AP Player of the Week: Arizona State's Cam Skattebo put up big numbers again in Big 12 title gameMiddle East latest: Israel bombs new central areas of Beirut
Israel is carrying out its most intense wave of strikes on Lebanon's capital Beirut and its southern suburbs since the start of the 13-month war with Hezbollah, apparently signaling it aims to pummel the country in the final hours before any ceasefire takes hold. Israel's Prime Minister Benjamin Netanyahu gave a speech Tuesday evening saying he would ask his ministers to adopt a United States-brokered ceasefire agreement with Hezbollah. Less than an hour later, Israeli jets targeted a building in a bustling commercial area of Beirut and Israel's military issued new evacuation warnings, sending residents fleeing into the streets. Hezbollah also fired rockets into Israel, triggering air raid sirens across the country’s north. The ceasefire deal seeks to push Hezbollah and Israeli troops out of southern Lebanon. More than 3,760 people have been killed by Israeli fire in Lebanon the past 13 months, many of them civilians, according to Lebanese health officials. The bombardment has driven 1.2 million people from their homes. Hezbollah began attacking Israel on Oct. 8, 2023, a day after Hamas’ attack on southern Israel, in support of the Palestinian militant group. That has set off more than a year of fighting escalated into all-out war in September with massive Israeli airstrikes across Lebanon and an Israeli ground invasion of the country’s south. It’s not clear how the ceasefire will affect the Israel-Hamas war in Gaza, where more than 44,000 people have been killed and more than 104,000 wounded in the 13-month war between Israel and Hamas, according to Gaza’s Health Ministry. ——— Here's the Latest: WASHINGTON — Rep. Mike Waltz, President-elect Donald Trump’s designate to be national security adviser, credited Trump’s victory with helping bring the parties together toward a ceasefire in Lebanon. “Everyone is coming to the table because of President Trump,” he said in a post on X on Tuesday. “His resounding victory sent a clear message to the rest of the world that chaos won’t be tolerated. I’m glad to see concrete steps towards deescalation in the Middle East.” He added: “But let’s be clear: The Iran Regime is the root cause of the chaos & terror that has been unleashed across the region. We will not tolerate the status quo of their support for terrorism.” BEIRUT — Israeli jets targeted a building in a bustling commercial area of Beirut for the first time since the start of the 13-month war between Hezbollah and Israel. The strike on Hamra is around 400 meters (yards) from the country’s central bank. A separate strike hit the Mar Elias neighborhood in the country’s capital Tuesday. There was no immediate word on casualties from either strike, part of the biggest wave of attacks on the capital since the war started. Residents in central Beirut were seen fleeing after the Israeli army issued evacuation warnings for four targets in the city. Meanwhile, the Israeli army carried out airstrikes on at least 30 targets in Beirut’s southern suburbs Tuesday, including two strikes in the Jnah neighborhood near the Kuwaiti Embassy. Lebanon’s Health Ministry reported that 13 people were injured in the strikes on the southern suburbs. BEIRUT — Hezbollah has said it accepts the ceasefire proposal with Israel, but a senior official with the group said Tuesday that it had not seen the agreement in its final form. “After reviewing the agreement signed by the enemy government, we will see if there is a match between what we stated and what was agreed upon by the Lebanese officials,” Mahmoud Qamati, deputy chair of Hezbollah’s political council, told the Al Jazeera news network. “We want an end to the aggression, of course, but not at the expense of the sovereignty of the state.” of Lebanon, he said. “Any violation of sovereignty is refused.” Among the issues that may remain is an Israeli demand to reserve the right to act should Hezbollah violate its obligations under the emerging deal. The deal seeks to push Hezbollah and Israeli troops out of southern Lebanon. JERUSALEM — Israeli Prime Minister Benjamin Netanyahu said Tuesday that he would recommend his Cabinet adopt a United States-brokered ceasefire agreement with Lebanon’s Hezbollah, as Israeli warplanes struck across Lebanon, killing at least 23 people. The Israeli military also issued a flurry of evacuation warnings — a sign it was aiming to inflict punishment on Hezbollah down to the final moments before any ceasefire takes hold. For the first time in the conflict, Israeli ground troops reached parts of Lebanon’s Litani River, a focal point of the emerging deal. In a televised statement, Netanyahu said he would present the ceasefire to Cabinet ministers later on Tuesday, setting the stage for an end to nearly 14 months of fighting. Netanyahu said the vote was expected later Tuesday. It was not immediately clear when the ceasefire would go into effect, and the exact terms of the deal were not released. The deal does not affect Israel’s war against Hamas in Gaza, which shows no signs of ending. BEIRUT — Lebanon’s state media said Israeli strikes on Tuesday killed at least 10 people in Baalbek province the country’s east. At least three people were killed in the southern city of Tyre when Israel bombed a Palestinian refugee camp, said Mohammed Bikai, a representative of the Fatah group in the area. He said several more people were missing and at least three children were among the wounded. He said the sites struck inside the camp were “completely civilian places” and included a kitchen that was being used to cook food for displaced people. JERUSALEM — Dozens of Israeli protesters took to a major highway in Tel Aviv on Tuesday evening to call for the return of the hostages held by Hamas in Gaza, as the country awaited news of a potential ceasefire in Lebanon between Israel and Hezbollah. Protesters chanted “We are all hostages,” and “Deal now!” waving signs with faces of some of the roughly 100 hostages believed to be still held in Gaza, at least a third of whom are thought to be dead. Most of the other hostages Hamas captured in the Oct. 7, 2023 attack were released during a ceasefire last year. The prospect of a ceasefire deal in Lebanon has raised desperation among the relatives of captives still held in Gaza, who once hoped that the release of hostages from Gaza would be included. Instead of a comprehensive deal, the ceasefire on the table is instead narrowly confined to Lebanon. Dozens of Israelis were also demonstrating against the expected cease-fire, gathering outside Israel’s military headquarters in central Tel Aviv. One of the protesters, Yair Ansbacher, says the deal is merely a return to the failed 2006 U.N. resolution that was meant to uproot Hezbollah from the area. “Of course that didn’t happen,” he says. “This agreement is not worth the paper it is written on.” FIUGGI, Italy — Foreign ministers from the world’s industrialized countries said Tuesday they strongly supported an immediate ceasefire between Israel and Hezbollah and insisted that Israel comply with international law in its ongoing military operations in the region. At the end of their two-day summit, the ministers didn’t refer directly to the International Criminal Court and its recent arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former defense minister over crimes against humanity . Italy had put the ICC warrants on the official meeting agenda, even though the G7 was split on the issue. The U.S., Israel’s closest ally, isn’t a signatory to the court and has called the warrants “outrageous.” However, the EU’s chief diplomat Josep Borrell said all the other G7 countries were signatories and therefore obliged to respect the warrants. In the end, the final statement adopted by the ministers said Israel, in exercising its right to defend itself, “must fully comply with its obligations under international law in all circumstances, including international humanitarian law.” And it said all G7 members — Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – “reiterate our commitment to international humanitarian law and will comply with our respective obligations.” It stressed that “there can be no equivalence between the terrorist group Hamas and the State of Israel.” The ICC warrants say there's reason to believe Netanyahu used “starvation as a method of warfare” by restricting humanitarian aid and intentionally targeted civilians in Israel’s campaign against Hamas in Gaza — charges Israeli officials deny. BEIRUT — An Israeli strike on Tuesday levelled a residential building in the central Beirut district of Basta — the second time in recent days warplanes have hit the crowded area near the city’s downtown. At least seven people were killed and 37 wounded in Beirut, according to Lebanon’s Health Ministry. It was not immediately clear if anyone in particular was targeted, though Israel says its airstrikes target Hezbollah officials and assets. The Israeli military spokesman issued a flurry of evacuation warnings for many areas, including areas in Beirut that have not been targeted throughout the war, like the capital’s commercial Hamra district, where many people displaced by the war have been staying. The warnings, coupled with fear that Israel was ratcheting up attacks in Lebanon during the final hours before a ceasefire is reached, sparked panic and sent residents fleeing in their cars to safer areas. In areas close to Hamra, families including women and children were seen running away toward the Mediterranean Sea’s beaches carrying their belongings. Traffic was completely gridlocked as people tried to get away, honking their car horns as Israeli drones buzzed loudly overhead. The Israeli military also issued warnings for 20 more buildings in Beirut’s suburbs to evacuate before they too were struck — a sign it was aiming to inflict punishment on Hezbollah in the final moments before any ceasefire takes hold. TEL AVIV, Israel — The independent civilian commission of inquiry into the October 2023 Hamas attack on Israel has found Prime Minister Benjamin Netanyahu directly responsible for the failures leading up to the attack, alongside former defense ministers, the army chief and the heads of the security services. The civil commission presented its findings today after a four-month probe in which it heard some 120 witnesses. It was set up by relatives of victims of the Hamas attack, in response to the absence of any state probe. The commission determined that the Israeli government, its army and security services “failed in their primary mission of protecting the citizens of Israel.” It said Netanyahu was responsible for ignoring “repeated warnings” ahead of Oct. 7, 2023 for what it described as his appeasing approach over the years toward Hamas, and for “undermining all decision-making centers, including the cabinet and the National Security Council, in a way that prevented any serious discussion” on security issues. The commission further determined that the military and defense leaders bear blame for ignoring warnings from within the army, and for reducing the army’s presence along the Gaza border while relying excessively on technological means. On the day of the Hamas attack, the report says, the army’s response was both slow and lacking. The civil commission called for the immediate establishment of a state commission of inquiry into the Oct. 7 attack. Netanyahu has opposed launching a state commission of inquiry, arguing that such an investigation should begin only once the war is over. JERUSALEM -- The Israeli military says its ground troops have reached parts of Lebanon’s Litani River — a focal point of the emerging ceasefire. In a statement Tuesday, the army said it had reached the Wadi Slouqi area in southern Lebanon and clashed with Hezbollah forces. Under a proposed ceasefire, Hezbollah would be required to move its forces north of the Litani, which in some places is some 30 kilometers (20 miles) north of the Israeli border. The military says the clashes with Hezbollah took place on the eastern end of the Litani, just a few kilometers (miles) from the border. It is one of the deepest places Israeli forces have reached in a nearly two-month ground operation. The military says soldiers destroyed rocket launchers and missiles and engaged in “close-quarters combat” with Hezbollah forces. The announcement came hours before Israel’s security Cabinet is expected to approve a ceasefire that would end nearly 14 months of fighting. BEIRUT — Israeli jets Tuesday struck at least six buildings in Beirut’s southern suburbs Tuesday, including one that slammed near the country’s only airport. Large plumes of smoke could be seen around the airport near the Mediterranean coast, which has continued to function despite its location beside the densely populated suburbs where many of Hezbollah’s operations are based. The strikes come hours before Israel’s cabinet was scheduled to meet to discuss a proposal to end the fighting between Israel and Hezbollah. The proposal calls for an initial two-month ceasefire during which Israeli forces would withdraw from Lebanon and Hezbollah would end its armed presence along the southern border south of the Litani River. There were no immediate reports of casualties from Tuesday’s airstrikes. FIUGGI, Italy — EU top diplomat Josep Borrell, whose term ends Dec. 1, said he proposed to the G7 and Arab ministers who joined in talks on Monday that the U.N. Security Council take up a resolution specifically demanding humanitarian assistance reach Palestinians in Gaza, saying deliveries have been completely impeded. “The two-state solution will come later. Everything will come later. But we are talking about weeks or days,” for desperate Palestinians, he said. “Hunger has been used as an arm against people who are completely abandoned.” It was a reference to the main accusation levelled by the International Criminal Court in its arrest warrants against Israeli Prime Minister Benjamin Netanyahu and his former defense minister. Borrell said the signatories to the court, including six of the seven G7 members, are obliged under international law to respect and implement the court’s decisions. Host Italy put the ICC warrants on the G7 agenda at the last minute, but there was no consensus on the wording of how the G7 would respond given the U.S., Israel’s closest ally, has called the warrants “outrageous.” Italy, too, has said it respects the court but expressed concern that the warrants were politically motivated and ill-advised given Netanyahu is necessary for any deal to end the conflicts in Gaza and Lebanon. “Like it or not, the International Criminal Court is a court as powerful as any national court,” Borrell said. “And if the Europeans don’t support International Criminal Court then there would not be any hope for justice,” he said. Borrell, whose term ends Dec. 1, said he proposed to the G7 and Arab ministers who joined in talks on Monday that the U.N. Security Council take up a resolution specifically demanding humanitarian assistance reach Palestinians in Gaza, saying deliveries have been completely impeded. “The two-state solution will come later. Everything will come later. But we are talking about weeks or days,” for desperate Palestinians, he said. “Hunger has been used as an arm against people who are completely abandoned.” It was a reference to the main accusation levelled by the International Criminal Court in its arrest warrants against Israeli Prime Minister Benjamin Netanyahu and his former defense minister. Borrell said the signatories to the court, including six of the seven G7 members, are obliged under international law to respect and implement the court’s decisions. Host Italy put the ICC warrants on the G7 agenda at the last minute, but there was no consensus on the wording of how the G7 would respond given the U.S., Israel’s closest ally, has called the warrants “outrageous.” Italy, too, has said it respects the court but expressed concern that the warrants were politically motivated and ill-advised given Netanyahu is necessary for any deal to end the conflicts in Gaza and Lebanon. “Like it or not, the International Criminal Court is a court as powerful as any national court,” Borrell said. “And if the Europeans don’t support International Criminal Court then there would not be any hope for justice,” he said. (edited)
VANCOUVER, BC / ACCESSWIRE / December 23, 2024 / LQWD Technologies Corp. (TSXV:LQWD)(OTCQB:LQWDF) ("LQWD" or the "Company") is pleased to announce that it has closed its non-brokered private placement financing of CDN$3,000,000 (the "Private Placement"), which was previously announced on November 15, 2024. Under the Private Placement, the Company issued an aggregate of 2,000,000 units of the Company at a price of CDN$1.50 per unit to raise gross proceeds of CDN$3,000,000. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each full warrant is exercisable into one common share at an exercise price of CDN$2.00 per share at any time up to 18 months following the closing date of the Private Placement. The shares and warrants from the Private Placement are subject to a 4 month hold period before becoming free trading. If the volume weighted average trading price of the common shares on the TSX Venture Exchange is equal to or greater than CDN$2.50 for a period of 20 consecutive trading days, the Company will have the right to accelerate the expiry date of the warrants by giving written notice that the warrants will expire on the date that is not less than 10 days from the date notice is provided by the Company to the warrant holder. The net proceeds from the Private Placement will be used for, but are not limited to, continuing to expand LQWD's Lightning Network business, additional Bitcoin purchases, and general working capital purposes. In connection with the Private Placement, the Company did not pay a finder's fee. Alex Guidi, a non-executive director of the Company, and 210K Capital LP, a significant shareholder of the Company, participated in the Private Placement by purchasing 247,666 units and 256,333 units for aggregate subscription prices of $371,499 and $384,500, accordingly. Also, an Affiliate of 210K Capital LP, Beach Chair 615 LLC, participated in the Private Placement by purchasing 188,667 units for an aggregate subscription price of $283,000. Therefore, the Private Placement constitutes a "related party transaction" for the Company within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval under MI 61-101 as the fair market value of each insider's participation in the Private Placement does not exceed more than 25% of the market capitalization of the Company, as set forth in Sections 5.5(a) and 5.7(1)(a) of MI 61-101. About LQWD Technologies Corp. LQWD is a Canadian-based, publicly traded company focused on expanding Lightning Network transaction infrastructure to enable instant, low-cost, internet-powered payments. The Company is committed to delivering enterprise-ready solutions for open payments at scale using the Lightning Network. For further information: Ashley Garnot, Director Phone: 1.604.669.0912 Email: ashley@lqwd.money Website: www.lqwdtech.com X: @LQWDTech Forward-Looking Statements This release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release shall not constitute an offer to sell or the solicitation of an offer to buy the Units, nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. The Units being offered will not be, and have not been, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, a U.S. person. SOURCE: LQWD Technologies Corp. View the original on accesswire.comPM looks to ‘brighter future’ at Christmas and ‘wishes for peace in Middle East’FORT MYERS, Fla. (AP) — Dallion Johnson scored 25 points and made seven 3-pointers to help FGCU defeat CSU Bakersfield 74-54 on Friday. Johnson went 9 of 14 from the field for the Eagles (1-4). Zavian McLean scored 12 points, going 4 of 9 from the floor, including 1 for 5 from 3-point range, and 3 for 4 from the line. Jevin Muniz went 3 of 10 from the field (2 for 5 from 3-point range) to finish with 10 points, while adding eight rebounds. Marvin McGhee led the Roadrunners (3-2) in scoring, finishing with 15 points. Fidelis Okereke added 10 points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .WASHINGTON (AP) — Matt Gaetz withdrew Thursday as President-elect Donald Trump’s pick for attorney general amid continued fallout over a federal sex trafficking investigation that cast doubt on his ability to be confirmed as the nation's chief federal law enforcement officer. The announcement caps a turbulent eight-day period in which Trump sought to capitalize on his decisive election win to force Senate Republicans to accept provocative selections like Gaetz, who had been investigated by the Justice Department before being tapped last week to lead it. The decision could heighten scrutiny on other controversial Trump nominees, including Pentagon pick Pete Hegseth , who faces sexual assault allegations that he denies. “While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction to the critical work of the Trump/Vance Transition,” Gaetz, a Florida Republican who one day earlier met with senators in an effort to win their support, said in a statement. “There is no time to waste on a needlessly protracted Washington scuffle, thus I’ll be withdrawing my name from consideration to serve as Attorney General. Trump’s DOJ must be in place and ready on Day 1," he added. Trump, in a social media post, said: “I greatly appreciate the recent efforts of Matt Gaetz in seeking approval to be Attorney General. He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect. Matt has a wonderful future, and I look forward to watching all of the great things he will do!” He did not immediately announce a new selection. Last week, he named personal lawyers Todd Blanche, Emil Bove and D. John Sauer to senior roles in the department. Another possible contender, Matthew Whitaker, was announced Wednesday as the U.S. ambassador to NATO. The withdrawal, just a week after the pick was announced, averts what was shaping up to be a pitched confirmation fight that would have tested how far Senate Republicans were willing to go to support Trump’s Cabinet picks. The selection of the fierce Trump ally over well-regarded veteran lawyers whose names had circulated as possible contenders stirred concern for the Justice Department's independence at a time when Trump has openly threatened to seek retribution against political adversaries. It underscored the premium Trump places on personal loyalty and reflected the president-elect's desire to have a disruptor lead a Justice Department that for years investigated and ultimately indicted him. In the Senate, deeply skeptical lawmakers sought more information about Justice Department and congressional investigations into sex trafficking allegations involving underage girls, which Gaetz has denied. Meanwhile, Justice Department lawyers were taken aback by the pick of a partisan lawmaker with limited legal experience who has echoed Trump's claims of a weaponized criminal justice system. As Gaetz sought to lock down Senate support, concern over the sex trafficking allegations showed no signs of abating. In recent days, an attorney for two women said his clients told House Ethics Committee investigators that Gaetz paid them for sex on multiple occasions beginning in 2017, when Gaetz was a Florida congressman. One of the women testified she saw Gaetz having sex with a 17-year-old at a party in Florida in 2017, according to the attorney, Joel Leppard. Leppard has said that his client testified she didn’t think Gaetz knew the girl was underage, stopped their relationship when he found out and did not resume it until after she turned 18. The age of consent in Florida is 18. "They’re grateful for the opportunity to move forward with their lives,” Leppard said Thursday of his clients. “They’re hoping that this brings final closure for all the parties involved.” Gaetz has vehemently denied any wrongdoing. The Justice Department’s investigation ended last year with no charges against him. Gaetz’s political future is uncertain. He had abruptly resigned his congressional seat upon being selected as attorney general, a move seen as a way to shut down the ethics investigation into sexual misconduct allegations. He did win reelection in November for the new Congress, which convenes Jan. 3, 2025, but he said in his resignation letter last week that he did not intend to take the oath of office. There are plans for a special election in Florida for his seat. Republicans on the House Ethics Committee declined this week to release the panel's findings, over objections from Democrats in a split vote. But the committee did agree to finish its work and is scheduled to meet again Dec. 5 to discuss the matter. As word of Gaetz's decision spread across the Capitol, Republican senators seemed divided. Oklahoma Sen. Markwayne Mullin, who served with Gaetz in the House, called it a “positive move." Maine Sen. Susan Collins said Gaetz “put country first and I am pleased with his decision.” Others said they had hoped Gaetz could have overhauled the department. Florida Sen. Rick Scott, a close ally of Trump, said he was “disappointed. I like Matt and I think he would have changed the way DOJ is run.” Kentucky Sen. Rand Paul said he hopes Trump will pick someone “equally as tenacious and equally as committed to rooting out and eliminating bias and politicization at the DOJ.” Gaetz is not the only Trump pick facing congressional scrutiny over past allegations. A detailed investigative police report made public Wednesday shows that a woman told police that she was sexually assaulted in 2017 by Hegseth, the former Fox News host now tapped to lead the Pentagon, after he took her phone, blocked the door to a California hotel room and refused to let her leave. “The matter was fully investigated and I was completely cleared,” Hegseth told reporters Thursday at the Capitol, where he was meeting with senators to build support for his nomination. Associated Press writers Michelle L. Price, Lisa Mascaro, Mary Clare Jalonick and Adriana Gomez Licon contributed to this report. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Stay up-to-date on the latest in local and national government and political topics with our newsletter.
