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SAP Announces Q2 2024 Results

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Current cloud backlog of €14.8 billion, up 28%, both at nominal and constant currenciesCloud revenue up 25%, underpinned by 33% Cloud ERP Suite revenue growth, all at nominal and constant currenciesTotal revenue up 10%, both at nominal and constant currenciesIFRS cloud gross profit up 29%, non-IFRS cloud gross profit up 28% and up 29% at constant currenciesIFRS operating profit down 11% due to restructuring expenses of €0.6 billion. Non-IFRS operating profit up 33% and up 35% at constant currencies2024 financial outlook reiterated. 2025 operating profit ambition increased to reflect anticipated incremental efficiency gains from expanded transformation program

WALLDORF, Germany, July 22, 2024 /PRNewswire/ — SAP SE (NYSE: SAP) announced today its financial results for the second quarter ended June 30, 2024.

Christian Klein, CEO:
Our cloud growth momentum remained strong in Q2, with Business AI enabling many deals. We continue to execute on our transformation with great discipline, leading to an increase in our operating profit ambition for 2025. At the same time, we continue to invest into our transformation to be the leader in Business AI. Given our progress and strong pipeline, we are confident to achieve accelerating topline growth through 2027.

Dominik Asam, CFO:
We are staying squarely focused on delivering our outlook for this year. Our current cloud backlog growth during the second half of 2024, and especially in Q4 will be decisive to lay a solid foundation for our cloud revenue ambition for 2025. At the same time, we’ll continue to execute against our transformation plan to achieve our 2025 free cash flow ambition despite a mid-triple-digit million cash out for restructuring spilling into next year.

All figures in this statement are based on SAP group results from continuing operations unless otherwise noted.

Financial Performance

Group results at a glance – Second quarter 2024

IFRS

Non-IFRS1

€ million, unless otherwise stated

Q2 2024

Q2 2023

∆ in %

Q2 2024

Q2 2023

∆ in %

∆ in %
const. curr.

SaaS/PaaS

4,018

3,130

28

4,018

3,130

28

28

Thereof Cloud ERP Suite2

3,414

2,562

33

3,414

2,562

33

33

Thereof Extension Suite3

604

568

6

604

568

6

6

IaaS4

135

186

–27

135

186

–27

–27

Cloud revenue

4,153

3,316

25

4,153

3,316

25

25

Cloud and software revenue

7,175

6,505

10

7,175

6,505

10

10

Total revenue

8,288

7,554

10

8,288

7,554

10

10

Share of more predictable revenue (in %)

84

82

2pp

84

82

2pp

Cloud gross profit

3,030

2,357

29

3,043

2,368

28

29

Gross profit

6,017

5,409

11

6,029

5,432

11

11

Operating profit (loss)

1,222

1,371

–11

1,940

1,457

33

35

Profit (loss) after tax from continuing operations

918

724

27

1,278

799

60

Profit (loss) after tax5

918

2,982

–69

1,278

2,437

–48

Earnings per share – Basic (in €) from continuing operations

0.76

0.62

22

1.10

0.69

59

Earnings per share – Basic (in €)5

0.76

2.70

–72

1.10

2.40

–54

Net cash flows from operating activities from continuing operations

1,540

848

82

Free cash flow

1,291

604

>100

1

For a breakdown of the individual adjustments see table “Non-IFRS Operating Expense Adjustments by Functional Areas” in this Quarterly Statement.

2

Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend management, commerce, customer data solutions, business process transformation, and working capital management. For additional information and historical data on Cloud ERP Suite, see SAP’s Reporting Framework.

3

Extension Suite references SAP’s remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite.

4

Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud.

5

From continuing and discontinued operations.

Group results at a glance – Six months ended June 2024

IFRS

Non-IFRS1

€ million, unless otherwise stated

Q1–Q2

2024

Q1–Q2

2023

∆ in %

Q1–Q2

2024

Q1–Q2

2023

∆ in %

∆ in %
const. curr.

