at home fitness over the long term.”

Total Company Results

Fiscal 2024 First Quarter Ended June 30, 2023 Compared to June 30, 2022

  • Net sales were $41.8 million, compared to $54.8 million, a decline of 23.8% versus last year. The sales decline versus last year was driven primarily by lower customer demand.
  • Gross profit was $8.6 million, compared to $7.0 million last year, an increase of 24.3% versus last year. Gross profit margins were 20.7% compared to 12.7% last year. The 8.0 ppt increase in gross margins was primarily due to lower landed product costs (+11 ppts), decreased discounting (+2 ppts), favorable logistics overhead absorption (+1 ppt), offset by unfavorable absorption of JRNY COGS (-5 ppts), and increased outbound freight (-1 ppts).
  • Operating expenses were $19.2 million compared to $58.1 million last year. The decrease of $39.0 million, or 67.0%, was primarily due to $27.0 million asset impairment charge in fiscal 2023, $4.3 million decrease in personnel expenses, $4.0 million lower media spending, $2.1 million decrease in contracted services, $1.3 million decrease in other costs, and $0.7 million in other variable selling, and marketing expenses due to decreased sales, offset by $0.4 million increase in restructuring related charges. Total advertising expenses were $1.1 million this year versus $5.1 million last year.
  • Operating loss was $10.5 million compared to an operating loss of $51.2 million last year, primarily driven by lower operating expenses and higher gross profit.
  • Income tax expenses were $0.5 million this year compared to $8.1 million last year. Expenses this quarter are primarily driven by foreign related taxes and FIN 48 reserves related to an income tax audit. No tax benefit associated with domestic losses was recognized due to the U.S. deferred tax asset valuation allowance position established last year. Income tax expense for the three-months ended June 30, 2022 was primarily a result of the U.S. deferred tax asset valuation allowance.
  • Loss from continuing operations was $4.9 million, or $0.15 per diluted share, compared to a loss of $60.2 million, or $1.92 per diluted share, last year.
  • Net loss was $4.9 million, or $0.15 per diluted share, compared to net loss of $60.2 million or $1.92 per diluted share, last year.
  • The following non-GAAP measures exclude the impact of non-cash impairment charges1 related to the carrying value of our goodwill and intangible assets in the prior year period and restructuring and exit charges1 for the three-months ended June 30, 2023.
    • Adjusted operating expenses were $18.7 million compared to $31.2 million last year. The $12.4 million or 39.9% decrease was primarily due to $4.3 million decrease in personnel expenses, $4.0 million lower media spending, $2.1 million decrease in contracted services, $1.3 million decrease in other costs, and $0.7 million in other variable selling, and marketing expenses due to decreased sales.
    • Adjusted operating loss was $10.1 million compared to $24.2 million last year, driven by lower operating expenses and higher gross profit.
    • Adjusted EBITDA loss from continuing operations was $5.9 million compared to $19.9 million last year.

1 See “Reconciliation of Non-GAAP Financial Measures” for more information

JRNY® Update

  • Nautilus continues to enhance and refine existing JRNY® features that are popular with customers, including its personalized recommendations and differentiated, adaptive workouts.
  • As of June 30, 2023, members of JRNY® reached 537,000, representing approximately 48% growth versus the same quarter last year. Of these members, 150,000 were Subscribers, representing approximately 17% growth over the same period last year. Nautilus defines JRNY® Members as all individuals who have a JRNY® account and/or subscription, which includes Subscribers, their respective associated users, and users who consume free content. A Subscriber is a person or household who paid for a subscription, is in a trial, or has requested a “pause”‘ to their subscriptions for up to three months.
  • Earlier this year, Nautilus introduced the JRNY® app with Motion Tracking offering personalized coaching and feedback, automatic rep tracking, form guidance, and adaptive weight targets to all JRNY® memberships. Accessible via iOS or Android tablets and mobile devices, these embedded features are available to all JRNY® members with their existing membership and without the need for additional equipment. Leveraging proprietary technology and machine learning expertise from Nautilus’ acquisition of VAY, these new features bring enhanced value within the JRNY® platform, which Nautilus expects to drive JRNY® membership growth. The Company has seen early success, as workouts with motion tracking are chosen by consumers twice as frequently as other workouts in the JRNY® platform.
  • A JRNY® Mobile subscription, priced at an affordable $11.99 per month or $99 per year, is designed for members who like using a mobile device (phone or tablet) with a compatible BowFlex® or Schwinn connectable product. They also benefit from a wide range of whole body workouts that are versatile and can be used both at home and on the go.
  • A JRNY® All-Access subscription, at $19.99 per month or $149 per year, expands a members’ usage to any of our BowFlex® built-in touchscreen cardio products.

