Technology
ePlus Reports First Quarter Fiscal Year 2025 Financial Results
Published
2 months agoon
By
First Quarter Fiscal Year 2025
Net sales decreased 5.2% to $544.5 million from last year’s first quarter; technology business net sales decreased 5.3% to $535.5 million; services revenues increased 15.8% to $78.2 million.Technology business gross billings decreased 1.0% to $833.7 million.Consolidated gross profit decreased 5.5% to $134.5 million.Consolidated gross margin was 24.7% as compared to last year’s 24.8%.Net earnings decreased 19.2% to $27.3 million.Adjusted EBITDA decreased 19.9% to $43.1 million.Diluted net earnings per common share decreased 19.7% to $1.02 and non-GAAP diluted net earnings per common share decreased 19.9% to $1.13.
HERNDON, Va., Aug. 6, 2024 /PRNewswire/ — ePlus inc. (NASDAQ: PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months ended June 30, 2024, the first quarter of its 2025 fiscal year.
Management Comment
“We continued to see strong growth in security and services overall with our managed services up 28%. For many years we have been building strong services and recurring revenue streams, in part to offset headwinds created by the increase in netted down revenues and ratable recognition of sales, both to build a more consistent financial model, but also to deliver the solutions that customers demand with today’s advanced technologies,” said Mark Marron, president and CEO of ePlus. We are seeing strong customer interest in our AI Ignite program and discovery services. While these create nominal current revenue, they also are key to locking in future business opportunities and securing customer mindshare in this fast moving technology solution.
“Given a hard compare, with last year’s first quarter growth of 25% due to supply chain easing, our first quarter net sales were down 5.2% and gross billings were down 1%. Both the revenue and gross billings decline year over year is attributable to a more normalized supply chain, the absorption of prior purchases by our customers, product mix, and the ratable trend as noted above. We do not see any long-term diminished demand for our products and services and our full year guidance remains unchanged.”
Mr. Marron continued, “We ended the quarter with a strong cash position of $350 million, providing ePlus the resources to invest in organic growth initiatives, continue our track record of strategic acquisitions, and increase shareholder returns through share repurchases.”
First Quarter Fiscal Year 2025 Results
For the first quarter ended June 30, 2024, as compared to the first quarter ended June 30, 2023:
Consolidated net sales decreased 5.2% to $544.5 million, from $574.2 million.
Technology business net sales decreased 5.3% to $535.5 million, from $565.7 million driven by lower product sales. Technology business gross billings decreased 1.0% to $833.7 million from $842.0 million.
Product sales decreased 8.2% to $457.3 million, from $498.2 million, due to decreases in net sales of cloud and networking products, offset by increases in net sales of collaboration and security products. Gross profit decreased 11.6% to $98.5 million, from $111.4 million last year, due to the reduction of product sales and a 90-bps decline in product margin to 21.5% from 22.4% last year, due to a shift in customer mix, offset by a larger proportion of third-party maintenance and services sold in the current quarter which are recorded on a net basis.
Professional service revenues increased 4.8% from last year to $37.3 million from $35.6 million. Gross profit increased 5.0% and gross margins increased 10 bps to 41.5% from 41.4% last year.
Managed service revenues increased 28.0% to $40.9 million due to ongoing demand in these offerings, including Enhanced Maintenance Support, Cloud, and Service Desk services. Gross profit increased 31.0% from last year due to the scaled growth in these services resulting in a 70-bps gross margin improvement.
Financing business segment net sales increased 6.4% to $9.0 million, from $8.5 million due to increases in portfolio earnings. Gross profit in the financing business segment increased 20.8% to $7.7 million from $6.4 million last year.
Consolidated gross profit decreased 5.5% to $134.5 million, from $142.3 million. Consolidated gross margin was 24.7%, down 10 bps from last year’s 24.8%, due to lower product margin in our technology business.
Consolidated operating expenses were $99.0 million, up 3.2% from $95.9 million last year, primarily due to increases in salaries and benefits from additional headcount. Our headcount at the end of the quarter was 1,907, up 54 from a year ago, including 28 employees from PEAK Resources, Inc. (“PEAK”) which we acquired in January 2024.
