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Express, Inc. (EXPR) Reports First Quarter 2023 Results and Completes Acquisition of Bonobos in Partnership With WHP Global

Company has implemented $25 million of expense savings in 2023 and previously disclosed annualized savings of $40 million.

COLUMBUS, Ohio–(BUSINESS WIRE)–
Fashion apparel retailer Express, Inc. (NYSE: EXPR), announced its financial results for the first quarter of 2023. These results, which cover the thirteen weeks ended April 29, 2023, are compared to the thirteen weeks ended April 30, 2022.

“In January, we entered into a transformative strategic partnership with WHP Global and began a bold new chapter for our Company that will be guided by a new corporate strategy. We are transforming EXPR to create shareholder value by focusing on achieving profitable growth in our core Express business, optimizing our omnichannel platform, and accelerating growth and profitability through our partnership with WHP Global,” said Tim Baxter, Chief Executive Officer.

“Our first quarter comparable sales were negative 14% due to a combination of external factors and challenges in our product assortments. The reduced consumer spending, increased price sensitivity in discretionary categories and aggressive promotional activity across the industry that began in 2022 continued into the first quarter of this year and negatively impacted our performance. We continued to take corrective actions to address the imbalances in our women’s assortment architecture and delivered sequential improvement in women’s sales as the quarter progressed. However, we experienced a deceleration in our men’s and outlet stores businesses due to softness in traffic and against the backdrop of record volume in the first quarter of 2022,” continued Baxter.

“We are taking aggressive action to reduce expenses and improve the operating efficiency of our business. In January, we disclosed $40 million in annualized expense savings versus 2022, excluding the impact of inflation, and since that time, we have implemented an additional $25 million which we expect to realize in 2023 and which is reflected in our outlook. We are committed to identifying and implementing significant additional expense savings which we expect to be realized in the back half of 2023 and full year 2024. To do this most expeditiously, we have engaged external advisors,” continued Baxter.

“We also announced today that we have completed the joint acquisition of Bonobos with our strategic partner WHP Global. This is an important step in the transformation of our Company and a compelling addition to our brand portfolio. We expect the transaction will be accretive to operating income and free cash flow positive in fiscal 2023,” Baxter concluded.

First Quarter 2023 Operating Results

• Consolidated net sales decreased 15% to $383.3 million from $450.8 million in the first quarter of 2022, with consolidated comparable sales down 14%
  • Comparable retail sales, which includes both Express stores and eCommerce, were down 13% compared to the first quarter of 2022. Retail stores comparable sales decreased 18% while eCommerce comparable sales declined 7%

  • Comparable outlet sales decreased 17% compared to the first quarter of 2022

• Gross margin was 16.6% of net sales compared to 29.2% of net sales in last year’s first quarter, a decrease of approximately 1,260 basis points
  • Merchandise margin contracted by 900 basis points primarily driven by the challenging macroeconomic and highly promotional retail environment and 320 basis points of royalty expense related to the joint venture with WHP

  • Buying and occupancy expenses as a percent of net sales deleveraged approximately 360 basis points due to the decline in comparable sales

• Selling, general, and administrative (SG&A) expenses were $139.3 million, 36.4% of net sales, versus $141.1 million, 31.3% of net sales, in last year’s first quarter. The deleverage in the SG&A expense rate was driven by the decline in comparable sales

• Operating loss was $70.1 million compared to an operating loss of $9.1 million in the first quarter of 2022

• Income tax expense was $0.4 million at an effective tax rate of (0.5)%, versus an income tax benefit of $0.5 million at an effective tax rate of 3.9% during the first quarter of 2022. The Company’s effective tax rate for the first quarter of 2023 was impacted primarily by the recording of an additional valuation allowance against the Company’s deferred tax assets

• Net loss was $73.4 million, or $0.99 per diluted share, compared to a net loss of $11.9 million, or $0.18 per diluted share, in the first quarter of 2022

• Earnings before interest, taxes, depreciation, and amortization (EBITDA) was negative $55.9 million, compared to $5.8 million in the first quarter of 2022

EBITDA is a non-GAAP financial measure. Please see Schedule 4 – Supplemental Information and the reconciliation contained therein for additional information concerning this non-GAAP financial measure.

Balance Sheet and Cash Flow Highlights

• Cash and cash equivalents totaled $34.1 million at the end of the first quarter of 2023 versus $37.1 million at the end of the first quarter of 2022 and $65.6 million at the end of the fourth quarter of 2022

• Inventory was $347.0 million at the end of the first quarter of 2023, down 7% compared to $371.2 million at the end of the first quarter of 2022 and down 5% compared to the end of the fourth quarter of 2022

• Total debt was $179.8 million at the end of the first quarter of 2023 compared to short-term debt of $4.5 million and long-term debt of $203.5 million at the end of the first quarter of 2022 and $122.0 million at the end of the fourth quarter of 2022

• At the end of the first quarter of 2023, $90.4 million remained available for borrowing under the Company’s amended revolving credit facility

• Net cash used in operations was $80.6 million for the thirteen weeks ended April 29, 2023, compared to net cash used in operations of $75.9 million for the thirteen weeks ended April 30, 2022

• Capital expenditures totaled $8.2 million for the thirteen weeks ended April 29, 2023, compared to $5.1 million for the thirteen weeks ended April 30, 2022

Expense Reduction Initiative

The Company is taking aggressive action to reduce expenses and improve the operating efficiency of its business. In January, the Company disclosed $40 million in annualized expense reductions versus 2022 prior to the impact of inflation and since that time, it has already identified and implemented an additional $25 million to be realized in 2023.

