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Using LotusScript in IBM Lotus Domino 8 Applications
Lotus Applications reality
Killexams : Lotus Applications reality - BingNews https://killexams.com/pass4sure/exam-detail/190-803 Search results Killexams : Lotus Applications reality - BingNews https://killexams.com/pass4sure/exam-detail/190-803 https://killexams.com/exam_list/Lotus Killexams : 8 Cool Sports Cars That Use Boring Engines No result found, try new keyword!Well for many car fans, it's reality. So why use boring power plants ... While it is hard to call a V10 boring, the original application of the Viper V10 was. The Viper V10 is based on the ... Sun, 26 Jun 2022 15:33:00 -0500 en-us text/html https://www.msn.com/en-us/autos/news/8-cool-sports-cars-that-use-boring-engines/ar-AAYTRkt Killexams : International Insurance Giant Rolls Out New Enterprise-Wide Solutions Developed on Mendix Low-Code Platform
  • Zurich is using the Mendix low-code platform to build next-generation solutions and drive a comprehensive program of digital transformation
  • Insurer replaces critical legacy application with new Terrorism Data Capture solution built in just 12 weeks on the Mendix platform; streamlines workflow for more than 700 underwriters
  • More than 1.5 million customers get easy account access via the new "My Plans Portal"
  • Zurich is now using Mendix low-code to replace more than 1,400 legacy Lotus Notes applications to prevent shadow IT

BOSTON , July 7, 2022 /PRNewswire/ -- Mendix, a Siemens business and global leader in modern enterprise application development, today announced that Zurich, the international insurance giant, has rolled out two major new enterprise-wide solutions that streamline workflow for underwriters and transform user experience for 1.5 million customers. Both solutions were built using the Mendix low-code platform.



Zurich used the Mendix software development platform to Boost its applications development process, and iterate faster and more efficiently. The insurer has so far used low-code to rebuild a legacy-based policy application that calculates premiums and captures data for terrorism coverage. In addition, Zurich leveraged low-code to build "My Plans Portal." This application enables 1.5 million customers to log on and obtain all their pension and investment information in one location.

Taking terrorism coverage into the modern world

Terrorism coverage is a necessity for Zurich's customers. For Zurich, this aspect of the business generates millions of pounds of revenue in gross written premiums, about two-thirds (roughly 20,000) of Zurich's coverage policies. The insurer's execution of its terrorism underwriting process previously depended on a legacy application to calculate premiums and capture customer data.

Barrington Clarke, head of UK DevOps at Zurich, said: "Our first project with Mendix was to overhaul the legacy application that managed the terrorism underwriting process. Using Mendix, we replaced the legacy system and built the Terrorism Data Capture (TDC) application in just 12 weeks. This new application provides a unified workflow to reduce manual processing, increases reporting accuracy, speeds up the preparation of terrorism submissions, and provides a better experience for the underwriting community." 

Creating the "My Plans Portal"

Zurich is using the Mendix low-code platform to build applications that Boost the user experience for customers. One example is the newly launched "My Plans Portal," which allows the customer to log in online and access all their pension and investment information in one place. This Mendix-built application communicates back to Zurich's Salesforce platform, integrates to the back-end system, and ensures tasks or activities can be put into a workflow.

Clarke added: "We had a book of insurance business with around 1.5 million customers. Although there was a digital portal for support, not all the customer data and information was available Sometimes a telephone call was needed to service a customer's requirements. This was time-consuming for the customer and ultimately didn't deliver a positive experience for them. Our new 'My Plans Portal' enables a more seamless experience for customers and is something we plan to expand further by using Mendix in the future."

Saying goodbye to legacy Lotus Notes applications

The latest project that Zurich is working on is a complete overhaul of legacy Lotus Notes applications. The insurer currently has more than 1,000 such applications handling business processes, from simple forms that can easily be converted using automated processes, to complex UI workflows that are more difficult to redevelop. This is a long-term project that would have taken Zurich five times longer with Java and at a far higher cost.

Clarke said: "These Lotus Notes applications are very old. Some were developed more than five years ago and no longer fit the operating model of our business. This has caused numerous problems, including shadow IT, as employees look for quicker workarounds. Mendix provides us with the ability to replace, amend, and update these applications, because low-code makes it so quick to do these sorts of activities."

Paul Fondie, global industry principal for insurance at Mendix, said: "Zurich is a great example of an insurer using technology to provide its customers and employees with the best experience possible. Low-code can provide organizations in this industry with the tools they need to drive digital transformation. The pandemic has accelerated the need for these digital solutions, with more customers moving online than ever before."

Connect with Mendix

About Mendix

In a digital-first world, customers want their every need anticipated, employees want better tools to do their jobs, and enterprises know that sweeping digital transformation is the key to survival and success. Mendix, a Siemens business, is quickly becoming the engine of the enterprise digital landscape. Its industry-leading low-code platform and comprehensive ecosystem integrates the most advanced technology to support solutions that boost engagement, streamline operations, and relieve IT logjams. Built on the pillars of abstraction, automation, cloud, and collaboration, Mendix dramatically increases developer productivity and empowers a legion of not-so-technical, 'citizen' developers to create apps guided by their particular domain expertise, facilitated by Mendix's engineered-in collaborative capabilities and intuitive visual interface. Recognized as a leader and visionary by leading industry analysts, the platform is cloud-native, open, extensible, agile, and proven. From artificial intelligence and augmented reality to intelligent automation and native mobile, Mendix is the backbone of digital-first enterprises. The Mendix enterprise low-code platform has been adopted by more than 4,000 leading companies in 46 countries.

Press Inquiries

Sara Black[email protected]
(213) 618-1501

Dan BerkowitzSenior Director Global Communications 
[email protected]
(415) 518-7870

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SOURCE Siemens Industry Software Inc DBA Mendix

Thu, 07 Jul 2022 15:32:00 -0500 en-US text/html https://insurancenewsnet.com/oarticle/international-insurance-giant-rolls-out-new-enterprise-wide-solutions-developed-on-mendix-low-code-platform
Killexams : Visio Technical 4.5

The technical version of Visio includes 1,000 business-oriented SmartShapes and 2,000 for technical applications, including mechanical, petroleum, and software engineering symbols. A selective installation allows you to load the shapes you want. SmartShapes preserve the dimensional proportions of an object which would have been lost had the object been resized using its handles.

The underlying structure of each SmartShape resides in its ShapeSheet, a spreadsheet-like environment with the shape's attributes, including formulas. Any change in the ShapeSheet modifies the shape dynamically. The SmartShape technique can hide part of the shape and add customized text information.

Apart from the side menu and the central workspace, the menu structure is pretty much adaptable to the three major Windows working environments--Microsoft's Office, Corel's PerfectOffice, and Lotus's SmartSuite. The interface works both ways, and Visio can be loaded from the host application. The working environment is customizable, with the stencils you want loading every time you open a new Visio drawing. As for existing Visio drawings, the stencils you originally used are automatically loaded with the file.

Visio 4.5 includes Visual Basic for Applications (VBA), Word, and Excel. The VBA portion of a Visio document is the only built-in code you need to distribute with your application, without any external reference to Visual Basic per se.

Visio's technical version has tools for sketching; Boolean operations for union, intersection, or subtraction that can be used on any combination of symbols; and sketching primitives such as lines and B-splines. By using the glue tool, any dimension that is parametrically associated to a line or circle changes as you modify the geometry or position. The associativity is lost as soon as you modify the dimension text manually.

Shapes can be grouped to make a "super" symbol, and aligned or dynamically rotated. Almost all symbols include text blocks for annotation purposes.

Visio 4.5 is fully compatible with AutoCAD versions 7-12. AutoCAD version 13 can be imported as a metafile. Along with drawings, you can import AutoCAD symbol libraries and convert the symbols into SmartShapes.

There is a direct relation between AutoCAD and Visio Technical terminology. Like the imported symbols, entities in AutoCAD correspond to objects drawn with Visio's tools. Similarly, AutoCAD's attributes are translated into Visio as custom properties. A neat feature in Visio is the ability to append Visio's shapes into your AutoCAD drawings. Using a separate layer in an imported AutoCAD drawing, you can organize the additions made by Visio, then make them part of the drawing which can be saved back to AutoCAD.

The Database Connectivity Wizard, which links a Visio drawing or shape to an ODBC-compliant database, now has SQL Server and Oracle database connections. The connections are used to control the geometry of the shape from a parts list in a database. An interface program with OLE features controls the flow of information to and from Visio. By associating features of the shape from an external database, custom entities such as customer, price, or size information can be linked and become custom properties of that shape.

Visio supports most of the Windows graphics formats and imports Micrografx, CorelDraw, ABC Flowcharter, and CorelFlow drawings. For the Internet user, Visio exports in GIF, PNG, and JPEG formats to directly link your Visio documents to a web page or a URL.

Visio 4.5 Technical sets the stage for a direct interface between your Windows applications and Visio. The means: Smartshapes, Visual Basic for Applications (VBA), OLE automation, and database connectivity. The range of possible applications is virtually endless.

Visio Technical 4.5

Visio Technical 4.5 is a non-CAD general-purpose drawing tool that interfaces with other Windows applications with an OLE tool to create technical illustrations with smart drawing tools. It includes thousands of shapes and stencils of commonly used objects in the business, engineering, and facilities-design disciplines. Minimum requirements: An 80486 PC with 8 Mbytes (Windows 3.1 & 95) or 12 Mbytes (Windows NT) of RAM, 32 Mbytes hard drive space, and a CD-ROM drive.

List Price: $299

Visio Corp.
520 Pike St., Suite 1800
Seattle, WA 98101
ph: (206) 521-4500
fax: (206) 521-4501
http://www.visio.com

A similar product:

CorelFLOW 3.0--Corel Corp.
1600 Carling Ave.
Ottawa, Ontario K1Z 8R7, Canada
ph: (800) 772-6735
www.corel.com

Tue, 26 Jul 2022 12:00:00 -0500 en text/html https://www.designnews.com/automation-motion-control/visio-technical-45
Killexams : The White Lotus: When does season 2 premiere?

Season two of hit show The White Lotus has landed a US premiere date.

The Emmy-nominated comedy-drama – which followed a week of misadventures of the guests and employees at a tropical resort in its debut season – will make its return with a location change.

On Wednesday (3 August), the streamer revealed that its second season will take place in Sicily and will premiere on HBO Max in the US in October.

A specific day has yet to be announced.

The forthcoming series will follow a new set of hotel employees and privileged vacationers. However, Jennifer Coolidge will reprise her role as fan favourite Tanya McQuoid.

Additional cast members include F Murray Abraham, Adam DiMarco, Tom Hollander, Michael Imperioli, Aubrey Plaza, Haley Lu Richardson, Theo James, Meghann Fahy, Will Sharpe, and Leo Woodall.

The first season of the limited anthology series received 20 Emmy nominations for the 2022 September award show for Outstanding Limited Series, Writing, Directing, and numerous acting nods.

Fred Hechinger, pictured here with Steve Zahn, plays a tech-addicted teen in ‘The White Lotus’ (Sky)

Among the nominees is Sydney Sweeney, who recently spoke out against the “lack of loyalty” in Hollywood.

Find the full list of Emmy 2022 nominations here. Read The Independent’s five-star review of the first season here.

The White Lotus season two premieres this October on HBO Max in the US, with a UK release date to follow.

Wed, 03 Aug 2022 18:33:00 -0500 en-US text/html https://www.yahoo.com/entertainment/white-lotus-does-season-2-063303187.html
Killexams : Biomimetic Surfaces: Copying Nature To Deter Bacteria And Keep Ship Hulls Smooth

You might not think that keeping a boat hull smooth in the water has anything in common with keeping a scalpel clean for surgery, but there it does: in both cases you’re trying to prevent nature — barnacles or biofilm — from growing on a surface. Science has looked to nature, and found that the micro-patterning formed by the scales of certain sharks or the leaves of lotus plants demonstrate a highly elegant way to prevent biofouling that we can copy.

In the case of marine growth attaching to and growing on a ship’s hull, the main issue is that of increased drag. This increases fuel usage and lowers overall efficiency of the vessel, requiring regular cleaning to remove this biofouling. In the context of a hospital, this layer of growth becomes even more crucial. Each year, a large number of hospital patients suffer infections, despite the use of single-use catheters and sterile packaging.