Consolidated operating income decreased 23.4% to $35.5 million. During the quarter ended June 30, 2024, we had other income of $2.1 million from interest income of $2.6 million offset by foreign currency transaction loss of $0.5 million. Earnings before tax decreased 19.3% to $37.5 million.
Our effective tax rate remained at 27.2% year over year.
Net earnings decreased 19.2% to $27.3 million from $33.8 million.
Consolidated adjusted EBITDA decreased 19.9% to $43.1 million from $53.9 million.
Diluted net earnings per common share was $1.02 for the first quarter ended June 30, 2024, compared with $1.27 for the first quarter ended June 30, 2023. Non-GAAP diluted net earnings per common share was $1.13 for the first quarter ended June 30, 2024, compared with $1.41 for the first quarter ended June 30, 2023.
Balance Sheet Highlights
As of June 30, 2024, cash and cash equivalents were $349.9 million, up from $253.0 million as of March 31, 2024, primarily due to improvements in working capital, offset by repurchases of our common stock. Inventory decreased 36.2% to $89.1 million compared with $139.7 million as of March 31, 2024. Total stockholders’ equity was $921.9 million, compared with $901.8 million as of March 31, 2024. Total shares outstanding were 26.9 million and 27.0 million on June 30, 2024 and March 31, 2024, respectively.
Fiscal Year Guidance
ePlus is maintaining fiscal year 2025 guidance for net sales growth over the prior fiscal year of between 3% and 6%, and an adjusted EBITDA range of $200.0 million to $215.0 million. ePlus cannot predict with reasonable certainty and without unreasonable effort, the ultimate outcome of unusual gains and losses, the occurrence of matters creating GAAP tax impacts, fluctuations in interest expense or interest income and share-based compensation, and acquisition-related expenses. These items are uncertain, depend on various factors, and could be material to the ePlus’ results computed in accordance with GAAP. Accordingly, the ePlus is unable to provide a reconciliation of GAAP net earnings to adjusted EBITDA for the full year 2025 forecast.
Summary and Outlook
“Looking ahead, as we add new products and services and benefit from recent acquisitions, ePlus continues to be positioned to achieve top-line growth. Our business is supported by deep customer and channel relationships. We have invested across the organization to strengthen our product and services offerings and to customize our solutions to meet the evolving needs of our customers. Our teams continue to execute well and operate efficiently with an unwavering commitment to superior customer service. These factors support our confidence in the underlying fundamentals of our business and our ability to deliver on our 2025 financial outlook and objectives.
“Additionally, our strong financial position provides us with considerable capital allocation options to drive long-term shareholder value, including the ability to expand our product offerings, make larger accretive acquisitions, and continue to return capital to shareholders through share repurchases. This flexibility, together with ongoing investments in differentiated capabilities, should enable us to build on our competitive advantage and advance our market positioning,” concluded Mr. Marron.
Recent Corporate Developments/Recognitions
In the month of July:
Announced Storage-as-a-Service leveraging NetApp.IGXGlobal, a subsidiary of ePlus, began offering Storage-as-a-Service powered by Pure Storage.
In the month of June:
Awarded the Lenovo U.S. Infrastructure Solutions Partner of the Year Award.Announced the launch of Azure Recover.Recognized as Juniper Networks 2023 Partner of the Year for Cloud Ready Data Center in both Worldwide and Americas Categories.
In the month of May:
Named Growth Partner of the Year by Varonis.Earned a spot on CRN’s 2024 Solution Provider 500 List.
Conference Call Information
ePlus will hold a conference call and webcast at 4:30 p.m. ET on August 6, 2024:
Date:
August 6, 2024
Time:
4:30 p.m. ET
Audio Webcast (Live & Replay):
https://events.q4inc.com/attendee/653117486
Live Call:
(888) 596-4144 (toll-free/domestic)
(646) 968-2525 (international)
Archived Call:
(800) 770-2030 (toll-free/domestic)
(609) 800-9909 (international)
Conference ID:
6593768# (live call and replay)
A replay of the call will be available approximately two hours after the call through August 13, 2024. A transcript of the call will also be available on the ePlus Investor Relations website at https://www.eplus.com/investors.