The Company is committed to finding significant additional expense savings which are expected to benefit the back half of 2023 and full year 2024, and has engaged external advisors to assist in analyzing and identifying both potential margin expansion and further expense reduction opportunities.

EXPR and WHP Global Complete Bonobos Acquisition

On May 23, 2023, EXPR and WHP Global completed their joint acquisition of Bonobos from Walmart Inc. for a combined purchase price of $75 million. WHP Global acquired the Bonobos brand for a purchase price of $50 million. EXPR acquired the operating assets and assumed related liabilities of the Bonobos business for a purchase price of $25 million.

Concurrent with the closing of the transaction, EXPR and WHP Global entered into an exclusive long-term license agreement with multiple renewal options granting EXPR the right to use the intellectual property acquired by WHP Global for the operation of the Bonobos business in the U.S. in exchange for the payment of a royalty fee to WHP Global.

This transaction is expected to provide the following strategic and financial benefits:

• EXPR plans to unlock additional growth for the Bonobos brand by leveraging its strength in men’s to address underpenetrated categories, and its strength in marketing to drive greater awareness and customer acquisition

• Bonobos expands the EXPR brand portfolio, accelerating the Company’s sales growth and profitability, and is expected to be accretive to operating income and free cash flow positive in fiscal 2023

• EXPR expects to leverage its fully integrated omnichannel operating platform to drive financial efficiencies, operational synergies and additional economies of scale across Production & Sourcing, Logistics, Real Estate, Technology, and other areas of its existing and new businesses

For additional background on the acquisition, please read the announcement press release at www.express.com/investor.

2023 Outlook

This outlook is based on our first quarter of 2023 performance and the advancements we have made in each of the four foundational pillars of our EXPRESSway Forward strategy (Product, Brand, Customer, Execution), balanced against the persistently challenging macroeconomic and retail apparel environments.

Second Quarter 2023

The Company expects the following for the second quarter of 2023 compared to the second quarter of 2022:

• Net sales of approximately $400 million to $450 million, including approximately $30 million in Bonobos sales

• Gross margin rate to decrease approximately 800 basis points, including approximately 300 basis points of royalty expense related to the joint venture with WHP, and a positive 200 basis point impact from Bonobos

• SG&A expenses as a percent of net sales to deleverage approximately 300 basis points, including an approximate 100 basis point impact from Bonobos

• Net interest expense of $3 million

• Effective tax rate of essentially zero percent

• Diluted loss per share of $0.50 to $0.60

• Consolidated inventory to increase by approximately 10% to 15% with the addition of Bonobos

Full Year 2023

The Company expects the following for the full year of 2023 compared to the full year of 2022:

• Net sales of approximately $1.9 billion to $2.0 billion, including approximately $125 million to $150 million in Bonobos sales

• Net interest expense of $15 million

• Effective tax rate of essentially zero percent

• Diluted loss per share of $1.50 to $1.70

• Capital expenditures of approximately $30 million, a $25 million reduction compared to our previous outlook of $55 million as we prioritized capital deployment for the Bonobos transaction

See Schedule 5 for a discussion of projected real estate activity.

Conference Call Information

A conference call to discuss first quarter 2023 results is scheduled for May 24, 2023 at 8:00 a.m. Eastern Time (ET). Investors and analysts interested in participating in the earnings call are invited to dial (888) 550-5723 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at www.express.com/investor. A telephone replay of this call will be available beginning at 12:00 p.m. ET on May 24, 2023 until 11:59 p.m. ET on May 31, 2023, and can be accessed by dialing (800) 770-2030 and entering the replay pin number 1790468. In addition, an investor presentation of first quarter 2023 results will be available at www.express.com/investor at approximately 7:00 a.m. ET on May 24, 2023.

About EXPR

EXPR is a multi-brand fashion retailer whose portfolio includes Express, Bonobos and UpWest. The Company operates an omnichannel platform as well as physical and online stores. Grounded in a belief that style, quality and value should all be found in one place, Express is a brand with a purpose – We Create Confidence. We Inspire Self-Expression. – powered by a styling community. Bonobos is a menswear brand known for exceptional fit and an innovative retail model. UpWest is an apparel, accessories and home goods brand with a purpose to Provide Comfort for People & Planet.

The Company has over 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, the Express.com online store and the Express mobile app; over 60 Bonobos Guideshop locations and the Bonobos.com online store; and 13 UpWest retail stores and the UpWest.com online store. EXPR is traded on the NYSE under the symbol EXPR. For more information about our Company, please visit www.express.com/investor and for more information about our brands, please visit www.express.com, www.bonobos.com or www.upwest.com.