Segment Results

Fiscal 2024 First Quarter Ended June 30, 2023 Compared to June 30, 2022

Direct Segment

  • Direct segment sales were $21.8 million, compared to $26.5 million, a decline of 17.5% versus last year. The net sales decrease compared to last year was primarily driven by lower customer demand.
  • Cardio sales declined 26.9% versus last year. Lower cardio sales this quarter versus last year were primarily driven by lower demand for bikes. Strength product sales were relatively flat versus the same period last year.
  • Gross profit margin was 16.2% versus 17.2% last year. The 1.0 ppt decrease in gross margin was primarily driven by: unfavorable absorption of JRNY® COGs (-8 ppts), increased discounting (-2 ppts) and higher outbound freight (-2 ppts), offset by lower landed product costs (+7 ppts) and favorable logistics overhead absorption (+3 ppts). Gross profit was $3.5 million, a decrease of 22.6% versus the same period in 2022.
  • Segment contribution loss was $4.7 million, or 21.6% of sales, compared to segment contribution loss of $9.9 million, or 37.4% of sales last year. The improvement was primarily driven by decreased media spend and lower operating expenses, partially offset by lower gross profit, as explained above. Advertising expenses were $0.9 million compared to $5.2 million for the same period in 2022.

Retail Segment

  • Retail segment sales were $19.5 million, compared to $27.4 million, a decline of 29.0% versus last year. Retail segment sales outside the United States and Canada were up 69.1% versus last year. The net sales decrease compared to last year was primarily driven by lower demand as retailers work through higher-than-normal inventory levels.
  • Cardio sales declined 21.3% versus last year. Lower cardio sales this quarter were primarily driven by lower demand for bikes. Strength product sales declined by 34.9% versus last year. Lower strength sales this quarter versus last year were primarily driven by lower demand for SelectTech® weights.
  • Gross profit margin was 24.1% versus 5.5% last year. The 18.6 ppt increase in gross margin was primarily due to lower landed product costs (+13 ppts) and decreased discounting (+7 ppts), partially offset by unfavorable logistics overhead absorption (-1 ppt). Gross profit was $4.7 million, an increase of 213.2% versus last year.
  • Segment contribution income was $0.4 million, or 2.0% of sales, compared to segment contribution loss of $5.4 million, or 19.7% of sales, last year. The improvement was primarily driven by higher gross profit and lower operating expenses.

Balance Sheet and Other Key Highlights as of June 30, 2023:

  • Cash and Liquidity:
    • Cash, cash equivalents, and restricted cash were $18.3 million, flat compared to March 31, 2023. This was primarily due to net proceeds of $10.1 million from the sale of intellectual property, net proceeds of $4.6 million from an equity raise, net proceeds of $2.2 million from the sale of Vi Labs, offset by $12.9 million in payments on long term debt, $2.4 million in cash used in operating activities, $1.2 million for capital expenditures, $0.8 million in payments of debt issuance costs and $0.4 million in payments of early termination of debt fees.
    • Debt and other borrowings were $15.9 million, a reduction of $12.0 million, compared to $27.9 million as of March 31, 2023.
    • $9.5 million was available for borrowing under the Wells Fargo Asset Based Lending Revolving Facility (“Facility”) compared to $14.9 million as of March 31, 2023.
    • Free Cash Flow1, defined as net cash used in operating activities minus capital expenditures, was an outflow of $3.5 million for the three-month period ended June 30, 2023 compared to an outflow of $9.4 million for the same period last year.

