Oliver Blume, Chairman of the Executive Board, Porsche AG and Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board, Finance and IT

Porsche achieves sustainable growth in 2020 financial year

Stuttgart. Porsche AG set a new revenue record in the 2020 financial year: its value grew to 28.7 billion euros, surpassing the previous year’s figure by more than 100 million euros. The operating result is 4.2 billion euros. The previous year it was 4.4 billion euros before special items and 3.9 billion euros after. The return on sales was 14.6 percent in 2020, within the strategic target corridor despite the tense economic situation. The strong figures from 2019 were thus only barely missed, despite a temporary shutdown of production. In total, Porsche delivered more than 272,000 vehicles to customers worldwide. This is just three percent less than the previous best year, 2019. The profit before tax was 4.4 billion euros, an increase on 2019.


“The financial year 2020 was successful for Porsche – despite challenging circumstances,” emphasises Oliver Blume, Chairman of the Executive Board of Porsche AG. “There are four reasons for this: our attractive product range, convincing electric models, our brand’s innovative strength and the determination with which we approached our crisis management. More than 20,000 units were delivered of the Taycan, the first all-electric Porsche sports car. This makes it the most successful electric sports car in its class. More than 50 international awards attest to this. Among other things, the Taycan was named the ‘world’s most innovative car’. Porsche stands for a robust core business, sustainable action, social responsibility and innovative technologies.”

“We’re very proud of our business figures,” says Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT of Porsche AG. “Despite the numerous challenges, we achieved our strategic target corridor with an operational return on sales of 14.6 percent.”

According to Lutz Meschke, the fact that such record figures were achieved despite the difficult global situation was made possible by a very swiftly established cost and liquidity management system. “Our top priority in the crisis was liquidity. We needed to reduce all costs that were not absolutely necessary.” At no stage did Porsche lose sight of its long-term strategic direction. “We didn’t scrimp at all when it comes to the future topics. We continue to proceed at full speed on transformation, digitalisation and electrification. Attempting to economise in these areas will very quickly result in a loss of competitiveness. Our cost and liquidity management provided a benchmark. We protected our business so we can get going again at full steam once the crisis ends.”


Honing of the profitability programme

With this in mind, Porsche once again honed its ambitious “Profitability Programme 2025”. “Our new goal is to support our result cumulatively by 10 billion euros by 2025, and by 3 billion euros per year after that,” says Lutz Meschke. “The most important thing about our profitability programme is that it’s not just a savings plan, it’s also a programme of innovation. It’s not about cutting costs. It’s about intelligently optimising all of our processes and developing new business ideas.” In a difficult market environment, Porsche has kept the number of employees constant at around 36,000. “No employee needs to be concerned. We concluded a job security agreement that guarantees the jobs of our core workforce until 2030,” says Lutz Meschke. “We’re not cutting any jobs or getting rid of any subsidiaries. On the contrary, we’re investing in our employees and in our future. This is paying off: Porsche increased its efficiency further and lowered its profit threshold. From this position we want to achieve our strategic goal of an operational return on sales of 15 percent in 2021 as well, despite the difficult economic situation.” As in the previous years, Porsche shared the company’s bounty with the workforce. For 2020, the voluntary bonus is 7850 euros.

Porsche targeting a CO₂-neutral balance sheet for 2030

In the face of continuing climate change, Porsche AG set itself another ambitious target: “Sustainability is an important part of our Strategy 2030 – holistically: economically, ecologically and socially,” says Oliver Blume. “We launched a comprehensive decarbonisation programme with a firm target in mind: Porsche wants to have a CO₂-neutral balance sheet throughout the entire value chain by 2030. We will achieve this by systematically avoiding and reducing CO₂ emissions. All of the major sites like Zuffenhausen, Weissach and Leipzig have been CO₂-neutral since 2021. We’ve earmarked more than a billion euros for decarbonisation over the next 10 years. We’ve reached the first milestone: the Taycan Cross Turismo, which had its world premiere at the beginning of March, is the first vehicle that will be CO₂-neutral throughout the use phase.”

In 2020, a third of all Porsche vehicles delivered in Europe were fully or partially electric; worldwide it was 17 percent. In 2025, half of all new Porsche vehicles sold will have an electric motor; in 2030, more than 80 percent of the new vehicles will be electric.

For Porsche, socially responsible action also comes under the umbrella of sustainable management. In keeping with this, the company launched its “Porsche helps” programme during the pandemic. It saw countless employees give their time or money to charitable projects. To mitigate the effects of the pandemic, Porsche topped up its donations by 5 million euros, while food donations to the Tafel organisations were doubled.

Robust delivery performance

When it comes to deliveries, Porsche benefited from its strong global positioning. The number of sports cars delivered to customers remained largely stable. The greatest demand was for the Cayenne, with 92,860 units delivered. This is an increase of one percent compared with the previous year. A total of 20,015 units of the Taycan were delivered in 2020 – despite the six-week production shutdown in spring that coincided with the start of production of the new model as well as numerous market premieres. China remains the largest single market: Porsche delivered 88,968 vehicles to Chinese customers in 2020 – an increase of three percent compared with 2019. The Asia-Pacific, Middle East and Africa regions also continued to show positive growth overall, with 121,641 vehicles delivered there in 2020. This was a four percent increase compared with the same period in the previous year. Porsche delivered a total of 80,892 vehicles in Europe. In America, this number was 69,629.

How Su Mei Teh moved from financial services to Google

Welcome to the latest edition of “My Path to Google,” where we talk to Googlers, interns and alumni about how they got to Google, what their roles are like and even some tips on how to prepare for interviews.

Today’s post is all about Su Mei Teh, the Asia Pacific Head of the Payments Product Operations team, based in Singapore. Su Mei shares how she moved from financial services to tech, and how the critical thinking and business management skills she honed applied to multiple roles at Google

What does your typical work day look like right now?

It’s usually full of meetings due to the collaboration between teams: They’re based across 12 offices in 8 timezones! I generally start the day with video conference meetings with colleagues in California and end the day meeting with colleagues in Europe. In between, I carve out time for focused work, such as writing a strategy document or reviewing a financial model.

Can you tell us a bit about yourself?

Outside of Google, I spend time with my family and volunteer with a variety of causes. I’m a founding member of the Singapore chapter of the Asian Google Network, an employee resource group that supports professional and personal development for the multicultural Asian community in Google. I also re-discovered my joy of singing by joining the Musicians @Google Singapore group.

How did you find the transition from financial services to Google?

When I got the offer to join the Google Ads team, I was in disbelief. Up to that point, I thought that my chances were slim as I had no prior digital ads experience and felt branded as a financial services professional. Thankfully, the critical thinking and business management skills that I had acquired could be applied in Google as well.

You don’t need to have a computer science or engineering background to be in Google. Google is such a diverse company with many products and services, which require many functions to support its operations and growth. Sales, project management, financial controlling, strategy, operations, legal, etc. All these are roles we have in Google that don’t require prior tech experience!

What has your experience been with internal mobility (moving to different teams) within Google?

My first role at Google was strategy and operations management on the Google Ads team. After a few years I wanted to get closer to the heart of product development, so I moved to payment product operations. I also wanted to satisfy some of my entrepreneurial appetite in a team that was essentially a start-up within Google. Lastly, payments and fintech (financial technology) were rapidly growing sectors. It was, and still is, an exciting time to be in that space.

What inspires you to come in (or log on) every day?

I’ve been working on a very fun (though intense) project — the relaunch of Google Pay in Singapore. We completely reimagined the Google Pay app to be more immersive and rewarding for our users. I learned to work with a lot of ambiguity, and picked up some new know-how in the process. It’s been heartening to receive compliments from friends at how much they love Google Pay.

What’s one thing you wish you could go back and tell yourself before applying?

I wish I had applied to Google earlier. I was filled with skepticism about my chances given I assumed my financial services experience wouldn’t be relevant. Speaking to people in Google really helped me realise that there were a large variety of roles, many of which made use of the skills I built elsewhere.

Do you have any tips you’d like to share with aspiring Googlers?

As with any job, there is an element of timing, so monitor Google’s career site and program alerts for roles you are interested in. While you wait for the right opportunity, build up your knowledge and work on better articulating the value and impact you can make so that you can avoid last-minute cramming when an interview opportunity comes along!
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CES 2021 Opens with Innovation and Technologies for a Better Future

CES 2021 Opens with Innovation and Technologies for a Better Future –

Gary Shapiro, president and CEO

The first-ever, all-digital CES® 2021, owned and produced by the Consumer Technology Association (CTA)®, opened its full digital experience to audiences around the world. Following a day of exclusive, media-only press conferences and a keynote from Verizon Chairman and CEO Hans Vestberg on Jan. 11, this transformational event provides audiences with a front row seat to the innovation and technologies that will move the world forward. CES 2021 will feature more than 1900 exhibitors representing the entire tech spectrum and more than 100 conference sessions will showcase industry leaders who will share visions for a better future. General Motors (GM) Chairman and CEO Mary Barra will present the official opening keynote address at 9 AM EST on Jan. 12, where she’ll share GM’s transformational strategy to advance mobility.
CES 2021 Opens with Innovation and Technologies for a Better Future

CES 2021 Opens with Innovation and Technologies for a Better Future

CES 2021 attendees will experience a highly personalized show where they can see the latest product launches, hear insights from global visionaries, engage with global brands and startups, chat and meet with attendees from around the globe and receive recommendations based on personal preferences. In addition, a live anchor desk will serve as a “home base” to guide audiences through the digital experience.

“The pandemic forced us to take a step back from a traditional CES, throw out the playbook and transform how we’d bring the tech community together,” said Gary Shapiro, president and CEO, CTA. “CES looks different this year, but the foundation of the show – innovation, connection, collaboration – remains strong and consistent. The digital transformation will continue for years, even as we return to Las Vegas in 2022. We have seen the value of connecting digitally and we can welcome even more people from around the world.”