Trump promises to end birthright citizenship: What is it and could he do it?
Ukrainian President Volodymyr Zelenskiy said Ukraine is interested in stabilizing the situation in Syria and believes it is essential for the country's security to remove any Russian presence from the country. “We are grateful to every country and every leader who is now ready to help Syrian society restore normal life and build effective state institutions,” Zelenskiy said on X on December 23, pledging to "support Syria in ensuring food security." "We are ready to work with representatives of the Syrian people to correct the mistakes of the Assad regime, in particular, regarding Ukraine and all of Europe,” he said. Russia granted former Syrian President Bashar al-Assad and his family asylum earlier this month after rebels took control of Damascus. Kremlin foreign policy aide Yuri Ushakov said on December 23 that said it was in contact with Syria's new administration at both a diplomatic and military level. Moscow is concern in particular about the fate of a naval facility and an air base it operates in Syria. Zelenskiy in his message on X also renewed his warnings about Russia's cooperation with North Korea. Russia earlier this month began deploying North Korean troops to reinforce its military, including to the Kursk border region, where Ukrainian forces seized territory earlier this year. Kyiv continues to press allies for a tougher response to the development, which it says is a global threat because it involves a transfer of Russian warfare experience and military technologies to Pyongyang. "For the world, the cost of restoring stability is always much higher than the cost of effectively pressuring those who destabilize the situation and destroy lives," Zelenskiy said. He warned of "risks of North Korea sending additional troops and military equipment” and said Kyiv will have a “tangible responses to this." He added that according to preliminary data supplied by General Oleksandr Syrskiy, Ukraine's top commander, the number of North Korean soldiers killed and wounded in the Kursk region has exceeded 3,000. Syrskiy said last week that Russian forces backed by North Korean troops had intensified their offensive against Ukrainian troops in the Kursk region. South Korea's assessed the number of killed and wounded troops was closer to 1,000. The Joint Chiefs of Staff (JCS) said on December 23 that based on "various sources of information and intelligence," the North Korea has suffered around 1,100 casualties since joining combat operations against Ukraine. The JCS agreed that Pyongyang is reportedly "preparing for the rotation or additional deployment of soldiers" to aid Russia's war effort. JCS added that it has detected signs of Pyongyang planning to produce suicide drones to be shipped to Russia in addition to the 240mm multiple rocket launchers and 170mm self-propelled howitzers it already is supplying. The Kremlin has neither denied nor directly confirmed the presence of North Korean troops on its soil. NATO, however, confirmed in October that North Korean troops had been deployed in the Kursk region. NATO Secretary-General Mark Rutte said the deployment marked a sign of Russian President Vladimir Putin's "growing desperation." Kosovo’s Central Election Commission (CEC) has decided not to certify the main ethnic Serbian party, effectively barring it from competing in the February 9 parliamentary elections. The CEC said its main reason for declining to certify Serbian List was its nationalist stance and close ties to Serbia. Some commission members noted that Serbian List leader Zlatan Elek has never referred to Kosovo as independent and continues to call it Serbia's autonomous province of Kosovo. The CEC also said that Serbian List has close ties with Serbian President Aleksandar Vucic and other Serb leaders who also refuse to recognize Kosovo's independence. There was no immediate reaction from Serbian List. The move may further aggravate the already tense ties between Kosovo and Serbia despite international efforts to normalize them. The parliamentary elections on February 9, 2025, are expected to be a key test for Kosovar Prime Minister Albin Kurti, whose party came to power in 2021 in a landslide. Vucic claimed on December 23 that Kurti is trying to "eliminate the only opponent" in the elections. He also accused Kurti and his allies of attempting to expel the Serbian people from the southern areas of Kosovo. Vucic said that he had also spoken with Russian Foreign Minister Sergei Lavrov about what he considered to be violations of international law by Pristina. Only the chairman of the CEC, Kreshnik Radoniqi, voted for the certification of Serbian List. Two members of the ruling Self-Determination party voted against, while the others abstained. Political analyst Albert Krasniqi of the Demokraci+ NGO told RFE/RL that the decision is part of the preelection campaign being conducted by Kurti’s Self-Determination party. He said Serbian List will appeal the decision to the Electoral Complaints and Appeals Panel (ECAP) and predicted that it will reverse the decision. “All this noise will last at most four days, and I am sure that the ECAP will reverse this decision of the CEC and will oblige the CEC to certify Serbian List,” Krasniqi said. Eugen Cakolli of the Democratic Institute of Kosovo told RFE/RL that the CEC has once again become “part of [the] political rhetoric, making a decision in violation of the law and other regulations in force.” He also said Serbian List will appeal and the ECAP will overturn the decision. Kosovo proclaimed independence from Serbia in 2008. Belgrade still considers Kosovo a province of Serbia and has a major influence on the ethnic Serbian minority living there. Ukrainian President Volodymyr Zelenskiy accused Slovak Prime Minister Robert Fico of wanting to "help" President Vladimir Putin earn money to fund Russia’s war in Ukraine after Fico paid a visit to Putin in Moscow. Zelenskiy said on X on December 23 that EU leaders had previously observed that Fico opposes reducing energy dependence on Russia, "implying that he wants to help Putin earn money to fund the war and weaken Europe." Ukraine is “losing people as a result of the war that Putin started, and we believe that such assistance to Putin is immoral,” Zelenskiy said . Fico said his trip to Moscow and meeting with Putin on December 22 was in response to Zelenskiy opposing any "transit of gas through Ukraine to our territory." Ukraine has said it will not renew a contract for gas transit through pipelines in Ukraine that expires on December 31. Slovakia has raised concerns about the prospect of losing supplies of natural gas as a result. The flow of gas through the pipeline accounts for around half of Russia's total exports to Europe, and Slovakia, Italy, Austria, and the Czech Republic are set to be most affected if it ends. The European Commission has said it is ready for the current contract to expire, and all countries receiving Russian fuel via the Ukraine route have access to alternative supplies. Fico is one of the few European leaders Putin has stayed friendly with since Moscow launched its full-scale invasion in 2022, but Zelenskiy questioned his motivation. "Why is this leader so dependent on Moscow? What is being paid to him, and what does he pay with?" Zelenskiy asked rhetorically. The visit by Fico, whose country is a NATO and European Union member, had not been previously announced, but Fico said he had informed EU leaders about it ahead of time. Fico said on Facebook after his meeting with Putin that the Russian president had confirmed Russia's “readiness to continue supplying gas to the West and to Slovakia in view of the Ukrainian president's stance after January 1, 2025." Kremlin spokesman Dmitry Peskov said on December 23 said he could not give more details about the talks between Putin and Fico but said the situation regarding the flow of gas is “very difficult” and “requires increased attention." Fico’s visit with Putin drew strong reactions from other European leaders. Czech Foreign Minister Jan Lipavsky denounced it, saying on X that the Czech government “has been working to achieve independence from Russian energy supplies so that we don't have to grovel to a mass murderer." Lithuanian President Gitanas Nauseda reacted sarcastically, saying that any dealings with Russia involve a price. “How cheap is your love,” he said on X . “There are those who come to Russia with love and feel gassed to meet a war criminal. This is not Lithuania's way. We choose energy independence and real market prices -- with no political strings attached! Uzbek authorities are keeping a close eye on the family of the suspect in the high-profile assassination of a Russian general in Moscow last week, neighbors and activists say. Uzbek national Ahmadjon Qurbonov, 29, has been charged by a Moscow court with terrorism and other offenses in the December 17 killing of Igor Kirillov, who headed Russia's Nuclear, Biological, and Chemical Defense Forces. Qurbonov, who grew up in the Uchteppa district of the Uzbek capital, Tashkent, has been accused of remotely detonating a homemade bomb hidden on a scooter parked outside a residential building. The blast killed Kirillov and his assistant. Qurbonov's neighbors in Tashkent told RFE/RL that his family are refraining from speaking to media and are being monitored by Uzbek authorities since the news of Qurbonov’s arrest broke. Uzbek law-enforcement agencies have since been in regular contact with the family, according to Abdurahmon Tashanov, head of the Ezgulik human rights group in Uzbekistan. Tashanov told RFE/RL that he had spoken with the family and quoted them as saying the relatives first found about Qurbonov's alleged involvement in the attack from the anti-terrorism unit of the Uchteppa police department. They learned other details from media reports, Tashanov added. Uzbek authorities did not respond to RFE/RL's request for comment. Speaking on condition of anonymity, one of the neighbors said Qurbonov's mother had last spoken with her son two days before the attack, when he called from Russia and had assured her he was healthy and had found good work as a cook. According to the neighbors, Qurbonov left Tashkent in 2021, saying he was going to Turkey as a migrant worker. They claimed the family didn't know when Qurbonov moved from Turkey to Russia. Both Russia and Turkey host thousands of migrant workers from Uzbekistan. The residents in Uchteppa's Pakhtakor neighborhood described the Qurbonovs as a regular, middle-class family with a comfortable life. Qurbonov’s late father, Alijon, made a living as a cook, and one of his siblings works at a bakery, they said. Tashanov raised concern about a video released by Russian authorities that purportedly shows Qurbonov "confessing" to having committed the deadly attack on Kirillov. It is not known whether the "confession" was obtained under duress. Tashanov said releasing such footage violates the presumption of innocence in Qurbonov's case. During a hearing at Moscow's Basman district court on December 19, Qurbonov requested a translator due to his limited knowledge of the Russian language. Russian investigators claimed Qurbonov was recruited and trained by Ukrainian intelligence services to carry out the attack. There has been no official claim of responsibility, but Ukraine's security service SBU has said it was behind the killing. Kyiv had accused Kirillov of being responsible for Russia's use of banned chemical weapons against Ukrainian troops, a claim Moscow denies. The Kremlin said Russian President Vladimir Putin and his Uzbek counterpart, Shavkat Mirziyoev, discussed cooperation in the fight against terrorism in a phone call on December 19. Belarus's Central Election Commission (CEC) said five candidates, including Alyaksandr Lukashenka, have been registered for a presidential election next month, the first since balloting in 2020 triggered mass unrest amid claims of victory by the 70-year-old authoritarian ruler, who has since wiped out almost all traces of opposition and dissent in the country. Lukashenka, a close ally of Russian President Vladimir Putin, is expected to easily cruise to a seventh consecutive term in office as the other four candidates announced by CEC on December 23 are seen as being pro-government. "Lukashenka has announced the date of his 'reelection' -- January 26. It’s a sham with no real electoral process, conducted in an atmosphere of terror," exiled opposition leader Svyatlana Tsikhanouskaya, who ran against Lukashenka in the August 2020 election after her husband, Syarhey Tsikhanouski, was arrested and jailed during the campaign, said on X when the January vote was first announced. "No alternative candidates or observers will be allowed. We call on Belarusians and the international community to reject this farce," she added. Along with Lukashenka, the CEC said Oleh Gaidukevich, Serhey Syrankov, Anna Konapatskaya, and Alyaksandr Khizhnyak were approved to run in the vote. Massive street protests followed the disputed 2020 presidential election that extended Lukashenka's long-standing rule for another term. The election was widely condemned as fraudulent by the United States, the European Union, and other international actors. The protests, which demanded Lukashenka's resignation, were met with mass arrests, alleged torture, and violent crackdowns that left several people dead. Tsikhanouski, as well as other opposition politicians and activists, were arrested and many were sentenced to lengthy prison terms. Many opposition leaders remain imprisoned or in exile, while Lukashenka refuses dialogue with his critics. Tsikhanouskaya was forced into exile in 2020. Her husband was later convicted of organizing riots among other charges following a trial condemned as a sham and sentenced to 18 years in prison. The Romanian parliament has sworn in a new pro-European coalition government led by leftist Social Democrat Prime Minister Marcel Ciolacu. The new government took the oath of office and held a ceremonial first cabinet meeting after parliament approved the new administration in a 240-143 vote on December 23. President Klaus Iohannis had earlier appointed Ciolacu as prime minister to form a new government after three pro-Western parties agreed on a coalition aimed at preventing far-right groups from joining the government. "You are entering a difficult period in your new responsibilities," Iohannis told the government in a congratulatory message. "I wish you to succeed in everything you set out to do, but, first of all, I wish you to succeed for Romania and Romanians. People expect solutions, stability, and a government that firmly maintains Romania's trajectory." Iohannis said the situation is like no other the country has experienced, adding that all those he spoke to asked for the continuation of the pro-European path. The government, which includes five new ministers, took shape amid political turmoil prompted by revelations about Russia's malign influence that led to the annulment of a presidential election after a Moscow-friendly outsider won the first round. "It will not be an easy mandate for the future government," Ciolacu said in a statement. "We are aware that we are in the midst of a deep political crisis. It is also a crisis of trust, and this coalition aims to regain the trust of citizens, the trust of the people." The coalition government includes Emil Hurezeanu, a former journalist for RFE/RL, who will serve as foreign minister. The parties that together won just over half the seats in parliamentary elections on December 1 -- the leftist Social Democratic Party (PSD), center-right National Liberal Party (PNL), and the ethnic Hungarian UDMR -- reached an agreement to band together late on December 10 in Bucharest. That deal came after they threw their support behind presidential candidate Elena Lasconi ahead of a December 8 scheduled runoff against the pro-Russian independent candidate Calin Georgescu, who had won a shock victory in the first round on November 24. However, Romania's Constitutional Court on December 6 canceled the results of the first round and ordered a rerun of the presidential polls after the EU and NATO member's Supreme Defense Council declassified documents allegedly proving Georgescu's presidential bid had been aided by a campaign led by an unnamed "state actor" with the help of Chinese-owned TikTok social media platform. The PSD and the PNL, the two parties that have dominated Romania's politics since the fall of communism, formed an unlikely left-right alliance in 2021. The alliance became increasingly unpopular while also eroding both parties' support among voters, and allowed the shock rise of pro-Russian, far-right Alliance for the Unity of Romanians, which finished a close second in parliamentary elections with more than 18 percent to PSD's 23 percent. Adding to the current instability, no presidential polls are likely until sometime early next year while it remains unclear if parties would have to propose new candidates or if Georgescu will be allowed to run again. One of the government's first tasks will be to set a date for the new presidential election. Last week, Bucharest Mayor Nicusor Dan, an independent, said he will be a candidate in the presidential election when it is re-run. Georgian President Salome Zurabishvili has called on the ruling Moscow-friendly Georgian Dream party to set a date for new parliamentary elections by December 29 amid unrest over the last vote and the party's unilateral decision to postpone negotiations with the European Union. Zurabishvili has been locked in a standoff with the party since it won October parliamentary elections plagued by allegations of electoral fraud . The opposition has refused to recognize the vote, accusing Georgian Dream of rigging the vote to cling to power. In a speech late on December 22, she invited Russia-friendly billionaire Bidzina Ivanishvili, a former prime minister and the founder of Georgian Dream, to the presidential palace for talks on setting an election date. Georgian Dream has denied any election wrongdoing and has refused to consider new elections despite almost daily protests over its victory and its subsequent decision to halt talks with the 27-member bloc until 2028. "Ivanishvili should come to the palace, and I am ready to sit down and think about how the elections should be scheduled. The date of the elections should be agreed upon by the 29th," Zurabishvili told a rally on Tbilisi's Rustaveli Avenue, the site of countless Georgian protests. Due to technical issues during the speech, Zurabishvili said she would release a new video recorded message of the address on December 23. Georgia received EU candidate status in December last year but ties with Brussels have been tense in recent months following the adoption in May of a controversial "foreign agent" law pushed through parliament by Georgian Dream, which has ruled since 2012. Critics say the legislation threatens media outlets and civil society groups and mirrors a similar Russian law used by the Kremlin to stifle political opponents and civil society. While initially endorsed by Georgian Dream for her successful presidential run in 2018, Zurabishvili has been a thorn in the ruling party's side. Although officially a nonpartisan president limited to a ceremonial role, Zurabishvili has criticized Georgian Dream for its increasingly authoritarian stance. Earlier this month, an electoral college dominated by Georgian Dream chose Mikheil Kavelashvili, a 53-year-old former soccer player and right-wing populist, as Georgia's next president. His inauguration is supposed to take place on December 29, though the 72-year-old Zurabishvili, whose term ends this year, has said she isn't going anywhere. After the ruling Georgian Dream party declared victory in an election on October 26, protests restarted and intensified after the government said it was suspending talks with Brussels on Tbilisi's bid to join the EU, Georgia’s biggest donor, biggest economic market, and home to the South Caucasus country's biggest diaspora. The Organization for Security and Cooperation in Europe (OSCE) said in its final report on the elections -- which it issued on December 20 -- that numerous issues "negatively impacted" the elections and eroded public trust. The report refers to the passage of the "foreign agent" law, modeled on a similar Russian law, saying the election took place amid “serious concerns about the impact of recently adopted legislation on fundamental freedoms and civil society.” The law, which mandates that organizations receiving significant foreign funding register as foreign agents, took effect on August 1, sparking significant backlash from international and domestic actors. The government last week pledged to amend the law, though it did not give details of the changes it would enact. The Kremlin said