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Bitwise CEO says 2025 could be the year companies start adopting BitcoinAP News Summary at 12:26 p.m. EST
With nearly all of the votes counted, left-leaning Mr Milanovic won 49% while his main challenger Dragan Primorac, a candidate of the ruling conservative HDZ party, trailed far behind with 19%. Pre-election polls had predicted that the two would face off in the second round on January 12, as none of the eight presidential election contenders were projected to get more than 50% of the vote. Mr Milanovic thanked his supporters but warned that “this was just a first run”. “Let’s not be triumphant, let’s be realistic, firmly on the ground,” he said. “We must fight all over again. It’s not over till it’s over.” Mr Milanovic, the most popular politician in Croatia, has served as prime minister in the past. Populist in style, the 58-year-old has been a fierce critic of current Prime Minister Andrej Plenkovic and continuous sparring between the two has been a recent hallmark of Croatia’s political scene. Mr Plenkovic has sought to portray the vote as one about Croatia’s future in the EU and Nato. He has labelled Mr Milanovic “pro-Russian” and a threat to Croatia’s international standing. “The difference between him (Mr Primorac) and Milanovic is quite simple: Milanovic is leading us East, Primorac is leading us West,” he said. Though the presidency is largely ceremonial in Croatia, an elected president holds political authority and acts as the supreme commander of the military. Mr Milanovic has criticised the Nato and European Union support for Ukraine and has often insisted that Croatia should not take sides. He has said Croatia should stay away from global disputes, thought it is a member of both Nato and the EU. Mr Milanovic has also blocked Croatia’s participation in a Nato-led training mission for Ukraine, declaring that “no Croatian soldier will take part in somebody else’s war”. His main rival in the election, Mr Primorac, has stated that “Croatia’s place is in the West, not the East”. However, his bid for the presidency has been marred by a high-level corruption case that landed Croatia’s health minister in jail last month and which featured prominently in pre-election debates. Trailing a distant third in the pre-election polls is Marija Selak Raspudic, a conservative independent candidate. She has focused her election campaign on the economic troubles of ordinary citizens, corruption and issues such as population decline in the country of some 3.8 million. Sunday’s presidential election is Croatia’s third vote this year, following a snap parliamentary election in April and the European Parliament balloting in June.
Your black plastic kitchen utensils aren’t so toxic after all. But you should still toss them, group saysPhiladelphia star quarterback Jalen Hurts remains in concussion protocol and has been ruled for Sunday's game against the visiting Dallas Cowboys, with the Eagles expected to start Kenny Pickett. Hurts missed practice all week, and head coach Nick Sirianni confirmed before Friday's session that Hurts remains in the concussion protocol, adding, "It's going to be tough for him to make it this week." Hurts and Pickett (ribs) were both injured during last weekend's 36-33 loss to the Washington Commanders, but Pickett was a full participant in Thursday's practice and was limited on Friday. The Eagles also have Tanner McKee as the emergency third quarterback and signed Ian Book to the practice squad this week. Pickett, who grew up as an Eagles fan in Ocean Township, N.J., will have a chance to help Philadelphia (12-3) clinch the NFC East title in his first start for the franchise. "I'm very excited. It's a big opportunity," he told reporters Thursday. "I've been working hard to stay ready and I felt like I was in a good position last game with my preparation and now having a week to practice, I'll feel even better going into the stadium. So, I'm excited. I just want to get the win." Pickett relieved Hurts in the first quarter against Washington and completed 14 of 24 passes for 143 yards with one touchdown and one interception. Prior to that, he had appeared in three games in mop-up duty. "He's done a great job," Eagles wide receiver A.J. Brown said on Friday. "He did a great job last week. I know he had a few hiccups, but overall he's doing a great job. It's not his first rodeo. We have a lot of confidence in him, I do, and I'm excited. "(He's) poised, confident. He comes in, he's commanding the huddle and that's what you want to see." Pickett, 26, compiled a 14-10 record as the starter for the Steelers from 2022-23 after being drafted by Pittsburgh in the first round (20th overall) in 2022. After the Steelers acquired Russell Wilson in March, Pickett was traded along with a 2024 fourth-round pick to the Eagles in exchange for a 2024 third-round pick and two 2025 seventh-rounders. Pickett has completed 62.3 percent of his pass attempts for 4,622 yards with 14 touchdowns and 14 interceptions in 29 career games. He has rushed for 303 yards and four scores. Hurts, 26, has completed 68.7 percent of his passes this season for 2,903 yards with 18 TDs and five picks in 15 starts. He has rushed for 630 yards and is tied for the NFL lead with 14 rushing touchdowns. --Field Level Media
'Sonic 3' and 'Mufasa' battle for No. 1 at the holiday box office Two family films are dominating the holiday box office, with “Sonic the Hedgehog 3” winning the three-day weekend over “Mufasa” by a blue hair. According to studio estimates Sunday, the Sonic movie earned $38 million, while “Mufasa” brought in $37.1 million from theaters in the U.S. and Canada. The R-rated horror “Nosferatu” placed third with an unexpectedly strong $21.2 million. Thanksgiving release holdovers “Wicked” and “Moana 2” rounded out the top five. Christmas Day had several big film openings, including the Bob Dylan biopic “A Complete Unknown,” the Nicole Kidman erotic drama “Babygirl” and the boxing drama “The Fire Inside.” Big Lots reaches deal to keep hundreds of US stores open The discount chain Big Lots has reached a deal that will keep hundreds of its stores open. Big Lots said it will be sold to Gordon Brothers Retail Partners, which specializes in distressed companies. Gordon Brothers will then transfer Big Lots’ stores to other retailers. Variety Wholesalers, which owns more than 400 U.S. discount stores, plans to acquire between 200 and 400 Big Lots stores and operate them under the Big Lots brand. Big Lots filed for bankruptcy protection in September, saying inflation and high interest rates had cut back on consumer demand for its furniture and other products. Charles Dolan, HBO and Cablevision founder, dies at 98 Charles F. Dolan, who founded some of the most prominent U.S. media companies including Home Box Office Inc. and Cablevision Systems Corp., has died at age 98. Newsday reports that a statement issued Saturday by his family says Dolan died of natural causes. Dolan’s legacy in cable broadcasting includes founding HBO in 1972, Cablevision in 1973 and the American Movie Classics television station in 1984. He also launched News 12 in New York City, the first U.S. 24-hour cable channel for local news. Dolan also held controlling stakes in companies that owned Madison Square Garden, Radio City Music Hall, the New York Knicks and the New York Rangers. Trump asks Supreme Court to delay TikTok ban so he can weigh in after he takes office President-elect Donald Trump has asked the Supreme Court to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. Trump's request Friday came as TikTok and the Biden administration filed opposing briefs to the court. Oral arguments are scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. The brief said Trump opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.” Stock market today: Wall Street slips as the 'Magnificent 7' weighs down the market NEW YORK (AP) — Stocks are closing lower as Wall Street ends a holiday-shortened week on a down note. The S&P 500 fell 1.1% Friday and the Dow Jones Industrial Average lost 333 points, or 0.8%. The Nasdaq composite dropped 1.5%. The “Magnificent 7” stocks weighed on the market, led by declines in Nvidia, Tesla and Microsoft. Even with the loss, the S&P 500 had a modest gain for the week and is still headed for its second consecutive annual gain of more than 20%, the first time that has happened since 1997-1998. The yield on the 10-year Treasury rose to 4.62%. 10 tips from experts to help you change your relationship with money in 2025 NEW YORK (AP) — As the calendar changes to 2025, you might be thinking about how to approach your relationship with money in the new year. Whether you’re saving to move out of your parents’ house or pay off student loan debt, financial resolutions can help you stay motivated. If you’re planning to make financial resolutions for the new year, experts recommend that you start by evaluating the state of your finances in 2024. Then, set specific goals and make sure they’re attainable for your lifestyle. Janet Yellen tells Congress US could hit debt limit in mid-January WASHINGTON (AP) — Treasury Secretary Janet Yellen says her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as January 14th, in a letter sent to congressional leaders Friday afternoon. The department has taken such action in the past. But once those measures run out the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the U.S. government’s ability to borrow. An online debate over foreign workers in tech shows tensions in Trump's political coalition WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in the president-elect’s political movement into public display. The argument previews fissures and contradictory views his coalition could bring to the White House. The rift laid bare tensions between the newest flank of Trump’s movement — that is, wealthy members of the tech world who want more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies. A 9th telecoms firm has been hit by a massive Chinese espionage campaign, the White House says WASHINGTON (AP) — A top White House official says a ninth U.S. telecoms firm has been confirmed to have been hacked as part of a sprawling Chinese espionage campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Administration officials said this month that at least eight telecommunications companies, as well as dozens of nations, had been affected by the Chinese hacking blitz known as Salt Typhoon. But Anne Neuberger, a deputy national security adviser, said Friday that a ninth victim had been identified after the administration released guidance to companies about how to hunt for Chinese culprits in their networks. Canadian Cabinet ministers meet with Trump's nominee for commerce secretary in bid to avoid tariffs TORONTO (AP) — Two top Canadian Cabinet ministers have met with President-elect Donald Trump’s nominee for commerce secretary at Mar-a-Lago as Canada tries to avoid sweeping tariffs when Trump takes office. New Finance Minister Dominic LeBlanc and Foreign Minister Mélanie Joly met with Howard Lutnick, Trump’s nominee for commerce secretary, as well as North Dakota Gov. Doug Burgum, Trump’s pick to lead the Interior Department. The meeting was a follow up to Canadian Prime Minister Justin Trudeau’s meeting with Trump at Mar-a-Lago last month. Trump has threatened to impose sweeping tariffs if Canada does not stem what he calls a flow of migrants and fentanyl into the United States.