SaaS/PaaS

7,782

6,110

27

7,782

6,110

27

28

Thereof Cloud ERP Suite revenue2

6,581

4,984

32

6,581

4,984

32

33

Thereof Extension Suite revenue3

1,202

1,126

7

1,202

1,126

7

7

IaaS4

299

383

–22

299

383

–22

–21

Cloud revenue

8,082

6,493

24

8,082

6,493

24

25

Cloud and software revenue

14,134

12,863

10

14,134

12,863

10

11

Total revenue

16,329

14,995

9

16,329

14,995

9

10

Share of more predictable revenue (in %)

84

82

2pp

84

82

2pp

Cloud gross profit

5,867

4,596

28

5,892

4,617

28

29

Gross profit

11,778

10,693

10

11,803

10,737

10

11

Operating profit (loss)

434

2,174

–80

3,473

2,779

25

27

Profit (loss) after tax from continuing operations

94

1,128

–92

2,223

1,667

33

Profit (loss) after tax5

94

3,491

–97

2,223

3,448

–36

Earnings per share – Basic (in €) from continuing operations

0.05

0.97

–95

1.91

1.44

33

Earnings per share – Basic (in €)5

0.05

3.12

–98

1.91

3.23

–41

Net cash flows from operating activities from continuing operations

4,297

3,160

36

Free cash flow

3,784

2,559

48

1

For a breakdown of the individual adjustments see table “Non-IFRS Operating Expense Adjustments by Functional Areas” in this Quarterly Statement.

2

Cloud ERP Suite references the portfolio of strategic Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that are tightly integrated with our core ERP solutions and are included in key commercial packages, such as RISE with SAP. The following offerings contribute to Cloud ERP Suite revenue: SAP S/4HANA Cloud, SAP Business Technology Platform, and core solutions for HR and payroll, spend management, commerce, customer data solutions, business process transformation, and working capital management. For additional information and historical data on Cloud ERP Suite, see SAP’s Reporting Framework.

3

Extension Suite references SAP’s remaining SaaS and PaaS solutions that supplement and extend the functional coverage of the Cloud ERP Suite.

4

Infrastructure as a service (IaaS): The major portion of IaaS comes from SAP HANA Enterprise Cloud.

5

From continuing and discontinued operations.

Financial Highlights1

Second Quarter 2024

In the second quarter, SAP’s strong cloud momentum continued. Current cloud backlog grew by 28% to €14.81 billion and again was up 28% at constant currencies. Cloud revenue was up 25% to €4.15 billion and up 25% at constant currencies, mainly driven by Cloud ERP Suite revenue, which was up 33% to €3.41 billion and up 33% at constant currencies.

Software licenses revenue decreased by 28% to €0.2 billion and was down 27% at constant currencies. Cloud and software revenue was up 10% to €7.17 billion and up 10% at constant currencies. Services revenue was up 6% to €1.11 billion and up 6% at constant currencies. Total revenue was up 10% to €8.29 billion and up 10% at constant currencies.

The share of more predictable revenue increased by 2 percentage points to 84% in the second quarter.

Cloud gross profit was up 29% (IFRS) to €3.03 billion, up 28% to €3.04 billion (non-IFRS), and up 29% (non-IFRS at constant currencies).

IFRS operating profit in the second quarter was down 11% to €1.22 billion. The decrease was driven by restructuring expenses of €0.6 billion associated with the 2024 transformation program. Non-IFRS operating profit was up 33% to €1.94 billion and was up 35% at constant currencies. Non-IFRS operating profit growth was supported by strong revenue growth as well as disciplined execution of the 2024 transformation program.