1 See “Reconciliation of Non-GAAP Financial Measures” for more information

  • Inventory was $39.8 million, down 15% compared to $46.6 million as of March 31, 2023 and down 62% versus the same quarter last year. The year-over-year decrease in inventory was driven by sell-through and strong inventory management as the Company continued to right-size inventory levels. About 9% of inventory as of June 30, 2023 was in-transit.
  • Trade receivables were $13.2 million, compared to $21.5 million as of March 31, 2023. The decrease in trade receivables was due to lower sales volumes driven by seasonality.
  • Trade payables were $20.5 million, compared to $29.4 million as of March 31, 2023. The decrease in trade payables was primarily due to lower operating expense accruals due to seasonality and cost cutting actions taken in Q4 FY23.
  • Capital expenditures totaled $1.2 million for the three-months ended June 30, 2023.

Forward Looking Guidance

The following forward-looking statements reflect the Company’s full fiscal year 2024 expectations as of August 9, 2023 and are subject to risks and uncertainties.

Full Year Fiscal 2024

Nautilus is reiterating full year fiscal 2024 guidance.

  • The Company expects full year net revenue to be in the range of $270 million to $300 million, with the second half of the year representing 60% to 65% of full year net revenue.
  • Given the sale of the Nautilus Brand, the Company expects full year royalty revenue to be $1.8 million.
  • The Company expects full year Adjusted EBITDA1 of between $15 million loss to break-even.
  • The Company is targeting JRNY® Members to be approximately 625,000 at March 31, 2024.

1The Company provides Adjusted EBITDA guidance, rather than net income guidance, due to the inherent unpredictability of forecasting certain types of expenses such as stock-based compensation and income tax expenses, which affect net income but not Adjusted EBITDA. The Company is unable to reasonably estimate the impact of such expenses, if any, on net income. The inability to project certain components of the calculation would significantly affect the accuracy of a reconciliation. Accordingly, the Company does not provide a reconciliation of projected net income to projected Adjusted EBITDA

Conference Call

Nautilus Inc. will discuss fiscal 2024 first quarter ended June 30, 2023 operating results during a live conference call and webcast on Wednesday, August 9, 2023 at 1:30 p.m. Pacific Time. The conference call can be accessed by calling (844) 825-9789 in North America. International callers may dial (412) 317-5180. Please note that there will be presentation slides accompanying the earnings call. The slides will be displayed live on the webcast and will be available to download via the webcast player or at http://www.nautilusinc.com/events. The webcast will be archived online within two hours after completion of the call and will be available for six months. Participants from the Company will include Jim Barr, Chief Executive Officer and Aina Konold, Chief Financial Officer.

A telephonic playback will be available from 4:30 p.m. PT, August 9, 2023 through 8:59 p.m. PT, August 23, 2023. Participants can dial (844) 512-2921 in North America and international participants can dial (412) 317-6671 to hear the playback. The passcode for the playback is 10180917.

About Nautilus, Inc.

Nautilus, Inc. (NYSE:NLS) is a global leader in digitally connected home fitness solutions. The Company’s brand family includes BowFlex®, Nautilus®, Schwinn®, and JRNY®, its digital fitness platform. With a broad selection of exercise bikes, cardio equipment, and strength training products, Nautilus, Inc. empowers healthier living through individualized connected fitness experiences and in doing so, envisions building a healthier world, one person at a time.

Headquartered in Vancouver, Washington, the Company’s products are sold direct to consumer on brand websites and through retail partners and are available throughout the U.S. and internationally. Nautilus, Inc. uses the investor relations page of its website (www.nautilusinc.com/investors) to make information available to its investors and the market.