NEW YORK--(BUSINESS WIRE)--Dec 9, 2024-- Braze (Nasdaq: BRZE) the leading customer engagement platform that empowers brands to Be Absolutely EngagingTM, today announced results for its fiscal quarter ended October 31, 2024. “We continued to execute in the third quarter, delivering strong revenue growth and operating leverage while maintaining steady investment in our product, our ecosystem, and our go-to-market motion to continue positioning Braze as the leading cross-channel customer engagement platform,” said Bill Magnuson, Cofounder and CEO of Braze. “We are confidently on track to meet our profitability targets for the fiscal fourth quarter of and full fiscal year 2025, and continue to focus on driving growth through customer engagement innovations that empower our customers to create more valuable customer experiences.” Fiscal Third Quarter 2025 Financial Highlights Recent Business Highlights Financial Outlook Braze is initiating guidance for the fiscal fourth quarter ending January 31, 2025 and updating guidance for the fiscal year ending January 31, 2025. Metric (in millions, except per share amounts) FY 2025 Q4 Guidance FY 2025 Guidance Revenue $155.0 - 156.0 $588.0 - 589.0 Non-GAAP operating income (loss) $2.0 - 3.0 $(5.0) - (6.0) Non-GAAP net income $5.0 - 6.0 $11.0 - 12.0 Non-GAAP net income per share, diluted $0.05 - 0.06 $0.10 - 0.11 Weighted average common shares used in computing non-GAAP net income per share, diluted ~107.5 ~107.0 Braze has not reconciled its guidance as to non-GAAP operating income (loss), non-GAAP net income or non-GAAP net income per share to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in Braze’s stock price. Accordingly, reconciliations are not available without unreasonable effort, although it is important to note that these factors could be material to Braze’s results calculated in accordance with GAAP. Conference Call Information: What: Braze Third Quarter Fiscal Year 2025 Financial Results Conference Call When: Monday, December 9th at 4:30 pm EST / 1:30 pm PST Webcast & Supplemental Data: investors.braze.com Replay: A webcast replay will be available on Braze’s investor site at investors.braze.com . Supplemental and Other Financial Information Supplemental information, including an accompanying financial presentation and other information can be accessed through Braze’s investor website at investors.braze.com . Non-GAAP Financial Measures This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, basic and diluted, and non-GAAP free cash flow. Braze defines non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin, and non-GAAP net income (loss) as the respective GAAP balances, adjusted for stock-based compensation expense, employer taxes related to stock-based compensation, charitable contribution expense, contingent consideration adjustments, acquisition related expense, amortization of intangible assets, and restructuring expense. Prior to the fourth quarter of the fiscal year ended January 31, 2024, Braze did not adjust non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating income (loss), non-GAAP operating margin or non-GAAP net income (loss) for contingent consideration adjustments, because there were no such adjustments in prior periods. Braze defines non-GAAP free cash flow as net cash provided by/(used in) operating activities, minus purchases of property and equipment and minus capitalized internal-use software costs. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. Braze uses this non-GAAP financial information internally in analyzing its financial results and believes that this non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the United States (GAAP), and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in Braze’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by Braze’s management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below in the financial statement tables included below in this press release for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Braze encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly and fiscal year financial results, including this press release, and not to rely on any single financial measure to evaluate Braze’s business. Definition of Other Business Metrics Customer : Braze defines a customer, as of period end, as the separate and distinct, ultimate parent-level entity that has an active subscription with Braze to use its products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which together would be considered a single customer. Annual Recurring Revenue (ARR) : Braze defines ARR as the annualized value of customer subscription contracts, including certain premium professional services that are subject to contractual subscription terms, as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms (including contracts for which Braze is negotiating a renewal). Braze’s calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. ARR may decline or fluctuate as a result of a number of factors, including customers’ satisfaction or dissatisfaction with Braze’s products and professional services, pricing, competitive offerings, economic conditions or overall changes in Braze’s customers’ spending levels. ARR should be viewed independently of revenue and does not represent Braze’s GAAP revenue on an annualized basis or a forecast of revenue, as it is an operating metric that can be impacted by contract start and end dates and renewal rates. Dollar-Based Net Retention Rate : Braze calculates dollar-based net retention rate as of a period end by starting with the ARR from a cohort of customers as of 12 months prior to such period-end (the Prior Period ARR). Braze then calculates the ARR from the same cohort of customers as of the end of the current period (the Current Period ARR). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers in the current period. Braze then divides the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. Braze then calculates the weighted average point-in-time dollar-based net retention rates as of the last day of each month in the current trailing 12-month period to arrive at the dollar-based net retention rate. Remaining Performance Obligations: The transaction price allocated to remaining performance obligations represents amounts under non-cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, the timing of service delivery and contract terms. Unbilled portions of the remaining performance obligation are subject to future economic risks including bankruptcies, regulatory changes and other market factors. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze’s financial outlook for the fourth quarter of and the full fiscal year ended January 31, 2025. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “hope,” “intend,” “may,” might,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on Braze’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Braze’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) unstable market and economic conditions may have serious adverse consequences on Braze’s business, financial condition and share price; (2) Braze’s recent rapid revenue growth may not be indicative of its future revenue growth; (3) Braze’s history of operating losses; (4) Braze’s limited operating history at its current scale; (5) Braze’s ability to successfully manage its growth; (6) the accuracy of estimates of market opportunity and forecasts of market growth and the impact of global and domestic socioeconomic events on Braze’s business; (7) Braze’s ability and the ability of its platform to adapt and respond to changing customer or consumer needs, requirements or preferences; (8) Braze’s ability to attract new customers and renew existing customers; (9) the competitive markets in which Braze participates and the intense competition that it faces; (10) Braze’s ability to adapt and respond effectively to rapidly changing technology, evolving cybersecurity and data privacy risks, evolving industry standards or changing regulations; and (11) Braze’s reliance on third-party providers of cloud-based infrastructure; as well as other risks and uncertainties discussed in the “Risk Factors” section of Braze’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on April 1, 2024 and other subsequent filings Braze makes with the SEC from time to time, including Braze’s Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 that will be filed with the SEC. The forward-looking statements included in this press release represent Braze’s views only as of the date of this press release and Braze assumes no obligation, and does not intend to update these forward-looking statements, except as required by law. About Braze Braze is the leading customer engagement platform that empowers brands to Be Absolutely Engaging.TM Braze allows any marketer to collect and take action on any amount of data from any source, so they can creatively engage with customers in real time, across channels from one platform. From cross-channel messaging and journey orchestration to Al-powered experimentation and optimization, Braze enables companies to build and maintain absolutely engaging relationships with their customers that foster growth and loyalty. The company has been recognized as a 2024 U.S. News Best Technology Companies to Work For, is a 2023 UK Best Workplace for Women by Great Place to Work, and was named a Leader by Gartner® in the 2024 Magic QuadrantTM for Multichannel Marketing Hubs and in The Forrester WaveTM: Cross-Channel Marketing Hubs, Q1 2023. Braze is headquartered in New York with 10+ offices across North America, Europe, and APAC. Learn more at braze.com . Braze uses its Investor website at investors.braze.com as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor its investor relations website in addition to following its press releases, blog posts on its website (braze.com), SEC filings and public conference calls and webcasts. Selected Financial Data BRAZE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue $ 152,052 $ 123,956 $ 433,010 $ 340,843 Cost of revenue (1)(2) 45,910 36,374 133,878 104,535 Gross profit 106,142 87,582 299,132 236,308 Operating expenses: Sales and marketing (1)(2)(6) 74,658 66,395 213,054 184,074 Research and development (1)(2) 32,855 29,872 100,369 88,749 General and administrative (1)(2)(3)(4)(5)(6)(7) 31,199 26,448 86,309 75,884 Total operating expenses 138,712 122,715 399,732 348,707 Loss from operations (32,570 ) (35,133 ) (100,600 ) (112,399 ) Other income, net 5,294 4,542 15,968 11,866 Loss before provision for income taxes (27,276 ) (30,591 ) (84,632 ) (100,533 ) Provision for income taxes 851 385 2,351 1,318 Net loss (28,127 ) (30,976 ) (86,983 ) (101,851 ) Net loss attributable to redeemable non-controlling interest (216 ) (235 ) (432 ) (962 ) Net loss attributable to Braze, Inc. $ (27,911 ) $ (30,741 ) $ (86,551 ) $ (100,889 ) Net loss per share attributable to Braze, Inc. common stockholders, basic and diluted $ (0.27 ) $ (0.31 ) $ (0.85 ) $ (1.03 ) Weighted-average shares used to compute net loss per share attributable to Braze, Inc. common stockholders, basic and diluted 102,146 97,880 101,714 97,615 (1) Includes stock-based compensation as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenue $ 1,003 $ 900 $ 3,045 $ 2,690 Sales and marketing 9,608 7,899 28,945 23,554 Research and development 10,343 9,479 32,623 29,251 General and administrative 7,364 5,761 21,805 17,466 Total stock-based compensation expense $ 28,318 $ 24,039 $ 86,418 $ 72,961 (2) Includes employer