IFRS earnings per share (basic) increased 22% to €0.76. Non-IFRS earnings per share (basic) increased 59% to €1.10. The effective tax rate (IFRS) was 33.8% (Q2/2023: 33.8%) and the effective tax rate (non-IFRS) was 33.6% (Q2/2023: 33.0%). For non-IFRS, the year-over-year increase mainly resulted from a temporary inability to offset withholding taxes in Germany due to tax losses in 2024 resulting from restructuring. For IFRS, the negative effects from withholding taxes were compensated mainly by changes in tax-exempt income and valuation allowances on deferred tax assets.

Free cash flow in the second quarter increased by 114% to €1.3 billion. While around €0.5 billion was paid out for restructuring, the positive development was primarily attributable to increased profitability and enhanced working capital management. For the first six months, free cash flow was up 48% to €3.8 billion.

Share Repurchase Program

In May 2023, SAP announced a share repurchase program with an aggregate volume of up to €5 billion and a term until December 31, 2025. As of June 30, 2024, SAP had repurchased 12,895,525 shares at an average price of €145.20 resulting in a purchased volume of approximately €1.87 billion under the program.

2024 Transformation Program: Focus on scalability of operations and key strategic growth areas

In 2024, SAP is further increasing its focus on key strategic growth areas, in particular business AI. It is transforming its operational setup to capture organizational synergies and AI-driven efficiencies, and to prepare the company for highly scalable future revenue growth.

To this end, as announced in January, SAP is executing a company-wide restructuring program which is anticipated to conclude in early 2025. The restructuring is intended to ensure that SAP’s skillset and resources continue to meet future business needs and is currently expected to affect 9,000 to 10,000 positions, a majority of which will be covered by voluntary leave programs and internal re-skilling measures. Reflecting re-investments into strategic growth areas, SAP still expects to exit 2024 at a headcount similar to year-end 2023. 

In the second quarter, additional restructuring expenses of €0.6 billion were recorded, which mainly reflect the positive reception of the voluntary leave programs.

While restructuring expenses recorded in the first half of 2024 total €2.9 billion, the overall expenses associated with the program are now estimated to be approximately €3 billion.

Restructuring payouts in the second quarter and first half of 2024 amounted to €0.5 billion. Overall payouts associated with the program are currently expected at approximately €3 billion, of which a mid-triple-digit million amount is expected to occur in 2025.

Business Highlights

In the second quarter, customers around the globe continued to choose “RISE with SAP” to drive their end-to-end business transformations. These customers included: Alpargatas, Auckland Council, Blue Diamond Growers, Border States, Copenhagen Airports, ExxonMobil, Navantia, PANDORA, Porsche Informatik, Powerlink Queensland, Prairie Farms Dairy, ProRail, Prysmian, Shiseido Company, Tokio Marine & Nichido Fire Insurance, VistaPrint, Warsaw City Hall, and Xerox.

BMI Group Holdings, Co-op, Fiagril, Pure Storage, UBE Corporation, and Wegmans went live on SAP S/4HANA Cloud in the second quarter.

Consolidated Hospitality Supplies, flatexDEGIRO, Fortera Corporation, La Trobe University, Stern-Wywiol Gruppe, and Trade Capital Corporation chose “GROW with SAP”, an offering helping customers adopt cloud ERP with speed, predictability, and continuous innovation.

Key customer wins across SAP’s solution portfolio included: Accenture, Ambipar, Arca Continental, BASF, Buderus Guss, Carl Zeiss, DACHSER, Endress+Hauser, iHerb, Lenovo, Minor Hotels, New Look, Parle Biscuits, Refresco, U.S. Sugar, Veolia Group, and Zoomlion.

Beiersdorf, E.ON, Gerdau, Hyundai Motor Company, Kia Corporation and SMA Solar Technology went live on SAP solutions.

In the second quarter, SAP’s cloud revenue performance was particularly strong in APJ and EMEA and robust in the Americas region. Brazil, Canada, Germany, India, Japan, and South Korea had outstanding performances in cloud revenue growth while China, the U.S., and Saudi Arabia were particularly strong.

