Technology
DENSO Foundation Awards Over $2.7 Million in Education Grants to Community Colleges and Universities Across North America
Published
6 hours agoon
By
Funds help advance programs that encourage students to pursue engineering and skilled-trades careers in automotive and manufacturing sectors
SOUTHFIELD, Mich., Oct. 30, 2024 /PRNewswire/ — DENSO, a leading mobility supplier, announced today that the DENSO North America Foundation (DNAF), its philanthropic group, has awarded more than $2.7 million in education grants to 22 North American community colleges and universities.
The grants are focused on helping students advance their educations in science, technology, engineering and math (STEM) fields and explore career opportunities in skilled trades, manufacturing and other technical areas. Such grants enhance the company’s wider efforts to support the workforces of today and the future.
“DENSO is committed to enabling early-career talent to grow their knowledge and pursue successful careers in STEM areas. Through these grants, our aim is to inspire the next generation of engineers and skilled trades experts,” said Marty Deschenes, president of DNAF and leader of DENSO North America South Sub-Region Manufacturing.
Since 2001, DNAF has given $16 million in higher education grants. DNAF also provides disaster relief grants to the American Red Cross and other first responder organizations. The foundation has awarded a total of nearly $20 million in higher education, disaster relief and community grants since it was founded in 2001.
This year’s grant recipients will utilize funding for equipment investments, student projects and research in a wide range of fields, including engineering, mobility, manufacturing, data analytics and skilled trades.
Institutions in the United States, Canada and Mexico were invited to submit proposals. The following schools were awarded funding:
Auburn UniversityCalifornia State University, Long BeachClemson UniversityCleveland State Community CollegeConalep Dr. Carlos Canseco Gonzalez, Apodaca, MexicoIrapuato Institute of TechnologyKalamazoo Valley Community CollegeKellogg Community CollegeLawrence Technological UniversityMcMaster UniversityMichigan State UniversityMitchell Community CollegePellissippi State Community CollegeTennessee College of Applied Technology (TCAT) AthensTennessee College of Applied Technology (TCAT) KnoxvilleTennessee Tech UniversityUniversity of North Carolina at CharlotteUniversidad de GuanajuatoUniversidad Technologica de LeonUniversity of Tennessee at ChattanoogaUniversity of Tennessee, KnoxvilleWestern Michigan University
For more about DNAF and how DENSO supports its communities, visit https://www.densofoundation.org/.
For those interested in advancing their career at an automotive supplier as committed to the future workforce as it is to the future of mobility, visit https://www.denso.com/us-ca/en/careers/locations/.
About DENSO
Globally headquartered in Kariya, Japan, DENSO is a $47.2 billion leading mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in around 180 facilities worldwide to provide opportunities for rewarding careers and to produce cutting-edge electrification, powertrain, thermal and mobility electronics products, among others, that change how the world moves. In developing such solutions, the company’s 162,000 global employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. DENSO spent around 7.7 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2024. For more information about DENSO’s operations worldwide, visit www.denso.com/global.
In North America, DENSO is headquartered in Southfield, Michigan, and employs 27,000+ engineers, researchers, and skilled workers across nearly 50 sites in the U.S, Canada and Mexico. In the United States alone, DENSO employs 17,500+ employees across 14 states (and the District of Columbia) at 41 sites. In the fiscal year ending March 31, 2024, DENSO in North America generated $11.7 billion in consolidated sales. DENSO is committed to advancing diversity and inclusion inside the company and beyond – a principle that brings together unique perspectives, bolsters innovation and pushes DENSO forward. To learn more about DENSO operations in the region and to review current career opportunities, please visit www.denso.com/us-ca/en/.
View original content to download multimedia:https://www.prnewswire.com/news-releases/denso-foundation-awards-over-2-7-million-in-education-grants-to-community-colleges-and-universities-across-north-america-302291738.html
SOURCE DENSO
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Technology
Gen Reports Second Quarter Fiscal Year 2025 Results
Published
59 mins agoon
October 30, 2024By
Gen strengthens its annual guidance driven by strong bookings and customer count growth
TEMPE, Ariz. & PRAGUE, Oct. 30, 2024 /PRNewswire/ — Gen Digital Inc. (NASDAQ: GEN), a global leader dedicated to powering Digital Freedom, released its results for the second quarter fiscal year 2025, which ended September 27, 2024.
“Threats to your information, identity, and financial assets are more dynamic and effective than ever,” said Vincent Pilette, CEO of Gen. “That’s why we are so focused on innovating and evolving our industry leading portfolio of security, financial safety and data management services that empower people’s digital lives. Customers have trusted us for decades and we plan on building on that trust well into the future.”
