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A new report says Canada needs to rethink its approach to health care to help manage rising costs as people age. CSA Group, an organization that helps policymakers develop standards around health and safety, says health care currently costs about $12,000 per year for each person 65 years and older, compared to $2,700 for each person younger than 65. Today’s report says seniors make up about 18 per cent of Canada’s population but account for about 45 per cent of health-care spending by provincial and territorial governments. The group projects costs will continue to increase significantly, with seniors making up 22 per cent of the Canadian population by 2040. Jordann Thirgood, manager of CSA Group’s public policy centre, says that will coincide with more retirees and therefore less income tax revenue to pay for health costs. Thirgood says governments need to put more resources into illness prevention, including addressing factors such as housing, mental health and loneliness, which affect people’s overall health as they age. “The Canadian health-care system is often described as a ‘sickness treatment’ or ‘illness treatment’ system, (where) our public health-care system is primarily focused on doctors and hospitals,” she said in an interview Tuesday. That means “less focus on preventive care, wellness, and increasingly urgent needs in uninsured areas such as mental health,” says the report, which is called Aging Canada 2040: Policy Implications of Demographic Change. Thirgood said focusing on social determinants of health and addressing people’s health needs over the course of their lives to help them age well is critical to reducing illness and the associated health-care costs. She said that can have a big impact on improving people’s overall health as they age. ”There’s strong evidence that correlates social isolation and loneliness with serious health risk,” Thirgood said. “Research shows that (it) is similar to or even exceeding risks such as smoking, obesity and physical inactivity.” Homelessness is another factor that puts people at higher risk of chronic illness, she said — and many seniors are affected. ”We are increasingly seeing older adults that are unhoused as a result of increasing cost (and) financial insecurity,” Thirgood said. “Given ... the context of the housing crisis, I think we can imagine that that’s going to remain an urgent issue for the years to come.”
A piece of individual brilliance from Daizen Maeda earned Celtic a Champions League point after an incredible blunder from Cameron Carter-Vickers gifted Club Brugge the lead at Parkhead. There was little surprise that Brugge took the lead in the 26th minute but the manner of the goal was a total shock. Nicolas Kuhn was forced into his own box as Brugge pressed and laid the ball off for Carter-Vickers, who passed back without looking. Kasper Schmeichel was at the opposite side of his goal to where the defender guessed and the ball rolled into the corner of the net. Celtic struggled to make inroads until Maeda took centre stage on the hour mark. The wide player's Cruyff turn set up the chance to shoot from a tight angle and he curled in off the post. Brugge had a goal disallowed before Celtic finished the game on top as they moved on to eight points ahead of their trip to Croatia to face Dinamo Zagreb on December 10. The Belgians imposed themselves on the game from the start, with Celtic struggling to get out of their half. Centre-forward Ferran Jutgla came close from 20 yards after Reo Hatate had showed too much of the ball to an opposing midfielder. Former Brugge B team player Arne Engels fired well over from a half-chance but that was a rare foray forward for Celtic in the opening quarter. The visitors were playing through Celtic's midfield and Andreas Skov Olsen curled just wide. Despite the visitors' superiority, Schmeichel had not had a save to make before being beaten by Carter-Vickers. The Celtic goalkeeper summoned his team-mates to give them his thoughts on what was going wrong. The home team offered more of a threat before the interval, mainly through the wing play of Kuhn, who twice almost set up Kyogo Furuhashi and then did find Hatate, whose glancing header was comfortably saved. Hatate shot wide from 22 yards after the interval but the game twice nearly drifted further away from the Scottish champions in the early stages of the second half. Schmeichel pulled off an excellent stop from Maxim De Cuyper after the left-back broke forward and burst past Auston Trusty's attempted tackle. Skov Olsen then blazed over from eight yards after a deep cross found him unmarked. Brendan Rodgers made a double switch as Paulo Bernardo and Alex Valle came on and the latter immediately set up the equaliser with a well-weighted pass, although Maeda effectively made the goal himself. There was a further twist 10 minutes later when Jutgla had a goal disallowed following a VAR check after stabbing home from 10 yards after Celtic could not defend a cross. A marginal offside came to the hosts' rescue. Bernardo made a difference to Celtic's midfield after replacing Engels and the Portugal Under-21 international came closest to winning the game for the Hoops when he shot just wide from 20 yards after good skill. Rodgers' side kept the pressure on but there was no clear-cut opportunity in the final stages.Brit national security adviser heads for talks with new Mauritius PM to complete Chagos Islands deal that Trump slammed
Destination XL Stock Rises Before Q3 Earnings: Retail’s Cautious
As had been rumored in recent weeks, Nebraska wide receiver Malachi Coleman is indeed entering the transfer portal. Head coach Matt Rhule confirmed the news during his weekly media availability on Monday, wishing Coleman the best. Follow us on Facebook Related: Huskers WR Jacory Barney earns Big Ten weekly honor The former Lincoln East High School standout was rated as a four-star recruit by the 247Sports Composite as the top player in the state and a top-65 player in the country. In fact, he even got some run as a true freshman. In five games last season, Coleman had eight catches for 139 yards and a touchdown, showing some big-play ability that got many fans excited. This season, he's been redshirting, but with roster limits taking effect for next year and several other young receivers apparently ahead of Coleman on the depth chart, the Lincoln native is hitting the portal to find a better opportunity. Coleman posted a message on social media, thanking Nebraska’s coaches, players and fans. “I will forever be thankful for the relationships I’ve built, the lessons I’ve learned, and the experiences I’ve had here. Wearing the N and fulfilling my childhood dream of playing for my hometown has been an honor,” his message said. With NCAA regulations forcing the Huskers to carry roughly 45 fewer players starting next year, Rhule said he expects between 30 and 50 guys to enter the portal after the season, although he didn't say anyone else had already left the team. Related: Here are the best PFF grades in Nebraska's win over Wisconsin Dylan Widger-Imagn ImagesEDMONTON - Federal Environment Minister Steven Guilbeault says Alberta’s plan to make greenhouse gas emissions data the property of the provincial government could lead to oil and gas companies breaking federal laws. It’s one of many steps Alberta Premier Danielle Smith says her government would take to challenge the federal Liberal government’s proposed emissions cap if it comes into force. Smith has said the cap is unconstitutional and harmful to Alberta, and on Tuesday she announced a series of steps her government would take under her untested Alberta Sovereignty within a United Canada Act to try and circumvent the cap, including a court challenge. Smith said she’d also have the province take over the responsibility of emissions reporting to the federal government, something major emitters are now required to do. Emitters would be responsible for sharing that information with Ottawa under the proposed cap program as well. A draft sovereignty act motion shared with media Tuesday said the province intends to declare “that all information or data related directly or indirectly to greenhouse gas emissions ... are proprietary information and data that are owned exclusively by the government of Alberta.” Guilbeault told reporters in Ottawa Wednesday that Smith is being “highly irresponsible.” “It’s more irresponsible behaviour by the premier of Alberta,” he said. “If companies stop reporting to the federal government, they would be in violation of federal laws — something I certainly wouldn’t advise to any large companies, especially oil and gas companies.” The cap, which is still in draft form, would require individual oil and gas companies to cut emissions by 35 per cent from 2019 levels before 2030 to 2032. A final version of the regulations is expected to be published next year. Alberta Environment Minister Rebecca Schulz said Wednesday that her federal counterpart can’t be entrusted with emissions data, even though Smith said that data would still be shared with Ottawa. “I think that they would use it to turn around and impose more punitive policies to shut down an industry that they are just absolutely fundamentally against,” said Schulz. On Tuesday Smith said the data the government would disclose would represent the entire industry’s emissions and not those of individual companies. She also mused about other ways emissions could be calculated, saying she’d like to see Alberta get credit for emissions reductions if energy produced in the province is used to reduce emissions in other parts of the world. “If we are able to have a collective number for what our industry produces, and we have ways of offsetting that to get to neutrality, then we’re going to be able to meet the objective,” Smith