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Palo Alto Networks Reports Fiscal Fourth Quarter and Fiscal Year 2024 Financial Results

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Fiscal fourth quarter revenue grew 12% year over year to $2.2 billion. Fiscal year 2024 revenue grew 16% year over year to $8.0 billion.Next-Generation Security ARR grew 43% year over year to $4.2 billion.Remaining performance obligation grew 20% year over year to $12.7 billion.

SANTA CLARA, Calif., Aug. 19, 2024 /PRNewswire/ — Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal fourth quarter and fiscal year ended July 31, 2024.

Total revenue for the fiscal fourth quarter 2024 grew 12% year over year to $2.2 billion, compared with total revenue of $2.0 billion for the fiscal fourth quarter 2023. GAAP net income for the fiscal fourth quarter 2024 was $357.7 million, or $1.01 per diluted share, compared with GAAP net income of $227.7 million, or $0.64 per diluted share, for the fiscal fourth quarter 2023.

Non-GAAP net income for the fiscal fourth quarter 2024 was $522.2 million, or $1.51 per diluted share, compared with non-GAAP net income of $482.5 million, or $1.44 per diluted share, for the fiscal fourth quarter 2023. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

“We finished off the year with strong execution on our platformization strategy in Q4,” said Nikesh Arora, chairman and CEO of Palo Alto Networks. “As we look forward to fiscal year 2025 and beyond, we are focused on scaling our Next-Generation Security business through continued innovation and execution.”

“Our top-line strength showed through in our remaining performance obligation and Next-Generation Security ARR,” said Dipak Golechha, chief financial officer of Palo Alto Networks. “At the same time we successfully balanced profitable growth, as our non-GAAP operating margins increased by more than 300 basis points for the year with strong cash generation, marking one of the best years for Palo Alto Networks.”

Financial Outlook
Palo Alto Networks provides guidance based on current market conditions and expectations.

For the fiscal first quarter 2025, we expect:

Total revenue in the range of $2.10 billion to $2.13 billion, representing year-over-year growth of between 12% and 13%.Diluted non-GAAP net income per share in the range of $1.47 to $1.49, representing year-over-year growth of between 7% and 8%.

For the fiscal year 2025, we expect:

Total revenue in the range of $9.10 billion to $9.15 billion, representing year-over-year growth of between 13% and 14%.Non-GAAP operating margin in the range of 27.5% to 28.0%.Diluted non-GAAP net income per share in the range of $6.18 to $6.31, representing year-over-year growth of between 9% and 11%.Adjusted free cash flow margin in the range of 37% to 38%.

The board of directors authorized an additional $500 million for share repurchases, increasing the remaining authorization for future share repurchases to $1 billion, expiring December 31, 2025.

Guidance takes into account the expected financial impact of the pending acquisition of IBM’s QRadar SaaS assets. Guidance for non-GAAP financial measures excludes share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, restructuring and other costs, non-cash charges related to convertible notes, foreign currency gains (losses), and income tax and other tax adjustments related to our long-term non-GAAP effective tax rate, along with certain non-recurring expenses and certain non-recurring cash flows. We have not reconciled non-GAAP operating margin guidance to GAAP operating margin, diluted non-GAAP net income per share guidance to GAAP net income per diluted share or adjusted free cash flow margin guidance to GAAP net cash from operating activities because we do not provide guidance on GAAP operating margin, GAAP net income or net cash from operating activities and would not be able to present the various reconciling cash and non-cash items between GAAP and non-GAAP financial measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted, including share-based compensation expense, without unreasonable effort. The actual amounts of such reconciling items will have a significant impact on the company’s GAAP net income per diluted share and GAAP net cash from operating activities.

Earnings Call Information
Palo Alto Networks will host a video webcast for analysts and investors to discuss the company’s fiscal fourth quarter and fiscal year 2024 results as well as the outlook for its fiscal first quarter and fiscal year 2025 today at 4:30 p.m. Eastern time/1:30 p.m. Pacific time. Open to the public, investors may access the webcast, supplemental financial information and earnings slides from the “Investors” section of the company’s website at investors.paloaltonetworks.com. A replay will be available three hours after the conclusion of the webcast and archived for one year.

Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our platformization strategy and financial outlook for the fiscal first quarter 2025 and fiscal year 2025. In addition, the financial outlook for the fiscal first quarter 2025 and fiscal year 2025 assumes consummation of the pending acquisition of IBM’s QRadar SaaS assets during the fiscal first quarter of 2025, and reflects revenue contribution and ongoing expenses from such acquisition. There are a significant number of factors that could cause actual results to differ materially from forward-looking statements made in this press release, including: developments and changes in general market, political, economic, and business conditions; failure of our platformization product offerings; failure to achieve the expected benefits of our strategic partnerships and acquisitions; risks associated with managing our growth; risks associated with new product, subscription and support offerings, including our efforts to leverage AI; shifts in priorities or delays in the development or release of new offerings, or the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing product, subscription and support offerings; failure of our business strategies; rapidly evolving technological developments in the market for security products, subscriptions and support offerings; defects, errors, or vulnerabilities in our products, subscriptions or support offerings; our customers’ purchasing decisions and the length of sales cycles; our competition; our ability to attract and retain new customers; our ability to acquire and integrate other companies, products, or technologies in a successful manner; our debt repayment obligations; and our share repurchase program, which may not be fully consummated or enhance shareholder value, and any share repurchases which could affect the price of our common stock.

Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q filed with the SEC on May 21, 2024, which is available on our website at investors.paloaltonetworks.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Financial Measures and Other Key Metrics
Palo Alto Networks has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). The company uses these non-GAAP financial measures and other key metrics internally in analyzing its financial results and believes that the use of these non-GAAP financial measures and key metrics are helpful to investors as an additional tool to evaluate ongoing operating results and trends, and in comparing the company’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures or key metrics.

The presentation of these non-GAAP financial measures and key metrics are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of the company’s historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Non-GAAP operating margin. Palo Alto Networks defines non-GAAP operating margin as non-GAAP operating income divided by total revenue. The company defines non-GAAP operating income as operating income plus share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, and restructuring and other costs. The company believes that non-GAAP operating margin provides management and investors with greater visibility into the underlying performance of the company’s core business operating results.

Non-GAAP net income and net income per share, diluted. Palo Alto Networks defines non-GAAP net income as net income plus share-based compensation-related charges, including share-based payroll tax expense, acquisition-related costs, amortization expense of acquired intangible assets, litigation-related charges, including legal settlements, restructuring and other costs, and non-cash charges related to convertible notes. The company also excludes from non-GAAP net income foreign currency gains (losses) and tax adjustments related to our long-term non-GAAP effective tax rate in order to provide a complete picture of the company’s recurring core business operating results. The company defines non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average diluted shares outstanding, which includes the potentially dilutive effect of the company’s employee equity incentive plan awards and the company’s convertible senior notes outstanding and related warrants, after giving effect to the anti-dilutive impact of the company’s note hedge agreements, which reduces the potential economic dilution that otherwise would occur upon conversion of the company’s convertible senior notes. Under GAAP, the anti-dilutive impact of the note hedge is not reflected in diluted shares outstanding. The company considers these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that it uses non-GAAP operating margin.

Next-Generation Security ARR. Palo Alto Networks defines Next-Generation Security ARR as the annualized allocated revenue of all active contracts as of the final day of the reporting period for Prisma and Cortex offerings inclusive of the VM-Series and related services, and certain cloud-delivered security services. The company considers Next-Generation Security ARR to be a useful metric for management and investors to evaluate the performance of the company because Next-Generation Security is where the company has focused its innovation and the company expects its overall revenue to be disproportionately driven by this Next-Generation Security portfolio. Because Next-Generation Security ARR does not have the effect of providing a numerical measure that is different from any comparable GAAP measure, the company does not consider it a non-GAAP measure.

Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Many of the adjustments to the company’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in the company’s financial results for the foreseeable future, such as share-based compensation, which is an important part of Palo Alto Networks employees’ compensation and impacts their performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that Palo Alto Networks excludes in its calculation of non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP results of operations. Palo Alto Networks compensates for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures. In the future, the company may also exclude non-recurring expenses and other expenses that do not reflect the company’s core business operating results.