CES 2021 innovations and products will span the tech industry, from automotive to digital health, 5G, smart cities and beyond. On Jan. 11, the world’s media had exclusive access to nearly 20 press conferences from global brands. Media Day provided a sneak peek at the expected themes and trends for CES 2021, including a smarter home that creates a home, office and workout space; sustainable products for a longer, safer future; and innovations in transportation and mobility.

“Media Day offered an exciting preview for what’s to come at CES 2021, yet only scratched the surface of this groundbreaking CES experience,” said Karen Chupka, EVP, CES, CTA. “Audiences across the globe, many for the first time, will participate in a true broadcast event this week. With more than 100 conference sessions, including special entertainment events, attendees will hear the latest topics impacting the industry. They’ll also interact directly with exhibitors and fellow CES attendees, forming business connections for the future.”

Following Media Day, Verizon Chairman and CEO Hans Vestberg delivered a keynote focused on 5G. Vestberg shared how the essential qualities of Verizon’s 5G Ultra Wideband network have come to life. These qualities include unparalleled upload and download speeds, enormous capacity and ultra-low lag, supporting more connected devices and mobile connection, and providing faster, more responsive service deployment and a new standard for energy efficiency and reliability. Verizon shared updates on the various projects and partnerships enabled by 5G Ultra Wideband, including the Verizon 5G Super Stadium Experience in the NFL app and the transformation of watching and experiencing sports; expanding the museum experience with 5G and an immersive art experiences with the Metropolitan Museum of Art; partnership with UPS and Skyward to support a nationwide drone delivery network; and deployment of 15 Live Nation venues enabled by 5G Ultra Wideband. Also, Verizon provided audiences with an immersive 5G-enabled entertainment experience from the Black Pumas.

Media Day featured a full day of press conferences from top exhibitors who broke news to a media-only audience, just as they would in Las Vegas. Media heard the latest breaking news, product launches and technology trends as a preview to the exhibitor showcase opening.

  • Bosch: Showcased commitments to sustainability as the first global industrial enterprise to become carbon neutral and introduced an AI-enabled wearable fitness tracker that recognizes and records any type of fitness activity that is based on repetitive, cyclative patterns.
  • Canon: Provided a sneak peek of Canon’s plans for the all-digital CES beyond cameras and printers, including redefining viewing the planet, skateboarding and tackling food waste
  • Caterpillar: Shared the first application of command for Caterpillar’s autonomous mining trucks and groundbreaking technology in the most challenging conditions.
  • Hisense: Announced the 2021 TriChroma Laser TV line.
  • Indy Autonomous Challenge: Unveiled the world’s first autonomous racecar, to be used in the Indy Autonomous Challenge where 500+ university students are developing the technology to drive the racecar and win the competition for a $1.5 million prize.
  • Intel/Mobileye: Shared news around the future of mobility for Mobileye, including plans to open deployment centers in Shanghai, Tokyo, Paris and Detroit, and use house-built lidar sensors.
  • Kohler: Introduced a ceiling mount kitchen faucet with simple touch control; Kohler whole home water monitor that mounts underneath the cabinets, in partnership with Phyn; new Innate intelligent toilet; touchless bathroom faucets; freestanding soaking bath.
  • LG Electronics: Announced next generation of LG PuriCare™ line for high-quality air management solutions; reimagined side-by-side refrigerator, including a wider window, premium interior look and Craft Ice feature; WashTower™ with convenient controls, built in intelligence and advanced cleaning; 2021 OLED evo TV lineup and QNED MiniLED TVs; CLOi UV-C Robot for disinfection; ThinQ App will transform into an open platform for lifestyle innovation.
  • Magna International: Launched a joint venture with LG Electronics to manufacture e-motors, inverters and on board chargers and related e-drive systems for certain automakers, to support the growing global shift towards vehicle electrification.
  • Mercedes-Benz: Showcased the MBUX (Mercedes-Benz User Experience) Hyperscreen, which uses AI to offer a seamless driver and passenger experience.
  • OMRON Healthcare: Announced VitalSight – first remote patient monitoring service designed specifically for hypertension management.
  • Panasonic: Announced technology partnership with Illuminarium Experiences to bring the new 360-degree immersive entertainment centers to life; launched newest OLED TV JZ2000; new Technics wireless headphones will launch later this year.
  • Philips: Discussed the Philips vision and experience in the consumer and professional health tech space and announced the Philips Sonicare 9900 Prestige that is backed by SenseIQ technology and artificial intelligence to intuitively adjust to the need of the user.
  • Samsung Electronics: Announced 4-Door Flex Bespoke refrigerator that can be customized for any kitchen; JetBot 90 AI+ uses object recognition technology and sensors to identify and classify objects and decide the best cleaning path; Eco-pack

    CES 2021 Opens with Innovation and Technologies for a Better Future


    Arlington, VA — Jan 12, 2021
    The first-ever, all-digital CES® 2021, owned and produced by the Consumer Technology Association (CTA)®, opened its full digital experience to audiences around the world. Following a day of exclusive, media-only press conferences and a keynote from Verizon Chairman and CEO Hans Vestberg on Jan. 11, this transformational event provides audiences with a front row seat to the innovation and technologies that will move the world forward. CES 2021 will feature more than 1900 exhibitors representing the entire tech spectrum and more than 100 conference sessions will showcase industry leaders who will share visions for a better future. General Motors (GM) Chairman and CEO Mary Barra will present the official opening keynote address at 9 AM EST on Jan. 12, where she’ll share GM’s transformational strategy to advance mobility.CES 2021 attendees will experience a highly personalized show where they can see the latest product launches, hear insights from global visionaries, engage with global brands and startups, chat and meet with attendees from around the globe and receive recommendations based on personal preferences. In addition, a live anchor desk will serve as a “home base” to guide audiences through the digital experience.

    “The pandemic forced us to take a step back from a traditional CES, throw out the playbook and transform how we’d bring the tech community together,” said Gary Shapiro, president and CEO, CTA. “CES looks different this year, but the foundation of the show – innovation, connection, collaboration – remains strong and consistent. The digital transformation will continue for years, even as we return to Las Vegas in 2022. We have seen the value of connecting digitally and we can welcome even more people from around the world.”

    CES 2021 innovations and products will span the tech industry, from automotive to digital health, 5G, smart cities and beyond. On Jan. 11, the world’s media had exclusive access to nearly 20 press conferences from global brands. Media Day provided a sneak peek at the expected themes and trends for CES 2021, including a smarter home that creates a home, office and workout space; sustainable products for a longer, safer future; and innovations in transportation and mobility.

    “Media Day offered an exciting preview for what’s to come at CES 2021, yet only scratched the surface of this groundbreaking CES experience,” said Karen Chupka, EVP, CES, CTA. “Audiences across the globe, many for the first time, will participate in a true broadcast event this week. With more than 100 conference sessions, including special entertainment events, attendees will hear the latest topics impacting the industry. They’ll also interact directly with exhibitors and fellow CES attendees, forming business connections for the future.”

    Following Media Day, Verizon Chairman and CEO Hans Vestberg delivered a keynote focused on 5G. Vestberg shared how the essential qualities of Verizon’s 5G Ultra Wideband network have come to life. These qualities include unparalleled upload and download speeds, enormous capacity and ultra-low lag, supporting more connected devices and mobile connection, and providing faster, more responsive service deployment and a new standard for energy efficiency and reliability. Verizon shared updates on the various projects and partnerships enabled by 5G Ultra Wideband, including the Verizon 5G Super Stadium Experience in the NFL app and the transformation of watching and experiencing sports; expanding the museum experience with 5G and an immersive art experiences with the Metropolitan Museum of Art; partnership with UPS and Skyward to support a nationwide drone delivery network; and deployment of 15 Live Nation venues enabled by 5G Ultra Wideband. Also, Verizon provided audiences with an immersive 5G-enabled entertainment experience from the Black Pumas.

    Media Day featured a full day of press conferences from top exhibitors who broke news to a media-only audience, just as they would in Las Vegas. Media heard the latest breaking news, product launches and technology trends as a preview to the exhibitor showcase opening.