said. In a statement, a spokesperson for Guilbeault said emissions are calculated using an internationally agreed-upon framework, and Smith is politicizing the issue. “Attempting to politicize this data is doing no favours for workers and communities reliant on the oil and gas sector,” the statement reads. “Premier Smith is selling workers and communities short by taking such a short-sighted, politically motivated approach.” University of Waterloo professor Emmett MacFarlane said in an interview that any attempt by Smith’s government to manipulate emissions data wouldn’t stand up in court if the cap becomes law. “The more I think about it, the more it’s clear that this is just political theatrics and foot stomping,” said MacFarlane, whose research focus is constitutional law and the Supreme Court of Canada. “If the federal law is valid, a valid exercise of federal authority, there’s nothing the province can actually do to negate or block a requirement of something like information disclosure that is part of an environmental regulation scheme.” If the cap was deemed unconstitutional in the courts, then Alberta would have a legal leg to stand on, MacFarlane said, but it would also mean that any additional action taken by the Alberta government to circumvent the cap wouldn’t be necessary. He said that if the cap was deemed constitutional and Alberta made legislative changes to the way this data is regulated within the province, the federal legislation would win out. “I think the only way to figure this out is to actually have a legal determination in a court,” he said, adding that Smith’s pledge to challenge the cap in court is the only step he sees as a concrete attempt to push back against the federal legislation. ”(Other) aspects of this proposed motion under the sovereignty act I think really can only be described as nonsense.” This report by The Canadian Press was first published Nov. 27, 2024.Large Expansion for Profitable Franchise Bakery, Coffee Brand and Beverage Company Operating in the USA & China: Chanson International Holding (Nasdaq: CHSN) 11-25-2024 11:12 PM CET | Business, Economy, Finances, Banking & Insurance Press release from: Getnews / PR Agency: CAP, LLC $CHSN: First Half of 2024 Total Revenue of $7.5 Million and Operating at a Profit. - Well Established Provider of Popular Bakery, Seasonal and Beverage Products. - Positioned in the Global Bakery and Beverages Industries, Expected to Reach $692.9 Billion and $3.85 Trillion, Respectively, by 2032. - Sales Through Multiple Locations in China and The United States, Plus On-Line Digital Platforms. - Focused on Making Healthy, Nutritious and Ready-to-Eat Food Through Advanced Facilities Based on In-Depth Industry Research. - Franchise Expansion of Coffee Brand Soul Song in China. - Store Expansion to a Total of 60 Direct-Operate Stores Across China and the United States by the End of 2024. - More Cash Than Total Debt, Reflecting Financial Stability and Reduced Risk for Investors. Chanson International Holding (Nasdaq: CHSN) is a provider of bakery, seasonal, and beverage products through its chain stores in China and the United States. CHSN currently manages numerous stores in China, and in New York City while selling on digital platforms and third-party online food ordering platforms. CHSN offers not only packaged bakery products but also made-in-store pastries and eat-in services, serving freshly prepared bakery products and extensive beverage products. CHSN aims to make healthy, nutritious, and ready-to-eat food through advanced facilities based on in-depth industry research, while creating a comfortable and distinguishable store environment for customers. The CHSN dedicated and highly-experienced product development teams constantly create new products that reflect market trends including vegan options to meet current customer demand. CHSN PRC stores manufacture the majority of bakery products in their central factory located in Urumqi, Xinjiang, China, prepare beverage products within the stores, and contract third-party manufacturers to produce seasonal products. The CHSN U.S. Stores bake bakery products, prepare breakfast, lunch and all-day brunch, bar food, and other light meals for eat in, and make beverage products all within their kitchen in the store. To ensure the quality and safety of their products, the PRC Stores and the U.S. Stores procure raw materials, including flour, eggs, and milk, from renowned suppliers with a record of consistently supplying high-quality raw materials over decades in the food industry. In addition, the CHSN PRC Stores and the U.S. Stores have implemented a rigorous quality control system covering their entire operation process and mandated internal training to improve their employees' awareness and knowledge of food safety. The global bakery products market reached $515.9 billion in 2023 and is projected to grow to $692.9 billion by 2032 at a CAGR of 3.2%. Similarly, the beverages market, valued at $2.4 trillion in 2023, is estimated to reach $3.85 trillion by 2032, growing at a CAGR of 5.4%. These robust market trends highlight significant growth potential for CHSN, strategically positioned to capitalize on these expanding industries with innovative offerings and global reach. Franchise Expansion of Coffee Brand Soul Song On November 25th CHSN announced a collaboration with a leading local enterprise to expand its coffee brand, Soul Song, through a franchise operation model in Yili, Xinjiang, China. This milestone marks significant progress in the development of the CHSN Soul Song brand, further deepening its market presence and extending its brand influence in the Xin Jiang region. In July 2024, CHSN celebrated the grand opening of a Soul Song cafe in partnership with Xinjiang Hengtai Investment Co., Ltd. at the scenic Nalati National Tourist Resort in Yili, Xinjiang. Soul Song's innovative "blend bean concept" highlights the art of blending, offering diverse flavors to suit every customer's unique taste. The CHSN cafe quickly became a must-visit destination within the resort, achieving daily sales of RMB 30,000, a record for single-day coffee-related sales at the location. This marks a CHSN debut in adopting a franchise model, partnering with distinguished local enterprises for mutual growth and success. Building on its growing influence in the Yili region, CHSN plans to open five additional Soul Song cafes by 2025. CHSN Makes Significant Strides in Store Expansion On November 21st CHSN announced significant progress in its store expansion efforts, reaching a total of 60 direct-operate stores across China and the United States by the end of December 2024. This milestone reflects the CHSN commitment to accelerating business growth and enhancing its market presence in both China and the United States. In addition, seven more CHSN stores are currently in the process of securing business licenses, highlighting the strong momentum in CHSN expansion. CHSN provides exceptional service and creating a cozy cafe ambiance, fostering relaxation and meaningful social interactions. Surpassing its previous goal of opening 3 to 5 directly operated stores annually, CHSN is now leveraging its exceptional in-store service to accelerate growth and scale operations at an unprecedented pace. Mr. Gang Li, Chairman of the Board of Directors and Chief Executive Officer of CHSN, commented, "We believe our commitment to exceptional in-store service and high-quality offerings is the cornerstone of our success, ensuring high operational standards while expanding our market reach. Our expansion strategy allows us to optimize resource allocation and respond to customer demands more swiftly and effectively, ultimately driving growth in key markets. As part of our long-term vision, we are dedicated to enhancing our brand presence across China and the United States, delivering outstanding dining experiences to a broader audience. This strategy not only accelerates store openings but also strengthens our position as a trusted and innovative leader in the bakery and beverage industry. We are confident that our focus on service excellence and quality will continue to drive sustainable growth and customer loyalty." First Half of Fiscal Year 2024 Financial Results On September 27th CHSN announced its unaudited financial results for the six months ended June 30, 2024. CHSN First Half of Fiscal Year 2024 Financial Summary Total revenue was $7.5 million, compared to $8.8 million for the same period of last year. Gross profit was $3.1 million, compared to $4.3 million for the same period of last year. Gross margin was 41.5%, compared to 49.2% for the same period of last year. Net income was $0.02 million, compared to $0.3 million for the same period of last year. Basic and diluted earnings per share were $0.002, compared to $0.027 for the same period of last year. CHSN First Half of Fiscal Year 2024 Financial Results CHSN revenue from the China Stores was $6.5 million for the six months ended June 30, 2024, which decreased by or 7.3%, from $7.0 million for the same period of last year. The decrease was mainly due to the decreased revenue from bakery products as well as from other products. CHSN revenue from bakery products was $5.9 million for the six months ended June 30, 2024, which decreased by 7.3%, from $6.4 million for the same period of last year. Revenue from other products was $0.58 million for the six months ended June 30, 2024, which decreased by 7.0%, from $0.62 million for the same period of last year. The decrease was mainly due to decreased revenue from seasonal products, which was partially offset by increased revenue from beverage products. Revenue from seasonal products was $0.36 million for the six months ended June 30, 2024, which decreased by 16.4% from $0.44 million for the same period of last year. CHSN revenue from the U.S. Stores was $1.0 million