Biofilm Formation

5 stages of biofilm development. Stage 1, initial attachment; stage 2, irreversible attachment; stage 3, maturation I; stage 4, maturation II; stage 5, dispersion. Each stage of development in the diagram is paired with a photomicrograph of a developing Pseudomonas aeruginosa biofilm. All photomicrographs are shown to same scale.The formation of biofilms dates back to the earliest days of prokaryotic life, as evidenced by fossil evidence in the form of stromatolites. At its core these biofilms appear to be a defensive mechanism that prokaryotic species have initially evolved to cope with harsh environments, while allowing for the formation of flourishing prokaryotic colonies. These colonies can also enable the growth of more complex lifeforms.

Over time, eukaryotic lifeforms would adopt a similar strategy, where after the initial attachment to a surface an extracellular matrix would be created. These biological glues and structures provide the organisms protection against desiccation and predation, as well as other potentially harmful influences.

In a marine environment, these biofilms provide multicellular lifeforms with not only a surface to attach themselves too, but also an accompanying ecosystem. In the case of barnacles, for example, the presence and type of biofilm is paramount in the selection of a specific attachment site when a young barnacle cyprid transitions to its immobile adult state. Similar patterns are observed with other marine species, the outcome of which is a thriving, if undesired, ecosystem on a ship’s hull.

Since the formation of a biofilm requires only some traces of moisture in the presence of bacteria and kin, this makes it likely that during the manufacturing or usage of medical equipment a surface becomes contaminated with a biofilm. Biofilms allow bacteria and other pathogens to survive for extended periods of time on surfaces, so lapses in hygiene form significant risk vectors.

The exact harm of such a biofilm depends on the exact bacteria and other occupants that are inside it, as well as the location of this biofilm. When MRSA bacteria find their way to an intubation or IV tube, this can provide these pathogens with a direct route into a patient’s body, forming biofilms throughout the tubing inside. Once inside the body, they will then proceed to form biofilms, as part of their protective strategies against threats like the patient’s immune system, and antibiotics.

The optimal strategy is thus to prevent these biofilms from forming in the first place, ideally by preventing the initial surface colonization .

You Shall Not Attach

Placoid scales as viewed through an electron microscope. Also called dermal denticles, these are structurally homologous with vertebrate teeth.
Placoid scales as viewed through an electron microscope. Also called dermal denticles, these are structurally homologous with vertebrate teeth.

An interesting aspect about evolution is that it seeks to solve many of the same problems which we seek to solve today. For marine animals, having biofilms and other growths on their skin is obviously problematic, as for them it means an increase in drag, just as it does for a ship. This means that the animal will be expending more energy when swimming, in addition to the possibility of skin and other diseases developing due to the proximity of so many bacteria.

Many marine animals rub against rocks, have symbiotic relationships with skin-cleaning fish species, or employ the same skin shedding and replacement process which we land-based species employ. The most interesting approach, however, involves micro patterning that make the initial colonization step part of forming a biofilm essentially impossible.

While scales are very common among marine and other animals, the scales of sharks and rays are unique in their microscopic patterns. In experimental testing show a distinct lack of biofilm formation. This is one of the antifouling methods described by Damodaran et al. (2016) in Biomaterials Research. It summarizes the following approaches:

  1. Biological molecules:
    1. Nitric oxide-releasing agents.
    2. Peptide and peptoid modified surfaces.
  2. Chemical modification of surfaces:
    1. Hydrophilic polymers.
    2. Immobilization of PEG.
    3. Zwitterionic polymers.
    4. Hydrophobic polymers.
  3. Micropatterning of surfaces:
    1. Lotus-effect.
    2. Shark-skin patterns.

In terms of what we can copy from nature, the biological molecules and surface modification approaches face high costs, limited lifespan, and limited applicability in terms of which types of bacteria they affect. Toxicity concerns face hydrophobic polymers.

Sourced from Damodaran et al. (2016).
Sourced from Damodaran et al. (2016).

That leaves micropatterning. Rather than a substance that has to be synthesized and regularly applied, these micropatterns can be etched into a surface, with the duration of the effect depending on the durability of the material the pattern was etched into. It’s also possible to use self-assembling patterns, for instance in paints with nanoparticles.

Sourced from Damodaran et al. (2016).
Sourced from Damodaran et al. (2016).

For the boat hull application, the placoid scales of sharks are particularly interesting. They seem to not only prevent bacteria from attaching, but also reduce drag by disrupting the laminar flow near the skin. It’s likely that this drag reduction was a relevant evolutionary factor in the development of these dermal denticles, and it also provides an interesting aspect regarding this type of antifouling — the micropatterns stand to reduce drag of a ship’s hull over and above a ‘clean’ hull.

Making It Scale

As with many of such antifouling techniques, the main issues are making it scale to economically feasible levels and making it last. At this point in time the lotus effect is most commonly used, as its regularly repeating pattern lends itself well to use in everything from roof tiles and fabrics to paints. The application of self-cleaning surfaces in outdoor settings is self-evident, as this prevents the build-up of algae and lichen, and also resists things like graffiti.

Shark skin-like patterning is somewhat more complicated, as it involves a more involved pattern that doesn’t lend itself as easily to self-assembly. Probably the most well-known commercialized version of this technology is found in the Sharklet material sold by Sharklet Technologies and their patented micropattern. They target mostly hospitals and similar settings for their product, and a collection of studies also show their effectiveness in the context of preventing foreign body reactions with neural implants.

One thing that ship hulls and medical tubing cannot yet do is to grow dermal denticles the way shark skin can. The shark is refreshing its skin surface continuously. It’s likely that a combination of approaches will remain necessary to fight off biofouling, although we will very likely see micropatterning being employed more commonly in the future for a cleaner and safer world that is less of a drag.

Fri, 05 Aug 2022 12:00:00 -0500 Maya Posch en-US text/html https://hackaday.com/2022/07/26/biomimetic-surfaces-copying-nature-to-deter-bacteria-and-keep-ship-hulls-smooth/
Killexams : Pegasystems Inc. (PEGA) CEO Alan Trefler on Q2 2022 Results - Earnings Call Transcript

Pegasystems Inc. (NASDAQ:PEGA) Q2 2022 Earnings Conference Call July 27, 2022 5:00 PM ET

Company Participants

Alan Trefler - Founder and CEO

Kenneth Stillwell - CFO

Conference Call Participants

Rishi Jaluria - RBC

Steve Koenig - SMBC Nikko

Vinod Srinivasaraghavan - Barclays

Kevin Kumar - Goldman Sachs

Joseph Meares - Truist

Mark Schappel - Loop Capital

Joey Marincek - JMP Securities

Operator

Good day, and welcome to the Pega Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Mr. Kenneth Stillwell, CFO. Please go ahead, sir.

Kenneth Stillwell

Thank you. Good evening, ladies and gentlemen, and welcome to Pegasystems Q2 2022 Earnings Call. Before we begin, I'd like to read our safe harbor statement. Certain statements contained in this presentation may be construed as forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words expects, anticipates, intends, plans, believes, will, could, should, estimates, may, targets, strategies, projects, forecasts, guidance, likely and usually or variations of such words and other similar expressions identify forward-looking statements, which speak only as of the date the statement was made and are based on current expectations and assumptions. Because such statements deal with future events, they are subject to various risks and uncertainties. real results for fiscal year 2022 and beyond could differ materially from the company's current expectations. Factors that could cause the company's results to differ materially from those expressed in forward-looking statements are contained in the company's press release announcing its Q2 2022 earnings in the company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2021, and other accurate filings with the SEC.

Investors are cautioned not to place undue reliance on such forward-looking statements, and there are no assurances that the matters contained in such statements will be achieved. Although subsequent events may cause our view to change, except as required by applicable law, we do not undertake and specifically disclaim any obligation to publicly update or revise these forward-looking statements whether as a result of new information, future events or otherwise.

And with that, I'll turn the call over to Alan Trefler, Founder and CEO of Pegasystems.

Alan Trefler

Thank you, Ken, and thank you to everyone who has joined today's call.

This year has turned out to be an extremely volatile business environment. Our clients faced challenges related to the pandemic, labor shortages, the war in Europe, everything is causing global disruptions as well as, of course, rising inflation, high oil prices, supply chain challenges, economic and security and most recently, currency exchange headwinds.

Some of these trends actually make the need for our software even more pronounced. In fact, we believe Pega is uniquely suited to help enterprises manage through such uncertainty. However, it does impact the market. And with the threat of recession looming, we've pivoted to lean more heavily on our Build for Change messaging.

We've been updating our marketing and sales positioning, which you can see on pega.com. In an environment where efficiency and productivity of paramount our low-code software platform for AI power decisioning and workflow automation helps demanding enterprises work smarter, unify experiences and adapt instantly. So they can tackle what's next.

At Pega, we're taking the volatility in macroeconomic environment seriously. We're making cost management as much of a priority for us as it is for our clients with us having a focus on operational efficiency and limiting increases to our cost structure. We've paid and staffs to make sure we're staying close to our clients by removing some of the layers that have crept in over the last few years. And by ensuring our talent is directly connected to clients, we believe will both Boost outcomes and our long-term relationships.

At the same time, we continue to focus on innovation to ensure we're able to provide the most advanced technology platform for our clients' needs today and into tomorrow. Ken will talk about some of the financial impacts on our business in a few moments.

Now I'll turn to some highlights. Since we last spoke, we've continued to enhance our software and drive strategic partnerships to make it easier for clients to be productive and address their customers' needs with our market-leading Pega Infinity software. For example, we launched an updated component that makes it easy to embed Pega into sales force environments to further automate customer service workflow. Called Pega Process extended for salesforce, it's now available on the Salesforce app exchange and allows organizations an easy way to drag and drop Pega Infinity workflow automation and AI-powered decisioning directly into existing salesforce lighting deployments.

That makes the whole of experience operate within users' familiar Salesforce desktop even as Pega drives the business logic and workflows .And we're also very excited about the low-code app factory concept. We're pleased to see our clients adopt our governed approach to low-code development. The goal is to have clients get the benefit of speed and collaboration capabilities of our development platform, while at the same time, ensuring they're building apps that can evolve scale and deliver value well into the future. It's very important that the governance capabilities because over the years, people have often tried to drop in little systems to do an improvement here, an improvement there. And frankly, large sophisticated organizations realize that, that leads to just the next generation of technical debt, and they find themselves trying to rip out all the LOTUS notes apps or all the SharePoint apps.

By us having a governed approach, we can share best practices and make sure that the right capabilities are baked into every low-code project and have them all hang together with this Pega app factory concept that brings business and IT together in support of organization-wide deployments. This is coupled with our Pega Process Fabric that makes distributed workflow applications tie together to create a single view of work that might be done for a specific purpose or that might be related to a specific customer relationship.

The case study that Ford Motor Company presented at our accurate Pega world is a great example of this approach. They have embraced best practices to deploy the Pega has factory, which enables is developers to create applications while following governance guidelines with support from an IT coach. Ports created a center of excellence and shared platform teams have joined forces to deploy the factory apps while working with Pega to develop best practices and alleviate IT backlog.

Now another exciting development is that we've extended our cloud choice offering by expanding our multifaceted partnership with Google Cloud to help our joint customers accelerate their digital transformation. And we've also made the Google cloud environment available on Pega Cloud as a fully managed as a service offering. We acquired Everflow, an innovative process mining software company whose intuitive software will enable pet clients to uncover and finish in process inefficiencies. These can often back down organizations and making them visible is key to improvement, combined with Pega's market-leading AI power decisioning and workflow automation capabilities, this will involve process mining beyond traditional static modeling to deliver real-time process optimization, what we sometimes refer to as true hyperautomation on an enterprise scale that will Boost operational efficiency and customer experiences.

And finally, we continue to really receive industry recognition from leading analyst firms. In late May, Forrester named Pega a leader in the Forrester Wave for real-time interaction management. This is how you use AI to make decisions to provide the next best action to the customers and one of our clients. Out of 14 of the most significant players in this fraud category, Pega received top scores in the current offering and strategy categories and the highest score possible in 25 or 28 criteria, including the highest possible score in the market presence categories.