Q2 Fiscal Year 2025 Financial Highlights and Commentary Year-Over-Year
Q2 GAAP Results
Revenue of $974 million, up 3% in USDOperating income of $402 million, up 1,727%Operating margin of 41.3%, up 39 pointsQ2 diluted EPS of $0.26, up 13%Q2 operating cash flow of $158 million, up 26%
Q2 Non-GAAP Results
Revenue of $974 million, up 3% in USD and in constant currencyBookings of $964 million, up 4% in USD and up 5% in constant currencyOperating income of $567 million, up 4% in USD and in constant currencyOperating margin of 58.2%, up 40 basis pointsDiluted EPS of $0.54, up 16% in USD and in constant currency
“As we pass the halfway mark of our fiscal year, we’re executing our plan and focusing on strategic investments that align with the real needs of our customers and help drive long-term profitable growth,” said Natalie Derse, CFO of Gen. “With the right financial framework in place and clear strategy, we are well-positioned to deliver sustainable and growing value to all of our stakeholders.”
Q3 FY25 Non-GAAP Guidance
Revenue expected to be in the range of $980 to $990 millionEPS expected to be in the range of $0.54 to $0.56
Fiscal Year 2025 Non-GAAP Annual Guidance
Revenue now expected to be in the range of $3,905 to $3,930 million, compared to the prior range of $3,890 to $3,930 millionEPS now expected to be in the range of $2.18 to $2.23, compared to the prior range of $2.17 to $2.23
Quarterly Cash Dividend
Gen’s Board of Directors has approved a regular quarterly cash dividend of $0.125 per common share to be paid on December 11, 2024, to all shareholders of record as of the close of business on November 18, 2024.
Q2 FY25 Earnings Call
October 30, 2024
2 p.m. PT / 5 p.m. ET
Webcast & Dial-in instructions at Investor.GenDigital.com. A replay will be posted following the call. For additional details regarding Gen’s results and outlook, please see the Financials section of the Investor Relations website.
About Gen
Gen™ (NASDAQ: GEN) is a global company dedicated to powering Digital Freedom through its trusted Cyber Safety brands, Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. The Gen family of consumer brands is rooted in providing safety for the first digital generations. Now, Gen empowers people to live their digital lives safely, privately, and confidently today and for generations to come. Gen brings award-winning products and services in cybersecurity, online privacy and identity protection to nearly 500 million users in more than 150 countries. Learn more at GenDigital.com.
Forward-Looking Statements
This press release contains statements which may be considered forward-looking within the meaning of the U.S. federal securities laws. In some cases, you can identify these forward-looking statements by the use of terms such as “expect,” “will,” “continue,” or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, the quotes under “Q2 Non-GAAP Results” including expectations relating to achievement of long-term objectives, and the statements under “Q3 FY25 Non-GAAP Guidance” and “Fiscal Year 2025 Non-GAAP Annual Guidance” including expectations relating to Q3 FY25 and FY25 non-GAAP revenue and non-GAAP EPS, and any statements of assumptions underlying any of the foregoing. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: the consummation of or anticipated impacts of acquisitions (including our ability to achieve synergies and associated cost savings from the merger with Avast); divestitures, restructurings, stock repurchases, financings, debt repayments and investment activities; difficulties in executing the operating model for the consumer Cyber Safety business; lower than anticipated returns from our investments in direct customer acquisition; difficulties in retaining our existing customers and converting existing non-paying customers to paying customers; difficulties and delays in reducing run rate expenses and monetizing underutilized assets; the successful development of new products and upgrades and the degree to which these new products and upgrades gain market acceptance; our ability to maintain our customer and partner relationships; the anticipated growth of certain market segments; fluctuations and volatility in our stock price; our ability to successfully execute strategic plans; the vulnerability of our solutions, systems, websites and data to intentional disruption by third parties; changes to existing accounting pronouncements or taxation rules or practices; and general business and macroeconomic changes in the U.S. and worldwide, including economic recessions, the impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates or tax rates, and ongoing and new geopolitical conflicts. Additional information concerning these and other risk factors is contained in the Risk Factors sections of our most recent reports on Form 10-K and Form 10-Q. We encourage you to read those sections carefully. There may also be other factors that have not been anticipated or are not described in our periodic filings, generally because we did not believe them to be significant at the time, which could cause actual results to differ materially from our projections and expectations. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. We assume no obligation, and do not intend, to update these forward-looking statements as a result of future events or developments.
Use of Non-GAAP Financial Information
We use non-GAAP measures of operating margin, operating income, net income and earnings per share, which are adjusted from results based on GAAP and exclude certain expenses, gains and losses. We also provide the non-GAAP metrics of revenues, and constant currency revenues. These non-GAAP financial measures are provided to enhance the user’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing Gen’s performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Readers are encouraged to review the reconciliation of our non-GAAP financial measures to the comparable GAAP results, which is attached to our quarterly earnings release, and which can be found, along with other financial information including the Earnings Presentation, on the investor relations page of our website at Investor.GenDigital.com. No reconciliation of the forecasted range for non-GAAP revenues and EPS guidance is included in this release because most non-GAAP adjustments pertain to events that have not yet occurred. It would be unreasonably burdensome to forecast, therefore we are unable to provide an accurate estimate.
GEN DIGITAL INC.