taxes related to stock-based compensation as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of revenue $ 42 $ 29 $ 156 $ 81 Sales and marketing 247 245 1,070 609 Research and development 220 199 1,400 721 General and administrative 127 84 567 239 Total employer taxes related to stock-based compensation expense $ 636 $ 557 $ 3,193 $ 1,650 (3) Includes 1% Pledge charitable donation expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ 1,417 $ 1,427 $ 2,764 $ 2,391 (4) Includes acquisition related expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ — $ — $ — $ 1,946 (5) Includes amortization of intangible assets acquired in the acquisition expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ 101 $ 215 $ 459 $ 363 (6) Includes restructuring related expense as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Sales and marketing $ — $ — $ — $ 541 General and administrative — — — $ 103 Total restructuring costs $ — $ — $ — $ 644 (7) Includes adjustment to the fair value of the contingent consideration liability as follows: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 General and administrative $ (86 ) $ — $ (223 ) $ — BRAZE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) October 31, 2024 January 31, 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 61,312 $ 68,228 Restricted cash, current — 3,373 Accounts receivable, net of allowance of $2,696 and $2,772 at October 31, 2024 and January 31, 2024, respectively 90,299 92,256 Marketable securities 431,258 407,898 Prepaid expenses and other current assets 30,452 29,366 Total current assets 613,321 601,121 Restricted cash, noncurrent 530 530 Property and equipment, net 39,910 29,358 Operating lease right-of-use assets 80,352 81,163 Deferred contract costs 72,388 63,661 Goodwill 28,448 28,448 Intangible assets, net 3,231 3,690 Other assets 3,832 2,970 TOTAL ASSETS $ 842,012 $ 810,941 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 2,912 $ 6,321 Accrued expenses and other current liabilities 63,322 63,264 Deferred revenue 223,682 204,269 Operating lease liabilities, current 18,315 15,585 Total current liabilities 308,231 289,439 Operating lease liabilities, noncurrent 73,768 75,027 Other long-term liabilities 2,200 2,050 TOTAL LIABILITIES 384,199 366,516 COMMITMENTS AND CONTINGENCIES (Note 13) Redeemable non-controlling interest (Note 4) (240 ) 192 STOCKHOLDERS’ EQUITY Class A common stock, $0.0001 par value; 2,000,000,000 and 2,000,000,000 shares authorized as of October 31, 2024 and January 31, 2024, respectively; 82,534,449 and 73,037,015 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively 8 7 Class B common stock, $0.0001 par value; 110,000,000 and 110,000,000 shares authorized as of October 31, 2024 and January 31, 2024, respectively; 20,296,274 and 27,173,408 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively 2 3 Additional paid-in capital 1,027,339 928,494 Accumulated other comprehensive loss 348 (1,178 ) Accumulated deficit (569,644 ) (483,093 ) TOTAL STOCKHOLDERS’ EQUITY 458,053 444,233 TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY $ 842,012 $ 810,941 BRAZE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) Nine Months Ended October 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss (including amounts attributable to redeemable non-controlling interests) $ (86,983 ) $ (101,851 ) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation 87,184 72,961 Amortization of deferred contract costs 26,004 21,684 Depreciation and amortization 7,368 5,082 Provision for credit losses 2,157 1,717 Value of common stock donated to charity 2,764 2,391 (Accretion) amortization of (discount) premium on marketable securities (1,605 ) 1,579 Non-cash foreign exchange loss (802 ) 473 Fair value adjustments to contingent consideration (223 ) — Fixed asset write offs 436 128 Other 1 8 Changes in operating assets and liabilities: Accounts receivable (227 ) 7,269 Prepaid expenses and other current assets (1,365 ) 1,946 Deferred contract costs (34,764 ) (32,609 ) ROU assets and liabilities 2,123 1,903 Other assets (506 ) (324 ) Accounts payable (3,326 ) 2,859 Accrued expenses and other current liabilities 2,105 9,321 Deferred revenue 19,517 8,363 Other long-term liabilities (261 ) 129 Net cash provided by operating activities 19,597 3,029 CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for acquisition, net of cash acquired — (16,319 ) Purchases of property and equipment (12,147 ) (3,439 ) Capitalized internal-use software costs (3,023 ) (2,536 ) Purchases of marketable securities (179,545 ) (191,922 ) Maturities of marketable securities 159,086 194,737 Net cash used in investing activities (35,629 ) (19,479 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of common stock options 3,682 5,949 Proceeds from stock associated with employee stock purchase plan 4,752 3,222 Payments of deferred purchase consideration (2,916 ) (165 ) Net cash provided by financing activities 5,518 9,006 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash 225 (806 ) Net change in cash, cash equivalents, and restricted cash (10,289 ) (8,250 ) Cash, cash equivalents, and restricted cash, beginning of period 72,131 72,623 Cash, cash equivalents, and restricted cash, end of period $ 61,842 $ 64,373 BRAZE, INC. U.S. GAAP RECONCILIATION OF NON-GAAP ADJUSTED RESULTS (in thousands, except per share amounts) The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure: Reconciliation of GAAP to Non-GAAP Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Gross profit $ 106,142 $ 87,582 $ 299,132 $ 236,308 Plus: Stock-based compensation expense 1,003 900 3,045 2,690 Employer taxes related to stock-based compensation expense 42 29 156 81 Non-GAAP gross profit $ 107,187 $ 88,511 $ 302,333 $ 239,079 GAAP gross margin 69.8 % 70.7 % 69.1 % 69.3 % Non-GAAP gross margin 70.5 % 71.4 % 69.8 % 70.1 % Reconciliation of GAAP to Non-GAAP Operating Expenses Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 GAAP sales and marketing expense $ 74,658 $ 66,395 $ 213,054 $ 184,074 Less: Stock-based compensation expense 9,608 7,899 28,945 23,554 Employer taxes related to stock-based compensation expense 247 245 1,070 609 Restructuring expense — — — 541 Non-GAAP sales and marketing expense $ 64,803 $ 58,251 $ 183,039 $ 159,370 GAAP research and development expense $ 32,855 $ 29,872 $ 100,369 $ 88,749 Less: Stock-based compensation expense 10,343 9,479 32,623 29,251 Employer taxes related to stock-based compensation expense 220 199 1,400 721 Non-GAAP research and development expense $ 22,292 $ 20,194 $ 66,346 $ 58,777 GAAP general and administrative expense $ 31,199 $ 26,448 $ 86,309 $ 75,884 Less: Stock-based compensation expense 7,364 5,761 21,805 17,466 Employer taxes related to stock-based compensation expense 127 84 567 239 1% Pledge charitable contribution expense 1,417 1,427 2,764 2,391 Acquisition related expense — — — 1,946 Amortization of intangibles expense 101 215 459 363 Restructuring expense — — — 103 Contingent consideration adjustment (86 ) — (223 ) — Non-GAAP general and administrative expense $ 22,276 $ 18,961 $ 60,937 $ 53,376 Reconciliation of GAAP to Non-GAAP Operating Loss Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Loss from operations $ (32,570 ) $ (35,133 ) $ (100,600 ) $ (112,399 ) Plus: Stock-based compensation expense 28,318 24,039 86,418 72,961 Employer taxes related to stock-based compensation expense 636 557 3,193 1,650 1% Pledge charitable contribution expense 1,417 1,427 2,764 2,391 Acquisition related expense — — — 1,946 Amortization of intangibles expense 101 215 459 363 Restructuring expense — — — 644 Contingent consideration adjustment (86 ) — (223 ) — Non-GAAP loss from operations $ (2,184 ) $ (8,895 ) $ (7,989 ) $ (32,444 ) GAAP operating margin (21.4 )% (28.3 )% (23.2 )% (33.0 )% Non-GAAP operating margin (1.4 )% (7.2 )% (1.8 )% (9.5 )% Reconciliation of GAAP to Non-GAAP Net Income (Loss) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Net loss attributable to Braze, Inc. $ (27,911 ) $ (30,741 ) $ (86,551 ) $ (100,889 ) Plus: Stock-based compensation expense 28,318 24,039 86,418 72,961 Employer taxes related to stock-based compensation expense 636 557 3,193 1,650 1% Pledge charitable contribution expense 1,417 1,427 2,764 2,391 Acquisition related expense — — — 1,946 Amortization of intangibles expense 101 215 459 363 Restructuring expense — — — 644 Contingent consideration adjustment (86 ) — (223 ) — Non-GAAP net income (loss) attributable to Braze, Inc. (1) $ 2,475 $ (4,503 ) $ 6,060 $ (20,934 ) Non-GAAP net income (loss) per share attributable to Braze, Inc. common stockholders, basic $ 0.02 $ (0.05 ) $ 0.06 $ (0.21 ) Non-GAAP net income (loss) per share attributable to Braze, Inc. common stockholders, diluted $ 0.02 $ (0.05 ) $ 0.06 $ (0.21 ) Weighted-average shares used to compute net income (loss) per share attributable to Braze, Inc. common stockholders, basic 102,146 97,880 101,714 97,615 Weighted-average shares used to compute net income (loss) per share attributable to Braze, Inc. common stockholders, diluted 106,820 97,880 106,614 97,615 (1) Assumes no non-GAAP tax expenses associated with the non-GAAP adjustment due to the Company’s historical non-GAAP net loss position and available deferred tax assets sufficient to offset such non-GAAP tax expense. Reconciliation of GAAP Cash Flow from Operating Activities to Non-GAAP Free Cash Flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Net cash provided by/(used in) operating activities $ (11,410 ) $ (2,003 ) $ 19,597 $ 3,029 Less: Purchases of property and equipment (1,923 ) (3,012 ) (12,147 ) (3,439 ) Capitalized internal-use software costs (915 ) (896 ) (3,023 ) (2,536 ) Non-GAAP free cash flow $ (14,248 ) $ (5,911 ) $ 4,427 $ (2,946 ) Source: Braze, Inc. Braze is a registered trademark of Braze, Inc. All product and company names herein may be trademarks of their registered owners. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209508572/en/ CONTACT: Investors: Christopher Ferris IR@braze.com (609) 964-0585Media: Meghan Halaszynski Press@braze.com KEYWORD: NEW YORK UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY MARKETING ADVERTISING COMMUNICATIONS SOFTWARE NETWORKS INTERNET DIGITAL MARKETING DATA MANAGEMENT ARTIFICIAL INTELLIGENCE SOURCE: Braze Copyright Business Wire 2024. PUB: 12/09/2024 04:05 PM/DISC: 12/09/2024 04:06 PM http://www.businesswire.com/news/home/20241209508572/en Copyright Business Wire 2024.Excerpts from recent editorials in the United States and abroad: Dec. 23 The Washington Post on President Biden's commutation of death sentences President Joe Biden’s Monday announcement that he would should not be seen as an act of mercy for people convicted of awful crimes. It was a substantial move to align the United States with the rest of the democratic world, which has largely abandoned the practice of killing people as an instrument of justice. In other words, Mr. Biden’s use of his commutation power was extraordinary — and insufficient. Three men will remain on federal death row, and more people could be put there in future years. Meanwhile, many states continue to execute people. We say this while acknowledging the horrors these people committed; the three men Mr. Biden left on death row were convicted of mass shootings or terrorist attacks. We also acknowledge that a majority of Americans still favors the death penalty, despite a downward trend in recent years. Mr. Biden’s attempt to split the difference, leaving what he considered the worst of the worst on death row, is therefore understandable. Yet the death penalty is expensive, impractical and too often unjustly applied. And, even if the death penalty posed none of these problems, the government should not purposely take lives outside of war or similar conflict. The state should be better — far better — than those who unnecessarily and premeditatedly extinguish human life. Our view has seen substantial wins in recent years. Executions have plummeted as public support for the practice has moderated. But 2024 offered multiple signs that the momentum may be ebbing. President-elect promised . And the Death Penalty Information Center, in its annual end-of-year report, shows that the number of executions nationwide, though still far below their heights at the turn of the century, have been ticking upward in recent years. Twenty-five people were executed in the United States in 2024, slightly up from the previous year and more than twice the reached in 2021. That’s largely the result of efforts by officials in Republican-run states to reactivate the death penalty. Three states this year — Utah, South Carolina and Indiana — carried out their first executions in more than a decade. Alabama also : asphyxiating them with nitrogen gas. The first person subjected to this method, Kenneth Smith, convulsed and gasped for air for four minutes. Following the execution, Alabama Attorney General Steve Marshall to adopt the method. “Alabama has done it, and now so can you,” he said. Increasingly, states are carrying out these executions behind a veil of secrecy. Just last week, Indiana, citing state law, executed Joseph Corcoran with . This year also saw an increase in the number of people sentenced to death, from 21 in 2023 to 26. of those sentences were imposed by nonunanimous juries, thanks to laws in Florida and Alabama that allow jurors to recommend the death sentence even if they don’t reach consensus. In fact, Florida in 2023 allowing death sentences to be imposed if just 8 out of 12 jurors vote in favor. Of course, as Mr. Biden acknowledged in his Monday announcement, most people with death sentences in the United States committed heinous crimes and deserve little sympathy. But one can condemn such acts while also maintaining that executing criminals cannot bring back victims of those crimes or make whole those who lost loved ones. Also, mistakes happen, even in an advanced criminal justice system such as that of the United States. In July, Larry Roberts sentenced to death to be exonerated of his alleged crime since the DPIC starting tracking wrongful convictions in 1973. No one should be comfortable with that number. Since 1976, when the Supreme Court ended its four-year moratorium on the death penalty, more than 1,600 people have been executed in the United States. How many of them were likewise innocent? ONLINE: Dec. 24 The New York Times on the teen mental health crisis Rates of anxiety and depression in adolescents have been . Millions of Americans with mental health problems are not getting the treatment they need for myriad reasons. Many families can’t afford it. And many young people also don’t know where to turn for help. The UJA-Federation of New York, an organization created in 1917 to provide Jewish New Yorkers with economic and social support, is trying to fill the coverage gap for young adults of all backgrounds. The organization helps them get care from its network of mental health professionals through educational outreach at schools, community centers and even coffee shops. This kind of because it has been shown to reach people who might not otherwise seek treatment or support. “Since UJA was founded — and that’s now well over 100 years ago — we have focused on critical issues facing New Yorkers in need,” said Alex Roth-Kahn, a managing director at the organization. That mission has led to decades of supporting people with mental health challenges. Just this year, Marcellus Williams in Missouri for a 1998 murder, even though the prosecuting attorney in St. Louis County filed a motion to vacate his death sentence because DNA testing of the murder weapon ruled him out. And in Texas, a bipartisan group of lawmakers is of Robert Robertson, convicted in the death of his 2-year-old, who prosecutors said died of shaken baby syndrome — though Robertson’s lawyers have cited medical and forensic experts she likely died from undiagnosed pneumonia. Mr. Biden’s intervention this week is a nod to the flaws of the death penalty, but also a need for a system that claims human dignity and equal application of the law as its driving values. State and federal lawmakers should finish the job by abolishing the practice. ONLINE: Dec. 23 The Wall Street Journal on rising life expectancy in the United States Some good news as 2024 nears the end: Life expectancy in the U.S. last year made an unusually sharp increase as deaths from most major causes declined, according to the latest Centers for Disease Control and Prevention report. Americans can expect more longevity gains in the future—as long as Washington doesn’t introduce harmful policies. Life expectancy in 2023 rose 0.9 years to 78.4 while the overall mortality rate adjusted for age declined 6%. Death rates among all age groups fell, and more sharply for middle-aged Americans and seniors. A typical 65-year-old can expect to live another 19.5 years, up from 18.9 years in 2022. The large rebound in a single year owes largely to a decline in Covid deaths as the pandemic receded into the past. Covid deaths last year were roughly the same as those from the flu during a bad flu season. Death rates from cancer, heart disease, diabetes, Alzheimer’s and unintentional injuries (e.g., drug overdoses) also declined. It’s true that U.S. life expectancy is still lower, and deaths from most causes somewhat higher, than before the pandemic when it reached an overall average of 78.8 years. But that’s because of an increase in chronic illnesses, which may have been exacerbated by the pandemic lockdowns. Forced to stay home, many Americans ate and drank more and used more drugs. The Biden Administration claimed credit for the lifespan increase because drug overdoses declined slightly in 2023. Perhaps political attention to the fentanyl scourge is making a difference. But overdoses were still 50% higher last year than in 2019. The truth is that the Administration’s “harm reduction” policies—e.g., distributing sterile needles and opioid-overdose medicine naloxone to addicts—have failed to reduce addiction. A common lament on the political left and right is that the U.S. has a lower life expectancy despite spending more on healthcare than most developed countries. But America also has more chronic disease and drug addiction, which aren’t from failings in private healthcare. Americans have access to more treatments than any country in the world. This is why U.S. cancer survival rates are higher than in most developed countries and continue to improve. Personalized cancer vaccines and CAR T-cell therapies have shown potential to treat deadly cancers like pancreatic and glioblastoma. GLP-1 medicines like Ozempic could help extend lifespans by reducing obesity, diabetes and even drug addictions. The policy risk is that government drug price controls will discourage innovation. Expanding government control over healthcare isn’t the way to make Americans healthier. ONLINE: Dec. 24 The Boston Globe says Republicans taking directions from Elon Musk might want to reconsider Until last week’s budget debacle, Elon Musk was a warm-up act for President-elect Donald Trump. Like the many adulatory openers at Trump rallies and Republican gatherings, he amped up the crowd — but strictly in preparation for the main act. While Democrats like to flash star power at events — A-listers, movie stars, and pop icons — in today’s Republican Party, Trump is the star power. But the rise of Musk as a political figure means that another successful, powerful businessman is potentially poised to eclipse Trump’s voice in the Republican Party, whether he intends to or not. That’s a problem for Trump, who isn’t exactly used to sharing the limelight. The MAGA movement, as Trump allies describe it, is built around the idea that politicians of all stripes are too blinded by corruption, political complications, and self-interest to serve the needs of the American people. Such a movement necessitates an audacious leader who isn’t afraid to break with the pack and stand out — someone exactly like Trump. His no-holds-barred style of leadership has allowed him to quickly overhaul the Republican Party, elevating loyalists and his favored policies with little regard for pushback from liberals or traditional Republicans. Musk, the founder of Tesla and SpaceX, owner of X (formerly Twitter), and the world’s richest man, has been one of Trump’s most important allies in spreading that message. His endorsement, his campaigning efforts, his dollar America PAC, his energizing rally appearances, and even his transformation of X into a “town square” have been vital to spreading Republican messaging. Musk has been a dutiful “First Buddy.” But he could become more than that, as he revealed last week. Starting early Wednesday morning, a mere series of X posts from Musk helped to derail a bipartisan congressional deal to fund the government and avert a shutdown. That Musk had concerns about a 1,500-page budget bill isn’t the issue here; it’s safe to assume that any impenetrable packet of government spending contains eyebrow-raising allocations. What is of concern is how Musk seemingly single-handedly hijacked the process — and how Republicans let him. On X, Musk and his sidekick Vivek Ramaswamy praised Republicans who bowed to his opposition of the bill and put on notice those who didn’t. “Any member of the House or Senate who votes for this outrageous spending bill deserves to be voted out in 2 years!” Musk early Wednesday afternoon, generating more than 47 million views. He beat Trump to the punch — or, maybe, pushed the president-elect into action. Twelve hours after Musk’s first post opposing the bill, JD Vance and Trump a statement condemning the bill. And that evening, Trump on Truth Social that “Any Republican that would be so stupid as to do this should, and will, be primaried.” So Republican leaders dutifully withdrew the bill and replaced it with a slimmed-down alternative that met Musk and Trump’s demands. That bill failed on Thursday. So on Friday, rather than allow the government to shut down, the House voted on and passed a third bill — which looked suspiciously like the initial version with some face-saving changes to placate Musk and Trump — with Democratic votes. That Musk is using his platform to share his views isn’t an issue. As he often points out, he has made X a public square for many different viewpoints — including many of his own detractors. The problem is that Republicans have allowed Musk to disproportionately sway their leadership. That’s not necessarily a problem when Musk is advocating for budget cuts and bureaucratic overhaul in his self-conceived Department of Government Efficiency. DOGE will be an extragovernmental advisory board that might have the potential to help trim some federal fat. In this advisory role, an innovator like Musk, along with his cochair Ramaswamy, have the potential to make helpful recommendations unburdened by the political pressures of being in the federal government. But advisers advise, they don’t direct. Will it be a problem when the new