About ePlus inc.
ePlus has an unwavering and relentless focus on leveraging technology to create inspired and transformative business outcomes for its customers. Offering a robust portfolio of solutions, as well as a broad range of consultative and managed services across the technology spectrum, ePlus has proudly achieved more than 30 years of success, carrying customers forward through adversity, rapidly changing environments, and other obstacles. ePlus is a trusted advisor, bringing expertise, credentials, talent and a thorough understanding of innovative technologies, spanning security, cloud, data center, networking, collaboration and emerging solutions, to organizations across all industry segments. With complete lifecycle management services and flexible payment solutions, ePlus’ more than 1,900 associates are focused on cultivating positive customer experiences and are dedicated to their craft, harnessing new knowledge while applying decades of proven experience. ePlus is headquartered in Virginia, with locations in the United States, UK, Europe, and Asia‐Pacific. For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com. Connect with ePlus on LinkedIn, X, Facebook, and Instagram. ePlus, Where Technology Means More.
ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries. The names of other companies and products mentioned herein may be the trademarks of their respective owners.
Forward-looking statements
Statements in this press release that are not historical facts may be deemed to be “forward-looking statements,” including, among other things, statements regarding the future financial performance of ePlus. Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, exposure to fluctuation in foreign currency rates, interest rates, and inflation, including as a result of national and international political instability fostering uncertainty and volatility in the global economy, which may cause increases in our costs and our ability to increase prices to our customers, negative impacts to the arrangements that have pricing commitments over the term of the agreement, which may result in adverse changes in our gross profit; significant adverse changes in, reductions in, or loss of one or more of our larger volume customers or vendors; reliance on third-parties to perform some of our service obligations to our customers, and the reliance on a small number of key vendors in our supply chain with whom we do not have long-term supply agreements, guaranteed price agreements, or assurance of stock availability; our ability to remain secure during a cybersecurity attack or other IT outtage, including both disruptions in our or our vendors’ or other third party’s Information Technology (“IT”) systems and data and audio communication networks; our ability to secure our own and our customers’ electronic and other confidential information, while maintaining compliance with evolving data privacy and regulatory laws and regulations; ongoing remote work trends, and the increase in cybersecurity attacks that have occurred while employees work remotely and our ability to adequately train our personnel to prevent a cyber event; the possibility of a reduction of vendor incentives provided to us; our dependence on key personnel and our ability to hire, train and retain qualified personnel by recruiting and retaining highly skilled, competent personnel, and vendor certifications; our ability to manage a diverse product set of solutions, including artificial intelligence (“AI”) products, in highly competitive markets with a number of key vendors; changes in the IT industry and/or rapid changes in product offerings, including the proliferation of the cloud, infrastructure as a service, software as a service, platform as a service and AI; supply chain issues, including a shortage of IT products, may increase our costs or cause a delay in fulfilling customer orders, or increase our need for working capital, or delay completing professional services, or purchasing IT products or services needed to support our internal infrastructure or operations, resulting in an adverse impact on our financial results; our inability to identify acquisition candidates, or perform sufficient due diligence prior to completing an acquisition, or failure to integrate a completed acquisition may affect our earnings; our ability to raise capital, maintain or increase as needed our lines of credit with vendors or floor planning facility, obtain debt for our financing transactions, or the effect of those changes on our common stock price; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration, and other key strategies; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.
ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
June 30, 2024
March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$349,909
$253,021
Accounts receivable—trade, net
577,019
644,616
Accounts receivable—other, net
54,987
46,884
Inventories
89,134
139,690
Financing receivables—net, current
109,119
102,600
Deferred costs
59,985
59,449
Other current assets
23,951
27,269
Total current assets
1,264,104
1,273,529
Financing receivables and operating leases—net
85,032
79,435
Deferred tax asset
5,620
5,620
Property, equipment and other assets
94,417
89,289
Goodwill
161,508
161,503
Other intangible assets—net
40,292
44,093
TOTAL ASSETS
$1,650,973
$1,653,469
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable
$270,614
$315,676
Accounts payable—floor plan
119,511
105,104
Salaries and commissions payable
40,491
43,696
Deferred revenue
138,619
134,596
Non-recourse notes payable—current
29,898
23,288
Other current liabilities
29,103
34,630
Total current liabilities
628,236
656,990
Non-recourse notes payable—long-term
10,854
12,901
Other liabilities
89,955
81,799
TOTAL LIABILITIES
729,045
751,690
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 per share par value; 2,000 shares
authorized; none outstanding
–
–
Common stock, $0.01 per share par value; 50,000 shares
authorized; 26,940 outstanding at June 30, 2024 and
26,952 outstanding at March 31, 2024
276
274
Additional paid-in capital
184,733
180,058
Treasury stock, at cost, 609 shares at June 30, 2024 and
447 shares at March 31, 2024
(35,746)
(23,811)
Retained earnings
770,317
742,978
Accumulated other comprehensive income—foreign currency
translation adjustment
2,348
2,280
Total Stockholders’ Equity
921,928
901,779
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$1,650,973
$1,653,469
ePlus inc. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended June 30,
2024
2023
Net sales
Product
$466,349
$506,656
Services
78,189
67,519
Total
544,538
574,175
Cost of sales
Product
360,157
388,904
Services
49,900
42,998
Total
410,057
431,902
Gross profit
134,481
142,273
Selling, general, and administrative
93,608
90,298
Depreciation and amortization
4,819
4,792
Interest and financing costs
585
851
Operating expenses
99,012
95,941
Operating income
35,469
46,332
Other income (expense), net
2,073
190
Earnings before taxes
37,542
46,522
Provision for income taxes
10,203
12,675
Net earnings
$27,339
$33,847
Net earnings per common share—basic
$1.03
$1.27
Net earnings per common share—diluted
$1.02
$1.27
Weighted average common shares outstanding—basic
26,642
26,552
Weighted average common shares outstanding—diluted
26,801
26,648
Technology Business
Three Months Ended June 30,
2024
2023
Change
(in thousands)
Net sales
Product
$457,312
$498,166
(8.2 %)
Professional services
37,279
35,556
4.8 %
Managed services
40,910
31,963
28.0 %
Total
535,501
565,685
(5.3 %)
Gross profit
Product
98,505
111,391
(11.6 %)
Professional services
15,455
14,724
5.0 %
Managed services
12,834
9,797
31.0 %
Total
126,794
135,912
(6.7 %)
Selling, general, and administrative
90,084
87,100
3.4 %
Depreciation and amortization
4,819
4,764
1.2 %
Interest and financing costs
–
550
(100.0 %)
Operating expenses
94,903
92,414
2.7 %
Operating income
$31,891
$43,498
(26.7 %)
Gross billings
$833,708
$841,970
(1.0 %)
Adjusted EBITDA
$39,501
$50,949
(22.5 %)
Technology Business Gross Billings by Type
Three Months Ended June 30,
2024
2023
Change
(in thousands)
Networking
$281,528
$276,645
1.8 %
Cloud
241,274
258,924
(6.8 %)
Security
151,883
147,343
3.1 %
Collaboration
32,976
22,161
48.8 %
Other
44,592
69,761
(36.1 %)
Product gross billings
752,253
774,834
(2.9 %)
Service gross billings
81,455
67,136
21.3 %
Total gross billings
$833,708
$ 841,970
(1.0 %)
Technology Business Net Sales by Type
Three Months Ended June 30,
2024
2023
Change
(in thousands)
Networking
$234,740
$245,188
(4.3 %)
Cloud
137,231
172,044
(20.2 %)
Security
48,005
45,796
4.8 %
Collaboration
20,899
12,956
61.3 %
Other
16,437
22,182
(25.9 %)
Total product
457,312
498,166
(8.2 %)
Professional services
37,279
35,556
4.8 %
Managed services
40,910
31,963
28.0 %
Total net sales
$535,501
$ 565,685
(5.3 %)
Technology Business Net Sales by Customer End Market
Three Months Ended June 30,
2024
2023
Change
(in thousands)
Telecom, Media, & Entertainment
$117,553
$ 141,335
(16.8 %)
Technology
109,106
73,403
48.6 %
SLED
92,096
109,405
(15.8 %)
Healthcare
75,280
86,656
(13.1 %)
Financial Services
49,725
65,690
(24.3 %)
All other
91,741
89,196
2.9 %
Total net sales
$535,501
$ 565,685
(5.3 %)
Financing Business Segment
Three Months Ended June 30,
2024
2023
Change
(in thousands)
Portfolio earnings
$4,161
$3,073
35.4 %
Transactional gains
1,293
1,279
1.1 %
Post-contract earnings
3,315
3,634
(8.8 %)
Other
268
504
(46.8 %)
Net sales
9,037
8,490
6.4 %
Gross profit
7,687
6,361
20.8 %
Selling, general, and administrative
3,524
3,198
10.2 %
Depreciation and amortization
–
28
(100.0 %)
Interest and financing costs
585
301
94.4 %
Operating expenses
4,109
3,527
16.5 %
Operating income
$3,578
$2,834
26.3 %
Adjusted EBITDA
$3,642
$2,930
24.3 %
ePlus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION
We included reconciliations below for the following non-GAAP financial measures: (i) Adjusted EBITDA, (ii) Adjusted EBITDA for business segments, (iii) non-GAAP Net Earnings and (iv) non-GAAP Net Earnings per Common Share – Diluted.