Condensed Consolidated Balance Sheets (1)
(Unaudited, in millions)
September 27,
2024
March 29, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 737
$ 846
Accounts receivable, net
164
163
Other current assets
297
334
Assets held for sale
24
15
Total current assets
1,222
1,358
Property and equipment, net
60
72
Intangible assets, net
2,442
2,638
Goodwill
10,235
10,210
Other long-term assets
1,512
1,515
Total assets
$ 15,471
$ 15,793
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$ 99
$ 66
Accrued compensation and benefits
74
78
Current portion of long-term debt
1,391
175
Contract liabilities
1,749
1,808
Other current liabilities
509
599
Total current liabilities
3,822
2,726
Long-term debt
7,137
8,429
Long-term contract liabilities
78
76
Deferred income tax liabilities
248
261
Long-term income taxes payable
1,396
1,490
Other long-term liabilities
692
671
Total liabilities
13,373
13,653
Total stockholders’ equity (deficit)
2,098
2,140
Total liabilities and stockholders’ equity (deficit)
$ 15,471
$ 15,793
_______________
(1)
During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.
GEN DIGITAL INC.
Condensed Consolidated Statements of Operations (1)
(Unaudited, in millions, except per share amounts)
Three Months Ended
Six Months Ended
September 27,
2024
September 29,
2023
September 27,
2024
September 29,
2023
Net revenues
$ 974
$ 945
$ 1,939
$ 1,888
Cost of revenues
194
180
384
359
Gross profit
780
765
1,555
1,529
Operating expenses:
Sales and marketing
184
187
367
368
Research and development
83
85
164
175
General and administrative
64
393
116
449
Amortization of intangible assets
44
61
87
122
Restructuring and other costs
3
17
2
34
Total operating expenses
378
743
736
1,148
Operating income (loss)
402
22
819
381
Interest expense
(149)
(173)
(302)
(343)
Other income (expense), net
5
7
17
19
Income (loss) before income taxes
258
(144)
534
57
Income tax expense (benefit)
97
(291)
192
(277)
Net income (loss)
$ 161
$ 147
$ 342
$ 334
Net income (loss) per share – basic
$ 0.26
$ 0.23
$ 0.55
$ 0.52
Net income (loss) per share – diluted
$ 0.26
$ 0.23
$ 0.55
$ 0.52
Weighted-average shares outstanding:
Basic
616
640
618
640
Diluted
622
644
624
644
________________
(1)
During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.
GEN DIGITAL INC.
Condensed Consolidated Statements of Cash Flows (1)
(Unaudited, in millions)
Three Months Ended
Six Months Ended
September 27,
2024
September 29,
2023
September 27,
2024
September 29,
2023
OPERATING ACTIVITIES:
Net income (loss)
$ 161
$ 147
$ 342
$ 334
Adjustments:
Amortization and depreciation
105
125
211
250
Impairments and write-offs of current and long-lived assets
3
—
3
—
Stock-based compensation expense
33
35
64
72
Deferred income taxes
(27)
(917)
(37)
(976)
Gain on sale of property
—
—
—
(4)
Non-cash operating lease expense
4
5
7
11
Other
10
(1)
8
17
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net
(7)
(4)
2
16
Accounts payable
12
(3)
29
(15)
Accrued compensation and benefits
16
1
(5)
(41)
Contract liabilities
(15)
(28)
(71)
(93)
Income taxes payable
(250)
389
(169)
417
Other assets
47
5
64
(23)
Other liabilities
66
371
(26)
386
Net cash provided by (used in) operating activities
158
125
422
351
INVESTING ACTIVITIES:
Purchases of property and equipment
(2)
(5)
(4)
(9)
Purchase of non-marketable equity investments
(4)
—
(4)
—
Proceeds from the sale of property
—
13
—
13
Other
(2)
1
(2)
(1)
Net cash provided by (used in) investing activities
(8)
9
(10)
3
FINANCING ACTIVITIES:
Repayments of debt
—
(58)
(88)
(266)
Net proceeds from sales of common stock under employee stock incentive plans
6
6
6
6
Tax payments related to vesting of stock units
(1)
(2)
(25)
(20)
Dividends and dividend equivalents paid
(77)
(81)
(159)
(164)
Repurchases of common stock
—
—
(272)
(41)
Net cash provided by (used in) financing activities
(72)
(135)
(538)
(485)
Effect of exchange rate fluctuations on cash and cash equivalents
15
7
17
10
Change in cash and cash equivalents
93
6
(109)
(121)
Beginning cash and cash equivalents
644
623
846
750
Ending cash and cash equivalents
$ 737
$ 629
$ 737
$ 629
_______________
(1)
During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.
GEN DIGITAL INC.
