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Beavers face ranked Cougars for de facto Pac-12 regular-season titleInvestor Warren Buffett renewed his Thanksgiving tradition of giving by announcing plans to hand more than $US1.1 billion ($1.7 billion) of Berkshire Hathaway stock to four of his family’s foundations, and he offered new details about who will be handing out the rest of his fortune after his death. Buffett has said previously that his three kids will distribute his remaining $US147.4 billion ($226.8 billion) fortune in the 10 years after his death, but now he has also designated successors for them because it’s possible that Buffett’s children could die before giving it all away. He didn’t identify the successors, but said his kids all know them and agree they would be good choices. Warren Buffett with son Peter and daughter Susie. Credit: AP “Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit,” the 94-year-old Buffett said in a letter to his fellow shareholders. “To date, I’ve been very lucky, but, before long, he will get around to me. There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.” Buffett said he still has no interest in creating dynastic wealth in his family — a view shared by his first and current wives. He acknowledged giving Howard, Peter and Susie millions over the years, but he has long said he believes “hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing.” Buffett built Berkshire Hathaway into an investing powerhouse. Credit: Bloomberg The secret to building up such massive wealth over time has been the power of compounding interest and the steady growth of the Berkshire conglomerate Buffett leads through acquisitions and smart investments like buying billions of dollars of Apple shares as iPhone sales continued to drive growth in that company. Buffett never sold any of his Berkshire stock over the years and also resisted the trappings of wealth and never indulged in much — preferring instead to continue living in the same Omaha home he’d bought decades earlier and drive sensible luxury sedans about 20 blocks to work each day. “As a family, we have had everything we needed or simply liked, but we have not sought enjoyment from the fact that others craved what we had,” he said. If Buffett and his first wife had never given away any of their Berkshire shares, the family’s fortune would be worth nearly $US364 billion — easily making him the world’s richest man — but Buffett said he had no regrets about his giving over the years. The family’s giving began in earnest with the distribution of Susan Buffett’s $US3 billion estate after her death in 2004, but really took off when Warren Buffett announced plans in 2006 to make annual gifts to the foundations run by his kids along with the one he and his wife started, as well as the Bill & Melinda Gates Foundation. Warren Buffett’s giving to date has favoured the Gates Foundation with $US55 billion in stock because his friend Bill Gates already had his foundation set up and could handle huge gifts when Buffett started giving away his fortune. But Buffett has said his kids now have enough experience in philanthropy to handle the task and he plans to cut off his Gates Foundation donations after his death. Buffett always makes his main annual gifts to all five foundations every summer, but for several years now he has been giving additional Berkshire shares to his family’s foundations at Thanksgiving. Buffett reiterated Monday his advice to every parent to allow their families to read their will while they are still alive — like he has done — to make sure they have a chance to explain their decisions about how to distribute their belongings and answer their children’s questions. Buffett said he and his longtime investing partner Charlie Munger, who died a year ago, “saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry.” Today, Buffett continues to lead Berkshire Hathaway as chairman and CEO and has no plans to retire although he has handed over most of the day-to-day managing duties for the conglomerates dozens of companies to others. That allows him to focus on his favourite activity of deciding where to invest Berkshire’s billions. One of Buffett’s deputies who oversees all the noninsurance companies now, Greg Abel, is set to take over as CEO after Buffett’s death. The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning .
HICKSVILLE, N.Y. , Dec. 13, 2024 /PRNewswire/ -- Flagstar Financial, Inc. (NYSE: FLG) ( the "Company"), today announced the appointment of Lee Smith as Senior Executive Vice President and Chief Financial Officer (CFO), effective December 27, 2024 . The appointment follows the decision of current CFO Craig Gifford to step down to reengage in personal endeavors outside of the banking industry. Gifford will remain with the Bank through March 31, 2025 , and work closely with Smith during the transition period, ensuring a seamless hand-over and continued support for the Bank's ongoing initiatives. "For more than a decade, Lee has been an instrumental member of Flagstar's executive team. He is a proven leader with a strong track record, has the requisite experience and expertise, and possesses deep knowledge of the Company. The Board of Directors and I have full faith and confidence in Lee to continue to help guide the Company in this financial leadership position," said Joseph M. Otting , Chairman, President, and CEO. Smith joined legacy Flagstar Bancorp, Inc. in 2013 as Chief Operating Officer and his transition to CFO comes after serving on Flagstar's executive management team for more than a decade, most recently as President of Mortgage. He has an extensive background in accounting, finance, mortgage, private equity, and operations, spanning more than 25 years. His experience in managing large-scale transactions, optimizing financials and operations, and working with regulators demonstrates a strong ability to drive financial performance, ensure compliance, and lead financial operations. Additionally, his leadership in M&A deals, capital markets, and financial management positions him well to oversee financial strategies, risk mitigation, and operational efficiency at a senior financial level. His prior roles include Partner at Matlin Patterson Global Advisers LLC, a private investment firm. He is also a member of the Institute of Chartered Accountants in England and Wales (ICAEW) since 1998 and has a BSc in Economics and Accountancy from Loughborough University in England . Otting added, "I want to express our sincere appreciation to Craig for his impactful contributions over the past year. His leadership during this time has been invaluable, and we wish him all the best. As all of our stakeholders know, we have been working relentlessly to elevate Flagstar to new heights. I also recognize the personal sacrifices and time commitment required away from our personal lives for this journey. Given the substantial progress we've made as a Company, I am comfortable that this is a good time for this transition, and I am confident the momentum we've gained will only strengthen as we move forward." About Flagstar Financial, Inc. Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the country. The Company is headquartered in Hicksville, New York . At September 30, 2024, the Company had $114.4 billion of assets, $73.0 billion of loans, deposits of $83 .0 billion, and total stockholders' equity of $8 .6 billion. Flagstar Bank, N.A. operates over 400 branches, including a significant presence in the Northeast and Midwest and locations in high growth markets in the Southeast and West Coast. In addition, the Bank has approximately 80 private banking teams located in over 10 cities in the metropolitan New York City region and on the West Coast, which serve the needs of high-net worth individuals and their businesses. Cautionary Statements Regarding Forward-Looking Statements This release may include forward‐looking statements by the Company and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (g) our ability to achieve our financial and other strategic goals, including those related to our merger with Flagstar Bancorp, Inc., which was completed on December 1, 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, and our ability to fully and timely implement the risk management programs institutions greater than $100 billion in assets must maintain; (h) the effect on our capital ratios of the approval of certain proposals approved by our shareholders during our 2024 annual meeting of shareholders; (i) the conversion or exchange of shares of the Company's preferred stock; (j) the payment of dividends on shares of the Company's capital stock, including adjustments to the amount of dividends payable on shares of the Company's preferred stock; (k) the availability of equity and dilution of existing equity holders associated with amendments to the 2020 Omnibus Incentive Plan; (l) the effects of the reverse stock split; and (m) transactions relating to the sale of our mortgage business and mortgage warehouse business. Forward‐looking statements are typically identified by such words as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "should," "confident," and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; the Company does not assume any duty, and does not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results. Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; recent turnover in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; the success of our blockchain and fintech activities, investments and strategic partnerships; the restructuring of our mortgage business; our ability to recognize anticipated expense reductions and enhanced efficiencies with respect to our recently announced strategic workforce reduction; the impact of failures or disruptions in or breaches of the Company's operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, military conflict (including the Russia / Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed on December 1, 2022 , and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management's attention from ongoing business operations and opportunities; the possibility that the Company may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected. Additionally, there can be no assurance that the Community Benefits Agreement entered into with NCRC, which was contingent upon the closing of the Company's merger with Flagstar Bancorp, Inc., will achieve the results or outcome originally expected or anticipated by us as a result of changes to our business strategy, performance of the U.S. economy, or changes to the laws and regulations affecting us, our customers, communities we serve, and the U.S. economy (including, but not limited to, tax laws and regulations). More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10 ‐ K/A for the year ended December 31, 2023, Quarterly Report on Forms 10-Q for the quarters ended March 31, 2024 , June 30, 2024 , and September 30, 2024 , and in other SEC reports we file. Our forward ‐ looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our SEC filings, which are accessible on our website and at the SEC's website, www.sec.gov . Investor Contact: Salvatore J. DiMartino (516) 683-4286 Media Contact: Steven Bodakowski (248) 312-5872 View original content to download multimedia: https://www.prnewswire.com/news-releases/flagstar-financial-inc-names-lee-smith-as-chief-financial-officer-302331680.html SOURCE Flagstar Financial, Inc.Why Cartier’s Parent Company Is Launching a High-End Furniture and Homewares Brand
The Best True Crime-Shows to Watch on Your Next Night InRevolutionizing the Green Hydrogen Market: City of Lancaster and City of Industry Launch First Public Hydrogen (FPH2)–the First Public Hydrogen Utility LANCASTER, Calif., Dec. 12, 2024 /PRNewswire/ — The City of Lancaster is proud to announce the launch of First Public Hydrogen (FPH )—a new public renewable hydrogen utility. FPH is designed to transform the renewable hydrogen market by connecting producers with reliable off-takers through a seamless, transparent process. Mayor of the City of Lancaster, and Chair of the FPH Board of Directors, said : “First Public Hydrogen is the next step in that journey. I am honored to serve as chair of the FPH board, and alongside leading experts from across government, industry, academia, and labor unions. I am ready to bring the same level of dedication and innovation that brought the rise in renewable hydrogen technologies we see in Lancaster, to the rest of California.” FPH is a joint powers authority (JPA) between the City of Lancaster and the City of Industry, California. Currently, there exists a significant disconnect: large off-takers of renewable hydrogen seek seamless purchasing without the burden of project vetting, while producers face significant upfront investment challenges. FPH bridges this gap to foster collaboration and drive market growth. FPH bridges this gap, fostering collaboration to drive hydrogen market development and growth. , Mayor of the City of Industry, said : “This groundbreaking initiative reflects our commitment to innovation and sustainability while fostering economic growth. By creating a transparent and scalable hydrogen utility, FPH2 positions our region and California as leaders in the clean energy revolution. Together, we are paving the way for a future powered by renewable green hydrogen.” The public utility will work to connect renewable hydrogen producers, including those producing through solar energy, wind energy, and renewable natural gas, with confirmed and reliable buyers that have plans to leverage renewable hydrogen’s decarbonization potential across several industries, including shipping and ports, transportation, and the power sector. The FPH Board of Directors will be chaired by City of Lancaster Mayor R. Rex Parris. Mayor Parris has been a leader in renewable hydrogen developments and is a key figure in the transformation of Lancaster into a global leader in clean and renewable hydrogen technology. Other board appointees will include experts with deep renewable hydrogen knowledge including: Aura Vasquez, Vasquez Solutions; Joël Barton, International Brotherhood of Electrical Workers; Jack Brouwer, National Fuel Cell Research Center, University of California, Irvine and; Tanya Peacock, EcoEngineers. The day-to-day operation of FPH will be led by CEO Jason Caudle, General Counsel Allison Burns, and Assistant Director Alexus Merino. Director of the Clean Energy Institute at UC Irvine and Board Member of FPH2, said : “Green hydrogen technologies and infrastructure have been ready, but they’ve remained largely untapped due to the absence of a robust market. FPH2 will catalyze and develop a sustainable hydrogen market, transforming the energy landscape and paving the way for a clean energy future. I am thrilled to play a role in this revolutionary shift and to contribute to the growth of this vital market.” the latest news shaping the hydrogen market at Revolutionizing the Green Hydrogen Market: City of Lancaster and City of Industry Launch First Public Hydrogen (FPH2)–the First Public Hydrogen Utility, Axpo and partners launch further green hydrogen plant 13.12.2024 – A ground-breaking ceremony was held today by Axpo and its partner shareholders in the H2Uri company to mark the start of construction on a new... Hydrom and thyssenkrupp nucera Collaborate on Developing Oman’s Green Hydrogen Industry Hydrom and thyssenkrupp nucera sign Memorandum of Understanding to explore the potential of localization of assembly and service... DH2 Energy will invest 2,25 billion to develop 1,5 GW of green hydrogen in Extremadura In Extremadura, DH2 Energy’s most advanced project under development is the Raviza plant, located in the municipalities of...ALEXANDRIA, Va. (AP) — Google, already facing a possible breakup of the company over its ubiquitous search engine , is fighting to beat back another attack by the U.S. Department of Justice alleging monopolistic conduct, this time over technology that puts online advertising in front of consumers. The Justice Department and Google made closing arguments Monday in a trial alleging Google's advertising technology constitutes an illegal monopoly. U.S. District Judge Leonie Brinkema in Alexandria, Virginia, will decide the case and is expected to issue a written ruling by the end of the year. If Brinkema finds Google has engaged in illegal, monopolistic conduct, she will then hold further hearings to explore what remedies should be imposed. The Justice Department, along with a coalition of states, has already said it believes Google should be forced to sell off parts of its ad tech business, which generates tens of billions of dollars annually for the Mountain View, California-based company. After roughly a month of trial testimony earlier this year, the arguments in the case remain the same. During three hours of arguments Monday, Brinkema, who sometimes tips her hand during legal arguments, did little to indicate how she might rule. She did, though, question the applicability of a key antitrust case Google cites in its defense. The Justice Department contends Google built and maintained a monopoly in “open-web display advertising,” essentially the rectangular ads that appear on the top and right-hand side of the page when one browses websites. Google dominates all facets of the market. A technology called DoubleClick is used pervasively by news sites and other online publishers, while Google Ads maintains a cache of advertisers large and small looking to place their ads on the right webpage in front of the right consumer. In between is another Google product, AdExchange, that conducts nearly instantaneous auctions matching advertisers to publishers. In court papers, Justice Department lawyers say Google “is more concerned with acquiring and preserving its trifecta of monopolies than serving its own publisher and advertiser customers or winning on the merits.” As a result, content providers and news organizations have never been able to generate the online revenue they should due to Google’s excessive fees for brokering transactions between advertisers and publishers, the government says. Google argues the government's case improperly focuses on a narrow niche of online advertising. If one looks more broadly at online advertising to include social media, streaming TV services, and app-based advertising, Google says it controls as little as 10% of the market, a share that is dwindling as it faces increased and evolving competition. Google alleges in court papers that the government’s lawsuit “boil(s) down to the persistent