Technology
KKR and Dragoneer Complete Acquisition of Instructure
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Investment to support newly private company’s plans for product innovation and worldwide growth
SALT LAKE CITY, Nov. 13, 2024 /PRNewswire/ — Instructure Holdings, Inc. (“Instructure”), a leading learning ecosystem, today announced the close of its acquisition by investment funds managed by KKR, a leading global investment firm, and Dragoneer, a growth-oriented investor, for $23.60 per share in an all-cash transaction valued at an enterprise value of approximately $4.8 billion. With the completion of the transaction, Instructure’s common stock has ceased trading and the company is no longer listed on the New York Stock Exchange.
Instructure is a leading global provider of learning management, education-tech effectiveness and credentialing solutions. The Instructure ecosystem of products enhances the lives and outcomes of students, professional learners and educators. The company has impacted approximately 200 million learners across more than 100 countries and boasts a thriving community of over 1,000 partners. Together with its expansive network of educators, learners and partners, the company is committed to broadening its platform and delivering $1B in revenue by 2028.
“We could not be more excited to begin the next phase of our journey as the mission-critical educational operating system that schools, institutions and companies rely on to improve outcomes for lifelong learners,” said Steve Daly, CEO of Instructure. “Having KKR’s support will help us double down on core markets, scale our global reach at a faster pace and unlock new opportunities as we continue to innovate and enhance Canvas and the Instructure Learning Ecosystem. Together, we expect to build on our position as the education ecosystem that powers learning for a lifetime and turns education into opportunities for all learners globally.”
“Instructure has built a strong reputation as a true leader and partner in the learning community,” said Webster Chua, partner at KKR. “We look forward to working closely with Steve and the team to leverage KKR’s global platform to continue growing and scaling the Instructure ecosystem.”
“Instructure reminds us of those generational vertical software companies with all the key ingredients: strong customer love, mission criticality, and a commitment to product superiority,” said Christian Jensen, Partner at Dragoneer Investment Group. “Together with KKR, we are fully supportive of Instructure’s commitment to having a profound and transformative impact on the global education market.”
ADVISORS
J.P. Morgan Securities LLC acted as the lead financial advisor, Macquarie Capital also acted as a financial advisor to Instructure and Kirkland & Ellis LLP is serving as the legal advisor to Instructure. Morgan Stanley & Co. LLC, Moelis & Company LLC and UBS Investment Bank acted as financial advisors and Simpson Thacher & Bartlett LLP acted as legal advisor to KKR.
ABOUT INSTRUCTURE
Instructure powers the delivery of education globally and provides learners with the rich credentials they need to create opportunities across their lifetimes. Today, the Instructure ecosystem of products enables educators and institutions to elevate student success, amplify the power of teaching, and inspire everyone to learn together. With our global network of learners, educators, partners and customers, we continue to deliver on our vision to be the platform that powers learning for a lifetime and turns that learning into opportunities. We encourage you to discover more at www.instructure.com.
ABOUT KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.
ABOUT DRAGONEER
Dragoneer Investment Group is a growth-oriented investment firm with over $23 billion under management and a flexible mandate to invest in high-quality businesses in both the public and private markets. For over a decade, Dragoneer has partnered with management teams to grow exceptional companies, characterized by sustainable differentiation and superior economic models. Dragoneer looks to partner with the best businesses globally and has been an investor in companies such as Airbnb, AmWINS, Atlassian, Datadog, Dayforce, Doordash, Duck Creek, Livongo, Nubank, PointClickCare, Procore, ServiceTitan, Slack, Snowflake, Spotify, Square, Tekion, Uber, and others.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. All statements other than statements of historical fact, including statements about the potential benefits of the completed acquisition of Instructure Holdings, Inc. (the “Company”), are forward-looking statements. Forward-looking statements give the Company’s current expectations, estimates and projections about the potential benefits of the transaction, its business and industry, management’s beliefs and certain assumptions made by the Company regarding its financial condition, results of operations, plans, objectives, future performance and business, all of which are subject to change. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to the Company.
Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including: (i) the Company’s ability to implement its business strategy following completion of the acquisition; (ii) ongoing litigation and potential further litigation relating to the acquisition, including the effects of any outcomes related thereto; (iii) risks that disruptions from the acquisition will harm the Company’s business, including current plans and operations; (iv) the effect of the announcement of the completion of the acquisition on the Company’s business relationships, operating results and business generally; (v) the Company’s ability to retain, hire and integrate skilled personnel including the Company’s senior management team and maintain relationships with key business partners and customers, and others with whom it does business, in light of the acquisition; (vi) risks related to diverting management’s attention from the Company’s ongoing business operations; (vii) unexpected costs, charges or expenses resulting from the acquisition; (viii) the impact of adverse general and industry-specific economic and market conditions; (ix) the impact of inflation, rising interest rates, and global conflicts; and (x) risks that the benefits of the acquisition are not realized when and as expected. The Company cautions you that the important factors referenced above may not contain all of the factors that are important to you. In addition, the Company cannot assure you that the Company will realize the results or developments expected or anticipated or, even if substantially realized, that they will result in the consequences or affect the Company or the Company’s operations in the way the Company expects. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
CONTACT:
Instructure:
JP Schuerman
Corporate Communications
(801) 658-7525
jp.schuerman@instructure.com
KKR:
Julia Kosygina or Lauren McCranie
(212) 750-8300
View original content:https://www.prnewswire.com/news-releases/kkr-and-dragoneer-complete-acquisition-of-instructure-302304702.html
SOURCE Instructure Holdings, Inc.
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Technology
Hillphoenix Recognized by EPA with GreenChill Store Certification Excellence Award for 13th Consecutive Year
Published
1 second agoon
November 14, 2024By
DOWNERS GROVE, Ill., Nov. 14, 2024 /PRNewswire/ — Hillphoenix, part of Dover Food Retail and Dover (NYSE: DOV) and a pioneer in designing environmentally sustainable refrigeration systems, has earned the U.S. Environmental Protection Agency’s (EPA’s) GreenChill 2023-2024 Store Certification Excellence recognition.
This achievement recognizes the commercial refrigeration systems manufacturer that installed the most advanced, sustainable refrigeration systems in GreenChill-Certified Stores in the past year. Hillphoenix has provided sustainable refrigeration for 777 stores.
“We are committed to developing future-focused refrigeration solutions at Hillphoenix and are very proud of our long history of developing sustainable refrigeration technology,” said Scott Martin, Director of Business Development and Industry Relations for Hillphoenix. “It is an honor to be recognized year after year for making an impact for our customers, who share our commitment to environmentally friendly operations.”
This is the 13th consecutive GreenChill Store Certification Excellence recognition Hillphoenix has earned. The Company is a founding member of the GreenChill program, which was launched in 2007, and has received Store Certification Excellence every year since the recognition category was first awarded in 2011.
“Hillphoenix continues to drive excellence in the industry with its 13th year achieving the most systems installed in GreenChill Certified Stores,” said Bella Maranion, Senior Advisor in EPA’s Stratospheric Protection Division and GreenChill Program Manager. “Hillphoenix and these 777 stores are leading the sector.”
Hillphoenix has a long and consistent history of advancing sustainable refrigeration:
In the mid-1990s, the Company introduced 2Cool® systems, one of the first cooling technologies designed to reduce global warming emissions.In the early 2000s, Hillphoenix rebranded its growing portfolio as Second Nature® and installed its first Second Nature low-temperature CO2 secondary system and CO2 Cascade system.In 2012, Hillphoenix installed the first North American CO2 Transcritical Booster System, furthering the Company’s capabilities in providing both low- and medium-temperature refrigeration to display cases and walk-ins without relying on hydrofluorocarbon (HFC) refrigerants.Hillphoenix has shipped thousands of Second Nature systems that use natural refrigerant solutions with low global warming impact.
About the GreenChill Program
EPA’s GreenChill Program is a voluntary partnership with food retailers, refrigeration system manufacturers, and chemical manufacturers to reduce refrigerant emissions and decrease their impact on the ozone layer and climate change. GreenChill provides food retailers and other industry stakeholders with information and assistance to transition to environmentally friendlier refrigerants, reduce the amount of refrigerant they use, eliminate refrigerant leaks, implement environmental best practices, and adopt green refrigeration technologies. There are over 13,500 GreenChill Partner stores throughout the nation. For more information on EPA’s GreenChill Program, please visit epa.gov/greenchill.
About Hillphoenix
Hillphoenix branded products and services deliver advanced design and manufacturing of commercial refrigerated display cases and specialty products along with commercial and industrial refrigeration systems and integrated power distribution systems. Training and aftermarket services are available through the Hillphoenix Learning Center and The AMS Group. For more information, visit hillphoenix.com, or call 770-285-3264.