    • Bosch: Showcased commitments to sustainability as the first global industrial enterprise to become carbon neutral and introduced an AI-enabled wearable fitness tracker that recognizes and records any type of fitness activity that is based on repetitive, cyclative patterns.
    • Canon: Provided a sneak peek of Canon’s plans for the all-digital CES beyond cameras and printers, including redefining viewing the planet, skateboarding and tackling food waste
    • Caterpillar: Shared the first application of command for Caterpillar’s autonomous mining trucks and groundbreaking technology in the most challenging conditions.
    • Hisense: Announced the 2021 TriChroma Laser TV line.
    • Indy Autonomous Challenge: Unveiled the world’s first autonomous racecar, to be used in the Indy Autonomous Challenge where 500+ university students are developing the technology to drive the racecar and win the competition for a $1.5 million prize.
    • Intel/Mobileye: Shared news around the future of mobility for Mobileye, including plans to open deployment centers in Shanghai, Tokyo, Paris and Detroit, and use house-built lidar sensors.
    • Kohler: Introduced a ceiling mount kitchen faucet with simple touch control; Kohler whole home water monitor that mounts underneath the cabinets, in partnership with Phyn; new Innate intelligent toilet; touchless bathroom faucets; freestanding soaking bath.
    • LG Electronics: Announced next generation of LG PuriCare™ line for high-quality air management solutions; reimagined side-by-side refrigerator, including a wider window, premium interior look and Craft Ice feature; WashTower™ with convenient controls, built in intelligence and advanced cleaning; 2021 OLED evo TV lineup and QNED MiniLED TVs; CLOi UV-C Robot for disinfection; ThinQ App will transform into an open platform for lifestyle innovation.
    • Magna International: Launched a joint venture with LG Electronics to manufacture e-motors, inverters and on board chargers and related e-drive systems for certain automakers, to support the growing global shift towards vehicle electrification.
    • Mercedes-Benz: Showcased the MBUX (Mercedes-Benz User Experience) Hyperscreen, which uses AI to offer a seamless driver and passenger experience.
    • OMRON Healthcare: Announced VitalSight – first remote patient monitoring service designed specifically for hypertension management.
    • Panasonic: Announced technology partnership with Illuminarium Experiences to bring the new 360-degree immersive entertainment centers to life; launched newest OLED TV JZ2000; new Technics wireless headphones will launch later this year.
    • Philips: Discussed the Philips vision and experience in the consumer and professional health tech space and announced the Philips Sonicare 9900 Prestige that is backed by SenseIQ technology and artificial intelligence to intuitively adjust to the need of the user.
    • Samsung Electronics: Announced 4-Door Flex Bespoke refrigerator that can be customized for any kitchen; JetBot 90 AI+ uses object recognition technology and sensors to identify and classify objects and decide the best cleaning path; Eco-packaging will be used for all TV products; Galaxy Upcycling at Home program where users can decide how to repurpose the Galaxy as other convenient home devices.
    • Schneider Electric: Showcased Square D Energy Center, first-ever Square D connected light switches (X & XD range series) and Acti9 Active product, which together deliver a unique end-to-end energy management solution for homes in response to sustainability, resiliency, efficiency and personalization.
    • Skyworth: Presented 2021 TV line up for North America – five series of TVs comprised of 16 different models.
    • Sony: Introduced Airpeak, which integrates AI and robotics to enable creators to explore new heights for photo and video; shared preview of a new, immersive reality concert performance from Madison Beer to demonstrate the music showcase that will be available on Sony PlayStation VR, mobile devices, music video streaming platforms and more.
    • Taiwan Tech Arena: Previewed some of the 100 startup teams from Taiwan Tech Arena that will unveil innovation at CES 2021. Startups are divided into Smart Living, Tech for Good, Cybersecurity & Cloud Solutions, Healthcare & Wellness and Mobility Tech.
    • TCL: Announced OD Zero™ Mini-LED technology that provides viewers with a more realistic and sharper picture and allows for an ultra-thin TV profile; TCL’s first-ever Google TV; NXTPAPER tablet, TAB10s, MOVEAUDIO S600 wireless headphones, MOVETRACK Pet tracker and TCL 20 Series phones, with the 5G and SE phones available this month.

    CTA’s Steve Koenig and Lesley Rohrbaugh presented 2021 Tech Trends to Watch during Media Day and gave an exclusive preview of the U.S. Consumer Technology One-Year Industry Forecast. They shared the retail sales revenue for the technology industry will reach $461 billion in the U.S. in 2021 – a 4.3% increase year-over-year. And as millions of Americans remain home and rely on tech to stay entertained, connected and healthy during the pandemic, streaming services, 5G connectivity and digital health devices will stand out in the tech sector in 2021. For more, visit CTA.tech/forecasts.

    CES 2021 is taking place Jan. 11-14.

    • Jan. 12-13: Exhibitor showcase and conference programming.
    • Jan. 14: CES Partner Programming.
    • Access the digital venue and on demand content through Feb. 15, 2021.

    Visit the digital venue to explore CES 2021 and get live updates from the show –including keynotes, conference sessions, product announcements and show floor coverage. Download CES B-roll, access important CES news and view other media assets on CES.tech.

    Press Contac

    aging will be used for all TV products; Galaxy Upcycling at Home program where users can decide how to repurpose the Galaxy as other convenient home devices.

  • Schneider Electric: Showcased Square D Energy Center, first-ever Square D connected light switches (X & XD range series) and Acti9 Active product, which together deliver a unique end-to-end energy management solution for homes in response to sustainability, resiliency, efficiency and personalization.
  • Skyworth: Presented 2021 TV line up for North America – five series of TVs comprised of 16 different models.
  • Sony: Introduced Airpeak, which integrates AI and robotics to enable creators to explore new heights for photo and video; shared preview of a new, immersive reality concert performance from Madison Beer to demonstrate the music showcase that will be available on Sony PlayStation VR, mobile devices, music video streaming platforms and more.
  • Taiwan Tech Arena: Previewed some of the 100 startup teams from Taiwan Tech Arena that will unveil innovation at CES 2021. Startups are divided into Smart Living, Tech for Good, Cybersecurity & Cloud Solutions, Healthcare & Wellness and Mobility Tech.
  • TCL: Announced OD Zero™ Mini-LED technology that provides viewers with a more realistic and sharper picture and allows for an ultra-thin TV profile; TCL’s first-ever Google TV; NXTPAPER tablet, TAB10s, MOVEAUDIO S600 wireless headphones, MOVETRACK Pet tracker and TCL 20 Series phones, with the 5G and SE phones available this month.

CTA’s Steve Koenig and Lesley Rohrbaugh presented 2021 Tech Trends to Watch during Media Day and gave an exclusive preview of the U.S. Consumer Technology One-Year Industry Forecast. They shared the retail sales revenue for the technology industry will reach $461 billion in the U.S. in 2021 – a 4.3% increase year-over-year. And as millions of Americans remain home and rely on tech to stay entertained, connected and healthy during the pandemic, streaming services, 5G connectivity and digital health devices will stand out in the tech sector in 2021. For more, visit CTA.tech/forecasts.

CES 2021 is taking place Jan. 11-14.

  • Jan. 12-13: Exhibitor showcase and conference programming.
  • Jan. 14: CES Partner Programming.
  • Access the digital venue and on demand content through Feb. 15, 2021.

Visit the digital venue to explore CES 2021 and get live updates from the show –including keynotes, conference sessions, product announcements and show floor coverage. Download CES B-roll, access important CES news and view other media assets on CES.tech.

Press Contac

s for a Better Future


Arlington, VA — Jan 12, 2021
The first-ever, all-digital CES® 2021, owned and produced by the Consumer Technology Association (CTA)®, opened its full digital experience to audiences around the world. Following a day of exclusive, media-only press conferences and a keynote from Verizon Chairman and CEO Hans Vestberg on Jan. 11, this transformational event provides audiences with a front row seat to the innovation and technologies that will move the world forward. CES 2021 will feature more than 1900 exhibitors representing the entire tech spectrum and more than 100 conference sessions will showcase industry leaders who will share visions for a better future. General Motors (GM) Chairman and CEO Mary Barra will present the official opening keynote address at 9 AM EST on Jan. 12, where she’ll share GM’s transformational strategy to advance mobility.CES 2021 attendees will experience a highly personalized show where they can see the latest product launches, hear insights from global visionaries, engage with global brands and startups, chat and meet with attendees from around the globe and receive recommendations based on personal preferences. In addition, a live anchor desk will serve as a “home base” to guide audiences through the digital experience.

“The pandemic forced us to take a step back from a traditional CES, throw out the playbook and transform how we’d bring the tech community together,” said Gary Shapiro, president and CEO, CTA. “CES looks different this year, but the foundation of the show – innovation, connection, collaboration – remains strong and consistent. The digital transformation will continue for years, even as we return to Las Vegas in 2022. We have seen the value of connecting digitally and we can welcome even more people from around the world.”

CES 2021 innovations and products will span the tech industry, from automotive to digital health, 5G, smart cities and beyond. On Jan. 11, the world’s media had exclusive access to nearly 20 press conferences from global brands. Media Day provided a sneak peek at the expected themes and trends for CES 2021, including a smarter home that creates a home, office and workout space; sustainable products for a longer, safer future; and innovations in transportation and mobility.

“Media Day offered an exciting preview for what’s to come at CES 2021, yet only scratched the surface of this groundbreaking CES experience,” said Karen Chupka, EVP, CES, CTA. “Audiences across the globe, many for the first time, will participate in a true broadcast event this week. With more than 100 conference sessions, including special entertainment events, attendees will hear the latest topics impacting the industry. They’ll also interact directly with exhibitors and fellow CES attendees, forming business connections for the future.”

Following Media Day, Verizon Chairman and CEO Hans Vestberg delivered a keynote focused on 5G. Vestberg shared how the essential qualities of Verizon’s 5G Ultra Wideband network have come to life. These qualities include unparalleled upload and download speeds, enormous capacity and ultra-low lag, supporting more connected devices and mobile connection, and providing faster, more responsive service deployment and a new standard for energy efficiency and reliability. Verizon shared updates on the various projects and partnerships enabled by 5G Ultra Wideband, including the Verizon 5G Super Stadium Experience in the NFL app and the transformation of watching and experiencing sports; expanding the museum experience with 5G and an immersive art experiences with the Metropolitan Museum of Art; partnership with UPS and Skyward to support a nationwide drone delivery network; and deployment of 15 Live Nation venues enabled by 5G Ultra Wideband. Also, Verizon provided audiences with an immersive 5G-enabled entertainment experience from the Black Pumas.

Media Day featured a full day of press conferences from top exhibitors who broke news to a media-only audience, just as they would in Las Vegas. Media heard the latest breaking news, product launches and technology trends as a preview to the exhibitor showcase opening.