Forward-Looking Statements

This press release includes forward-looking statements (statements which are not historical facts) within the meaning of the Private Securities Litigation Reform Act of 1995, including: projected, targeted or forecasted financial, operating results and capital expenditures, including but not limited to net sales growth rates, gross margins, operating expenses, operating margins, anticipated demand for the Company’s new and existing products, statements regarding the Company’s prospects, resources or capabilities; planned investments, strategic initiatives and the anticipated or targeted results of such initiatives; the effects of the COVID-19 pandemic on the Company’s business; and planned operational initiatives and the anticipated cost-saving results of such initiatives. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause Nautilus, Inc.’s actual expectations to differ materially from these forward-looking statements also include: weaker than expected demand for new or existing products; our ability to timely acquire inventory that meets our quality control standards from sole source foreign manufacturers at acceptable costs; risks associated with current and potential delays, work stoppages, or supply chain disruptions, including shipping delays due to the severe shortage of shipping containers; an inability to pass along or otherwise mitigate the impact of raw material price increases and other cost pressures, including unfavorable currency exchange rates and increased shipping costs; experiencing delays and/or greater than anticipated costs in connection with launch of new products, entry into new markets, or strategic initiatives; our ability to hire and retain key management personnel; changes in consumer fitness trends; changes in the media consumption habits of our target consumers or the effectiveness of our media advertising; a decline in consumer spending due to unfavorable economic conditions; risks related to the impact on our business of the COVID-19 pandemic or similar public health crises; softness in the retail marketplace; availability and timing of capital for financing our strategic initiatives, including being able to raise capital on favorable terms or at all; changes in the financial markets, including changes in credit markets and interest rates that affect our ability to access those markets on favorable terms and the impact of any future impairment. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission, including the “Risk Factors” set forth in our Annual Report on Form 10-K, as supplemented by our quarterly reports on Form 10-Q. Such filings are available on our website or at www.sec.gov. You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the forward-looking statements. We undertake no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances.

RESULTS OF OPERATIONS INFORMATION

The following summary contains information from our consolidated statements of operations for the three-month period ended June 30, 2023 and 2022 (unaudited and in thousands, except per share amounts):

 

Three-Months Ended

June 30,

 

2023

 

2022

Net sales

$

41,750

 

 

$

54,817

 

Cost of sales

 

33,101

 

 

 

47,860

 

Gross profit

 

8,649

 

 

 

6,957

 

Operating expenses:

 

 

 

Selling and marketing

 

6,001

 

 

 

12,891

 

General and administrative

 

8,894

 

 

 

12,463

 

Research and development

 

3,847

 

 

 

5,823

 

Restructuring and exit charges

 

440

 

 

 

 

Goodwill and intangible impairment charge

 

 

 

 

26,965

 

Total operating expenses

 

19,182

 

 

 

58,142

 

 

 

 

 

Operating loss

 

(10,533

)

 

 

(51,185

)

Other income (expense), net

 

6,114

 

 

 

(889

)

Loss from continuing operations before income taxes

 

(4,419

)

 

 

(52,074

)

Income tax expense

 

505

 

 

 

8,096

 

Loss from continuing operations

 

(4,924

)

 

 

(60,170

)

Loss from discontinued operations, net of income taxes

 

 

 

 

(7

)

Net loss

$

(4,924

)

 

$

(60,177

)

 

 

 

 

Basic loss per share from continuing operations

$

(0.15

)

 

$

(1.92

)

Basic loss per share from discontinued operations

 

 

 

 

 

Basic net loss per share

$

(0.15

)

 

$

(1.92

)

 

 

 

 

Diluted loss per share from continuing operations

$

(0.15

)

 

$

(1.92

)

Diluted loss per share from discontinued operations

 

 

 

 

 

Diluted net loss per share

$

(0.15

)

 

$

(1.92

)

 

 

 

 

Shares used in per share calculations:

 

 

 

Basic

 

32,355

 

 

 

31,405

 

Diluted

 

32,355

 

 

 

31,405

 

 

 

 

 

Select Metrics:

 

 

 

Gross margin

 

20.7

%

 

 

12.7

%

Selling and marketing % of net sales

 

14.4

%

 

 

23.5

%

General and administrative % of net sales

 

21.3

%

 

 