ascendant voice on the right wants to, say, protect his business interests with American adversaries ? He has many potential conflicts of interest in dictating how the American government should spend and not spend its money. His companies Tesla and SpaceX, for example, in government contracts over the past decade. Musk is doing more than swaying policy. He’s also creating a new line of attack for Democrats who are more than pleased to point out that Republicans’ reimagined “working people’s party” is being led by a billionaire puppeteered by a far richer billionaire. On X, Democrats lined up to highlight “President Musk’s” pull, with Senator Chris Murphy about the Trump administration’s “Billionaire First” agenda. Trump is no stranger to criticisms from the left, nor is he particularly stringent about consistency in his policy positions. Like any good populist, Trump has shown himself willing to adapt to his supporters’ whims. He might bristle, however, at the prospect of being relegated to an opening act, a mere figurehead for a party driven by someone younger, richer, and more influential. The bristling may have already started. Trump’s transition spokesperson immediately went on the defense: “President Trump is the leader of the Republican Party. Full stop,” Karoline Leavitt . And maybe some resistance from Team Trump is for the best. Even if Trump agrees with Musk, an unelected billionaire with a long list of conflicts of interest should not have such a direct line of influence over our government. Trump was elected, he should be making the decisions — not waiting for his rich friend to endorse them before Trump himself has even weighed in. Republicans are going to have to answer plenty of tough questions about Musk’s influence on their party over the next four years. None might be as difficult as this: Is Trump willing to let Musk steal his show? ONLINE: Dec. 24 The Philadelphia Inquirer says RFK Jr. cannot be taken seriously as HHS Secretary America’s public health could be at risk if the incoming administration doesn’t correct some of the campaign rhetoric that may have helped Donald Trump win an election but has no merit now that voting is over. For example, inaccurate comments about water fluoridation that prospective U.S. Department of Health and Human Services secretary Robert F. Kennedy Jr. has not taken back. “ , bone fractures, bone cancer, IQ loss, neurodevelopmental disorders, and thyroid disease,” Kennedy said in a November social media post in which he also claimed the president-elect would advise all U.S. water systems to remove fluoride from public water. As is typical with Trump, he has neither embraced nor denied Kennedy’s assertions, preferring to instead suggest support of ideas that he may later reject by nebulously saying of Kennedy: “I’m going to let him go wild on health. I’m going to let him go wild on the food. I’m going to let him go wild on medicines.” Please, don’t. America doesn’t need anyone “wild” in charge of public health. Kennedy can’t be taken seriously when he makes misleading comments about water fluoridation that may have a veneer of truth but don’t hold up when someone takes the time to review the facts. Fluoride is not an industrial waste product. It is a leaches naturally into streams and other water supplies. Its effectiveness in preventing tooth decay was discovered in the 1920s when it was observed that Colorado Springs, Colo., residents whose teeth were stained by excessive fluoride in their water sources had fewer than normal cavities. Kennedy is wrong to suggest the subsequent fluoridation of community water supplies across America occurred hastily and without due investigation of potential dangers. The National Institutes of Health began investigating how fluoride affects the human body in the 1930s, but the first major trial of fluoridation of a community’s water supply didn’t occur until 1945 in Grand Rapids, Mich. President Harry S. Truman signed an act creating the National Institute of Dental Research in 1948 in large part because 20% of young men being drafted for military service were rejected because their teeth were so bad. Meanwhile, 10 years after the Michigan study began, the cavity rate among Grand Rapids children was reduced by more than 60%. Subsequent research shows drinking fluoridated water not only reduces cavities and associated dental pain but correspondingly cuts missed school and work days. Such results prompted cities and towns across America — including Philadelphia — to begin fluoridating their water, so much so that by 2010 the tap water of more than 200 million Americans was flowing from fluoridated systems. There have been virtually zero instances in which putting fluoride in a water system has been blamed for a public health issue since the fluoridation of most of America’s water supplies began. In fact, the Centers for Disease Control and Prevention has ranked water achievements of the 20th century. Kennedy is trying to solve a problem that doesn’t seem to exist. The National Institutes of Health did complete a study that concluded there might be a after long-term exposure to more than twice the federal government’s recommended level of fluoride in drinking water. But why would any town knowingly exceed the government’s fluoridation guidelines by such a large margin? There’s no incentive for local officials to risk their children’s or adults’ health. Kennedy also says fluoridating water systems is no longer necessary. “ when they put it in, but now we have fluoride in toothpaste,” he said. That’s true, fluoride today is in toothpaste, mouthwashes, and other oral hygiene products, but that’s why the recommended level of fluoride in water supplies was reduced from 1.0 parts per million to 0.7 parts per million in 2011. Future research may lead to more reductions in recommended fluoride levels, but there’s no basis for Kennedy’s call for a ban now. Trump’s choice to plot the course of public health agencies that make life-and-death decisions based on scientific evidence is a bad one. Kennedy comes across as someone who loves basking in the limelight too often afforded contrarians who pay little attention to facts. In that same vein, Kennedy has criticized vaccines that have long protected millions of Americans from crippling and deadly diseases. Surely the president-elect can do better with his nominations. ONLINE:
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Trump has flip-flopped on abortion policy. His appointees may offer clues to what happens nextREDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec 9, 2024-- Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Results: Revenue: Subscription revenue was $105.3 million, an increase of 7% year-over-year. Total revenue was $116.9 million, an increase of 6% year-over-year. GAAP Loss from Operations: GAAP loss from operations was $11.7 million, compared to a loss from operations of $8.8 million in the third quarter of fiscal 2024. Non-GAAP Income from Operations: Non-GAAP income from operations was $25.1 million, compared to non-GAAP income from operations of $16.0 million in the third quarter of fiscal 2024. GAAP Net Loss: GAAP net loss was $32.2 million, or 28% of revenue, compared to a net loss of $5.5 million, or 5% of revenue, in the third quarter of fiscal 2024. GAAP net loss per share was $0.21 based on 152.3 million weighted-average shares outstanding, compared to a net loss per share of $0.04 based on 141.5 million weighted-average shares outstanding in the third quarter of fiscal 2024. The GAAP net loss reflects increased costs associated with our proposed acquisition, including a debt redemption liability of $20.2 million as of October 31, 2024 associated with our obligation to repurchase a portion of our 2029 Notes pursuant to our proposed acquisition, and $9.8 million of legal, consulting, and other transaction related costs. Refer below for further information on the proposed acquisition. Non-GAAP Net Income: Non-GAAP net income was $24.8 million, compared to non-GAAP net income of $12.3 million in the third quarter of fiscal 2024. Non-GAAP net income per share was $0.16 based on 152.3 million weighted-average shares outstanding, compared to non-GAAP net income per share of $0.09 based on 141.5 million weighted-average shares outstanding in the third quarter of fiscal 2024. Cash Flow: Net cash provided by operating activities was $22.4 million, compared to net cash used in operating activities of $55.7 million in the third quarter of fiscal 2024. Adjusted Free Cash Flow: Adjusted free cash flow was $25.5 million compared to $12.7 million in the third quarter of fiscal 2024. Cash and Investments: Cash and cash equivalents and short-term investments were $558.5 million as of October 31, 2024. Descriptions of our non-GAAP financial measures are contained in the section titled "Explanation of Non-GAAP Financial Measures" below and reconciliations of GAAP and non-GAAP financial measures are contained in the tables below. Proposed Acquisition; Conference Call and Guidance On October 17, 2024, we announced that Zuora entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. (“GIC”). The transaction is valued at $1.7 billion, with Silver Lake and GIC to acquire all outstanding shares of Zuora common stock for $10.00 per share in cash. The acquisition is expected to close in the first calendar quarter of 2024, subject to customary closing conditions and approvals, including the receipt of the required regulatory approvals. Upon completion of the transaction, Zuora will become a privately held company. Given the proposed acquisition of Zuora, we will not be holding a conference call or live webcast to discuss Zuora's third quarter of fiscal 2025 financial results, we will not be providing any forward looking guidance, and we are withdrawing all previously provided goals, outlook, and guidance. Key Operational and Financial Metrics: Customers with annual contract value (ACV) equal to or greater than $250,000 were 451, compared to 453 as of October 31, 2023. Dollar-based retention rate (DBRR) was 103%, compared to 108% as of October 31, 2023. Annual recurring revenue (ARR) was $419.9 million compared to $396.0 million as of October 31, 2023, representing ARR growth of 6%. Explanation of Key Operational and Financial Metrics: Annual Contract Value (ACV) . We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions. We define the number of customers at the end of any particular period as the number of parties or organizations that have entered into a distinct subscription contract with us and for which the term has not ended. Each party with whom we have entered into a distinct subscription contract is considered a unique customer, and in some cases, there may be more than one customer within a single organization. Dollar-based Retention Rate (DBRR) . We calculate DBRR as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate. Annual Recurring Revenue (ARR). ARR represents the annualized recurring value at the time of initial booking or contract modification for all active subscription contracts at the end of a reporting period. ARR excludes the value of non-recurring revenue such as professional services revenue as well as contracts with new customers with a term of less than one year. ARR should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. ARR growth is calculated by dividing the ARR as of a period end by the ARR for the corresponding period end of the prior fiscal year. Explanation of Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures including: non-GAAP cost of subscription revenue; non-GAAP subscription gross margin; non-GAAP cost of professional services revenue; non-GAAP professional services gross margin; non-GAAP gross profit; non-GAAP gross margin; non-GAAP income from operations; non-GAAP operating margin; non-GAAP net income; non-GAAP net income per share; and adjusted free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. We exclude the following items from one or more of our non-GAAP financial measures: Stock-based compensation expense . We exclude stock-based compensation expense, which is a non-cash expense, because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, stock-based compensation expense is not comparable across companies given it is calculated using a variety of valuation methodologies and subjective assumptions. Amortization of acquired intangible assets . We exclude amortization of acquired intangible assets, which is a non-cash expense, because we do not believe it has a direct correlation to the operation of our business. Charitable contributions. We exclude expenses associated with charitable donations of our common stock. We believe that excluding these non-cash expenses allows investors to make more meaningful comparisons between our operating results and those of other companies. Shareholder matters . We exclude non-recurring charges and benefits, net of insurance recoveries, including litigation expenses, settlements and other legal, consulting and advisory fees, related to shareholder matters that are outside of the ordinary course of our business, including expenses related to a cooperation agreement. We believe these charges and benefits do not have a direct correlation to the operations of our business and may vary in size depending on the timing, results and resolution of such litigation, settlements, agreements or other shareholder matters. Asset impairment . We exclude non-cash charges for impairment of assets, including impairments related to internal-use software, office leases, and acquired intangible assets. Impairment charges can vary significantly in terms of amount and timing and we do not consider these charges indicative of our current or past operating performance. Moreover, we believe that excluding the effects of these charges allows investors to make more meaningful comparisons between our operating results and those of other companies. Change in fair value of debt derivative and warrant liabilities. We exclude fair value adjustments related to the debt derivative and warrant liabilities, which are non-cash gains or losses, as they can fluctuate significantly with changes in Zuora's stock price and market volatility, and do not reflect the underlying cash flows or operational results of the business. Acquisition-related expenses . We exclude acquisition-related expenses (including integration-related charges) that are not related to our ongoing operations. These expenses include gains or losses recognized on contingent consideration related to acquisitions, including costs associated with our proposed acquisition. We do not consider these transaction expenses as reflective of our core business or ongoing operating performance. Workforce reductions . We exclude charges related to workforce reduction plans, including severance, health care and related expenses. We believe these charges are not indicative of our continuing operations. Additionally, we disclose "adjusted free cash flow", which is a non-GAAP measure that includes adjustments to operating cash flows for cash impacts related to Shareholder matters and Acquisition-related expenses described above, and net purchases of property and equipment. We include the impact of net purchases of property and equipment in our adjusted free cash flow calculation because we consider these capital expenditures to be a necessary component of our ongoing operations. We believe this measure is meaningful to investors because management reviews cash flows generated from operations excluding such expenditures that are not related to our ongoing operations. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. Forward-Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties. Words such as “believes,” “may,” “will,” “determine,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” “strategy,” “likely,” and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include statements regarding the proposed acquisition of Zuora, including the expected timing of the closing of the acquisition, and expectations for Zuora following the completion of the acquisition. Forward-looking statements are based on management's expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on August 29, 2024 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the possibility that the closing conditions to the proposed acquisition are not satisfied (or waived), including the risk that required approvals from Zuora’s stockholders for the proposed acquisition or required regulatory approvals to consummate the acquisition are not obtained in a timely manner (or at all); the outcome of the current complaint and any potential litigation relating to the proposed acquisition; uncertainties as to the timing of the consummation of the proposed acquisition; the ability of each party to consummate the proposed acquisition; our ability to attract new customers and retain and expand sales to existing customers; our ability to manage our future revenue and profitability plans effectively; adoption of monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions; our ability to develop and release new products and services, or successful enhancements, new features and modifications; challenges related to growing our relationships with strategic partners; loss of key employees; our ability to compete in our markets; adverse impacts on our business and financial condition due to macroeconomic or market conditions; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; market acceptance of our products; the success of our product development efforts; risks associated with currency exchange rate fluctuations; risks associated with our debt obligations; successful deployment of our solutions by customers after entering into a subscription agreement with us; the success of our sales and product initiatives; our security measures; our ability to adequately protect our intellectual property; interruptions or performance problems; litigation and other shareholder related costs; the anticipated benefits of acquisitions and ability to integrate operations and technology of any acquired company; geopolitical conflicts or destabilizing events; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Important Information and Where to Find It In connection with the proposed acquisition, Zuora has filed with the Securities and Exchange Commission (the “SEC”) a proxy statement in preliminary form on November 25, 2024, a definitive version of which will be mailed or otherwise provided to its stockholders. The Company and affiliates of the Company have jointly filed a transaction statement on Schedule 13E-3 (the Schedule 13E-3). Zuora may also file other documents with the SEC regarding the potential transaction. BEFORE MAKING ANY VOTING DECISION, ZUORA’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND THE SCHEDULE 13E-3 IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the proxy statement, the Schedule 13E-3 and other documents that Zuora files with the SEC from the SEC’s website at www.sec.gov and Zuora’s website at investor.zuora.com . In addition, the proxy statement, the Schedule 13E-3 and other documents filed by Zuora with the SEC (when available) may be obtained from Zuora free of charge by directing a request to Zuora’s Investor Relations at investorrelations@zuora.com . Participants in the Solicitation Zuora and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from Zuora’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of the stockholders of Zuora in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be set forth in the proxy statement and Schedule 13E-3 and other materials to be filed with the SEC. You may also find additional information about Zuora’s directors and executive officers in Zuora’s proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on May 16, 2024 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected in Zuora’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You can obtain free copies of these documents from Zuora using the contact information above. About Zuora, Inc. Zuora provides a leading monetization suite to build, run and grow a modern business through a dynamic mix of usage-based models, subscription bundles and everything in between. From pricing and packaging, to billing, payments and revenue accounting, Zuora’s flexible, modular software platform is designed to help companies evolve monetization strategies with customer demand. More than 1,000 customers around the world, including BMC Software, Box, Caterpillar, General Motors, The New York Times, Schneider Electric and Zoom use Zuora’s leading combination of technology and expertise to turn recurring relationships and recurring revenue into recurring growth. Zuora is headquartered in Silicon Valley with offices in the Americas, EMEA and APAC. To learn more, please visit zuora.com . © 2024 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, Subscription Economy Index, Zephr, and Subscription Experience Platform are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release. SOURCE: ZUORA, INC. ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue: Subscription $ 105,253 $ 98,048 $ 308,263 $ 283,232 Professional services 11,676 11,801 33,831 37,760 Total revenue 116,929 109,849 342,094 320,992 Cost of revenue: Subscription 1 23,954 20,378 67,207 62,304 Professional services 1 14,383 14,650 43,483 47,851 Total cost of revenue 38,337 35,028 110,690 110,155 Gross profit 78,592 74,821 231,404 210,837 Operating expenses: Research and development 1 26,833 27,504 76,853 79,428 Sales and marketing 1 36,597 40,245 108,579 124,488 General and administrative 1 26,880 15,893 71,351 54,160 Total operating expenses 90,310 83,642 256,783 258,076 Loss from operations (11,718 ) (8,821 ) (25,379 ) (47,239 ) Change in fair value of debt derivative and warrant liabilities (20,174 ) 6,997 (29,115 ) 2,241 Interest expense (7,045 ) (5,610 ) (20,781 ) (14,604 ) Interest and other income (expense), net 6,505 2,272 19,988 13,639 Loss before income taxes (32,432 ) (5,162 ) (55,287 ) (45,963 ) Income tax (benefit) provision (226 ) 340 (2,152 ) 1,396 Net loss (32,206 ) (5,502 ) (53,135 ) (47,359 ) Comprehensive loss: Foreign currency translation adjustment 462 (696 ) 386 (1,383 ) Unrealized gain (loss) on available-for-sale securities 248 (18 ) 63 494 Comprehensive loss $ (31,496 ) $ (6,216 ) $ (52,686 ) $ (48,248 ) Net loss per share, basic and diluted $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Weighted-average shares outstanding used in calculating net loss per share, basic and diluted 152,263 141,488 149,457 138,789 (1) Stock-based compensation expense was recorded in the following cost and expense categories: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of subscription revenue $ 2,331 $ 2,350 $ 6,291 $ 6,889 Cost of professional services revenue 2,598 2,747 7,359 8,997 Research and development 7,697 7,165 21,680 20,661 Sales and marketing 7,613 8,191 20,609 24,857 General and administrative 4,694 5,648 13,163 