Forward-Looking Statements

Certain statements are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to any historical or current fact and include, but are not limited to (1) guidance and expectations, including statements regarding expected operating margins, comparable sales, effective tax rates, interest income, net income, diluted earnings per share, cash tax refunds, liquidity, EBITDA, free cash flow, eCommerce demand, and capital expenditures, (2) statements regarding expected store openings, store closures, store conversions, and gross square footage, (3) statements regarding the Company’s strategy, plans, and initiatives, including, but not limited to, results expected from such strategy, plans, and initiatives, and (4) the anticipated benefits or effects of the Bonobos acquisition, including statements regarding operating results, financial efficiencies, operational synergies, and our plans, objectives, expectations and intentions related to the acquired assets. You can identify these forward-looking statements by the use of words in the future tense and statements accompanied by words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads” or the negative version of these words or other comparable words. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict, and significant contingencies, many of which are beyond the Company’s control. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) the COVID-19 pandemic and any future impact on our business operations, financial condition, liquidity and cash flow; (3) geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and increased tensions between China and Taiwan; (4) our ability to operate our business efficiently, manage capital expenditures and costs, and obtain financing when required; (5) our ability to identify and respond to new and changing fashion trends, customer preferences, and other related factors including selling through inventory at an appropriate price; (6) fluctuations in our sales, results of operations, and cash levels on a seasonal basis and due to a variety of other factors, including our product offerings relative to customer demand, the mix of merchandise we sell, promotions, inventory levels, and sales mix between stores and eCommerce; (7) customer traffic at malls, shopping centers, and at our stores; (8) competition from other retailers; (9) our dependence on a strong brand image; (10) our ability to adapt to changing consumer behavior and develop and maintain a relevant and reliable omni-channel experience for our customers, including our efforts to optimize our omni-channel platform through our partnership with WHP Global; (11) the failure or breach of information systems upon which we rely; (12) our ability to protect customer data from fraud and theft; (13) our dependence upon third parties to manufacture all of our merchandise; (14) changes in the cost of raw materials, labor, and freight; (15) labor shortages and supply chain disruption; (16) our dependence upon key executive management; (17) our ability to execute our growth strategy, EXPRESSway Forward, including, but not limited to, engaging our customers and acquiring new ones, executing with precision to accelerate sales and profitability, creating great product and reinvigorating our brand; (18) our substantial lease obligations; (19) our reliance on third parties to provide us with certain key services for our business; (20) impairment charges on long-lived assets; (21) claims made against us resulting in litigation or changes in laws and regulations applicable to our business; (22) our inability to protect our trademarks or other intellectual property rights which may preclude the use of our trademarks or other intellectual property around the world; (23) restrictions imposed on us under the terms of our current credit facility, including asset based requirements related to inventory levels, ability to make additional borrowings, and restrictions on the ability to effect share repurchases; (24) changes in tax requirements, results of tax audits, and other factors including timing of tax refund receipts, that may cause fluctuations in our effective tax rate; (25) changes in tariff rates; (26) natural disasters, extreme weather, public health issues, including pandemics, fire, acts of terrorism or war and other events that cause business interruption, (27) risks related to our strategic partnership with WHP Global; (28) our ability to realize the expected strategic and financial benefits of the Bonobos acquisition; and (29) our failure to regain compliance with the continued listing requirements of the New York Stock Exchange, or any future failure to meet those requirements. These factors should not be construed as exhaustive and should be read in conjunction with the additional information concerning these and other factors in Express, Inc.’s filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

Schedule 1
Express, Inc. Consolidated Balance Sheets (In thousands) (Unaudited)
	April 29, 2023				January 28, 2023				April 30, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	34,092			$	65,612			$	37,140
Receivables, net		17,106				12,374				9,331
Income tax receivable		1,140				1,462				1,850
Inventories		346,963				365,649				371,249
Prepaid royalty		47,146				59,565				—
Prepaid rent		5,762				7,744				5,701
Other		25,628				21,998				23,383
Total current assets		477,837				534,404				448,654
Right of Use Asset, Net		522,922				505,350				586,596
Property and Equipment		1,022,132				1,019,577				979,377
Less: accumulated depreciation		(894,020	)			(886,193	)			(841,137	)
Property and equipment, net		128,112				133,384				138,240
Non-Current Income Tax Receivable		52,278				52,278				52,278
Equity Method Investment		166,210				166,106				—
Other Assets		6,342				6,803				4,816
TOTAL ASSETS	$	1,353,701			$	1,398,325			$	1,230,584
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term lease liability	$	197,944			$	189,006			$	195,343
Accounts payable		162,369				191,386				181,318
Deferred royalty income		15,412				19,852				—
Deferred revenue		33,243				35,543				32,833
Short-term debt		—				—				4,500
Accrued expenses		101,243				105,803				111,248
Total current liabilities		510,211				541,590				525,242
Long-Term Lease Liability		408,006				406,448				500,855
Long-Term Debt		179,750				122,000				203,483
Other Long-Term Liabilities		20,075				20,718				11,107
Total Liabilities		1,118,042				1,090,756				1,240,687
Commitments and Contingencies
Total Stockholders’ Equity (Deficit)		235,659				307,569				(10,103	)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,353,701			$	1,398,325			$	1,230,584

Schedule 2
Express, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited)
	Thirteen Weeks Ended
	April 29, 2023				April 30, 2022
Net Sales	$	383,257			$	450,785
Cost of Goods Sold, Buying and Occupancy Costs		319,464				319,285
GROSS PROFIT		63,793				131,500
Operating Expenses (Income):
Selling, general, and administrative expenses		139,348				141,093
Royalty income		(4,440	)			—
Other operating income, net		(1,000	)			(490	)
TOTAL OPERATING EXPENSES		133,908				140,603
OPERATING LOSS		(70,115	)			(9,103	)
Interest Expense, Net		2,943				3,494
Other Income, Net		—				(200	)
LOSS BEFORE INCOME TAXES		(73,058	)			(12,397	)
Income Tax Expense (Benefit)		369				(483	)
NET LOSS	$	(73,427	)		$	(11,914	)
EARNINGS PER SHARE:
Basic	$	(0.99	)		$	(0.18	)
Diluted	$	(0.99	)		$	(0.18	)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic		73,878				67,211
Diluted		73,878				67,211