  • Bosch: Showcased commitments to sustainability as the first global industrial enterprise to become carbon neutral and introduced an AI-enabled wearable fitness tracker that recognizes and records any type of fitness activity that is based on repetitive, cyclative patterns.
  • Canon: Provided a sneak peek of Canon’s plans for the all-digital CES beyond cameras and printers, including redefining viewing the planet, skateboarding and tackling food waste
  • Caterpillar: Shared the first application of command for Caterpillar’s autonomous mining trucks and groundbreaking technology in the most challenging conditions.
  • Hisense: Announced the 2021 TriChroma Laser TV line.
  • Indy Autonomous Challenge: Unveiled the world’s first autonomous racecar, to be used in the Indy Autonomous Challenge where 500+ university students are developing the technology to drive the racecar and win the competition for a $1.5 million prize.
  • Intel/Mobileye: Shared news around the future of mobility for Mobileye, including plans to open deployment centers in Shanghai, Tokyo, Paris and Detroit, and use house-built lidar sensors.
  • Kohler: Introduced a ceiling mount kitchen faucet with simple touch control; Kohler whole home water monitor that mounts underneath the cabinets, in partnership with Phyn; new Innate intelligent toilet; touchless bathroom faucets; freestanding soaking bath.
  • LG Electronics: Announced next generation of LG PuriCare™ line for high-quality air management solutions; reimagined side-by-side refrigerator, including a wider window, premium interior look and Craft Ice feature; WashTower™ with convenient controls, built in intelligence and advanced cleaning; 2021 OLED evo TV lineup and QNED MiniLED TVs; CLOi UV-C Robot for disinfection; ThinQ App will transform into an open platform for lifestyle innovation.
  • Magna International: Launched a joint venture with LG Electronics to manufacture e-motors, inverters and on board chargers and related e-drive systems for certain automakers, to support the growing global shift towards vehicle electrification.
  • Mercedes-Benz: Showcased the MBUX (Mercedes-Benz User Experience) Hyperscreen, which uses AI to offer a seamless driver and passenger experience.
  • OMRON Healthcare: Announced VitalSight – first remote patient monitoring service designed specifically for hypertension management.
  • Panasonic: Announced technology partnership with Illuminarium Experiences to bring the new 360-degree immersive entertainment centers to life; launched newest OLED TV JZ2000; new Technics wireless headphones will launch later this year.
  • Philips: Discussed the Philips vision and experience in the consumer and professional health tech space and announced the Philips Sonicare 9900 Prestige that is backed by SenseIQ technology and artificial intelligence to intuitively adjust to the need of the user.
  • Samsung Electronics: Announced 4-Door Flex Bespoke refrigerator that can be customized for any kitchen; JetBot 90 AI+ uses object recognition technology and sensors to identify and classify objects and decide the best cleaning path; Eco-packaging will be used for all TV products; Galaxy Upcycling at Home program where users can decide how to repurpose the Galaxy as other convenient home devices.
  • Schneider Electric: Showcased Square D Energy Center, first-ever Square D connected light switches (X & XD range series) and Acti9 Active product, which together deliver a unique end-to-end energy management solution for homes in response to sustainability, resiliency, efficiency and personalization.
  • Skyworth: Presented 2021 TV line up for North America – five series of TVs comprised of 16 different models.
  • Sony: Introduced Airpeak, which integrates AI and robotics to enable creators to explore new heights for photo and video; shared preview of a new, immersive reality concert performance from Madison Beer to demonstrate the music showcase that will be available on Sony PlayStation VR, mobile devices, music video streaming platforms and more.
  • Taiwan Tech Arena: Previewed some of the 100 startup teams from Taiwan Tech Arena that will unveil innovation at CES 2021. Startups are divided into Smart Living, Tech for Good, Cybersecurity & Cloud Solutions, Healthcare & Wellness and Mobility Tech.
  • TCL: Announced OD Zero™ Mini-LED technology that provides viewers with a more realistic and sharper picture and allows for an ultra-thin TV profile; TCL’s first-ever Google TV; NXTPAPER tablet, TAB10s, MOVEAUDIO S600 wireless headphones, MOVETRACK Pet tracker and TCL 20 Series phones, with the 5G and SE phones available this month.

CTA’s Steve Koenig and Lesley Rohrbaugh presented 2021 Tech Trends to Watch during Media Day and gave an exclusive preview of the U.S. Consumer Technology One-Year Industry Forecast. They shared the retail sales revenue for the technology industry will reach $461 billion in the U.S. in 2021 – a 4.3% increase year-over-year. And as millions of Americans remain home and rely on tech to stay entertained, connected and healthy during the pandemic, streaming services, 5G connectivity and digital health devices will stand out in the tech sector in 2021. For more, visit CTA.tech/forecasts.

CES 2021 is taking place Jan. 11-14.

  • Jan. 12-13: Exhibitor showcase and conference programming.
  • Jan. 14: CES Partner Programming.
  • Access the digital venue and on demand content through Feb. 15, 2021.

Visit the digital venue to explore CES 2021 and get live updates from the show –including keynotes, conference sessions, product announcements and show floor coverage. Download CES B-roll, access important CES news and view other media assets on CES.tech.

Press Contac


Arlington, VA — Jan 12, 2021
The first-ever, all-digital CES® 2021, owned and produced by the Consumer Technology Association (CTA)®, opened its full digital experience to audiences around the world. Following a day of exclusive, media-only press conferences and a keynote from Verizon Chairman and CEO Hans Vestberg on Jan. 11, this transformational event provides audiences with a front row seat to the innovation and technologies that will move the world forward. CES 2021 will feature more than 1900 exhibitors representing the entire tech spectrum and more than 100 conference sessions will showcase industry leaders who will share visions for a better future. General Motors (GM) Chairman and CEO Mary Barra will present the official opening keynote address at 9 AM EST on Jan. 12, where she’ll share GM’s transformational strategy to advance mobility.CES 2021 attendees will experience a highly personalized show where they can see the latest product launches, hear insights from global visionaries, engage with global brands and startups, chat and meet with attendees from around the globe and receive recommendations based on personal preferences. In addition, a live anchor desk will serve as a “home base” to guide audiences through the digital experience.

“The pandemic forced us to take a step back from a traditional CES, throw out the playbook and transform how we’d bring the tech community together,” said Gary Shapiro, president and CEO, CTA. “CES looks different this year, but the foundation of the show – innovation, connection, collaboration – remains strong and consistent. The digital transformation will continue for years, even as we return to Las Vegas in 2022. We have seen the value of connecting digitally and we can welcome even more people from around the world.”

CES 2021 innovations and products will span the tech industry, from automotive to digital health, 5G, smart cities and beyond. On Jan. 11, the world’s media had exclusive access to nearly 20 press conferences from global brands. Media Day provided a sneak peek at the expected themes and trends for CES 2021, including a smarter home that creates a home, office and workout space; sustainable products for a longer, safer future; and innovations in transportation and mobility.

“Media Day offered an exciting preview for what’s to come at CES 2021, yet only scratched the surface of this groundbreaking CES experience,” said Karen Chupka, EVP, CES, CTA. “Audiences across the globe, many for the first time, will participate in a true broadcast event this week. With more than 100 conference sessions, including special entertainment events, attendees will hear the latest topics impacting the industry. They’ll also interact directly with exhibitors and fellow CES attendees, forming business connections for the future.”

Following Media Day, Verizon Chairman and CEO Hans Vestberg delivered a keynote focused on 5G. Vestberg shared how the essential qualities of Verizon’s 5G Ultra Wideband network have come to life. These qualities include unparalleled upload and download speeds, enormous capacity and ultra-low lag, supporting more connected devices and mobile connection, and providing faster, more responsive service deployment and a new standard for energy efficiency and reliability. Verizon shared updates on the various projects and partnerships enabled by 5G Ultra Wideband, including the Verizon 5G Super Stadium Experience in the NFL app and the transformation of watching and experiencing sports; expanding the museum experience with 5G and an immersive art experiences with the Metropolitan Museum of Art; partnership with UPS and Skyward to support a nationwide drone delivery network; and deployment of 15 Live Nation venues enabled by 5G Ultra Wideband. Also, Verizon provided audiences with an immersive 5G-enabled entertainment experience from the Black Pumas.

Media Day featured a full day of press conferences from top exhibitors who broke news to a media-only audience, just as they would in Las Vegas. Media heard the latest breaking news, product launches and technology trends as a preview to the exhibitor showcase opening.

  • Bosch: Showcased commitments to sustainability as the first global industrial enterprise to become carbon neutral and introduced an AI-enabled wearable fitness tracker that recognizes and records any type of fitness activity that is based on repetitive, cyclative patterns.
  • Canon: Provided a sneak peek of Canon’s plans for the all-digital CES beyond cameras and printers, including redefining viewing the planet, skateboarding and tackling food waste
  • Caterpillar: Shared the first application of command for Caterpillar’s autonomous mining trucks and groundbreaking technology in the most challenging conditions.
  • Hisense: Announced the 2021 TriChroma Laser TV line.
  • Indy Autonomous Challenge: Unveiled the world’s first autonomous racecar, to be used in the Indy Autonomous Challenge where 500+ university students are developing the technology to drive the racecar and win the competition for a $1.5 million prize.
  • Intel/Mobileye: Shared news around the future of mobility for Mobileye, including plans to open deployment centers in Shanghai, Tokyo, Paris and Detroit, and use house-built lidar sensors.
  • Kohler: Introduced a ceiling mount kitchen faucet with simple touch control; Kohler whole home water monitor that mounts underneath the cabinets, in partnership with Phyn; new Innate intelligent toilet; touchless bathroom faucets; freestanding soaking bath.
  • LG Electronics: Announced next generation of LG PuriCare™ line for high-quality air management solutions; reimagined side-by-side refrigerator, including a wider window, premium interior look and Craft Ice feature; WashTower™ with convenient controls, built in intelligence and advanced cleaning; 2021 OLED evo TV lineup and QNED MiniLED TVs; CLOi UV-C Robot for disinfection; ThinQ App will transform into an open platform for lifestyle innovation.
  • Magna International: Launched a joint venture with LG Electronics to manufacture e-motors, inverters and on board chargers and related e-drive systems for certain automakers, to support the growing global shift towards vehicle electrification.
  • Mercedes-Benz: Showcased the MBUX (Mercedes-Benz User Experience) Hyperscreen, which uses AI to offer a seamless driver and passenger experience.
  • OMRON Healthcare: Announced VitalSight – first remote patient monitoring service designed specifically for hypertension management.
  • Panasonic: Announced technology partnership with Illuminarium Experiences to bring the new 360-degree immersive entertainment centers to life; launched newest OLED TV JZ2000; new Technics wireless headphones will launch later this year.
  • Philips: Discussed the Philips vision and experience in the consumer and professional health tech space and announced the Philips Sonicare 9900 Prestige that is backed by SenseIQ technology and artificial intelligence to intuitively adjust to the need of the user.
  • Samsung Electronics: Announced 4-Door Flex Bespoke refrigerator that can be customized for any kitchen; JetBot 90 AI+ uses object recognition technology and sensors to identify and classify objects and decide the best cleaning path; Eco-packaging will be used for all TV products; Galaxy Upcycling at Home program where users can decide how to repurpose the Galaxy as other convenient home devices.
  • Schneider Electric: Showcased Square D Energy Center, first-ever Square D connected light switches (X & XD range series) and Acti9 Active product, which together deliver a unique end-to-end energy management solution for homes in response to sustainability, resiliency, efficiency and personalization.
  • Skyworth: Presented 2021 TV line up for North America – five series of TVs comprised of 16 different models.
  • Sony: Introduced Airpeak, which integrates AI and robotics to enable creators to explore new heights for photo and video; shared preview of a new, immersive reality concert performance from Madison Beer to demonstrate the music showcase that will be available on Sony PlayStation VR, mobile devices, music video streaming platforms and more.
  • Taiwan Tech Arena: Previewed some of the 100 startup teams from Taiwan Tech Arena that will unveil innovation at CES 2021. Startups are divided into Smart Living, Tech for Good, Cybersecurity & Cloud Solutions, Healthcare & Wellness and Mobility Tech.
  • TCL: Announced OD Zero™ Mini-LED technology that provides viewers with a more realistic and sharper picture and allows for an ultra-thin TV profile; TCL’s first-ever Google TV; NXTPAPER tablet, TAB10s, MOVEAUDIO S600 wireless headphones, MOVETRACK Pet tracker and TCL 20 Series phones, with the 5G and SE phones available this month.