On April 22, SAP announced AI advancements in its supply chain solutions that we anticipate will unleash a transformative wave of productivity, efficiency and precision in manufacturing. AI-driven insights from real-time data will help companies use their own data to make better decisions across supply chains, streamline product development and improve manufacturing efficiency.

On May 6, SAP announced that it had extended the contract of CEO and Member of the Executive Board Christian Klein for three years, until April 2028.

On May 8, SAP and IBM announced their vision for the next era of their collaboration, which includes new generative AI capabilities and industry-specific cloud solutions that can help clients unlock business value.

On May 13, SAP announced that Charoen Pokphand Foods Public Company Limited (“CP Foods”) had selected multiple SAP solutions to drive further growth and competitive advantage and to ensure the sustainability of its products for the future.

On May 15, SAP announced that the Annual General Meeting (AGM) of Shareholders of SAP SE elected Pekka Ala-Pietilä as new member of the company’s Supervisory Board. Subsequently, Ala-Pietilä was also elected the new Chairman of the SAP Supervisory Board, completing the handover from former Chairman of the Board, Prof. Dr. h. c. mult. Hasso Plattner. In addition, Prof. Dr. Ralf Herbrich was elected and Aicha Evans, Gerhard Oswald and Dr. Friederike Rotsch were reelected as members of the Supervisory Board. The AGM also approved all other proposals of the Executive Board and Supervisory Board with strong support. That includes the adjustment of the compensation of the Chairman of the Supervisory Board. Furthermore, the dividend proposal of €2.20 per share for fiscal year 2023 was approved.

On May 29, SAP and Amazon Web Services (AWS), an Amazon.com company, announced an expanded, strategic collaboration to transform modern cloud enterprise resource planning (ERP) experiences and help enterprises drive new capabilities and efficiencies with generative artificial intelligence (AI).

On June 5, SAP and WalkMe Ltd. (Walkme) announced that the companies had entered into a definitive agreement under which SAP will acquire 100% of WalkMe, a leader in digital adoption platforms. The Executive and Supervisory Boards of SAP SE and the board of directors of WalkMe have approved the transaction for US $14.00 per share in an all-cash transaction, representing an equity value of approximately US $1.5 billion. The offer price represents a 45% premium to WalkMe’s closing share price on June 4, 2024. The acquisition is subject to customary closing conditions, including the receipt of WalkMe shareholder approval and necessary regulatory clearances, and is expected to close in the third quarter of 2024.

On June 5, SAP announced that it was adjusting its dividend policy effective immediately. The new policy is to pay a dividend amounting to at least 40% of the group’s non-IFRS profit after tax from continuing operations (previously: at least 40% of the group’s IFRS profit after tax).

Financial Outlook 2024

SAP’s financial outlook 2024 is based on SAP’s updated non-IFRS definition of profit measures which, beginning in 2024, include share-based compensation expenses and exclude gains and losses from equity securities, net. For more details, please refer to the Reporting Framework section on our Investor Relations website: https://www.sap.com/investors/en/reports/reporting-framework.html.

SAP continues to expect:

€17.0 – 17.3 billion cloud revenue at constant currencies (2023: €13.66 billion), up 24% to 27% at constant currencies.€29.0 – 29.5 billion cloud and software revenue at constant currencies (2023: €26.92 billion), up 8% to 10% at constant currencies.€7.6 – 7.9 billion non-IFRS operating profit at constant currencies (2023: €6.51 billion), up 17% to 21% at constant currencies.Free cash flow of approximately €3.5 billion (2023: €5.09 billion).An effective tax rate (non-IFRS) of approximately 32% (2023: 30.3%)2.

While SAP’s 2024 financial outlook is at constant currencies, actual currency reported figures are expected to be impacted by currency exchange rate fluctuations as the company progresses through the year, as reflected in the table below.