Pega sets the gold standard for sophisticated enterprise deployments, its value-based approach and innovation track record burn Pega near-perfect marks across our strategy criteria. I'm also really pleased that just today, Forrester released its core CRM solutions report in which Pega receives the top score in the current offering category as well as our highest score possible in 16 of 35 criteria.

Out of four companies that were considered leaders Pega received top scores in categories, including CRM user productivity, assistance, guidance, next best action, digital sales, customer success, actionable insights and omnichannel engagement. The report states, Pegasystems offers exceptional automation and process management within the CRM. Pegasystems Vision is one of an autonomous CRM, where automation offloads were petite work and AI assist users, increasing their efficiency and the customer experience.

Pega uses real-time customer context and journey data to anticipate customer needs and proactively even pre-emptively engage. Reference clients stated that Pega provided "a one-shop stop for our frontline team and praise the products configurability. " Really pleased to hear that sort of assessment.

I'm also very proud of the work our team continues to do to ensure Pega's creating and maintaining a diverse and equitable culture. Most recently, we were recognized as the best place to work for disability inclusion, scoring the highest possible score of 100 on the disability of Quality Index, which is recognized as one of the most robust disability inclusion assessment to tools.

Very proud of this recognition, Row Pega supports its people and communities by providing a safe and inclusive work environment. Congratulations to the many in Pega and around the world responsible for this recognition.

Now you may have noticed that we put out a second press release and I'll just talk for a moment about it. When you've noted interest in our technology over the years. From organizations interested in leveraging our workflow capabilities to launch their own workflow-based applications into the market.

And to address this need, we today we announced a new product called Pega [indiscernible], a cloud-based, low-code application development platform that won't power anyone to efficiently build and launch B2B software as a software-as-a-service application for commercialization. This is a long-term strategy that will be run as a separate commercialization unit giving Pega new routes to market through an expanded third-party ecosystem and without requiring the involvement of our sales force.

We'll be working with a select group of early adopters for the remainder of 2022 as we prepare to roll out more generally in 2023. Once application providers are ready to bring new products to market, we'll work together through a revenue-sharing model that we expect.

Now, I'm going to circle back to Pega Wolf for a moment. I hope you're able to join Pega Wolf in May. If you missed it live, I encourage you to watch the replay on pega.com. And there are terrific sessions available, especially the inspiring client stories hold in their own words.

Through our virtual PegaWorld amounts, we have been successful over the last several years. And nonetheless, I'm very excited to bring our live event in Las Vegas back in play next year as we get back to a more normal cadence of in-person meetings with clients and prospects. There's been a lot of change on that front.

I attended Davos this past May in-person was able to see many of our most senior client contacts in person. And I mentioned a new briefing center being built on our last call. It's now -- some of you saw that on Investor Day, it's now fully open and has been booked with client and prospect meetings and has gotten a great reception and we're excited about the customers coming to visit us.

So, in summary, we're operating in an environment of significant volatility. One that our software is uniquely suited to address but one that obviously -- that's lots of pressure on. We continue to structure our business and evolve our software to both address the needs of our clients to maximize our ability to respond quickly to changes in the market.

Our transition to a subscription business and our loyal and stable client base are meaningful contributors to our ability to remain successful in today's business climate. And we continue to be very excited about the significant opportunity in front of us. and confident in our team to deliver on that opportunity.

To provide more color on the financial results, let me turn it over to Ken Stillwell.

Kenneth Stillwell

Thanks, Alan. To begin a few reflections on our first half results and our outlook for the rest of the year. Pega Cloud mix and the strengthening of the U.S. dollar are negatively impacted our reported revenue and earnings per share. As a result, I'll speak a little more about currency this call than usual.

As the U.S. dollar gets stronger, our recurring annual contract value, ACV and our back balance denominated in other currencies, decreases in value and translated into U.S. dollars and revenue from other countries become smaller as well.

A very big highlight for the quarter is Pega Cloud. Pega Cloud continues to be extremely popular. As a result, the Pega Cloud mix was much higher than planned, impacting our reported revenue and our earnings per share. Pega Cloud mix in the first half of 2022 was the highest it's ever been.

For the first half of the year, Pega Cloud was 70% of new client commitments. We're focusing on operating leverage with an even greater amount of discipline to ensure our rule of 40 target is achieved in 2024. As you review our financial results, you'll see that we've clearly been making progress on operating leverage primarily by slowing overall headcount growth in 2022.

Although our constant currency ACV growth was 19% in Q2, we expect economic headwinds and crosswinds to negatively impact ACV growth for the full year. During our subscription transition, the most important metric to measure our success continues to be growth in ACV. ACV grew 19% in constant currency and 14% as reported year-over-year to $1.028 billion.

The strength of the U.S. dollar significantly impacted year-over-year ACV growth as reported from Q2 2021 to Q2 2022. The currency impact of that year-over-year strengthening of the dollar on our ACV was approximately $40 million, with the majority of that impact hitting in Q2 of 2022.

In fact, as dollar strengthened so much that our recurring ACV balance decreased from Q1 2022 to 2000 -- Q2 2022 on an as-reported basis solely due to the strengthening U.S. dollar. It's important when measuring our business to look at a longer time horizon than one quarter.

We've said we focus on total ACV growth for a full year and we're really in the 2022 cycle. That said, to date, our team has demonstrated over our history that it can produce ACV growth during difficult and uncertain times. It's important to point out that we do see economic uncertainty which could reduce incremental ACV growth in 2022, and we're managing the business accordingly.

More on that later. Moving to backlog. We ended the quarter with $1.126 billion of backlog. The strength of the U.S. dollar was approximately a $57 million impact on our total backlog balance when looking at year-over-year growth.

Turning to revenue. Revenue for the first half of 2022 reached $651 million. Total subscription revenue reached $521 million. Subscription revenue is about 80% of our total revenue for the first half of 2022. Pega Cloud revenue is our fastest grower and reached just under $184 million for the first half of 2022.

Total revenue growth in the first half of '22 does face a tough compare, as many of you are aware. You may recall that we recognized over $30 million of revenue from one large deal in the first half of 2021. And the Pega Cloud mix was 15 percentage points lower. Therefore, year-over-year revenue comparisons are not as meaningful for the first half of 2022 because of those two items.

We are currently in the final phase of our subscription transition, which we expect to complete in 2023 with the financial results normalizing for the full year 2024. Our Q2 results, like our Q1 results showed additional signs of improving operating leverage and management of cost.

Total gross margin was 72% for the first half of 2022. As I mentioned a few minutes ago, we plan to focus on cost management, ensuring that we reach the Rule 40 target in 2024. Like all enterprise software companies, we're navigating through a high inflation environment, a global pandemic or in Europe and growing concerns of a global recession.

In the face of these challenges, we've continued to grow ACV at a respectable pace to date. However, given the significant and unpredictable macroeconomic factors that I just outlined, we're going to provide a little more clarity on our view for the second half of 2022.

We believe ACV growth for the full year will slow to around 16% in constant currency, about 5% less than we had planned for the full year. We want to make it clear this adjustment is to our 2022 outlook only.

Moving to our revenue outlook. We see 3 three key factors negatively impacting our revenue growth for the full year 2022. First, as we described in our investor session in June, our plan assumed Pega Cloud would represent a little more than half of our new client commitments in 2022. However, Pega Cloud has represented 70% of new client commitments in the first half of 2022.

I know many of you will view this mix shift positively but as we've said, a 20% or so increase in Pega Cloud could lower 2022 revenue by $80 million. And a higher-than-expected Pega Cloud mix would also cause ACV growth and revenue growth to diverge in 2022. That's because Pega Cloud revenue is recognized ratably typically over the contract period, which approximates 3 years.

Second, the strength of the U.S. dollar is expected to negatively impact our full year revenue results. And third, we anticipate that the increasing economic uncertainty may license sales cycles and pushed some deals into 2023.

If ACV growth slows as a result of this dynamic to the 16%, as I mentioned, in constant currency in 2022, that would have an impact on total revenue as well. In total, we believe these three factors taken together could negatively impact full year revenue by approximately $120 million to $130 million.

We do not expect a proportionate impact on earnings per share due to the cost-saving initiatives that I spoke about, where we expect to mitigate the revenue impact of -- by over $100 million of that revenue shortfall by achieving significant cost savings.

Naturally, there are a lot of moving parts in what I just said, which make it hard to forecast precisely. So, what are we doing to respond through all this? We will manage the business in a way to address the potential ACV growth slowdown and make up for more than half of the impact of our Pega Cloud mix shift.

And that's -- I think that's a pretty impressive statement that we're making that we actually are going to end up being more efficient with the business based on the revenue and the ACV that we will achieve.

Let me explain what I mean. We don't need to grow the size of the organization at the pace that we have in the last few years. We've added some pretty significant go-to-market capacity in 2020, 2021 and 2022.

And we're going to focus the rest of 2022 on execution. We think this is the right time for us to reap the benefits of the significant investments we've made in hiring over the last few years. To remind everyone, we're targeting the rule 40 in 2024, and we will attempt to achieve the highest growth rate possible in getting the rule 40.

Our business is resilient, and I remain confident in our ability to deliver on our long-term strategy to be the leader in digital transformation. Let me remind you of some of the reasons that I feel that way. First, about 80% of our revenue is now subscription, thanks to our successful execution of the ongoing and near completion of the subscription transition.

Our recurring revenue is supported by very high net retention rates. Second, if you look back to 2000, Pega has grown through every recession before, including some tough ones. And we've seen what clients stick with and what they invest in. Third, we serve the world's largest clients in core verticals such as financial services, insurance, health care, telecommunications and government.

In challenging economic times, unfortunately, small and medium-sized businesses are often the ones that struggle the most in the near term when compared to larger enterprises that have strong financial profiles to withstand short-term shocks. Last, our digital transformation solutions feature unique capabilities and provide benefits that are critical to our clients going through transformation.

Our core value proposition has proven important to our clients and it helps Pega to grow through uncertain economic times. In summary, we've built a resilient business, and we will continue to provide best-in-class solutions to the world's largest clients even during tougher times.

Despite the uncertain global economic outlook, it's an exciting time in Pega's history. We're wrapping up our subscription transition that we started in late 2017 and we're entering our next phase of growth as a company.

As we wrap up the transition in the next year or so, we're confident that we will exit the transition as a much stronger business with more predictable revenue and back to cash flow levels that are even in excess of what we achieved before the transition. And as a rule of 40 company, we'll be capable of generating free cash flow each and every year because of the dependency and the reliability of the relationships that we have with our clients.

Winning companies invest time and resources into reimagining their business model to unlock higher growth and greater profitability. The best companies successfully execute to make that imagination reality.

Now I'm really proud of the work our team and our over 6,000 employees have done over the last 5 years to transform Pega's business and unlock the company's potential. Thank you to everyone at Pega. As always, I'll be on the road and excited to see everyone face-to-face at a number of conferences over the next 45 days or so. I hope to get a chance to see many of you during the upcoming events.

And one additional point, very excited to reiterate what Alan said, which is I can't wait to see everyone at PegaWorld live next year. It's been too long. And with that, operator, please open the call for questions.

Question-and-Answer Session

Operator

[Operator Instructions] We'll now take our first question from Rishi Jaluria from RBC. Your line is open. Please go ahead.

Rishi Jaluria

Well, wonderful. I'm here again, thanks very much for taking my question. Maybe a few here to clarify and then you know, appreciate all the details, especially around and what you're seeing. Maybe I want to start by talking about macro and a two-parter here. Number one, we would love to know what are you assuming Ken, when you're talking about getting to 16% ACV growth exiting the year you know, are you assuming macro stable with what you're seeing right now? Or are you assuming some level of deterioration further from what things you're seeing?

And then maybe the second part of that, there's obviously a macro impact numbers already of constant currency from Q1 to Q2 on the ACV side. Some of your large cap peers that have already kind of reported and talked about –

Alan Trefler

Could you repeat your last like 10 seconds because you --

Kenneth Stillwell

Because you broke up a little bit, Rishi.

Rishi Jaluria

I apologize. Let me get off that. Okay. So yes, I was just -- maybe just starting with the macro side, right? What do you see -- what are you assuming in terms of further macro deterioration or is it going to be stable? And the second part, given the detail we've seen on the ACV side in constant currency as a result of macro that you've seen so far. Can you maybe be a little bit more specific about how it's manifested itself be that in longer sales cycles, smaller ACV lands, pushed out deals, anything like that? And then I've got a follow-up.