complaints of a handful of Google’s rivals and several mammoth publishers.” Google also says it has invested billions in technology that facilitates the efficient match of advertisers to interested consumers and it should not be forced to share its technology and success with competitors. “Requiring a company to do further engineering work to make its technology and customers accessible by all of its competitors on their preferred terms has never been compelled by U.S. antitrust law,” the company wrote. Brinkema, during Monday's arguments, also sought clarity on Google’s market share, a number the two sides dispute, depending on how broadly the market is defined. Historically, courts have been unwilling to declare an illegal monopoly in markets in which a company holds less than a 70% market share. Google says that when online display advertising is viewed as a whole, it holds only a 10% market share, and dwindling. The Justice Department contends, though, that when focusing on open-web display advertising, Google controls 91% of the market for publisher ad servers and 87% of the market for advertiser ad networks. Google says that the “open web display advertising” market is gerrymandered by the Justice Department to make Google look bad, and that nobody in the industry looks at that category of ads without considering the ability of advertisers to switch to other forms of advertising, like in mobile apps. The Justice Department also contends that the public is harmed by the excessive rates Google charges to facilitate ad purchases, saying the company takes 36 cents on the dollar when it facilitates the transaction end to end. Google says its “take rate” has dropped to 31% and continues to decrease, and it says that rate is lower than that of its competitors. “When you have an integrated system, one of the benefits is lower prices," Google lawyer Karen Dunn said Monday. The Virginia case is separate from an ongoing lawsuit brought against Google in the District of Columbia over its namesake search engine. In that case, the judge determined it constitutes an illegal monopoly but has not decided what remedy to impose. The Justice Department said last week it will seek to force Google to sell its Chrome web browser , among a host of other penalties. Google has said the department's request is overkill and unhinged from legitimate regulation. In Monday's arguments, Justice Department lawyer Aaron Teitelbaum cited the search engine case when he highlighted an email from a Google executive, David Rosenblatt, who said in a 2009 email that Google’s goal was to “do to display what Google did to search," which Teitelbaum said showed the company's intent to achieve market dominance. “Google did not achieve its trifecta of monopolies by accident,” Teitelbaum said.The future of business is here, and it’s powered by artificial intelligence. BRISBANE, Australia , Dec. 14, 2024 /PRNewswire/ — Click Start Digital, a leader in e-commerce business solutions, has launched its new AI-Integrated Training Platform, designed to help entrepreneurs start and scale their online businesses with ease. This upgrade enhances its renowned training programs by integrating AI tools for market research, automation, and growth strategies. With over 13 years of expertise, Click Start Digital is revolutionizing the way entrepreneurs approach business, delivering smarter, faster results using cutting-edge technology. How to Launch Your E-Commerce Business Using AI Click Start Digital combines innovative AI tools with proven expertise to make launching an online store simple and effective. For those wondering how to start a business, the platform offers a transformative approach. From idea generation to scaling, entrepreneurs gain the knowledge, tools, and strategies they need to thrive in today’s competitive marketplace. What Sets Click Start Digital Apart? “Artificial intelligence is transforming how we do business, and we’re thrilled to bring this innovation to aspiring entrepreneurs,” says Samantha Hurst , founder of Click Start Digital. “With our training and tools, anyone can start an e-commerce business, simplify operations, and achieve results faster than ever.” Why AI is a Game-Changer for E-Commerce AI tools are reshaping business operations with benefits such as predictive analytics for high-demand products and automation for personalized customer experiences. With Click Start Digital, entrepreneurs can: Click Start Digital ensures that starting an e-commerce business is not just possible but sustainable with the power of AI. About Click Start Digital For over a decade, Click Start Digital has helped entrepreneurs launch and grow successful e-commerce businesses. Combining bespoke websites, AI-powered tools, and expert support, it has become a trusted partner for thousands turning their business dreams into reality. To learn more, visit Click Start Digital . View original content: https://www.prnewswire.com/apac/news-releases/how-to-start-an-e-commerce-business-using-ai-302331732.html SOURCE Click Start Digital
Gov. Maura Healey asked, the Legislature delivered. Healey called on the Legislature, which had failed to complete work on two key pieces of legislation during a messy, late-summer end to formal lawmaking, to return to work to tie off a massive jobs package and energy reform proposal that the first-term Democrat argued were critical to making Massachusetts more competitive amid skyrocketing costs of living. But just don’t call the move political pressure. “I didn’t see it as pressure at all because I knew that there was a strong shared interest and commitment on the part of both the House and the Senate to get this legislation done,” Healey told the Herald this past week by phone as she was traveling in Washington, D.C. “While we ran out of time at the end of formal session, we all knew there were ways to continue to work together and get this done.” Hindsight could be 20-20 for the governor. Top Democratic leaders had just finished pointing fingers at each other and trading blame over whose fault it really was that the policy-packed $4 billion economic development and climate bills had succumbed to inter-chamber disagreements during the early morning hours of Aug. 1. Rep. Aaron Michlewitz, the House’s top budget writer and lead negotiator on the jobs bill, did not mince words that morning. “There was just no engagement. We kept trying and trying and trying and just ran against brick walls. And eventually, we had to stop running into the brick wall. So here we are,” the North End Democrat told bleary-eyed reporters after a 23-hour marathon session. Senate President Karen Spilka chalked up the chaotic end to the “complex” nature of the jobs and climate bills. “You can make blame, but that gets us nowhere. I believe that these are complex bills. They take a lot of time and energy, and I’m proud of the Senate (for) rolling up their sleeves and working hard,” the Ashland Democrat said later that same day. Just 32 hours later, Healey publicly flexed her political muscles on the Legislature for one of the first times to push the two chambers back to work amid a chorus of disappointment from on and off Beacon Hill. In a statement sent the afternoon of Aug. 2, Healey said the jobs bill was “absolutely essential” for economic growth. Several days later she would add the climate bill to her fall legislative wish list. “To that end, I am imploring the Senate and House to return as soon as possible and work together with me and my team to get this done. The people of Massachusetts deserve it and are counting on us,” she said in the Aug. 2 statement. House Speaker Ron Mariano and Spilka agreed in less than two hours to return to work sometime during the five-month stretch between the start of August and the end of session in December when lawmakers typically focus on their reelections and then go on break from major business. And because they did, Healey inked her signature just over three months later to both the economic development and climate bills — though she said she’s “not claiming any credit for helping folks come to an agreement .” The governor said administration officials and top lawmakers were in the middle of “ongoing discussions” as formal business was winding down for the year at the end of July. “My expectation and understanding was that we were going to continue to talk and try to work on things even though the formal session had closed,” she told the Herald. “I wasn’t surprised when they came back and ... my position was, we always were at the ready to continue to work on things to get this done and signed up.” It could be the last time Healey has to deal with the pesky July deadline that quickly creeps up on lawmakers during the second year of their two-year session. Mariano and Spilka have said they are willing to rework the major due date that was first implemented in the 1990s to prevent legislators from passing policies after voters decide their political fate on Election Day. “I think it is time that we sort of reassess the difficulties that we had this year and ways that we can maybe improve and not have a repeat performance that necessitates us going to the end of the year,” Mariano said earlier this month. ©2024 MediaNews Group, Inc. Visit at bostonherald.com . Distributed by Tribune Content Agency, LLC.