Currency Impact Assuming June 30, 2024 Rates Apply for 2024

In percentage points

Q3 2024

FY 2024

Cloud revenue growth

+0.5pp

–0.5pp

Cloud and software revenue growth

+0.5pp

–0.5pp

Operating profit growth (non-IFRS)

+0.0pp

–1.5pp

Non-Financial Outlook 2024

SAP now expects the Employee Engagement Index to be in a range of 70% to 74% in 2024 (previously: 76% to 80%).

In 2024, SAP continues to expect: 

A Customer Net Promoter Score of 9 to 13.To steadily decrease carbon emissions across the relevant value chain, in line with our target of achieving Net Zero carbon emissions by 2030.To steadily increase the number of women in executive roles in line with our end of year 2027 target to achieve 25%.

Ambition 2025

SAP is updating its financial ambition 2025, reflecting the anticipated incremental benefits from the transformation program.

By 2025, SAP now expects:

Non-IFRS operating profit of approximately €10.2 billion (previously: approximately €10 billion).

SAP continues to expect:

Cloud revenue of more than €21.5 billion.Total revenue of more than €37.5 billion.Non-IFRS cloud gross profit of approximately €16.2 billion.Free cash flow of approximately €8.0 billion (now including an anticipated mid-triple-digit million Euro restructuring payout in 2025 associated with the 2024 transformation program).A share of more predictable revenue of approximately 86%.

The 2025 financial ambition is based on an exchange rate of 1.10 USD per EUR.

Non-Financial Ambition 2025

For 2025, SAP now aims to increase the Employee Engagement Index (previously: Steadily increasing the Employee Engagement Index).

SAP continues to aim for

Steadily increasing the Customer Net Promoter Score.

The 2025 non-financial ambitions are in addition to our medium-term targets of achieving Net Zero carbon emissions across the value chain by 2030 and reaching 25% women in executive roles by the end of 2027.

Additional Information

This press release and all information therein is preliminary and unaudited. Due to rounding, numbers may not add up precisely. The full Q2 2024 Quarterly Statement can be downloaded from: https://www.sap.com/investors/sap-2024-q2-statement.

SAP Performance Measures

For more information about our key growth metrics and performance measures, their calculation, their usefulness, and their limitations, please refer to the following document on our Investor Relations website: https://www.sap.com/investors/performance-measures 

Webcast

SAP senior management will host a financial analyst conference call on Monday, July 22nd at 11:00 PM (CEST) / 10:00 PM (BST) / 5:00 PM (EDT) / 2:00 PM (PDT). The conference will be webcast on the Company’s website at https://www.sap.com/investor and will be available for replay. Supplementary financial information pertaining to the second quarter results can be found at https://www.sap.com/investor

About SAP

As a global leader in enterprise applications and business AI, SAP (NYSE: SAP) stands at the nexus of business and technology. For over 50 years, organizations have trusted SAP to bring out their best by uniting business-critical operations spanning finance, procurement, HR, supply chain, and customer experience. For more information, visit www.sap.com.

For customers interested in learning more about SAP products:

Global Customer Center:

+49 180 534-34-24

United States Only:

+1 (800) 872-1SAP (+1-800-872-1727)

This document contains forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations, forecasts, and assumptions that are subject to risks and uncertainties that could cause actual results and outcomes to materially differ. Additional information regarding these risks and uncertainties may be found in our filings with the Securities and Exchange Commission, including but not limited to the risk factors section of SAP’s 2023 Annual Report on Form 20-F.

© 2024 SAP SE. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices

1 The Q2 2024 results were also impacted by other effects. For details, please refer to the disclosures on page 27 of this document. 

2 The effective tax rate (non-IFRS) is a non-IFRS financial measure and is presented for supplemental informational purposes only. We do not provide an outlook for the effective tax rate (IFRS) due to the uncertainty and potential variability of gains and losses associated with equity securities, which are reconciling items between the two effective tax rates (non-IFRS and IFRS). These items cannot be provided without unreasonable efforts but could have a significant impact on our future effective tax rate (IFRS).