Reconciliation of Selected GAAP Measures to Non-GAAP Measures (1) (2) (3)
(Unaudited, in millions, except per share amounts)
Three Months Ended
September 27,
2024
September 29,
2023
Operating income (loss)
$ 402
$ 22
Stock-based compensation
33
35
Amortization of intangible assets
102
119
Restructuring and other costs
3
17
Acquisition and integration costs
2
6
Litigation costs
25
347
Operating income (loss) (Non-GAAP)
$ 567
$ 546
Operating margin
41.3 %
2.3 %
Operating margin (Non-GAAP)
58.2 %
57.8 %
Net income (loss)
$ 161
$ 147
Adjustments to net income (loss):
Stock-based compensation
33
35
Amortization of intangible assets
102
119
Restructuring and other costs
3
17
Acquisition and integration costs
2
6
Litigation costs
25
347
Other
1
(1)
Non-cash interest expense
6
6
Total adjustments to GAAP income (loss) before income taxes
172
529
Adjustment to GAAP provision for income taxes
3
(375)
Total adjustment to income (loss), net of taxes
175
154
Net income (loss) (Non-GAAP)
$ 336
$ 301
Diluted net income (loss) per share
$ 0.26
$ 0.23
Adjustments to diluted net income (loss) per share:
Stock-based compensation
0.05
0.05
Amortization of intangible assets
0.16
0.18
Restructuring and other costs
0.00
0.03
Acquisition and integration costs
0.00
0.01
Litigation costs
0.04
0.54
Other
0.00
(0.00)
Non-cash interest expense
0.01
0.01
Total adjustments to GAAP income (loss) before income taxes
0.28
0.82
Adjustment to GAAP provision for income taxes
0.00
(0.58)
Total adjustment to income (loss), net of taxes
0.28
0.24
Diluted net income (loss) per share (Non-GAAP)
$ 0.54
$ 0.47
Diluted weighted-average shares outstanding
622
644
Diluted weighted-average shares outstanding (Non-GAAP)
622
644
_______________
(1)
This presentation includes non-GAAP measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. For a detailed explanation of these non-GAAP measures, see Appendix A.
(2)
Amounts may not add due to rounding.
(3)
During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.
GEN DIGITAL INC.
Constant Currency Adjusted Revenues and Cyber Safety Metrics (1)
(Unaudited, in millions, except per user data)
Constant Currency Adjusted Revenues (Non-GAAP)
Three Months Ended
September 27,
2024
September 29,
2023
Variance in %
Revenues
$ 974
$ 945
3 %
Exclude foreign exchange impact (2)
1
—
Constant currency adjusted revenues (Non-GAAP)
$ 975
$ 945
3 %
Cyber Safety Metrics
Three Months Ended
September 27,
2024
September 29,
2023
Direct customer revenues
$ 860
$ 834
Partner revenues
$ 102
$ 95
Total Cyber Safety revenues
$ 962
$ 929
Legacy revenues (3)
$ 12
$ 16
Direct customer count (at quarter end)
39.7
38.5
Direct average revenue per user (ARPU)
$ 7.26
$ 7.25
Retention rate
78 %
77 %
_________________
(1)
During the first quarter of fiscal year 2025, we identified and made a revision to our historical practice of when we recognize revenue from certain customers. We concluded that the impact of the revision was an immaterial correction to prior period financial statements. However, for comparative purposes we have corrected for this in prior periods reported above.
(2)
Calculated using year ago foreign exchange rates.
(3)
Legacy revenues includes revenues from products or solutions from markets that we have exited and in which we no longer operate, have been discontinued or identified to be discontinued, or remain in maintenance mode as a result of integration and product portfolio decisions.
GEN DIGITAL INC.
Appendix A
Explanation of Non-GAAP Measures and Other Items
Objective of non-GAAP measures: We believe our presentation of non-GAAP financial measures, when taken together with corresponding GAAP financial measures, provides meaningful supplemental information regarding the Company’s operating performance for the reasons discussed below. Our management team uses these non-GAAP financial measures in assessing our performance, as well as in planning and forecasting future periods. Due to the importance of these measures in managing the business, we use non-GAAP measures in the evaluation of management’s compensation. These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Stock-based compensation: This consists of expenses for employee restricted stock units, performance-based awards, stock options and our employee stock purchase plan, determined in accordance with GAAP. We evaluate our performance both with and without these measures because stock-based compensation is a non-cash expense and can vary significantly over time based on the timing, size, nature and design of the awards granted, and is influenced in part by certain factors that are generally beyond our control, such as the volatility of the market value of our common stock. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation to facilitate the comparison of our results to those of other companies in our industry.
Amortization of intangible assets: Amortization of intangible assets consists of amortization of acquisition-related intangibles assets such as developed technology, customer relationships and trade names acquired in connection with business combinations. We record charges relating to the amortization of these intangibles within both cost of revenues and operating expenses in our GAAP financial statements. Under purchase accounting, we are required to allocate a portion of the purchase price to intangible assets acquired and amortize this amount over the estimated useful lives of the acquired intangible assets. However, the purchase price allocated to these assets is not necessarily reflective of the cost we would incur to internally develop the intangible asset. Further, amortization charges for our acquired intangible assets are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. We eliminate these charges from our non-GAAP operating results to facilitate an evaluation of our current operating performance and provide better comparability to our past operating performance.