22.7

%

Research and development % of net sales

 

9.2

%

 

 

10.6

%

Operating loss % of net sales

 

(25.2

)%

 

 

(93.4

)%

SEGMENT INFORMATION

The following table presents certain comparative information by segment and major product lines within each business segment for the three-months ended June 30, 2023 and 2022 (unaudited and in thousands):

 

Three-Months Ended

June 30,

 

Change

 

2023

 

2022

 

$

 

%

Net sales:

 

 

 

 

 

 

 

Direct net sales:

 

 

 

 

 

 

 

Cardio products(1)

$

12,518

 

 

$

17,133

 

 

$

(4,615

)

 

(26.9

)%

Strength products(2)

 

9,328

 

 

 

9,343

 

 

 

(15

)

 

(0.2

)%

Direct

 

21,846

 

 

 

26,476

 

 

 

(4,630

)

 

(17.5

)%

 

 

 

 

 

 

 

 

Retail net sales:

 

 

 

 

 

 

 

Cardio products(1)

 

9,321

 

 

 

11,843

 

 

 

(2,522

)

 

(21.3

)%

Strength products(2)

 

10,156

 

 

 

15,601

 

 

 

(5,445

)

 

(34.9

)%

Retail

 

19,477

 

 

 

27,444

 

 

 

(7,967

)

 

(29.0

)%

 

 

 

 

 

 

 

 

Royalty

 

427

 

 

 

897

 

 

 

(470

)

 

(52.4

)%

Consolidated net sales

$

41,750

 

 

$

54,817

 

 

$

(13,067

)

 

(23.8

)%

 

 

 

 

 

 

 

 

Gross profit:

 

 

 

 

 

 

 

Direct

$

3,530

 

 

$

4,562

 

 

$

(1,032

)

 

(22.6

)%

Retail

 

4,692

 

 

 

1,498

 

 

 

3,194

 

 

213.2

%

Royalty

 

427

 

 

 

897

 

 

 

(470

)

 

(52.4

)%

Consolidated gross profit

$

8,649

 

 

$

6,957

 

 

$

1,692

 

 

24.3

%

 

 

 

 

 

 

 

 

Gross margin:

 

 

 

 

 

 

 

Direct

 

16.2

%

 

 

17.2

%

 

 

(100

)

basis points

Retail

 

24.1

%

 

 

5.5

%

 

 

1,860

 

basis points

 

 

 

 

 

 

 

 

Contribution:

 

 

 

 

 

 

 

Direct

$

(4,708

)

 

$

(9,893

)

 

$

5,185

 

 

52.4

%

Retail

 

382

 

 

 

(5,408

)

 

 

5,790

 

 

107.1

%

Royalty

 

427

 

 

 

897

 

 

 

(470

)

 

(52.4

)%

Consolidated contribution

$

(3,899

)

 

$

(14,404

)

 

$

10,505

 

 

72.9

%

 

 

 

 

 

 

 

 

Reconciliation of consolidated contribution to loss from continuing operations:

 

 

Consolidated contribution

$

(3,899

)

 

$

(14,404

)

 

$

10,505

 

 

72.9

%

Amounts not directly related to segments:

 

 

 

 

 

 

 

Operating expenses

 

(6,634

)

 

 

(36,781

)

 

 

30,147

 

 

82.0

%

Other expense, net

 

6,114

 

 

 

(889

)

 

 

7,003

 

 

787.7

%

Income tax expense

 

(505

)

 

 

(8,096

)

 

 

7,591

 

 

93.8

%

Loss from continuing operations

$

(4,924

)

 

$

(60,170

)

 

$

55,246

 

 

91.8

%

 

 

 

 

 

 

 

 

(1) Cardio products include: connected-fitness bikes, the BowFlex® C6, Bowflex® VeloCore®, Schwinn® IC4, Max Trainer®, connected-fitness treadmills, other exercise bikes, ellipticals and subscription services (applicable to Direct only).

(2) Strength products include: Bowflex® Home Gyms, BowFlex® SelectTech® dumbbells, kettlebell and barbell weights, and accessories.