Kenneth Stillwell

Sure. I'll take the first part of that, and then Alan, you can add some color to that. So, we are not assuming that the market will stay exactly as we've seen in the first half. We are assuming that sales cycles will elongate from where they are, that the buying cycles will be tighter.

We are assuming that as you get closer to the end of the year that companies will be responding to cost management initiatives, some of which will help us because we can be a solution, some of which may put pressure on just general buying patterns.

So, I wouldn't suggest that we think everything is going to stay as it is now. We do see that there's some further decline and the economic landscape between now and the end of the year. We're also not seeing this as an elongated process, but we don't know what to expect through the end of the year as people start budgeting for next year.

So that's why we thought about providing a little bit more clarity around what we think is a risk, which is our ACV growth for the full year. ACV growth dropping from one last point that ACV growth declining from 21% to 16%. Just to kind of give you directionally what that means. It kind of means that our AC -- our incremental ACV growth year-over-year in dollars would be somewhat flat year-over-year, meaning the growth in incremental ACV dollars would be relatively consistent with what we grew in 2021. Still growth, but as you can imagine, growth on a bigger number is a slightly smaller percentage. So that's kind of how we see it manifesting itself through the year.

Alan thoughts on some of the discussions that you mentioned about customer buying.

Alan Trefler

Yes. So, I think Ken's right, there is some elongation of sales cycle. But also, I think a lot of this -- the impact, I believe, is and will continue to be significantly related to the companies you're dealing with and the types of companies you're dealing with.

The large sophisticated traditional buyers that for many years, were our only buyers and let us grow at a 20% ACV growth rate. I think that those are much less susceptible to the many pressures and a willingness to go forward than companies you think of as midsized or certainly smaller.

And so, we have an opportunity and we are recalibrating our energies to really focus on those deep and really important relationships with organizations who based on everything I've seen are going to be looking to themselves save money, Boost their workflows, continue to invest.

And I think that focus makes it easier for us to operate within some of the spend envelopes that Ken is talking about, which we're taking very, very seriously then frankly, when we were trying to really jump up our growth rate to some degree, regardless of cost.

We're not in that business with the second half of this year and going forward because frankly, I think the market will respond exactly what we're doing. We have a big chance to influence what happens. We're not just subject to what's going on in the back growth market.

Rishi Jaluria

All right. Great. That's really helpful. And then on the business. Maybe, I wanted to drill specifically into cloud CRPO. So, we saw that decelerate from 31% growth in Q1 to 14% into and even if we add back in six points of FX, that still gets us from a decel of 31% to 20%. Maybe can you walk us through what's going typically on cloud CRPO and maybe why we shouldn't be worried about that too much as a leading indicator of future cloud growth slowing down? And then one more follow-up, and I promise that's it.

Kenneth Stillwell

Sure. So, the one thing that we are seeing and we've seen it probably for a couple of quarters, but I think it's -- we're starting to realize that clients really are transitioning into more leaning more towards consumption-based buying patterns, right, which means that they're looking at like kind of almost we like a minimum commit with variable usage as they drive additional usage.

And what that does lead to is it does lead to -- the net effect of that is a slight decline in the duration of our cloud RPO. Just a slight, not like going from say, three years to maybe 2.75. Some of the optics of RPO is driven by that. You can kind of see that if you look over the last few quarters.

Also, to add to that, we -- in 2022, the first half of the year was not a big renewal year, right, in terms of Pega Cloud contract renewals, it tends to be towards the back end of the year in general. Every once in a while, you'll have a quarter where you may have a few clients.

So, those two factors, I think, make the optics look a little bit confusing to your question. Some of it is just buying patterns. People clients are not committing necessarily a three or five year contracts all the time they might be committing to a three year contract with a with a slightly lower minimum and then having consumption buying patterns above that. And that results in less going into RPO in some of those contracts, if you follow me.

Rishi Jaluria

Got it. Helpful. And then last one, just on cloud gross margins. obviously been on a nice upward trajectory for the past really two years. But this is the first time we've seen a decline like this sequential in a meaningful way into Q2, right, going from 70% to a little bit up 7%. I guess, was that FX? Or were there other factors that led to cloud gross margin declining sequentially? And how should we think about that going forward? Thank you.

Kenneth Stillwell

Yes, that's a great question. That's because the majority of our costs for Pega Cloud are in the U.S. in U.S. dollars. And so there is -- so you do have currency -- more currency impact on the top line than you do on the bottom line. In a lot of the other aspects of our business, we have natural hedges because we have the cost in the currency where the dollars are. We are more -- we are -- our costs are more skewed to the U.S. because our AWS contract is in U.S. dollars.

Operator

We'll take our next question from Steve Koenig from SMBC Nikko. Your line is open. Please go ahead.

Steve Koenig

Thanks for taking my questions. I'll stick to one question and one follow-up here. I wanted to -- by the way, congratulate you on the Forrester evaluation. It sounds like a great validation of the technology leadership. So first question is on the financial side. A couple of moving parts here. And maybe it relates to your prior answer. But on Pega Cloud revenue, the sequential revenue growth in cloud was very light. And so I'm wondering if you can square that with the higher cloud mix. And then maybe also related to that, more broadly, RPO bookings were down pretty hard year-on-year. And I'm wondering like how much of that was a surprise in terms of weakness in new client commitments relative to your internal expectations? And how much of that was a lighter renewal schedule if you could just parse that out? And then just one follow-up for Alan. Thanks.

Kenneth Stillwell

Yes, Q2 was a very light renewal schedule and Pega Cloud -- the mix of Pega Cloud was impacted by currency by approximately the same as our overall revenue. So the mix of revenue by geography isn't exact, but directionally close to our overall revenue in terms of the currency impact. The RPO -- currency impact for a lower renewal quarter in Q2 in the first half, but also our net ACV growth in Q2 was not as strong as well. So the combination of our ACV growth in Q2 was not as strong as Q1, not a big renewal quarter plus currency. That's kind of what's happening in RPO.

Steve Koenig

Okay. Sounds good. Maybe we'll follow up a little bit more on the call back. Alan, Pega launch pad. So that's really interesting. I know you've been you've been working on a lot of the stuff for some time as part of the Phoenix initiative. I'm wondering if you could give us some color on -- what are kind of the milestones, both maybe technically and business-wise on establishing a vibrant third-party marketplace. Any thoughts on monetization, does Pega pricing need to become more transparent? Are there any early alpha customers or partners you can talk about? Thanks very much and that concludes my questions.

Alan Trefler

Sure. So, we have been working on a lot of these pieces for some time as part of the Phoenix initiative, which obviously feeds a lot of the technology that we bring forward and bring to market here. The launch pad concept is that we know that there are organizations that themselves want to develop IP, bring it to market that have sort of a workflow flavor to them. And to be candid, the platforms that we saw out there were not remotely well suited to being able to do that we thought. And we've talked to a number of people and companies about that.

We wanted to begin having discussions on this. And thought the best way to do that was to just publicly say, yes, we got this. We're going to begin talking with early adopters, but I'll be able to answer those questions with much greater clarity and specificity after we're another 90 or 120 days into this. So I'm going to put -- take up a little pass on that, but it's not the lack of enthusiasm. I think this is a very exciting place to be.

Operator

We will now take the next question from Pinjalim Bora from JPMorgan.

Unidentified Analyst

This is Noah on for Pinjalim. Thank you for taking the question. Can you explain what you're seeing in terms of demand from public sector customers? And just any color on the rate of new IT engagements within public sector would be helpful. Thanks.

Alan Trefler

Yes, I can talk to that. I think that public sector has been pretty shaken by the pandemic. And a lot of the solutions that have gone into public sector to just make them work, particularly at some of the large organizations, governmental organizations we do business with. We are widely seeing to be scotch tape and bailing wire. So there is a, I think, a healthy appetite in large agencies to continue and even accelerate the workflow automation that we already do for a number of them going forward.

So I think the demand in public sector will continue to be strong. Having said that, as we all know, public sector is not a place that tends to buy rapidly, and they tend to want to buy very much on a consumption cell basis.

So you don't get the big multiyear deals with lots of things sort of on the come based on expectations. It really is a line of business that I described it as sort of building an engine of success that as you go when you -- as you develop greater confidence and a greater footprint, it builds on itself.

But the market opportunity there is huge, we are very much going to focus on what I would describe as federal and large states here. I think that plays to our strength and that also plays to the people will be buying.

Operator

We will now take the next question from Vinod Srinivasaraghavan from Barclays. Your line is open. Please go ahead.

Vinod Srinivasaraghavan

Thanks for taking my questions. I just want to -- maybe look to the past a little bit, talk about buying patterns going into the COVID period and the second quarter 2020. I just want to get a sense of are things kind of similar than right now or back then? And kind of at what point did you see sales cycles Boost and customers reengage more meaningfully then? And are you seeing any early signals of that where maybe a similar pattern might play out? Thanks.

Kenneth Stillwell

So I can start on that one. So because unfortunately remember those days well. I think the difference between Q2 2020 and Q2 2022 is noticeable because of the following. When we were in Q2 of 2020, we didn't know what future look like. I think there was a question about was this going to be like the shutdown of world economies. We're going to -- people couldn't get food and paper towel with tiller. I mean, it was we were scrambling. We didn't know how long it was going to be. And it was -- I think there was a lot of angst about just what was this thing we were dealing with.

So I think the level of uncertainty and confusion and stress was high. I remember looking at the unemployment drop of -- or increased, excuse me, I don't know, whatever it was, like x million people that went into that filed claims in one week. In today's environment, what I see is people more going through a typical economic reset, right? They're saying we know what's coming. We've got to manage our budgets. We need to slow hiring. We need to think about projects that will help us optimize our business. This happens every whatever, five to 10 years, whatever the recession cycle happens to be I don't view it as being comparative to Q2 because of the level of just general mass confusion in the market that happened for a few months in the middle of 2020. That's my perspective. I think this is much more -- I do feel like people know what's coming. They may not know how bad it's going to be or how long it's going to last, but we've been through recessions before. So I kind of -- that's my perspective. Alan?

Alan Trefler

Yes, I would agree that the atmosphere back then was much more of confusion, who knows what's going to be, how long it's going to be for, we'll be able to get the right staff to support the business at all. There were a little burst of, Oh, my God, we've got to automate something, but there was an incentive to it that people said, I've got to do it in 10 days. or a week.

And by the way, we've delivered some pretty amazing systems in that time to support things like the paycheck, the Paycheck Protection Act. I was just talking to one of our very large banking customers who said that they'll never forget what they were able to do in a week with our system when they were just trying to hold on there. The time now is just a lot more rational, right? People expect dimensions are going to fall into just how long is it going to be tight. People are extremely interested in the low-code piece is Eric very valuable because people are extremely interested in being able to continue to run their systems without necessarily the same, frankly, depth of engineering talent that some of those end companies have been able to depend on or in some cases, not even, depending on what's happening with the cost.

So I would describe this as a much more, frankly, reassuring time than if you go back to the point where every week was a new terror.

Vinod Srinivasaraghavan

Got it. I appreciate some of the color on that. And then just one follow-up for me. Can you maybe speak to just kind of the sales execution during the quarter, how you kind of feel about that? And also, are you seeing any customers ask for like more pricing concessions or more flexible payment terms given kind of the macro environment? Thank you.

Alan Trefler

So I'll answer the second one first. Our bread and butter customers are the ones that we're particularly focused on going forward are not the ones who need payment concessions, candidly. Now people always like to ask for things, but they're just not. That's not the part of the market that we are going to focus on go through.

From a sales execution point of view, as I think a lot of you know, we've undergone a lot of change from a go-to-market management perspective. And a lot of that change happened during Q2. We're right in the middle of it all. And I'm sure that didn't help us getting things together. I believe we're now largely through the -- what I describe as Phase 1 of change management, which is understanding what we want to do from a structure and a positioning point of view, et cetera, we still have a lot of work to do. as we go through the next couple of quarters.