About Dover Food Retail
Dover Food Retail, part of Dover Corporation with headquarters in Conyers, Georgia, is the partner to customers seeking to create unique food experiences. Employing the capabilities of our industry-leading brands, Anthony, Hillphoenix, Advansor, and The AMS Group, we can provide insight and a comprehensive portfolio of innovative solutions that enable our customers to sell more food profitably. Our ability to evolve with the ever-changing market demands is driven by our passion for understanding our customer’s business and providing them with the best quality products and services they need to succeed today and in the future. Our focused, forward-thinking approach, combined with the strength of our brands, sets the stage for streamlined product development, a broader product portfolio, and cutting-edge technology, redefining what is possible for customers in the food retail value chain.
About Dover:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $7 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 65 years, our team of over 24,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.” Additional information is available at dovercorporation.com.
Hillphoenix/Dover Food Retail Contact:
Anand Rajagopalan
(770) 285-3141
arajagopalan@doverfoodretail.com
Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
asakowicz@dovercorp.com
Dover Investor Contact:
Jack Dickens, VP, Investor Relations
(630) 743-2566
jdickens@dovercorp.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/hillphoenix-recognized-by-epa-with-greenchill-store-certification-excellence-award-for-13th-consecutive-year-302306237.html
SOURCE Dover
Technology
Globant Reports 2024 Third Quarter Financial Results
Published
3 seconds agoon
November 14, 2024By
Strong, Broad Based Results
Third quarter revenues of $614.7 million, up 12.7% year-over-yearIFRS Diluted EPS of $0.98 for the third quarter Non-IFRS Adjusted Diluted EPS of $1.63 for the third quarter
LUXEMBOURG, Nov. 14, 2024 /PRNewswire/ — Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, today announced results for the three and nine months ended September 30, 2024.
Please see highlights below. Note that reconciliations between IFRS and Non-IFRS financial measures are disclosed at the end of this press release.
Third Quarter 2024 Financial Highlights
Revenues rose to $614.7 million, representing 12.7% year-over-year growth.IFRS Gross Profit Margin was 36.2% compared to 36.4% in the third quarter of 2023.Non-IFRS Adjusted Gross Profit Margin was 38.5% compared to 38.2% in the third quarter of 2023.IFRS Profit from Operations Margin was 10.6% compared to 9.7% in the third quarter of 2023.Non-IFRS Adjusted Profit from Operations Margin was 15.6% compared to 15.3% in the third quarter of 2023.IFRS Diluted EPS was $0.98 compared to $0.98 in the third quarter of 2023.Non-IFRS Adjusted Diluted EPS was $1.63 compared to $1.48 in the third quarter of 2023.
Nine months ended September 30, 2024 Financial Highlights
Revenues rose to $1,773.2 million, representing 17.0% year-over-year growth.IFRS Gross Profit Margin was 35.8% compared to 36.1% in the first nine months of 2023.Non-IFRS Adjusted Gross Profit Margin was 38.2% compared to 38.2% in the first nine months of 2023.IFRS Profit from Operations Margin was 9.4% compared to 9.5% in the first nine months of 2023.Non-IFRS Adjusted Profit from Operations Margin was 15.2% compared to 15.1% in the first nine months of 2023.IFRS Diluted EPS was $2.88 compared to $2.68 in the first nine months of 2023.Non-IFRS Adjusted Diluted EPS was $4.67 compared to $4.12 in the first nine months of 2023.
Other Metrics as of and for the quarter ended September 30, 2024
Cash and cash equivalents and Short-term investments were $213.5 million as of September 30, 2024, a decrease of $109.8 million from $323.3 million as of December 31, 2023, driven mainly by the expansion into new geographies and a number of M&A earnout payments. As of September 30, 2024, we had a total amount of $165 million drawn from our credit facility.Globant completed the third quarter of 2024 with 29,998 Globers, 27,927 of whom were technology, design and innovation professionals.The geographic revenue breakdown for the third quarter of 2024 was as follows: 55.7% from North America (top country: US), 21.8% from Latin America (top country: Argentina), 17.6% from Europe (top country: Spain) and 4.9% from New Markets1 (top country: Saudi Arabia).Globant’s top customer, top five customers and top ten customers for the third quarter of 2024 represented 9.1%, 21.0% and 30.1% of revenues, respectively.During the twelve months ended September 30, 2024, Globant served a total of 969 customers (with revenues over $100,000 in the last twelve months) and continued to increase its wallet share, with 331 accounts generating more than $1 million of annual revenues, compared to 305 for the same period one year ago.In terms of currencies, 66.6% of Globant’s revenues for the third quarter of 2024 were denominated in US dollars.