We define Adjusted EBITDA as net earnings calculated in accordance with US GAAP, adjusted for the following: interest expense, depreciation and amortization, share-based compensation, acquisition and integration expenses, provision for income taxes, and other income (expense). Adjusted EBITDA presented for the technology business segments and the financing business segment is defined as operating income calculated in accordance with US GAAP, adjusted for interest expense, share-based compensation, acquisition and integration expenses, and depreciation and amortization. We consider the interest on notes payable from our financing business segment and depreciation expense presented within cost of sales, which includes depreciation on assets financed as operating leases, to be operating expenses. As such, they are not included in the amounts added back to net earnings in the Adjusted EBITDA calculation.
Non-GAAP net earnings and non-GAAP net earnings per common share – diluted are based on net earnings calculated in accordance with GAAP, adjusted to exclude other income (expense), share based compensation, and acquisition related amortization expense, and the related tax effects.
We use the above non-GAAP financial measures as supplemental measures of our performance to gain insight into our operating performance and performance trends. We believe that such non-GAAP financial measures provide management and investors a useful measure for period-to-period comparisons of our business and operating results by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that such non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results.
Our use of non-GAAP information as analytical tools has limitations, and you should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, non-GAAP net earnings and non-GAAP net earnings per common share or similarly titled measures differently, which may reduce their usefulness as comparative measures.
Three Months Ended June 30,
2024
2023
(in thousands)
Consolidated
Net earnings
$27,339
$33,847
Provision for income taxes
10,203
12,675
Depreciation and amortization [1]
4,819
4,792
Share based compensation
2,855
2,205
Interest and financing costs
–
550
Other expense, net [2]
(2,073)
(190)
Adjusted EBITDA
$43,143
$53,879
Technology Business Segment
Operating income
$31,891
$43,498
Depreciation and amortization [1]
4,819
4,764
Share based compensation
2,791
2,137
Interest and financing costs
–
550
Adjusted EBITDA
$39,501
$50,949
Financing Business Segment
Operating income
$3,578
$2,834
Depreciation and amortization [1]
–
28
Share based compensation
64
68
Adjusted EBITDA
$3,642
$2,930
Three Months Ended June 30,
2024
2023
(in thousands)
GAAP: Earnings before taxes
$37,542
$46,522
Share based compensation
2,855
2,205
Acquisition related amortization expense [3]
3,750
3,469
Other (income) expense [2]
(2,073)
(190)
Non-GAAP: Earnings before provision for income taxes
42,074
52,006
GAAP: Provision for income taxes
10,203
12,675
Share based compensation
799
607
Acquisition related amortization expense [3]
1,047
952
Other (income) expense, net [2]
(580)
(52)
Tax benefit (expense) on restricted stock
308
137
Non-GAAP: Provision for income taxes
11,777
14,319
Non-GAAP: Net earnings
$30,297
$37,687
Three Months Ended June 30,
2024
2023
GAAP: Net earnings per common share – diluted
$1.02
$1.27
Share based compensation
0.08
0.06
Acquisition related amortization expense [3]
0.10
0.09
Other (income) expense, net [2]
(0.06)
–
Tax benefit (expense) on restricted stock
(0.01)
(0.01)
Total non-GAAP adjustments – net of tax
0.11
0.14
Non-GAAP: Net earnings per common share – diluted
$1.13
$1.41
[1] Amount consists of depreciation and amortization for assets used internally.
[2] Legal settlement, interest income and foreign currency transaction gains and losses.
[3] Amount consists of amortization of intangible assets from acquired businesses.