Schedule 3
Express, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited)
	Thirteen Weeks Ended
	April 29, 2023				April 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(73,427	)		$	(11,914	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		14,405				15,172
Loss on disposal of property and equipment		—				10
Share-based compensation		1,871				2,393
Landlord allowance amortization		(58	)			(157	)
Changes in operating assets and liabilities:
Receivables, net		(4,732	)			2,413
Income tax receivable		322				(463	)
Prepaid royalty		12,419				—
Inventories		18,686				(12,454	)
Deferred royalty income		(4,440	)			—
Accounts payable, deferred revenue, and accrued expenses		(37,370	)			(53,989	)
Other assets and liabilities		(8,288	)			(16,890	)
NET CASH USED IN OPERATING ACTIVITIES		(80,612	)			(75,879	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(8,200	)			(5,142	)
Costs from WHP transaction		(104	)			—
NET CASH USED IN INVESTING ACTIVITIES		(8,304	)			(5,142	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under the revolving credit facility		142,250				117,000
Repayment of borrowings under the revolving credit facility		(84,500	)			(37,000	)
Repayment of borrowings under the term loan facility		—				(1,125	)
Repurchase of common stock for tax withholding obligations		(354	)			(1,890	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		57,396				76,985
NET DECREASE IN CASH AND CASH EQUIVALENTS		(31,520	)			(4,036	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		65,612				41,176
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	34,092			$	37,140

Schedule 4

Express, Inc.

Supplemental Information – Consolidated Statements of Income

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

The Company supplements the reporting of its financial information determined under United States generally accepted accounting principles (GAAP) with certain non-GAAP financial measures such as EBITDA. Management strongly encourages investors and stockholders to review the Company’s financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

EBITDA

EBITDA is defined as net income (loss) before interest expense (net of interest income), income tax expense (benefit) and depreciation and amortization expense.

How This Measure is Useful

When used in conjunction with GAAP financial measures, EBITDA is a supplemental measure of operating performance that the Company believes is a useful measure to facilitate comparisons to historical performance. EBITDA is used as a performance measure in the Company’s long-term executive compensation program for purposes of determining the number of equity awards that are ultimately earned and is also a metric used in our short-term cash incentive compensation plan.

Limitations of the Usefulness of This Measure

Because non-GAAP financial measures are not standardized, EBITDA may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of EBITDA is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Therefore, this measure may not provide a complete understanding of the Company’s performance and should be reviewed in conjunction with the GAAP financial measures. A reconciliation of EBITDA to the most directly comparable GAAP measures, is set forth below:

	Thirteen Weeks Ended
(in thousands)	April 29, 2023				April 30, 2022
Net loss	$	(73,427	)		$	(11,914	)
Interest expense, net		2,943				3,494
Income tax expense (benefit)		369				(483	)
Depreciation and amortization		14,246				14,736
EBITDA (Non-GAAP Measure)	$	(55,869	)		$	5,833

Schedule 5
Express, Inc. Real Estate Activity (Unaudited)
First Quarter 2023 – Actual				April 29, 2023 – Actual
Company-Operated Stores	Opened	Closed		Store Count	Gross Square Footage
Retail Stores	—	(5)		327
Outlet Stores	—	(3)		195
Express Edit Stores	—	—		10
UpWest Stores	—	—		13
TOTAL	—	(8)		545	4.5 million
Second Quarter 2023 – Projected				July 29, 2023 – Projected
Company-Operated Stores	Opened	Closed		Store Count	Gross Square Footage
Retail Stores	—	—		327
Outlet Stores	—	(1)		194
Express Edit Stores	1	—		11
UpWest Stores	1	(2)		12
TOTAL	2	(3)		544	4.5 million
Full Year 2023 – Projected				February 3, 2024 – Projected
Company-Operated Stores	Opened	Closed		Store Count	Gross Square Footage
Retail Stores	—	(9)		323
Outlet Stores	1	(5)		194
Express Edit Stores	1	—		11
UpWest Stores	3	(4)		12
TOTAL	5	(18)		540	4.4 million

 

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Greg Johnson

VP, Investor Relations

[email protected]

(614) 474-4890

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Textiles Teens Women Men Manufacturing Fashion Generation Z Consumer Retail Online Retail

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U.K. Government Selects Motorola Solutions to Equip Prison Staff with Body-worn Cameras

CHICAGO–(BUSINESS WIRE)–Motorola Solutions (NYSE: MSI) has been selected to provide 13,000 VB400 body-worn cameras to His Majesty’s Prison and Probation Service officers across England and Wales.

By capturing objective video and audio evidence, the deployment will help to enhance officer safety as well as trust and transparency for staff and prisoners alike. The VB400 body-worn camera offers high quality video and audio capture and is equipped with an automatic pre-recording capability, helping to ensure there is a record of every interaction from start to finish.

When signing off duty, officers return cameras to their docks which automatically upload and store the day’s footage to the VideoManager evidence management platform, providing a seamless and intuitive workflow. The body-camera’s lightweight and rugged design, wide-angle field of view and 12 hour battery life help prison staff to remain focused on the task at hand while promoting positive behavior and interaction between staff and prisoners.

“We’re seeing a growing trend in the use of video security technology by prisons to help their frontline teams fulfill their roles safely and transparently,” said Fergus Mayne, U.K. and Ireland country manager at Motorola Solutions. “The U.K. government’s investment in body-worn cameras for officers in all public sector prisons across England and Wales highlights the vital importance of this technology in helping to maintain safety and security across prison operations.”