CTA’s Steve Koenig and Lesley Rohrbaugh presented 2021 Tech Trends to Watch during Media Day and gave an exclusive preview of the U.S. Consumer Technology One-Year Industry Forecast. They shared the retail sales revenue for the technology industry will reach $461 billion in the U.S. in 2021 – a 4.3% increase year-over-year. And as millions of Americans remain home and rely on tech to stay entertained, connected and healthy during the pandemic, streaming services, 5G connectivity and digital health devices will stand out in the tech sector in 2021. For more, visit CTA.tech/forecasts.

CES 2021 is taking place Jan. 11-14.

  • Jan. 12-13: Exhibitor showcase and conference programming.
  • Jan. 14: CES Partner Programming.
  • Access the digital venue and on demand content through Feb. 15, 2021.

Visit the digital venue to explore CES 2021 and get live updates from the show –including keynotes, conference sessions, product announcements and show floor coverage. Download CES B-roll, access important CES news and view other media assets on CES.tech.

Press Contac

Blockchain and the Future of the Maritime Industry

Blockchain and the Future of the Maritime Industry

Many people think of Nasdaq as just a stock exchange, but we are also a large provider of technology to other marketplaces, banks, and brokers across the globe. With years of experience in the financial industry, we are now seeing how our technology can be utilized in other industries besides capital markets. The maritime industry specifically interests us because of the highly valuable ways we can apply our knowledge and competence from finance into the maritime business.

After several days at the Smart Digital Ports of the Future Conference, I’ve seen a positive conversation around using blockchain in the maritime sector and the digitalization of the ports. There is good work going on in the maritime business, and the next step is to figure out how we can easily help reach optimal efficiency for the industry through collaboration and support on the blockchain.

Ports and terminals can be linked through one single source of data, the blockchain record, ensuring clear communication and preventing disputes and allowing for a more efficient way to match supply and demand. Think of it like this: People want to transport something, and there are transports available– The blockchain allows them to receive a much more efficient and accurate way of price discovery, so the buyer and seller can meet in the fairest and easiest way for both parties.

Blockchain technology can help the shipping industry reach maximal operational efficiency. Once we have the golden source of data and an organized marketplace, the industry will benefit from more trustworthy communication and a streamlined way to match buyers and sellers at the best price. In addition, blockchain can help connect all parties involved in a transaction throughout the whole lifecycle of a shipment, providing increased transparency, reliability and tracking.

Nasdaq has applied blockchain technology to a number of other industries with success. For example, in the advertising industry, we created a market to issue and trade ad space on the blockchain as well as settle and arrange the payments. In the healthcare industry, we’ve worked more with data, arranging how to efficiently search for a data set across the industry and see who you’d like to buy the data from. This could be applied to the shipping industry, searching data between different ports. Additionally, in the agriculture industry, we are using blockchain to settle contracts and ensure delivery matching buyers and sellers of grain.

Ultimately, Nasdaq seeks to partner with new markets outside of the financial sector that we see could greatly benefit from using blockchain as a digital immutable ledger to store proof of all events in the value chain, and the maritime industry is one of our key interests to helping reach maximal operational efficiency.

Pinterest Inc: Social Media Stock Up 33% Since Reporting Q3 Revenue

Pinterest Stock Up 223% Year-over-Year & 2021 Could Be Even Better

Pinterest Inc (NYSE:PINS) is a great social media tech stock that has done well during the coronavirus pandemic. PINS stock is up 223% year-over-year, 257% year-to-date, and 560% since hitting March lows. It’s also up 250% from its April 2019 initial public offering (IPO) price.

A number of COVID-19 vaccines have been reported in the news, and more will follow, but the fact is, online companies like Pinterest will continue to do well in the post-pandemic world.

The economy will return to some form of normalcy in 2021, but the coronavirus pandemic has changed the way consumers shop and people interact with one another. And when it comes to digital marketing, Pinterest Inc is an advertiser’s dream.

Pinterest is a web site where users “pin” their favorite home and style ideas, recipes, wellness tips, and virtually anything they find on the Internet. The joy for advertisers is, they have a captive audience who just need to click on a pin to buy something.

“Pinners” (which is what Pinterest users are called) might go on the site merely to get ideas, but they often end up buying something. In the digital age, that kind of convenience is not something consumers will want to give up.

And the numbers back that up.

In late October, Pinterest Inc reported strong third-quarter revenue and user growth. And management expects fourth-quarter revenue to grow 60% year-over-year.

That kind of growth might be tough to sustain over the coming quarters, but Pinterest has emerged as leading Internet content and social media platform, which will likely continue to provide investors with long-term growth.

Investors believe Pinterest stock has a lot of room to grow. As of this writing, PINS stock is trading hands at $66.46, climbing an additional 33% since the company reported its third-quarter financial results.

Chart courtesy of StockCharts.com

Strong Third-Quarter Results

Pinterest announced that its third-quarter revenue for the period ended September 30 increased 58% year-over-year to $443.0 million. (Source: “Q3 2020 Letter to Shareholders,” Pinterest Inc, October 28, 2020.)

In the quarter, the number of monthly active users (MAUs) grew 37% year-over-year to 442 million. In the U.S., the company’s MAUs increased by 13% to a record 98 million. Internationally, its MAUs increased by 46% to a record 235 million.

Pinterest Inc’s average revenue per user (ARPU) increased significantly to $1.03, compared to $0.90 in the third quarter of 2019. The expansion in its global APRU was driven by an increase in advertising demand on the company’s platform, partially offset by an increase in MAUs.

By region, the company’s U.S. ARPU was up 31% year-over-year, at $3.85, while its international ARPU was up 66%, at $0.21. Pinterest noted that its international ARPU remains in its early stages, as the company has only begun to execute its strategy to provide targeted ads to Pinners in countries other than the U.S.

Pinterest Inc reported a third-quarter 2020 net loss of $94.0 million ($0.16 per share), compared to a third-quarter 2019 net loss of $125.0 million ($0.23 per share). The company reported third-quarter adjusted net income of $87.1 million, compared to $6.0 million in the same prior-year period.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $93.0 million, versus adjusted EBITDA of $4.0 million in the third quarter of last year.

Todd Morgenfeld, CFO and head of business operations, commented, “The strong momentum our business experienced in July continued throughout the rest of the third quarter.” (Source: “Pinterest Announces Third Quarter 2020 Results,” Pinterest Inc, October 28, 2020.)

He continued, “We’re extremely pleased with the broad-based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion.”

 

The digitized financial – centralized management of finances and treasury

A step towards the digital transformation of the financial area in our organizations, hand in hand with SAP. We will talk about how SAP’s Central Finance solution evolves from an advanced financial reporting system to a finance transformation platform capable of executing financial processes centrally such as treasury, regardless of origins

 


  • CFOs
  • Controllers
  • Contables y Tesoreros
  • Responsables financieros

Evento On-line Webinar Gratuito

28 de enero
De 11:00 a 12:00 h

Tenemos la modalidad de asociado que se adapta a tus necesidades e intereses.

ASÓCIATE →

THE BIG READXR IN TODAY’S REALITY

XR in Today’s Reality

To complement our RISE Spotlight event on XR, Amelia Kallman, futurist, author and chair of ISE’s XR Summit, reviews some of the areas where these technologies are making their mark right now.

While XR (extended reality) technologies have been hyped since 2014, it’s only now in the midst of the 2020 coronavirus pandemic and global economic crisis that we are really seeing the true value of virtual, augmented and mixed realities as vital to the future of business success. Across industries including healthcare, manufacturing, education, design, tourism, consumer goods and marketing, XR is helping companies secure the competitive advantage needed to survive and thrive in the years to come.

The greatest challenge the XR community faces is one the industry created itself. Early hype and evangelical proclamations oversold the limited abilities of VR and AR technologies in the early days, fuelling disappointed expectations which the industry has been trying to crawl back from for years. It may be helpful to remember that while AR and VR have been developing next to each other since the 1960s, the industry as we know it today is less than seven years old. That said, the improvements in such a relatively short period have been remarkable, but even so, people adapt and adopt at a much slower pace than the big tech companies often presume.