there are currently no plans for President Vladimir Putin to meet with U.S. President-elect Donald Trump amid a rise in talk of finding a peace deal to end Russia's war against Ukraine. Trump told a conservative convention on December 22 that Putin said he "wants to meet with me as soon as possible.” In response, Kremlin spokesman Dmitry Peskov told TASS on December 23 that "so far, there have been no real impulses" for a meeting with Trump before his inauguration in January. Fighting between Russia and Ukraine has ratcheted up in recent weeks, with Moscow launching waves of drones and missiles across Ukrainian territory, mainly aimed at civilian and energy infrastructure. Kyiv has countered with attacks on Russian oil and energy targets just inside Russian territory and over the weekend struck high-rise buildings in Kazan, the capital of Russia's oil-rich republic of Tatarstan. Last week Putin dangled the prospect of Russian concessions before audiences in Washington and the West, saying more than once during his annual question-and-answer conference that Russia was ready for a compromise. But he attached numerous conditions to the idea of compromise, suggesting Moscow’s goal of subjugating Ukraine and winning major security guarantees from NATO and the West remain in place, as well as saying he does not consider Ukrainian President Volodymyr Zelenskiy a legitimate leader. Trump has said he would move to end the war quickly and during his remarks at Turning Point’s America Fest convention on December 22, said, "We have to end that war. That war is horrible, horrible." Analysts say that behind closed doors in Moscow, Kyiv, Brussels, Washington, and other capitals diplomats, elected leaders, and military officers are gearing up for what will likely be a full-court press to find a resolution to Europe's largest land war since World War II. In Western negotiating rooms, sentiment has shifted decisively toward a push to resolve a conflict that has killed or wounded more than 1 million men on both sides over 34 months and counting. In a rare meeting with a European Union leader, Putin met with Slovak Prime Minister Robert Fico on December 22. While the main topic was a soon-to-expire contract allowing for Russian natural gas to transit through Ukraine, the two leaders also talked about the military situation in Ukraine and the possibility of a peaceful settlement to the war. Fico is one of the few European leaders with whom Putin has maintained ties since Moscow launched its full-scale invasion of Ukraine nearly three years ago. Kyiv said it will not extend the gas transit deal beyond January 1 as payments Russia receives for gas have helped fund Moscow's war. Fico, whose views on Russia's war on Ukraine differ sharply from those of most European leaders, returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country's military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO. Zelenskiy warned on December 23 that Fico's stance on Russian gas was a "big security issue" for Europe. "His key goal is to deal with Russia, and this is what benefits him. This is indeed a big security issue -- both for Slovakia and the entire Europe," Zelenskiy said on X. "Why is this leader so dependent on Moscow? What is being paid to him, and what does he pay with?" he added. Students who have been blocking academic faculties at the University of Belgrade for weeks staged a protest on December 22 to demand accountability for the collapse of a canopy at the train station in Novi Sad that killed 15 people. Streets near Slavija Square in central Belgrade were closed to traffic as thousands gathered for the protest, filling the square and beyond as farmers, actors, and educators joined the student-led protest. The demonstration began at 4:30 p.m. local time with 15 minutes of silence for the victims of the collapse on November 1, which seriously injured two people in addition to killing 15. Many of the participants turned their mobile phone lights on and held them high. The 15 minutes of silence was followed by 30 minutes of participants blowing whistles and vuvuzelas. Student Teodora Topalovic told RFE/RL at the protest that the support of citizens means a lot to the gathered students. "Every time something like this starts at the beginning, I'm first on the verge of tears, and then I pull myself together and continue," Topalovic said. "This means a lot to all the students." Nikola Peric of Belgrade said his motive for coming to this protest is to say "no" to the entire situation and the authorities in Serbia. "To support the students, to honor the people who died innocently, and to try to change the situation in the country, which is not good," he told RFE/RL. Pensioner Tatjana Spolja Miletic told RFE/RL that "new, young forces" have arrived and that the older ones are have joined in the protest to support them. "I can't be silent and sit at home," she said. The organizers demanded the government identify and prosecute the people who allegedly attacked demonstrators during protests that swept across Serbia in the days following the collapse of the canopy. The organizers also called for the release of activists detained during earlier protests and an end to legal proceedings against them. Serbians have protested regularly over the accident to demand accountability. Some of the protests turned violent, but there was no violence reported during the demonstration in Belgrade on December 22. The collapse of the canopy has turned into a political headache for President Aleksandar Vucic as more than 50 academic faculties at four state universities, the offices of several university rectors, and dozens of high schools remain blocked in solidarity with the protests. Students also have taken part in daily protests in which traffic stops for 15 minutes in cities across Serbia. The accident occurred after the railway station had been renovated twice in recent years by a Chinese-led consortium of four companies. Serbian Railways insisted that the renovation didn’t include the concrete overhang, but some experts disputed that. The Higher Public Prosecutor's Office in Novi Sad announced on November 21 that 11 people had been arrested after being found responsible for the collapse. Among them were former Construction, Transport, and Infrastructure Minister Goran Vesic and the ex-director of railway infrastructure Jelena Tanaskovic. They face up to 12 years in prison if they are found guilty of charges of committing criminal acts against public security, endangering the public, and irregular construction work. Russian President Vladimir Putin and Slovak Prime Minister Robert Fico met in the Kremlin on December 22 to discuss a soon-to-expire contract allowing for Russian natural gas to transit through Ukraine. Fico said the meeting with Putin came in reaction to Ukraine saying it would not renew the contract, which is set to run out on December 31. "Putin confirmed [Russia's] readiness to continue supplying gas to the West and to Slovakia in view of the Ukrainian president's stance after January 1, 2025," Fico said on Facebook. He said he and Putin also exchanged views on the military situation in Ukraine, the possibility of a peaceful settlement to the war, and mutual relations between Slovakia and Russia. Fico is one of the few European leaders with whom Putin has maintained ties since Moscow launched its full-scale invasion of Ukraine nearly three years ago. Fico arrived in Russia on a "working visit" and met with Putin one-on-one, Kremlin spokesman Dmitry Peskov was quoted as saying earlier on December 22. According to Russian media reports, Peskov said the meeting was to focus on "the international situation" and was likely to also touch on Russian natural gas deliveries. Slovakia and Hungary, which rely on Russian gas, raised concerns about the prospect of losing supplies after Ukraine said it would not renew the contract. Fico, whose views on Russia's war on Ukraine differ sharply from those of most European leaders, returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country's military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO. The visit by the leader of the NATO- and EU-member country had not been previously announced, but Fico said top EU officials had been informed about his journey and its purpose on December 20. Michal Simecka, leader of the opposition Progressive Slovakia, described Fico's trip to meet Putin as a "shame for Slovakia and a betrayal of national interests." "If the prime minister actually cared about gas transit, he should have negotiated with Ukraine rather than turning Slovakia into a tool of Putin's propaganda," Simecka said on X. Fico also complained that in addition to allowing the natural gas transit contract to expire, Ukrainian President Volodymyr Zelenskiy is also in favor of sanctions against the Russian nuclear program. He called this "unacceptable," saying it would financially damage and endanger the production of electricity in nuclear power plants in Slovakia. Zelenskiy said on December 19 during a European Union summit in Brussels that Kyiv could consider continued transit of Russian gas on the condition that Moscow does not receive payment for the fuel until after the war. "We will not give the possibility of additional billions to be earned on our blood, on the lives of our citizens," Zelenskiy said. Zelenskiy also lambasted Fico, who has claimed that his country will face an economic hit if it loses cheap gas from Russia. "To be honest, during war, it's a bit shameful to talk about money, because we are losing people," Zelenskiy said. Zelenskiy said he told Fico that Ukraine would be open to carrying another country's gas through its pipeline infrastructure to reach Europe, but it would need assurances that the gas was not merely relabeled Russian fuel. "We have to know that we will only transit gas if it's not coming from Russia," Zelenskiy said. The European Commission has said it is ready for the current contract to expire, and all countries receiving Russian fuel via the Ukraine route have access to alternative supplies. Russian forces executed five Ukrainian prisoners of war according to the latest war crime allegation against Russian troops raised by Ukraine's ombudsman for human rights. Dmytro Lubinets said on December 22 that Russian troops shot the five unarmed soldiers at point-blank range after they had surrendered. He gave no details but said on Telegram that a Ukrainian military unit had released a video showing the alleged shooting. "I will report this fact to the UN and the ICRC," he said . "Russian war criminals who shoot Ukrainian prisoners of war should be brought before an international tribunal and punished with the most severe punishment provided for by law," Lubinets added. Russia did not immediately comment on the accusation but has previous denied committing war crimes. Lubinets said earlier this month that there had been 177 confirmed cases of executions of Ukrainian prisoners of war by the Russian military since the beginning of Russia's full-scale invasion of Ukraine. Ukrainian Prosecutor-General Andriy Kostin in October called the execution of Ukrainian prisoners of war by Russian soldiers a deliberate policy of the Russian Federation. Kostin said in a statement on October 15 that torture and executions without trial and investigation are used as weapons of war, intimidation, and destruction. "We can prove that these cases are not isolated incidents but an organized and targeted policy," Kostin said. The Institute for the Study of War reported in October it had observed an increase in Russian forces executing Ukrainian POWs, adding that "Russian commanders are likely writ large condoning, encouraging, or directly ordering the execution of Ukrainian POWs." A Ukrainian open-source intelligence project reported on October 13 that Russian forces executed nine Ukrainian POWs near the village of Zeleny Shlyakh in the Kursk region on October 10. Lubinets condemned those executions as a serious violation of the Geneva Convention on the Treatment of POWs and stated that he sent letters to the UN and the International Committee of the Red Cross regarding the case. The supreme leader of Iran, Ayatollah Ali Khamenei, has called on Syrians to resist the emerging rebel-led government after the ouster of former President Bashar al-Assad, saying the uprising was orchestrated by the West. Speaking in an address on December 22, Khamenei said Syrians, especially the country's youth, "should stand with strong will against those who designed and those who implemented the insecurity." Assad left the country in the late hours of December 8 after the U.S.-designated terrorist organization Hayat Tahrir al-Sham (HTS) and its allies -- some of whom are linked with Turkey -- overran government forces in a blitz offensive. While Assad was granted political asylum in Russia by President Vladimir Putin after more than five decades of iron-fisted rule by his family, the HTS has since moved quickly to establish an interim government, and its leader, Riad al-Asaad, has said he is confident the factions that helped topple Assad will unite as one force. HTS and the transitional government have insisted the rights of all Syrians will be protected, but Khamenei said he believes a group aligned with the Islamic republic's government would end up prevailing in Syria. However, Turkish Foreign Minister Hakan Fidan met with Syria's de facto leader Ahmed al-Sharaa in Damascus on December 22. Details of the meeting were not immediately released, but Turkey has long been seen as a backer of HTS as it looked to remove Assad. The toppling of Assad was seen by many as another blow to Tehran, which has seen regional groups aligned with it -- parts of the so-called axis of resistance -- suffer major setbacks in the past 14 months. Hamas, designated a terrorist organization by the United States and the European Union, has been decimated by Israel, which launched a war against the group in the Gaza Strip and Hamas fighters in October 2023 crossed into Israel and killed 1,200 people while taking another 250 hostage. That conflict spread to Lebanon, home of the Tehran-backed Hezbollah, a militant group and political party that controls much of southern Lebanon. Hezbollah is designated as a terrorist organization by the United States, while the EU blacklists its armed wing but not its political party. Hezbollah’s political party has seats in the Lebanese parliament. Israel has severely weakened Hezbollah -- killing its longtime leader and many of its top officials -- after the group launched attacks on Israel that it said was in support of Hamas. A U.S.-brokered deal to end hostilities in Lebanon took effect last month. Khamenei downplayed the links to Iran, saying they have fought against Israel on their own beliefs. "They keep saying that the Islamic republic lost its proxy forces in the region. This is another mistake. The Islamic republic does not have a proxy forces," he said. “If one day we plan to take action, we do not need proxy force,” he added. Russian President Vladimir Putin vowed revenge over Kyiv's attack a day earlier on high-rise buildings in Kazan , the capital of Russia's oil-rich republic of Tatarstan, as Russia launched a massive drone attack at Ukraine on December 22. More than the 100 drones that Russia launched in the December 22 attack were shot down, according to Ukraine's military. Businesses and apartment buildings were damaged in the Russian attacks, though at this point, the military said, "without casualties." The regions of Kherson, Mykolayiv, Chernihiv, Sumy, Poltava, Kharkiv, Zaporizhzhya, Zhytomyr, and Kyiv all saw drones fired in their direction, with 52 of the total 103 shot down, the Ukrainian Air Force reported . Russia has stepped up its air attacks on Ukraine in recent weeks, with Ukrainian President Volodymyr Zelenskiy saying on December 21 that Moscow has launched more than 550 guided bombs, almost 550 drones, and 20 missiles over the past week. Russia has systematically targeted Ukraine's civilian and energy infrastructure since the start of the war, stepping up attacks especially at the onset of the cold season, causing maximum difficulties and lengthy power cuts for Ukrainians for the third winter in a row. It has also been accused by Kyiv of targeting residential buildings, which Moscow denies. Russia's massive attack comes a day after Ukraine struck high-rise buildings in Kazan , the capital of Russia's oil-rich republic of Tatarstan. Putin vowed to bring more "destruction" to Ukraine in retaliation for the drone attack on Kazan. "Whoever tries to destroy something here will face many times more destruction on their own territory and will regret what they are trying to do in our country," Putin said during a televised meeting. On December 22, Ukraine appeared to again strike inside Russian territory. Andrey Klychkov, the head of Oryol region near the border with Ukraine, said a fire broke out at a fuel infrastructure facility in the village of Stalnoy Kon after the area came under a drone attack, the second in a week. Kyiv has not commented on the accusation, but footage on social media showed what appeared to be explosions in the area. Ukraine has been investing heavily in drone production in part to compensate for its shortage in manpower on the battlefield. Ukraine's Defense Ministry said earlier this month that it had transferred 1.2 million drones to the armed forces through the first 11 months of 2024, including more than 6,000 deep strike drones. Ukraine's drone production is now close to parity with Russia, experts have said. Kyiv has used its long-range drone capacity to hit objects crucial to Russia's war effort, such as weapons and energy facilities. It has tried to avoid civilian targets in part amid concern about backlash from its Western backers. Kazan, one of the wealthiest cities in Russia, is approximately 800 kilometers east of Moscow. Several Russian pensioners were allegedly tricked by scammers into carrying out risky stunts in crowded places in Moscow and St. Petersburg on December 21, police said. A number of the pensioners have been detained, the police said. Law enforcement is still searching for at least one of the suspects. It is unclear who is behind the scam. One incident took place at the Fort shopping center in northeastern Moscow. The building was evacuated following a small explosion in the public services center located there. One woman was treated for injuries after she fell amid the rush for the doors. Meanwhile, a shopping center and a post office in the suburban Moscow towns of Korolev and Khimki, respectively, were evacuated the same day on similar grounds. In Korolev, the explosion blew out several windows and triggered a fire that damaged the shopping center’s ceiling. In the Fort incident, police detained a pensioner who allegedly detonated a firecracker on the instructions of unknown individuals who had extorted 120,000 rubles ($1,200) from her. The 64-year-old suspect in the Korolev incident allegedly tried to detonate pyrotechnics at the police station as well. A 70-year-old woman was detained in connection with the explosion at the post office in Khimki. The same day, two retired women in St. Petersburg allegedly tried to set fire to a police car at the direction of telephone scammers. They have been detained and a case has been opened against them on terrorist charges. Also in St. Petersburg, an explosion occurred at an ATM location belonging to Sberbank, Russia’s largest lender. No injuries were reported. Local media reported that an elderly woman poured a flammable liquid inside the ATM before the explosion. A similar incident at an ATM occurred the night before in the Siberian city of Krasnoyarsk, RFE/RL’s Siberia.Realities reported. This time the suspect was a teenager. Police said the 19-year old girl was duped into carrying out the attack by scammers. She received second-degree burns and is being treated at a hospital. Pakistani militants carried out a daring early-morning raid near the northwestern border with Afghanistan, killing over a dozen officers in the latest attack of 2024 -- a year already marked as one of the deadliest in the region. Laddha Police Deputy Superintendent Hidayat Ullah told RFE/RL's Radio Mashaal that 16 security officers were killed when militants opened fire at a security checkpoint in South Waziristan at 2 am on December 21. He said eight more officers were wounded. Tehrik-e Taliban Pakistan (TTP), which claimed responsibility for the attack, said it killed 35 Pakistani security officers. Radio Mashaal could not independently confirm the number of officers killed. Neither side said how many militants were killed during the attack. There has been a steady increase in TTP attacks in Pakistan’s northwestern Khyber Pakhtunkhwa Province since the Taliban regained control of Kabul in August 2021. The TTP seeks to impose Shari'a law