Motorola Solutions has a strong track record in video security innovation with significant investments in the U.K., including the company’s Edinburgh innovation hub which designs and develops advanced video technologies trusted by public safety agencies and organizations worldwide.

About Motorola Solutions

Motorola Solutions is a global leader in public safety and enterprise security. Our solutions in land mobile radio communications, video security and the command center, bolstered by managed & support services, create an integrated technology ecosystem to help make communities safer and businesses stay productive and secure. At Motorola Solutions, we’re ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230524005240/en/

Amar Tanna

Motorola Solutions

Mobile: +44 (0)7547 867 506

[email protected]

KEYWORDS: Illinois Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Data Management Technology Law Enforcement/Emergency Services State/Local Wearables/Mobile Technology Security Telecommunications Audio/Video Public Policy/Government Mobile/Wireless Hardware

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City of London Police Strengthens Safety with Body-Worn Cameras from Motorola Solutions

Integrated body-worn video enhances safety and security while building trust with communities

CHICAGO–(BUSINESS WIRE)–Motorola Solutions (NYSE: MSI), a global leader in public safety and enterprise security, today announced that City of London Police will roll out VB400 body-worn cameras to its entire police force.

“City of London Police is dedicated to ensuring London is a safe and attractive destination, and the body-worn camera roll out will help our officers continue to serve and protect those who live in, work in and visit the city,” said Superintendent Neal Donohoe, City of London Police. “The new video technology will capture valuable incident footage that provides an objective record to promote transparency and accountability while also helping to keep our officers and communities safe.”

Known for its modern approach to policing, the City’s police force relies on advanced technologies to maintain safety and security throughout London’s bustling Square Mile which hosts around 8,000 residents and 513,000 transient commuters who travel in and out of the City each day. The new VB400 body-worn cameras will integrate seamlessly with the police force’s existing ecosystem of technologies to maximize end-to-end safety, security and productivity. Collaboration with the Pronto mobile digital policing platform will align video footage with other incident report information and connectivity with a wide range of sensors will automate recording when critical events occur, such as an officer pressing the emergency button on their MXP600 TETRA portable radio.

Designed to streamline an officer’s workflow, after a shift, officers simply place the VB400 into its dock where it will automatically upload footage of the day’s events into VideoManager evidence management software. VideoManager will store the data in-country and organize it with time, date and location details along with supporting incident data reported by officers.

“We’re proud to support City of London Police with an ecosystem of public safety technologies that help officers form a more complete picture of everything that’s happening around them,” said Fergus Mayne, country manager for U.K. and Ireland at Motorola Solutions. “Ultimately, clear and timely information helps them to work more efficiently and make better-informed decisions, leading to better safety and security outcomes for all.”

This is the latest in a series of Motorola Solutions’ body-worn camera deployments both within law enforcement and enterprises globally, including French Gendarmerie and National Police, London Ambulance Services, Malta Police, U.K.’s National Highways and rail operators, MetrôRio and Swedish Rail.

About Motorola Solutions

Motorola Solutions is a global leader in public safety and enterprise security. Our solutions in land mobile radio communications, video security and the command center, bolstered by managed & support services, create an integrated technology ecosystem to help make communities safer and businesses stay productive and secure. At Motorola Solutions, we’re ushering in a new era in public safety and security. Learn more at www.motorolasolutions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230524005235/en/

Elvan Lindberg

Motorola Solutions

Mobile: +46 (0)707448893

[email protected]

Amar Tanna

Motorola Solutions

Mobile: +44 (0)7547 867 506

[email protected]

KEYWORDS: Europe United States United Kingdom North America Illinois

INDUSTRY KEYWORDS: Technology Mobile/Wireless Security Audio/Video Software Networks Hardware Data Management Consumer Electronics

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Newegg Announces its Largest Ever Presence at Computex 2023, Showcasing Marketplace, Logistics and Media Creation Capabilities for APAC Companies

Hall 1, Booth #L0022

CITY OF INDUSTRY, Calif.–(BUSINESS WIRE)–
Newegg Commerce, Inc. (NASDAQ: NEGG), a global leader in technology e-commerce, today announced its largest ever participation as an exhibitor at Computex, taking place from May 30 to June 2 in Taipei, Taiwan. Leveraging its position as the premier e-commerce destination for North American customers seeking the latest technology products, Newegg expects to connect and re-connect at Computex with key technology suppliers across Asia.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230524005125/en/

Newegg’s showcase, located on the fourth floor in Booth L0022, Hall 1, of the Taipei Nangang Exhibition Center will spotlight the company’s marketplace, media creation and logistics capabilities. Open to all convention attendees, the booth will emphasize Newegg’s role as a leading North American e-commerce retailer and premier marketplace for third-party sellers.

This year, Newegg’s Computex staff size and footprint in the exhibition center are its largest ever at the renowned tech convention. Previously, the company exhibited on a smaller scale in 2016 and 2013.

Representing the strength of Newegg in both North America and Asia, employees from its global headquarters in California and its Taipei office will ensure the company’s prominent presence at Computex. Executives will also engage with industry-leading manufacturing partners based in Taiwan.

During Computex, Newegg CEO Anthony Chow is expected to sign a Memorandum of Understanding with TAITRA, the Taiwan External Trade Development Council, which will provide exclusive benefits from Newegg to Taiwan vendors recommended by TAITRA and facilitate the launch of new seller businesses on Newegg.

In addition to engaging with attendees at the booth, Newegg will host seminars in its private lounge for potential seller partners, offering insights into the company’s marketplace, logistics and video content creation services. Those interested in attending a Newegg seminar can inquire about availability at the company’s booth.