Forecasts and futures

It’s too simple to judge the success of this industry on how many headsets have been sold (or not sold); instead we should focus on the true business cases for XR. The future of the industry relies on its ability to live up to the promises that XR can save companies time and money, accelerate processes, measure engagement, bring people together in unique and memorable ways, and create new revenue streams that don’t only justify costs, but proportionally outweigh them.

It is projected that by 2030 XR will boost the global economy by $1.5 trillion, with the growth of jobs enhanced by VR and AR jumping from under one million in 2019, to over 20 million by 2030. This growth will partially be attributed to the prevalence of edge computing and 5G. Edge computing is the practice of capturing, processing and analysing data near where it is created, and 5G is super high-speed internet. These innovations will provide the practical infrastructure necessary for mass transmission of large data sets at higher speeds, ensuring a seamless immersive experience anywhere at any time, whether it’s through a mobile, laptop or headset. Reducing latency, improving image quality, and enabling new ecosystems of high-volume, real-time data applications, these expediting capabilities will bolster the viability and benefits of XR in our everyday lives.

Fighting Covid, tackling lockdown

One recent example from the medical industry of how VR is being used to save time and money while enabling collaboration is iMD-VR. A team of scientists from the University of Bristol have been using VR and cloud computing as a means to assist the medical community in the global fight against Covid-19. They’ve created a 3D model researchers can step inside to visualise the unique complexities of the virus, as well as test potential vaccines and cures via molecular dynamics simulations. This level of real-time international collaboration, as well as the ability to visualise and contextualise something invisible to the human eye, wouldn’t be possible otherwise. It is not only a great illustration of how VR can extend our capabilities beyond our physical means, but also how it can help accelerate vital knowledge sharing across geographic locations that could result in saving lives.

Many industries are turning to XR as a way to cope with their remote collaboration needs during varying stages of lockdowns around the world. Global strategic design and innovation consultancy Seymourpowell use VR to enable collaborative design across global teams, encouraging employees to dial in to participate in immersive meetings via tablet, phone, laptop or VR headset. The platform they use, Reality Works, was originally created in 2017 as a tool for their transport team to collaboratively create full-scale 3D vehicle designs, but now they’ve adapted it and expanded use throughout the company, even hosting impactful client pitches in VR and offering the platform to their clients.

Virtual meetings and events

We are seeing evidence that a short-term investment in an immersive platform and instigating a virtual meet-up work culture can save companies time and money in the long term. Earlier this year executive training organisation The Leadership Network moved all their physical masterclasses into the metaverse via their Gemba VR platform. Removing three nights’ accommodation, business travel and subsistence from the equation saved customers an average of £1,800 per person. It also cut down the hours employees had to be ‘out of office’, gaining companies 44% more productivity time throughout the week.

Under the pandemic the events industry has particularly suffered with many turning to Zoom, Hopin and Teams as an alternative to physical conferences. Between screen fatigue, the lack of networking options, and every event starting to look and feel the same, there is a good case to be made for the advantages of hosting in VR. European VR/AR tradeshow Virtuality completely digitalised their physical arena to reflect everything you might expect from a conference space: exhibition halls, booths, auditoriums, networking lounges, all accessible from anywhere in the world via PC, Mac and Oculus Quest. To accomplish this they’ve partnered with Manzalab Group using their digital solution Teemew Event. Many VR platforms designed to support meetings have expanded their offer to include conferencing features, like the immersive education platform Engage, which can now host up to 150 people at one time. It is unique in that it offers full bodied avatars, the ability to run events inside 360 videos, and it also offers spatial recording, which means post-event people can still experience a fully 3D replay.

Tracking eyes, hands… and brains

Advancements in eye and hand-tracking capabilities now included in many headsets offer new ways to measure customer engagement and prove ROI. A global consumer goods corporation partnered with Accenture to build a multi-user VR merchandising evaluation system where they can safely host customer focus groups to evaluate the effectiveness of product placement, advertisements and store layouts before making costly decisions. The simulation ultimately resulted in higher product sales and a greater profit margin as they were able to effectively market test before implementation, ensuring that when it came to deployment they got it right the first time.

Taking things one step further, the integration of bio-data or brain-computer-interface (BCI) technology into headset experiences can give us an even deeper insight into the nuances of customer behaviour and decision-making. EEG brainwave technology MyndPlay was integrated into OculusGo headsets to allow marketers to see which adverts perked an individual’s attention the most so they could then offer people a more personalised product. With recent studies showing 80% of customers are more likely to purchase a product or service from a brand who provides personalised recommendations and experiences, this is a trend we may see more of in the years to come.

The role of social

Using augmented reality to let shoppers ‘try before you buy’ has become even more important to retailers in 2020, adding value to the at-home shopping experience. Earlier this year Gucci partnered with Snapchat for the platform’s first global branded AR shoe try-on lenses. The AR lens overlays a digital version of four pairs of shoes on a mobile user’s feet and allows immediate purchasing via the Snap app. According to Snap data, Snapchat reaches 75% of people ages 13 to 34 and 90% of people ages 13 to 24 in the US, helping brands bond with Gen Z. Also attempting to engage the next generations, Burger King ran an immersive sweepstake during the MTV VMAs that asked viewers to scan an onscreen QR code to activate an AR experience featuring rapper Lil Yachty. People were treated to an exclusive performance, as well as coupons. This drove downloads of their app, which has become crucial to many quick-service brands since the pandemic.

The adoption of AR into our everyday lives through social media platforms like Snap and Instagram was so gradual and natural many people don’t even realise they’re using AR technology. AR has enjoyed a faster consumer adoption than the uptake of VR for several reasons: It’s less expensive to create and free to use, it can be activated through hardware we all already own and have on our bodies most of the time, and it services a very basic function, even if that function is to simply make us look cool online.

The evolution of AR and MR (mixed reality) technologies has the potential to be quite profound however, fundamentally changing the way we interact with the world around us. Recently acquired by FacebookScape Technologies uses AI, computer vision and cloud computing to geopin AR and MR content to specific locations. Effectively this means that in the future the entire world will become real estate for interactive, shoppable digital signage viewed via phones, glasses and, sooner than one may think, contact lenses or implants. While today we might use AR to map a path to physical locations while receiving pop-up ads on our phones, tomorrow these ads may be integrated and activated by our physical environments opening up new opportunities for personalisation, gamification and revenue streams. As we go back to physical environments, whether it be retail shops or museums or other entertainment facilities, AR activations will play a significant in role in our ability to deliver information and engaging experiences while keeping everyone safe.

Moving off mobile

Moving this engagement from the mobile to a ‘heads up’ experience is a space many start-ups are currently vying for. Predicted to disrupt the dreams of young companies in this arena is Apple, which has secured a number of patents for its forthcoming AR glasses. Said to use the iPhone as the computer behind the glasses’ AR functions, this would instantly give Apple a market advantage, as well as remove the weight and subsequent unattractiveness of many of the prototypes we’ve been seeing. One of Apple’s latest patents focused on the ability of lenses to automatically adjust according to the eyesight of its user. It suggests that the optical module associated with individual eyes will be able to modify displayed images to correct the user’s vision.

News of fresh innovations coming to the world of XR, along with evidence of the formation of subindustries, indicate that the industry is continuing to evolve and mature. As the technologies become more democratised, price points will continue to come down and uptake will continue to go up. With alpha-innovators beginning to prove ROI as a result of XR, more companies will have to follow suit if they want to stay in the game. While some might view the constant developments and upgrades as a sign to hold off investment until the hype curve has flattened, the companies adopting these technologies today know that by then it will be too late.

RISE Spotlight: XR in Today’s Reality took place on 15 December 2020. You can find out about the RISE Spotlight series here.

www.ameliakallman.com
@ameliakallman
@TheBigRevealUK

Amelia Kallman
Futurist – Speaker – Author


Amelia Kallman is a leading London futurist, speaker and author. As an innovation and technology communicator, Amelia regularly consults brands, agencies, and governments on the impact of new technologies on the future of business and our lives. She forecasts global trends and behaviours, helping clients navigate innovation, build strategies and deliver industry leading initiatives. She specialises in the emerging opportunities – as well as the risks – of machine learning and AI, big data, IOT, and the New Realities (XR: VR-AR-MR). Recent areas of study include the future of social media, the XR internet, edge computing, and the surfacing human rights issues of tomorrow. She produces and hosts the annual XR Summit as part of ISE and also hosts the XR Star podcast for AV Nation. Amelia’s writing is often featured in WIRED UK, IBC365, and The Big Reveal, her popular innovation newsletter and YouTube channel. Clients include Unilever, Tata Communications, Vodafone, Lloyd’s of London, and UK Parliament. She is a mentor, activist, and is currently writing her next book.
www.ameliakallman.com @ameliakallman @TheBigRevealUK

SAN FRANCISCO–(BUSINESS WIRE)– Pinterest, Inc. (NYSE: PINS) today announced financial results for the quarter ended September 30, 2020.

  • Q3 revenue grew 58% year over year to $443 million.
  • Global Monthly Active Users (MAUs) grew 37% year over year to 442 million.
  • GAAP net loss was $(94) million for Q3. Adjusted EBITDA was $93 million.

“More than ever before, people are coming to Pinterest to get inspiration for their lives—everything from planning early for a socially distant Halloween to creating great home schools for their kids,” said Ben Silbermann, CEO and co-founder, Pinterest. “Our top priority is to continue making Pinterest home to the most inspiring and actionable content. This quarter we launched a set of tools to empower creators to show and share their ideas with people who are ready to act.”

“The strong momentum our business experienced in July continued throughout the rest of the third quarter. We’re extremely pleased with the broad based strength of our business, driven by recovering advertiser demand as well as positive returns from our investments in advertiser products and international expansion,” said Todd Morgenfeld, CFO and Head of Business Operations, Pinterest.

