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LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Corporation (NYSE: BFA, BFB) reported financial results for its third quarter and nine months ended January 31, 2021. For the third quarter, the company’s reported net sales1 of $911 million increased 1% (flat on an underlying basis2) compared to the same prior-year period. In the quarter, reported operating income decreased 8% to $281 million (-8% on an underlying basis) and diluted earnings per share declined 5% to $0.45.
For the first nine months of the fiscal year, the company’s reported net sales of $2,649 million were flat (+2% on an underlying basis) compared to the same prior-year period. Year-to-date reported operating income increased 10% to $998 million (+3% on an underlying basis) and diluted earnings per share grew 12% to $1.63.
Brown-Forman’s President and Chief Executive Officer Lawson Whiting stated, “We remain pleased with our year-to-date underlying net sales growth, particularly when considering the unprecedented and challenging operating environment. Importantly, we remain focused on executing our long-term strategic priorities and our commitment to be better and do better as individuals and as a company. Our strategic priorities have enabled us to build strong business momentum during the COVID-19 crisis and we believe they remain the right strategies to deliver broad-based growth and value creation over the long term.”
Year-to-Date Fiscal 2021 Highlights
Year-to-Date Fiscal 2021 Brand Results
Underlying net sales growth for the Jack Daniel’s family of brands was driven by Jack Daniel’s RTDs, the continued international launch of Jack Daniel’s Tennessee Apple, and broad-based volume growth from Jack Daniel’s Tennessee Honey and Gentleman Jack. Jack Daniel’s Tennessee Whiskey’s underlying net sales decline was driven by lower volumes in the Travel Retail channel and certain emerging markets reflecting travel bans and other restrictions related to COVID-19 along with lower volumes and unfavorable channel mix shift in many developed international markets and the United States related to significant restrictions in the on-premise channel, partially offset by increased volumes in the off-premise channel in those markets.
Brown-Forman’s portfolio of premium bourbon brands, led by Woodford Reserve and Old Forester, maintained its double-digit underlying net sales growth. Strong consumer takeaway trends for Woodford Reserve continued to fuel robust double-digit volumetric growth in the United States. Volumetric gains and favorable product mix from Old Forester’s high-end expressions drove double-digit underlying net sales growth for the brand.
Underlying net sales growth for the company’s tequila brands was primarily driven by higher volumes of New Mix in Mexico. Double-digit underlying net sales growth for el Jimador and Herradura in the United States was largely offset by volumetric declines in Mexico.
Year-to-Date Fiscal 2021 Market Results
Underlying net sales growth in the United States was led by volumetric gains for our premium bourbons, Jack Daniel’s RTDs, Jack Daniel’s Tennessee Honey, Gentleman Jack, Herradura, and el Jimador. These gains were partially offset by declines in Jack Daniel’s Tennessee Whiskey reflecting channel mix shift and lower volumes due to on-premise restrictions and closures.
High single-digit underlying net sales growth in developed international markets was fueled by Jack Daniel’s RTDs, the ongoing launch of Jack Daniel’s Tennessee Apple, Jack Daniel’s Tennessee Honey, and our super-premium American and Scotch whiskeys. These gains, along with strong growth in the off-premise channel, were partially offset by lower volumes of Jack Daniel’s Tennessee Whiskey due to COVID-19 related restrictions, which severely limited and in some cases entirely shut down the on-premise channel.
The company’s emerging markets returned to underlying net sales growth through the first nine months of the fiscal year. Gains were led by Brazil, Poland, and China, largely offset by broad-based declines in Southeast Asia, India, and several Latin American markets as a result of COVID-19 related impacts.
Underlying net sales in Travel Retail continued to be significantly impacted by the continuation of COVID-19 related travel bans and restrictions.