The Newegg Media team will play an important role throughout the convention by creating video content, which will be posted immediately on Newegg social media channels like TikTok, Instagram and YouTube. Additionally, the team will meet with sellers interested to join the company’s marketplace, helping them understand how the media team creates over 100 hours of live selling each week, shopping ads and scripted content.

“Computex arrives at a critical juncture in the tech industry as we navigate the global COVID-19 pandemic recovery and seek to create new opportunities for users to re-engage with technology,” said Anthony Chow, Newegg CEO. “The timing and location of Computex are also of paramount importance, being central to the world’s best technology manufacturers. Based on these dynamics, Newegg is prioritizing our showcase with a large team and investments in a booth and lounge to connect with key sellers. Computex attendees will witness a strong presence from Newegg and gain insights into our best-in-class services.”

About Newegg

Newegg Commerce, Inc. (NASDAQ: NEGG), founded in 2001 and based in the City of Industry, Calif., near Los Angeles, is a leading global online retailer for PC hardware, consumer electronics, gaming peripherals, home appliances, automotive and lifestyle technology. Newegg also serves businesses’ e-commerce needs with marketing, supply chain, and technical solutions in a single platform. For more information, please visit Newegg.com.

Follow Newegg on Twitter, TikTok, Instagram, Facebook, YouTube, Twitch and Discord.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230524005125/en/

Eric Wein

Newegg Commerce Inc.

[email protected]

KEYWORDS: California United States Taiwan North America Asia Pacific

INDUSTRY KEYWORDS: Electronic Games Technology Entertainment Marketing Communications Digital Marketing Retail Consumer Electronics Online Retail

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A render of Newegg’s Computex booth. (credit: Newegg)

Logitech Introduces Desk Booking Solution for Hybrid Workplaces and Debuts Logi Dock Flex, a Managed Docking Station

Desk booking service makes hotdesking simple for employees, manageable for IT teams, and insightful for workspace managers

LAUSANNE, Switzerland & NEWARK, Calif.–(BUSINESS WIRE)–
Today, Logitech International (SIX: LOGN) (NASDAQ: LOGI) introduced a desk booking service that delivers a better hotdesking experience for employees and a greater ability to manage shared desks across multiple locations. The service runs on Logi Dock Flex, a fully-featured managed docking station built for shared desks in flexible work environments.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230524005261/en/

The move to a hybrid work model has given companies the opportunity to reassess and optimize their office space. But the hybrid evolution has also introduced the challenges of motivating employees back to the office, and the need for data and insights to understand space configuration and continued investment.

“Businesses know they have to earn the commute to get hybrid work employees into the office. The answer is not to add more foosball tables, but to instead offer a way for employees to plan their in-office days together,” said Scott Wharton, general manager of Logitech B2B. “We took a multidimensional approach to building Logi Dock Flex that not only solves desk booking and management issues, but promotes social collaboration and gives IT and workplace managers data on how the tech and space are being used.”

A McKinsey Social Capital survey* shows that employees overall report feeling less connected to people within their company networks. Through Logitech’s desk booking service, employees can plan days in the office with their teams, book a desk through Logi Tune and notify their teammates in-app. Once on-site, they simply plug into Logi Dock Flex with a single USB cable and quickly get to work.

With an 8-inch display, three USB ports in the front and three more in the back, Logi Dock Flex supports dual display, network connection and up to 100 watts of power, allowing for both secure, standard-issue device connections, as well as for employees to bring their own device. Employees can personalize their workstation with their own background photo and away message, and join meetings with one touch through calendar integrations with the Logi Tune app. And for ad-hoc booking, the interactive panel signals whether the desk is available or not.

IT teams can quickly install and deploy Logi Dock Flex at scale with secure cable management for clutter-free desk areas. Through Logitech Sync, IT can monitor and manage Logi Dock Flex remotely to adjust booking settings, manage equipment, and customize according to the company’s hybrid policies.

Logi Dock Flex’s multiservice capability allows IT teams to choose Microsoft Teams, Zoom Workspace Reservation, or Logitech’s own desk booking service, with an additional choice of booking platforms to come. Logitech desk booking service is managed through Logitech Sync and can be deployed with either Logi Dock Flex or by using QR codes to work stand-alone, not requiring any purchase of Logitech hardware.

For Facilities Managers, real-time insights and analytics on space usage help them understand how flexible office and return-to-office policies are performing. Workplace management data like desk utilization, peak occupancy rates, and user behaviors take the guesswork out of usage and space planning.

Approach to Sustainability

Logitech is committed to creating a more equitable and climate positive world by actively working to reduce our carbon impact. That’s why Logi Dock Flex will partially be made using lower impact materials like post-consumer recycled plastics and low-carbon aluminum when possible, and will be shipped in responsibly-sourced packaging.

Pricing and Availability

Logi Dock Flex, offered in off-white, will be available globally in Fall 2023 through authorized sellers and on logitech.com with a suggested retail price of $699 USD. Logitech’s desk booking service is available for free, and can be requested today through the Sync management portal. Premium features like usage insights, alerts, and floor plan maps are free during the public beta through July 1, 2024.