 

NY, USA – DECEMBER 26, 2019: Pinterest paper logo lies with envelope full of dollar bills and smartphone

Q3 2020 Financial Highlights

The following table summarizes our consolidated financial results (in thousands, except percentages, unaudited):

Three Months Ended September 30,

% Change

2020

2019

Revenue

$

442,616

$

279,703

58

%

Net loss

$

(94,220

)

$

(124,732

)

24

%

Non-GAAP net income*

$

87,164

$

5,960

1,362

%

Adjusted EBITDA*

$

93,042

$

3,871

2,304

%

Adjusted EBITDA margin*

21

%

1

%

For more information on these non-GAAP financial measures, please see “—About non-GAAP financial measures” and the tables under “—Reconciliation of GAAP to non-GAAP financial results” included at the end of this release.

Q3 2020 Other Highlights

The following table sets forth our revenue, MAUs and average revenue per user (“ARPU”) based on the geographic location of our users (in millions, except ARPU and percentages, unaudited):

Three Months Ended September 30,

% Change

2020

2019

Revenue – Global

$

443

$

280

58

%

Revenue – United States

$

374

$

251

49

%

Revenue – International

$

69

$

28

145

%

MAUs – Global

442

322

37

%

MAUs – United States

98

87

13

%

MAUs – International

343

235

46

%

ARPU – Global

$

1.03

$

0.90

15

%

ARPU – United States

$

3.85

$

2.93

31

%

ARPU – International

$

0.21

$

0.13

66

%

Outlook

Our current expectation is that Q4 revenue will grow around 60% year over year, a modest acceleration compared to our growth rate in Q320. We continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors.

We’re also operating in a more remote working environment while maintaining investments in the long-term strategic priorities of the company. We continue to evaluate our spending as the situation evolves.

We intend to provide further detail on our outlook during the conference call.

Webcast and conference call information

A live audio webcast of our third quarter 2020 earnings release call will be available at investor.pinterestinc.com. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). We have also posted to our investor relations website a letter to shareholders. This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, letter to shareholders and slide presentation are also available. A recording of the webcast will be available at investor.pinterestinc.com for 90 days.

We have used, and intend to continue to use, our investor relations website at investor.pinterestinc.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Forward-looking statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, about us and our industry that involve substantial risks and uncertainties, including, among other things, statements about our future operational and financial performance. Words such as “believe,” “project,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: uncertainty regarding the duration and scope of the coronavirus referred to as COVID-19 pandemic; actions governments and businesses take in response to the pandemic, including actions that could affect levels of advertising activity; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the scope and impact of the recent outbreak of COVID-19 on our planned investments, operations, expenses, revenue, cash flow, liquidity and users; our ability to attract and retain Pinners and engagement levels; our ability to provide useful and relevant content; risks associated with new products and changes to existing products as well as other new business initiatives; our ability to maintain and enhance our brand and reputation; compromises in security; our financial performance and fluctuations in operating results; our dependency on internet search engines’ methodologies and policies; discontinuation, disruptions or outages in authentication by third-party login providers; changes by third-party login providers that restrict our access or ability to identify users; competition; our ability to scale our business and revenue model; our reliance on advertising revenue and our ability to attract and retain advertisers and effectively measure advertising campaigns; our ability to effectively manage growth and expand and monetize our platform internationally; our lack of operating history and ability to attain and sustain profitability; decisions that reduce short-term revenue or profitability or do not produce expected long-term benefits; risks associated with government actions, laws and regulations that could restrict access to our products or impair our business; litigation and government inquiries; privacy, data and other regulatory concerns; our ability to protect our intellectual property; real or perceived inaccuracies in metrics related to our business; disruption, degradation or interference with the hosting services we use and infrastructure; our ability to attract and retain personnel; and the dual class structure of our common stock and its effect of concentrating voting control with stockholders who held our capital stock prior to the completion of our initial public offering. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which is available on our investor relations website at investor.pinterestinc.com and on the SEC website at www.sec.gov. Additional information will be made available in our Quarterly Report on Form 10-Q and other future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. All information provided in this release and in the earnings materials is as of October 28, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

About non-GAAP financial measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative), non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share. The presentation of these financial measures is not intended to be considered in isolation, as a substitute for or superior to the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparative purposes. We compensate for these limitations by providing specific information regarding GAAP amounts excluded from these non-GAAP financial measures.

We define Adjusted EBITDA as net loss adjusted to exclude depreciation and amortization expense, share-based compensation expense, interest income, interest expense and other income (expense), net, provision for (benefit from) income taxes and, for the third quarter of 2020, a one-time payment for the termination of a future lease contract. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue. Non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) and non-GAAP net income (loss) exclude amortization of acquired intangible assets, share-based compensation expense and, for the third quarter of 2020, a one-time payment for the termination of a future lease contract. Non-GAAP income (loss) from operations is calculated by subtracting non-GAAP costs and expenses from revenue. Non-GAAP net income per share is calculated by dividing non-GAAP net income by diluted weighted-average shares outstanding. We use Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income (loss) from operations, non-GAAP net income and non-GAAP net income per share to evaluate our operating results and for financial and operational decision-making purposes. We believe these non-GAAP financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the income and expenses they exclude. We also believe these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to key metrics we use for financial and operational decision-making. We present these non-GAAP financial measures to assist potential investors in seeing our operating results through the eyes of management and because we believe these measures provide an additional tool for investors to use in comparing our operating results over multiple periods with other companies in our industry. There are a number of limitations related to the use of Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses, non-GAAP income (loss) from operations, non-GAAP net income and non-GAAP net income per share rather than net loss, net margin, total costs and expenses, loss from operations, net loss and net loss per share, respectively, the nearest GAAP equivalents. For example, Adjusted EBITDA excludes certain recurring, non-cash charges such as depreciation of fixed assets and amortization of acquired intangible assets, although these assets may have to be replaced in the future, and share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense and an important part of our compensation strategy.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables under “—Reconciliation of GAAP to non-GAAP financial results” included at the end of this release.

Limitation of key metrics and other data

The numbers for our key metrics, which include our MAUs and ARPU, are calculated using internal company data based on the activity of user accounts. We define a monthly active user as an authenticated Pinterest user who visits our website, opens our mobile application or interacts with Pinterest through one of our browser or site extensions, such as the Save button, at least once during the 30-day period ending on the date of measurement. We present MAUs based on the number of MAUs measured on the last day of the current period. We define ARPU as our total revenue in a given geography during a period divided by the average of the number of MAUs in that geography during the period. We calculate average MAUs based on the average between the number of MAUs measured on the last day of the current period and the last day prior to the beginning of the current period. We calculate ARPU by geography based on our estimate of the geography in which revenue-generating activities occur. We use these metrics to assess the growth and health of the overall business and believe that MAUs and ARPU best reflect our ability to attract, retain, engage and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates may change due to improvements or changes in technology or our methodology.

PINTEREST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

(unaudited)

September 30,

December 31,

2020

2019

ASSETS

Current assets:

Cash and cash equivalents

$

652,723

$

649,666

Marketable securities

996,392

1,063,679

Accounts receivable, net of allowances of $5,670 and $2,851 as of September 30, 2020 and December 31, 2019, respectively

339,274

316,367

Prepaid expenses and other current assets

44,537

37,522

Total current assets

2,032,926

2,067,234

Property and equipment, net

76,294

91,992

Operating lease right-of-use assets

164,803

188,251

Goodwill and intangible assets, net

13,814

14,576

Restricted cash

9,221

25,339

Other assets

3,980

5,925

Total assets

$

2,301,038

$

2,393,317

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

41,703

$

34,334

Accrued expenses and other current liabilities

147,946

141,823

Total current liabilities

189,649

176,157

Operating lease liabilities

150,162

173,392

Other liabilities

26,623

20,063

Total liabilities

366,434

369,612

Commitments and contingencies

Stockholders’ equity:

Class A common stock, $0.00001 par value, 6,666,667 shares authorized, 507,248 and 360,850 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively; Class B common stock, $0.00001 par value, 1,333,333 shares authorized, 107,995 and 209,054 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

6

6

Additional paid-in capital

4,475,425

4,229,778

Accumulated other comprehensive income

2,063

647

Accumulated deficit

(2,542,890

)

(2,206,726

)

Total stockholders’ equity

1,934,604

2,023,705

Total liabilities and stockholders’ equity

$

2,301,038

$

2,393,317

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended September 30,

2020

2019

Revenue

$

442,616

$

279,703

Costs and expenses:

Cost of revenue

112,844

83,520

Research and development

160,187

167,703

Sales and marketing

118,531

110,740

General and administrative

148,087

51,450

Total costs and expenses

539,649

413,413

Loss from operations

(97,033

)

(133,710

)

Interest income

2,896

9,837

Interest expense and other income (expense), net

(51

)

(1,056

)

Loss before provision for (benefit from) income taxes

(94,188

)

(124,929

)

Provision for (benefit from) income taxes

32

(197

)

Net loss

$

(94,220

)

$

(124,732

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.16

)

$

(0.23

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

603,490

546,126

PINTEREST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Nine Months Ended September 30,

2020

2019

Operating activities
Net loss $

(336,164

)

$

(1,325,653

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization

29,174

19,496

Share-based compensation

234,801

1,265,581

Other

7,268

(3,296

)

Changes in assets and liabilities:
Accounts receivable

(25,667

)

12,331

Prepaid expenses and other assets

(6,184

)

(1,502

)

Operating lease right-of-use assets

31,835

21,746

Accounts payable

7,689

8,897

Accrued expenses and other liabilities

20,391

13,133

Operating lease liabilities

(35,013

)

(19,634

)

Net cash used in operating activities

(71,870

)

(8,901

)

Investing activities
Purchases of property and equipment and intangible assets

(14,032

)

(20,433

)