Year-to-Date Fiscal 2021 Other P&L Items
Volumes grew 11% fueled by Jack Daniel’s RTDs and New Mix. Company-wide price/mix had a 9% unfavorable impact reflecting the portfolio mix shift with growth from lower-priced brands (Jack Daniel’s RTDs and New Mix) and the unfavorable channel mix shift (primarily for JDTW) from the on-premise channel related to COVID-19 restrictions across several developed markets globally.
Underlying gross profit declined 1% (-5% reported) and reported gross margin contracted 280 basis points to 60.3% driven by higher input costs, lower fixed cost absorption, and the negative effect of the portfolio and channel mix shift discussed above.
The company’s investment in underlying advertising increased in the third quarter as anticipated resulting in a year-to-date decline of 10% (-10% reported) largely reflecting the phasing of spend from the first half to the second half of the fiscal year. The company anticipates advertising investments will continue to accelerate significantly over the remainder of the fiscal year. Underlying SG&A declined 4% (-3% reported) driven by the tight management of discretionary spend.
Underlying operating income increased 3% (+10% reported), while diluted earnings per share increased 12% to $1.63, including an estimated $0.19 per share benefit from the gain on the sale of the Early Times, Canadian Mist, and Collingwood brands.
Financial Stewardship
Brown-Forman generated strong free cash flow2 of $531 million year-to-date, a $106 million increase over the same prior-year period primarily reflecting lower working capital requirements.
During the quarter, Brown-Forman’s Board of Directors approved a $125 million capital investment to expand bourbon making capacity in Kentucky to meet anticipated future consumer demand. As part of this investment, the company will pioneer a long-term study on oak tree sustainability on Brown-Forman distillery’s property.
In addition, the company declared a regular cash dividend of $0.1795 per share on the Class A and Class B common stock. Brown-Forman has paid regular quarterly cash dividends for 76 consecutive years and has increased the dividend for 37 consecutive years.
Fiscal Year 2021 Outlook
The company expects to continue to face uncertainty related to the evolving COVID-19 pandemic and its effect on the global economy. As a result, no quantitative guidance is being provided for fiscal year 2021. Jane Morreau, Executive Vice President and Chief Financial Officer, noted “While near-term uncertainty remains, we believe we are operating from a position of strength, and will emerge even stronger from this crisis, continuing to grow market share and drive long-term sustainable growth for all stakeholders.” Morreau added, “The company’s financial and business fundamentals have remained strong throughout the entire pandemic allowing us to deliver solid growth in this challenging environment.”
Conference Call Details
Brown-Forman will host a conference call to discuss these results at 10:00 a.m. (EST) today. All interested parties in the United States are invited to join the conference call by dialing 833-962-1472 and asking for the Brown-Forman call. International callers should dial +1-442-268-1255. The company suggests that participants dial in ten minutes in advance of the 10:00 a.m. (EST) start of the conference call. A live audio broadcast of the conference call, and the accompanying presentation slides, will also be available via Brown-Forman’s Internet website, http://www.brown-forman.com/, through a link to “Investors/Events & Presentations.” A digital audio recording of the conference call and the presentation slides will also be posted on the website and will be available for at least 30 days following the conference call.
For over 150 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee RTDs, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Apple, Jack Daniel’s Tennessee Fire, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester, Coopers’ Craft, Herradura, New Mix, Sonoma-Cutrer, Chambord, Benriach, GlenDronach, Glenglassaugh, Slane, and Fords Gin. Brown-Forman’s brands are supported by approximately 4,800 employees and sold in more than 170 countries worldwide. For more information about the company, please visit http://www.brown-forman.com/.