BALANCE SHEET INFORMATION

The following summary contains information from our consolidated balance sheets as of June 30, 2023 and March 31, 2023 (unaudited and in thousands):

 

As of

 

June 30, 2023

 

March 31, 2023

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

17,326

 

$

17,362

Restricted cash

 

954

 

 

 

950

 

Trade receivables, net of allowances

 

13,225

 

 

 

21,489

 

Inventories

 

39,791

 

 

 

46,599

 

Prepaids and other current assets

 

7,914

 

 

 

8,033

 

Income taxes receivable

 

7,235

 

 

 

1,789

 

Total current assets

 

86,445

 

 

 

96,222

 

Property, plant and equipment, net

 

30,502

 

 

 

32,789

 

Operating lease right-of-use assets

 

18,009

 

 

 

19,078

 

Other intangible assets, net

 

3,075

 

 

 

6,787

 

Deferred income tax assets, non-current

 

554

 

 

 

554

 

Income taxes receivable, non-current

 

 

 

 

5,673

 

Other assets

 

1,596

 

 

 

2,429

 

Total assets

$

140,181

 

 

$

163,532

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

Trade payables

$

20,527

 

 

$

29,378

 

Accrued liabilities

 

12,739

 

 

 

15,575

 

Operating lease liabilities, current portion

 

4,505

 

 

 

4,427

 

Finance lease liabilities, current portion

 

123

 

 

 

122

 

Warranty obligations, current portion

 

2,568

 

 

 

2,564

 

Income taxes payable, current portion

 

1,064

 

 

 

328

 

Debt payable, current portion, net of unamortized debt issuance costs

 

1,807

 

 

 

1,642

 

Total current liabilities

 

43,333

 

 

 

54,036

 

Operating lease liabilities, non-current

 

15,182

 

 

 

16,380

 

Finance lease liabilities, non-current

 

254

 

 

 

282

 

Warranty obligations, non-current

 

731

 

 

 

703

 

Income taxes payable, non-current

 

2,014

 

 

 

2,316

 

Deferred income tax liabilities, non-current

 

42

 

 

 

253

 

Other non-current liabilities

 

5,469

 

 

 

1,978

 

Debt payable, non-current, net of unamortized debt issuance costs

 

14,085

 

 

 

26,284

 

Shareholders’ equity

 

59,071

 

 

 

61,300

 

Total liabilities and shareholders’ equity

$

140,181

 

 

$

163,532

 

Contacts

Investor Relations:
John Mills

ICR, LLC

646-277-1254

John.mills@icrinc.com

Media:
John Fread

Nautilus, Inc

360-859-5815

jfread@nautilus.com

Robin Rootenberg

Action Mary

925-464-8030

robin.rootenberg@actionmary.com

Read full story here

Staff

Recent Posts

Loft Dynamics Unveils VR Instruction from World-Renowned Pilots to Increase Access and Quality of Training, Elevate Safety Standards and Address the Pilot Shortage

Virtual Demonstration Mode Enhances Training Quality and Safety at Scale for Aircraft OEMs, Operators and…

5 hours ago

Hoot Interactive Launches HootVid, a Dynamic Video Creation Platform

Easy-to-use, low-cost platform enables quick, customizable video editing; available for free trial AUSTIN, Texas, Nov.…

5 hours ago

Apogee Enterprises Completes Acquisition of UW Solutions

MINNEAPOLIS--(BUSINESS WIRE)--Apogee Enterprises, Inc. (Nasdaq: APOG) announced today that it has completed the previously announced…

8 hours ago

Wondershare Unveils SelfyzAI 3.0: New AI Features Enhance Image Editing Experience

VANCOUVER, BC, Nov. 4, 2024 /PRNewswire/ -- In October 2024, Wondershare proudly launched SelfyzAI 3.0,…

15 hours ago

Monomoy Acquires Oliver’s Food Packaging and Equipment Business

The acquisition marks 20 corporate carve-outs, including ten platform investments, all supported by Monomoy’s deep…

1 day ago