About Palo Alto Networks
Palo Alto Networks is the global cybersecurity leader, committed to making each day safer than the one before with industry-leading, AI-powered solutions in network security, cloud security and security operations. Powered by Precision AI, our technologies deliver precise threat detection and swift response, minimizing false positives and enhancing security effectiveness. Our platformization approach integrates diverse security solutions into a unified, scalable platform, streamlining management and providing operational efficiencies with comprehensive protection. From defending network perimeters to safeguarding cloud environments and ensuring rapid incident response, Palo Alto Networks empowers businesses to achieve Zero Trust security and confidently embrace digital transformation in an ever-evolving threat landscape. This unwavering commitment to security and innovation makes us the cybersecurity partner of choice.

At Palo Alto Networks, we’re committed to bringing together the very best people in service of our mission, so we’re also proud to be the cybersecurity workplace of choice, recognized among Newsweek’s Most Loved Workplaces (2021-2024), with a score of 100 on the Disability Equality Index (2024, 2023, 2022), and HRC Best Places for LGBTQ+ Equality (2022). For more information, visit www.paloaltonetworks.com.

Palo Alto Networks, the Palo Alto Networks logo, and Precision AI are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners. Any unreleased services or features (and any services or features not generally available to customers) referenced in this or other press releases or public statements are not currently available (or are not yet generally available to customers) and may not be delivered when expected or at all. Customers who purchase Palo Alto Networks applications should make their purchase decisions based on services and features currently generally available.

 

Palo Alto Networks, Inc.

Preliminary Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Year Ended

July 31,

July 31,

2024

2023

2024

2023

Revenue:

Product

$             480.5

$             507.4

$          1,603.3

$          1,578.4

Subscription and support

1,709.0

1,445.9

6,424.2

5,314.3

Total revenue

2,189.5

1,953.3

8,027.5

6,892.7

Cost of revenue:

Product

104.7

104.3

348.2

418.3

Subscription and support

469.0

402.5

1,711.0

1,491.4

Total cost of revenue

573.7

506.8

2,059.2

1,909.7

Total gross profit

1,615.8

1,446.5

5,968.3

4,983.0

Operating expenses:

Research and development

494.8

414.4

1,809.4

1,604.0

Sales and marketing

742.3

664.0

2,794.5

2,544.0

General and administrative

140.3

114.6

680.5

447.7

Total operating expenses

1,377.4

1,193.0

5,284.4

4,595.7

Operating income

238.4

253.5

683.9

387.3

Interest expense

(0.3)

(5.7)

(8.3)

(27.2)

Other income, net

80.9

68.7

312.7

206.2

Income before income taxes

319.0

316.5

988.3

566.3

Provision for (benefit from) income taxes

(38.7)

88.8

(1,589.3)

126.6

Net income

$             357.7

$             227.7

$          2,577.6

$             439.7

Net income per share, basic

$               1.10

$               0.74

$               8.07

$               1.45

Net income per share, diluted

$               1.01

$               0.64

$               7.28

$               1.28

Weighted-average shares used to compute net income per share, basic

324.4

306.9

319.2

303.2

Weighted-average shares used to compute net income per share, diluted

353.9

354.5

354.0

342.3

 

Palo Alto Networks, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(In millions, except per share amounts)

(Unaudited)

Three Months Ended

Year Ended

July 31,

July 31,

2024

2023

2024

2023

GAAP operating income

$          238.4

$          253.5

$          683.9

$          387.3

Share-based compensation-related charges

287.1

274.1

1,161.7

1,145.1

Acquisition-related costs(1)

3.5

—

13.6

19.5

Amortization expense of acquired intangible assets

33.7

24.7

119.0

103.1

Litigation-related charges(2)

25.6

1.7

211.5

7.1

Restructuring and other costs(3)

—

—

—

(2.2)

Non-GAAP operating income

$          588.3

$          554.0

$      2,189.7

$      1,659.9

Non-GAAP operating margin

26.9 %

28.4 %

27.3 %

24.1 %

GAAP net income

$          357.7

$          227.7

$      2,577.6

$          439.7

Share-based compensation-related charges

287.1

274.1

1,161.7

1,145.1

Acquisition-related costs(1)