for the six months ended June 30, 2024, which decreased by 42.2% from $1.8 million for the same period of last year. The decrease was mainly due to decreased revenue from beverage products and eat-in services, which was partially offset by the slightly increased revenue from bakery products. CHSN revenue from bakery products remained relatively stable at $0.24 million for the six months ended June 30, 2024, with a slight increase by 2.6% from $0.23 million for the same period of last year. The increase was due to the increased revenue from bakery products of approximately $0.1 million, generated by Chanson 3rd Ave and Chanson Broadway. CHSN revenue from beverage products was $0.6 million for the six months ended June 30, 2024, which decreased by 37.2% from $1.0 million for the same period of last year. CHSN revenue from eat-in services was $0.2 million for the six months ended June 30, 2024, which decreased by 69.7% from $0.6 million for the same period of last year. For more information on $CHSN visit: http://ir.chanson-international [ http://ir.chanson-international.net/].net/ Media Contact Company Name: Chanson International Holding Contact Person: Investor Relations Department Email: Send Email [ http://www.universalpressrelease.com/?pr=large-expansion-for-profitable-franchise-bakery-coffee-brand-and-beverage-company-operating-in-the-usa-china-chanson-international-holding-nasdaq-chsn ] Phone: 86-0991-2302709 Address:No. 26 Culture Road Tianshan District City: Urumqi Country: China Website: http://ir.chanson-international.net This release was published on openPR.This hidden iOS 18 feature could save your holiday road trip
ARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) ("Fluence” or the "Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights The Company is initiating fiscal year 2025 guidance as follows: "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company's President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company's common stock as of September 30, 2024 are presented below: The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company's website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. ("GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the "Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under "Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "may,” "possible,” "will,” "should,” "expects,” "plans,” "anticipates,” "could,” "intends,” "targets,” "projects,” "contemplates,” "commits", "believes,” "estimates,” "predicts,” "potential” or "continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers' ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a "controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC's ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A."Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission ("SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. CONSOLIDATED BALANCE SHEETS (U.S. Dollars in Thousands, except share and per share amounts)SAN FRANCISCO--(BUSINESS WIRE)--Dec 3, 2024-- Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its third quarter fiscal 2025 ended October 31, 2024. Third Quarter Highlights Third Quarter Revenue of $9.44 Billion, up 8% both Year-Over-Year ("Y/Y") & in Constant Currency ("CC"), inclusive of Subscription & Support Revenue of $8.88 Billion, up 9% both Y/Y & in CC Third Quarter GAAP Diluted Net Income Per Share was $1.58 and non-GAAP Diluted Net Income Per Share was $2.41. GAAP and non-GAAP Diluted Net Income Per Share were Impacted by Losses on Strategic Investments of $(0.17) and $(0.18), Respectively Third Quarter GAAP Operating Margin of 20.0% and non-GAAP Operating Margin of 33.1% Current Remaining Performance Obligation of $26.4 Billion, up 10% both Y/Y & in CC Third Quarter Operating Cash Flow of $1.98 Billion, up 29% Y/Y, and Free Cash Flow of $1.78 Billion, up 30% Y/Y Returned $1.2 Billion in the Form of Share Repurchases and $0.4 Billion in Dividend Payments to Stockholders, Third Quarter Total Cash Returned to Stockholders of $1.6 Billion FY25 Guidance Highlights Initiates Fourth Quarter FY25 Revenue Guidance of $9.90 Billion - $10.10 Billion, up 7% - 9% Y/Y Raises Low End of Full Year FY25 Revenue Guidance to $37.8 Billion to $38.0 Billion, up 8% - 9% Y/Y and Maintains Full Year FY25 Subscription & Support Revenue Growth Guidance of Slightly Below 10% Y/Y & Approximately 10% in CC Raises Full Year FY25 GAAP Operating Margin Guidance to 19.8% and Raises non-GAAP Operating Margin Guidance to 32.9% Raises Full Year FY25 Operating Cash Flow Growth Guidance to 24% to 26% Y/Y "We delivered another quarter of exceptional financial performance across revenue, margin, cash flow, and cRPO,” said Marc Benioff, Chair and CEO, Salesforce. “Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale. With Agentforce, we’re not just witnessing the future—we’re leading it, unleashing a new era of digital labor for every business and every industry." “We continue to drive disciplined profitable growth with third quarter GAAP operating margin of 20.0%, up 280 basis points year-over-year, and non-GAAP operating margin of 33.1%, up 190 basis points year-over-year,” said Amy Weaver, President and CFO of Salesforce. “To date, our total capital returns have surpassed $20 billion and we remain focused on driving shareholder value.” Third Quarter Notes Net Income Per Share: Third quarter GAAP diluted net income per share was $1.58 and non-GAAP diluted net income per share was $2.41. During the three months ended October 31, 2024, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) on a U.S. tax rate of 24.5% and non-GAAP diluted net income per share by $(0.18) on a non-GAAP tax rate of 22.0%. Guidance Our guidance includes GAAP and non-GAAP financial measures. Q4 FY25 Guidance 5 Full Year FY25 Guidance 5 Total Revenue $9.90 - $10.10 Billion $37.8 - $38.0 Billion Y/Y Growth 7 - 9% 8 - 9% FX Impact (1) ($25M) Y/Y FX ($100M) Y/Y FX Subscription & Support Revenue Growth (Y/Y) (2)(3) N/A Slightly below 10%, Approx 10% CC GAAP Operating Margin N/A 19.8% Non-GAAP Operating Margin (3) N/A 32.9% GAAP Diluted Net Income per Share (3) $1.55 - $1.60 $6.15 - $6.20 Non-GAAP Diluted Net Income per Share (3) $2.57 - $2.62 $9.98 - $10.03 Operating Cash Flow Growth (Y/Y) N/A 24% to 26% Current Remaining Performance Obligation Growth (Y/Y) Approximately 9% N/A FX Impact (4) ($100M) Y/Y FX N/A (1) Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates. (2) Subscription & Support revenue excludes professional services revenue. (3) Non-GAAP CC revenue growth, non-GAAP operating margin and non-GAAP Diluted net income per share are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company's shares used in computing GAAP Diluted net income per share guidance and non-GAAP Diluted net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program. (4) Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates. (5) Guidance assumes contributions from acquisitions of Zoomin Software Ltd. and Own Data Company Ltd., which closed in November 2024. The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year: Full Year FY25 Guidance GAAP operating margin (1) 19.8% Plus Amortization of purchased intangibles (2) 4.3% Stock-based compensation expense (2)(3) 8.4% Restructuring (2)(3) 0.4% Non-GAAP operating margin (1) 32.9% (1) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. (2) The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY25. (3) The percentages shown in the restructuring line have been calculated based on charges associated with the Company's restructuring initiatives. Stock-based compensation expense excludes stock-based compensation expense related to the Company's restructuring initiatives, which is included in the restructuring line. The following is a per share reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share guidance for the next quarter and the full year: Fiscal 2025 Q4 FY25 GAAP diluted net income per share range (1)(2) $1.55 - $1.60 $6.15 - $6.20 Plus Amortization of purchased intangibles $ 0.36 $ 1.66 Stock-based compensation expense $ 0.83 $ 3.27 Restructuring (3) $ 0.01 $ 0.17 Less Income tax effects and adjustments (4) $ (0.18 ) $ (1.27 ) Non-GAAP diluted net income per share (2) $2.57 - $2.62 $9.98 - $10.03 Shares used in computing basic net income per share (millions) (5) 960 962 Shares used in computing diluted net income per share (millions) (5) 978 975 (1) The Company's GAAP tax provision is expected to be approximately 26.0% for the three months ended January 31, 2025 and approximately 20.0% for the year ended January 31, 2025. The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act, future acquisitions or other transactions. (2) The Company's projected GAAP and non-GAAP diluted net income per share assumes no change to the value of our strategic investment portfolio as it is not possible to forecast future gains and losses. The impact of future gains or losses from the Company’s strategic investment portfolio could be material. (3) The estimated impact to GAAP diluted net income per share is in connection with the Company's restructuring initiatives. (4) The Company’s non-GAAP tax provision uses a long-term projected tax rate of 22.0%, which reflects currently available information and could be subject to change. (5) The Company's shares used in computing GAAP net income per share guidance and non-GAAP net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program. For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below. Management will provide further commentary around these guidance assumptions on its earnings call. Product Releases and Enhancements Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust. To view our major product releases and other highlights as part of the Winter 2025 Product Release, visit: www.salesforce.com/products/innovation/winter-25-release . Environmental, Social, and Governance (ESG) Strategy To learn more about our latest initiatives and priorities, review our Stakeholder Impact Report: https://salesforce.com/stakeholder-impact-report . Quarterly Conference Call Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor . About Salesforce Salesforce helps organizations of any size reimagine their business for the world of AI. With Agentforce, Salesforce's trusted platform, organizations can bring humans together with agents to drive customer success—powered by AI, data, and action. Visit www.salesforce.com for more information. "Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company's financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, net income per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates or provisions, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, strategic investments, expected restructuring expense or charges and expected timing of product releases and enhancements. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company’s results or outcomes could differ materially and adversely from those expressed or implied by our forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements. The risks and uncertainties referred to above include -- but are not limited to -- risks associated with: our ability to maintain sufficient security levels and service performance, avoid downtime and prevent, detect and remediate performance degradation and security breaches; our ability to secure sufficient data center capacity; our reliance on third-party infrastructure providers, including hardware, software and platform providers and the organizations responsible for the development and maintenance of the infrastructure of the Internet; uncertainties regarding AI technologies and their integration into our product offerings; our ability to achieve our aspirations, goals and projections related to our environmental, social and governance (“ESG”) initiatives; the effect of evolving government regulations, including those related to our industry and providing services on or accessing the Internet, and those addressing ESG matters, data privacy, cybersecurity, cross-border data transfers, government contracting and procurement, and import and export controls; current and potential litigation and regulatory investigations involving us or our industry; our ability to successfully expand or introduce new services and product features, including related to AI and Agentforce; our ability to successfully complete, integrate and realize the benefits from acquisitions or other strategic transactions; uncertainties regarding the pace of change and innovation and our ability to compete in the markets in which we participate; our ability to successfully execute our business strategy and our business plans, including efforts to expand internationally and related risks; our ability to predict and meet expectations regarding our operating results and cash flows, including revenue and remaining performance obligation, including as a result of the seasonal nature of our sales cycle and the variability in our results arising from the accounting for term license revenue products and some complex transactions; our ability to predict and limit customer attrition and costs related to those efforts; the demands on our personnel and infrastructure resulting from significant growth in our customer base and operations, including as a result of acquisitions; our real estate and office facilities strategy and related costs and uncertainties; the performance of our strategic investment portfolio, including fluctuations in the fair value of our investments; our ability to protect our intellectual property rights; our ability to maintain and enhance our brands; uncertainties regarding the valuation and potential availability of certain tax assets; the impact of new accounting pronouncements and tax laws; uncertainties affecting our ability to estimate our tax rate, including our tax obligations in connection with potential jurisdictional transfer of intellectual property; uncertainties regarding the effect of geopolitical events, inflationary pressures, market and macroeconomic volatility, financial institution instability, changes in monetary policy, foreign currency exchange rate and interest rate fluctuations, a potential shutdown of the U.S. federal government and climate change, natural disasters and actual or threatened public health emergencies on our workforce, business, and operating results; uncertainties regarding the impact of expensing stock options and other equity awards; the sufficiency of our capital resources, including our ability to execute our share repurchase program and declare future cash dividends; our ability to comply with our debt covenants and lease obligations; and uncertainties regarding impacts to our workforce and workplace culture, such as those arising from our current and future office environments or remote work policies or our ability to realize the expected benefits of the restructuring plan. Further information on these and other factors that could affect the Company’s actual results or outcomes is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company’s website at http://investor.salesforce.com/financials/ . Salesforce, Inc. assumes no obligation and does not intend to revise or update publicly any forward-looking statements for any reason, except as required by law. © 2024 Salesforce, Inc. All rights reserved. Salesforce and other marks are trademarks of Salesforce, Inc. Other brands featured herein may be trademarks of their respective owners. Salesforce, Inc. Condensed Consolidated Statements of Operations (in millions, except per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues: Subscription and support $ 8,879 $ 8,141 $ 26,228 $ 23,789 Professional services and other 565 579 1,674 1,781 Total revenues 9,444 8,720 27,902 25,570 Cost of revenues (1)(2): Subscription and support 1,501 1,571 4,617 4,596 Professional services and other 604 584 1,809 1,797 Total cost of revenues 2,105 2,155 6,426 6,393 Gross profit 7,339 6,565 21,476 19,177 Operating expenses (1)(2): Research and development 1,356 1,204 4,073 3,631 Sales and marketing 3,323 3,173 9,786 9,440 General and administrative 711 632 2,069 1,902 Restructuring 56 55 163 815 Total operating expenses 5,446 5,064 16,091 15,788 Income from operations 1,893 1,501 5,385 3,389 Losses on strategic investments, net (217 ) (72 ) (217 ) (242 ) Other income 70 58 282 158 Income before provision for income taxes 1,746 1,487 5,450 3,305 Provision for income taxes (219 ) (263 ) (961 ) (615 ) Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Basic net income per share $ 1.60 $ 1.26 $ 4.66 $ 2.76 Diluted net income per share (3) $ 1.58 $ 1.25 $ 4.60 $ 2.73 Shares used in computing basic net income per share 956 972 963 976 Shares used in computing diluted net income per share 965 981 975 985 (1) Amounts include amortization of intangible assets acquired through business combinations, as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenues $ 131 $ 245 $ 600 $ 743 Sales and marketing 223 223 669 668 (2) Amounts include stock-based compensation expense, as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenues $ 135 $ 109 $ 386 $ 324 Research and development 278 238 814 735 Sales and marketing 312 275 911 815 General and administrative 95 71 267 223 Restructuring 0 0 2 16 (3) During the three months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.06) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.18) and $(0.06) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. During the nine months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.19) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.17) and $(0.19) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. Salesforce, Inc. Condensed Consolidated Statements of Operations (As a percentage of total revenues) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues: Subscription and support 94 % 93 % 94 % 93 % Professional services and other 6 7 6 7 Total revenues 100 100 100 100 Cost of revenues (1)(2): Subscription and support 16 18 17 18 Professional services and other 6 7 6 7 Total cost of revenues 22 25 23 25 Gross profit 78 75 77 75 Operating expenses (1)(2): Research and development 14 14 15 14 Sales and marketing 35 36 35 37 General and administrative 8 7 7 8 Restructuring 1 1 1 3 Total operating expenses 58 58 58 62 Income from operations 20 17 19 13 Losses on strategic investments, net (3 ) (1 ) 0 (1 ) Other income 1 1 1 1 Income before provision for income taxes 18 17 20 13 Provision for income taxes (2 ) (3 ) (4 ) (2 ) Net income 16 % 14 % 16 % 11 % (1) Amounts include amortization of intangible assets acquired through business combinations as a percentage of total revenues, as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenues 2 % 3 % 2 % 3 % Sales and marketing 2 2 3 3 (2) Amounts include stock-based compensation expense as a percentage of total revenues, as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenues 2 % 1 % 2 % 1 % Research and development 3 3 3 3 Sales and marketing 3 3 3 3 General and administrative 1 1 1 1 Restructuring 0 0 0 0 Salesforce, Inc. Condensed Consolidated Balance Sheets (in millions) October 31, 2024 January 31, 2024 Assets (unaudited) Current assets: Cash and cash equivalents $ 7,997 $ 8,472 Marketable securities 4,760 5,722 Accounts receivable, net 4,741 11,414 Costs capitalized to obtain revenue contracts, net 1,836 1,905 Prepaid expenses and other current assets 2,091 1,561 Total current assets 21,425 29,074 Property and equipment, net 3,416 3,689 Operating lease right-of-use assets, net 2,167 2,366 Noncurrent costs capitalized to obtain revenue contracts, net 2,121 2,515 Strategic investments 4,845 4,848 Goodwill 49,093 48,620 Intangible assets acquired through business