Daily Post Nigeria Northern group praises Senate for stepping down confirmation of NWDC board Home News Politics Metro Entertainment Sport News Northern group praises Senate for stepping down confirmation of NWDC board Published on November 24, 2024 By Amos Tauna The Northern Christian Youth Professionals, NCYP, has expressed delight with the Senate for stepping down the confirmation of the appointments of the governing board of the newly established North West Development Commission. DAILY POST reports that the NCYP, the Middle Belt Forum, MBF, and other stakeholders from the North West region have vehemently condemned the composition of the newly established North West Development Commission’s board of directors. A statement issued on Sunday evening by the chairman of the group, Isaac Abrak, said: “The Northern Christian Youth Professionals commend the Senate, led by Sen. Godswill Akpabio and his deputy, Sen. Barau Jibril, for stepping down the confirmation of the appointments of the Governing Board of the newly established North West Development Commission’s board of directors.” He explained that the decision made on November 19 of not confirming the appointments of the governing board of the commission demonstrates the Senate’s commitment to fair representation and equity in the region. According to Abrak: “We believe this move was made in good faith to enable President Bola Ahmed Tinubu to include Christians on the board, ensuring diverse representation.” The group urged the President to engage in thorough consultations with Christian leaders and stakeholders in the region to select credible individuals for the board to ensure fairness for all sections to be represented. The chairman stated that appointing the right people is crucial, not only for Christians in the region but for the entire population, saying that they have faith in President Tinubu’s leadership, knowing his penchant for consultation and selecting capable individuals. “We assure the President of our continued support and encourage our people and all Nigerians to do the same as his regime works towards improving living conditions across the country,” the statement explained. Related Topics: NWDC senate Don't Miss You’re in challenging part of your career — Civil service boss warns new directors You may like Approval of new tertiary institutions to ensure educational accessibility – Senate Tinubu asks Senate to confirm Oluyede as Chief of Army Staff Why we passed the RMAFC Bill – Nigerian Senate Senate confirms Oloworaran PenCom Director General Senate gives nod for Tinubu’s N1.767trn loan request Senate confirms Oloworaran as Director General of PENCOM Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media LtdReaders offer their tips on biting nails
Third quarter total revenue of $1,177.5 million , up 3.6% year over year as reported and in constant currency Third quarter Enterprise revenue of $698.9 million , up 5.8% year over year Third quarter GAAP operating margin of 15.5% and non-GAAP operating margin of 38.9% Number of customers contributing more than $100,000 in trailing 12 months revenue up 7.1% year over year Repurchased approximately 4.4 million shares of common stock in third quarter Increased total common stock repurchase authorization by $1.2 billion, resulting in approximately $2.0 billion remaining to be repurchased SAN JOSE, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Zoom Communications, Inc. ZM today announced financial results for the third fiscal quarter ended October 31, 2024. On November 25, 2024, the company changed its corporate name from Zoom Video Communications, Inc. to Zoom Communications, Inc. "At Zoomtopia we announced major milestones such as AI Companion 2.0 and paid add-ons for AI Companion and industry-specific AI customization, further cementing our vision to deliver a differentiated AI-first work platform that empowers customers to achieve more than ever," said Eric S. Yuan, Zoom founder and CEO. "In Q3, we were pleased to see revenue and enterprise revenue growth improve to approximately 4% and 6% year over year, respectively, and Online monthly average churn reach an all-time low of 2.7%. Additionally, Zoom Contact Center set a record with an over 20,000-seat deal in EMEA, and Workvivo secured its largest deal ever with a Fortune 10 company, showing our success in landing and expanding with global enterprises that recognize the promise of our integrated Workplace and Business Services platform." Third Quarter Fiscal Year 2025 Financial Highlights: Revenue: Total revenue for the third quarter was $1,177.5 million, up 3.6% year over year. Adjusting for foreign currency impact, revenue in constant currency was $1,177.3 million, up 3.6% year over year. Enterprise revenue was $698.9 million, up 5.8% year over year, and Online revenue was $478.7 million, flat year over year. Income from Operations and Operating Margin: GAAP income from operations for the third quarter was $182.8 million, compared to GAAP income from operations of $169.4 million in the third quarter of fiscal year 2024. Non-GAAP income from operations, which adjusts for stock-based compensation expense and related payroll taxes, acquisition-related expenses, and litigation settlements, net, was $457.8 million for the third quarter, compared to non-GAAP income from operations of $447.1 million in the third quarter of fiscal year 2024. For the third quarter, GAAP operating margin was 15.5% and non-GAAP operating margin was 38.9%. Net Income and Diluted Net Income Per Share: GAAP net income for the third quarter was $207.1 million, or $0.66 per share, compared to GAAP net income of $141.2 million, or $0.45 per share, in the third quarter of fiscal year 2024. Non-GAAP net income, which adjusts for stock-based compensation expense and related payroll taxes, gains on strategic investments, net, acquisition-related expenses, litigation settlements, net, and the tax effects on non-GAAP adjustments, was $435.1 million for the third quarter. Non-GAAP net income per share was $1.38. In the third quarter of fiscal year 2024, non-GAAP net income was $401.2 million, or $1.29 per share. Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of October 31, 2024 was $7.7 billion. Cash Flow: Net cash provided by operating activities was $483.2 million for the third quarter, compared to $493.2 million in the third quarter of fiscal year 2024, down 2.0% year over year. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $457.7 million, compared to $453.2 million in the third quarter of fiscal year 2024, up 1.0% year over year. Customer Metrics: Drivers of total revenue included acquiring new customers. At the end of the third quarter of fiscal year 2025, Zoom had: 3,995 customers contributing more than $100,000 in trailing 12 months revenue, up 7.1% from the same quarter last fiscal year. Approximately 192,400 Enterprise customers. A trailing 12-month net dollar expansion rate for Enterprise customers of 98%. Online average monthly churn of 2.7% for the third quarter, down 30 bps from the same quarter last fiscal year. The percentage of total Online MRR from Online customers with a continual term of service of at least 16 months was 74.1%, up 90 bps year over year. Financial Outlook: Zoom is providing the following guidance for its fourth quarter of fiscal year 2025 and its full fiscal year 2025. Fourth Quarter Fiscal Year 2025: Total revenue is expected to be between $1.175 billion and $1.180 billion and revenue in constant currency is expected to be between $1.174 billion and $1.179 billion. Non-GAAP income from operations is expected to be between $443.0 million and $448.0 million. Non-GAAP diluted EPS is expected to be between $1.29 and $1.30 with approximately 315 million weighted average shares outstanding. Full Fiscal Year 2025: Total revenue is expected to be between $4.656 billion and $4.661 billion and revenue in constant currency is expected