Connect with us

Technology

Reframing Corporate ESG: Anti-PR Battle Against Greenwashing and Public Trust Erosion

Published

on

With consumer trust at an all-time low due to widespread greenwashing, JOTO PR’s Anti-PR model offers a transformative approach for Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) efforts. By prioritizing transparency, measurable outcomes, and proactive crisis management, Anti-PR fosters long-term credibility, rejecting superficial PR in favor of data-driven storytelling. “People want proof, not promises,” states Karla Jo Helms, Chief Evangelist and Anti-PR® Strategist.

TAMPA BAY, Fla., Oct. 30, 2024 /PRNewswire-PRWeb/ — Nearly one-quarter of global climate-related Environmental, Social, and Governance (ESG) initiatives last year were tainted by greenwashing—misleading efforts to exaggerate sustainability or social responsibility claims. (1) Increasingly, these campaigns involve ‘social washing’ among public companies, eroding consumer trust. “With greenwashing now a major factor in public distrust of corporate sustainability efforts, Anti-PR is no longer just an option; it’s a necessity,’ emphasizes Karla Jo Helms (KJ), Chief Evangelist and Anti-PR® Strategist for JOTO PR Disruptors™. “Through transparency and data-backed messaging, Anti-PR cuts through skepticism and helps brands rebuild trust.”

“With greenwashing fueling distrust, Anti-PR offers a needed shift in ESG by prioritizing transparency and data-backed outcomes. ‘People want proof, not promises,’ says Karla Jo Helms, Chief Evangelist at JOTO PR.”

70% Spike in Financial Sector Greenwashing Exposes Risks of Outdated PR Tactics
The rise of social media and the relentless 24-hour news cycle have made it easier than ever for the public to uncover corporate missteps—often intentional.

Recent findings show a sharp 35% increase in reported cases of greenwashing last year. In the financial services and banking sectors they surged by 70%, making this industry the second most implicated in greenwashing cases over the past two years, trailing only the oil and gas industry. (2)
Helms explains that failing to acknowledge and address these issues can cause long-term harm to a company’s credibility. “We live in a time where authenticity is paramount,” she notes. “Traditional PR strategies that gloss over mistakes or exaggerate successes have lost their impact. The public no longer trusts them; there’s just too much smoke and mirrors.”

Anti-PR Drives Data-Backed Shift as Consumer Trust Hits New Lows
Data shows that traditional PR’s over-polished messaging often fuels skepticism, with audiences sensing a lack of authenticity. Research from Kantar highlights this trust issue, revealing that 52% of global consumers view brand sustainability claims with skepticism, and 67% believe brand support for social issues is profit-driven. (3)

Anti-PR offers a fundamentally different approach, aligning with today’s demand for corporate transparency. “The PR industry has lost touch with reality. Anti-PR responds to this crisis of trust, providing an alternative to traditional PR’s overly curated narratives,” explains Helms.

Instead of vague promises or lofty goals, Anti-PR prioritizes hard data and measurable outcomes. This approach relies on data-driven storytelling to ensure claims are backed by evidence, minimizing the risk of greenwashing accusations or even malpractice. “People want proof, not promises,” says Helms. “Data is essential for turning skepticism into belief.”

Crisis Management: The Importance of Continuous Stakeholder Engagement
Anti-PR integrates crisis management into Corporate Social Responsibility (CSR) and ESG communication, emphasizing a proactive approach. Helms underscores this need for readiness: “If a company waits until there’s a crisis to communicate, it’s already too late. Anti-PR creates a consistent dialogue with media and stakeholders, so when challenges arise, companies are seen as transparent rather than evasive.”
Unlike traditional PR, often driven by short-term gains like media hits, Anti-PR builds long-term credibility. “Trust isn’t built overnight. This approach enables real-time responses and shows a company’s commitment to accountability over time,” says Helms.

Beyond the Surface: Anti-PR’s Data-Driven Approach Reshapes CSR Communication
For companies serious about CSR and ESG impact, Anti-PR rejects superficial messaging in favor of substance. Traditional PR often simplifies CSR messaging at the expense of depth, whereas Anti-PR communicates complex issues in an informative and digestible way, engaging a wide range of stakeholders without sacrificing nuance.

As demand for corporate accountability grows, JOTO PR’s Anti-PR approach is a vital tool for companies aiming to build trust, credibility, and long-term success through CSR and ESG initiatives. “When companies focus on integrity, transparency, and measurable outcomes, they build lasting trust,” concludes Helms. “It’s not about what you say—it’s about what you prove.”

About JOTO PR Disruptors™
Founded by PR veteran Karla Jo Helms, JOTO PR Disruptors™ emerged from extensive market research with CEOs of fast-growth companies. The agency combines crisis management skills with advanced media algorithms to develop Anti-PR® campaigns. Based in Tampa Bay, Florida, JOTO PR is globally recognized for its innovative Anti-PR services. More information is available at http://www.jotopr.com/.

About Karla Jo Helms
Karla Jo Helms is the Chief Evangelist and Anti-PR Strategist for JOTO PR Disruptors™.
She learned firsthand how unforgiving business can be when millions of dollars are on the line—and how the control of public opinion often determines whether one company is happily chosen or another is brutally rejected. Being an alumnus of crisis management, Karla Jo has worked with litigation attorneys, private investigators, and the media to help restore companies of goodwill back into the good graces of public opinion. Helms speaks globally on public relations, how the PR industry itself has lost its way, and how, in the right hands, corporations can harness the power of Anti-PR to drive markets and impact market perception.

References:
1.    Fürer, Mathias. “RepRisk | RepRisk Data Shows Increase in Greenwashing with One in Three Greenwashing Public Companies Also Linked to Social Washing.” Reprisk.com, 2023, http://www.reprisk.com/research-insights/news-and-media-coverage/reprisk-data-shows-increase-in-greenwashing-with-one-in-three-greenwashing-public-companies-also-linked-to-social-washing.
2.    Johnson, Lamar. “Greenwashing Growing in Frequency and Complexity: Report.” ESG Dive, 11 Oct. 2023, http://www.esgdive.com/news/greenwashing-rising-report-rep-risk-social-washing-sustainability/696289/.
3.    Trinquetel, Karine. “The Impact of Greenwashing and Social Washing on Brands.” http://www.kantar.com, 9 Nov. 2023, http://www.kantar.com/inspiration/sustainability/the-impact-of-greenwashing-and-social-washing-on-brands.

Media Inquiries:
Karla Jo Helms
JOTO PR™
727-777-4629
jotopr.com

Media Contact

Karla Jo Helms, JOTO PR™, 727-777-4629, khelms@jotopr.com, jotopr.com

View original content to download multimedia:https://www.prweb.com/releases/reframing-corporate-esg-anti-pr-battle-against-greenwashing-and-public-trust-erosion-302291143.html

SOURCE JOTO PR™

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Gen Reports Second Quarter Fiscal Year 2025 Results

Published

on

By

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

IR@GenDigital.com

Press@GenDigital.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/gen-reports-second-quarter-fiscal-year-2025-results-302291977.html

SOURCE Gen Digital Inc.

Continue Reading

Technology

GreenPower Motor Company Inc. Announces Closing of Public Offering

Published

on

By

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/greenpower-motor-company-inc-announces-closing-of-public-offering-302292047.html

SOURCE GreenPower Motor Company

Continue Reading

Technology

Meta Reports Third Quarter 2024 Results

Published

on

By

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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/meta-reports-third-quarter-2024-results-302292019.html

SOURCE Meta

Continue Reading

Trending