Important Information on Forward-Looking Statements:
This press release contains statements, estimates, and projections that are “forward-looking statements” as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “can,” “continue,” “could,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,” “might,” “plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,” “will,” “would,” and similar words indicate forward-looking statements, which speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. These risks and uncertainties include, but are not limited to:
For further information on these and other risks, please refer to our public filings, including the “Risk Factors” section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
Brown-Forman Corporation Unaudited Consolidated Statements of Operations For the Three Months Ended January 31, 2020 and 2021 (Dollars in millions, except per share amounts) |
||||||||||
|
2020 |
|
2021 |
|
Change |
|||||
|
|
|
|
|
|
|||||
Net sales |
$ |
899 |
|
|
$ |
911 |
|
|
1% |
|
Cost of sales |
342 |
|
|
361 |
|
|
5% |
|||
Gross profit |
557 |
|
|
550 |
|
|
(1%) |
|||
Advertising expenses |
104 |
|
|
121 |
|
|
17% |
|||
Selling, general, and administrative expenses |
153 |
|
|
157 |
|
|
3% |
|||
Other expense (income), net |
(4 |
) |
|
(9 |
) |
|
|
|||
Operating income |
304 |
|
|
281 |
|
|
(8%) |
|||
Non-operating postretirement expense |
1 |
|
|
1 |
|
|
|
|||
Interest expense, net |
19 |
|
|
21 |
|
|
|
|||
Income before income taxes |
284 |
|
|
259 |
|
|
(8%) |
|||
Income taxes |
53 |
|
|
40 |
|
|
|
|||
Net income |
$ |
231 |
|
|
$ |
219 |
|
|
(5%) |
|
|
|
|
|
|
|
|||||
Earnings per share: |
|
|
|
|
|
|||||
Basic |
$ |
0.48 |
|
|
$ |
0.46 |
|
|
(5%) |
|
Diluted |
$ |
0.48 |
|
|
$ |
0.45 |
|
|
(5%) |
|
|
|
|
|
|
|
|||||
Gross margin |
61.9 |
% |
|
60.4 |
% |
|
|
|||
Operating margin |
33.8 |
% |
|
30.9 |
% |
|
|
|||
|
|
|
|
|
|
|||||
Effective tax rate |
18.6 |
% |
|
15.7 |
% |
|
|
|||
|
|
|
|
|
|
|||||
Cash dividends paid per common share |
$ |
0.1743 |
|
|
$ |
0.1795 |
|
|
|
|
|
|
|
|
|
|
|||||
Shares (in thousands) used in the calculation of earnings per share |
|
|
|
|
|
|||||
Basic |
477,898 |
|
|
478,599 |
|
|
|
|||
Diluted |
480,757 |
|
|
480,836 |
|
|
|
Brown-Forman Corporation Unaudited Consolidated Statements of Operations For the Nine Months Ended January 31, 2020 and 2021 (Dollars in millions, except per share amounts) |
||||||||||
|
2020 |
|
2021 |
|
Change |
|||||
|
|
|
|
|
|
|||||
Net sales |
$ |
2,654 |
|
|
$ |
2,649 |
|
|
0% |
|
Cost of sales |
980 |
|
|
1,053 |
|
|
7% |
|||
Gross profit |
1,674 |
|
|
1,596 |
|
|
(5%) |
|||
Advertising expenses |
308 |
|
|
278 |
|
|
(10%) |
|||
Selling, general, and administrative expenses |
475 |
|
|
460 |
|
|
(3%) |
|||
Gain on sale of business |
— |
|
|
(127 |
) |
|
|
|||
Other expense (income), net |
(13 |
) |
|
(13 |
) |
|