3.5

—

13.6

19.5

Amortization expense of acquired intangible assets

33.7

24.7

119.0

103.1

Litigation-related charges(2)

25.6

1.7

211.5

7.1

Restructuring and other costs(3)

—

—

—

(2.2)

Non-cash charges related to convertible notes(4)

0.6

1.5

3.5

6.8

Foreign currency loss associated with non-GAAP adjustments

—

—

—

0.5

Income tax and other tax adjustments(5)

(186.0)

(47.2)

(2,138.8)

(279.6)

Non-GAAP net income

$          522.2

$          482.5

$      1,948.1

$      1,440.0

GAAP net income per share, diluted

$            1.01

$            0.64

$            7.28

$            1.28

Share-based compensation-related charges

0.85

0.86

3.44

3.59

Acquisition-related costs(1)

0.01

0.00

0.04

0.06

Amortization expense of acquired intangible assets

0.10

0.07

0.34

0.30

Litigation-related charges(2)

0.07

0.00

0.60

0.02

Restructuring and other costs(3)

0.00

0.00

0.00

(0.01)

Non-cash charges related to convertible notes(4)

0.00

0.00

0.01

0.02

Foreign currency loss associated with non-GAAP adjustments

0.00

0.00

0.00

0.00

Income tax and other tax adjustments(5)

(0.53)

(0.13)

(6.04)

(0.82)

Non-GAAP net income per share, diluted

$            1.51

$            1.44

$            5.67

$            4.44

GAAP weighted-average shares used to compute net income per share, diluted

353.9

354.5

354.0

342.3

Weighted-average anti-dilutive impact of note hedge agreements

(7.4)

(19.3)

(10.4)

(17.9)

Non-GAAP weighted-average shares used to compute net income per share, diluted

346.5

335.2

343.6

324.4

(1)

Consists of acquisition transaction costs, share-based compensation related to the cash settlement of certain equity awards, and costs to terminate certain employment, operating lease, and other contracts of the acquired companies.

(2)

Consists of the amortization of intellectual property licenses and covenant not to sue. During the three months and fiscal year ended July 31, 2024, it also includes a legal contingency charge and a litigation settlement charge.

(3)

Consists of adjustments to restructuring and other costs.

(4)

Consists of non-cash interest expense for amortization of debt issuance costs related to the company’s convertible senior notes.

(5)

Consists of income tax adjustments related to our long-term non-GAAP effective tax rate. During fiscal year 2024, it included a tax benefit from a release of our valuation allowance on U.S. federal, U.S. states other than California, and United Kingdom deferred tax assets. During fiscal year 2023, it included tax benefits from releases of tax reserves related to uncertain tax positions resulting from tax settlements.

 

Palo Alto Networks, Inc.

Preliminary Condensed Consolidated Balance Sheets

(In millions)

July 31, 2024

July 31, 2023

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$          1,535.2

$          1,135.3

Short-term investments

1,043.6

1,254.7

Accounts receivable, net

2,618.6

2,463.2

Short-term financing receivables, net

725.9

388.8

Short-term deferred contract costs

369.0

339.2

Prepaid expenses and other current assets

557.4

466.8

Total current assets

6,849.7

6,048.0

Property and equipment, net

361.1

354.5

Operating lease right-of-use assets

385.9

263.3

Long-term investments

4,173.2

3,047.9

Long-term financing receivables, net

1,182.1

653.3

Long-term deferred contract costs

562.0

547.1

Goodwill

3,350.1

2,926.8

Intangible assets, net

374.9

315.4

Deferred tax assets

2,399.0

23.1

Other assets

352.9

321.7

Total assets

$        19,990.9

$        14,501.1

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$             116.3

$             132.3

Accrued compensation

554.7

548.3

Accrued and other liabilities

506.7

390.8

Deferred revenue

5,541.1

4,674.6

Convertible senior notes, net

963.9

1,991.5

Total current liabilities

7,682.7

7,737.5

Long-term deferred revenue

5,939.4

4,621.8

Deferred tax liabilities

387.7

28.1

Long-term operating lease liabilities

380.5

279.2

Other long-term liabilities

430.9

86.1

Total liabilities

14,821.2

12,752.7

Stockholders’ equity:

Preferred stock

—

—

Common stock and additional paid-in capital

3,821.1

3,019.0

Accumulated other comprehensive loss

(1.6)

(43.2)

Retained earnings (accumulated deficit)

1,350.2

(1,227.4)

Total stockholders’ equity

5,169.7

1,748.4

Total liabilities and stockholders’ equity

$        19,990.9

$        14,501.1

 

 

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SOURCE Palo Alto Networks, Inc.