combinations, net 4,119 5,278 Deferred tax assets and other assets, net 4,209 3,433 Total assets $ 91,395 $ 99,823 Liabilities and stockholders’ equity Current liabilities: Accounts payable, accrued expenses and other liabilities $ 5,331 $ 6,111 Operating lease liabilities, current 572 518 Unearned revenue 13,472 19,003 Debt, current 0 999 Total current liabilities 19,375 26,631 Noncurrent debt 8,432 8,427 Noncurrent operating lease liabilities 2,420 2,644 Other noncurrent liabilities 2,643 2,475 Total liabilities 32,870 40,177 Stockholders’ equity: Common stock 1 1 Treasury stock, at cost (19,414 ) (11,692 ) Additional paid-in capital 63,114 59,841 Accumulated other comprehensive loss (225 ) (225 ) Retained earnings 15,049 11,721 Total stockholders’ equity 58,525 59,646 Total liabilities and stockholders’ equity $ 91,395 $ 99,823 Salesforce, Inc. Condensed Consolidated Statements of Cash Flows (in millions) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Operating activities: Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (1) 814 862 2,600 3,006 Amortization of costs capitalized to obtain revenue contracts, net 525 482 1,568 1,428 Stock-based compensation expense 820 693 2,380 2,113 Losses on strategic investments, net 217 72 217 242 Changes in assets and liabilities, net of business combinations: Accounts receivable, net 655 550 6,681 5,905 Costs capitalized to obtain revenue contracts, net (430 ) (300 ) (1,105 ) (906 ) Prepaid expenses and other current assets and other assets (272 ) (407 ) (1,263 ) (750 ) Accounts payable and accrued expenses and other liabilities 32 172 (503 ) (1,607 ) Operating lease liabilities (144 ) (139 ) (387 ) (474 ) Unearned revenue (1,761 ) (1,677 ) (5,555 ) (4,816 ) Net cash provided by operating activities 1,983 1,532 9,122 6,831 Investing activities: Business combinations, net of cash acquired (179 ) (82 ) (517 ) (82 ) Purchases of strategic investments (67 ) (103 ) (374 ) (390 ) Sales of strategic investments 13 80 118 102 Purchases of marketable securities (1,239 ) (661 ) (5,041 ) (2,827 ) Sales of marketable securities 554 315 3,652 1,117 Maturities of marketable securities 905 563 2,439 1,810 Capital expenditures (204 ) (166 ) (504 ) (589 ) Net cash used in investing activities (217 ) (54 ) (227 ) (859 ) Financing activities: Repurchases of common stock (1,285 ) (1,925 ) (7,753 ) (5,928 ) Proceeds from employee stock plans 321 274 1,056 1,085 Principal payments on financing obligations (100 ) (114 ) (505 ) (506 ) Repayments of debt 0 0 (1,000 ) (1,182 ) Payments of dividends (382 ) 0 (1,154 ) 0 Net cash used in financing activities (1,446 ) (1,765 ) (9,356 ) (6,531 ) Effect of exchange rate changes (5 ) (32 ) (14 ) (4 ) Net increase (decrease) in cash and cash equivalents 315 (319 ) (475 ) (563 ) Cash and cash equivalents, beginning of period 7,682 6,772 8,472 7,016 Cash and cash equivalents, end of period $ 7,997 $ 6,453 $ 7,997 $ 6,453 (1) Includes amortization of intangible assets acquired through business combinations, depreciation of fixed assets and amortization and impairment of right-of-use assets. Salesforce, Inc. Additional Metrics (Unaudited) Supplemental Revenue Analysis Remaining Performance Obligation Remaining performance obligation ("RPO") represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods. RPO is influenced by several factors, including seasonality, the timing of renewals, the timing of term license deliveries, average contract terms and foreign currency exchange rates. Remaining performance obligation is also impacted by acquisitions. Unbilled portions of RPO denominated in foreign currencies are revalued each period based on the period end exchange rates. The portion of RPO that is unbilled is not recorded on the condensed consolidated balance sheets. RPO consisted of the following (in billions): Current Noncurrent Total As of October 31, 2024 $ 26.4 $ 26.7 $ 53.1 As of July 31, 2024 26.5 27.0 53.5 As of April 30, 2024 26.4 27.5 53.9 As of January 31, 2024 27.6 29.3 56.9 As of October 31, 2023 23.9 24.4 48.3 Unearned Revenue Unearned revenue represents amounts that have been invoiced in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The change in unearned revenue was as follows (in millions): Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Unearned revenue, beginning of period $ 15,222 $ 14,237 $ 19,003 $ 17,376 Billings and other (1) 7,620 6,876 22,158 20,536 Contribution from contract asset 63 167 189 218 Revenue recognized over time (9,023 ) (8,249 ) (26,446 ) (24,264 ) Revenue recognized at a point in time (421 ) (471 ) (1,456 ) (1,306 ) Unearned revenue from business combinations 11 4 24 4 Unearned revenue, end of period $ 13,472 $ 12,564 $ 13,472 $ 12,564 (1) Other includes, for example, the impact of foreign currency translation. Disaggregation of Revenue Subscription and Support Revenue by the Company's service offerings Subscription and support revenues consisted of the following (in millions): Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Sales $ 2,119 $ 1,906 $ 6,188 $ 5,611 Service 2,288 2,074 6,727 6,087 Platform and Other 1,825 1,686 5,329 4,891 Marketing and Commerce 1,334 1,230 3,924 3,638 Integration and Analytics (1) 1,313 1,245 4,060 3,562 $ 8,879 $ 8,141 $ 26,228 $ 23,789 (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau. Total Revenue by Geographic Locations Revenues by geographical region consisted of the following (in millions): Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Americas $ 6,220 $ 5,862 $ 18,483 $ 17,113 Europe 2,228 1,998 6,557 5,923 Asia Pacific 996 860 2,862 2,534 $ 9,444 $ 8,720 $ 27,902 $ 25,570 Constant Currency Growth Rates Subscription and support revenues constant currency growth rates by the Company's service offerings were as follows: Three Months Ended O ctober 31, 2024 C ompared to Three Months E nded October 31, 2023 Three Months Ended J uly 31, 2024 C ompared to Three Months E nded July 31, 2023 Three Months Ended O ctober 31, 2023 C ompared to Three Months E nded October 31, 2022 Sales 11% 10% 10% Service 10% 11% 11% Platform and Other 8% 10% 11% Marketing and Commerce 8% 7% 8% Integration and Analytics (1) 5% 14% 22% Total growth 9% 10% 12% (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau. Revenue constant currency growth rates by geographical region were as follows: Three Months Ended O ctober 31, 2024 C ompared to Three Months E nded October 31, 2023 Three Months Ended J uly 31, 2024 C ompared to Three Months E nded July 31, 2023 Three Months Ended O ctober 31, 2023 C ompared to Three Months E nded October 31, 2022 Americas 6% 8% 9% Europe 9% 11% 10% Asia Pacific 14% 16% 21% Total growth 8% 9% 10% Current remaining performance obligation constant currency growth rates were as follows: October 31, 2024 C ompared to O ctober 31, 2023 July 31, 2024 C ompared to J uly 31, 2023 October 31, 2023 C ompared to O ctober 31, 2022 Total growth 10% 11% 13% Salesforce, Inc. GAAP Results Reconciled to Non-GAAP Results The following tables reflect selected GAAP results reconciled to Non-GAAP results. (in millions, except per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Non-GAAP income from operations GAAP income from operations $ 1,893 $ 1,501 $ 5,385 $ 3,389 Plus: Amortization of purchased intangibles (1) 354 468 1,269 1,411 Stock-based compensation expense (2)(3) 820 693 2,378 2,097 Restructuring 56 55 163 815 Non-GAAP income from operations $ 3,123 $ 2,717 $ 9,195 $ 7,712 Non-GAAP operating margin as a percentage of revenues Total revenues $ 9,444 $ 8,720 $ 27,902 $ 25,570 GAAP operating margin (4) 20.0 % 17.2 % 19.3 % 13.3 % Non-GAAP operating margin (4) 33.1 % 31.2 % 33.0 % 30.2 % Non-GAAP net income GAAP net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Plus: Amortization of purchased intangibles (1) 354 468 1,269 1,411 Stock-based compensation expense (2)(3) 820 693 2,378 2,097 Restructuring 56 55 163 815 Income tax effects and adjustments (436 ) (372 ) (1,076 ) (1,177 ) Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Non-GAAP diluted net income per share GAAP diluted net income per share $ 1.58 $ 1.25 $ 4.60 $ 2.73 Plus: Amortization of purchased intangibles (1) 0.37 0.48 1.30 1.43 Stock-based compensation expense (2)(3) 0.85 0.71 2.44 2.13 Restructuring 0.06 0.06 0.17 0.83 Income tax effects and adjustments (0.45 ) (0.39 ) (1.10 ) (1.19 ) Non-GAAP diluted net income per share $ 2.41 $ 2.11 $ 7.41 $ 5.93 Shares used in computing non-GAAP diluted net income per share 965 981 975 985 (1) Amortization of purchased intangibles was as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenues $ 131 $ 245 $ 600 $ 743 Sales and marketing 223 223 669 668 $ 354 $ 468 $ 1,269 $ 1,411 (2) Stock-based compensation expense, excluding stock-based compensation expense related to restructuring, was as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenues $ 135 $ 109 $ 386 $ 324 Research and development 278 238 814 735 Sales and marketing 312 275 911 815 General and administrative 95 71 267 223 $ 820 $ 693 $ 2,378 $ 2,097 (3) Stock-based compensation expense included in the GAAP to non-GAAP reconciliation tables above excludes stock-based compensation expense related to restructuring activities for each of the three months ended October 31, 2024 and 2023 of $0 million and for the nine months ended October 31, 2024 and 2023 of $2 million and $16 million, respectively, which are included in the restructuring line. (4) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. Non-GAAP income from operations excludes the impact of the amortization of purchased intangibles, stock-based compensation expense and charges associated with the Company's restructuring activities. Salesforce, Inc. Computation of Basic and Diluted GAAP and Non-GAAP Net Income Per Share (in millions, except per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 GAAP Basic Net Income Per