|
|||
Operating income |
904 |
|
|
998 |
|
|
10% |
|||
Non-operating postretirement expense |
3 |
|
|
4 |
|
|
|
|||
Interest expense, net |
58 |
|
|
60 |
|
|
|
|||
Income before income taxes |
843 |
|
|
934 |
|
|
11% |
|||
Income taxes |
144 |
|
|
151 |
|
|
|
|||
Net income |
$ |
699 |
|
|
$ |
783 |
|
|
12% |
|
|
|
|
|
|
|
|||||
Earnings per share: |
|
|
|
|
|
|||||
Basic |
$ |
1.46 |
|
|
$ |
1.64 |
|
|
12% |
|
Diluted |
$ |
1.45 |
|
|
$ |
1.63 |
|
|
12% |
|
|
|
|
|
|
|
|||||
Gross margin |
63.1 |
% |
|
60.3 |
% |
|
|
|||
Operating margin |
34.1 |
% |
|
37.7 |
% |
|
|
|||
|
|
|
|
|
|
|||||
Effective tax rate |
17.1 |
% |
|
16.2 |
% |
|
|
|||
|
|
|
|
|
|
|||||
Cash dividends paid per common share |
$ |
0.5063 |
|
|
$ |
0.5281 |
|
|
|
|
|
|
|
|
|
|
|||||
Shares (in thousands) used in the calculation of earnings per share |
|
|
|
|
|
|||||
Basic |
477,643 |
|
|
478,471 |
|
|
|
|||
Diluted |
480,436 |
|
|
480,665 |
|
|
|
Brown-Forman Corporation Unaudited Condensed Consolidated Balance Sheets (Dollars in millions) |
||||||||
|
April 30, |
|
January 31, |
|||||
Assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
675 |
|
|
$ |
1,106 |
|
|
Accounts receivable, net |
570 |
|
|
820 |
|
|||
Inventories |
1,685 |
|
|
1,723 |
|
|||
Other current assets |
335 |
|
|
265 |
|
|||
Total current assets |
3,265 |
|
|
3,914 |
|
|||
|
|
|
|
|||||
Property, plant, and equipment, net |
848 |
|
|
826 |
|
|||
Goodwill |
756 |
|
|
774 |
|
|||
Other intangible assets |
635 |
|
|
676 |
|
|||
Other assets |
262 |
|
|
305 |
|
|||
Total assets |
$ |
5,766 |
|
|
$ |
6,495 |
|
|
|
|
|
|
|||||
Liabilities: |
|
|
|
|||||
Accounts payable and accrued expenses |
$ |
517 |
|
|
$ |
603 |
|
|
Dividends payable |
— |
|
|
86 |
|
|||
Accrued income taxes |
30 |
|
|
43 |
|
|||
Short-term borrowings |
333 |
|
|
312 |
|
|||
Total current liabilities |
880 |
|
|
1,044 |
|
|||
|
|
|
|
|||||
Long-term debt |
2,269 |
|
|
2,347 |
|
|||
Deferred income taxes |
177 |
|
|
146 |
|
|||
Accrued postretirement benefits |
297 |
|
|
296 |
|
|||
Other liabilities |
168 |
|
|
194 |
|
|||
Total liabilities |
3,791 |
|
|
4,027 |
|
|||
|
|
|
|
|||||
Stockholders’ equity |
1,975 |
|
|
2,468 |
|
|||
|
|
|
|
|||||
Total liabilities and stockholders’ equity |
$ |
5,766 |
|
|
$ |
6,495 |
|
|
|
|
|
|
Brown-Forman Corporation Unaudited Condensed Consolidated Statements of Cash Flows For the Nine Months Ended January 31, 2020 and 2021 (Dollars in millions) |
||||||||
2020 |
2021 |
|||||||
|
|
|
||||||
Cash provided by operating activities |
$ |
509 |
|
$ |
572 |
|
||
|
|
|
||||||
Cash flows from investing activities: |
|
|
||||||
Proceeds from sale of business |
— |
|
177 |
|
||||
Acquisition of business, net of cash acquired |
(22 |
) |
(14 |
) |
||||
Additions to property, plant, and equipment |
(84 |
) |
(41 |
) |
||||
Other |
(5 |
) |
(2 |
) |
||||