Purchases of marketable securities

(808,180

)

(527,899

)

Sales of marketable securities

174,042

93,389

Maturities of marketable securities

699,133

252,164

Other investing activities

316

Net cash provided by (used in) investing activities

51,279

(202,779

)

Financing activities
Proceeds from initial public offering, net of underwriters’ discounts and commissions

1,573,200

Proceeds from exercise of stock options, net

64,992

744

Shares repurchased for tax withholdings on release of restricted stock units

(56,894

)

(424,965

)

Payment of deferred offering costs and other financing activities

(1,750

)

(11,305

)

Net cash provided by financing activities

6,348

1,137,674

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

(86

)

(182

)

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

(14,329

)

925,812

Cash, cash equivalents, and restricted cash, beginning of period

677,743

135,290

Cash, cash equivalents, and restricted cash, end of period $

663,414

$

1,061,102

Supplemental cash flow information
Accrued property and equipment $

3,952

$

7,174

Operating lease right-of-use assets obtained in exchange for operating lease liabilities $

14,030

$

41,399

Reconciliation of cash, cash equivalents and restricted cash to condensed consolidated balance sheets
Cash and cash equivalents $

652,723

$

1,033,871

Restricted cash included in prepaid expenses and other current assets

1,470

2,409

Restricted cash

9,221

24,822

Total cash, cash equivalents, and restricted cash $

663,414

$

1,061,102

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended September 30,

2020

2019

Share-based compensation by function:

Cost of revenue

$

2,298

$

1,568

Research and development

61,357

83,539

Sales and marketing

11,958

21,243

General and administrative

16,019

23,938

Total share-based compensation

$

91,632

$

130,288

Amortization of acquired intangible assets by function:

Cost of revenue

$

94

$

94

General and administrative

158

310

Total amortization of acquired intangible assets

$

252

$

404

Reconciliation of total costs and expenses to non-GAAP costs and expenses:

Total costs and expenses

$

539,649

$

413,413

Share-based compensation

(91,632

)

(130,288

)

Amortization of acquired intangible assets

(252

)

(404

)

Termination of future lease contract

(89,500

)

Total Non-GAAP costs and expenses

$

358,265

$

282,721

Reconciliation of net loss to non-GAAP net income:

Net loss

$

(94,220

)

$

(124,732

)

Share-based compensation

91,632

130,288

Amortization of acquired intangible assets

252

404

Termination of future lease contract

89,500

Non-GAAP net income

$

87,164

$

5,960

Weighted-average shares outstanding for net loss per share, basic and diluted

603,491

546,126

Weighted-average dilutive securities(1)

72,803

104,594

Diluted weighted-average shares outstanding for Non-GAAP net income per share

676,294

650,720

Net loss per share

$

(0.16

)

$

(0.23

)

Non-GAAP net income per share

$

0.13

$

0.01

___________

(1)

Gives effect to potential common stock instruments such as stock options, unvested restricted stock units and unvested restricted stock awards.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended September 30,

2020

2019

Reconciliation of net loss to Adjusted EBITDA:

Net Loss

$

(94,220

)

$

(124,732

)

Depreciation and amortization

8,943

7,293

Share-based compensation

91,632

130,288

Interest income

(2,896

)

(9,837

)

Interest expense and other (income) expense, net

51

1,056

Provision for (benefit from) income taxes

32

(197

)

Termination of future lease contract

89,500

Adjusted EBITDA

$

93,042

$

3,871

Investor relations:
Doug Clark
ir@pinterest.com

Deniz Keskin Brand Management at Porsche 

How brands need to adapt in a time when our understanding of luxury changes

As the director of Brand Management at Porsche, Deniz Keskin is responsible for the overall development and perception of the Porsche brand. He explains what new luxury means for Porsche and in which direction the brand is heading.

In the 17th century, Louis XIV, the Sun King, built the castle of Versailles — an embodiment of the power and luxurious life of the French royal court draped in gold, art, and ostentation. Today, more than 7.5 million tourists visit the historic monument every year. But probably only very few of them have the same understanding of luxury as Louis XIV.

What is defined as luxury in a society that is subject to rapid change? Today, we experience a shift from pure ownership to identification with specific values and I’m not going out on a limb here when I say that the future zeitgeist will be quite different from the Palace of Versailles. True luxury will be less connotated with the possession of physical goods but with relationships, experiences, and feelings.

People demand a different form of luxury

We can already see that the understanding of luxury is changing within younger generations. It has become more subtle, some might even say more human. Time spent with friends and personal health move into focus. People have a claim to companies that they do not harm the planet, but on the contrary: they are supposed to change something for the better.

What does this mean for companies that manufacture premium products? Like the definition of luxury, the meaning of a brand is constantly changing. To give you an example: The word brand comes from the brand on livestock — in its original meaning, it is intricately linked to ownership. At the end of the 19th century, corner stores with a wide range of different products appeared. Brands had the task of giving customers orientation about the origin or quality of the product. Slowly their role changed, and brands needed to find a way to stand out. Advertising became an art form, again the relationship between a company and its customers changed.

The bond between consumers and brands will deepen in the future

The most recent decisive change took place in 2007 when Apple introduced the iPhone. And thus, a product we always carry close to us and came to develop an extremely close connection with. Smartphones became our closest companions. This is when brands turned into experiences. You don’t need to go to a store anymore to connect to a brand, it’s right at your fingertip. I’m convinced that in the future the bond between customers and companies will become even closer: it will be a relationship. Brands will have an influence on how we define ourselves as a person, we choose them as a good friend.

This fundamental change between brands and customers will lead people to approach every company with a central question: What are you contributing to the world and to society?

Luxury means to be able to live out your dreams

Porsche is in a successful place, but we have to be conscious of the fact that our target groups evolve and that the people who will buy our products in 20 or 30 years will have a different mindset. This is a fundamental change of perspective, which challenges companies to define their very soul, the reason they exist. In other words: we need to be clear about our purpose.

We at Porsche have found our answer: Driven by Dreams. As a brand, the place that we want to have in the hearts and the minds of our fans should be described with the feeling of making a dream come true.

Driven by Dreams: Customers shall connect the Porsche brand with the feeling of making a dream come true.

You can find approaches to our definition of new luxury in new mobility solutions such as Porsche Drive Rental. The premium car rental service was initially launched in 2014 and is today available in five countries. The rental time is flexible — from three hours to 28 days. Just recently, five further locations have been opened in Germany. Another example is the first fully electric sports car, the Taycan. It is a car that gives you the classic feeling of a Porsche on the road, powered by sustainable technologies — interpreting the sports car dream in a completely different way.

This is where the circle closes for which Ferry Porsche laid the foundation stone more than 70 years ago with his quote:

“In the beginning, I looked around and could not find quite the car I dreamed of. So I decided to build it myself.”Ferry Porsche

We believe that in the future, real luxury will be understood as being able to live out your dreams. And that’s what Porsche is all about.

Info

Text published by Deniz Keskin is Director Brand Management at Porsche AG.

Blockchain project wins Startup Autobahn innovation award

The final round of Europe’s largest innovation platform, Startup Autobahn, was taking place in virtual form for the first time. Porsche was involved in five projects this time, supporting the founders with experienced mentors.

More than 30 start-ups from all over the world are presenting their ideas for future mobility online as part of the eighth Expo Days.

CarbonBlock – a sustainability project by the Berlin start-up CircularTree – has also won the Global Innovation Award of the American accelerator Plug and Play. Porsche set up this project as a pilot together with the suppliers BASF and Motherson. The blockchain application developed by CarbonBlock makes the greenhouse emissions of supply chains transparent. It provides companies with “smart contracts”, which make it possible to digitally forward the CO2 emissions of components along the supply chain, in order to quantify a product’s carbon footprint in a standardised way.

The other projects with Porsche participation in the eighth round

Circularise tracks plastics from raw material through to finished car

Porsche has developed a prototype app together with the Dutch start-up Circularise and the suppliers Covestro, Domo Chemicals and Borealis. The app uses blockchain technology to make information about the sustainable production of components and materials visible to customers. It does this by enabling the individual plastic content of product parts to be tracked.

ClimaCell extends Porsche Roads app to include real-time air quality

US start-up ClimaCell has further developed the ROADS by Porsche app so that detailed information on air quality is now available in real time. ClimaCell has based this on a “weather of things” approach and uses several hundred million virtual sensors. These include satellite signals as well as data collected using Car-to-X technology, traffic monitoring cameras or mobile devices. A traffic light system informs drivers about the air quality on their route.

Monk pioneers lightning-fast inspections by smartphone

A project from the French start-up Monk, supported by Porsche, speeds up the return and assessment of rental cars and lease vehicles. Monk has developed a software application that allows fast analysis of possible damage on these vehicles. Using a smartphone, the user takes photos so that the scope of potential damage to different areas of the car can be analysed by artificial intelligence.

Clear and precise speech recognition: Hi.Auto cuts out background noise

Together with Porsche, the Israeli start-up Hi.Auto has developed an audiovisual speech recognition system. The user speaks in the normal way via a microphone, while a camera simultaneously observes lip movements. This information is evaluated by means of a deep learning algorithm and enables speech and background noise to be separated more clearly than with previous purely audio-based methods.

About Startup Autobahn

Porsche has been a partner of Startup Autobahn since the beginning of 2017. The innovation platform acts as an interface between industry-leading companies and technology start-ups in Stuttgart. The programme enables corporate partners and start-ups to jointly develop prototypes to evaluate possible further collaborations between the two parties, and to test the technology and initiate production-ready implementation. The projects are set up to run for a period of six months and a number of companies have joined the platform. Alongside Porsche, these include Daimler, the University of Stuttgart, Arena 2036, Hewlett Packard Enterprise, DXC Technology, ZF Friedrichshafen and BASF. So far, Porsche has realised more than 70 projects with Startup Autobahn. Around a third of the results are incorporated in series development.