Share Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Basic net income per share $ 1.60 $ 1.26 $ 4.66 $ 2.76 Shares used in computing basic net income per share 956 972 963 976 Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Non-GAAP Basic Net Income Per Share Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 Non-GAAP basic net income per share $ 2.43 $ 2.13 $ 7.50 $ 5.98 Shares used in computing non-GAAP basic net income per share 956 972 963 976 Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 GAAP Diluted Net Income Per Share Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Diluted net income per share $ 1.58 $ 1.25 $ 4.60 $ 2.73 Shares used in computing diluted net income per share 965 981 975 985 Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Non-GAAP Diluted Net Income Per Share Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 Non-GAAP diluted net income per share $ 2.41 $ 2.11 $ 7.41 $ 5.92 Shares used in computing non-GAAP diluted net income per share 965 981 975 985 Supplemental Cash Flow Information Computation of Free Cash Flow, a Non-GAAP Measure (in millions) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 GAAP net cash provided by operating activities $ 1,983 $ 1,532 $ 9,122 $ 6,831 Capital expenditures (204 ) (166 ) (504 ) (589 ) Free cash flow $ 1,779 $ 1,366 $ 8,618 $ 6,242 Non-GAAP Financial Measures: This press release includes information about non-GAAP operating margin, non-GAAP net income per share, non-GAAP tax rates, free cash flow, constant currency revenue, constant currency subscription and support revenue growth rate and constant currency current remaining performance obligation growth rates (collectively the “non-GAAP financial measures”). These non-GAAP financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Management uses both GAAP and non-GAAP measures when planning, monitoring and evaluating the Company’s performance. The primary purpose of using non-GAAP measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does. Management believes that supplementing GAAP disclosure with non-GAAP disclosure provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further to the extent that other companies use similar methods in calculating non-GAAP measures, the provision of supplemental non-GAAP information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP operating results. Non-GAAP Operating Margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. Non-GAAP income from operations excludes the impact of the following items: stock-based compensation expense, amortization of acquisition-related intangibles and charges associated with the Company's restructuring activities. Non-GAAP net income per share excludes, to the extent applicable, the impact of the following items: stock-based compensation expense, amortization of purchased intangibles, charges related to the Company's restructuring activities and income tax adjustments. These items are excluded because the decisions that give rise to them are not made to increase revenue in a particular period, but instead for the Company’s long-term benefit over multiple periods. As described above, the Company excludes or adjusts for the following in its non-GAAP results and guidance: Stock-Based Compensation Expense: The Company’s compensation strategy includes the use of stock-based compensation expense to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, stock-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period. Amortization of Purchased Intangibles: The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and, in some cases, acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, which is not typically affected by operations during any particular period. Although the Company excludes the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Restructuring: Restructuring charges are costs associated with a formal restructuring plan and may include employee notice period costs and severance payments, lease or contract termination costs, asset impairments, accelerated depreciation and amortization and other related expenses. The Company excludes these restructuring charges because they are distinct from ongoing operational costs and it does not believe they are reflective of current and expected future business performance and operating results. Gains (Losses) on Strategic Investments, net: The Company records all fair value adjustments to its equity securities held within the strategic investment portfolio through the statement of operations. As it is not possible to forecast future gains and losses, the Company assumes no change to the value of its strategic investment portfolio in its GAAP and non-GAAP estimates for future periods, including its guidance. Gains (Losses) on Strategic Investments, net, are included in its GAAP financial statements. Income Tax Effects and Adjustments: The Company utilizes a fixed long-term projected non-GAAP tax rate in order to provide better consistency across the interim reporting periods by eliminating the effects of items such as changes in the tax valuation allowance and tax effects of acquisition-related costs, since each of these can vary in size and frequency. When projecting this long-term rate, the Company evaluated a three-year financial projection that excludes the direct impact of the following non-cash items: stock-based compensation expenses and the amortization of purchased intangibles. The projected rate also considers factors including the Company’s expected tax structure, its tax positions in various jurisdictions and key legislation in major jurisdictions where the Company operates. For fiscal 2024, the Company used a projected non-GAAP tax rate of 23.5%. For fiscal 2025, the Company uses a projected non-GAAP tax rate of 22.0%, which reflects currently available information, as well as other factors and assumptions. The non-GAAP tax rate could be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in the Company’s geographic earnings mix due to acquisition activity or other changes to the Company’s strategy or business operations. The Company will re-evaluate its long-term rate as appropriate. The Company presents constant currency information to provide a framework for assessing how the Company's underlying business performed excluding the effect of foreign currency rate fluctuations. To present constant currency revenue growth rates, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the weighted average exchange rate for the quarter being compared to rather than the actual exchange rates in effect during that period. To present current remaining performance obligation growth rates on a constant currency basis, current remaining performance obligation balances in local currencies in previous comparable periods are converted using the United States dollar currency exchange rate as of the most recent balance sheet date. The Company defines the non-GAAP measure free cash flow as GAAP net cash provided by operating activities, less capital expenditures. View source version on businesswire.com : https://www.businesswire.com/news/home/20241203924824/en/ CONTACT: Mike Spencer Salesforce Investor Relations investor@salesforce.comCarolyn Guss Salesforce Public Relations 415-536-4966 pr@salesforce.com KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: PROFESSIONAL SERVICES BUSINESS TECHNOLOGY SOFTWARE CONSULTING ARTIFICIAL INTELLIGENCE SOURCE: Salesforce Copyright Business Wire 2024. PUB: 12/03/2024 04:01 PM/DISC: 12/03/2024 04:02 PM http://www.businesswire.com/news/home/20241203924824/enPresident-elect Donald Trump’s lawyers urge judge to toss his hush money convictionDaniel Jones clears waivers: 3 reasons why Vikings are being named as potential suitors | Sporting News
Cali became the epicenter of medical tourism this week during the Qualinn 2024 Symposium on Innovation and Clinical Excellence. Organized by the Cali Chamber of Commerce, the event brought together more than 300 healthcare leaders, entrepreneurs, researchers, and government representatives to discuss and shape the future of medical care in the region. The symposium highlighted Cali’s position as Colombia’s second-largest destination for medical tourism, following Bogotá . Melissa Vergara, Secretary of Economic Development, remarked: “Our city combines high-quality medical services with a robust hospital infrastructure capable of welcoming patients from around the globe.” In 2024, Cali hosted over 5,000 international patients—a 23% increase compared to the previous year. This growth reflects the success of international promotion strategies and the exceptional quality of the city’s healthcare institutions. Pillars of Success: Innovation, Connectivity, and Collaboration Speakers at the event underscored the critical role of technological innovation in modern healthcare. From AI-powered diagnostic tools to digital platforms for patient management, Cali is positioning itself as a leader in adopting advanced healthcare technologies. Despite these advancements, air connectivity remains a hurdle. Alfonso Bonilla Aragón Airport, a key international gateway, needs enhanced routes to improve access for foreign patients. Julián Franco, Secretary of Tourism for Valle del Cauca, emphasized: “Efficient connectivity is crucial to establishing ourselves as a competitive destination for medical tourism.” The symposium also highlighted the importance of public-private partnerships in strengthening Cali’s medical tourism ecosystem. Collaborative efforts between clinics, hotels, transportation providers, and tour operators are essential to deliver seamless experiences for patients and their companions. Qualinn 2024 served as a platform to tackle the challenges of internationalization. Ana María Castillo, Director of Internationalization at the Cali Chamber of Commerce, pointed out: “ Cali has immense potential to position itself globally as a hub for healthcare innovation. The city must not only attract patients but also lead in research and clinical trials to elevate its scientific profile.” The event made it clear that Cali has the resources and determination to emerge as a global leader in medical tourism. By fostering innovation, improving air connectivity, and strengthening collaboration among stakeholders, the city is building a world-class healthcare ecosystem that benefits both patients and the local economy. Comments