View original content to download multimedia:https://www.prnewswire.com/news-releases/eplus-reports-first-quarter-fiscal-year-2025-financial-results-302215801.html
SOURCE EPLUS INC.
You may like
Technology
Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24
Published
1 hour agoon
September 21, 2024By
The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.
TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.
Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.
“Daanis the Judge” was inspired by Justice O’Bonsawin’s trailblazing career. It tells the story of a young student, Daanis, who dreams of becoming a judge after learning about Justice O’Bonsawin’s achievements.
The story is part of Chapter One’s growing collection of original children’s e-storybooks, co-created with Indigenous writers, illustrators and communities. The e-storybooks celebrate Indigenous experiences and perspectives, and feature audio clips of Elders pronouncing foundational words in their communities’ first languages. All e-storybooks are provided for free through the Global Free Library.
About Chapter One
Chapter One (chapterone.org/ca) is a global nonprofit and registered Canadian charity that provides one-on-one early literacy tutoring programs to 2,300 children in eight provinces and territories across Canada. Its proven “short burst” high-impact tutoring approach—five-minute sessions, three to five times a week—is ideally suited to young children’s attention spans and aligns with the Science of Reading. In one of the largest randomized control trials conducted on early literacy instruction, researchers from Stanford University found that 7 out of 10 students receiving Chapter One high impact tutoring achieved phonics benchmarks by the end of Kindergarten, compared to 32% in the control group.
Children at risk of reading failure receive 1:1 reading support from trained, paid paraprofessional tutors through Chapter One’s online reading platform and custom software. Programs are delivered in-person and virtually in classrooms through agreements with schools and school boards, and at home on families’ smartphones, connecting struggling readers with individualized reading support—regardless of location and circumstance, even in some of the most geographically remote communities in Canada.
In addition to its tutoring programs, Chapter One collaborates with Indigenous communities to co-create children’s stories that represent the communities’ priorities and experiences and advance language revitalization efforts. The e-storybooks are provided for free online, as part of the Global Free Library.
Event details
The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.
Media Contact
Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca
View original content to download multimedia:https://www.prweb.com/releases/supreme-court-justice-michelle-obonsawin-joins-elementary-students-for-live-virtual-qa-and-chapter-one-storybook-reading-on-sep-24-302254639.html
SOURCE Chapter One Canada
Technology
PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”
Published
3 hours agoon
September 21, 2024By
24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music
MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.
On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.
“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.
Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.
“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.
Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.
“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.
About PEAC Institute
PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.
Media Contact
Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org
View original content to download multimedia:https://www.prweb.com/releases/peac-institute-launches-24-hour-pause-for-peace-a-global-concert-302254527.html
SOURCE Pause for Peace
Technology
Global Times: China opens 12 nuclear research facilities to global scientists
Published
4 hours agoon
September 21, 2024By
The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.
These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.
The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.
Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.
IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.
Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.
On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.
Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.
China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.
At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.
The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.
Contact: xutianshu@globaltimes.com.cn
View original content:https://www.prnewswire.com/news-releases/global-times-china-opens-12-nuclear-research-facilities-to-global-scientists-302254830.html
SOURCE Global Times
Bitcoin is pinned below $65K but several market structure-altering factors are at play
Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24
PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Peloton Unveils Holiday 2022 Creative Campaign Highlighting How Motivation Transcends Beyond the Workout
These ’90s fashion trends are making a comeback in 2017
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market4 days ago
Microsoft to open two AI centers in Abu Dhabi
-
Coin Market2 days ago
Feds end Bitcoin bandits’ luxury life fueled by $230M crypto scam
-
Near Videos4 days ago
TOBASCO from Particle Network
-
Technology4 days ago
Healthcare Staffing Market is expected to generate a revenue of USD 89.12 Billion by 2031, Globally, at 7.5% CAGR: Verified Market Research®
-
Coin Market3 days ago
Borderless Capital announces $100M for third DePIN fund
-
Coin Market3 days ago
Bitcoin price attempts to turn the tide after Fed’s 0.5% rate cut
-
Near Videos2 days ago
[REDACTED] online hackathon workshop workshop with Calimero Network
-
Technology4 days ago
SEIDOR BOOSTS REGIONAL GROWTH IN PUERTO RICO AND THE ENGLISH CARIBBEAN WITH ACQUISITION OF ARGENTIS