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Global Times: Xi calls for accelerating progress in space endeavors amid fruitful results of lunar exploration

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59 mins ago

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September 24, 2024

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BEIJING, Sept. 23, 2024 /PRNewswire/ — Chinese President Xi Jinping on Monday encouraged personnel in China’s space industry to continue to work hard and accelerate progress in space endeavors while meeting with the representatives of space scientists and engineers who participated in the research and development in the Chang’e-6 lunar mission at the Great Hall of the People in Beijing.

The Chang’e-6 probe was launched from China on May 3 this year. On June 25, its returner made a landing in north China, bringing back 1,935.3 grams of samples from the far side of the moon.

Xi noted that Chang’e-6, for the first time in human history, collected samples from the moon’s far side, breaking through a number of key technologies, marking another landmark achievement in China’s endeavors in space as well as in science and technology. It is an important milestone for China’s lunar exploration project.

Over the past 20 years, the lunar exploration project has focused on key core technologies and achieved fruitful results in scientific discovery, technological innovation, engineering practice, achievement application, and international cooperation. It has blazed a path of high-quality and cost-effective lunar exploration, making a major contribution to the development of China’s space industry and human space exploration, he said.

Xi stressed that over the past 75 years since the founding of the People’s Republic of China, the space industry has grown from weak to strong, and achieved historic, high-quality and leap-forward development.

Since the 1950s, there have been more than 100 lunar exploration missions worldwide, achieving 10 successful sample return missions from the near side of the moon. However, it has always been a challenge to explore the far side of the moon, Xinhua News Agency reported.

In January 2019, China’s Chang’e-4 overcame the world challenge of landing on the far side of the moon. In December 2020, Chang’e-5 mission brought back the country’s first samples collected from the moon’s near side, which was the world’s freshest lunar samples since the 1970s.

And on June 25, 2024, carrying the first batch of lunar samples ever collected from the far side of the moon in human history, Chang’e-6 probe safely touched down in the Siziwang Banner, in North China’s Inner Mongolia Autonomous Region.

The mission not only set a new record for China’s lunar exploration program but it also has a profound impact on the global aerospace field, Kang Guohua, a professor of Aerospace Engineering at Nanjing University of Aeronautics and Astronautics, told the Global Times. 

Through the Chang’e-6 mission, China has demonstrated its leadership and influence in space exploration, Kang said, noting that samples collected from the far side of the moon hold immense value for scientific research and deep space exploration due to its uniqueness.

Such a large-scale, complex and highly integrated project has successively overcome key technologies such as the design of Earth-moon transfer orbits, soft landing on the lunar surface and high-speed re-entry and return. 

It has also driven technological innovations in new devices, materials and energy sources, observers said. 

Meanwhile, China’s “circle of friends” in lunar exploration is continuously expanding. 

Chang’e-6 mission carried four international scientific payloads from the European Space Agency, France, Italy and Pakistan. The Chang’e-7 mission has selected six international payloads, while the Chang’e-8 offers approximately 200 kilograms of payload capacity to the international community and has received over 30 cooperation applications to date, according to media reports. 

Looking beyond the moon, China announced earlier this month its ambitious plan to carry out Tianwen-3 mission, eyeing to retrieve samples from Mars and bring them back to Earth by around 2028, chief designer of the mission Liu Jizhong disclosed. The mission is expected to become the world’s first such attempt on the Red Planet, and will involve international payload cooperation, as well as global collaboration in sample and data sharing. 

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SOURCE Global Times

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Hillhouse-Backed Ascentium Launches Global Business Services Platform in Singapore

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59 mins ago

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September 24, 2024

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Lennard Yong Appointed as Founding Management and Group CEO to Spearhead Ascentium’s Global Expansion

SINGAPORE, Sept. 24, 2024 /PRNewswire/ — Ascentium, a new global business services platform backed by Hillhouse Investment, today announced its official launch, the opening of its Singapore headquarters, and the appointment of Lennard Yong as Founding Management and Group CEO.  This milestone marks the culmination of an extraordinary year for Ascentium, which has consolidated 5 strategic corporate services acquisitions to form the foundation of its current enterprise in Asia Pacific. 