About Logitech

Logitech helps all people pursue their passions and is committed to doing so in a way that is good for people and the planet. We design hardware and software solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. Founded in 1981 and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech and more of its business products and enterprise solutions at www.logitech.com/business, the company blog, Logitech Business or @LogitechBiz.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

*Network effects: How to rebuild social capital and improve corporate performance, McKinsey 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230524005261/en/

Leila Lewis, Head of Global B2B Communications

[email protected]

KEYWORDS: California Europe Switzerland United States North America

INDUSTRY KEYWORDS: Apps/Applications Technology Human Resources Professional Services Software Networks Hardware Data Analytics Data Management Consumer Electronics

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Logitech desk booking service delivers a better hotdesking experience for employees and a greater ability to managed shared desks across multiple locations. The service runs on Logi Dock Flex, a fully-featured managed docking station built for shared desks in flexible work environments. (Photo: Business Wire)

Logitech G Introduces the Newest Audio Innovation in Esports – The Logitech G PRO X 2 LIGHTSPEED Gaming Headset with PRO-G GRAPHENE Audio Drivers

The Next-Generation PRO Gaming Headset Features Groundbreaking Graphene Audio Technology Giving Esports Athletes and Gamers the Edge for Victory

LAUSANNE, Switzerland & NEWARK, Calif.–(BUSINESS WIRE)–
Logitech G, a brand of Logitech (SIX: LOGN) (NASDAQ: LOGI) and leading innovator of gaming technologies and gear, announced today the ultimate esports headset – the new Logitech G PRO X 2 LIGHTSPEED Wireless Gaming Headset. Designed and tested with top esports athletes, the new PRO X 2 headset features all new, revolutionary PRO-G GRAPHENE Audio Drivers, making it the pinnacle of gaming audio and a must-have headset for the most discerning and competitive players.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230524005002/en/

“The core philosophy of the Logitech G PRO Series is about creating gear that meets the demanding needs of professional esports athletes and competitive gamers,” says Chris Pate, Principal Product Manager, Logitech G PRO Series. “With PRO X 2, we’ve achieved a groundbreaking level of performance by redesigning our PRO-G drivers with Graphene audio technology. With our use of graphene, we can create a driver that is both incredibly rigid and, at the same time, almost impossibly lightweight. This delivers high fidelity sound with extremely low distortion, giving pros the performance they need to play to their maximum potential.”

In esports, clarity of sound and communications are critical factors that influence winning. Being able to hear the slightest audio cue and communicate with teammates makes all the difference. The new PRO-G GRAPHENE Audio Driver has been precision engineered with a 50 mm graphene diaphragm featuring a live edge suspension, to deliver immersive soundscapes like never before. The new driver delivers improvements in sound reproduction accuracy, time to signal accuracy and distortion reduction, allowing players to identify audio objects more clearly, and more quickly discern their location as objects move relative to the player.

In addition to an all-new PRO-G GRAPHENE Audio Driver, PRO X 2 features major enhancements over the current PRO X Wireless Gaming Headset, including:

• Robust Connections – Prepare for any situation with improved LIGHTSPEED wireless, Bluetooth, and wired connections (3.5mm Aux). LIGHTSPEED now delivers PRO-grade wireless with up to 50 hours of use on a single charge and a consistently robust wireless connection range of up to 30m.
• Award-Winning PRO Design – Designed for, and in collaboration with, pro gamers, PRO X 2 features a durable yet lightweight aluminum and steel frame, and supreme comfort with a rotating, durable hinge and swappable earpads in leatherette and velour.
• Communicate With Confidence – 6mm cardioid microphone on a detachable boom arm, with advanced Blue VO!CE software filters through G HUB, for clear and consistent communications.
• DTS Headphone:X 2.0 Surround Sound – Precision surround sound helps you know exactly where your opponents are before they find you, with deeply immersive soundscape experiences.

Logitech G PRO Series line is developed under a unique Design by Collaboration program, which brings together many of the world’s top esports athletes and teams to develop new high-performance esports gear that pushes the boundaries of innovation and performance to give them the competitive edge.

“I have always felt Logitech G values my feedback and opinion for product development, that’s why their gear is the highest performing and most popular among top esports athletes. During the development of the G PRO X 2 Gaming headset, I enjoyed the improved comfort and excellent mic. In-game, I found the new Graphene driver a game changer, it really made me feel I got a new advantage to win against my competition,” said Oleksandr “s1mple” Kostyljev, Counter-Strike, Natus Vincere.

From the beginning of the design process, Logitech G engages with Esports Pros to obtain feedback, make key decisions, and test to refine the features and design of the products. By implementing their feedback into new tools and solutions, Logitech G has become the defacto standard and leader in professional quality esports gaming gear.

Pricing and Availability

The PRO X 2 LIGHTSPEED Wireless Gaming Headset is available now on LogitechG.com and in the US, Canada, and select markets worldwide for a suggested retail price of $249 US and €269. For more information, please visit LogitechG.com/pro-x-2.

About PRO Series

Logitech G PRO Series is an award-winning lineup of professional grade headsets, mice, and keyboards designed to the exacting specifications of the world’s top esports athletes. Engineered through a rigorous Design by Collaboration program, PRO Series products include carefully selected features and innovations to achieve the absolute pinnacle of performance while also providing all-day comfort that professional gamers demand.

The Logitech G PRO X 2 LIGHTSPEED Wireless Gaming Headset is certified CarbonNeutral®, which means that we finance high-quality certified carbon offsets to reduce the carbon impact of the product to zero. The plastic parts include a minimum of 35 percent post-consumer recycled content, and the paper packaging comes from FSC-certified forests. For more information on our sustainability efforts, please visit our website.