 

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SOURCE SAP SE

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Overtime and NWSL Team Up For Gen-Z-Focused Content Partnership

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OT fans will gain access to NWSL’s most coveted moments like never before

BROOKLYN, N.Y., Feb. 18, 2025 /PRNewswire/ — Overtime and the National Women’s Soccer League today announced a game-changing content partnership, the company’s first with a professional women’s league.

The NWSL will provide Overtime access to a variety of NWSL moments including the full regular season, playoffs, championship and Challenge Cup, giving its over 100 million social media followers game highlights, behind-the-scenes access to players and more.

“Both the NWSL and Overtime prioritize innovation and community engagement as powerful tools in the promotion of sports and entertainment,” said Dan Porter, CEO of Overtime. “This relationship is built on shared values and a vision for expanding women’s sports which is why we’re excited to work together – to provide even more unique and compelling stories for next generation fans and brand partners.”

2025 NWSL competition kicks off with the 2025 NWSL Challenge Cup, a rematch of last year’s Championship game as the reigning champion Orlando Pride hosts the Washington Spirit on Friday, March 7, for a rematch of last season’s title contest. The 2025 NWSL Regular Season begins Friday, March 14 with all 14 clubs in action across the weekend.

“Adding Overtime to our growing roster of media partners ensures that our league and incredible athletes will continue to show up and inspire across new platforms and spaces,” said NWSL Chief Marketing & Commercial Officer Julie Haddon. “The enthusiasm around our sport and women’s sports overall continues to thrive, and we’re excited to work with a dynamic brand like Overtime to capitalize on fan engagement as we further immerse current fans and reach new fans in 2025.”

Overtime has always been at the forefront of innovation in sports media, capturing the attention of a massive and engaged Gen Z and Millennial audience. Overtime FC, Overtime’s soccer arm, expertly blends the worlds of sports, culture, and fan engagement, with over 5MM followers across platforms. Last August, Overtime FC released its first-ever merchandise collection without being an actual soccer club, symbolizing how digital communities can transcend traditional boundaries to drive commerce.

The 2025 season is poised to build on the success of a 2024 campaign that saw continued record-breaking growth across league broadcast viewership and match attendance. The second season of the NWSL’s historic four-year domestic media rights agreements with CBS Sports, ESPN, ION and Prime Video, will see 160 matches will be featured on national platforms throughout the season.

About Overtime
Overtime empowers the next generation of athletes and fans across digital platforms by building disruptive new sports leagues and developing and distributing original sports content.

Overtime owns and operates OTE and Overtime Select in basketball, OT7 in football, and OTX in boxing while producing over 150 pieces of original sports content weekly for its 115MM+ global followers. The company is a key partner to marquee sports leagues and rights holders worldwide, including the NFL and NBC Sports for the Olympic Games. Overtime’s business model is driven by sponsorships, e-commerce, licensing and media rights.

Overtime is funded by top VC firms, strategic investors, industry leaders, and athletes, including Liberty Media Corporation, Amazon, Andreessen Horowitz, Counterpoint Global (Morgan Stanley), Sapphire Sport, Winslow Capital, Spark Capital, Micromanagement Ventures (the family of the late David Stern),

Black Capital, Blackstone Strategic Partners, Alexis Ohanian, Bezos Expeditions, Drake, Quavo and 40+ NBA and NFL stars including Carmelo Anthony, Kevin Durant and Trae Young. 5 NBA team owners and over 6% of active NBA players have invested in Overtime.

About National Women’s Soccer League
The National Women’s Soccer League is the premier women’s professional soccer league in the world featuring national team players from around the globe. The clubs are Angel City FC, Bay FC, Boston, Chicago Red Stars, Houston Dash, Kansas City Current, NJ/NY Gotham FC, North Carolina Courage, Orlando Pride, Portland Thorns FC, Racing Louisville FC, San Diego Wave FC, Seattle Reign FC, Utah Royals FC, and Washington Spirit.