NEW YORK — There's a Christmas Day basketball game at Walt Disney World, featuring Mickey, Minnie, Goofy and Wemby. An animated game, anyway. The real game takes place at Madison Square Garden, where Victor Wembanyama and the San Antonio Spurs face the New York Knicks in a game televised on ABC and ESPN and streamed on Disney+ and ESPN+. The special alt-cast, the first animated presentation of an NBA game, will be shown on ESPN2 and also stream on Disney+ and ESPN+. Madison Square Garden is a staple of the NBA's Christmas schedule. Now it merges with a bigger home of the holidays, because the "Dunk the Halls" game will be staged at Disney, on a court set up right smack in the middle of where countless families have posed for vacation photos. Why that location? Because it was Mickey Mouse's Christmas wish. People are also reading... "Basketball courts often have the ability to make a normal environment look special, but in Disney it can only turn out incredible," Wembanyama said in an ESPN video promoting his Christmas debut. The story — this is Disney, after all — begins with Mickey penning a letter to Santa Claus, asking if he and his pals can host a basketball game. They'll not only get to watch one with NBA players, but some of them will even get to play. Goofy and Donald Duck will sub in for a couple Knicks players, while Mickey and Minnie Mouse will come on to play for the Spurs. "It looks to me like Goofy and Jalen Brunson have a really good pick-and-roll at the elite level," said Phil Orlins, an ESPN vice president of production. Walt Disney World hosted real NBA games in 2020, when the league set up there to complete its season that had been suspended by the COVID-19 pandemic. Those games were played at the ESPN Wide World of Sports. The setting for the Christmas game will be Main Street USA, at the entrance of the Magic Kingdom. Viewers will recognize Cinderella's castle behind one baseline and the train station at the other end, and perhaps some shops they have visited in between. Previous alternate animated broadcasts included an NFL game taking place in Andy's room from "Toy Story;" the "NHL Big City Greens Classic" during a game between the Washington Capitals and New York Rangers; and earlier this month, another NFL matchup between the Cincinnati Bengals and Dallas Cowboys also taking place at Springfield's Atoms Stadium as part of "The Simpsons Funday Football." Unlike basketball, the players are helmeted in those sports. So, this telecast required an extra level of detail and cooperation with players and teams to create accurate appearances of their faces and hairstyles. "So, this is a level of detail that we've never gone, that we've never done on any other broadcast," said David Sparrgrove, the senior director of creative animation for ESPN. Wembanyama, the 7-foot-3 phenom from France who was last season's NBA Rookie of the Year, looks huge even among most NBA players. The creators of the alternate telecast had to design how he'd look not only among his teammates and rivals, but among mice, ducks and chipmunks. "Like, Victor Wembanyama, seeing him in person is insane. It's like seeing an alien descend on a basketball court, and I think we kind of captured that in his animated character," said Drew Carter, who will again handle play-by-play duties, as he had in the previous animated telecasts, and will get an assist from sideline reporter Daisy Duck. Wembanyama's presence is one reason the Spurs-Knicks matchup, the leadoff to the NBA's five-game Christmas slate, was the obvious choice to do the animated telecast. The noon EST start means it will begin in the early evening in France and should draw well there. Also, it comes after ABC televises the "Disney Parks Magical Christmas Day Parade" for the previous two hours, providing more time to hype the broadcast. Recognizing that some viewers who then switch over to the animated game may be Disney experts but NBA novices, there will be 10 educational explainers to help with basketball lingo and rules. Beyond Sports' visualization technology and Sony's Hawk-Eye tracking allow the animated players to make the same movements and plays made moments earlier by the real ones at MSG. Carter and analyst Monica McNutt will be animated in the style of the telecast, donning VR headsets to experience the game from Main Street, USA. Other animated faces recognizable to some viewers include NBA Commissioner Adam Silver, who will judge a halftime dunk contest among Mickey and his friends, and Santa himself, who will operate ESPN's "SkyCam" during the game. The players are curious how the production — and themselves — will look. "It's going to be so crazy to see the game animated," Spurs veteran Chris Paul said. "I think what's dope about it is it will give kids another opportunity to watch a game and to see us, basically, as characters." Be the first to know Get local news delivered to your inbox!'UNIMAGINABLE HATE': Saskatchewan MLA says premier targeted his transgender kidsUber Technologies Inc. stock rises Monday, outperforms market
With artificial intelligence everywhere, everyone is talking about AI and its applicability. Artificial intelligence-driven predictive analytics is also making an advance in child welfare services and has shown efficiency in preventing child maltreatment cases. This development has been made possible by individuals like Premkumar Ganesan, Consulting Manager and Technology Leader, whose team's implementation of AI-powered early intervention systems has reduced the number of child maltreatment cases by 20 per cent for participating welfare programs. Ganesan, who has led several AI initiatives in the public sector, says that predictive analytics can not only detect risk factors earlier but also guide us to data-driven interventions that can significantly reduce harm to children. It does this by analyzing patterns across health, education, and social services data points to identify families at risk before a crisis occurs.” This technology goes beyond just prevention numbers. Child welfare agencies using these AI solutions have found that operational efficiency improved by 30 per cent, freeing social workers to spend their time working on high-priority cases and letting automated systems do the mundane tasks of data crunching. The result has been millions of dollars in cost savings for state governments, resulting largely from reduced long-term intervention costs. But, such systems are not easily implemented in the sensitive child welfare arena. The AI and ethics trend is now popular, says Ganesan, 'Ensuring data privacy and compliance while maintaining effective predictive capabilities was our primary concern.' Innovative solutions that uphold strict confidentiality standards while providing real-time analytics helped his team set the benchmark for privacy-conscious AI implementation in public services. Some of the other concerns were resistance to adaptability to AI, scalability of the predictive analytical system, and delivering real-time predictions from limited history. These were solved by holding demonstrations and workshops to showcase the benefits of AI, using cloud-based infrastructure and advanced machine learning models to help scale and develop innovative AI algorithms that can generate reliable predictions by focusing on behavioural patterns and early warning signals. The biggest challenge was integrating data between the different government agencies. Too often, traditional child welfare systems are siloed, with important information scattered throughout health, education, and social service departments. By building a unified platform that allows for seamless data sharing while adhering to security protocols, Ganesan's team was able to gather information to help deal with individual cases. The success of this initiative has inspired other state agencies to adopt AI-driven solutions in their public sector services. Under Ganesan's leadership, these implementations have helped Deloitte's public sector practice grow by 10% and improved decision-making accuracy by 25% in identifying at-risk families. Looking at the current trends, Ganesan envisions even more sophisticated applications of AI in child welfare. The evolution of technology could further decrease response times and perhaps improve outcomes for vulnerable children and families. With an impressive portfolio of published research on this topic, from recent work on AI-driven early interventions in child welfare services to the role of artificial intelligence in public health, Ganesan’s expertise in this field is strong. Throughout his experience, he has consistently pointed out, that technological innovation must be balanced with ethical considerations and human judgment. This AI-driven approach has implications that go well beyond child welfare. The same predictive analytics principles could also be used for other social services and change how public sector agencies provide support to populations in need. Ganesan notes that with government agencies becoming more and more digital, it is important to maintain a human-centred approach, with technology aiding human potential. This approach to child welfare shows how artificial intelligence can make a social impact. As these systems continue to evolve and improve, they will continue to serve the current and future of child protection services around the world.