Restructuring and other costs: Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements, contract termination costs, and assets write-offs, as well as other exit and disposal costs. Included in other exit and disposal costs are costs to exit and consolidate facilities in connection with restructuring events. We exclude restructuring and other costs from our non-GAAP results as we believe that these costs are incremental to core activities that arise in the ordinary course of our business and do not reflect our current operating performance, and that excluding these charges facilitates a more meaningful evaluation of our current operating performance and comparisons to our past operating performance.
Acquisition-related and integration costs: These represent the transaction and business integration costs related to significant acquisitions that are charged to operating expense in our GAAP financial statements. These costs include incremental expenses incurred to affect these business combinations such as advisory, legal, accounting, valuation, and other professional or consulting fees. We exclude these costs from our non-GAAP results as they have no direct correlation to the operation of our business, and because we believe that the non-GAAP financial measures excluding these costs provide meaningful supplemental information regarding the spending trends of our business. In addition, these costs vary, depending on the size and complexity of the acquisitions, and are not indicative of costs of future acquisitions.
Litigation costs: We may periodically incur charges or benefits related to litigation settlements, legal contingency accruals and third-party legal costs related to certain legal matters. We exclude these charges and benefits when associated with a significant matter because we do not believe they are reflective of ongoing business and operating results.
Non-cash interest expense and amortization of debt issuance costs: In accordance with GAAP, we separately account for the value of the conversion feature on our convertible notes as a debt discount that reflects our assumed non-convertible debt borrowing rates. We amortize the discount and debt issuance costs over the term of the related debt. We exclude the difference between the imputed interest expense, which includes the amortization of the conversion feature and of the issuance costs, and the coupon interest payments. We extinguished our remaining convertible debt on August 15, 2022. During fiscal 2023, we also started amortizing the debt issuance costs associated with our senior credit facilities, which were secured upon close of the acquisition of Avast. We believe that excluding these costs provides meaningful supplemental information regarding the cash cost of our debt instruments and enhance investors’ ability to view the Company’s results from management’s perspective.
Gain (loss) on extinguishment of debt: We record gains or losses on extinguishment of debt. Gains or losses represent the difference between the fair value of the exchange consideration and the carrying value of the liability component of the debt at the date of extinguishment. We exclude the gain or loss on debt extinguishment in our non-GAAP results because they are not reflective of our ongoing business.
Gain (loss) on equity investments: We record gains or losses, unrealized and realized, on equity investments in privately-held companies. We exclude the net gains or losses because we do not believe they are reflective of our ongoing business.
Gain (loss) on sale of properties: We periodically recognize gains or losses from the disposition of land and buildings. We exclude such gains or losses because they are not reflective of our ongoing business and operating results.
Income tax effects and adjustments: We use a non-GAAP tax rate that excludes (1) the discrete impacts of changes in tax legislation, (2) most other significant discrete items, (3) unrealized gains or losses from remeasurement of foreign currency denominated deferred tax items and uncertain tax benefits, and (4) the income tax effects of the non-GAAP adjustment to our operating results described above. We believe making these adjustments facilitates a better evaluation of our current operating performance and comparisons to past operating results. Our tax rate is subject to change for a variety of reasons, such as significant changes in the geographic earnings mix due to acquisition and divestiture activities or fundamental tax law changes in major jurisdictions where we operate.
Diluted GAAP and non-GAAP weighted-average shares outstanding: Diluted GAAP and non-GAAP weighted-average shares outstanding are generally the same, except in periods when there is a GAAP loss from continuing operations. In accordance with GAAP, we do not present dilution for GAAP in periods in which there is a loss from continuing operations. However, if there is non-GAAP net income, we present dilution for non-GAAP weighted-average shares outstanding in an amount equal to the dilution that would have been presented had there been GAAP income from continuing operations for the period.
Bookings: Bookings are defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of bookings because it reflects customers’ demand for our products and services and to assist readers in analyzing our performance in future periods.
Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.
(Unlevered) Free cash flow: Free cash flow is defined as cash flows from operating activities less purchases of property and equipment. Unlevered free cash flow excludes cash interest expense payments. Free cash flow is not a measure of financial condition under GAAP and does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period, and thus should not be considered as an alternative to cash flows from operating activities or as a measure of liquidity.
Constant currency adjusted revenues (Non-GAAP): Non-GAAP constant currency adjusted revenues are defined as revenues adjusted for the fair value of acquired contract liabilities and foreign exchange impact, calculated by translating current period revenue using the year ago currency conversion rate.