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SOURCE Overtime Sports, Inc.

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GEMCAP SOLUTIONS, LLC TO AUCTION CERTAIN PERSONAL PROPERTY OF SOLSTICE MARKETING CONCEPTS LLC VIA PUBLIC SALE

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SAN ANTONIO, Feb. 18, 2025 /PRNewswire/ — Pursuant to Section 9-610 of the Uniform Commercial Code, GemCap Solutions, LLC, as servicer and attorney-in-fact for secured party GemCap Holdings, LLC (the “Secured Party”) will hold a secured party public sale to the highest and best bidder for cash, with reserve, to be conducted telephonically by the Secured Party on Monday, March 3, 2025 at 11:00 a.m. Central Standard Time (the “Public Sale”). Qualified Bidders (defined below) may attend the Public Sale telephonically.

The Secured Party is conducting the Public Sale to foreclose the security interest held by the Secured Party in and to some, but not all, of the inventory (“Inventory”) of Solstice Marketing Concepts LLC (the “Borrower”). The Inventory being sold is referred to as the “Public Sale Collateral”.

The Secured Party is conducting the Public Sale to foreclose the lien and security interest held by the Secured Party in and to the Public Sale Collateral only, but Secured Party’s lien and security interest on the remainder of Borrower’s personal property, including any inventory that is not part of this Public Sale, shall remain. At the Public Sale, all of Borrower’s right, title and interest in and to the Public Sale Collateral will be sold “as is” and “where is” and the Secured Party shall make no representation or warranty, either express or implied, relating to title, use, quiet enjoyment, possession, merchantability or fitness for a particular purpose, completeness, condition or the like, all of which are hereby disclaimed, in the sale or disposition of the Public Sale Collateral. In addition, the Public Sale Collateral is being sold (i) free and clear of Secured Party’s liens and any subordinate security interests, and (ii) without recourse to Secured Party, its attorneys and representatives. The Public Sale of the Public Sale Collateral, if made, shall be to the bidder with the highest and best offer.

In order to participate in the bidding process, each person or entity (a “Potential Bidder”) must deliver to the undersigned (i) an executed confidentiality agreement in form and substance acceptable to Secured Party, (ii) current financial statements of the Potential Bidder or other evidence acceptable to Secured Party that will show the financial ability of the Potential Bidder to purchase the Public Sale Collateral and such other information as the Secured Party shall require to show proof of the Potential Bidder’s ability to execute the closing the Public Sale, (iii) a completed and executed Asset Purchase Agreement in the form provided by Secured Party, and (iv) a deposit in an amount equal to ten percent of the bid amount which will be held in escrow by Secured Party. A Potential Bidder that complies with the foregoing requirements shall be deemed a “Qualified Bidder”. Those Qualified Bidders participating at the Public Sale shall be provided with the telephone number and passcode to attend the Public Sale and shall be given the opportunity to bid on a competitive basis.

At the Public Sale, the Inventory may be offered for sale in separate lots and will be offered as a single lot. At the conclusion of the Public Sale, the successful bidder(s) must pay the final bid amount in full by a wire transfer of funds to the Secured Party. The Secured Party reserves the right to credit bid on any or all of the Public Sale Collateral at the Public Sale. The Secured Party reserves the right to reject all bids, adjourn or cancel the Public Sale.

For further details regarding the Public Sale Collateral, obtaining the confidentiality agreement and the form asset purchase agreement, and information regarding the Public Sale, including a detailed listing of the Inventory being sold, you may contact either David Ellis by email at dellis@gemcapsolutions.com or by telephone at (310) 494-1437 or Michael Berens, Esq. by email at mberens@gmail.com or by telephone at (530) 304-6922.