Under the group name Ascentium, the platform aims to globalise business operations and assist clients in scaling greater heights. The company’s mission extends beyond Asia Pacific, with plans to expand into key jurisdictions in offshore territories, the UK, and EMEA in the near future.

Ascentium’s launch comes at a pivotal moment in global business trends. The world has evolved into multipolar markets, increasing the need for clients to de-conglomerate their global corporations and adapt decisions regionally and locally.  This shift coincides with the emergence of a new wave of leaders and talent, inspired by different social and work values, who are driven to excel in organisations that recognise and value their professional service contributions.  Furthermore, the advent of technological advancements now allows Ascentium to prioritise improvements in client pain points and internal efficiency.  Finally, with the end of more than a decade of low interest rates and higher core inflation globally, there is a growing necessity for investments that prioritise core operating productivity and sustainable real business growth.

Ascentium’s first acquisition was InCorp Global, based in 8 markets with headquarters in Singapore. Following 4 additional acquisitions, Ascentium now boasts approximately 1,500 professionals across 9 markets in the Asia-Pacific region, delivering solutions for over 20,000 active clients across diverse industries. With this foundation, Ascentium aims to become a global leading technology-enabled corporate service provider anchored in Singapore, helping its clients and people to scale to greater heights.

Lennard Yong, Founding Management and Group CEO of Ascentium, shared his vision: “I am grateful for the opportunity to build Ascentium with the sponsorship of Hillhouse.  From the beginning, Hillhouse shared our observations about shifting global trends and recognised the need for business service providers to capitalise on these changes.  Ascentium’s core mission is to globalise the world by adapting to these trends and becoming a technology-enabled corporate services provider for our clients.” 

Lennard continued, “Today marks a significant milestone in our journey. Ascentium was conceived over 12 months ago but is now a reality in 9 markets, employing nearly 1,500 people.  I am thankful for the commitment of my leaders and team, especially our Founding Management and Group President, Wendy Wang, the group officers of Ascentium, and the CEOs of our key markets.  We are excited for the future and look forward to our partnership with Hillhouse, our clients and our people.”

Sean Carney, Partner, Co-Head of Global Buyout at Hillhouse Investment, expressed his support: “Lennard is an experienced industry leader with a proven track record in building business services platforms globally.  We are thrilled to partner with his team on Ascentium’s growth journey. This partnership aligns with our investment philosophy of supporting businesses that drive transformation and unlock growth potential. Ascentium’s understanding of changing global trends, innovative approach, and commitment to client success position it well to address the evolving needs of businesses in a  complex global environment.”

About Ascentium

Ascentium is a leading global business services platform dedicated to helping businesses scale greater heights. Headquartered in Singapore and backed by Hillhouse Investment, we empower extraordinary growth through specialised expertise across secretarial, finance, payroll, HR administration, family office, fund administration, GRC, and cross-border & FDI specialist services. Our team of 1,500 professionals spans 9 markets in the Asia-Pacific region, serving over 20,000 active clients across diverse industries. Through innovative, technology-enabled solutions and collaborative approach, Ascentium drives transformative growth, helping clients navigate complex global environments.

For more information, visit: ascentium.com

About Hillhouse Investment

Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the business services, healthcare, consumer, and industrials sectors. Operating an integrated platform spanning private equity, credit, real assets and public equity, the firm manages capital on behalf of global institutions such as non-profit foundations, endowments, sovereign wealth funds, and pensions.