16,569 Total stock-based compensation expense $ 24,933 $ 26,101 $ 69,102 $ 77,973 ZUORA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 277,615 $ 256,065 Short-term investments 280,909 258,120 Accounts receivable, net 82,414 124,602 Deferred commissions, current portion 15,995 15,870 Prepaid expenses and other current assets 25,183 23,261 Total current assets 682,116 677,918 Property and equipment, net 27,403 25,961 Operating lease right-of-use assets 20,591 22,462 Purchased intangibles, net 23,146 10,082 Deferred commissions, net of current portion 24,941 27,250 Goodwill 73,903 56,657 Other assets 4,972 3,506 Total assets $ 857,072 $ 823,836 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 761 $ 3,161 Accrued expenses and other current liabilities 45,167 32,157 Accrued employee liabilities 29,860 37,722 Deferred revenue, current portion 177,436 199,615 Operating lease liabilities, current portion 7,030 6,760 Total current liabilities 260,254 279,415 Long-term debt 368,348 359,525 Deferred revenue, net of current portion 860 2,802 Operating lease liabilities, net of current portion 32,573 37,100 Deferred tax liabilities 4,066 3,725 Other long-term liabilities 6,781 7,582 Total liabilities 672,882 690,149 Stockholders’ equity: Class A common stock 15 14 Class B common stock 1 1 Additional paid-in capital 1,067,329 964,141 Accumulated other comprehensive loss (410 ) (859 ) Accumulated deficit (882,745 ) (829,610 ) Total stockholders’ equity 184,190 133,687 Total liabilities and stockholders’ equity $ 857,072 $ 823,836 ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended October 31, 2024 2023 Cash flows from operating activities: Net loss $ (53,135 ) $ (47,359 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization and accretion 14,715 13,684 Stock-based compensation 69,102 77,973 Provision for credit losses 2,117 457 Amortization of deferred commissions 13,946 14,415 Reduction in carrying amount of right-of-use assets 3,470 4,876 Change in fair value of debt derivative and warrant liabilities 29,115 (2,241 ) Other (2,418 ) 2,630 Changes in operating assets and liabilities: Accounts receivable 40,149 12,476 Prepaid expenses and other assets (2,657 ) 878 Deferred commissions (12,107 ) (12,013 ) Accounts payable (2,529 ) (634 ) Accrued expenses and other liabilities 6,843 (82,904 ) Accrued employee liabilities (7,986 ) 509 Deferred revenue (24,439 ) (7,461 ) Operating lease liabilities (7,476 ) (10,962 ) Net cash provided by (used in) operating activities 66,710 (35,676 ) Cash flows from investing activities: Purchases of property and equipment (9,252 ) (6,913 ) Purchases of short-term investments (240,093 ) (66,665 ) Maturities of short-term investments 222,279 175,128 Cash paid for acquisition, net of cash acquired (24,786 ) (4,524 ) Net cash (used in) provided by investing activities (51,852 ) 97,026 Cash flows from financing activities: Proceeds from issuance of common stock upon exercise of stock options 3,372 1,000 Proceeds from issuance of common stock under employee stock purchase plan 4,481 4,765 Payment for taxes related to net share settlement of stock options (1,547 ) — Proceeds from issuance of convertible senior notes, net of issuance costs — 145,861 Net cash provided by financing activities 6,306 151,626 Effect of exchange rates on cash and cash equivalents 386 (1,383 ) Net increase in cash and cash equivalents 21,550 211,593 Cash and cash equivalents, beginning of period 256,065 203,239 Cash and cash equivalents, end of period $ 277,615 $ 414,832 ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except percentages) (unaudited) Subscription Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of subscription revenue: GAAP cost of subscription revenue $ 23,954 $ 20,378 $ 67,207 $ 62,304 Less: Stock-based compensation (2,331 ) (2,350 ) (6,291 ) (6,889 ) Amortization of acquired intangibles (1,164 ) (607 ) (2,706 ) (2,083 ) Workforce reductions (228 ) — (796 ) (38 ) Acquisition-related expenses (12 ) — (103 ) — Asset impairment — (439 ) — (439 ) Shareholder matters — — (20 ) — Non-GAAP cost of subscription revenue $ 20,219 $ 16,982 $ 57,291 $ 52,855 GAAP subscription gross margin 77 % 79 % 78 % 78 % Non-GAAP subscription gross margin 81 % 83 % 81 % 81 % Professional Services Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of professional services revenue: GAAP cost of professional services revenue $ 14,383 $ 14,650 $ 43,483 $ 47,851 Less: Stock-based compensation (2,598 ) (2,747 ) (7,359 ) (8,997 ) Acquisition-related expenses (22 ) — (22 ) — Shareholder matters — — (28 ) — Workforce reductions — — (5 ) (46 ) Non-GAAP cost of professional services revenue $ 11,763 $ 11,903 $ 36,069 $ 38,808 GAAP professional services gross margin (23 )% (24 )% (29 )% (27 )% Non-GAAP professional services gross margin (1 )% (1 )% (7 )% (3 )% ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except percentages) (unaudited) Total Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of gross profit: GAAP gross profit $ 78,592 $ 74,821 $ 231,404 $ 210,837 Add: Stock-based compensation 4,929 5,097 13,650 15,886 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 228 — 801 84 Acquisition-related expenses 34 — 125 — Asset impairment — 439 — 439 Shareholder matters — — 48 — Non-GAAP gross profit $ 84,947 $ 80,964 $ 248,734 $ 229,329 GAAP gross margin 67 % 68 % 68 % 66 % Non-GAAP gross margin 73 % 74 % 73 % 71 % Operating (Loss) Income and Operating Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of (loss) income from operations: GAAP loss from operations $ (11,718 ) $ (8,821 ) $ (25,379 ) $ (47,239 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP income from operations $ 25,100 $ 15,990 $ 69,287 $ 31,620 GAAP operating margin (10 )% (8 )% (7 )% (15 )% Non-GAAP operating margin 21 % 15 % 20 % 10 % ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except per share data) (unaudited) Net (Loss) Income and Net (Loss) Income Per Share Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of net (loss) income: GAAP net loss $ (32,206 ) $ (5,502 ) $ (53,135 ) $ (47,359 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Change in fair value of debt derivative and warrant liabilities 20,174 (6,997 ) 29,115 (2,241 ) Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP net income $ 24,786 $ 12,312 $ 70,646 $ 29,259 GAAP net loss per share, basic and diluted 1 $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Non-GAAP net income per share, basic and diluted 1 $ 0.16 $ 0.09 $ 0.47 $ 0.21 (1) For the three months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 152.3 million and 141.5 million basic and diluted weighted-average shares of common stock, respectively. For the nine months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 149.5 million and 138.8 million basic and diluted weighted-average shares of common stock, respectively. Adjusted Free Cash Flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of adjusted free cash flow: Net cash provided by (used in) operating activities (GAAP) $ 22,408 $ (55,657 ) $ 66,710 $ (35,676 ) Add: Acquisition-related expenses 5,587 28 7,300 135 Shareholder matters 824 71,377 4,379 72,130 Less: Purchases of property and equipment (3,330 ) (3,075 ) (9,252 ) (6,913 ) Adjusted free cash flow (non-GAAP) $ 25,489 $ 12,673 $ 69,137 $ 29,676 Net cash provided by (used in) investing activities (GAAP) $ 18,999 $ 2,005 $ (51,852 ) $ 97,026 Net cash (used in) provided by financing activities (GAAP) $ (1,295 ) $ 145,899 $ 6,306 $ 151,626 View source version on businesswire.com : https://www.businesswire.com/news/home/20241209614914/en/ CONTACT: Investor Relations Contact: Luana Wolk investorrelations@zuora.com 650-419-1377Media Relations Contact: Margaret Juhnke press@zuora.com 619-609-3919 KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE PAYMENTS ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY ELECTRONIC COMMERCE FINTECH OTHER TECHNOLOGY SOURCE: Zuora, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:10 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209614914/enIn their final fixture of 2024, Havertz scored the only goal of the game midway through the opening period. Arsenal moved into second place in the Premier League table with a 1-0 win over Ipswich at the Emirates. In their final fixture of 2024, Kai Havertz scored the only goal of the game midway through the opening period. Arsenal’s victory takes them back to within six points of leaders Liverpool, having played one match more than the Reds, and a point clear of Chelsea following their Boxing Day defeat to Fulham. Ipswich, although much improved in the second half, have now lost five of their last six games, and remain just one place off the bottom of the table, three points away from safety. Mikel Arteta’s men have been rocked by Bukayo Saka’s hamstring injury which could keep the England winger, who has nine goals and 13 assists this season, out of action for the next two months. Gabriel Martinelli was handed the unenviable task of filling Saka’s shoes on Arsenal’s right-hand side and the Brazilian was involved in the only goal of the evening. The Ipswich defence failed to deal with Martinelli’s cross, with the ball falling to Leandro Trossard on the opposite side of the area. Trossard fought his way to the byline before fizzing his cross into the box for Havertz to convert from a matter of yards. It was Havertz’s third goal in four matches, his 12th of the season, and no less than the hosts, who at that stage of the match had enjoyed a staggering 91.4 per cent of the possession, deserved. Heading into Friday’s fixture, Arsenal had lost only one of their last 75 Premier League games when they had opened the scoring, and their triumph here rarely looked in doubt following Havertz’s strike. Havertz thought he had doubled Arsenal’s lead with 34 minutes gone when he converted Gabriel Jesus’ cross. But Jesus – handed his third successive start for the first time in a year – strayed into an offside position in the build-up. When referee Darren England blew for half-time, Ipswich had failed to touch the ball in Arsenal’s box, becoming just the second side to do so in the Premier League this season. Nottingham Forest were the other, away at Liverpool, before they went on to inflict Arne Slot’s sole defeat of his tenure so far. And for all of Arsenal’s possession, while they held just a one-goal advantage, Ipswich knew they were still in the game. An encouraging start to the second half for the Tractor Boys ensued, albeit without testing David Raya in the Arsenal goal. Shortly after the hour mark, Gabriel should have settled any growing Emirates nerves when he arrived unmarked to Declan Rice’s corner, but the defender headed wide of Arijanet Muric’s post when it looked easier to score. Martin Odegaard then forced a fine fingertip save from Muric at his near post after a mazy run and shot from the Arsenal skipper. Rice’s stinging goal-bound volley from the following corner was blocked by Dara O’Shea as Arsenal pushed for a game-killing second. Havertz should have tapped home Trossard’s header but he fluffed his lines. And moments later, substitute Mikel Merino’s effort was diverted from danger by a diving Muric. Ipswich looked to catch Arsenal on the counter, but the match ended without them registering a single effort on Raya’s goal. Ipswich fans goaded their opponents with chants of “boring, boring Arsenal”, but it was the Gunners who enjoyed the last laugh as they saw out 2024 with a win which keeps the pressure on Liverpool.