Direct customer count: Direct customers is a metric designed to represent active paid users of our products and solutions who have a direct billing and/or registration relationship with us at the end of the reported period. Average direct customer count presents the average of the total number of direct customers at the beginning and end of the applicable period. We exclude users on free trials from our direct customer count. Users who have indirectly purchased and/or registered for our products or solutions through partners are excluded unless such users convert or renew their subscription directly with us or sign up for a paid membership through our web stores or third-party app stores. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products and solutions across brands, platforms, regions, and internal systems, and therefore, calculation methodologies may differ. The methodologies used to measure these metrics require judgment and are also susceptible to algorithms or other technical errors. We continually seek to improve our estimates of our user base, and these estimates are subject to change due to improvements or revisions to our methodology. From time to time, we review our metrics and may discover inaccuracies or make adjustments to improve their accuracy, which can result in adjustments to our historical metrics. Our ability to recalculate our historical metrics may be impacted by data limitations or other factors that require us to apply different methodologies for such adjustments. We generally do not intend to update previously disclosed metrics for any such inaccuracies or adjustments that are deemed not material.
Direct average revenues per user (ARPU): ARPU is calculated as estimated direct customer revenues for the period divided by the average direct customer count for the same period, expressed as a monthly figure. We monitor ARPU because it helps us understand the rate at which we are monetizing our consumer customer base.
Retention rate: Retention rate is defined as the percentage of direct customers as of the end of the period from one year ago who are still active as of the most recently completed fiscal period. We monitor the retention rate to evaluate the effectiveness of our strategies to improve renewals of subscriptions.
Investor Contact
Jason Starr
Media Contact
Audra Proctor
Gen
Gen
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SOURCE Gen Digital Inc.
Technology
GreenPower Motor Company Inc. Announces Closing of Public Offering
Published
59 mins agoon
October 30, 2024By
VANCOUVER, BC, Oct. 30, 2024 /CNW/ — GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower” or the “Company”), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced the closing of its previously announced public offering of 3,000,000 of its common shares at a public offering price of U.S. $1.00 per share, for gross proceeds of U.S. $3,000,000, before deducting underwriting discounts and offering expenses. In addition, GreenPower has granted the underwriter a 45-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any, at the public offering price, less underwriting discounts and commissions.
ThinkEquity LLC acted as underwriter in the offering. Underwriting discount to ThinkEquity was 7%. The Company also issued and sold to certain principals and employees of ThinkEquity warrants (the “Underwriter’s Warrants”) to purchase up to 150,000 common shares of the Company. The Underwriter’s Warrants are exercisable at any time and from time to time, in whole or in part, during the three year period commencing immediately from the date of issuance at a per share exercise price equal to U.S. $1.25, subject to any additional terms contained in the agreements representing the Underwriter’s Warrants.
The Company intends to use the net proceeds from this offering for the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, as well as for product development, with the remainder, if any, for general corporate purposes.
ThinkEquity acted as sole book-running manager for the offering.
The offering was made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004 Attention: Prospectus Department.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo vans and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose-built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California.
Contacts
Fraser Atkinson, CEO
fraser@greenpowermoter.com
Brendan Riley, President
brendan@greenpowermotor.com
Michael Sieffert, CFO
Michael.sieffert@greenpowermotor.com
Forward-Looking Statements
This press release contains forward-looking statements with the meaning of applicable securities laws. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “upon”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Such forward-looking statements include, among other things, GreenPower’s anticipated use of the net proceeds of the offering. The material assumptions supporting these forward-looking statements include, among others, the receipt of all required regulatory approvals with respect to the offering. Actual results could differ materially due to a number of factors, including, without limitation, the dilutive effects of the offering, market conditions, and changes to the intended use of proceeds from the offering. Although GreenPower believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in GreenPower’s securities should not place undue reliance on forward-looking information and statements because GreenPower can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this press release are as of the date of this press release and GreenPower assumes no obligation to update or revise this forward-looking information and statements except as required by law. Consequently, readers should not place any undue reliance on such forward-looking statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. ©2024 GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company
MENLO PARK, Calif., Oct. 30, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2024.
“We had a good quarter driven by AI progress across our apps and business,” said Mark Zuckerberg, Meta founder and CEO. “We also have strong momentum with Meta AI, Llama adoption, and AI-powered glasses.”
Third Quarter 2024 Financial Highlights
Three Months Ended September 30,
% Change
In millions, except percentages and per share amounts
2024
2023
Revenue
$ 40,589
$ 34,146
19 %
Costs and expenses
23,239
20,398
14 %
Income from operations
$ 17,350
$ 13,748
26 %
Operating margin
43 %
40 %
Provision for income taxes
$ 2,134
$ 2,437
(12) %
Effective tax rate
12 %
17 %
Net income
$ 15,688
$ 11,583
35 %
Diluted earnings per share (EPS)
$ 6.03
$ 4.39
37 %
Third Quarter 2024 Operational and Other Financial Highlights
Family daily active people (DAP) – DAP was 3.29 billion on average for September 2024, an increase of 5% year-over-year.Ad impressions – Ad impressions delivered across our Family of Apps increased by 7% year-over-year.Average price per ad – Average price per ad increased by 11% year-over-year.Revenue – Total revenue was $40.59 billion, an increase of 19% year-over-year. Revenue on a constant currency basis would have increased 20% year-over-year.Costs and expenses – Total costs and expenses were $23.24 billion, an increase of 14% year-over-year.Capital expenditures – Capital expenditures, including principal payments on finance leases, were $9.20 billion.Capital return program – Share repurchases were $8.86 billion of our Class A common stock and total dividend and dividend equivalent payments were $1.26 billion.Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $70.90 billion as of September 30, 2024. Free cash flow was $15.52 billion.Long-term debt – Long-term debt was $28.82 billion as of September 30, 2024.Headcount – Headcount was 72,404 as of September 30, 2024, an increase of 9% year-over-year.