But the reset, I would say, of our business to being a cost-effective grower, really worrying about cost, et cetera, that is, I think, taken whole of the psyche of the organization as a whole and in the go-to-market organization. And now I believe we have a plan that we can execute on a strategy that makes enormous sense having done this for a long time. And we know that there is the demand there in our customers. There's no doubt that customers appreciate, particularly the ones we're talking about, the way our software can really uniquely help them deal with their own pressures and their own confusion.

So I'm feeling good about that. Obviously, the first half of this year was pretty volatile. I mean we know that there were some management changes that were quite significant that happened -- all of that happened in the last five months. So unquestionably, that would have some impact on Q2. And by the way, we're not happy with what the outcomes were. We're committed to changing it, and we're not happy that 16% is a good number going forward. It just might be the realistic one to think in terms of from where we are this year.

Kenneth Stillwell

I'll add one piece of color. Clients, I have not seen -- I see a lot of the client interactions, as you might imagine. I don't see clients deciding to try to get the same amount of value out of Pega for a lower amount. I do see clients trying to manage cost increases as a result of inflation. Right? Like naturally, CPI is a much higher number. And there's an expectation in the market that technology companies will receive some increase in the annual clients are more focusing on trying to manage that as we are trying to manage that as well because we expect to get increases to help offset our cost increases of our team members, et cetera. That, I think, is a focus area, but not general spend reduction. That's not something we've seen.

Operator

We will now take the next questions from Kevin Kumar from Goldman Sachs. Your line is open. Please go ahead.

Kevin Kumar

Hi, thanks for taking my questions. Alan, given the macro environment, are there any changes in the types of use cases across the customer base whether that's customer engagement or customer service, other areas of automation, curious where you're seeing the most appetite.

Alan Trefler

Yes. So in the real-time interaction management space, which is -- think about as AI-powered decisioning. There is -- when the economy goes to the sort of change we've seen in the last 90 days, we shift our emphasis from cross-sell upsell to retention. And we have and we do a lot of very, I think, effective work in the areas of retention. Certain use cases, sometimes referred to as compassionate, hopefully, collections, which is where you try to figure out how to be the smartest about if you're a business getting paid. Those are examples of use cases that accompany the sort of recessionary push that, once again, we've seen before, we see the same thing happening now. Those discussions get a lot of a lot of attention as well.

On the workflow space, automation and transparency, being able to handle a workforce that's distributed and not likely to ever come together again, but you want to be able to manage them. those once again are the apps what we sometimes refer to, and you'll hear us talking more and more about what we call the process fabric as a way to leave an organization together. Those are the types of use cases that go with these times.

And the other thing I'll say about all of those is those systems tend to be pretty big systems, not all at once necessarily, but over time, those become very, very meaningful.

Kevin Kumar

That's helpful. Thank you. And then as you integrate the Everflow acquisition, how has customer traction been there? And how should we think about ACV uplift on deals where process mining is used?

Alan Trefler

I think process mining is primarily a vehicle to be able to make the customer more effective at deploying your software. I think that more than a very significant increase in ACV on the deal, I think you will see an acceleration of consumption and use. And that leads to, in effect, larger parts of the business being in a position to cost justify and rationalize the purchase. So I view it as contributing to ACV, more by helping promote volume than by kicking the prices up 20%, right? It's discovering the opportunity and optimizing the opportunity, which lets you go bigger, particularly these big companies.

Kenneth Stillwell

And just to clarify, just to make sure that's crystal clear, we are not in the business of selling user-based licenses as our exclusive go-to-market where you keep price up ticking every single feature function. What Alan is talking about is clients put get more value by putting more automated transactions through our system, and that's the way the ACV goes up because they're paying on kind of a consumption type model. That's kind of the connection there just to make sure that's clear.

Alan Trefler

Yes. Per user pricing, we think, in this world is sort of an anachronism because everybody wants to move from one form or another of nonuser activity right, whether it's customers doing work themselves, whether it's parts of the system landscape actually doing fully autonomous work, that's a hyper automation.

So our standard approaches tend to talk about how many units of work get done by the customer. And that's where process mining can accelerate as opposed to like a more user model. So I know some other people do that. I don't think that's a very forward-looking model for companies that do automation.

Operator

We will now take the next question from Joseph Meares from Truist. Your line is open. Please go ahead.

Joseph Meares

Thanks for taking my question. The first question, I was if you had already said this in the prepared remarks, but could you just give us some clarity on the cost initiatives that you're talking about? I think you said it would be more than half of the decline caused by the Pega Cloud. But could you just clarify that?

Kenneth Stillwell

Yes, sure. So I know, Mike, the wording is tough sometimes to get through clearly. So we're -- we anticipate that the combination of the three factors, Pega Cloud mix currency, which is the smallest of the three. And the impact of our ACV target will reduce revenue from where we kind of initially thought it would be by about $120 million to $130 million.

We might say, Oh, well, that means there's an impact to EPS by that same amount? No. To the contrary, we're actually maintaining, we believe we have the staff that we need to get through 2022 and quite frankly, to hit our 2023 objectives well. And that efficiency that we would get by maintaining our cost structure consistent with where we are now, will get us over $100 million of that $120 million to $130 million revenue decline.

So we won't get all the way there. We might, but we're signaling that we think we can get all the way there, but we will get almost all the way there. When I was saying, Joe, as I was saying, we'll make up the ACV, drop or make up the currency and we'll get more than half of the way there on the cloud mix. And that's the -- all of those three add up to over the $100 million of mitigation.

Joseph Meares

That's perfect. Super helpful, Ken. I appreciate it. And then just as a follow-up. Last quarter, you spoke about several new products, including enhancements to the Pega Customer Decision Hub and voice AI and messaging solutions for customer service. Just curious if you have any early customer feedback on those? Any positive stuff you can point to there? Thanks so much for taking the questions.

Alan Trefler

Yes. So we continue to get excellent feedback on the Customer Decision Hub, that's the real-time interaction management piece that I was talking about that Forrester just landed. And that continues, I would say, to be by far the industry-leading product in that segment. And the new capabilities are used in being I think being widely enjoyed.

The voice AI is rolling out slowly. We've got some pilot work that we've been doing. I think it's enormously exciting. But to be candid, I think that a lot of organizations are just trying to stabilize that part of their business. And they're -- if things get a little more normal, I think that's going to pick up. But right now, there's just an enormous amount of what I described as contact center exhaustion, where people have just -- who are running those things are just trying to deal with making sure they've got the staff and that they're able to just keep them running. So it's probably going a little slower than I'd like, but that was never going to be a big part of a number of ours for this year.

Operator

We will now do the next question from Mark Schappel from Loop Capital. Your line is open. Please go ahead.

Mark Schappel

Hi, thanks for taking my question. Ken, starting with you, with respect to the macro, just to be clear here, are you saying you're seeing lengthening sales cycles and project delays in your business today? Or are you just trying to get ahead of the curve with your comments?

Kenneth Stillwell

question. I would say I am a little bit of lengthening sales cycles, but nothing I would say material to lead me to a an absolute conclusion. I am more trying to get ahead of where I think the market will be for the rest of the year.

Mark Schappel

Okay, great. And then, you know, with respect to the sales cycles, are you seeing that in any particular geography more so than others?

Kenneth Stillwell

Europe, I can get out and speak to but certainly Europe is much closer to the frontlines of the conflict. And in Ukraine, Russia, Ukraine, and that they are seeing things like energy or resources, food, they are much more disrupted than certainly the United States is and even a bit even APJ. So I personally I think Europe is in a tough place right now.

Alan Trefler

I just going to say customer mood and some of those countries just hard to get their attention.

Mark Schappel

I understand. And then Alan final question here. It's around the launch pad. I believe in your prepared remarks, you mentioned that the product would be run as a separate commercialization effort. I was wondering if you just go into a little bit more details of what exactly that means?

Alan Trefler

Well, it means that we were able to take a couple of very entrepreneurial people who we already had on staff. And we're going to create a largely virtual team, but we're not going to commingle that at all, with the kind of go-to-market and the current messaging, you know, we see that as a separate product, using experience, obviously, that we've had for many, many years to inform it, that will go to market through a separate channel as a partner sold channel -- sold by real organizations that have the IP that they want to sell.

So I'm really, really looking to insulate the core business from any sort of disruption. So we can really focus on doing as well as we collectively can do this here on.

Operator

We will take the next question from Joey Marincek from JMP Securities. Your line is open. Please go ahead.

Joey Marincek

Thanks so much for the question. Alan, would love to hear more about Google Cloud? I know it's early. But how is that partnership progressing thus far? And maybe what are your early learning? And then one for Ken? Can you give us an update on net retention. How is that metric trended? And maybe how would you think about it on a go forward basis? Thank you so much.

Alan Trefler

Sure. So the Google relationship, I would say is terrific. You know, we work with them. And we've been able to work with them to stand up this capability, I think, and just being able to offer customers the ability to use Amazon credits or Google credits, up that they may have committed to also I think, at certain customers, get customers excited.

So that relationship is deep and very, very positive. And, you know, I'm also pleased to say that Google is a client, which is wonderful when a company like that decides that they want to use your stuff and internally, so now, I believe it's going to work out very, very well.

You know, Amazon has been a terrific partner, and we love working with them also. But the reality is, as they move into, say, the medical field as they recently have done in a greater quantity, and as they move into, or they obviously deep in retail, that means that certain of the very large clients that we want to sell to have, well, less attraction to using them as a platform, it doesn't actually impact visible to a customer, whether they're running the Pega Cloud on Amazon, or on Google, but some companies have their own standards and their objectives in that regard. And now we're just in a position to give that extra dimension of client choice, which is always good. Ken want to talk about --

Kenneth Stillwell

So our net retention so, that's a really good finish to the questions, because it's one that we haven't really touched on. Directionally, I've always talked about, if we have 20% ACV growth that 15% of that 20% would be with existing clients and the other 5% would be net new logos, that is a directional number. But that is not far off.

When you think about us, our ACV growth declining by some percentage, the majority of that decline would be our expectation of getting ACV from net new logos, right? Because so I think our net retention number is not going to decline much of our overall ACV declines, because that is our bread and butter. That is actually where we're going to put our capacity. That's where we've always got the majority of our bookings. And so our focus is going to be really heavy there, especially in any type of less than certain economic environment, you should always stay close to your clients, because they're going to deepen their relationship with existing vendors, that is just the trend.

So I think our net retention rate will hold pretty steady to what it's historically been maybe like dropped by a percent or so. But not much. And what will happen is we will probably, you know, just being pragmatic, we will chase new logos less.

Alan Trefler

And with that, I think we're at time, I'd like to thank all the folks who participated or listened to the call. You should know that we're working very hard. We're taking the needs of our shareholders very seriously. And I'm hopeful that we'll be able to report some good things in a quarter. Thank you very much.

Operator

This concludes today's call. Thank you for your participation. You may now disconnect.

Wed, 27 Jul 2022 16:57:00 -0500 en text/html https://seekingalpha.com/article/4526724-pegasystems-inc-pega-ceo-alan-trefler-on-q2-2022-results-earnings-call-transcript
Killexams : Emmys nominations 2022: 'Succession,' 'Ted Lasso,' 'White Lotus' lead nominees; see the list

Just like Logan Roy (Brian Cox) himself, HBO's "Succession" once again comes out on top.

The show, which follows the dysfunctional Roy family's fight for corporate power, leads the 2022 Primetime Emmy Awards race with 25 nominations, including outstanding drama series.  Apple TV+ comedy "Ted Lasso" and HBO's social-satire limited series "The White Lotus" tied for second, with 20 nominations apiece.

"Succession" will compete with Netflix's "Squid Game," the first non-English language show nominated for the title; Netflix's "Ozark," which released its final episodes in April; and Netflix's "Stranger Things," the most watched English-language series on the platform. AMC's "Better Call Saul," HBO's "Euphoria," Apple TV+'s "Severance" and Showtime's "Yellowjackets" are also nominated in the category.

Emmy snubs 2022: Julia Roberts, Jennifer Aniston among actors left off nomination list

"Succession" (starring Brian Cox) leads the Emmy Awards race with 25 nominations, including outstanding drama series.

Zendaya is nominated again as outstanding lead actress in a drama series for her work on HBO's "Euphoria." The first season made her the youngest (and only the second) Black woman to win a lead actress drama Emmy, for playing teen drug addict Rue Bennett. Zendaya is also up against BBC America's "Killing Eve" stars Sandra Oh and Jodie Comer, who wrapped their final season in April.