to be between $4.661 billion and $4.666 billion. Full fiscal year non-GAAP income from operations is expected to be between $1.813 billion and $1.818 billion. Full fiscal year non-GAAP diluted EPS is expected to be between $5.41 and $5.43 with approximately 315 million weighted average shares outstanding. Full fiscal year free cash flow is expected to be between $1.580 billion and $1.620 billion. The EPS and share count figures do not include the impact from the share repurchase authorization discussed below. Additional information on Zoom's reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom's results computed in accordance with GAAP. A supplemental financial presentation and other information can be accessed through Zoom's investor relations website at investors.zoom.us. Stock Repurchase Authorization: In November 2024, Zoom's Board of Directors authorized the repurchase of an additional $1.2 billion of Zoom's outstanding Class A common stock. This authorization is in addition to the amount remaining under the prior authorization for the share repurchase program, for a total of approximately $2.0 billion remaining to be repurchased. Repurchases of Zoom's Class A common stock may be effected, from time to time, either on the open market (including pre-set trading plans), in privately negotiated transactions, and other transactions in accordance with applicable securities laws. The timing and the amount of any repurchased Class A common stock will be determined by Zoom's management based on its evaluation of market conditions and other factors. The repurchase program will be funded using Zoom's working capital. Any repurchased shares of Class A common stock will be retired. The repurchase program does not obligate Zoom to acquire any particular amount of Class A common stock, and the repurchase program may be suspended or discontinued at any time at Zoom's discretion. Zoom Video Earnings Call Zoom will host a Zoom Video Webinar for investors on November 25, 2024 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the company's financial results, business highlights and financial outlook. Investors are invited to join the Zoom Video Webinar by visiting: https://investors.zoom.us/ About Zoom Zoom's mission is to provide one platform that delivers limitless human connection. Reimagine teamwork with Zoom Workplace — Zoom's open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom's Business Services for sales, marketing, and customer care teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded ZM and headquartered in San Jose, California. Get more information at zoom.com. Forward-Looking Statements This press release contains express and implied "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom's financial outlook for the fourth quarter of fiscal year 2025 and full fiscal year 2025, Zoom's market position, opportunities, and growth strategy, product initiatives, including future product and feature releases, go-to-market motions and the expected benefits resulting from the same, market trends, and Zoom's stock repurchase program. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our limited operating history, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including inflation and market volatility, lengthened sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in our most recent filings with the Securities and Exchange Commission (the "SEC"), including our quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Non-GAAP Financial Measures Zoom has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoom's financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Zoom's condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom's historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Non-GAAP Income from Operations and Non-GAAP Operating Margin. Zoom defines non-GAAP income from operations as income from operations excluding stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and litigation settlements, net. Zoom excludes stock-based compensation expense because it is non-cash in nature and excluding this expense provides meaningful supplemental information regarding Zoom's operational performance and allows investors the ability to make more meaningful comparisons between Zoom's operating results and those of other companies. Zoom excludes the amount of employer payroll taxes related to employee stock plans, which is a cash expense, in order for investors to see the full effect that excluding stock-based compensation expense had on Zoom's operating results. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate to the operation of the business. Zoom views acquisition-related expenses when applicable, such as amortization of acquired intangible assets, transaction costs, and acquisition-related retention payments that are directly related to business combinations as events that are not necessarily reflective of operational performance during a period. Restructuring expenses are expenses associated with a formal restructuring plan and may include employee notice period costs, severance payments, and other related expenses. Zoom excludes these restructuring expenses because they are distinct from ongoing operational costs and Zoom does not believe they are reflective of current and expected future business performance and operating results. Zoom excludes significant litigation settlements, net of amounts covered by insurance, that we deem not to be in the ordinary course of our business. In fact, Zoom believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods that may or may not include such expenses and assist in the comparison with the results of other companies in the industry. Zoom defines non-GAAP operating margin as non-GAAP income from operations divided by GAAP revenue. Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income as GAAP net income adjusted to exclude stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, gains/losses on strategic investments, net, litigation settlements, net, and the tax effects of all non-GAAP adjustments. Zoom excludes these items because they are considered by management to be outside of Zoom's core operating results. These adjustments are intended to provide investors and management with greater visibility to the underlying performance of Zoom's business operations, facilitate comparison of its results with other periods, and may also facilitate comparison with the results of other companies in the industry. Zoom defines non-GAAP net income per share, basic and diluted, as non-GAAP net income divided by the number of shares outstanding, basic and diluted, calculated in accordance with GAAP. Free Cash Flow and Free Cash Flow Margin. Zoom defines free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Zoom defines free cash flow margin as free cash flow divided by GAAP revenue. Revenue in Constant Currency. Zoom defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. Zoom provides revenue in constant currency information as a framework for assessing how Zoom's underlying businesses performed period to period, excluding the effects of foreign currency fluctuations. Customer Metrics Zoom defines a customer as a separate and distinct buying entity, which can be a single paid user or an organization of any size (including a distinct unit of an organization) that has multiple users. Zoom defines Enterprise customers as distinct business units that have been engaged by either our direct sales team, resellers, or strategic partners. All other customers that subscribe to our services directly through our website are referred to as Online customers. Zoom calculates net dollar expansion rate as of a period end by starting with the annual recurring revenue ("ARR") from Enterprise customers as of 12 months prior ("Prior Period ARR"). Zoom defines ARR as the annualized revenue run rate of subscription agreements from all customers at