Luxembourg, Luxembourg–(Newsfile Corp. – December 23, 2024) – Nexa Resources S.A. (NYSE: NEXA) (“Nexa Resources”, “Nexa” or the “Company”) announces today the completion of the previously disclosed sale (the “Transaction”) of 100% of the shares of Minera Pampa de Cobre S.A.C. (“MPC”), the owner of the Chapi copper mine, to Quilla Resources Peru S.A.C (“Quilla”). Under the terms of the definitive agreement, Nexa has sold and transferred all shares, rights, titles, and interests in Chapi to Quilla. The Transaction was completed following the fulfillment of all closing conditions. About Quilla Resources Peru S.A.C. Quilla Resources Peru S.A.C (“Quilla”) is a privately held Peruvian company, which is focused on acquiring, and operating copper focused mining projects in Peru, and the wider region. Quilla intends to restart the Chapi Mine and conduct exploration on the property. About Nexa Nexa is a large-scale, low-cost integrated zinc producer with over 65 years of experience developing and operating mining and smelting assets in Latin America. Nexa currently owns and operates five long-life mines, three of which are located in the central Andes region of Peru, and two of which are located in Brazil (one in the state of Minas Gerais and one in the state of Mato Grosso). Nexa also currently owns and operates three smelters, two of which are located in the state of Minas Gerais in Brazil, and one of which is Cajamarquilla, located in Lima, which is the largest smelter in the Americas. Nexa was among the top five producers of mined zinc globally in 2023 and one of the top five metallic zinc producers worldwide in 2023, according to Wood Mackenzie. Cautionary Statement on Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this news release as “forward-looking statements”). Forward-looking statements contained in this news release may include, but are not limited to, zinc and other metal prices and exchange rate assumptions, projected operating and capital costs, metal or mineral recoveries, head grades, mine life, production rates, and returns; the Company’s potential plans; the estimation of the tonnage, grade and content of deposits and the extent of mineral resource and mineral reserve estimates; timing of commencement of production; exploration potential and results; the timing and receipt of necessary permits for future operations; and the impacts of COVID-19 on our operations. These statements are based on information currently available to the Company and the Company provides no assurance that actual results and future performance and achievements will meet or not differ from the expectations of management or qualified persons. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “will,” “may,” “may have,” “would,” “estimate,” “continues,” “anticipates,” “intends,” “plans,” “expects,” “budget,” “scheduled,” “forecasts” and similar words are intended to identify estimates and forward-looking statements. Forward-looking statements are not guarantees and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments may be substantially different from the expectations described in the forward-looking statements for a number of reasons, many of which are not under our control, among them, the activities of our competition, the future global economic situation, weather conditions, market prices and conditions, exchange rates, and operational and financial risks. The unexpected occurrence of one or more of the abovementioned events may significantly change the results of our operations on which we have based our estimates and forward-looking statements. Our estimates and forward-looking statements may also be influenced by, among others, legal, political, environmental, or other risks that could materially affect the potential development of the Project, including risks related to outbreaks of contagious diseases or health crises impacting overall economic activity regionally or globally, as well as risks relating to ongoing or future investigations by local authorities with respect to our business and operations and the conduct of our customers, including the impact to our financial statements regarding the resolution of any such matters. These forward-looking statements related to future events or future performance and include current estimates, predictions, forecasts, beliefs and statements as to management’s expectations with respect to, but not limited to, the business and operations of the Company and mining production, our growth strategy, the impact of applicable laws and regulations, future zinc and other metal prices, smelting sales, capex, expenses related to exploration and project evaluation, estimation of Mineral Reserves and/or Mineral Resources, mine life and our financial liquidity. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable and appropriate by management and qualified persons considering their experience are inherently subject to significant uncertainties and contingencies and may prove to be incorrect. Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, full integration of mining and smelting operations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labor disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in metal prices, exchange rates, or the cost of energy, supplies or transportation, among other assumptions. Estimates and forward-looking statements refer only to the date when they were made, and we do not undertake any obligation to update or revise any estimate or forward-looking statement due to new information, future events or otherwise, except as required by law. Estimates and forward-looking statements involve risks and uncertainties and do not guarantee future performance, as actual results or developments may be substantially different from the expectations described in the forward-looking statements. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our public disclosures filed under our profile on SEDAR+ ( www.sedarplus.ca ) and on EDGAR ( www.sec.gov ). To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234659 #distroNvidia shows AI model that can modify voices, generate novel soundsDrake Nabs Eight BBMA Nominations Despite His Difficult Year
NEW YORK (AP) — President-elect Donald Trump’s lawyers formally asked a judge Monday to throw out his hush money criminal conviction , arguing that continuing the case would present unconstitutional “disruptions to the institution of the Presidency.“ In a filing made public Tuesday, Trump’s lawyers told Manhattan Judge Juan M. Merchan that anything short of immediate dismissal would undermine the transition of power, as well as the “overwhelming national mandate” granted to Trump by voters last month. They also cited President Joe Biden’s recent pardon of his son, Hunter Biden, who had been convicted of tax and gun charges . “President Biden asserted that his son was ‘selectively, and unfairly, prosecuted,’ and ‘treated differently,’” Trump’s legal team wrote. Manhattan District Attorney Alvin Bragg, they claimed, had engaged in the type of political theater “that President Biden condemned.” Prosecutors will have until Dec. 9 to respond. They have said they will fight any efforts to dismiss the case but have indicated a willingness to delay the sentencing until after Trump’s second term ends in 2029. In their filing Monday, Trump’s attorneys dismissed the idea of holding off sentencing until Trump is out of office as a “ridiculous suggestion.” Following Trump’s election victory last month, Merchan halted proceedings and indefinitely postponed his sentencing, previously scheduled for late November, to allow the defense and prosecution to weigh in on the future of the case. He also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. Trump has been fighting for months to reverse his conviction on 34 counts of falsifying business records to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier. He says they did not and denies any wrongdoing. The defense filing was signed by Trump lawyers Todd Blanche and Emil Bove, who represented Trump during the trial and have since been selected by the president-elect to fill senior roles at the Justice Department. Taking a swipe at Bragg and New York City, as Trump often did throughout the trial, the filing argues that dismissal would also benefit the public by giving him and “the numerous prosecutors assigned to this case a renewed opportunity to put an end to deteriorating conditions in the City and to protect its residents from violent crime.” Clearing Trump, the lawyers added, would also allow him to “to devote all of his energy to protecting the Nation.” Merchan hasn’t yet set a timetable for a decision. He could decide to uphold the verdict and proceed to sentencing, delay the case until Trump leaves office, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court or choose some other option. An outright dismissal of the New York case would further lift a legal cloud that at one point carried the prospect of derailing Trump’s political future. Last week, special counsel Jack Smith told courts that he was withdrawing both federal cases against Trump — one charging him with hoarding classified documents at his Florida estate, the other with scheming to overturn the 2020 presidential election he lost — citing longstanding Justice Department policy that shields a president from indictment while in office. The hush money case was the only one of Trump’s four criminal indictments to go to trial, resulting in a historic verdict that made him the first former president to be convicted of a crime. Prosecutors had cast the payout as part of a Trump-driven effort to keep voters from hearing salacious stories about him. Trump’s then-lawyer Michael Cohen paid Daniels. Trump later reimbursed him, and Trump’s company logged the reimbursements as legal expenses — concealing what they really were, prosecutors alleged. Trump has said the payments to Cohen were properly categorized as legal expenses for legal work. A month after the verdict, the Supreme Court ruled that ex-presidents can’t be prosecuted for official acts — things they did in the course of running the country — and that prosecutors can’t cite those actions to bolster a case centered on purely personal, unofficial conduct. Trump’s lawyers cited the ruling to argue that the hush money jury got some improper evidence, such as Trump’s presidential financial disclosure form, testimony from some White House aides and social media posts made during his first term. Prosecutors disagreed and said the evidence in question was only “a sliver” of their case. If the verdict stands and the case proceeds to sentencing, Trump’s punishments would range from a fine to probation to up to four years in prison — but it’s unlikely he’d spend any time behind bars for a first-time conviction involving charges in the lowest tier of felonies. Because it is a state case, Trump would not be able to pardon himself once he returns to office.
Saskatchewan legislature member says premier targeted his transgender children