Media Contacts

Nancy So – Associate Director, Group Marketing, Ascentium
nancy.so@ascentium.comRoger Ng – Head Edelman Smithfield Singapore  
roger.ng@edelmansmithfield.com

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Appeal of Conscience Foundation to Honor His Eminence Archbishop Elpidophoros of America, the leader of the Greek Orthodox Archdiocese of America and Humanitarian Marta Batmasian at the 59th Annual Appeal of Conscience Gala

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September 24, 2024

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******Leaders of Faith and Business Communities Gathered at Time of Unprecedented Divisiveness and Antisemitism in America******

NEW YORK, Sept. 23, 2024 /PRNewswire/ — Appeal of Conscience Foundation, an interfaith organization dedicated to religious freedom and human rights, and its President and Founder Rabbi Arthur Schneier, presented the 2024 Appeal of Conscience Award to His Eminence Archbishop Elpidophoros of America, the leader of the Greek Orthodox Archdiocese of America and Humanitarian Marta Batmasian at the 59th Annual Appeal of Conscience Awards at The Pierre Hotel in New York.

Appeal of Conscience Award: The Appeal of Conscience Award is presented to visionary religious leaders and business leaders with a sense of social responsibility who use their resources and vast reach to better serve the global community.

“The Appeal of Conscience Foundation is pleased to present the Appeal of Conscience Award to two exemplary honorees,” stated Rabbi Arthur Schneier.  “His Eminence Archbishop Elpidophoros of America was recognized for his outstanding dedication to inter-religious cooperation to advance peaceful co-existence and mutual acceptance, instilling the message for all ages in particular our youth, to “Respect the Other”. Marta Batmasian, a woman of faith and a humanitarian, for her commitment to religious freedom, global and community philanthropy benefiting education, the underserved and humanity.”

“It is truly a profound honor and a most humbling privilege to receive this esteemed recognition from the Appeal of Conscience Foundation, and from a cherished friend of the Ecumenical Patriarch and the Orthodox Church, Rabbi Arthur Schneier,” said His Eminence Archbishop Elpidophoros of America. “Since 1965, Rabbi Schneier and Appeal of Conscience have steadfastly upheld the sacred pillars of coexistence, acceptance, respect, and love among peoples of all faiths.  I am pained that we are witnessing an alarming outbreak of antisemitism. Rather than looking for commonality, there are those who choose to embrace a philosophy of hate. But at times like this we need to speak up in the clearest way possible and say that antisemitism is not merely an insult to common sense but a profound stain on our culture. As I pray that we will see better times, I accept this Award with deep humility and with the solemn pledge to continue our shared journey of peace and reconciliation, ever inspired by our mutual commitment to foster harmony and healing throughout the world.”

“As a grandchild of a genocide survivor, raised in a country where my family was subject to religious intolerance when I arrived in the United States, I wanted to dedicate my life to giving back to others, creating a more just society,” said Marta Batmasian.  “With increased divisiveness and hatred, our world needs peace now, more than ever. I applaud the vision of Rabbi Schneier for founding the Appeal of Conscience Foundation, promoting the principles of human rights and religious freedom. Our world will be a better place if we adhere to these basic principles and spread it to the world.”

About the Honorees:
His Eminence Archbishop Elpidophoros of America, Most Honorable Exarch of the Atlantic and Pacific Oceans, is the eighth Archbishop of America elected since the establishment of the Greek Orthodox Archdiocese in 1922.  He studied at the Aristotle University of Thessaloniki, School of Pastoral and Social Theology, from which he graduated in 1991. In 1993, he finished his postgraduate studies at the Philosophical School of the University of Bonn.

In 1995, he was appointed Deputy Secretary of the Holy and Sacred Synod. In March 2005, at the proposal of His All Holiness Ecumenical Patriarch Bartholomew, he was promoted by the Holy and Sacred Synod to the position of Chief Secretary. He was the Secretary of the Pan-Orthodox Synods in Sofia (1998), Istanbul (2005), Geneva (2006), and Istanbul (2008). He has been an active member of the World Council of Churches serving on its Central Committee and also serving on its Faith and Order Commission since 1996. On May 11, 2019, he was elected Archbishop of America by the Holy and Sacred Synod of the Ecumenical Patriarchate and was enthroned at the Archdiocesan Cathedral of the Holy Trinity in New York City on June 22, 2019