NEW YORK (AP) — Chuck Woolery, the affable, smooth-talking game show host of “Wheel of Fortune,” “Love Connection” and “Scrabble” who later became a right-wing podcaster, skewering liberals and accusing the government of lying about COVID-19, has died. He was 83. Mark Young, Woolery’s podcast co-host and friend, said in an email early Sunday that Woolery died at his home in Texas with his wife, Kristen, present. “Chuck was a dear friend and brother and a tremendous man of faith, life will not be the same without him,” Young wrote. Woolery, with his matinee idol looks, coiffed hair and ease with witty banter, was inducted into the American TV Game Show Hall of Fame in 2007 and earned a daytime Emmy nomination in 1978. In 1983, Woolery began an 11-year run as host of TV’s “Love Connection,” for which he coined the phrase, “We’ll be back in two minutes and two seconds,” a two-fingered signature dubbed the “2 and 2.” In 1984, he hosted TV’s “Scrabble,” simultaneously hosting two game shows on TV until 1990. “Love Connection,” which aired long before the dawn of dating apps, had a premise that featured either a single man or single woman who would watch audition tapes of three potential mates and then pick one for a date. A couple of weeks after the date, the guest would sit with Woolery in front of a studio audience and tell everybody about the date. The audience would vote on the three contestants, and if the audience agreed with the guest’s choice, “Love Connection” would offer to pay for a second date. Woolery told The Philadelphia Inquirer in 2003 that his favorite set of lovebirds was a man aged 91 and a woman aged 87. “She had so much eye makeup on, she looked like a stolen Corvette. He was so old he said, ‘I remember wagon trains.’ The poor guy. She took him on a balloon ride.” Other career highlights included hosting the shows “Lingo,” “Greed” and “The Chuck Woolery Show,” as well as hosting the short-lived syndicated revival of “The Dating Game” from 1998 to 2000 and an ill-fated 1991 talk show. In 1992, he played himself in two episodes of TV’s “Melrose Place.” Woolery became the subject of the Game Show Network’s first attempt at a reality show, “Chuck Woolery: Naturally Stoned,” which premiered in 2003. It shared the title of the pop song in 1968 by Woolery and his rock group, the Avant-Garde. It lasted six episode and was panned by critics. Woolery began his TV career at a show that has become a mainstay. Although most associated with Pat Sajak and Vanna White, “Wheel of Fortune” debuted Jan. 6, 1975, on NBC with Woolery welcoming contestants and the audience. Woolery, then 33, was trying to make it in Nashville as a singer. “Wheel of Fortune” started life as “Shopper’s Bazaar,” incorporating Hangman-style puzzles and a roulette wheel. After Woolery appeared on “The Merv Griffin Show” singing “Delta Dawn,” Merv Griffin asked him to host the new show with Susan Stafford. “I had an interview that stretched to 15, 20 minutes,” Woolery told The New York Times in 2003. “After the show, when Merv asked if I wanted to do a game show, I thought, ‘Great, a guy with a bad jacket and an equally bad mustache who doesn’t care what you have to say — that’s the guy I want to be.’” NBC initially passed, but they retooled it as “Wheel of Fortune” and got the green light. After a few years, Woolery demanded a raise to $500,000 a year, or what host Peter Marshall was making on “Hollywood Squares.” Griffin balked and replaced Woolery with weather reporter Pat Sajak. “Both Chuck and Susie did a fine job, and ‘Wheel’ did well enough on NBC, although it never approached the kind of ratings success that ‘Jeopardy!’ achieved in its heyday,” Griffin said in “Merv: Making the Good Life Last,” an autobiography from the 2000s co-written by David Bender. Woolery earned an Emmy nod as host. Born in Ashland, Kentucky, Woolery served in the U.S. Navy before attending college. He played double bass in a folk trio, then formed the psychedelic rock duo The Avant-Garde in 1967 while working as a truck driver to support himself as a musician. The Avant-Garde, which tourbed in a refitted Cadillac hearse, had the Top 40 hit “Naturally Stoned,” with Woolery singing, “When I put my mind on you alone/I can get a good sensation/Feel like I’m naturally stoned.” After The Avant-Garde broke up, Woolery released his debut solo single “I’ve Been Wrong” in 1969 and several more singles with Columbia before transitioning to country music by the 1970s. He released two solo singles, “Forgive My Heart” and “Love Me, Love Me.” Woolery wrote or co-wrote songs for himself and everyone from Pat Boone to Tammy Wynette. On Wynette’s 1971 album “We Sure Can Love Each Other,” Woolery wrote “The Joys of Being a Woman” with lyrics including “See our baby on the swing/Hear her laugh, hear her scream.” After his TV career ended, Woolery went into podcasting. In an interview with The New York Times, he called himself a gun-rights activist and described himself as a conservative libertarian and constitutionalist. He said he hadn’t revealed his politics in liberal Hollywood for fear of retribution. He teamed up with Mark Young in 2014 for the podcast “Blunt Force Truth” and soon became a full supporter of Donald Trump while arguing minorities don’t need civil rights and causing a firestorm by tweeting an antisemitic comment linking Soviet Communists to Judaism. “President Obama’s popularity is a fantasy only held by him and his dwindling legion of juice-box-drinking, anxiety-dog-hugging, safe-space-hiding snowflakes,” he said. Woolery also was active online, retweeting articles from Conservative Brief, insisting Democrats were trying to install a system of Marxism and spreading headlines such as “Impeach him! Devastating photo of Joe Biden leaks.” During the early stages of the pandemic, Woolery initially accused medical professionals and Democrats of lying about the virus in an effort to hurt the economy and Trump’s chances for reelection to the presidency. “The most outrageous lies are the ones about COVID-19. Everyone is lying. The CDC, media, Democrats, our doctors, not all but most, that we are told to trust. I think it’s all about the election and keeping the economy from coming back, which is about the election. I’m sick of it,” Woolery wrote in July 2020. Trump retweeted that post to his 83 million followers. By the end of the month, nearly 4.5 million Americans had been infected with COVID-19 and more than 150,000 had died. Just days later, Woolery changed his stance, announcing his son had contracted COVID-19. “To further clarify and add perspective, COVID-19 is real and it is here. My son tested positive for the virus, and I feel for of those suffering and especially for those who have lost loved ones,” Woolery posted before his account was deleted. Woolery later explained on his podcast that he never called COVID-19 “a hoax” or said “it’s not real,” just that “we’ve been lied to.” Woolery also said it was “an honor to have your president retweet what your thoughts are and think it’s important enough to do that.” In addition to his wife, Woolery is survived by his sons Michael and Sean and his daughter Melissa, Young said. Mark Kennedy is at http://twitter.com/KennedyTwits .
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