CFO Outlook Commentary
We expect fourth quarter 2024 total revenue to be in the range of $45-48 billion. Our guidance assumes foreign currency is approximately neutral to year-over-year total revenue growth, based on current exchange rates.
We expect full-year 2024 total expenses to be in the range of $96-98 billion, updated from our prior range of $96-99 billion. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.
We anticipate our full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from our prior range of $37-40 billion. We continue to expect significant capital expenditures growth in 2025. Given this, along with the back-end weighted nature of our 2024 capital expenditures, we expect a significant acceleration in infrastructure expense growth next year as we recognize higher growth in depreciation and operating expenses of our expanded infrastructure fleet.
Absent any changes to our tax landscape, we expect our fourth quarter 2024 tax rate to be in the low-teens.
In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.
Webcast and Conference Call Information
Meta will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta’s earnings conference call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the earnings press release, financial tables, and slide presentation.
Following the call, a replay will be available at the same website. Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.
Disclosure Information
Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg’s Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Meta
Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.
Contacts
Investors:
Kenneth Dorell
investor@meta.com / investor.fb.com
Press:
Ryan Moore
press@meta.com / about.fb.com/news/
Forward-Looking Statements
This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our artificial intelligence initiatives and metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content and advertising review and enforcement efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. In addition, please note that the date of this press release is October 30, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.
For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled “Limitations of Key Metrics and Other Data” in our most recent quarterly or annual report filed with the SEC.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.
Our non-GAAP financial measures are adjusted for the following items:
Foreign exchange effect on revenue. We translated revenue for the three and nine months ended September 30, 2024 using the prior year’s monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.
Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of GAAP to Non-GAAP Results” table in this press release.
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenue
$ 40,589
$ 34,146
$ 116,116
$ 94,791
Costs and expenses:
Cost of revenue
7,375
6,210
21,322
18,264
Research and development
11,177
9,241
31,693
27,966
Marketing and sales
2,822
2,877
8,107
9,075
General and administrative
1,865
2,070
8,978
9,119
Total costs and expenses
23,239
20,398
70,100
64,424
Income from operations
17,350
13,748
46,016
30,367
Interest and other income, net
472
272
1,095
254
Income before provision for income taxes
17,822
14,020
47,111
30,621
Provision for income taxes
2,134
2,437
5,589
5,540
Net income
$ 15,688
$ 11,583
$ 41,522
$ 25,081
Earnings per share:
Basic
$ 6.20
$ 4.50
$ 16.37
$ 9.73
Diluted
$ 6.03
$ 4.39
$ 15.88
$ 9.56
Weighted-average shares used to compute earnings per share:
Basic
2,529
2,576
2,536
2,577
Diluted
2,600
2,641
2,615
2,623
META PLATFORMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
September 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$ 43,852
$ 41,862
Marketable securities
27,048
23,541
Accounts receivable, net
14,700
16,169
Prepaid expenses and other current assets
5,467
3,793
Total current assets
91,067
85,365
Non-marketable equity securities
6,071
6,141
Property and equipment, net
112,162
96,587
Operating lease right-of-use assets
14,812
13,294
Goodwill
20,654
20,654
Other assets
11,642
7,582
Total assets
$ 256,408
$ 229,623
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 7,656
$ 4,849
Operating lease liabilities, current
2,016
1,623
Accrued expenses and other current liabilities
23,658
25,488
Total current liabilities
33,330
31,960
Operating lease liabilities, non-current
18,208
17,226
Long-term debt
28,823
18,385
Long-term income taxes
9,171
7,514
Other liabilities
2,347
1,370
Total liabilities
91,879
76,455
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital
80,749
73,253
Accumulated other comprehensive loss
(1,192)
(2,155)
Retained earnings
84,972
82,070
Total stockholders’ equity
164,529
153,168
Total liabilities and stockholders’ equity
$ 256,408
$ 229,623
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Cash flows from operating activities
Net income
$ 15,688
$ 11,583
$ 41,522
$ 25,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