in Pakistan. The latest attack came as the elders of Dre Maseed in the Sur Rogha area of South Waziristan held a meeting on December 20 to demand that the security forces change tactics. Sherpao Maseed, a leader of the assembly, told Radio Mashaal that Pakistani defense forces are targeting militants with artillery and mortar shells , putting civilians in danger. The Pakistan Center for Conflict and Security Studies said in its most recent report that more than 240 people were killed in "terrorist incidents" in Khyber Pakhtunkhwa in November The death toll included 68 security officers, the highest in a single month this year. Meanwhile, the Army Public Relations Directorate (ISPR) claims to have killed dozens of suspected militants in operations in Khyber Pakhtunkhwa this month. The governments of Khyber Pakhtunkhwa and Pakistan say they are committed to wiping out the TTP. BUDAPEST -- Hungary's right-wing Prime Minister Viktor Orban has said that U.S. President-elect Donald Trump's recent reported proposal for NATO members states to increase their defense spending would cripple the Hungarian economy. According to recent reports in Britain's Financial Times and The Telegraph, Trump's team informed European officials that the president-elect was expecting the United States' NATO allies to raise their defense expenditure to 5 percent of national gross domestic product (GDP). Speaking at his year-end press briefing on December 21, Orban said that Hungary has already sweated blood to reach the current 2 percent target, and "if the 2 percent has to be increased, that would shoot the Hungarian economy in the lungs." "We would prefer to not spend even 2 percent of GDP on weaponry...but the world is going in the opposite direction," he said. Orban, who has been accused at home and abroad of democratic backsliding, also said he had not discussed this with Trump, adding that, if the increase is inevitable, then he believes it should be gradual. Hungary budgeted to spend 2.1 percent of GDP in 2024 on defense. Orban is one of Trump's main allies in Europe and, on December 9, he met with the president-elect at his Mar-a-Lago residence in Florida. Throughout the Ukraine war, Orban has maintained friendly ties with Russian President Vladimir Putin, has been critical of EU aid for Ukraine, and has obstructed the bloc's sanctions regime against Moscow. NATO Spending Targets During his time as president between 2016 and 2020, Trump regularly called for NATO members to meet the required 2 percent level of defense spending, goals that most have since met. NATO leadership has also called for member nations to boost spending following Russia's invasion of Ukraine, which has triggered the largest war in Europe since World War II. Before leaving office, former Secretary-General Jens Stoltenberg said that the alliance's members would "have to be willing to pay the price for peace" and said that the current 2 percent target was "no longer enough to keep us safe." And in Budapest in November, the current NATO secretary-general, Mark Rutte, said at the European Political Community summit that member states would have to pay more. "It will surpass the 2 percent greatly more. I am quite clear about that," Rutte said. The United States contributes around 16 percent to NATO's common-funded budget, which is the joint largest share alongside Germany. The United States will also spend roughly $967 billion on defense in 2024. While that accounts for around two-thirds of what all NATO members will spend on defense combined this year, it represents about 3 percent of GDP. The United States last spent 5 percent of GDP on defense in the late 2000s and early 2010s amid the wars in Iraq and Afghanistan. During the Cold War, the United States spent between 5 and 11 percent of GDP on defense . Experts said that Trump's proposal is likely a starting point for negotiations with NATO members. Spat With Poland The Hungarian prime minister also defended Budapest's decision to grant political asylum to Marcin Romanowski, a Polish lawmaker from the right-wing Law and Justice party, who is wanted for alleged corruption during his tenure in Poland's previous government. Orban said he didn't think the case involving a Polish politician would be the last. He added, however, that he wanted to keep "conflicts with Poland at a manageable level," and would refrain from commenting on the country's rule-of-law situation. The Hungarian prime minister's office made the announcement on December 19, arguing that the Polish government was persecuting its political rivals. Warsaw has called the move a "hostile act" and has summoned Hungary's ambassador to Poland. KARACHI, Pakistan -- Pakistani military courts have sentenced 25 people for their part in attacks on military facilities in May 2023. Inter-Services Public Relations (ISPR), the media wing of Pakistan's armed forces, said in a statement on December 21 that 25 defendants were given sentences ranging from two to 10 years. On May 9, 2023, following the arrest of former Pakistani Prime Minister Imran Khan in a fraud case, supporters of Khan's party, Pakistan Tehrik-e Insaf (PTI), attacked and damaged military installations, mosques, and government buildings in cities across Pakistan. Several people were killed and dozens injured in the unrest. In its statement, the military's media wing described the sentences as an "important milestone in dispensation of justice to the nation." It added that May 9, 2023 was a sad day for the country, and it would be officially commemorated every year. In response to the verdicts, PTI wrote on the X social network that the military courts have violated the defendants' constitutional and human rights. Khan's party has said the judicial process is not transparent and about 80 people have been in military custody since the unrest, their fundamental rights violated. Supporters of the imprisoned former prime minister, who is accused of inciting attacks against the armed forces, have expressed concerns that military rather than civilian courts are trying some of the cases. They have staged months of protests to demand Khan's release. PTI says its members and supporters did not attack military or government buildings on May 9, 2023. Last year, Pakistan's Supreme Court ruled that civilians should be tried in civilian courts, not military courts. However, on December 13, the Supreme Court suspended the decision and allowed military courts to hear civilian cases. Others charged over the violence are being tried in anti-terrorism courts. PTI regularly campaigns against corruption and nepotism in Pakistan but has been accused of populism and authoritarian tendencies centered around its charismatic leader Khan. KVIV -- An air-raid warning has been declared in all regions of Ukraine due to possible ballistic missile strikes, Ukrainian military authorities said. Russia continued its regular attacks on Ukrainian cities and infrastructure overnight, launching 113 drone attacks, according to the Ukrainian Air Force on December 21. Of those drones, 57 were shot down, and 56 others were unable to reach their targets, the air force said. The Ukrainian Air Force also said Russia had fired one surface-to-air S-400 missile at central Ukraine, but it did not cause any damage or casualties. RFE/RL's Ukrainian Service reported that in the eastern Ukrainian Zaporizhzhya and Kharkiv regions downed drones damaged apartment buildings, causing casualties. Ukraine was under a general air-raid alert for several hours on December 20 as Russia launched missile and drone attacks against the capital, Kyiv, and several other regions around the country. Russian Advance The latest attacks come as Ukrainian forces are struggling to stop Russia's rapid advance in the east of the country. The Russian Defense Ministry announced on December 21 that Russian forces had taken control of the village of Kostyantynopolske in the eastern Ukrainian Donetsk region. The claim about the village, called Ostrovsky by Russia, could not be independently confirmed by Reuters. Meanwhile, Reuters quoted Aleksandr Khinshtein, the acting governor of Russia's Kursk region, as saying that six people, including one child, were killed in a Ukrainian missile attack on December 20 on the town of Rylsk. Ukraine seized territory in the Kursk region in an incursion in August but has since given up about half its territorial gains. Drones, thought to be from Ukraine, hit high-rise buildings in Kazan , the capital of Russia's republic of Tatarstan, with the attacks causing the city's airport to temporarily suspend flights. No casualties were reported. KAZAN, Russia -- Ukraine struck high-rise buildings in Kazan, the capital of Russia's oil-rich republic of Tatarstan, in the latest display of its growing drone capabilities. The December 21 attacks came in three waves between 7:40 a.m. and 9:20 a.m., the Russian Defense Ministry said. The ministry said the drones were of Ukrainian origin. Western experts said they appeared to be Ukraine's Lyitiy model , a light, aircraft-like drone. Ukrainian authorities have not commented on the strike. The press service of Rustam Minnikhanov, the leader of Tatarstan, said in a statement that eight drones attacked the city. According to the statement, six struck luxury residential buildings, one struck an industrial facility, and one was shot down over a river. In a post on its Telegram channel, Kazan mayor’s office said the drones struck targets in three districts of the city. Two drones slammed into the upper floors of a 37-story luxury skyscraper, according to videos posted on social media. The strikes, which were about 30 minutes apart, hit the glass-and-metal building in roughly the same spot. Schools Evacuated RFE/RL's Tatar-Bashkir Service reported that pupils were evacuated from schools in the Soviet district of Kazan and that sirens could be heard in the city. There were no casualties, local authorities said. According to Interfax reports, Kazan Mayor Ilsur Metshin said that people had been evacuated from the affected buildings and were being provided with accommodation and food. The mayor said that all large events in the city would be canceled over the weekend. Kazan, one of the wealthiest cities in Russia, is approximately 800 kilometers east of Moscow. In a statement, the Russian Defense Ministry said that a "Ukrainian unmanned aerial vehicle was destroyed over the territory of the Republic of Tatarstan by the air defense forces on duty." Russia's Federal Air Transport Agency said in a statement that "temporary restrictions were imposed at Kazan Airport on the morning of December 21 in order to ensure the safety of civilian flights. Both arrivals and departures are suspended." The ban has since been lifted. Ukrainian drone attacks have previously targeted Russian military and industrial locations in Tatarstan. Local authorities on May 15 shut down two major airports -- one in Kazan and another in the city of Nizhnekamsk -- for several hours "for security reasons" following a drone attack. The Russian Defense Ministry said that "a Ukrainian drone" was shot down over Tatarstan. In April, Ukrainian drones hit an oil refinery in Tatarstan and a dormitory in the Alabuga special economic zone in Yelabuga, which hosts more than 20 industrial enterprises, including chemical, mechanical engineering, and metal treatment factories. It also reportedly houses a facility producing drones. Drone Surge Ukraine has been investing heavily in drone production in part to compensate for its shortage in manpower on the battlefield. Ukraine's Defense Ministry said earlier this month that it had transferred 1.2 million drones to the armed forces through the first 11 months of 2024, including more than 6,000 deep strike drones . Ukraine's drone production is now close to parity with Russia, experts have said. Kyiv has used its long-range drone capacity to hit objects crucial to Russia's war effort, such as weapons and energy facilities. It has tried to avoid civilian targets in part amid concern about backlash from its Western backers. In the summer of 2023, Ukrainian drones twice struck the floors of a high-rise building in Moscow's business district housing Russian government ministries. Experts speculated whether the skyscraper in Kazan that was struck twice was home to someone connected with Russia's war effort. Zelenskiy said that Ukraine will continue to target military objects in Russia with drones and missiles. "We will definitely continue to strike Russian military facilities - with drones and missiles, and increasingly Ukrainian ones, at precisely those military bases, at precisely that Russian military infrastructure that is used in such terror against our people," he said in his regular nightly video address to the nation. In the meantime, Russia has continued its regular attacks against Ukraine, including civilian targets. Russia's armed forces launched 113 drone attacks against Ukraine overnight, according to the Ukrainian Air Force on December 21. Of those drones, 57 were shot down, and 56 others were unable to reach their targets, the air force said. At least two people were killed and more than 60 injured after a car drove at high speed into a busy outdoor Christmas market in the German city of Magdeburg, German officials said on December 20. The car plowed into the market in what authorities suspect was an intentional act in the city in the state of Saxony-Anhalt. “This is a terrible event, particularly now in the days before Christmas," Saxony-Anhalt Governor Reiner Haseloff said. The driver of the car was arrested. Haseloff told reporters that the suspect is a 50-year-old doctor from Saudi Arabia who first came to Germany in 2006. He had not been on law enforcement's radar as a known Islamist, security sources told the dpa news agency. "From what we currently know he was a lone attacker, so we don't think there is any further danger for the city," Haseloff said. Haseloff said the two people confirmed dead were an adult and a toddler, and he couldn’t rule out further deaths. Police evacuated the area as they suspected there could be a bomb still in the car that was driven into the market. Chancellor Olaf Scholz said he plans to visit the city on December 21. “The reports from Magdeburg suggest something terrible is to come. My thoughts are with the victims and their families. We stand by their side and by the side of the people of Magdeburg. My thanks go to the dedicated rescue workers in these anxious hours,” Scholz said on X. French President Emmanuel Macron also reacted on X. “Deeply shocked by the horror that struck the Magdeburg Christmas market in Germany this evening. My thoughts are with the victims, the injured, and their loved ones and families. France shares the pain of the German people and expresses its full solidarity,” he said . Magdeburg, a city of about 240,000 residents west of Berlin, is the state capital of Saxony-Anhalt. The suspected attack came eight years after an Islamic extremist plowed into a Christmas market in Berlin. killing 13 people and injuring dozens more. The attacker was killed days later in a shootout in Italy. The Organization for Security and Cooperation in Europe (OSCE) said in its final report on the October 26 parliamentary elections in Georgia that numerous issues “negatively impacted" the elections and eroded public trust. The OSCE’s Office for Democratic Institutions and Human Rights (ODIHR) issued the final report on December 20. The OSCE said shortly after the October 26 elections that it had recorded instances of vote-buying, double-voting, physical violence, and intimidation. The final report reiterates the organization's concerns and offers recommendations to improve elections in Georgia. “Numerous issues noted in our final report negatively impacted the integrity of these elections and eroded public trust in the process,” said Eoghan Murphy, who headed the ODIHR’s 2024 election observation mission to Georgia. Murphy urged authorities in Georgia to urgently address all concerns about the elections, which gave the ruling Georgian Dream party more than 54 percent of the vote, enough to maintain control of the government. Georgian Prime Minister Irakli Kobakhidze acknowledged that the final report contains "critical remarks," including on the suppression of votes. "In 76 percent of the polling stations where it observed, OSCE/ODIHR did not identify any irregularities at all," he said at a briefing, adding that in other cases there were "isolated irregularities" that were identified. "These were related to incorrect ballot entry, improper arrangement of the polling station, so-called leaks, video recording, etc." According to Kobakhidze, the Georgian Dream government is ready to cooperate with the OSCE to implement its recommendations. The report refers to the passage of a "foreign agents" law modeled on a similar Russian law, earlier in the year, saying the election took place amid “serious concerns about the impact of recently adopted legislation on fundamental freedoms and civil society.” The law, which mandates that organizations receiving significant foreign funding register as “foreign agents,” took effect on August 1, sparking significant backlash from international and domestic actors. The final report also cites pressure on voters and election day practices that “compromised the ability of some voters to cast their vote without fear of retribution.” In addition, there was an overall lack of response to complaints in the post-election period, the report said, saying the ODIHR “found that cases were not considered sufficiently, limiting legal remedies.” The report reiterates the negative impact of the “polarized and instrumentalized media” and limited campaign finance oversight. It notes that candidates were generally able to campaign freely, and candidates across 18 party lists competed, but a "significant imbalance in financial resources contributed to the uneven playing field.” Demonstrators began gathering in central Tbilisi soon after the elections as criticism mounted over voting irregularities. The protests intensified after Kobakhidze announced that Tbilisi was suspending until 2028 talks with Brussels on Georgia's bid to join the European Union. The ODIHR notes that some protests were violently dispersed, resulting in numerous arrests and allegations of brutality toward protesters and journalists. The ODIHR said that the suppression of protests by force and numerous arrests “caused grave concerns about compliance with international commitments to freedom of peaceful assembly.” Poland has summoned Hungary's ambassador over Budapest's decision to grant political asylum to a Polish opposition politician who is wanted for alleged corruption during his tenure in Poland's previous government. Warsaw was outraged by Hungary's decision to grant political asylum to Marcin Romanowski. The decision, announced the Hungarian prime minister's office on December 19, accused the Polish government of persecuting its political opponents. Poland called the move a "hostile act" that runs counter to the principle of loyal cooperation among members of the European Union. "In response to this action, the Hungarian ambassador to Poland will be summoned to the Ministry of Foreign Affairs today, where he will receive an official protest note," the ministry said on December 20. The ministry also said that if Hungary fails to comply with its EU obligations, Poland will ask the European Commission to respond. Polish Prime Minister Donald Tusk's government says it has opened the door for prosecutors to investigate suspected wrongdoings committed during the tenure of the nationalist Law and Justice party, which ruled the country for eight years until 2023 and which have been covered up. Tusk said he was dismayed by Hungary's decision to shelter a man being sought on suspicions of defrauding the state of millions of zlotys. “I did not expect corrupt politicians escaping justice would be able to choose between [Belarusian authoritarian leader Alyaksandr] Lukashenka and [Hungarian Prime Minister Viktor] Orban,” Tusk said on December 20. His reference to Lukashenka was apparently linked to the case of a Polish judge who fled to Belarus. Romanowski was detained during the investigation but released in July. He denies the charges against him. Through his lawyer he has argued that he is the victim of political retribution by Tusk's government. Gergely Gulyas, head of Orban's office, said the decision of the Hungarian authorities was in line with both domestic and European Union legislation. He said Romanowski's arrest raised serious concerns about fair treatment and political bias in Polish judicial proceedings. Polish opposition lawmakers, including Romanowski, accused Tusk's government of conducting a politically motivated witch-hunt against them. Romanowski told Polish broadcaster TV Republika that he thinks the fact that Hungary has