a point in time. Zoom calculates ARR by taking the monthly recurring revenue ("MRR") and multiplying it by 12. MRR is defined as the recurring revenue run-rate of subscription agreements from all Enterprise customers for the last month of the period, including revenue from monthly subscribers who have not provided any indication that they intend to cancel their subscriptions. Zoom then calculates the ARR from these Enterprise customers as of the current period end ("Current Period ARR"), which includes any upsells, contraction, and attrition. Zoom divides the Current Period ARR by the Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12 months calculation, Zoom takes an average of the net dollar expansion rate over the trailing 12 months. Zoom calculates online average monthly churn by starting with the Online customer MRR as of the beginning of the applicable quarter ("Entry MRR"). Zoom defines Entry MRR as the recurring revenue run-rate of subscription agreements from all Online customers except for subscriptions that Zoom recorded as churn in a previous quarter based on the customers' earlier indication to us of their intention to cancel that subscription. Zoom then determines the MRR related to customers who canceled or downgraded their subscription or notified us of that intention during the applicable quarter ("Applicable Quarter MRR Churn") and divides the Applicable Quarter MRR Churn by the applicable quarter Entry MRR to arrive at the MRR churn rate for Online Customers for the applicable quarter. Zoom then divides that amount by three to calculate the online average monthly churn. Public Relations Colleen Rodriguez Head of Global Public Relations press@zoom.us Investor Relations Charles Eveslage Head of Investor Relations investors@zoom.us Zoom Communications, Inc. Condensed Consolidated Balance Sheets (In thousands) As of October 31, 2024 January 31, 2024 Assets (unaudited) Current assets: Cash and cash equivalents $ 1,273,823 $ 1,558,252 Marketable securities 6,428,214 5,404,233 Accounts receivable, net 458,007 536,078 Deferred contract acquisition costs, current 189,874 208,474 Prepaid expenses and other current assets 182,497 219,182 Total current assets 8,532,415 7,926,219 Deferred contract acquisition costs, noncurrent 113,079 138,724 Property and equipment, net 340,750 293,704 Operating lease right-of-use assets 56,878 58,975 Strategic investments 444,653 409,222 Goodwill 307,295 307,295 Deferred tax assets 730,601 662,177 Other assets, noncurrent 154,198 133,477 Total assets $ 10,679,869 $ 9,929,793 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 8,542 $ 10,175 Accrued expenses and other current liabilities 481,492 500,164 Deferred revenue, current 1,363,392 1,251,848 Total current liabilities 1,853,426 1,762,187 Deferred revenue, noncurrent 15,559 18,514 Operating lease liabilities, noncurrent 37,590 48,308 Other liabilities, noncurrent 93,460 81,378 Total liabilities 2,000,035 1,910,387 Stockholders' equity: Common stock 306 307 Additional paid-in capital 5,241,088 5,228,756 Accumulated other comprehensive (loss) income 6,787 1,063 Retained earnings 3,431,653 2,789,280 Total stockholders' equity 8,679,834 8,019,406 Total liabilities and stockholders' equity $ 10,679,869 $ 9,929,793 Note: The amount of unbilled accounts receivable included within accounts receivable, net on the condensed consolidated balance sheets was $122.6 million and $124.8 million as of October 31, 2024 and January 31, 2024, respectively. Zoom Communications, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except share and per share amounts) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue $ 1,177,541 $ 1,136,727 $ 3,481,295 $ 3,380,767 Cost of revenue 283,881 270,988 842,272 801,494 Gross profit 893,660 865,739 2,639,023 2,579,273 Operating expenses: Research and development 222,980 196,832 635,294 597,905 Sales and marketing 361,703 374,378 1,068,481 1,170,255 General and administrative 126,137 125,140 347,016 454,364 Total operating expenses 710,820 696,350 2,050,791 2,222,524 Income from operations 182,840 169,389 588,232 356,749 Gains on strategic investments, net 6,324 (25,471 ) 26,785 8,474 Other income, net 91,248 41,908 250,248 114,206 Income before provision for income taxes 280,412 185,826 865,265 479,429 Provision for income taxes 73,362 44,614 222,892 140,799 Net income 207,050 141,212 642,373 338,630 Net income per share: Basic $ 0.67 $ 0.47 $ 2.08 $ 1.13 Diluted $ 0.66 $ 0.45 $ 2.04 $ 1.10 Weighted-average shares used in computing net income per share: Basic 307,529,696 302,493,182 308,443,893 299,037,999 Diluted 314,191,269 310,389,905 314,514,244 306,852,190 Zoom Communications, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cash flows from operating activities: Net income $ 207,050 $ 141,212 $ 642,373 $ 338,630 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation expense 240,995 258,934 708,370 802,788 Amortization of deferred contract acquisition costs 71,227 65,164 211,040 203,908 Depreciation and amortization 32,290 26,977 88,041 77,179 Deferred income taxes (14,269 ) 6,081 (72,135 ) 20,056 (Gains) losses on strategic investments, net (6,324 ) 25,471 (26,785 ) (8,474 ) Provision for accounts receivable allowances 4,521 6,858 17,039 29,062 Unrealized foreign exchange (gains) losses (2,428 ) 18,598 4,801 23,281 Non-cash operating lease cost 5,904 5,184 17,861 15,841 Amortization of discount/premium on marketable securities (18,925 ) (15,293 ) (54,765 ) (33,307 ) Other 4,643 (1,836 ) 3,418 (5,251 ) Changes in operating assets and liabilities: Accounts receivable 66,635 58,362 74,272 71,993 Prepaid expenses and other assets (66,789 ) (40,567 ) (5,754 ) (124,455 ) Deferred contract acquisition costs (56,076 ) (53,427 ) (166,795 ) (146,354 ) Accounts payable (1,714 ) (7,257 ) (1,447 ) (2,258 ) Accrued expenses and other liabilities 50,999 58,936 (2,968 ) (15 ) Deferred revenue (27,381 ) (54,414 ) 106,248 1,918 Operating lease liabilities, net (7,141 ) (5,830 ) (22,072 ) (16,931 ) Net cash provided by operating activities 483,217 493,153 1,520,742 1,247,611 Cash flows from investing activities: Purchases of marketable securities (1,520,851 ) (1,137,431 ) (3,702,166 ) (2,963,597 ) Maturities of marketable securities 1,046,249 814,958 2,690,418 2,358,078 Sales of marketable securities 47,482 — 47,482 — Purchases of property and equipment (25,484 ) (39,987 ) (128,226 ) (108,413 ) Purchases of strategic investments — (1,800 ) (13,500 ) (52,800 ) Proceeds from strategic investments 200 — 4,854 107,244 Cash paid for acquisition, net of cash acquired — — — (204,918 ) Net cash used in investing activities (452,404 ) (364,260 ) (1,101,138 ) (864,406 ) Cash flows from financing activities: Proceeds from exercise of stock options 1,897 650 3,752 8,336 Proceeds from issuance of common stock for employee stock purchase plan — — 34,263 32,513 Proceeds from employee equity transactions (remitted) to be remitted to employees and tax authorities, net (669 ) (6,156 ) 2,190 (4,897 ) Cash paid for repurchases of common stock (301,618 ) — (739,311 ) — Net cash (used in) provided by financing activities (300,390 ) (5,506 ) (699,106 ) 35,952 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 3,126 (17,492 ) (3,020 ) (21,273 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (266,451 ) 105,895 (282,522 ) 397,884 Cash, cash equivalents, and restricted cash – beginning of period 1,549,309 1,392,232 1,565,380 1,100,243 Cash, cash equivalents, and restricted cash – end of period $ 1,282,858 $ 1,498,127 $ 1,282,858 $ 1,498,127 Zoom Communications, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in thousands, except share and per share amounts) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 GAAP income from operations $ 182,840 $ 169,389 $ 588,232 $ 356,749 Add: Stock-based compensation expense and related payroll taxes 246,764 266,090 733,749 813,458 Litigation settlements, net 18,000 — 16,250 52,500 Acquisition-related expenses 10,190 11,660 31,702 35,439 Restructuring expenses — — — 72,993 Non-GAAP income from operations $ 457,794 $ 447,139 $ 1,369,933 $ 1,331,139 GAAP operating margin 15.5 % 14.9 % 16.9 % 10.6 % Non-GAAP operating margin 38.9 % 39.3 % 39.4 % 39.4 % GAAP net income $ 207,050 $ 141,212 $ 642,373 $ 338,630 Add: Stock-based compensation expense and related payroll taxes 246,764 266,090 733,749 813,458 Litigation settlements, net 18,000 — 16,250 52,500 (Gains) losses on strategic investments, net (6,324 ) 25,471 (26,785 ) (8,474 ) Acquisition-related expenses 10,190 11,660 31,702 35,439 Restructuring expenses — — — 72,993 Tax effects on non-GAAP adjustments (40,614 ) (43,197 ) (99,484 ) (140,494 ) Non-GAAP net income $ 435,066 $ 401,236 $ 1,297,805 $ 1,164,052 Net income per share - basic and diluted: GAAP net income per share - basic $ 0.67 $ 0.47 $ 2.08 $ 1.13 Non-GAAP net income per share - basic $ 1.41 $ 1.33 $ 4.21 $ 3.89 GAAP net income per share - diluted $ 0.66 $ 0.45 $ 2.04 $ 1.10 Non-GAAP net income per share - diluted $ 1.38 $ 1.29 $ 4.13 $ 3.79 GAAP and non-GAAP weighted-average shares used to compute net income per share - basic 307,529,696 302,493,182 308,443,893 299,037,999 GAAP and non-GAAP weighted-average shares used to compute net income per share - diluted 314,191,269 310,389,905 314,514,244 306,852,190 Net cash provided by operating activities $ 483,217 $ 493,153 $ 1,520,742 $ 1,247,611 Less: Purchases of property and equipment (25,484 ) (39,987 ) (128,226 ) (108,413 ) Free cash flow (non-GAAP) $ 457,733 $ 453,166 $ 1,392,516 $ 1,139,198 Net cash used in investing activities $ (452,404 ) $ (364,260 ) $ (1,101,138 ) $ (864,406 ) Net cash (used in) provided by financing activities $ (300,390 ) $ (5,506 ) $ (699,106 ) $ 35,952 Operating cash flow margin (GAAP) 41.0 % 43.4 % 43.7 % 36.9 % Free cash flow margin (non-GAAP) 38.9 % 39.9 % 40.0 % 33.7 % Three Months Ended October 31, Nine Months Ended October 31, 2024 2024 Revenue YoY Revenue Growth (%) Revenue YoY Revenue Growth (%) GAAP revenue $ 1,177,541 3.6 % $ 3,481,295 3.0 % Add: Constant currency impact (213 ) — % 5,710 0.1 % Revenue in constant currency (non-GAAP) 1,177,328 3.6 % 3,487,005 3.1 % © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Membrane Bioreactor Market: Set to Reach $30.92B by 2030, 5.5% CAGRWheel of Fortune contestants regularly whiff their bonus puzzles, but the winner of Monday, December 2’s episode was in for a particularly heartbreaking spin. Her additional letter choices added ZERO letters to a tricky puzzle, which was even more shocking since she had the advantage of a Wild Card wedge. The tough break involved Kelsey Sowders, a mom of three and steak/wine savant from Tomball, Texas. After an astounding performance, she proceeded to the coveted bonus round, having racked up $40,398 in cash, a prize trip to Japan, and the elusive Wild Card. This meant she got to pick five additional letters instead of four, which often spells success. Selecting “What are You Doing?” as her category, with the off-side support of her eldest son Grant and husband, Sowders joined Ryan Seacrest center stage. She landed on the star portion of the wheel, and the host assured, “Perhaps it’s good luck.” “I hope so,” Sowders said. The two-word puzzle read as “_EE_N_’ ‘_ _ S_,’ and she chose an additional “MFDA,” and H.” However, Vanna White didn’t move an inch as the letter choices were useless, making the puzzle very difficult. “Oh no!” Sowders exclaimed in disappointment. She went through the five stages of grief, staring in disbelief, blowing a raspberry in frustration, and recollecting herself. Seacrest wished her the best, “You’re doing great so far tonight.” But the cruel twist of fate left Sowder unable to solve the puzzle under the 10-second timer, which ended up being “KEEPING BUSY.” She was close, even able to get the first word, but nowhere near the second. “Oh no!” Sowders exclaimed once more as the full puzzle was displayed. Then, cutting back to the contestant and Seacrest, the second dagger came. The host revealed from his prize card contained $75,000 and she hid her face from it. “I don’t want to see that,” she said as Seacrest winced at the camera. “Don’t worry,” the host told her as she emotionally recovered and told him, “That’s okay.” The game show shared the big miss on YouTube, where fans expressed their shock and empathized with the player’s reaction. “That was a tough one. I didn’t get it either. Props to her for getting the first word right, but that second word was tricky as hell. I’m glad she’s not walking away empty-handed, though. She still won up until that point and nobody can take that from her,” one fan wrote. “Impossible without the right letter choices. Been a few of those this season,” wrote another. “If she would have won, she would have won over $100,000 cash without actually landing on the envelope! That’s really disappointing. Also, the fact that she had 5 letters but didn’t get a single one?! Should I be disappointed or impressed?” asked a third. “Ouch!” wrote a fourth. “You don’t see $75,000 all that often!” Meanwhile , Seacrest had huge shoes to fill replacing the legendary Pat Sajak after four decades for Season 42. His debut month was the strongest ratings month for WoF in the past three years, and viewers were already treated to a viral moment (via a round of sausage) . That said, there have been some questionable host moments according to fans. In September, Seacrest suffered what fans dubbed his “first blooper” , involving a delayed reaction to rewarding a bonus round. Fans also called out the host for ruling against another player before the timer was up. Most controversially, fans recently called out the host for not reminding a player to pick a letter , leading to him losing the game in a misunderstanding and by a mere $147. Another puzzling pattern has emerged, which is that no player has won the bonus round in a full week , many fans blaming the players, not the host. As for Sowders, another contestant recently botched their bonus puzzle in a similar way after choosing poor letters, but in that instance, they didn’t have the boost of the Wild Card wedge. Wheel of Fortune , Weeknights, Check your local listings More Headlines:LSU outlasts UCF 109-102 in triple-OT affair
Sony Aims to Dethrone Nintendo with New Portable PlayStationLAS VEGAS -- After securing his fourth world championship at the age of just 27, has firmly entered 's greatest of all time debate. He is now in exalted company. Only Juan Manuel Fangio, Alain Prost, Michael Schumacher, Sebastian Vettel and had won four championships. Verstappen's next goal is to join Fangio, Schumacher and Hamilton as a winner of five -- if he did it next year, he would emulate Schumacher in winning five consecutively. The Dutchman's record-breaking 2023 season had already firmly established this decade as the Verstappen Era, but his follow-up in 2024 was special for a number of reasons. Verstappen won seven of the first 10 races, seeming ready to cruise to his fourth title before Red Bull's campaign began to crumble, with an increasingly erratic car, and the rise of McLaren in the middle of the season. This was when Verstappen showed his mettle, though, extracting important performances from the car at every weekend and then in the pouring rain in the São Paulo Grand Prix to move himself to the brink. That Interlagos performance, which saw him race from 17th on the grid to victory, was a feather in the cap. F1's other candidates for the GOAT also have had career-defining performances in similar conditions: three-time world champion Ayrton Senna, considered by many to be F1's greatest ever, had Monaco 1984 and Donington 1992; Schumacher had Spain 1996; and Hamilton had Silverstone 2008. Verstappen's career now checks multiple boxes. A title against another all-time great, Hamilton, in 2021. Two dominant