4,027
2,858
11,038
8,006
Share-based compensation
4,250
3,492
12,428
10,603
Deferred income taxes
(1,308)
3,049
(3,406)
1,292
Impairment charges for facilities consolidation, net
8
340
288
1,342
Other
(11)
75
(82)
278
Changes in assets and liabilities:
Accounts receivable
143
(678)
1,493
444
Prepaid expenses and other current assets
(184)
(907)
(168)
(141)
Other assets
(29)
(36)
(70)
31
Accounts payable
667
611
(195)
(543)
Accrued expenses and other current liabilities
572
87
(1,199)
5,355
Other liabilities
901
(72)
1,691
(39)
Net cash provided by operating activities
24,724
20,402
63,340
51,709
Cash flows from investing activities
Purchases of property and equipment, net
(8,258)
(6,496)
(22,831)
(19,453)
Purchases of marketable debt securities
(4,468)
(1,008)
(14,644)
(1,810)
Sales and maturities of marketable debt securities
4,114
1,475
11,972
3,825
Acquisitions of businesses and intangible assets
(132)
(38)
(261)
(565)
Other investing activities
124
(10)
112
(20)
Net cash used in investing activities
(8,620)
(6,077)
(25,652)
(18,023)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards
(3,544)
(2,087)
(9,913)
(4,789)
Repurchases of Class A common stock
(8,818)
(3,570)
(30,125)
(13,832)
Payments for dividends and dividend equivalents
(1,263)
—
(3,802)
—
Proceeds from issuance of long-term debt, net
10,432
—
10,432
8,455
Principal payments on finance leases
(944)
(267)
(1,558)
(751)
Other financing activities
(234)
49
(350)
(182)
Net cash used in financing activities
(4,371)
(5,875)
(35,316)
(11,099)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
368
(354)
(72)
(283)
Net increase in cash, cash equivalents, and restricted cash
12,101
8,096
2,300
22,304
Cash, cash equivalents, and restricted cash at beginning of the period
33,026
29,804
42,827
15,596
Cash, cash equivalents, and restricted cash at end of the period
$ 45,127
$ 37,900
$ 45,127
$ 37,900
Reconciliation of cash, cash equivalents, and restricted cash to the
condensed consolidated balance sheets
Cash and cash equivalents
$ 43,852
$ 36,890
$ 43,852
$ 36,890
Restricted cash, included in prepaid expenses and other current assets
90
152
90
152
Restricted cash, included in other assets
1,185
858
1,185
858
Total cash, cash equivalents, and restricted cash
$ 45,127
$ 37,900
$ 45,127
$ 37,900
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Supplemental cash flow data
Cash paid for income taxes, net
$ 1,767
$ 509
$ 8,326
$ 2,016
Cash paid for interest, net of amounts capitalized
$ 111
$ 120
$ 356
$ 302
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued
expenses and other current liabilities
$ 7,217
$ 4,506
$ 7,217
$ 4,506
Acquisition of businesses and intangible assets in accrued
expenses and other current liabilities and other liabilities
$ 186
$ 182
$ 186
$ 182
Repurchases of Class A common stock in accrued expenses and
other current liabilities
$ —
$ 122
$ —
$ 122
Segment Results
We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual, augmented, and mixed reality related consumer hardware, software, and content.
The following table presents our segment information of revenue and income (loss) from operations:
Segment Information
(In millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue:
Advertising
$ 39,885
$ 33,643
$ 113,850
$ 93,242
Other revenue
434
293
1,203
724
Family of Apps
40,319
33,936
115,053
93,966
Reality Labs
270
210
1,063
825
Total revenue
$ 40,589
$ 34,146
$ 116,116
$ 94,791
Income (loss) from operations:
Family of Apps
$ 21,778
$ 17,490
$ 58,778
$ 41,841
Reality Labs
(4,428)
(3,742)
(12,762)
(11,474)
Total income from operations
$ 17,350
$ 13,748
$ 46,016
$ 30,367
Reconciliation of GAAP to Non-GAAP Results
(In millions, except percentages)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
GAAP revenue
$ 40,589
$ 34,146
$ 116,116
$ 94,791
Foreign exchange effect on 2024 revenue using 2023 rates
544
809
Revenue excluding foreign exchange effect
$ 41,133
$ 116,925
GAAP revenue year-over-year change %
19 %
22 %
Revenue excluding foreign exchange effect year-over-year change %
20 %
23 %
GAAP advertising revenue
$ 39,885
$ 33,643
$ 113,850
$ 93,242
Foreign exchange effect on 2024 advertising revenue using 2023 rates
538
799
Advertising revenue excluding foreign exchange effect
$ 40,423
$ 114,649
GAAP advertising revenue year-over-year change %
19 %
22 %
Advertising revenue excluding foreign exchange effect year-over-year change %
20 %
23 %
Net cash provided by operating activities
$ 24,724
$ 20,402
$ 63,340
$ 51,709
Purchases of property and equipment, net
(8,258)
(6,496)
(22,831)
(19,453)
Principal payments on finance leases
(944)
(267)
(1,558)
(751)
Free cash flow
$ 15,522
$ 13,639
$ 38,951
$ 31,505
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SOURCE Meta
Gen Reports Second Quarter Fiscal Year 2025 Results
GreenPower Motor Company Inc. Announces Closing of Public Offering
Meta Reports Third Quarter 2024 Results
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