Cash provided by (used for) investing activities |
(111 |
) |
120 |
|
||||
|
|
|
||||||
Cash flows from financing activities: |
|
|
||||||
Net change in short-term borrowings |
(150 |
) |
(23 |
) |
||||
Acquisition of treasury stock |
(1 |
) |
— |
|
||||
Dividends paid |
(242 |
) |
(253 |
) |
||||
Other |
(33 |
) |
(18 |
) |
||||
Cash used for financing activities |
(426 |
) |
(294 |
) |
||||
|
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents |
(3 |
) |
33 |
|
||||
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents |
(31 |
) |
431 |
|
||||
|
|
|
||||||
Cash and cash equivalents, beginning of period |
307 |
|
675 |
|
||||
|
|
|
||||||
Cash and cash equivalents, end of period |
$ |
276 |
|
$ |
1,106 |
|
||
|
|
|
Schedule A |
||||||
Brown-Forman Corporation |
||||||
Supplemental Information (Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Fiscal Year Ended |
|
|
January 31, 2021 |
|
January 31, 2021 |
|
April 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported change in net sales |
|
1% |
|
—% |
|
1% |
Foreign exchange |
|
(2)% |
|
—% |
|
1% |
Estimated net change in distributor inventories |
|
1% |
|
3% |
|
(2)% |
|
|
|
|
|
|
|
Underlying change in net sales |
|
—% |
|
2% |
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported change in gross profit |
|
(1)% |
|
(5)% |
|
(2)% |
Acquisitions and divestitures |
|
1% |
|
—% |
|
—% |
Foreign exchange |
|
(2)% |
|
—% |
|
—% |
Estimated net change in distributor inventories |
|
2% |
|
3% |
|
(2)% |
|
|
|
|
|
|
|
Underlying change in gross profit |
|
(1)% |
|
(1)% |
|
(3)% |
|
|
|
|
|
|
|
Reported change in advertising expenses |
|
17% |
|
(10)% |
|
(3)% |
Acquisitions and divestitures |
|
1% |
|
—% |
|
—% |
Foreign exchange |
|
(2)% |
|
(1)% |
|
1% |
|
|
|
|
|
|
|
Underlying change in advertising expenses |
|
16% |
|
(10)% |
|
(2)% |
|
|
|
|
|
|
|
Reported change in SG&A |
|
3% |
|
(3)% |
|
—% |
Acquisitions and divestitures |
|
(1)% |
|
—% |
|
(1)% |
Foreign exchange |
|
(1)% |
|
—% |
|
2% |
|
|
|
|
|
|
|
Underlying change in SG&A |
|
1% |
|
(4)% |
|
1% |
|
|
|
|
|
|
|
Reported change in operating income |
|
(8)% |
|
10% |
|
(5)% |
Acquisitions and divestitures |
|
1% |
|
(13)% |
|
—% |
Chambord Impairment |
|
—% |
|
—% |
|
1% |
Foreign exchange |
|
(5)% |
|
(1)% |
|
—% |
Estimated net change in distributor inventories |
|
4% |
|
7% |
|
(3)% |
|
|
|
|
|
|
|
Underlying change in operating income |
|
(8)% |
|
3% |
|
(6)% |
|
|
|
|
|
|
|
Note: Totals may differ due to rounding |
|
|
|
|
|
|
See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers. |
Schedule B |
|||||||
Brown-Forman Corporation Supplemental Brand Information (Unaudited) Nine Months Ended January 31, 2021 |
|||||||
|
% Change vs. Prior Year Period |
||||||
Brand3 |
Depletions3 |
Net Sales2 |
|||||
9-Liter |
Drinks |
Reported |
Acquisitions |
Foreign |
Estimated Net |
Underlying |
|
Whiskey |