seasons in an unmatched car. And now a championship with a car that you can consider to have been inferior for much of the season. Few drivers can point to all three of those types of championship-winning campaigns, and that is why 2024 has been so significant to Verstappen's legacy. Dominant Formula 1 winners always have to deal with the suggestion that they are the benefactors of a great car. If that were the case, teams like Red Bull would pay average drivers a lot less money than they are paying Verstappen. There is a reason teams always want a superstar driver. This subject is something that has irked Verstappen recently. He took a playful (but clearly thought-out) jab at McLaren CEO Zak Brown, who earlier this year claimed seven or eight current drivers could win the title in the Dutchman's Red Bull. Verstappen went on to claim if he were driving Brown's McLaren, which doubled up as a dig at title rival . "Last year I had a dominant car but I always felt not everyone appreciated what we achieved as a team. Of course the car was dominant, but it wasn't as dominant as people thought it was," Verstappen said in Las Vegas. "I will always look back at it because, even if in places we didn't have the best setup in the races, we were still capable to win races because the car was quite strong. But I am also very proud of this season because for most of it -- I would say for 70% -- we didn't have the fastest car, but actually we still extended our lead, so that is something I am very proud of." Fans and pundits can get into the weeds of who had the best car where until the end of time, but Verstappen is right to say his car did not look like a title-winning one for much of the year. Norris has been criticised for failing to properly use the strength of his McLaren at various points in the season, and it was that contrast to Verstappen that proved most telling. Another mark of the new four-time world champion's greatness can be seen by looking at the other side of the Red Bull garage. Much has been made of 's abysmal form in the second RB20, but plenty within the team feel the car is likely somewhere between his and Verstappen's performances; there is a suggestion that one driver is overperforming and the other is underperforming. Verstappen's reputation as a teammate killer is well founded and is built on his incredible ability to drive just about anything beyond the limits of what other drivers might be able to. That's why 2024 felt like the cherry on top of his achievements so far: he wasn't just beating a teammate to the title, he was battling an erratic car against quickly improving rivals. At this stage, it's hard to imagine Verstappen retiring as just a four-time world champion. McLaren, Ferrari and Mercedes will take renewed hope of challenging for the drivers' title in 2025, but this season has demonstrated that Verstappen is the driver to beat, regardless of where his car is in the competitive order. While at times this year -- something that was true of other GOAT candidates, including Senna and Schumacher -- it is difficult to find times when Verstappen has made unforced errors. Most worryingly of all for his rivals is that, in the decade since he made his debut as a 17-year-old, he appears to have gained the wisdom to settle for second, fourth or sixth when he needs to. Is Verstappen the GOAT? Assigning GOAT status to anyone is circumstantial and subjective and often suffers from recency bias. Some sports have obvious candidates for how they completely reshaped the game they played, like Michael Jordan. Some were utterly unmatched by their peers, like Serena Williams or Wayne Gretzky. Others, like Lionel Messi or Cristiano Ronaldo, divide opinion but stand alone in the argument. While it is always difficult and slightly unfair to compare different eras, with standards of play and professionalism improving with every decade that passes, Formula 1 has an added layer of complexity to it. The best example of this is to compare the greats of today with Fangio, the legend of the 1950s. The Argentine won five championships for four different teams in an era when a season would span fewer than 10 races -- the 2024 season will finish at 24. But there were more glaring differences as well. Fatality rates in F1 races during Fangio's day were awful, and that fact hung over drivers every time they stepped into the cockpit. That is not to say the same danger does not exist today, but safety standards have improved massively. The stats show that to be the case: 15 F1 drivers died in the 1950s, 14 in the 1960s, 12 in the 1970s, four in the 1980s and two in the 1990s. Jules Bianchi's death in 2015, from injuries sustained at the previous year's Japanese Grand Prix, remains the only one this millennium. Improved safety is not something to hold against modern drivers; it simply complicates trying to compare a Verstappen or Hamilton with someone of Fangio's era. There are many who saw Jim Clark race in the 1960s who felt he was the greatest ever. The Scot was killed in a Formula 2 race in 1968 as a two-time F1 champion but at the time of his death held the record for wins, pole positions and fastest laps. Enzo Ferrari considered Gilles Villeneuve, who died at the 1982 Belgian Grand Prix having not managed to win a title, as the best driver he ever saw race one of his famous cars. Senna is revered as one of the greatest, but his death at the 1994 San Marino Grand Prix stopped any chance of him adding to his three championships. The darker side of motor racing makes an easy debate on the topic difficult to have. It is not just the deaths, either. While the basic rules of a soccer game and the dimensions of a pitch have remained the same, Formula 1 is an ever-evolving championship. Rules change, cars change, safety standards change, even the circuits change. Technology's continued, rapid evolution is what allows the sport to change as often as it does. Senna, Prost and Schumacher raced in a time with limited data available to them. Drivers today have an almost-unbelievable amount of information at their fingertips: insights into their own performance and those of their teammates and rivals. You could use that to knock the modern generation, but there is a flip side to that. The modern batch of F1 racers compete in an era of significantly limited testing; gone are the days when Schumacher and Ferrari could travel home from a race and complete 300 laps the following day at the Fiorano test track in Maranello. The current budget cap has added another layer of difficulty drivers of old simply did not have to deal with: power units need to be managed to stretch over a long season, rather than dropping in a freshly built engine ahead of each grand prix, and crashes can now have a direct impact on what can be invested in development. The more you pull at the threads of different factors over the years, the more complicated it becomes to assign the "greatest" status to anyone. The outright greatest will always be subjective and often can be limited to whether you saw particular drivers competing at their best, but Verstappen is doing something few before him have done and is raising the bar every year he competes. There might even be greater talents on the horizon, but, like Schumacher and Hamilton before him, Verstappen continues to move the goalposts they'll be tasked with reaching Verstappen is also good enough that, in a few years, there might not even be a debate left to have. He has repeatedly spoken about not wanting to race into his late 30s, but in the here and now, he goes into 2025 as the favourite. Whether he is still racing with Red Bull in 2026 or beyond will be a fascinating narrative to follow in the coming seasons, and it is clear the best route to success for any team right now is to have Verstappen in the cockpit. That isn't going to change any time soon.
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