granted him asylum confirms that "we are dealing with political persecution in Poland." Prosecutors and judges in Poland are politically controlled, he said. A spokesman for the European Commission declined to comment on the specific case but emphasized that EU member states are obligated to enforce European arrest warrants. Stefan de Keersmaecker said at a briefing in Brussels on December 20 that the obligation means that Hungary should send Romanowski back to Poland to face justice. The spokesman added that all EU member states maintain a high level of protection for fundamental rights and freedoms, making them all safe countries for asylum seekers. But an asylum application from a national of another EU member state can only be accepted under exceptional circumstances. The Georgian government has pledged to amend its controversial "foreign agents" law following discussions with the secretary-general of the Council of Europe, Alain Berset. Berset announced at a press briefing in Tbilisi on December 20, wrapping up a three-day visit, that a working group including Georgian representatives, the Council of Europe, and the Venice Commission will be formed to draft necessary changes to the legislation. "The government of Georgia promised to modify the content of the 'Foreign Influence Transparency' law. This working group will determine the specific changes required. I hope similar collaborative processes can extend to other areas, such as equality, anti-discrimination, electoral reform, and reforms in penitentiary and probation systems," Berset said. The law, modeled on a similar Russian law, mandates that organizations receiving significant foreign funding register as "foreign agents." Passed by the Georgian parliament in May despite a presidential veto, it came into force on August 1, sparking significant backlash from international and domestic actors. Georgian NGOs began appearing on the "foreign agent" registry in October, raising concerns about their ability to operate freely. Critics, including the European Union, have warned that the law could derail Georgia's aspirations for EU membership. While Moscow praised the Georgian government for adopting the law, Western countries, including the United States and Britain, condemned it as a tool for undermining democracy. Prime Minister Irakli Kobakhidze, however, reiterated Georgia's openness to discussions about the law. "If anyone proves there's something harmful in this legislation, we're ready to address it and work with relevant structures of the Council of Europe," Kobakhidze said. Berset's visit comes amid heightened political tensions in Georgia, marked by public polarization, high-level violence, and allegations of electoral misconduct. Addressing the situation, Berset emphasized: "Georgia is at a critical juncture. The country is filled with political tension, polarized public debate, and high levels of violence," adding that the country "deserves stability and democracy." "I am not here to legitimize elections; that is the responsibility of other competent institutions," Berset said, stressing that his primary goal was "to support Georgia and its people." He also said that resolving the political crisis depends on "upholding democracy, human rights, and the rule of law." During his visit, Berset held multiple meetings with government officials, including Kobakhidze, Georgian Dream party founder Bidzina Ivanishvili, and opposition representatives. His visit is seen as an effort to mediate amid deep divisions within Georgian society. On December 19, the United States imposed sanctions on Georgia's Interior Minister Vakhtang Gomelauri and Special Tasks Department Deputy Director Mirza Kezevadze under the Global Magnitsky Act. Hours earlier, Britain had sanctioned Gomelauri and four other senior officials. These sanctions reflect growing Western dissatisfaction with Georgia's political trajectory. Despite this, Kobakhidze assured that the government would "compensate any losses" incurred by sanctioned individuals and announced plans to award honors to the Interior Ministry's leadership following the presidential poll in February 2025 and inauguration of Georgia's next president, whose legitimacy is contested by the opposition and the current President Salome Zurabishvili. Georgia's "foreign agents" law has become a focal point in the country's strained relations with the West. The government's decision last month to delay European Union accession talks until 2028 also sparked protests in the country and criticism in the West. Moreover, economic hardship and the threat of backsliding from the Euro-Atlantic course have created a sense of urgency and fertile ground for unrest. International partners are apprehensive that Georgia's adoption of tactics similar to those used by Moscow could undermine its democratic progress and EU aspirations. Russia's top Islamic body has approved a religious edict that allows Muslim men to practice polygamy, which contradicts Russian law that prohibits individuals from entering multiple registered marriages simultaneously. The Council of Islamic Clerics of Russia's Spiritual Administration of Muslims (DUM), issued a fatwa on December 18 that allows a Muslim male to enter up to four marriages at the same time as long as certain conditions are met. Russia's Family Code explicitly prohibits a person from entering a registered marriage with someone who is already married. But it comes as the Russian authorities are grappling with a dire demographic situation amid a population decline exacerbated by emigration, low birthrates, and high mortality. While the full text of the fatwa has yet to be published, reports from Russian news agencies TASS and RIA Novosti revealed key provisions in it that allow Muslim men to enter into multiple religious marriages. The fatwa stipulates that a man can engage in polygamy only if he ensures equitable treatment for all wives. This includes equal material provision, separate housing for each wife, and spending equal time with them according to an agreed schedule. If a man cannot meet these requirements, he is prohibited from entering multiple religious marriages unless a bride "voluntarily waives" her rights to them. Other circumstances under which polygamy is permitted by the DUM include cases where the first wife cannot conceive due to health issues, lack of desire, or age; in situations of "sexual incompatibility" between spouses; or when a man wishes to provide social and financial support to a single woman and her children. The DUM has acknowledged that women in purely religious marriages lack legal protections, which critics argue may leave women in polygamous religious marriages vulnerable. The conditions for such a marriage, they say, place a significant burden of proof on religious institutions or individuals to ensure compliance. How these provisions align with Russia's secular legal framework and broader societal norms is yet to be determined. Russian officials have yet to comment on the fatwah. The government, however, has been looking for ways to spur Russians to have more children as the declining population ages, a problem worsened by the Kremlin's war in Ukraine, which experts say has seen hundreds of thousands of Russian men die. The Russian government has actively promoted policies to encourage women to have more children, with financial incentives for larger families and efforts to discourage abortions. The Russian Orthodox Church has been assisting the government to promote such policies. Ukraine launched a deadly missile attack on the Russian region of Kursk on December 20, just hours after Russia carried out a massive air assault on Kyiv during rush hour that killed one person and damaged a historic cathedral and other buildings in the capital, including six embassies. Russia's Investigative Committee said an unspecified number of people were killed in the attack on Kursk involving U.S.-supplied HIMARS rockets on the town of Rylsk. According to Mash Telegram channel , at least five people have been killed, and 26 others injured. The attack has destroyed several critical pieces of social infrastructure, including a pedagogical college, a cultural center, and a school. The attack came shortly after Russian launched a barrage of missiles and drones at Kyiv and several other regions around Ukraine. The whole of Ukraine was under a general air-raid alert for several hours as Russia launched eight missiles -- including hypersonic Kinzhal missiles and Iskander/KN-23 ballistic missiles -- on Kyiv alone, Serhiy Popko, the head of Kyiv's military administration, reported . Ukrainian cities and infrastructure continue to sustain regular Russian drone and missile strikes while outgunned and outmanned Ukrainian forces are facing difficulties in staving off Russia's increasingly rapid advance in the east. One person was killed by a strike in Kyiv's Holosiyiv district, while eyewitnesses reported several blasts in the city. The U.S. State Department condemned the missile attack, which damaged a building hosting several diplomatic missions. "Any attack against diplomats or diplomatic facilities anywhere is unacceptable," State Department spokesman Matthew Miller said on X. Kyiv Mayor Vitaliy Klitschko separately reported that falling debris from downed Russian drones fell on four of the capital's districts -- Holosiyiv, Solomyansk, Shevchenkivsk, and Dniprovsk -- wounding at least two people. Kyiv restaurateur Nadir Ahundov voiced his outrage at the Russian strike that completely destroyed his restaurant. "These subhuman [Russians], to drop such bombs on residential buildings," Ahundov told RFE/RL. "I put my heart, my soul into [creating] this," he said, pointing to the trees outside the restaurnat. "These trees were small when I planted them. Look at them now -- those monsters knocked them down." In Kherson, a 60-year-old man was killed in a Russian strike and two others, including an 86-year-old man, were wounded, regional Governor Roman Mrochko reported on Telegram. Late on December 19, a Russian missile struck and badly damaged a two-story apartment building in the southeastern city of Kryviy Rih, President Volodymyr Zelenskiy's hometown, wounding five people, including two pulled alive from under the rubble, officials said. The attack also crippled the power supply in parts of the city of 600,000 and damaged a hospital, regional Governor Serhiy Lysak said. In a statement on Telegram, Russia's Defense Ministry claimed that the strikes on December 20 were "in response" to Ukrainian attacks on Russian targets using Western-supplied weapons. The latest wave of attacks from both sides came a day after Russian President Vladimir Putin suggested at his highly choreographed annual press conference a "high-tech duel" over Kyiv to prove that Russia's new hypersonic ballistic missile, dubbed Oreshnik, cannot be shot down by Western-supplied air defenses. "It would be interesting for us.... Let's conduct this experiment, this technological duel, and see the results. I think it would be useful for both us and the Americans," Putin said. In reaction, Zelenskiy posted a message on X calling Putin a "dumbass." "People are dying, and he thinks it’s 'interesting'... Dumbass," Zelenskiy wrote.SAN DIEGO, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all investors who purchased or otherwise acquired Enphase Energy, Inc. ENPH securities between April 25, 2023 and October 22, 2024. Enphase develops, manufactures, and sells solar microinverters, which are primarily used in residential solar installations to convert solar panel output from direct current to alternating current (which can be transmitted to the power grid). For more information, submit a form , email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that Enphase Energy, Inc. (ENPH) Misled Investors Regarding Conflicts of Interest According to the complaint, during the class period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, defendants systematically overstated the Company's ability to maintain its pricing levels and market share for microinverter products in Europe in the face of competition from low-cost, Chinese alternatives. Plaintiff alleges that investors fully learned the truth about Enphase's competitive positioning in Europe after the market closed on October 22, 2024, when the Company announced its third quarter 2024 financial results and revealed an approximately 15% quarter-over-quarter decline in European revenue due to "further softening in European demand." In response to Enphase's continued poor performance in Europe, Guggenheim downgraded Enphase stock to a sell rating from a neutral rating and explained that Enphase is "losing share to Chinese competitors who are willing to sell at less than half [Enphase]'s level." On this news, the price of Enphase common stock declined $13.76 per share, or nearly 15%, from a close of $92.23 per share on October 22, 2024, to close at $78.47 per share on October 23, 2024. What Now : You may be eligible to participate in the class action against Enphase Energy, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 11, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here . All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP : Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders. To be notified if a class action against Enphase Energies, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. Contact: Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 adumas@robbinsllp.com (800) 350-6003 www.robbinsllp.com https://www.facebook.com/RobbinsLLP/ https://www.linkedin.com/company/robbins-llp/ A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f14b620a-51df-42c4-b1b6-b88b286634ae © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
( MENAFN - GlobeNewsWire - Nasdaq) NEW YORK, Dec. 17, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of ASP Isotopes Inc. (NASDAQ: ASPI) between October 30, 2024 and November 26, 2024, both dates inclusive (the“Class Period”), of the important February 3, 2025 lead plaintiff deadline . SO WHAT: If you purchased ASP Isotopes securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the ASP Isotopes class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email ... for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 3, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) ASP Isotopes overstated the potential effectiveness of its enrichment technology; (2) ASP Isotopes overstated the development potential of its high assay low-enriched uranium facility; (3) ASP Isotopes overstated ASP Isotopes' nuclear fuels operating segment results; and (4) as a result of the foregoing, defendants' positive statements about ASP Isotopes' business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the ASP Isotopes class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email ... for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: , on Twitter: or on Facebook: . Attorney Advertising. Prior results do not guarantee a similar outcome. Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 ... MENAFN17122024004107003653ID1109004639 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.Over Rs20bn uplift schemes approved LAHORE:Provincial Development Working Party (PDWP) approved 10 development schemes amounting to Rs20.678 billion. The schemes were approved in the 52nd meeting of the PDWP. The meeting was presided over by Chairman, P&D Board, Barrister Nabeel Ahmad Awan. The approved schemes included Construction of Flyover at Railway Phatak Chak RS Shujabad Expressway, District Multan at the cost of Rs1.505 billion, Rehabilitation of Sangla Hill to Sukheki Road in District Nankana Sahib at the cost of Rs1.626 billion, Rehabilitation and improvement of Bhera Bhalwal in Sargodha at the cost of Rs1.095 billion, Re-construction of road from Hafizabad to Sukheke Mandi in District Hafizabad at the cost of Rs976.975 million. Improvement of roads from MC Limits up to Ring Road Faisalabad (Road Work) (A) Faisalabad-Jaranwala Road, (B) Faisalabad-Satiana Road, (C) Faisalabad-Jhang Road, (D) Faisalabad-Samundri Road, at the cost of Rs1.413 billion, Rehabilitation of road from Nankana Sahib to Shahkot, in District Nankana Sahib at the cost of Rs2.329 billion, Rehabilitation of Jhang-Gojra Road at the cost of Rs1.656 billion, Re-construction / rehabilitation of Khurrianwala-Jaranwala Road at the cost of Rs874.476 million, construction of New Campus of Government Engineering Academy Punjab at the cost of Rs1.617 billion, and provision of infrastructural, academic and operational facilities to the Punjab University of Technology Rasul, MB Din at the cost of Rs7.584 billion. The meeting was attended by Secretary, P&D Board, Dr Asif Tufail, Chief Economist Masood Anwar, members of the P&D Board, and other senior officials. ation with the contractors should be ensured to achieve the goals.
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec 9, 2024-- C3.ai, Inc. (“C3 AI,” “C3,” or the “Company”) (NYSE: AI), the Enterprise AI application software company, today announced financial results for its fiscal second quarter ended October 31, 2024. “We had an outstanding quarter with strong top- and bottom-line performance to mark our seventh consecutive quarter of accelerating revenue growth,” said Thomas M. Siebel, Chairman and CEO, C3 AI. “It is difficult to overstate the potential of the Microsoft–C3 AI strategic alliance,” said Siebel. “By establishing C3 AI as a preferred AI application provider on Azure and creating a Microsoft-scale go-to-market engine, we’re making it easy for businesses to adopt and deploy C3 AI applications. This is an inflection point for Enterprise AI, driving growth.” Fiscal Second Quarter 2025 Financial Highlights Microsoft Azure Strategic Alliance Partner Network C3 AI reinforced its leadership in Enterprise AI, strengthened by a thriving partner ecosystem to accelerate Enterprise AI adoption. Business Highlights C3 AI had continuing momentum with significant Federal and commercial successes and strengthened strategic partnerships. Federal Momentum Federal business demonstrated strong execution, securing key wins and expansions across multiple agencies. C3 Generative AI C3 AI further strengthens its competitive edge in generative AI, affirming its market leadership. Financial Outlook: The Company’s guidance includes GAAP and non-GAAP financial measures. The following table summarizes C3 AI’s guidance for the third quarter of fiscal 2025 and full-year fiscal 2025: (in millions) Third Quarter Fiscal 2025 Guidance Full Year Fiscal 2025 Guidance Total revenue $95.5 - $100.5 $378.0 - $398.0 Non-GAAP loss from operations $(38.6) - $(46.6) $(105.0) - $(135.0) 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 regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation expense-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP results included in this press release. Our fiscal year ends April 30, and numbers are rounded for presentation purposes. Conference Call Details What: C3 AI Second Quarter Fiscal 2025 Financial Results Conference Call When: Monday, December 9, 2024 Time: 2:00 p.m. PT / 5:00 p.m. ET Participant Registration: https://register.vevent.com/register/BI383ae1e1c80b4221a65de6c2c2baf582 (live) Webcast: https://edge.media-server.com/mmc/p/xf8dudjw (live and replay) Investor Presentation Details An investor presentation providing additional information and analysis can be found at our investor relations page at ir.c3.ai . Statement Regarding Use of Non-GAAP Financial Measures The Company reports the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. 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 our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP financial measures. Other Information Professional Services Revenue Our professional services revenue includes service fees and prioritized engineering services. Service fees include revenue from services such as consulting, training, and paid implementation services. For service fees, revenue is typically recognized over time as the services are performed. Prioritized engineering services are undertaken when a customer requests that we accelerate the design, development, and delivery of software features and functions that are planned in our future product roadmap. When we agree to this, we negotiate an agreed upon fee to accelerate the development of the software. When the software feature is delivered, it becomes integrated to our core product offering, is available to all subscribers of the underlying software product, and enhances the operation of that product going forward. Such prioritized engineering services result in production-level computer software – compiled code that enhances the functionality of our production products – which is available for our customers to use over the life of their software licenses. Per Accounting Standards Codification (ASC) 606, Prioritized engineering services revenue is recognized as professional services over the period in which the software development is completed. Total professional services revenue consists of: Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 (in thousands) (in thousands) Prioritized engineering services $ 9,661 $ 4,852 $ 20,310 $ 13,100 Service fees 3,515 1,928 6,623 4,690 Total professional services revenue $ 13,176 $ 6,780 $ 26,933 $ 17,790 Use of Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding our market leadership position, anticipated benefits from our partnerships, financial outlook, our sales and customer opportunity pipeline including our industry diversification, the expected benefits of our offerings (including the potential benefits of our C3 Generative AI offerings), and our business strategies, plans, and objectives for future operations. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including our history of losses and ability to achieve and maintain profitability in the future, our historic dependence on a limited number of existing customers that account for a substantial portion of our revenue, our ability to attract new customers and retain existing customers, market awareness and acceptance of enterprise AI solutions in general and our products in particular, the length and unpredictability of our sales cycles and the time and expense required for our sales efforts. Some of these risks are described in greater detail in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q for the fiscal quarters ended July 31, 2024 and, when available, October 31, 2024, although new and unanticipated risks may arise. The future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Except to the extent required by law, we do not undertake to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations. About C3.ai, Inc. C3.ai, Inc. (NYSE:AI) is the Enterprise AI application software company. C3 AI delivers a family of fully integrated products including the C3 AI Platform, an end-to-end platform for developing, deploying, and operating enterprise AI applications, C3 AI applications, a portfolio of industry-specific SaaS enterprise AI applications that enable the digital transformation of organizations globally, and C3 Generative AI, a suite of domain-specific generative AI offerings for the enterprise. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended October Six Months Ended October 31, 2024 2024 2023 2024 2023 Revenue Subscription (1) $ 81,162 $ 66,449 $ 154,618 $ 127,801 Professional services (2) 13,176 6,780 26,933 17,790 Total revenue 94,338 73,229 181,551 145,591 Cost of revenue Subscription 35,038 30,937 68,330 61,371 Professional services 1,460 1,179 3,215 2,558 Total cost of revenue 36,498 32,116 71,545 63,929 Gross profit 57,840 41,113 110,006 81,662 Operating expenses Sales and marketing (3) 55,643 49,895 107,768 93,780 Research and development 55,715 50,399 108,642 101,267 General and administrative 21,770 20,215 41,470 40,104 Total operating expenses 133,128 120,509 257,880 235,151 Loss from operations (75,288 ) (79,396 ) (147,874 ) (153,489 ) Interest income 9,560 10,480 19,563 20,602 Other income (expense), net 13 (638 ) 41 (877 ) Loss before provision for income taxes (65,715 ) (69,554 ) (128,270 ) (133,764 ) Provision for income taxes 257 226 529 374 Net loss $ (65,972 ) $ (69,780 ) $ (128,799 ) $ (134,138 ) Net loss per share attributable to Class A and Class B common stockholders, basic and diluted $ (0.52 ) $ (0.59 ) $ (1.02 ) $ (1.15 ) Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 127,870 118,656 126,434 117,125 (1) Including related party revenue of $10,581 for the six months ended October 31, 2023. (2) Including related party revenue of $5,804 for the six months ended October 31, 2023. (3) Including related party sales and marketing expense of $810 for the six months ended October 31, 2023. C3.AI, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) (Unaudited) October 31, 2024 April 30, 2024 Assets Current assets Cash and cash equivalents $ 121,274 $ 167,146 Marketable securities 609,100 583,221 Accounts receivable, net of allowance of $486 and $359 as of October 31, 2024 and April 30, 2024, respectively 159,987 130,064 Prepaid expenses and other current assets 27,458 23,963 Total current assets 917,819 904,394 Property and equipment, net 84,198 88,631 Goodwill 625 625 Other assets, non-current 43,647 44,575 Total assets $ 1,046,289 $ 1,038,225 Liabilities and stockholders’ equity Current liabilities Accounts payable $ 20,611 $ 11,316 Accrued compensation and employee benefits 41,755 44,263 Deferred revenue, current 35,663 37,230 Accrued and other current liabilities 23,979 9,526 Total current liabilities 122,008 102,335 Deferred revenue, non-current 127 1,732 Other long-term liabilities 65,193 60,805 Total liabilities 187,328 164,872 Commitments and contingencies Stockholders’ equity Class A common stock 125 120 Class B common stock 3 3 Additional paid-in capital 2,077,044 1,963,726 Accumulated other comprehensive income (loss) 521 (563 ) Accumulated deficit (1,218,732 ) (1,089,933 ) Total stockholders’ equity 858,961 873,353 Total liabilities and stockholders’ equity $ 1,046,289 $ 1,038,225 C3.AI, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended October 31, 2024 2023 Cash flows from operating activities: Net loss $ (128,799 ) $ (134,138 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 6,092 6,220 Non-cash operating lease cost 203 454 Stock-based compensation expense 111,721 104,049 Accretion of discounts on marketable securities (7,618 ) (8,755 ) Other 418 — Changes in operating assets and liabilities Accounts receivable (1) (30,051 ) (8,567 ) Prepaid expenses, other current assets and other assets (2) (1,993 ) (665 ) Accounts payable (3) 9,294 (2,918 ) Accrued compensation and employee benefits (4,815 ) (2,551 ) Operating lease liabilities (1,215 ) 7,804 Other liabilities (4) 19,284 1,709 Deferred revenue (5) (3,172 ) (7,296 ) Net cash used in operating activities (30,651 ) (44,654 ) Cash flows from investing activities: Purchases of property and equipment (1,739 ) (16,631 ) Capitalized software development costs — (2,750 ) Purchases of marketable securities (365,926 ) (489,871 ) Maturities and sales of marketable securities 348,750 412,554 Net cash used in investing activities (18,915 ) (96,698 ) Cash flows from financing activities: Proceeds from issuance of Class A common stock under employee stock purchase plan 5,009 5,055 Proceeds from exercise of Class A common stock options 4,472 10,163 Taxes paid related to net share settlement of equity awards (5,787 ) (9,686 ) Net cash provided by financing activities 3,694 5,532 Net decrease in cash, cash equivalents and restricted cash (45,872 ) (135,820 ) Cash, cash equivalents and restricted cash at beginning of period 179,712 297,395 Cash, cash equivalents and restricted cash at end of period $ 133,840 $ 161,575 Cash and cash equivalents $ 121,274 $ 149,009 Restricted cash included in other assets 12,566 12,566 Total cash, cash equivalents and restricted cash $ 133,840 $ 161,575 Supplemental disclosure of cash flow information—cash paid for income taxes $ 534 $ 281 Supplemental disclosures of non-cash investing and financing activities: Purchases of property and equipment included in accounts payable and accrued liabilities $ 117 $ 7,293 Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives) $ 1,345 $ 778 Vesting of early exercised stock options $ 216 $ 294 (1) Including changes in related party balances of $12,444 for the six months ended October 31, 2023. (2) Including changes in related party balances of $(810) for the six months ended October 31, 2023. (3) Including changes in related party balances of $248 for the six months ended October 31, 2023. (4) Including changes in related party balances of $(2,448) for the six months ended October 31, 2023. (5) Including changes in related party balances of $(46) for the six months ended October 31, 2023. C3.AI, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except percentages) (Unaudited) Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Reconciliation of GAAP gross profit to non-GAAP gross profit: Gross profit on a GAAP basis $ 57,840 $ 41,113 $ 110,006 $ 81,662 Stock-based compensation expense (1) 8,311 8,993 16,719 17,509 Employer payroll tax expense related to employee stock-based compensation (2) 171 297 527 838 Gross profit on a non-GAAP basis $ 66,322 $ 50,403 $ 127,252 $ 100,009 Gross margin on a GAAP basis 61 % 56 % 61 % 56 % Gross margin on a non-GAAP basis 70 % 69 % 70 % 69 % Reconciliation of GAAP loss from operations to non-GAAP loss from operations: Loss from operations on a GAAP basis $ (75,288 ) $ (79,396 ) $ (147,874 ) $ (153,489 ) Stock-based compensation expense (1) 57,038 53,169 111,721 104,049 Employer payroll tax expense related to employee stock-based compensation (2) 1,090 1,274 2,362 3,774 Loss from operations on a non-GAAP basis $ (17,160 ) $ (24,953 ) $ (33,791 ) $ (45,666 ) Reconciliation of GAAP net loss per share to non-GAAP net loss per share: Net loss on a GAAP basis $ (65,972 ) $ (69,780 ) $ (128,799 ) $ (134,138 ) Stock-based compensation expense (1) 57,038 53,169 111,721 104,049 Employer payroll tax expense related to employee stock-based compensation (2) 1,090 1,274 2,362 3,774 Net loss on a non-GAAP basis $ (7,844 ) $ (15,337 ) $ (14,716 ) $ (26,315 ) GAAP net loss per share attributable to Class A and Class B common shareholders, basic and diluted $ (0.52 ) $ (0.59 ) $ (1.02 ) $ (1.15 ) Non-GAAP net loss per share attributable to Class A and Class B common shareholders, basic and diluted $ (0.06 ) $ (0.13 ) $ (0.12 ) $ (0.22 ) Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted 127,870 118,656 126,434 117,125 (1) Stock-based compensation expense for gross profits and gross margin includes costs of subscription and cost of professional services as follows. Stock-based compensation expense for loss from operations includes total stock-based compensation expense as follows: Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Cost of subscription $ 7,827 $ 8,514 $ 15,521 $ 16,570 Cost of professional services 484 479 1,198 939 Sales and marketing 20,802 18,226 39,635 35,005 Research and development 17,999 16,685 36,430 33,718 General and administrative 9,926 9,265 18,937 17,817 Total stock-based compensation expense $ 57,038 $ 53,169 $ 111,721 $ 104,049 (2) Employer payroll tax expense related to employee stock-based compensation for gross profits and gross margin includes costs of subscription and cost of professional services as follows. Employer payroll tax expense related to employee stock-based compensation for loss from operations includes total employer payroll tax expense related to employee stock-based compensation as follows: Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Cost of subscription $ 163 $ 282 $ 489 $ 791 Cost of professional services 8 15 38 47 Sales and marketing 450 463 922 1,468 Research and development 231 415 595 1,232 General and administrative 238 99 318 236 Total employer payroll tax expense $ 1,090 $ 1,274 $ 2,362 $ 3,774 Reconciliation of free cash flow to the GAAP measure of net cash used in operating activities: The following table below provides a reconciliation of free cash flow to the GAAP measure of net cash used in operating activities for the periods presented: Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Net cash used in operating activities $ (38,693 ) $ (48,590 ) $ (30,651 ) $ (44,654 ) Less: Purchases of property and equipment (815 ) (5,293 ) (1,739 ) (16,631 ) Capitalized software development costs — (1,250 ) — (2,750 ) Free cash flow $ (39,508 ) $ (55,133 ) $ (32,390 ) $ (64,035 ) Net cash provided by (used in) investing activities $ 22,635 $ (11,898 ) $ (18,915 ) $ (96,698 ) Net cash provided by financing activities $ 3,512 $ 3,055 $ 3,694 $ 5,532 View source version on businesswire.com : https://www.businesswire.com/news/home/20241209723558/en/ CONTACT: Investor Contact ir@c3.aiC3 AI Public Relations Edelman Lisa Kennedy (415) 914-8336 pr@c3.ai KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY ARTIFICIAL INTELLIGENCE SOURCE: C3.ai Copyright Business Wire 2024. PUB: 12/09/2024 04:05 PM/DISC: 12/09/2024 04:06 PM http://www.businesswire.com/news/home/20241209723558/en Copyright Business Wire 2024.SUBARU ANNOUNCES PRICING ON 2025 FORESTER WILDERNESS
A young mother in east Idaho got a huge surprise from a Secret Santa and his elves recently when they heard her family is struggling. Brooke, her husband Jacob, and their two young children, who live in Challis, had their lives turned upside down when Jacob began experiencing dizziness, weakness, and problems with depth perception a few months ago, East Idaho News reported on Thursday. He was admitted to EIRMC in July and later transferred to the University of Utah Hospital where doctors eventually diagnosed him with encephalitis. According to Johns Hopkins Medicine, encephalitis is “inflammation of the active tissues of the brain caused by an infection or an autoimmune response. The inflammation causes the brain to swell, which can lead to headache, stiff neck, sensitivity to light, mental confusion and seizures,” the site reads . “Encephalitis strikes 10–15 people per 100,000 each year, with more than 250,000 patients diagnosed in the last decade alone in the U.S.,” it noted. Jacob has endured so many difficulties throughout his health journey, including being on a feeding tube and a ventilator, several infections, and being transferred to other hospitals. He is now in Boise and his family visits him a few days each week. It is hard because Brooke does not have a reliable car to get them there. However, Secret Santa told the outlet’s Nate Eaton to surprise her with the news that she can now go pick up a car that was chosen specifically for her. Eaton and his team made the surprise even more epic by arriving at her home in the East Idaho News chopper. Video footage shows the moment Secret Santa’s helpers touched down in Brooke’s front yard. “Oh, that’s really sweet,” she said while opening the first gift which appeared to be a check. When she opened the second box containing a toy car, the young mother at first did not realize what it meant. When Eaton told her Secret Santa bought her a car, Brooke was overwhelmed and began crying. Eaton then showed her a photo of the Toyota Rav4 that was waiting for her to pick up, noting that all fees for it were paid. “Thank you, I really appreciate it so much,” Brooke said through tears. Social media users were quick to share their thoughts on the sweet surprise, one person writing , “I’ve known brooke since high school and I for one can say she is truly one of the sweetest person ever! I’m so glad she finally got some sort of break!” “Thank you Secret Santa. She really needed this blessing. God, please give her husband’s doctors the wisdom to get him well and back home. Amen,” another user commented .Munster Club IFC semi-final: Aherlow (Tipperary) 1-6 Wolfe Tones na Sionna (Clare) 0-8 Barry Grogan hit a 63rd minute winning point from a free for Aherlow in their Munster intermediate football semi-final against Wolfe Tones. It was a game dominated by the windy conditions at Lattin but Grogan, scoring his fifth point of the game, brilliantly curled the dead ball over the bar from wide on the left. The sides were level at two points each in the 30th minute when Ben Carey got a crucial goal for Aherlow. A Wolfe Tones kickout, held up in the wind, was won by Aherlow who worked the forward to Carey. The centre-forward's scuffed shot had enough on it to beat onrushing goalkeeper Shane Russell. Aherlow led 1-3 to 0-2 at the break. Playing with the wind in the second half, Wolfe Tones hit four points without reply to draw level at 0-6 to 1-3. A Cathal Dillon point had Aherlow back in front moments after Wolfe Tones equalised. From a free, Grogan doubled their lead. Colin Riordan reduced the gap to a point in the 55th minute but two minutes later, Wolfe Tones' chances took a serious blow when centre-back Jayme O'Sullivan was sent off for picking up a second yellow card. However, a sensational outside of the boot long-range score from Craig Riordan drew the Clare side level at 0-8 to 1-5 as injury time approached. There were still two minutes of injury time left to play when Grogan - who was later sent off - put Aherlow ahead but Wolfe Tones were unable to create a scoring chance. Aherlow will face Austin Stacks in the final on December 7.(Photo by Kampus Production via Pexels) By Stephen Beech Employees are suffering "techno-strain" as a result of digital systems making it difficult to switch off from work, warns a new study. Staff are experiencing mental and physical issues due to being "hyperconnected" through digital technology, according to the findings. Researchers from the University of Nottingham’s Schools of Psychology and Medicine conducted detailed interviews with employees from a variety of professions. They found that the cognitive and affective effort associated with constant connectivity and high work pace driven by the digital workplace is detrimental to employee well-being. The study is the final part of a research project exploring the "dark side effects" of digital working which include stress, overload, anxiety and fear of missing out. The results, published in the journal Frontiers in Organisational Psychology , highlight an "overarching" theme of "digital workplace technology intensity" as a result of digital workplace job demands. The research team says their findings indicate a "sense of burden" associated with working digitally which surfaced for most participants in perceptions of overload and feelings of being "overwhelmed" by the proliferation of messages, apps and meetings in the digital workplace. They say "fear of missing out" - or FOMO- on important information and contact with colleagues also contributed to stress and strain for digital workers, as did hassles encountered when using digital technologies. (Photo by Tara Winstead via Pexels) Study leader Elizabeth Marsh said: “Digital workplaces benefit both organizations and employees, for example by enabling collaborative and flexible work. "However, what we have found in our research is that there is a potential dark side to digital working, where employees can feel fatigue and strain due to being overburdened by the demands and intensity of the digital work environment. "A sense of pressure to be constantly connected and keeping up with messages can make it hard to psychologically detach from work." Fourteen employees were interviewed in detail and asked about their perceptions and experiences of digital workplace job demands and impacts to their health. Comments from interviewees included: “[It’s] just more difficult to leave it behind when it's all online and you can kind of jump on and do work at any time of the day or night.” Another participant said: “You kind of feel like you have to be there all the time. You have to be a little green light,” while another commented: “It's that pressure to respond [...] I've received an e-mail, I've gotta do this quickly because if not, someone might think “What is she doing from home?” In their analysis, the researchers explored potential underlying psychological, technological and organizational factors that may influence ways in which employees experience digital workplace job demands. The findings showed that participants' dark side experiences were particularly shaped by a pervasive and constant state of connectivity in the digital workplace, termed "hyperconnectivity." Those experiences contributed to a sense of pressure to be available and the erosion of work-life boundaries, according to the research team. (Photo by Thirdman via Pexels) They said the evidence also indicates that "hyperconnectivity" has become the norm among workers post-pandemic. PhD student Marsh said: “The findings underline the need for both researchers and professionals to identify, understand and mitigate the digital workplace job demands to protect the well-being of digital workers.” The research also makes practical suggestions for employers including helping workers improve their digital skills and empowering them to manage boundaries in the digital workplace. The team says their findings could also be used by IT departments to consider how to improve the usability and accessibility of the digital workplace, as well as reining in the proliferation of applications. Dr. Alexa Spence, Professor of Psychology, said: “This research extends the Job Demands-Resources literature by clarifying digital workplace job demands including hyperconnectivity and overload." She added: "It also contributes a novel construct of digital workplace technology intensity which adds new insight on the causes of technostress in the digital workplace. "In doing so, it highlights the potential health impacts, both mental and physical, of digital work.”