"Lasso," which earned Jason Sudeikis an acting Emmy for the show's first season, is vying for best-comedy honors with ABC's “Abbott Elementary,” HBO's “Barry” and “Curb Your Enthusiasm,” FX's “What We Do in the Shadows” and Amazon Prime's “The Marvelous Mrs. Maisel.”

Also in the race: Hulu's murder mystery "Only Murders in the Building" and HBO Max's "Hacks," which saw Jean Smart winning an acting Emmy in the show's first season.

"Lotus" and Hulu's nonfiction drama "Dopesick, about the opioid crisis, are among nominees for outstanding limited series. "Lotus," which follows employees and guests at a Hawaiian resort, is tied with "Ted Lasso" with 20 nominations and "Dopesick," which showcases Purdue Pharma's role in fueling the opioid addiction crisis, has 14.

HBO and HBO Max, with a leading total of 140 nominations, narrowly edged Netflix's 105 for the second year in a row.

The 74th Primetime Emmy Awards are set to air Sept. 12 on NBC. A host hasn't yet been announced.

The 2022 Emmy nominees:

DRAMA SERIES

"Better Call Saul" (AMC)

"Euphoria" (HBO)

"Ozark" (Netflix)

"Severance" (Apple)

"Squid Game" (Netflix)

“Stranger Things” (Netflix)

"Succession" (HBO)

"Yellowjackets" (Showtime)

Last year's outstanding comedy series "Ted Lasso" is up for 20 Emmys.

COMEDY SERIES

"Abbott Elementary" (ABC)

"Barry" (HBO)

“Curb Your Enthusiasm” (HBO)

"Hacks" (HBO Max)

"The Marvelous Mrs. Maisel" (Amazon)

"Only Murders in the Building" (Hulu)

"Ted Lasso" (Apple)

"What We Do in the Shadows" (FX)

LIMITED SERIES

"Dopesick" (Hulu)

"The Dropout" (Hulu)

“Inventing Anna” (Netflix)

“Pam & Tommy” (Hulu)

"The White Lotus" (HBO)

Zendaya is nominated again for outstanding lead actress in a drama series as Rue Bennett in HBO's "Euphoria."

LEAD ACTRESS, DRAMA SERIES

Jodie Comer, "Killing Eve" (BBC America)

Laura Linney, "Ozark" (Netflix)

Melanie Lynskey, "Yellowjackets" (Showtime)

Sandra Oh, “Killing Eve" (BBC America)

Reese Witherspoon, "The Morning Show" (Apple)

Zendaya, "Euphoria" (HBO)

LEAD ACTOR, DRAMA SERIES

Jason Bateman, "Ozark" (Netflix)

Brian Cox, "Succession" (HBO)

Lee Jung-jae, "Squid Game" (Netflix)

Bob Odenkirk, "Better Call Saul" (AMC)

Adam Scott, "Severance" (Apple)

Jeremy Strong, "Succession" (HBO)

LEAD ACTRESS, COMEDY SERIES

Rachel Brosnahan, "The Marvelous Mrs. Maisel" (Amazon)

Quinta Brunson, "Abbott Elementary" (ABC)

Kaley Cuoco, "The Flight Attendant" (HBO Max)

Elle Fanning, “The Great” (Hulu)

Issa Rae, "Insecure" (HBO)

Jean Smart, "Hacks" (HBO Max)

LEAD ACTOR, COMEDY SERIES

Donald Glover, "Atlanta" (FX)

Bill Hader, "Barry" (HBO)

Nicholas Hoult, “The Great” (Hulu)

Steve Martin, "Only Murders in the Building" (Hulu)

Martin Short, "Only Murders in the Building" (Hulu)

Jason Sudeikis, "Ted Lasso" (Apple)

LEAD ACTRESS, LIMITED SERIES/TV MOVIE

Toni Collette “The Staircase” (HBO Max)

Julia Garner, "Inventing Anna" (Netflix)

Lily James, "Pam & Tommy" (Hulu)

Sarah Paulson, “Impeachment: American Crime Story” (FX)

Margaret Qualley, "Maid" (Netflix)

Amanda Seyfried, "The Dropout" (Hulu)

LEAD ACTOR, LIMITED SERIES/TV MOVIE

Colin Firth, "The Staircase" (HBO Max)

Andrew Garfield, "Under the Banner of Heaven" (Hulu)

Oscar Isaac, "Scenes from a Marriage" (HBO)

Michael Keaton, "Dopesick" (Hulu)

Himesh Patel, “Station Eleven” (HBO Max)

Sebastian Stan, "Pam & Tommy" (Hulu)

SUPPORTING ACTRESS IN A DRAMA SERIES

Patricia Arquette, “Severance” (Apple)

Julia Garner, “Ozark” (Netflix)

Jung Ho-yeon, “Squid Game” (Netflix)

Christina Ricci, “Yellowjackets” (Showtime)

Rhea Seehorn, “Better Call Saul” (AMC)

J. Smith-Cameron, “Succession” (HBO)

Sarah Snook “Succession” (HBO)

Sydney Sweeney, “Euphoria” (HBO)

SUPPORTING ACTOR IN A DRAMA SERIES

Nicholas Braun, “Succession” (HBO)

Billy Crudup, “The Morning Show” (Apple)

Kieran Culkin, “Succession” (HBO)

Park Hae-soo, “Squid Game” (Netflix)

Matthew Macfadyen, “Succession” (Netflix)

John Turturro, “Severance” (Apple)

Christopher Walken, “Severance” (Apple)

Oh Yeong-su, “Squid Game” (Netflix)

SUPPORTING ACTRESS IN A COMEDY SERIES

Alex Borstein, “The Marvelous Mrs. Maisel” (Amazon)

Hannah Einbinder, “Hacks” (HBO)

Janelle James, “Abbott Elementary” (ABC)

Kate McKinnon, “Saturday Night Live” (NBC)

Sarah Niles, “Ted Lasso” (Apple)

Sheryl Lee Ralph, “Abbott Elementary” (ABC)

Juno Temple, “Ted Lasso” (Apple)

Hannah Waddingham, “Ted Lasso” (Apple)

SUPPORTING ACTOR IN A COMEDY SERIES

Anthony Carrigan, “Barry” (HBO)

Brett Goldstein, “Ted Lasso” (Apple)

Toheeb Jimoh, “Ted Lasso” (Apple)

Nick Mohammed, “Ted Lasso” (Apple)

Tony Shalhoub, “The Marvelous Mrs. Maisel” (Amazon)

Tyler James Williams, “Abbott Elementary” (ABC)

Henry Winkler, “Barry” (HBO)

Bowen Yang, “Saturday Night Live” (NBC)

SUPPORTING ACTRESS IN A LIMITED OR ANTHOLOGY SERIES OR MOVIE

Connie Britton, “The White Lotus” (HBO)

Jennifer Coolidge, “The White Lotus” (HBO)

Alexandra Daddario, “The White Lotus” (HBO)

Kaitlyn Dever, “Dopesick” (Hulu)

Natasha Rothwell, “The White Lotus” (HBO)

Sydney Sweeney, “The White Lotus” (HBO)

Mare Winningham, “Dopesick” (Hulu)

SUPPORTING ACTOR IN A LIMITED OR ANTHOLOGY SERIES OR MOVIE

Murray Bartlett, “The White Lotus” (HBO)

Jake Lacy, “The White Lotus” (HBO)

Will Poulter, “Dopesick” (Hulu)

Seth Rogen, “Pam & Tommy” (Hulu)

Peter Sarsgaard, “Dopesick” (Hulu)

Michael Stuhlbarg, “Dopesick” (Hulu)

Steve Zahn, “The White Lotus” (HBO)

OUTSTANDING VARIETY TALK SERIES 

“The Daily Show With Trevor Noah” (Comedy Central)

“Jimmy Kimmel Live!” (ABC)

“Last Week Tonight With John Oliver” (HBO)

“Late Night With Seth Meyers” (NBC)

“The Late Show With Stephen Colbert” (CBS)

OUTSTANDING COMPETITION PROGRAM

“The Amazing Race” (CBS)

“Lizzo's Watch Out for the Big Grrrls” (Amazon Prime)

“Nailed It!” (Netflix)

“RuPaul's Drag Race” (VH1)

“Top Chef” (Bravo)

“The Voice” (NBC)

HOST FOR A REALITY OR COMPETITION PROGRAM

Bobby Berk, Karamo Brown, Tan France, Antoni Porowski, Jonathan Van Ness, “Queer Eye” (Netflix)

Amy Poehler and Nick Offerman, “Making It” (NBC)

Nicole Byer, “Nailed It!” (Netflix)

Barbara Corcoran, Mark Cuban, Lori Greiner, Robert Herjavec, Daymond John, Kevin O'Leary, “Shark Tank” (ABC)

Padma Lakshmi, “Top Chef” (Bravo)

RuPaul, “RuPaul's Drag Race” (VH1)

VARIETY SPECIAL, PRE-RECORDED

"Adele: One Night Only" (CBS)

"Dave Chappelle: The Closer" (Netflix)

"Harry Potter 20th Anniversary: Return to Hogwarts" (HBO)

"Norm Macdonald: Nothing Special" (Netflix)

"One Last Time: An Evening With Tony Bennett and Lady Gaga" (CBS)

This article originally appeared on USA TODAY: Emmys nominations 2022: Full list; 'Succession,' 'Ted Lasso' lead

Tue, 12 Jul 2022 04:27:00 -0500 en-US text/html https://www.yahoo.com/now/emmys-nominations-2022-succession-ted-162242331.html
Killexams : Atuche: Stripped of Spoils of Office

Banking

As the court stripped former Managing Director of the defunct Bank PHB, Francis Atuche of proceeds of funds stolen from the bank in a landmark judgment, the Economic and Financial Crimes Commission may have sent a strong warning to chief executives of banks and other public quoted companies about its resolve to pursue its anti-crime war to a logical conclusion, no matter how long it takes, reports Festus Akanbi

It was Douglas Horton, an American Protestant clergyman and academic leader, who lived between 1891 and 1968, that succinctly captured the stark reality of a fall from a position of grace with his popular quote, “To hit bottom is to fall from grace.”

For the convicted former Group Managing Director of the defunct Bank PHB, Mr. Francis Atuche, it’s a devastating fall from grace when a Lagos State High Court in Ikeja, last Thursday froze his assets and funds to the tune of N19,178,253,050 allegedly kept in 24 banks.

With the judgment, Atuche has been stripped of all the cash and assets stolen from the bank where he presided as chief executive between 2007 and 2008. His pleas could not save him from the court hammer just like his co-traveller in the stealing binge, Mr. Ugo Anyanwu, a former Chief Financial Officer of the bank, who has since been sent to jail.

The two were in June this year, convicted on at least six of a 27-count amended charge of conspiracy to commit a felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC).

While Atuche who was found guilty on counts 1, 3, 5, 7, 9, and 23 of the charge would serve a 6-year term for each count, Anyanwu will serve a 4-year jail term for counts 2, 4, 6, 8, 10, 11, 22 and 24 of the amended charge.

They are to serve their jail term consecutively. This sentence is coming after a trial that lasted over 12 years.

In delivering her sentence, Justice Okunnu held that the EFCC successfully proved its case against the convicts beyond a reasonable doubt.

Gone with the Winds

Consequently, his assets and funds in the following banks were frozen: Access Bank Plc, Citi Bank Ltd, Ecobank Nigeria Ltd, Fidelity Bank Nigeria Plc, First Bank of Nigeria Ltd, First City Monument Bank, and Globus Bank Ltd.

The list also includes Guaranty Trust Bank Plc, Heritage Bank Ltd, Keystone Bank Ltd, Lotus Bank Ltd, Mainstreet Bank Plc, Polaris Bank Plc, Platinum Mortgage Bank Ltd, Providus Bank Ltd, and Stanbic IBTC Nigeria Ltd.

The rest are Standard Chartered Bank, Sterling Bank Plc, Titan Trust Bank Ltd, Union Bank of Nigeria Plc, United Bank For Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.