11% |
1% |
1% |
—% |
—% |
3% |
4% |
Jack Daniel’s family of brands |
11% |
0% |
(2)% |
—% |
—% |
3% |
2% |
Jack Daniel’s Tennessee Whiskey |
(7)% |
(7)% |
(10)% |
—% |
—% |
3% |
(7)% |
Jack Daniel’s RTD and RTP |
35% |
35% |
38% |
—% |
(1)% |
(3)% |
34% |
Jack Daniel’s Tennessee Honey |
9% |
9% |
9% |
—% |
(1)% |
2% |
10% |
Gentleman Jack |
14% |
14% |
12% |
—% |
—% |
1% |
12% |
Jack Daniel’s Tennessee Fire |
(1)% |
(1)% |
(7)% |
—% |
—% |
4% |
(2)% |
Jack Daniel’s Tennessee Apple |
138% |
138% |
14% |
—% |
(3)% |
96% |
107% |
Other Jack Daniel’s Whiskey Brands |
(5)% |
(5)% |
(7)% |
—% |
(1)% |
8% |
—% |
Woodford Reserve |
17% |
17% |
15% |
—% |
—% |
3% |
18% |
Rest of Whiskey |
8% |
8% |
17% |
3% |
(1)% |
4% |
23% |
Tequila |
23% |
(3)% |
2% |
—% |
5% |
(1)% |
6% |
el Jimador |
(10)% |
(10)% |
(3)% |
—% |
2% |
1% |
1% |
Herradura |
(13)% |
(13)% |
2% |
—% |
3% |
(5)% |
—% |
Rest of Tequila |
33% |
12% |
10% |
—% |
12% |
1% |
23% |
Wine |
5% |
5% |
2% |
—% |
—% |
7% |
9% |
Vodka |
(18)% |
(18)% |
(21)% |
—% |
1% |
1% |
(19)% |
Rest of Portfolio |
(1)% |
(1)% |
25% |
(3)% |
(21)% |
—% |
2% |
Non-Branded and Bulk |
NM |
NM |
(32)% |
(1)% |
(1)% |
—% |
(34)% |
Total Portfolio |
11% |
(1)% |
—% |
—% |
—% |
3% |
2% |
Other Brand |
|
|
|
|
|
|
|
American whiskey |
11% |
1% |
—% |
—% |
—% |
3% |
3% |
Premium bourbons |
17% |
17% |
18% |
—% |
—% |
3% |
21% |
See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers. |
Note: Totals may differ due to rounding |
Schedule C |
|||||
Brown-Forman Corporation Supplemental Geographic Information (Unaudited) Nine Months Ended January 31, 2021 |
|||||
|
|
||||
Geographic Area3 |
Net Sales2 |
||||
Reported |
Acquisitions |
Foreign |
Estimated Net |
Underlying |
|
United States |
3% |
—% |
—% |
4% |
7% |
Developed International |
10% |
—% |
(5)% |
2% |
7% |
United Kingdom |
11% |
—% |
(9)% |
1% |
3% |
Germany |
18% |
—% |
(4)% |
—% |
14% |
Australia |
33% |
—% |
(5)% |
—% |
28% |
France |
14% |
—% |
(5)% |
—% |
9% |
Rest of Developed International |
(10)% |
(1)% |
(2)% |
5% |
(8)% |
Emerging |
(8)% |
—% |
6% |
3% |
1% |
Mexico |
(9)% |
—% |
11% |
—% |
1% |
Poland |
7% |
—% |
(1)% |
—% |
5% |
Russia |
(18)% |
—% |
5% |
8% |
(4)% |
Rest of Emerging |
(10)% |
—% |
7% |
4% |
—% |
Travel Retail |
(55)% |
—% |
—% |
1% |
(54)% |
Non-Branded and Bulk |
(32)% |
(1)% |
(1)% |
—% |
(34)% |
Total |
—% |
—% |
—% |
3% |
2% |
See “Note 2 – Non-GAAP Financial Measures” for details on our use of Non-GAAP financial measures, how these measures are calculated and the reasons why we believe this information is useful to readers. |
Note: Totals may differ due to rounding |
Contacts
ROB FREDERICK
VICE PRESIDENT
BROWN-FORMAN BRAND & COMMUNICATIONS
502-774-7707
LEANNE CUNNINGHAM
SENIOR VICE PRESIDENT
SHAREHOLDER RELATIONS OFFICER
502-774-7287
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