Marta Batmasian is a Humanitarian and Real Estate Investor. She serves on the boards of the Centre for the Arts at Mizner Park, Fund for Armenian Relief, the National Association for Armenian Studies, and Research, Propel Inc., South Florida PBS, and WXEL Public Broadcasting Corporation. She attended Robert College in Istanbul, Turkey, a branch of Columbia University receiving the Bulbenkain Academic Achievement Award and the Hagopian Scholarship Awards for highest academic achievement. She then continued her studies at Leiden University in Holland, and Emerson College in Boston, where she graduated Magna Cum Laude. She completed joint M. A. and Ph. D. programs at Brandeis University where she earned its high Scholastic Award. After graduating from Brandeis, she became superintendent of the Sahag Mesrob Armenian School in Watertown, Massachusetts and was a full-time professor at the University of Massachusetts for eight years. She moved to Boca Raton, Florida in 1983, where she began investing in local shopping centers, amassing more than 36 properties within her first 33 months, and today is among the largest landowners in South Florida, with a billion-dollar empire reaching from Florida to New England.

Faith Leaders Lend Their Support:
“The Appeal of Conscience Foundation’s efforts during these past six decades underscores the pressing need for interfaith dialogue to facilitate mutual respect,” said Archbishop Khajag Barsamian, Pontifical Legate and Vice President, ACF “I have had the pleasure to work along both of our honorees, truly exemplary in their efforts to better humanity. The coming together of those in the business community and so many representatives of different faith communities at the invitation of Rabbi Arthur Schneier underscores the need for understanding and cooperation among people of different religious backgrounds which will ultimately contribute to the promotion of peace and harmony on a global scale.”

“No matter our religion, race, ethnic background, or political beliefs, we must put our differences aside and come together in faith and love,” said Cardinal Timothy Dolan, Archbishop of New York. “I salute my brothers, Archbishop Elpidophoros and Rabbi Arthur Schneier, and applaud the work of the Appeal of Conscience Foundation to unite the worlds of faith and business as together we strive to work towards greater respect and understanding among all people.”

“The National Council of Churches is excited that our vice chair of the Governing Board, His Eminence Archbishop Elpidophoros of America was honored at the 59th Annual Appeal of Conscience Awards Dinner, said Bishop Vashti Murphy McKenzie, NCC’s President /General Secretary. This prestigious award celebrates the Archbishop’s unwavering commitment to promoting peace, religious freedom, and interfaith dialogue. His leadership and dedication inspire us all to work towards a more harmonious and just society.”

Secretary of State of the Vatican, Cardinal Pietro Parolin extended greetings from Pope Francis.

A Leading Business Voice Calls for Unity:
“We live in a time of extreme divisiveness and unprecedented Antisemitism in the United States, it has never been more important for faith leaders from across the spectrum and our business leaders to stand together to promote unity, justice and peace through interfaith dialogue and cooperation. Archbishop Elpidophoros and Marta Batmasian truly exemplify these values,” said John Catsimatidis, Chair of the 59th Appeal of Conscience Annual Awards Dinner and CEO of the Red Apple Group. “I know personally and have witnessed Archbishop Elpidophoros and the efforts of the Appeal of Conscience Foundation, emphasize the positive role that faith can play in fostering understanding and reconciliation during difficult times.”

Previous Honorees:
The ACF has recognized prominent business leaders with the Appeal of Conscience Award including: Bernard Arnault, Mary Barra, Barbara Bush, Michael Bloomberg, Albert Bourla, Robert Iger, Muhtar Kent, Coretta Scott King, Robert Kraft, Brian Moynihan, Virginia Rometty, Stephen A. Schwarzman, Masayoshi Son, Paul Volcker Timotheus Höttges, Stephen M. Ross, Susan Wojcicki and Dr. Rong Yiren.

About Appeal of Conscience Foundation:
Appeal of Conscience Foundation, under the leadership of Rabbi Arthur Schneier, has worked worldwide on behalf of religious freedom, human rights, peace and tolerance since 1965. To uphold the principle “live and let live” is the Appeal of Conscience Foundation’s continuing goal. An interfaith coalition of business, religious and foreign policy leaders, this international organization promotes mutual understanding, peace and interreligious cooperation and provides a voice of conscience to protect minorities.  The Appeal of Conscience Foundation believes that freedom, democracy and human rights are fundamental values that give nations of the world their best hope for peace, security and shared prosperity. www.appealofconscience.org

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SOURCE Appeal of Conscience Foundation

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