Justice Lateefat Okunnu made the order sequel to an August 17 application by the Economic and Financial Crimes Commission (EFCC) in Charge No. ID/1549/2011 between the federal government on the one hand and Atuche and Ugo Anyanwu as first and 2nd defendants.

Justice Okunnu, while sentencing Atuche and Anyawu, recently, had ordered that they should make restitution of the N25.7billion to the federal government to replace the funds stolen from the public to bail out the bank.

The EFCC team led by Kemi Pinheiro (SAN), had in 2011, charged Atuche; his wife, Elizabeth, and Anyawu with a 27-count charge of conspiracy and stealing of N25.7 billion belonging to Bank PHB via fictitious loans and shares.

Atuche and his spouse were accused of fraudulent conversion of money described as bank loans.

The EFCC said that the couple diverted funds belonging to the bank by buying shares for fictitious companies linked to them.

Anyanwu on the other hand, was accused of using his position as the bank’s CFO to aid Atuche in committing the crimes.

The anti-graft agency said that the trio stole more than N25.7 billion belonging to the defunct Bank PHB (now Keystone Bank) between November 2007 and April 2008, while Mr. Atuche was the chief executive officer.

Fallen from Grace

When it dawned on the former bank chief that his initial grandstanding would take him to nowhere as far as the criminal case against him was concerned, he decided to appeal for leniency when the case came up in June this year, claiming that never at any material time did it occur to him that he would set up a scheme to defraud the bank.

“I plead for mercy, leniency, your kindness, and I plead that out of your kindness and generosity, you will not allow me to go to jail. I am sorry and remorseful,” he said.

Atuche told the court that as a professional banker and chartered accountant, he certainly did not want to become a convict.

“I pray that God will place in your heart to be kind. I plead from the bottom of my heart. I’m extremely sorry; today will be a turning point in my life, I’m very sorry,” he said.

As the EFCC continued to turn the heat against him, the disgraced bank chief broke down and said: “What I achieved in the banking industry is by stint of hard work. I have suffered in the last 10 years of this trial.

“I am sorry if I was appearing cocky in the witness box during my examination-in-chief.

“I have two kids who are barely teenagers. They look up to their father, and I wonder what kind of impact this will have on them.”

Day of Reckoning

Banking industry affairs commentators described the judgment as a day of reckoning for Atuche. They pointed out that with the seizure of his entire assets and life savings in Nigeria and overseas, there is no doubt that the EFCC was sending a serious warning to bank chiefs with potential criminal tendencies that a nemesis must surely catch up with them.

Beyond the material losses, analysts doubt if the indicted individuals can ever be trusted again in any corporate environment, both in Nigeria and abroad with the landmark judgment that left them with nothing to hold back unto.

Barred from Proceeds of Financial Crimes

In the latest judgment, the judge granted the agency’s 12 prayers pursuant to sections 6(d), 20, 24, 26(1), 30, and 34(1) of the EFCC Act and sections 290, 294, and 297 of the Administration of Criminal Justice Law 2015, filed by the prosecution counsel led by Pinheiro.

Justice Okunnu held: “An order is made restraining the 1st defendant (Atuche) whether by himself or acting through the persons or entities listed or such other persons including but not limited to his family members or agents, from removing, alienating, disposing of, dealing with or diminishing the value of assets, proceeds of economic and financial crimes or otherwise in the name of the 1st defendant…”

She noted that the assets or funds included those held indirectly by or for Atuche’s benefit, whether solely or jointly held, that is located in Nigeria or worldwide.

The judge further froze any bank account being run and operated by Atuche “personally or jointly, whether in his name or otherwise or with the Bank Verification Number: 22295357230 in any of the respondent banks to the tune of N19,178, 253, 050.00 only, pursuant to the restitution order made by this honourable court on the 16 day of June 2021.”

She barred Atuche and his privies – including his lawyers – from presenting to the respondent banks any mandate or instruction for the withdrawal of any money and/or funds standing to the credit of any of their accounts to the tune of N19,178,253,050.

In another order, she restrained the banks from honouring any such instruction from Atuche and his privies.

The judge added: “A mandatory order of injunction is made directing the named respondent banks to file within 48 hours of service of this order of this honourable court on their returns of the Statements of Account of the 1st defendant (personally or jointly) whether in his name or otherwise or with the Bank Verification Number: 22295357230 and the accounts of persons and entities listed in the aforementioned Schedules A and B maintained with them…

“A further order is made directing service of the order made herein on persons affected thereby including in particular, the persons and entities listed in Schedules A and B. by way of advertisement in either The Punch or THISDAY or The Guardian newspaper.

According to the EFCC, 15 persons were used as a front by Atuche to launder the funds.

They are: Anthony Atuche, Emeka Patrick Atuche, Paul Okobi, Felix Oyiana, Moruf Kazeem Adisa, Olatunji Abiodun, Daniel Enebeli, Aina Olugbenga, Augustine Nwabueze, Omonua Benedict, Oliver King Nduaaron, Dr Chris Ike Ogbechie, Mr Murat Bektaslar, Attah Omataikpo Olukemi and Thomas Etuh.

The EFCC said all the offences were committed between April and September 2008.

On the same day, Elizabeth Atuche was arraigned before another judge, Lateefah Okunnu, on a three-count charge of conspiracy and stealing. She was accused of fraud totalling N11.4 billion “being property of Bank PHB Plc by fraudulently converting the proceeds of several illegal loans for the acquisition of 337,500, 000 units of Bank PHB Plc shares on behalf of Ghazali Yakubu Investment Ltd. and AFCO Associates Limited.”

During Mrs Atuche’s bail hearing, her lawyers pleaded for the judge to allow her to remain in EFCC custody to enable her three young children to visit her regularly. The judge declined the request, ordering that she be remanded in prison until she fulfils her bail conditions: two sureties who must deposit N100 million and also possess a landed property worth N25 million in Lagos.

Certainly, Atuche would have wished to turn back the hands of the clock, but it’s too as the Thursday judgment has set him many years behind.

Wed, 13 Jul 2022 12:00:00 -0500 en-US text/html https://www.thisdaylive.com/index.php/2021/09/05/atuche-stripped-of-spoils-of-office/
Killexams : How 3D Printing Is Re-Tooling Concept Car Design and Fabrication

UK-based Vital Auto is an industrial design studio with extensive expertise in automotive projects. The company’s clientele includes many major automakers, such as Volvo, Nissan, Lotus, McLaren, Geely, and Tata.

“Clients typically come to us to try and push the boundaries of what's possible with the technology available,” said Shay Moradi, Vital’s VP of Innovation & Experiential Technology. When manufacturers don't have time for experimentation themselves, they rely on Vital Auto to turn ideas, initial sketches, drawings, or technical specifications into a fully realized physical form. One of the tools Vital Auto uses to create high-fidelity prototypes and concept cars is a fleet of Form 3L and Fuse 1 3D printers from Formlabs.

Chinese EV concept

One of the first projects the company took on was for the Chinese electric NIO EP9 supercar concept, which set the team on a course to producing extremely realistic, high-fidelity vehicle prototypes.

Depending on the client request, the team will start anywhere from a sketch on a piece of paper to an already designed vehicle. The team develops cars from a blank sheet, designs all the mainframes, all the exterior and interior elements, and interactive elements. With five to 30 people working on a single concept, a typical project could take anywhere from three to 12 months.

A typical show car goes through up to a dozen core design iterations, and within those, there can be further iterations of smaller components until the design meets the expectations of the customer.

“It's all well in our industry to look at virtual properties as a means of evaluating a product before it goes to market. However, I think there's always going to be a place for physical manufactured objects, as well. There's nothing that beats the sensation and feeling of holding an object in your hands with the correct weight and proportions, and the dynamics of how the physical environment changes your perception of that physical object,” said Moradi.

From milling clay to 3D play

While traditional show cars are normally made just from milling clay, the team also uses three- and five-axis CNC milling, hand forming, hand clay modeling, and GRP composites. These traditional processes, however, often are not ideal for producing the custom parts required for one-off concepts.

“We've used 3D printing from day one. We wanted to introduce it to our manufacturing processes, not only to reduce costs, but to give customers more diversity with their designs and their ideas,” said Anthony Barnicott, Design Engineer in charge of additive manufacturing.

Today, Barnicott runs a whole 3D printing department, equipped with three Formlabs 3L large-format stereolithography (SLA) printers, five Fuse 1 selective laser sintering (SLS) printers, and 14 large-format fused deposition modeling (FDM) printers.

“In terms of capacity, all those printers have run 100%, 24/7, pretty much since day one. We use these printers for all areas of our concepts and designs. Typically, we would use the Fuse 1s for our production-based parts and our Form 3Ls for our concept-based parts,” said Barnicott.

Complex designs from multiple materials

“We use the Form 3L machines for anything that is an A-class finished surface. So, typically, in an automotive environment, an interior where you have parts that are not being trimmed with leather or Alcantara or some sort of cloth material. Formlabs materials give us a nice, smooth finish for our painters to work with; we can use these parts straight out of the printer, straight onto a vehicle,” said Barnicott.

“What interests me most about the Form 3L machines is their versatility, the ability to do a material change in less than five minutes, and the variability of those materials — going from a soft, flexible material to a hard and rigid material for us is priceless,” said Barnicott.

The team uses the Form 3L printers with multiple materials for numerous applications, one being air vents. “It's a common challenge for us as a business where customers will approach us with a proprietary product and want to encase it in their own design. Once, a customer approached us with a proprietary air vent from another vehicle that they wished to have inside their own interior. We used 3D scanning technology to reproduce this part digitally and then created an external skin. We first produced this in the draft material to test out the design and allow the customer to verify it. From there, we moved to the white material to produce a production-ready part.”

Switch packs are another example of SLA application. “When working with incredibly intricate designs, such as small switch packs, we can use multiple materials to achieve a mechanical product that not only functions correctly but can be used in a real-world environment,” said Barnicott. Here, “we combined harder materials, such as Tough 2000 Resin for the top surface, with the lighter, more cost effective materials for the internals.” Tough 2000 Resin is the strongest and stiffest material available from Formlabs, and simulates the strength and stiffness of ABS.

Door seals are another apt area for SLA. “Typically, door seals for automotive applications can be incredibly costly to produce. There's simply no way other than extrusion molding to produce them” explained Barnicott. “This comes at not only a very large tooling cost, but also a long lead time. We were able to experiment with one of Formlabs’ latest materials, Flexible 80A. The Form 3L enabled us to produce sections of this door seal overnight to test various geometries and was printed within 50 microns of the real design.” Flexible 80A simulates the flexibility of rubber or TPU.

Complementing CNC machining with SLS

“The Fuse 1 was one of our first ventures into SLS technology. These machines make structural parts very quickly, not only for testing but for physical applications in most of our concepts. This process typically would have been done by CNC machining, either on or off site, depending on the geometry, and we would have to wait two to four days to get the parts in our hands. The Fuse 1 enables us to cover all of this on site and have parts in our hand, in most instances, in less than 24 hours,” said Barnicott. He added: “A lot of automotive interior parts can be incredibly tricky to produce without going down the traditional injection molded route. Items such as internal air ducts and vents — items that are never seen, yet require a large cost to produce. We use the Fuse 1 to produce these parts. It allows us to be much more versatile with the designs we put in the vehicle without incurring the large costs they would typically have,” said Barnicott.

“There are certain things that you just can't class as emerging technologies anymore," concluded Vital VP Moradi. 3D printing is one of those things. It's advanced to a point where everything that we produce is good enough for use in the final presentation stage with all the layers of making that we apply on top of that. 3D printing has gone from almost a novelty to an absolutely inseparable part of what we do.”

Tue, 28 Jun 2022 12:00:00 -0500 en text/html https://www.designnews.com/3dp/how-3d-printing-re-tooling-concept-car-design-and-fabrication
Killexams : Succession, Ted Lasso and the White Lotus lead the 2022 Primetime Emmy Awards nominations

‘Succession’ leads the 2022 Primetime Emmy Awards nominations with 25 nods.

Brian Cox, who plays the patriarch of the media dynasty, Logan Roy, and his on-screen son Jeremy Strong are both up for Outstanding Lead Actor in a Drama Series. Nicholas Braun, Matthew MacFadyen and Kieran Culkin - who play Cousin Greg, Tom Wambsgans, and Roman Roy respectively - are all up for Outstanding Supporting Actor in a Drama Series. Sarah Snook and J. Smith Cameron - who bring to life Siobhan Roy and Gerri Kellman- are both up for Outstanding Supporting Actor in a Drama Series.