Blockmate Ventures Announces Closing of Strategic Investment and Incentive GrantMethane pyrolysis – the case for cleaner hydrogen with existing infrastructure Hydrogen has the potential to significantly decarbonize multiple sectors. Conventional wisdom says that we must build dedicated new hydrogen pipelines and processing infrastructure over the next decades to realize this potential. What if we already had an effective and efficient way to transport (and store) hydrogen across nearly all the United States? What if this system were able to help us reliably eliminate carbon emissions from existing hydrogen production, begin to displace diesel, jet fuel and shipping fuel, and help kick start demand for other new uses almost right away? And, at the same time, what if this system sustainably produced materials for cleaner products for the energy transition and reduced our dependence (at least somewhat) on mining? We do have such a system. Simply put, we can utilize existing infrastructure to transport (and store) natural gas across the country, as we currently do. At the point of use (e.g., an ammonia production facility or truck stop) in the system, we can convert the natural gas into hydrogen using thousands of deployable, easily maintained and operated methane pyrolysis units — an underdiscussed and relatively-mature production method that produces only hydrogen and solid carbon (e.g., carbon black, graphite, or carbon nanotubes) with no carbon dioxide emissions. Over the past 100 years, the United States has constructed around of natural gas transmission and distribution pipelines to supply a wide swath of homes, businesses, factories and power plants. We have also invested in massive underground capacity, capable of balancing energy needs across seasons. We can continue to improve (i.e., replace aging pipes, repair leaks) and leverage this massive infrastructure investment to eliminate emissions from hydrogen production and begin to offset emissions in a host of other sectors. Importantly, the United States is endowed with a vast natural gas resource and a great deal of expertise in locating, accessing, and extracting it. A recent estimate put total at 692 trillion cubic feet (Tcf). For reference, we consume around annually. So, that’s more than 21 years’ worth. With a few exceptions over the past decade, this abundance of domestic natural gas has led to very . Yet, there’s a problem with current natural gas consumption; combusting it produces carbon dioxide, which is accumulating in our atmosphere, warming the planet, and creating dangerous climate change. Moreover, fugitive emissions from the production and distribution of natural gas are also a powerful, contributing source of greenhouse gas emissions. We must continue to mitigate fugitive emission, and we must combust less (unless we are capturing and sequestering or utilizing the carbon dioxide molecules). Methane pyrolysis (also known as “turquoise” hydrogen) has existed for decades, but due to high energy inputs and other technical challenges it is not as mature as steam methane reforming (SMR). SMR, which also converts natural gas into hydrogen, is an emissions intensive process that is responsible for 95 percent of today’s U.S. hydrogen production. While pyrolysis requires less than one-third of the consumed by electrolysis, it uses more natural gas than SMR per quantity of hydrogen produced. Additionally, scaling the technology to commercial levels has proved challenging. Generally, the International Energy Agency (IEA) grades existing methane pyrolysis technology designs from three to eight on its technological readiness level (TRL) scale – with a score of nine implying commercial readiness. A wide range of current analyses indicate that methane pyrolysis has a similar or slightly lower cost per unit of hydrogen produced than “blue” hydrogen (i.e., SMR with carbon capture), but it has nearly zero carbon dioxide emissions, does not need to sequester or transport captured carbon dioxide, and can be lower cost depending on the value of the solid carbon produced. The solid carbon in its several forms produced in pyrolysis offers additional revenue potential (above the hydrogen value), which can further incentivize companies pursuing this production pathway. Carbon black, a fine black powder, is already used in tire manufacturing, printing, plastics, asphalt, and coatings. Graphite, a more structured form of carbon, is mined in many countries for battery anodes, among other things. If it were produced as part of pyrolysis, it would reduce pressure on graphite mining – an environmental win. Carbon nanotubes are perhaps the most valuable form of solid carbon. They are exceedingly lightweight, yet orders of magnitude stronger than steel. As a substitute, they would offset highly emissions intensive steel production and iron mining (to an extent). Furthermore, utilizing nanotubes in structures increases strength and reduces weight (e.g., aerospace vehicles, planes, cars and trucks), making them more energy efficient. Finally, carbon nanotubes conduct electricity, potentially helping to make electric vehicle batteries lighter and reducing demand for other mined critical minerals. Companies are at various stages of development with pyrolysis. In 2021, Monolith, a Nebraska-based chemical and energy company, received a from the U.S. Department of Energy to expand its proprietary technology using natural gas and clean electricity; it plans to use the capital to expand clean hydrogen and carbon black production. Its produced hydrogen is used to make clean ammonia and fertilizer, which is used on nearby farms. Additionally, Monolith has partnered with a major , helping them reduce their emissions by with a source of low emission carbon black. A Washington-based company, Modern Hydrogen, has developed a , drop-in, “shipping-container” approach to scale hydrogen production volumes needed by end users. In Germany, the chemical company BASF has developed a proprietary process and constructed a in Ludwigshafen; currently, it is researching how to scale its production and is exploring economic uses for the solid carbon it creates. Additionally, U.S. chemical company is commercializing its exclusive pyrolysis technique that creates a more valuable solid carbon product in addition to hydrogen. Molten Industries, C-Zero, Aurora hydrogen, and Transform Materials are at earlier stages of development. Startup Molten Industries is focusing on producing (i.e., another form of solid carbon) for lithium-ion batteries and hydrogen for the chemical and steel industries. California-based is initially focusing on Asian markets. In Canada, Aurora Hydrogen recently received support for its scalable, modular microwave (i.e., electricity) pyrolysis technology, which produces hydrogen at the point-of-use, eliminating the need for hydrogen-specific transportation infrastructure. Similarly, Transform Materials produces hydrogen, and other valuable products using microwave energy and pyrolysis. Since hydrogen is an indirect greenhouse gas, producing it close to where it will be consumed can help minimize leaks and its impact on climate change. What should we be using the hydrogen for? There is wide agreement here. First, we should be replacing the current dirty hydrogen production (i.e., SMR) with cleaner methods as quickly as possible. Next, we should be focusing on hard to abate sectors like industry (e.g., ammonia production), heavy-duty long-haul transportation (e.g., trucks), and creating cheaper, scalable pathways to low carbon drop in fuels (e.g., sustainable aviation fuel). With a safe, efficient transportation and storage network already in place, we can start plugging in the additional elements of the methane pyrolysis production pathway almost right away. We don’t need to wait years or decades (and spend billions of additional dollars) to build out a 100 percent dedicated hydrogen transportation system in order to start realizing significant emission reductions. Our current infrastructure provides us with an extraordinary head start. The co-production of solid carbon (e.g., carbon black, graphite, and carbon nanotubes) provides an additional range of very compelling environmental and economic benefits. Methane pyrolysis is one of many clean hydrogen production pathways that we should strongly pursue. With respect to the continued use of fossil fuels, gains made with pyrolysis (or carbon capture) can be cancelled out or made worse without concerted stewardship. The natural gas industry must do better at removing emissions from all segments of product development (i.e., exploration, production, gathering, transmission, storage, and distribution). Additionally, negative impacts on nearby communities must be considered and improved. A group of innovative companies, leveraging existing infrastructure, and cheap, abundant natural gas, can reduce global emissions considerably in the next decade. Though some technical challenges remain, this pathway of least resistance should be supported and enabled to the fullest extent. the latest news shaping the hydrogen market at Methane pyrolysis – the case for cleaner hydrogen with existing infrastructure, First Hydrogen (TM) Explores Small Modular Reactors (SMRs) for Green Hydrogen Production Vancouver, British Columbia–(Newsfile Corp. – December 16, 2024) – First Hydrogen Corp. (TSXV: FHYD) (OTC Pink:... Gasunie – Seven questions about offshore hydrogen New offshore wind farms are going to generate a lot of sustainable electricity in the future. Some of that electricity will be converted to hydrogen and brought... DNV pioneers certification for safer, scalable hydrogen production The recently released standard sets requirements and establishes an industry benchmark for the safe design, construction, and operation of electrolyser...PM looks to ‘brighter future’ at Christmas and ‘wishes for peace in Middle East’
SUGAR LAND, Texas, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Applied Optoelectronics, Inc. (NASDAQ: AAOI) (" AOI ,” " we ,” " us ” or " our ”) announced today that it has closed its exchange with holders (the " Noteholders ”) of its 5.25% Convertible Senior Notes due 2026 (the " 2026 Notes ”) of approximately $76.7 million principal amount of the 2026 Notes for (i) $125 million aggregate principal amount of 2.75% Convertible Senior Notes due 2030 (the " 2030 Notes ”), (ii) 1,487,874 shares of our common stock (the " Exchange Shares ”) and (iii) approximately $89.6 thousand in cash representing accrued interest on the 2026 Notes and the value of fractional shares (such transactions, collectively, the " Exchanges ”). The 2030 Notes are our senior, unsecured obligations and are equal in right of payment with our existing and future senior, unsecured indebtedness, senior in right of payment to our existing and future indebtedness that is expressly subordinated to the 2030 Notes and effectively subordinated to our existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness. The 2030 Notes bear interest at a rate of 2.75% per year, payable semiannually in arrears on January 15 and July 15 of each year, beginning on July 15, 2025. The 2030 Notes will mature on January 15, 2030, unless earlier repurchased, redeemed or converted. The 2030 Notes are convertible at the option of holders of the 2030 Notes under certain specified circumstances, as set forth in the indenture governing the 2030 Notes. We will settle conversions by paying or delivering, as applicable, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election, based on the applicable conversion rate. The initial conversion rate is approximately 23.0884 shares of our common stock per $1,000 principal amount of 2030 Notes, representing an initial conversion price of approximately $43.31 per share of our common stock, an approximately 27.50% premium to the closing price of our common stock on December 18, 2024. If a Make-Whole Fundamental Change (as defined in the indenture governing the 2030 Notes) occurs, and in connection with certain other conversions, we will in certain circumstances increase the conversion rate for a specified period of time. Except in connection with the completion of the Specified Divestiture (as described below), we may not redeem the 2030 Notes prior to January 15, 2027. On or after January 15, 2027, and on or before the 40 th scheduled trading day immediately before the maturity date, we may redeem all or part of the 2030 Notes for cash if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (ii) the trading day immediately before the date we send such redemption notice, at a cash redemption price equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any. Holders may require us to repurchase their 2030 Notes upon the occurrence of a Fundamental Change (as defined in the indenture governing the 2030 Notes) at a cash purchase price equal to the principal amount thereof plus accrued and unpaid interest, if any. In addition, the 2030 Notes will be redeemable, in whole or in part, at our option at any time, and from time to time, on or before the 40 th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if the "Specified Divestiture” (as defined in the indenture governing the 2030 Notes) is completed. If the Specified Divestiture is completed, each holder will have the right to require us to repurchase its 2030 Notes for cash at a repurchase price equal to 100% of the principal amount of such 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date. The issuance of the 2030 Notes, the Exchange Shares and the shares of our common stock issuable upon conversion of the 2030 Notes have not been registered under the Securities Act of 1933, as amended (the " Securities Act ”), and the 2030 Notes, the Exchange Shares and such shares issuable upon conversion of the 2030 Notes may not be offered or sold without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions' securities laws, or in transactions not subject to those registration requirements. Concurrently with the Exchanges, AOI issued an aggregate of 1,036,458 shares of common stock, at a purchase price of $33.97 per share, in a registered direct offering (the " Registered Direct Offering ”). Estimated net proceeds from the Registered Direct Offering are approximately $33.7 million after deducting placement agent fees and estimated offering expenses incurred by us. We intend to use the net proceeds for general corporate purposes, which may include, among other things, capital expenditures and working capital. We may also use such proceeds to fund acquisitions of businesses, technologies or product lines that complement our current business; however, we have no present plans, agreements or commitments with respect to any potential acquisition. Stefan Murry, AOI's Chief Financial Officer and Chief Strategy Officer, stated that "AOI expects to benefit from the convertible debt exchange transactions and the concurrent registered direct offering by, among other things, extending our convertible debt from 2026 to 2030, reducing our existing interest expense and strengthening the cash position of our balance sheet by approximately $30.2 million through the registered direct offering. In addition, the convertible debt exchange transactions increase our financial flexibility by removing certain existing restrictive covenants in our 2026 Notes. We were able to execute these transactions with minimal additional dilution of approximately 0.5%, compared to the implied dilution of the shares underlying the 2026 Notes.” The Registered Direct Offering was made pursuant to an automatic shelf registration statement on Form S-3ASR (Registration File No. 333-283905), which was filed with the U.S. Securities and Exchange Commission (the " SEC ”) on December 18, 2024, and became effective immediately upon filing, including the prospectus contained therein, as supplemented by the prospectus supplement dated December 18, 2024 filed with the SEC pursuant to Rule 424(b) under the Securities Act on December 20, 2024. The prospectus supplement and accompanying prospectus relating to the Registered Direct Offering are available on the SEC's website at www.sec.gov. Raymond James & Associates, Inc. acted as AOI's exclusive financial advisor in connection with the Exchanges and acted as the sole placement agent in connection with the Registered Direct Offering. Haynes Boone LLP acted as legal advisor to AOI and Mayer Brown LLP acted as legal advisor to Raymond James & Associates, Inc., in connection with the Exchanges and the Registered Direct Offering. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Forward-Looking Information This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "believe,” "may,” "estimate,” "continue,” "anticipate,” "intend,” "should,” "could,” "would,” "target,” "seek,” "aim,” "predicts,” "think,” "objectives,” "optimistic,” "new,” "goal,” "strategy,” "potential,” "is likely,” "will,” "expect,” "plan” "project,” "permit” or by other similar expressions that convey uncertainty of future events or outcomes. Such forward-looking statements reflect the views of management at the time such statements are made. These forward-looking statements involve risks and uncertainties, as well as assumptions and current expectations, which could cause our actual results to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include but are not limited to: reduction in the size or quantity of customer orders; change in demand for our products due to industry conditions; changes in manufacturing operations; volatility in manufacturing costs; delays in shipments of products; disruptions in the supply chain; change in the rate of design wins or the rate of customer acceptance of new products; our reliance on a small number of customers for a substantial portion of its revenues; potential pricing pressure; a decline in demand for our customers' products or their rate of deployment of their products; general conditions in the internet datacenter, cable television (CATV) broadband, telecom, or fiber-to-the-home (FTTH) markets; changes in the world economy (particularly in the United States and China); changes in the regulation and taxation of international trade, including the imposition of tariffs; changes in currency exchange rates; the negative effects of seasonality; the impact of any pandemics or similar events on our business and financial results; and other risks and uncertainties described more fully in our documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024. More information about these and other risks that may impact our business are set forth in the "Risk Factors” section of our quarterly and annual reports on file with the SEC. You should not rely on forward-looking statements as predictions of future events. All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. Except as required by law, we assume no obligation to update forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to changes in our expectations. About Applied Optoelectronics Applied Optoelectronics Inc. (AOI) is a leading developer and manufacturer of advanced optical products, including components, modules and equipment. AOI's products are the building blocks for broadband fiber access networks around the world, where they are used in the CATV broadband, internet datacenter, telecom and FTTH markets. AOI supplies optical networking lasers, components and equipment to tier-1 customers in all four of these markets. In addition to its corporate headquarters, wafer fab and advanced engineering and production facilities in Sugar Land, TX, AOI has engineering and manufacturing facilities in Taipei, Taiwan and Ningbo, China. Investor Relations Contacts: The Blueshirt Group, Investor Relations Monica Gould +1-212-871-3927 [email protected] Cassidy Fuller +1-415-217-4968 [email protected]ALL-REMOTE COMPANY/WILMINGTON, Del.--(BUSINESS WIRE)--Dec 9, 2024-- Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company") announced financial results today for the fiscal third quarter ended October 31, 2024. "We are excited about the future here at Phreesia,” said CEO and Co-Founder Chaim Indig. “Our network continues to grow, adoption of our current offerings is increasing, and we are beginning to see the promise of new solutions we are investing in.” Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q3 Fiscal Year 2025 Stakeholder Letter. Fiscal Third Quarter Ended October 31, 2024 Highlights Total revenue was $106.8 million in the quarter, up 17% year-over-year. Average number of healthcare services clients ("AHSCs") was 4,237 in the quarter, up 15% year-over-year. Total revenue per AHSC was $25,207 in the quarter, up 1% year-over-year. See "Key Metrics" below for additional information. Healthcare services revenue per AHSC was $17,481 in the quarter, down 2% year-over-year. See "Key Metrics" below for additional information. Net loss was $14.4 million in the quarter compared to net loss of $31.9 million in the same period in the prior year. Adjusted EBITDA 1 was $9.8 million in the quarter compared to negative $6.6 million in the same period in the prior year. Net cash provided by operating activities was $5.8 million for the three months ended October 31, 2024, as compared to net cash used in operating activities of $6.3 million for the three months ended October 31, 2023. Free cash flow 2 was $1.6 million for the three months ended October 31, 2024, as compared to negative $11.6 million for the three months ended October 31, 2023. Cash and cash equivalents as of October 31, 2024 was $81.7 million, a decrease of $5.8 million from January 31, 2024 and down $0.1 million from July 31, 2024. Fiscal Year 2025 Outlook We are narrowing our revenue outlook for fiscal 2025 to a range of $418 million to $420 million from a previous range of $416 million to $426 million, implying year-over-year growth of 17% to 18%. We are updating our Adjusted EBITDA outlook for fiscal 2025 to a range of $34 million to $36 million from a previous range of $26 million to $31 million. Our outlook reflects our strong performance in the fiscal third quarter and our continued focus on margin improvement. We are maintaining our expectation for AHSCs to reach approximately 4,200 for fiscal 2025, compared to 3,601 in fiscal 2024. We are maintaining our expectation for Total revenue per AHSC to increase in fiscal 2025 compared to the $98,944 we achieved in fiscal 2024. Fiscal Year 2026 Outlook We are introducing our revenue outlook for fiscal 2026. We expect revenue to be in the range of $472 million to $482 million. The revenue range provided for fiscal 2026 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2026. We are introducing our Adjusted EBITDA outlook for fiscal 2026. We expect Adjusted EBITDA to be in the range of $78 million to $88 million. The Adjusted EBITDA range provided for fiscal 2026 assumes continued improvement in operating leverage across the Company through focusing on efficiency. We expect AHSCs to reach approximately 4,500 in fiscal 2026. Additionally, we expect Total revenue per AHSC in fiscal 2026 to increase from fiscal 2025. We believe our $81.7 million in cash and cash equivalents as of October 31, 2024, along with cash generated in our normal operations, gives us sufficient flexibility to reach our fiscal 2025 and fiscal 2026 outlook. Additionally, our available borrowing capacity under our credit facility with Capital One provides us with an additional source of capital to pursue future growth opportunities not incorporated into our fiscal 2025 and fiscal 2026 outlook. As of October 31, 2024 we have no borrowings outstanding under our credit facility. Non-GAAP Financial Measures We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see “Non-GAAP financial measures” below. Available Information We intend to use our Company website (including our Investor Relations website) as well as our Facebook, X, LinkedIn and Instagram accounts as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Forward Looking Statements This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, margins, Adjusted EBITDA, cash flows and profitability 3; our ability to finance our plans to achieve our fiscal 2025 and fiscal 2026 outlook with our current cash balance and cash generated in the normal course of business; and our outlook for fiscal 2025 and fiscal 2026, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and Total revenue per AHSC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to comply with the covenants in our credit agreement with Capital One; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; and difficulties in integrating our acquisitions and investments; and other general, market, political, economic and business conditions (including from the results of the 2024 U.S. presidential and congressional elections and the warfare and/or political and economic instability in Ukraine, the Middle East or elsewhere). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those listed or described in our filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 that will be filed with the SEC following this press release. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. This press release includes certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, with the exception of our Adjusted EBITDA outlook for the reasons described above. Conference Call Information We will hold a conference call on Monday December 9, 2024 at 5:00 p.m. Eastern Time to review our fiscal 2025 third quarter financial results. To participate in our live conference call and webcast, please dial (800) 715-9871 (or (646) 307-1963 for international participants) using conference code number 7404611 or visit the “Events & Presentations” section of our Investor Relations website at ir.phreesia.com . A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. About Phreesia Phreesia is a trusted leader in patient activation, giving providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled approximately 150 million patient visits in 2023—more than 1 in 10 visits across the U.S.—scale that we believe allows us to make meaningful impact. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives efficiency and improves healthcare outcomes. Phreesia, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) October 31, 2024 January 31, 2024 (Unaudited) Assets Current: Cash and cash equivalents $ 81,740 $ 87,520 Settlement assets 25,046 28,072 Accounts receivable, net of allowance for doubtful accounts of $1,468 and $1,392 as of October 31, 2024 and January 31, 2024, respectively 71,408 64,863 Deferred contract acquisition costs 362 768 Prepaid expenses and other current assets 11,017 14,461 Total current assets 189,573 195,684 Property and equipment, net of accumulated depreciation and amortization of $87,861 and $76,859 as of October 31, 2024 and January 31, 2024, respectively 25,973 16,902 Capitalized internal-use software, net of accumulated amortization of $53,210 and $45,769 as of October 31, 2024 and January 31, 2024, respectively 51,322 46,139 Operating lease right-of-use assets 1,656 266 Deferred contract acquisition costs 450 986 Intangible assets, net of accumulated amortization of $7,536 and $4,925 as of October 31, 2024 and January 31, 2024, respectively 29,014 31,625 Goodwill 75,845 75,845 Other assets 1,870 2,879 Total Assets $ 375,703 $ 370,326 Liabilities and Stockholders’ Equity Current: Settlement obligations $ 25,046 $ 28,072 Current portion of finance lease liabilities and other debt 8,866 6,056 Current portion of operating lease liabilities 1,021 393 Accounts payable 15,870 8,480 Accrued expenses 29,080 37,130 Deferred revenue 22,188 24,113 Other current liabilities 7,130 5,875 Total current liabilities 109,201 110,119 Long-term finance lease liabilities and other debt 10,292 5,400 Operating lease liabilities, non-current 840 134 Long-term deferred revenue 199 97 Long-term deferred tax liabilities 446 270 Other long-term liabilities 133 2,857 Total Liabilities 121,111 118,877 Commitments and contingencies Stockholders’ Equity: Preferred stock, undesignated, $0.01 par value - 20,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; no shares issued or outstanding as of both October 31, 2024 and January 31, 2024 — — Common stock, $0.01 par value - 500,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; 59,439,197 and 57,709,762 shares issued as of October 31, 2024 and January 31, 2024, respectively 594 577 Additional paid-in capital 1,094,629 1,039,361 Accumulated deficit (795,106 ) (742,969 ) Accumulated other comprehensive loss (5 ) — Treasury stock, at cost, 1,355,169 shares as of both October 31, 2024 and January 31, 2024 (45,520 ) (45,520 ) Total Stockholders’ Equity 254,592 251,449 Total Liabilities and Stockholders’ Equity $ 375,703 $ 370,326 Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Revenue: Subscription and related services $ 49,363 $ 42,595 $ 144,717 $ 119,783 Payment processing fees 24,704 23,218 77,064 71,102 Network solutions 32,733 25,806 88,351 70,409 Total revenues 106,800 91,619 310,132 261,294 Expenses: Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 Payment processing expense 16,683 15,410 51,648 47,352 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 General and administrative 19,633 20,240 58,182 61,105 Depreciation 3,566 4,483 11,011 13,231 Amortization 3,521 2,980 10,052 8,003 Total expenses 120,643 123,664 360,617 368,195 Operating loss (13,843 ) (32,045 ) (50,485 ) (106,901 ) Other expense, net (144 ) (47 ) (261 ) (39 ) Interest income, net 26 523 311 2,027 Total other (expense) income, net (118 ) 476 50 1,988 Loss before provision for income taxes (13,961 ) (31,569 ) (50,435 ) (104,913 ) Provision for income taxes (442 ) (372 ) (1,702 ) (1,326 ) Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.25 ) $ (0.58 ) $ (0.91 ) $ (1.96 ) Weighted-average common shares outstanding, basic and diluted 57,891,591 55,251,074 57,358,637 54,139,555 (1) Our potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Phreesia, Inc. Consolidated Statements of Comprehensive Loss (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Other comprehensive loss, net of tax: Change in foreign currency translation adjustments, net of tax (3 ) — (5 ) — Other comprehensive loss, net of tax (3 ) — (5 ) — Comprehensive loss $ (14,406 ) $ (31,941 ) $ (52,142 ) $ (106,239 ) Phreesia, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Operating activities: Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Amortization of deferred financing costs and debt discount 62 84 174 253 Cost of Phreesia hardware purchased by customers 571 582 1,248 1,232 Deferred contract acquisition costs amortization 1,322 235 1,706 855 Non-cash operating lease expense 207 142 568 484 Deferred taxes 57 39 176 181 Changes in operating assets and liabilities: Accounts receivable (10,141 ) (991 ) (6,558 ) (3,361 ) Prepaid expenses and other assets 1,005 (1,530 ) 4,286 (761 ) Deferred contract acquisition costs (552 ) — (765 ) — Accounts payable 6,948 1,189 5,198 (1,226 ) Accrued expenses and other liabilities (3,655 ) 469 (6,202 ) 6,530 Lease liabilities (202 ) (232 ) (622 ) (884 ) Deferred revenue 954 218 (1,823 ) (1,347 ) Net cash provided by (used in) operating activities 5,785 (6,310 ) 16,125 (29,300 ) Investing activities: Acquisitions, net of cash acquired — (10,406 ) — (14,279 ) Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Net cash used in investing activities (4,182 ) (15,717 ) (17,031 ) (31,512 ) Financing activities: Proceeds from issuance of common stock upon exercise of stock options 17 250 583 925 Treasury stock to satisfy tax withholdings on stock compensation awards — (1,451 ) — (12,176 ) Proceeds from employee stock purchase plan 840 919 2,443 2,782 Finance lease payments (1,895 ) (1,729 ) (5,170 ) (5,156 ) Constructive financing — — — 1,688 Principal payments on financing agreements (304 ) (273 ) (888 ) (318 ) Debt issuance costs and loan facility fee payments — — (152 ) (250 ) Financing payments of acquisition-related liabilities (309 ) — (1,673 ) — Net cash used in financing activities (1,651 ) (2,284 ) (4,857 ) (12,505 ) Effect of exchange rate changes on cash and cash equivalents (10 ) — (17 ) — Net decrease in cash and cash equivalents (58 ) (24,311 ) (5,780 ) (73,317 ) Cash and cash equivalents – beginning of period 81,798 127,677 87,520 176,683 Cash and cash equivalents – end of period $ 81,740 $ 103,366 $ 81,740 $ 103,366 Supplemental information of non-cash investing and financing information: Right of use assets acquired in exchange for operating lease liabilities $ — $ 346 $ 1,958 $ 346 Property and equipment acquisitions through finance leases $ 6,847 $ 371 $ 13,709 $ 7,438 Purchase of property and equipment and capitalized software included in current liabilities $ 3,508 $ 2,911 $ 3,508 $ 2,911 Capitalized stock-based compensation $ 343 $ 309 $ 1,006 $ 1,023 Issuance of stock to settle liabilities for stock-based compensation $ 2,853 $ 3,420 $ 10,679 $ 10,641 Issuance of stock as consideration in business combinations $ — $ 30,645 $ — $ 35,321 Deferred consideration liabilities payable in business combinations $ — $ 10,294 $ — $ 10,294 Capitalized software acquired through vendor financing $ — $ — $ — $ 2,047 Cash paid for: Interest $ 595 $ 295 $ 1,459 $ 649 Income taxes $ 549 $ — $ 2,559 $ 48 Non-GAAP Financial Measures This press release and statements made during the above-referenced webcast may include certain non-GAAP financial measures as defined by SEC rules. Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release and our Quarterly Report on Form 10-Q to be filed after this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows: Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA does not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) the potentially dilutive impact of non-cash stock-based compensation; (3) tax payments that may represent a reduction in cash available to us; or (4) interest income, net; and Other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure. Because of these and other limitations, you should consider Adjusted EBITDA along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods indicated: Phreesia, Inc. Adjusted EBITDA ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Interest income, net (26 ) (523 ) (311 ) (2,027 ) Provision for income taxes 442 372 1,702 1,326 Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Other expense, net 144 47 261 39 Adjusted EBITDA $ 9,769 $ (6,619 ) $ 20,391 $ (31,918 ) We calculate Free cash flow as Net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. Additionally, Free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic investments, partnerships and acquisitions and strengthening our financial position. The following table presents a reconciliation of Free cash flow from Net cash provided by (used in) operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated: Phreesia, Inc. Free cash flow ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands, unaudited) 2024 2023 2024 2023 Net cash provided by (used in) operating activities $ 5,785 $ (6,310 ) $ 16,125 $ (29,300 ) Less: Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Free cash flow $ 1,603 $ (11,621 ) $ (906 ) $ (46,533 ) Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 GAAP operating expenses General and administrative $ 19,633 $ 20,240 $ 58,182 $ 61,105 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 $ 96,873 $ 100,791 $ 287,906 $ 299,609 Stock compensation included in GAAP operating expenses General and administrative $ 6,049 $ 5,798 $ 18,534 $ 17,423 Sales and marketing 5,431 6,322 16,500 19,850 Research and development 3,793 4,561 11,049 13,002 Cost of revenue (excluding depreciation and amortization) 1,252 1,282 3,730 3,474 $ 16,525 $ 17,963 $ 49,813 $ 53,749 Adjusted operating expenses General and administrative $ 13,584 $ 14,442 $ 39,648 $ 43,682 Sales and marketing 24,640 30,156 75,766 91,285 Research and development 25,522 23,983 76,689 69,482 Cost of revenue (excluding depreciation and amortization) 16,602 14,247 45,990 41,411 $ 80,348 $ 82,828 $ 238,093 $ 245,860 Phreesia, Inc. Key Metrics (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Key Metrics: Average number of healthcare services clients ("AHSCs") 4,237 3,688 4,157 3,481 Healthcare services revenue per AHSC $ 17,481 $ 17,845 $ 53,351 $ 54,836 Total revenue per AHSC $ 25,207 $ 24,842 $ 74,605 $ 75,063 The definitions of our key metrics are presented below. AHSCs . We define AHSCs as the average number of clients that generate subscription and related services or payment processing revenue each month during the applicable period. In cases where we act as a subcontractor providing white-label services to our partner's clients, we treat the contractual relationship as a single healthcare services client. We believe growth in AHSCs is a key indicator of the performance of our business and depends, in part, on our ability to successfully develop and market our solutions to healthcare services organizations that are not yet clients. While growth in AHSCs is an important indicator of expected revenue growth, it also informs our management of the areas of our business that will require further investment to support expected future AHSC growth. For example, as AHSCs increase, we may need to add to our customer support team and invest to maintain effectiveness and performance of our solutions for our healthcare services clients and their patients. Healthcare services revenue per AHSC. We define Healthcare services revenue as the sum of subscription and related services revenue and payment processing revenue. We define Healthcare services revenue per AHSC as Healthcare services revenue in a given period divided by AHSCs during that same period. We are focused on continually delivering value to our healthcare services clients and believe that our ability to increase Healthcare services revenue per AHSC is an indicator of the long-term value of our solutions. Total revenue per AHSC. We define Total revenue per AHSC as Total revenue in a given period divided by AHSCs during that same period. Our healthcare services clients directly generate subscription and related services and payment processing revenue. Additionally, our relationships with healthcare services clients who subscribe to our solutions give us the opportunity to engage with life sciences companies, health plans and other payer organizations, patient advocacy, public interest and other not-for-profit organizations who deliver direct communication to patients through our solutions. As a result, we believe that our ability to increase Total revenue per AHSC is an indicator of the long-term value of our solutions. Additional Information (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Patient payment volume (in millions) $ 1,081 $ 965 $ 3,340 $ 2,970 Payment facilitator volume percentage 81 % 82 % 81 % 82 % Patient payment volume . We believe that patient payment volume is an indicator of both the underlying health of our healthcare services clients’ businesses and the continuing shift of healthcare costs to patients. We measure patient payment volume as the total dollar volume of transactions between our healthcare services clients and their patients utilizing our payment platform, including via credit and debit cards that we process as a payment facilitator as well as cash and check payments and credit and debit transactions for which we act as a gateway to other payment processors. Payment facilitator volume percentage . We define payment facilitator volume percentage as the volume of credit and debit card patient payment volume that we process as a payment facilitator as a percentage of total patient payment volume. Payment facilitator volume is a major driver of our payment processing revenue. Our payment facilitator volume percentage could decline slightly over time should we increase our penetration of enterprise customers that are less likely to use Phreesia as a payment facilitator. ______________________________ 1 Adjusted EBITDA is a non-GAAP measure. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. See “Non-GAAP Financial Measures” for a reconciliation of Adjusted EBITDA to the closest GAAP measure. 2 Free cash flow is a non-GAAP measure. We define Free cash flow as net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. See “Non-GAAP Financial Measures” for a reconciliation of Free cash flow to the closest GAAP measure. 3 We define “profitability,” discussed herein, in terms of Adjusted EBITDA, a non-GAAP financial measure. See ‘Non-GAAP Financial Measures’ for a definition of Adjusted EBITDA and a reconciliation of our Adjusted EBITDA to Net loss, the closest GAAP measure. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209683231/en/ CONTACT: Investor Relations Contact:Balaji Gandhi Phreesia, Inc. investors@phreesia.com (929) 506-4950Media Contact:Nicole Gist Phreesia, Inc. nicole.gist@phreesia.com (407) 760-6274 KEYWORD: DELAWARE UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SCIENCE SOFTWARE PRACTICE MANAGEMENT RESEARCH HEALTH HOSPITALS HEALTH TECHNOLOGY TECHNOLOGY SOURCE: Phreesia, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:05 PM/DISC: 12/09/2024 04:05 PM http://www.businesswire.com/news/home/20241209683231/en
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OTTAWA — First Nations leaders are split over next steps after a landmark $47.8-billion child welfare reform deal with Canada was struck down, prompting differing legal opinions from both sides. The Assembly of First Nations and a board member of the First Nations Child and Family Caring Society have received competing legal opinions on potential ways forward. Ontario Regional Chief Abram Benedict says the chiefs he represents are still hoping the agreement that chiefs outside the province voted down two months ago is not moot. Chiefs in Ontario are interveners in the Canadian Human Rights Tribunal case that led to its realization. He added there are also concerns that some of the elements in the new negotiation mandate outlined by chiefs in an October assembly go beyond the current governance structure of the Assembly of First Nations. "There will have to be action by the Assembly of First Nations in the very near future to advance these positions, but you also need willing partners," Benedict said. "We're still considering what our options are." Those options are also being debated in legal reviews commissioned by the Assembly of First Nations and a board member of the First Nations Child and Family Caring Society, which are both parties to the human rights case, along with Nishnawbe Aski Nation. Khelsilem, a chairperson from the Squamish Nation who penned a resolution that defeated the deal in October, critiqued the stance of Ontario First Nations by saying they negotiated a "bad agreement" for First Nations outside the province and now that chiefs want to go back to the table for a better deal, they want to split from the process entirely. "It potentially undermines the collective unity of First Nations to achieve something that is going to benefit all of us," he said. The $47.8-billion agreement was struck in July after decades of advocacy and litigation from First Nations and experts, seeking to redress discrimination against First Nations children who were torn from their families and placed in foster care. The Canadian Human Rights Tribunal said Canada’s underfunding was discriminatory because it meant kids living on reserve were given fewer services than those living off reserves, and tasked Canada with reaching an agreement with First Nations to reform the system. The agreement was meant to cover 10 years of funding for First Nations to take control of their own child welfare services from the federal government. Chiefs and service providers critiqued the deal for months, saying it didn’t go far enough to ensure an end to the discrimination. They have also blasted the federal government for what they say is its failure to consult with First Nations in negotiations, and for the exclusion of the First Nations Child and Family Caring Society, which helped launched the initial human rights complaint. In October at a special chiefs assembly in Calgary, the deal was struck down through two resolutions. The Assembly of First Nations sought a legal review of those resolutions by Fasken Martineau DuMoulin LLP — a firm where the former national chief of the organization, Perry Bellegarde, works as a special adviser. In the legal review from Fasken, it appears as though the assembly asked for direction on how to get "rid" of two resolutions used to vote down the deal, with an employee of the firm saying they can review the resolutions together if they want them both gone, or they can "leave room for compromise" with one of the resolutions. In a statement, the Assembly of First Nations said the review was conducted to assess the legal, technical and operational aspects of the resolutions to ensure their "effective implementation." "The opinions formed by external counsel are their own and do not reflect the views or positions of the AFN," said Andrew Bisson, the chief executive officer, who added it's not unusual for the organization to seek such reviews. Bisson did not address the language used by a Fasken employee to "get rid" of resolutions, but said "the legal and technical reviews were conducted in good faith, not to undermine the chiefs' direction. The chiefs have provided clear direction, and the AFN is committed to following that direction." The legal reviews from Fasken, dated Nov. 15, argue that the October resolutions on child welfare require a significant review of who voted for them, along with changes to the organization's charter should they be implemented. Resolution 60 called for a rejection of the final settlement agreement, and for the establishment of a Children's Chiefs Commission that will be representative of all regions and negotiate long-term reforms. It also called for the AFN's executive committee to "unconditionally include" the Caring Society in negotiations. Fasken said that commission is contrary to the AFN's charter, and the law, because the AFN's executive committee doesn't have the power to create one, and that the executive committee "alone" has the authority to execute mandates on behalf of the assembly. It adds there are no accountability measures for the new negotiation body, and that it will represent regions that are not participants in the AFN. Resolution 61, which built upon resolution 60, is similarly against the charter for the same reasons, the review says. As such, it says, the resolutions can't be implemented. The firm also wrote that there were alleged conflicts of interest during the October vote, saying "numerous proxies were also employees, shareholders, directors, agents or otherwise had a vested interest" in the First Nations child and family service agencies whose interests were the subject of the resolutions. Chief Joe Miskokomon of Chippewas of the Thames First Nation in southwestern Ontario called that "political deception." In response to that review, a board member of the Caring Society, which has been a vocal critic of the July deal, sought their own. The review penned by Aird Berlis for Mary Teegee and dated Dec. 2 stated it was "inappropriate for the AFN to seek, and not disclose, legal opinions which are then cited to attempt to second-guess decisions already made by the First Nations in Assembly." It also states that while the AFN's vice-president of strategic policy and integration, Amber Potts, raised concerns with the movers and seconders of the resolutions, the entirety of the legal opinion the assembly sought was not shared with them. Teegee's review challenges that of the AFN's by saying the resolutions are consistent with the AFN's charter, and that nothing restricts First Nations in assembly from expressing their sovereign will by delegating authority to another entity. "AFN's role and purpose at all times is to effect the sovereign will of First Nations, however it is expressed, on 'any matter' that they see fit," the review from Aird Berlis reads. "It is too late to attempt to question the resolutions. They are now final." This report by The Canadian Press was first published Dec. 9, 2024. Alessia Passafiume, The Canadian PressWide receiver Dallas Wilson, a five-star Class of 2025 prospect, signed with Florida. The move came just days after he asked Oregon to release him from his commitment. He signed with the Ducks on Dec. 4, the first day of the early signing period. The 247Sports composite ranks Wilson, a Florida product from Tampa Bay Tech, as the No. 4 wide receiver and No. 20 overall player in the class. Florida announced his signing with a video posted to social media Sunday night. Wilson had been committed to the Ducks since Jan. 17, 2023, taking an official visit there in June 2024 and one to Florida on Nov. 22. But The Athletic reported last week that Wilson's agent, Vernell Brown of EL1TE Sports Management Group, said Wilson changed his mind to remain closer to an ill family member, adding NIL money was not a factor. A 6-foot-3 speedster, Wilson also runs track and was part of his school's 4x400 relay team that qualified for the state competition in his junior year. --Field Level Media