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SOURCE GemCap Solutions, LLC

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SiriusXM Appoints Richard N. Baer as Executive Vice President, General Counsel and Secretary

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NEW YORK, Feb. 18, 2025 /PRNewswire/ — Sirius XM Holdings Inc. (NASDAQ: SIRI) today announced the appointment of Richard N. Baer as Executive Vice President, General Counsel and Secretary, effective March 3, 2025. Baer succeeds Patrick Donnelly who, as previously announced, is retiring.

Baer is an accomplished attorney and business advisor with over 40 years of experience. Most recently, Baer served as Chief Legal Officer at Airbnb, Inc., where he oversaw its legal, community policy and ethics and compliance functions. Prior to joining Airbnb, Baer served as chief legal officer at Liberty Media, UnitedHealth Group and Qwest Communications. He also previously served as chairman of the litigation department of a prominent Denver law firm.

Jennifer Witz, Chief Executive Officer of SiriusXM, commented, “We are excited to bring Rich on board and to benefit from his more than two decades of experience and expertise as a senior leader at a variety of complex businesses. I’m confident that his ability to navigate legal issues and balance the needs of a business will enable him to succeed here at SiriusXM. I look forward to working closely with him and benefitting from his perspectives and insights as we execute our strategic plans and shape the future of our company.”

Witz added, “On behalf of everyone at SiriusXM, I want to thank Pat for his dedication, support and unwavering commitment to SiriusXM. Over his nearly twenty-seven years with the Company, few people have made a more indelible mark on SiriusXM than Pat. We wish him well in his very well-deserved retirement.”

Baer said, “As a long-time listener, I could not be more excited to be joining SiriusXM. I look forward to working alongside Jennifer and the rest of my colleagues to bolster the Company’s legal, compliance, governance and operational foundation as we work to achieve our strategic priorities and drive the business forward.”

About Rich Baer
Rich Baer most recently served as Chief Legal Officer of Airbnb. Prior to Airbnb, Baer spent time at Liberty Media as Chief Administrative Officer and Chief Legal Officer, at UnitedHealth Group as Executive Vice President and Chief Legal Officer and at Qwest Communications International as Executive Vice President, General Counsel and Chief Administrative Officer. Prior to joining Qwest, Baer served as chairman of the litigation department at the Denver law firm of Sherman & Howard L.L.C. Baer started his career as a homicide prosecutor in Brooklyn, New York.

In addition to his professional accomplishments, Baer has devoted significant time to the public good, including serving as the Chairman and long-standing board member of National Jewish Health, the country’s leading respiratory hospital, the Chairman of the Colorado Workforce Development Council and a board member of the Colorado Legal Aid Foundation, the Institute for the Advancement of the American Legal System, the Duke University School of Law Board of Visitors, the Executive Advisory Board of the Daniels College of Business and the Colorado Campaign for Inclusive Excellence. Baer also served as Chair of the Board of Directors at CommerceHub.

Baer received a B.A. in Economics from Columbia University and a J.D. from the Duke University School of Law.

About Sirius XM Holdings Inc.
SiriusXM is the leading audio entertainment company in North America with a portfolio of audio businesses including its flagship subscription entertainment service SiriusXM; the ad-supported and premium music streaming services of Pandora; an expansive podcast network; and a suite of business and advertising solutions. Reaching a combined monthly audience of approximately 160 million listeners, SiriusXM offers a broad range of content for listeners everywhere they tune in with a diverse mix of live, on-demand, and curated programming across music, talk, news, and sports. For more about SiriusXM, please go to: www.siriusxm.com.

Source: SiriusXM

Investor Contacts:
Hooper Stevens
hooper.stevens@siriusxm.com 

Natalie Candela
natalie.candela@siriusxm.com 

Media Contact:
Maggie Mitchell
maggie.mitchell@siriusxm.com 

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SOURCE Sirius XM Holdings Inc.

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