Apple+ sitcom ‘Ted Lasso’ and ‘The White Lotus’ both trail behind with 20 nominations, including Jennifer Coolidge, who is up for a gong for her work in the HBO series that she is due to reappear in the second series in an unconfirmed role.

HBO Max’s ‘Hacks’ and Hulu’s ‘Only Murders in the Building’ follow behind with 17 nominations each - however nothing for Selena Gomez.

The runaway South Korean hit ‘Squid Game’ has made history by becoming the first non-English language to be nominated in the Best Drama Series. The most watched Netflix series of all time secured a whopping 14 nominations, including the lead actor Lee Jung-jae being up for Lead Actor in a Drama series.

'Abbot Elementary' creator Quinta Brunson has also made history as the first Black women to be nominated for three Emmys.

Outstanding Lead Actor in a Drama Series

Jason Bateman, ‘Ozark’

Brian Cox, ‘Succession’

Lee Jung-jae, ‘Squid Game’

Bob Odenkirk, ‘Better Call Saul’

Adam Scott, ‘Severance’

Jeremy Strong, ‘Succession’

Outstanding Lead Actress in a Drama Series

Jodie Comer, ‘Killing Eve’

Laura Linney, ‘Ozark’

Melanie Lynskey, ‘Yellowjackets’

Sandra Oh, ‘Killing Eve’

Reese Witherspoon, ‘The Morning Show’

Outstanding Supporting Actor in a Drama Series

Nicholas Braun, ‘Succession’

Billy Crudup, ‘The Morning Show’

Kieran Culkin, ‘Succession’

Park Hae-soo, ‘Squid Game’

Matthew Macfayden, ‘Succession’

John Tuturro, ‘Severance’

Christopher Walken, ‘Severance’

Oh Yeong-su, ‘Squid Game’

Outstanding Supporting Actress in a Drama Series

Patricia Arquette, ‘Severance’

Julia Garner, ‘Ozark’

Jung Ho-yeon, ‘Squid Game’

Christina Ricci, ‘Yellowjackets’

Rhea Seehorn, ‘Better Call Saul’

J. Smith Cameron, ‘Succession’

Sarah Snook, ‘Succession’

Sydney Sweeney, ‘Euphoria’

Outstanding Guest Actor in a Drama Series

Adrien Brody, ‘Succession’

James Cromwell, ‘Succession’

Colman Domingo, ‘Euphoria’

Arian Moayed, ‘Succession’

Tom Pelphrey, ‘Ozark’

Alexander Skarsgard, ‘Succession’

Outstanding Guest Actress in a Drama Series

Hope Davis, ‘Succession’

Marcia Gay Harden, ‘The Morning Show’

Martha Kelly, ‘Euphoria’

Sanaa Lathan, ‘Succession’

Harriet Walter, ‘Succession’

Lee You-mi, ‘Squid Game’

Outstanding Comedy Series

‘Curb Your Enthusiasm’

‘The Marvelous Mrs. Maisel’

‘Only Murders in the Building’

‘What We Do in the Shadows’

Outstanding Lead Actor in a Comedy Series

Donald Glover, ‘Atlanta’

Nicholas Hoult, ‘The Great’

Steve Martin, ‘Only Murders in the Building’

Martin Short, ‘Only Murders in the Building’

Jason Sudeikis, ‘Ted Lasso’

Outstanding Lead Actress in a Comedy Series

Rachel Brosnahan, ‘The Marvelous Mrs. Maisel’

Quinta Brunson, ‘Abbott Elementary’

Kaley Cuoco, ‘The Flight Attendant’

Elle Fanning, ‘The Great’

Outstanding Supporting Actor in a Comedy Series

Anthony Carrigan, ‘Barry’

Brett Goldstein, ‘Ted Lasso’

Toheeb Jimoh, ‘Ted Lasso’

Nick Mohammed, ‘Ted Lasso’

Tony Shaloub, ‘The Marvelous Mrs. Maisel’

Tyler James Williams, ‘Abbott Elementary’

Henry Winkler, ‘Barry’

Bowen Yang, Saturday Night Live

Outstanding Supporting Actress in a Comedy Series

Alex Borstein, ‘The Marvelous Mrs. Maisel’

Hannah Einbinder, ‘Hacks’

Janelle James, ‘Abbott Elementary’

Kate McKinnon, ‘Saturday Night Live’

Sarah Niles, ‘Ted Lasso’

Sheryl Lee Ralph, ‘Abbott Elementary’

Juno Temple, ‘Ted Lasso’

Hannah Waddingham, ‘Ted Lasso’

Outstanding Guest Actor in a Comedy Series

Jerrod Carmichael, ‘Saturday Night Live’

Bill Hader, ‘Saturday Night Live’

James Lance, ‘Ted Lasso’

Nathan Lane, ‘Only Murders in the Building’

Christopher McDonald, ‘Hacks’

Sam Richardson, ‘Ted Lasso’

Outstanding Guest Actress in a Comedy Series

Harriet Sansom Harris, ‘Hacks’

Jane Lynch, ‘Only Murders in the Building’

Laurie Metcalfe, ‘Hacks’

Kaitlin Olson, ‘Hacks’

Harriet Walter, ‘Ted Lasso’

Outstanding Limited or Anthology Series

Outstanding Television Movie

‘Chip 'n' Dale: Rescue Rangers’

‘Ray Donovan: The Movie’

‘Reno 911!: The Hunt for Q-Anon’

‘Zoey's Extraordinary Christmas’

Outstanding Lead Actor in a Limited or Anthology Series or Movie

Colin Firth, ‘The Staircase’

Andrew Garfield, ‘Under the Banner of Heaven’

Oscar Isaac, ‘Scenes from a Marriage’

Michael Keaton, ‘Dopesick’

Himesh Patel, ‘Station Eleven’

Sebastian Stan, ‘Pam Tommy’

Outstanding Lead Actress in a Limited or Anthology Series or Movie

Toni Collette, ‘The Staircase’

Julia Garner, ‘Inventing Anna’

Lily James, ‘Pam Tommy’

Sarah Paulson, ‘Impeachment: American Crime Story’

Margaret Qualley, ‘Maid’

Amanda Seyfried, ‘The Dropout’

Outstanding Supporting Actor in a Limited or Anthology Series or Movie

Murray Bartlett, ‘The White Lotus’

Jake Lacy, ‘The White Lotus’

Will Poulter, ‘Dopesick’

Seth Rogen, ‘Pam Tommy’

Peter Sarsgaard, ‘Dopesick’

Michael Stuhlbarg, ‘Dopesick’

Steve Zahn, ‘The White Lotus’

Outstanding Supporting Actress in a Limited or Anthology Series or Movie

Connie Britton, ‘The White Lotus’

Jennifer Coolidge, ‘The White Lotus’

Alexandra Daddario, ‘The White Lotus’

Kaitlyn Dever, ‘Dopesick’

Natasha Rothwell, ‘The White Lotus’

Sydney Sweeney, ‘The White Lotus’

Mare Winningham, ‘Dopesick’

Outstanding Animated Program

Outstanding Character Voice-Over Performance

F. Murray Abraham, ‘Moon Knight’

Julie Andrews, ‘Bridgerton’

Chadwick Boseman, ‘What If...?’

Maya Rudolph, ‘Big Mouth’

Stanley Tucci, ‘Central Park’

Jessica Walter, ‘Archer’

Jeffrey Wright, ‘What If...?’

Kareem Abdul-Jabbar, ‘Black Patriots: Heroes Of The Civil War’

David Attenborough, ‘The Mating Game’

W. Kamau Bell, ‘We Need To Talk About Cosby’

Lupita Nyong'o, ‘Serengeti II’

Barack Obama, ‘Our Great National Parks’

Outstanding Variety Talk Series

‘The Daily Show With Trevor Noah’

‘Last Week Tonight With John Oliver’

‘Late Night With Seth Meyers’

‘The Late Show With Stephen Colbert’

Outstanding Variety Sketch Series

‘A Black Lady Sketch Show’

‘Saturday Night Live’

Outstanding Variety Special (Live)

‘Live In Front Of A Studio Audience: The Facts Of Life And Diff'rent Strokes’

‘The 64th Annual Grammy Awards’

‘The Pepsi Super Bowl LVI Halftime Show Starring Dr. Dre, Snoop Dogg, Mary J. Blige, Eminem, Kendrick Lamar And 50 Cent’

‘The Tony Awards Present: Broadway's Back!’

Outstanding Variety Special (Pre-Recorded)

‘Adele: One Night Only’

‘Dave Chappelle: The Closer’

‘Harry Potter 20th Anniversary: Return To Hogwarts’

‘Norm Macdonald: Nothing Special’

‘One Last Time: An Evening With Tony Bennett Lady Gaga’

Outstanding Hosted Nonfiction Series or Special

‘My Next Guest Needs No Introduction with David Letterman’

‘Stanley Tucci: Searching for Italy’

‘The Problem With Jon Stewart’

‘The World According to Jeff Goldblum’

Outstanding Structured Reality Program

‘Fixer Upper: Welcome Home’

Outstanding Unstructured Reality Program

‘Below Deck Mediterranean’

‘Love on the Spectrum’

‘RuPaul's Drag Race: Untucked’

Outstanding Competition Program

‘Lizzo's Watch Out for the Big Girls’

Outstanding Host for a Reality or Reality-Competition Program

Bobby Berk, Karamo Brown, Tan France, Antoni Porowsi and Jonathan Van Ness, ‘Queer Eye’

Nicole Myer, ‘Nailed It!’

Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John, Kevin O'Leary, ‘Shark Tank’

Padma Lakshmi, ‘Top Chef’

Amy Poehler Nick Offerman, ‘Making It’

RuPaul, ‘RuPaul's Drag Race’

Outstanding Documentary Or Nonfiction Special

‘Controlling Britney Spears (The New York Times Presents)’

‘George Carlin's American Dream’

‘The Tinder Swindler’

Outstanding Documentary Or Nonfiction Series

‘jeen-yuhs: A Kanye Trilogy’

‘The Andy Warhol Diaries’

‘The Beatles: Get Back’

‘We Need to Talk About Cosby’

Exceptional Merit In Documentary Filmmaking

‘Frederick Douglass: In Five Speeches’

‘When Claude Got Shot’

Outstanding Short Form Comedy, Drama or Variety Series

‘Carpool Karaoke: The Series’

‘I Think You Should Leave With Tim Robinson’

‘Late Night With Seth Meyers: Corrections’

‘Stephen Colbert Presents: Tooning Out the News’

‘The Randy Rainbow Show’

Outstanding Actor in a Short Form Comedy or Drama Series

Anthony A. Anderson, ‘Anacostia’

Bill Burr, ‘Immoral Compass’

Brendan Gleeson, ‘State of the Union’

Tim Robinson, ‘I Think You Should Leave With Tim Robinson’

Ikechukwu Ufomadu, ‘Words With Ike (Cake)’

Outstanding Actress in a Short Form Comedy or Drama Series

Jacinte Blankenship, ‘Intersection’

Patricia Clarkson, ‘State of the Union’

Desi Lydic, ‘Desi Lydic Foxplains’

Rhea Seehorn, ‘Cooper's Bar’

Sydnee Washington, ‘Bridesman’

Outstanding Short Form Nonfiction Or Reality Series

‘The Daily Show With Trevor Noah: Between the Scenes’

‘Full Frontal With Samantha Bee Presents: Once Upon A Time In Late Night’

‘RuPaul's Drag Race: Whatcha Packin' With Michelle Visage’

‘Saturday Night Live Presents: Stories From The Show’

‘Top Chef: Last Chance Kitchen’

Outstanding Short Form Animated Program

‘The Boys Presents: Diabolical’

‘Love, Death + Robots’

‘When Billie Met Lisa’

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Tue, 12 Jul 2022 23:27:00 -0500 en text/html https://www.timesnews.net/living/arts-entertainment/succession-ted-lasso-and-the-white-lotus-lead-the-2022-primetime-emmy-awards-nominations/article_495f9fe5-85fc-5df2-9aee-945687cfefef.html
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