About Logitech G

Logitech G, a brand of Logitech, is a global leader dedicated to serving the needs of Gamers and Creators with award-winning hardware, software, and solutions. Logitech G’s industry-leading products include keyboards, mice, headsets, mousepads, simulation products such as wheels and flight sticks, webcams, lights and microphones, and specialized furniture solutions; all made possible through innovative design, advanced technologies and a deep passion for gaming and creator communities.

Logitech helps all people pursue their passions and is committed to doing so in a way that is good for people and the planet. Founded in 1981 and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech G at logitechG.com, the company blog, or @LogitechG.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230524005002/en/

Aasit Thakkar

Global Communications, Logitech Gaming

[email protected]

KEYWORDS: California Europe Switzerland United States North America

INDUSTRY KEYWORDS: Sports Audio/Video eSports Hardware Consumer Electronics Wearables/Mobile Technology Technology Mobile/Wireless

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Logitech G PRO X 2 LIGHTSPEED Wireless Gaming Headset (Photo: Business Wire)

Logitech Rally Bar Huddle Brings Equitable Meeting Experiences to Small Rooms

All-in-one, feature-packed video bar promotes equal representation and scalability in huddle rooms

LAUSANNE, Switzerland & NEWARK, Calif.–(BUSINESS WIRE)–
Logitech International (SIX: LOGN) (NASDAQ: LOGI) today announced Rally Bar Huddle, a premium all-in-one appliance-based video bar for huddle and small rooms, and the newest addition to Logitech’s family of conference cameras. Designed to deliver equitable video conferencing meetings with ease, Rally Bar Huddle is quick to set up, simple to manage, and easy to integrate with Tap IP through CollabOS.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230524005264/en/

As companies redesign their office spaces to create more collaboration areas for their hybrid workforce, huddle rooms have become more popular. According to research firm Futuresource, 68%* of companies plan to invest in AV technology for small meeting rooms and huddle spaces.

“Huddle rooms are popping up faster than companies can video-enable them,” said Scott Wharton, general manager of Logitech B2B. “We designed Rally Bar Huddle from the ground up to have the optimal AI functionality for modern equitable meetings while coming in at a price point that is affordable for every single huddle room out there.”

Rally Bar Huddle is designed for rooms up to six people to ensure every participant is seen and heard clearly. Built-in AI video intelligence and 4K image quality welcome remote participants to the conversation. The redesigned ported-audio system makes Rally Bar Huddle two times louder than Logitech MeetUp. Advanced sound pickup via six beamforming mics and AI-based noise suppression creates a natural meeting experience for remote employees.

Ongoing software improvements make Rally Bar Huddle smarter through regular updates that add advanced features like RightSight 2. With RightSight 2, teams get access to AI features such as: Speaker View, which detects and shows the active speaker while also showing the entire room; and Grid View, which gives each participant equal representation by detecting faces and zooming in on each person to give them their own frame; plus integrations with Zoom Rooms Smart Gallery, Microsoft IntelliFrame and others.

Rally Bar Huddle can be deployed three ways. It works with both a dedicated Windows or ChromeOS computer; in BYOD mode; or runs supported video conferencing applications on the device in appliance mode without an external computer. Rally Bar Huddle works with leading video conferencing platforms, including Microsoft Teams, Zoom, and Google Meet.

IT teams can take Rally Bar Huddle out of the box and have the meeting room up and running in minutes. After setup, IT teams canmonitor room health, deploy updates, and modify settings through single, cloud-basedLogitech Sync. And with Sync Insights, teams can assess how meeting spaces are used over time.

Organizations can customize Rally Bar Huddle for specialty settings or to best suit their decor. An off-white fabric cover provides an alternative to the default graphite, and the easy-clean cover helps keep the video bar clean in healthcare and education environments.

Approach to Sustainability

The plastic parts in Rally Bar Huddle include a minimum of 42% certified post-consumer recycled plastic to give a second life to end-of-life plastic. The paper packaging for Rally Bar Huddle comes from FSC-certified forests and other controlled sources. By choosing this product, you are supporting responsible management of the world’s forests. All Logitech products are certified carbon neutral and use renewable energy where possible in their manufacturing. The carbon footprint of all Logitech products, including Rally Bar Huddle, have been reduced to zero by supporting forestry, renewables and climate-impacted communities.

Pricing and Availability

Rally Bar Huddle will be available globally in July 2023 through authorized sellers and logitech.com with a suggested retail price of $1699. RightSight 2 features will be available in Fall 2023.

About Logitech

Logitech helps all people pursue their passions and is committed to doing so in a way that is good for people and the planet. We design hardware and software solutions that help businesses thrive and bring people together when working, creating, gaming and streaming. Founded in 1981 and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech and more of its business products and enterprise solutions at www.logitech.com/business, the company blog, Logitech Business or @LogitechBiz.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

*Futuresource Conferencing in Small Meeting Rooms and Huddle Spaces Report (Dec 2022)

View source version on businesswire.com: https://www.businesswire.com/news/home/20230524005264/en/

Leila Lewis, Head of Global B2B Communications

[email protected]

KEYWORDS: Europe Switzerland United States North America California

INDUSTRY KEYWORDS: Technology Construction & Property Building Systems Recycling Other Technology Software Artificial Intelligence Audio/Video Environment Hardware Sustainability

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Rally Bar Huddle is a premium all-in-one appliance-based video bar for huddle and small rooms, with built in AI video intelligence, 4K image quality, and AI-based noise suppression. The plastic parts in Rally Bar Huddle include a minimum of 42% certified post-consumer recycled plastic. (Photo: Business Wire)