“As we reflect on another remarkable quarter, I am thrilled to share that Globant continues on a trajectory of strong growth, solidifying our role as an industry leader. The level of demand we are witnessing across verticals and markets fuels our optimism for continued expansion in 2024. Our strategic investments in AI have lead to year-to-date AI-related initiatives increasing by 120% compared to the same period last year, enhancing our capabilities and driving productivity gains that translate into unique client experiences. With a strong pipeline and a commitment to redefining industries through our Studios, we are well-positioned to lead in this new era of digital innovation,” said Martín Migoya, Globant’s CEO and co-founder.
“As we conclude this quarter, I am pleased to report that Globant has achieved another quarter of record revenues, at $614.7 million, reflecting strong sequential growth driven by our top client and several key accounts. This performance aligns with our guidance and showcases our ability to enhance profitability while maintaining a prudent balance sheet. Our healthy margins are a reflection to our focus on profitability, while we see early recovery signs in specific verticals that previously faced headwinds. We are confident in our ability to sustain this momentum and build on our strong performance as we approach 2025,” explained Juan Urthiague, Globant’s CFO.
2024 Fourth Quarter and Full Year Outlook
Based on current market conditions, Globant is providing the following estimates for the fourth quarter and the full year of 2024:
Fourth quarter 2024 Revenues are estimated to be in the range of $642.0 million to $648.0 million, or 10.6% to 11.6% year-over-year growth.Fourth quarter 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 16.0%.Fourth quarter 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $1.71 to $1.75 (assuming an average of 44.7 million diluted shares outstanding during the fourth quarter).Fiscal year 2024 Revenues are estimated to be in the range of $2,415.0 million to $2,421.0 million, implying a 15.2% to 15.5% year-over-year revenue growth.Fiscal year 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 15.5%.Fiscal year 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $6.37 to $6.43 (assuming an average of 44.5 million diluted shares outstanding during 2024).
Conference Call and Webcast
Martin Migoya, Globant’s CEO and co-founder, Juan Urthiague, Globant’s CFO, Patricia Pomies, Globant’s COO, and Diego Tártara, Globant’s CTO, will discuss the third quarter 2024 results in a video conference call today beginning at 4:30pm ET.
Video conference call access information is:
https://more.globant.com/F3Q24EarningsCall
Webcast http://investors.globant.com/
About Globant (NYSE:GLOB)
At Globant, we create the digitally-native products that people love. We bridge the gap between businesses and consumers through technology and creativity, leveraging our expertise in AI. We dare to digitally transform organizations and strive to delight their customers.
We have more than 29,900 employees and we are present in more than 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.
We were named a Worldwide Leader in CX Improvement by IDC MarketScape report. We were also featured as a business case study at Harvard, MIT and Stanford. We are a member of the Cybersecurity Tech Accord.
For more information, please visit www.globant.com
Non-IFRS Financial Measures
While the financial figures included in this press release have been computed in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”), applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The financial information in this press release has not been audited.
Globant provides non-IFRS financial measures in addition to reported IFRS results prepared in accordance with IFRS. Management believes these measures help illustrate underlying trends in the company’s business and uses the non-IFRS financial measures to establish budgets and operational goals, communicated internally and externally, for managing the company’s business and evaluating its performance. The company anticipates that it will continue to report both IFRS and certain non-IFRS financial measures in its financial results, including non-IFRS measures that exclude share-based compensation expense, depreciation and amortization, acquisition-related charges, and the related effect on income taxes of the pre-tax adjustments. Because the company’s non-IFRS financial measures are not calculated according to IFRS, these measures are not comparable to IFRS and may not necessarily be comparable to similarly described non-IFRS measures reported by other companies within the company’s industry. Consequently, Globant’s non-IFRS financial measures should not be evaluated in isolation or supplant comparable IFRS measures, but, rather, should be considered together with its condensed interim consolidated statements of financial position as of September 30, 2024 and December 31, 2023 and its condensed interim consolidated statements of comprehensive income for the three and nine months ended September 30, 2024 and 2023, prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”.
Globant is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted Profit from Operations Margin or Non-IFRS Adjusted Diluted EPS to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, share-based compensation expense, acquisition-related charges, and the tax effect of non-IFRS adjustments. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.
Forward Looking Statements
In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to maintain current resource utilization rates and productivity levels; our ability to manage attrition and attract and retain highly-skilled IT professionals; our ability to accurately price our client contracts; our ability to achieve our anticipated growth; our ability to effectively manage our rapid growth; our ability to retain our senior management team and other key employees; our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; our ability to retain our business relationships and client contracts; our ability to manage the impact of global adverse economic conditions; our ability to manage uncertainty concerning the instability in the current economic, political and social environment in Latin America; and other factors discussed under the heading “Risk Factors” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission and any other risk factors we include in subsequent reports on Form 6-K.
Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.
Globant S.A.
Condensed Interim Consolidated Statements of Comprehensive Income
(In thousands of U.S. dollars, except per share amounts, unaudited)
Nine Months Ended
Three Months Ended
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Revenues
1,773,206
1,515,234
614,667
545,282
Cost of revenues
(1,139,161)
(967,794)
(392,392)
(346,980)
Gross profit
634,045
547,440
222,275
198,302
Selling, general and administrative expenses
(460,877)
(390,064)
(154,178)
(142,531)
Net impairment losses on financial assets
(8,994)
(13,979)
(3,667)
(2,621)
Other operating income and expenses, net
2,738
614
777
—
Profit from operations
166,912
144,011
65,207
53,150
Finance income
3,876
3,500
1,349
1,324
Finance expense
(20,536)
(15,063)
(7,034)
(5,661)
Other financial results, net
7,341
11,473
1,735
3,044
Financial results, net
(9,319)
(90)
(3,950)
(1,293)
Share of results of investment in associates
161
185
105
170
Other income and expenses, net
6,142
4,075
(4,464)
2,774
Profit before income tax
163,896
148,181
56,898
54,801
Income tax
(34,401)
(31,067)
(11,357)
(10,978)
Net income for the period
129,495
117,114
45,541
43,823
Other comprehensive income, net of income tax effects
Items that may be reclassified subsequently to profit and loss:
– Exchange differences on translating foreign operations
(20,458)
(28,761)
22,555
(30,013)
– Net change in fair value on financial assets measured at FVOCI
1,019
(2,316)
—
15
– Gains and losses on cash flow hedges
(12,768)
117
365
(3,762)
Total comprehensive income for the period
97,288
86,154
68,461
10,063
Net income attributable to:
Owners of the Company
127,324
116,405
43,606
42,993
Non-controlling interest
2,171
709
1,935
830
Net income for the period
129,495
117,114
45,541
43,823
Total comprehensive income for the period attributable to:
Owners of the Company
94,864
85,278
64,266
10,251
Non-controlling interest
2,424
876
4,195
(188)
Total comprehensive income for the period
97,288
86,154
68,461
10,063
Earnings per share
Basic
2.94
2.74
1.00
1.01
Diluted
2.88
2.68
0.98
0.98
Weighted average of outstanding shares (in thousands)
Basic
43,248
42,474
43,419
42,696
Diluted
44,271
43,442
44,442
43,664
Globant S.A.
Condensed Interim Consolidated Statements of Financial Position as of September 30, 2024 and December 31, 2023
(In thousands of U.S. dollars, unaudited)
September 30, 2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents
199,031
307,223
Investments
14,425
16,070
Trade receivables
631,632
499,283
Other assets
24,033
31,753
Other receivables
60,417
54,786
Other financial assets
3,795
15,418
Total current assets
933,333
924,533
Non-current assets
Investments
2,212
1,833
Other assets
6,358
4,088
Other receivables
28,634
26,475
Deferred tax assets
67,528
60,777
Investment in associates
1,587
1,426
Other financial assets
37,010
34,864
Property and equipment
152,440
162,736
Intangible assets
286,161
285,661
Right-of-use assets
124,159
119,400
Goodwill
1,259,622
1,105,073
Total non-current assets
1,965,711
1,802,333
TOTAL ASSETS
2,899,044
2,726,866
LIABILITIES
Current liabilities
Trade payables
102,202
124,545
Payroll and social security taxes payable
225,193
221,843
Borrowings
186,284
156,916
Other financial liabilities
105,473
68,750
Lease liabilities
29,744
47,852
Tax liabilities
25,858
33,229
Income tax payable
11,043
11,287
Other liabilities
465
896
Total current liabilities
686,262
665,318
Non-current liabilities
Trade payables
2,627
2,981
Borrowings
1,220
2,191
Other financial liabilities
117,132
135,238
Lease liabilities
90,421
70,884
Deferred tax liabilities
18,381
21,098
Income tax payable
6,526
—
Payroll and social security taxes payable
5,050
5,139
Provisions for contingencies
17,367
28,336
Total non-current liabilities
258,724
265,867
TOTAL LIABILITIES
944,986
931,185
Capital and reserves
Issued capital
52,286
51,705
Additional paid-in capital
1,087,711
1,022,918
Other reserves
(74,508)
(42,048)
Retained earnings
824,413
697,089
Total equity attributable to owners of the Company
1,889,902
1,729,664
Non-controlling interests
64,156
66,017
Total equity
1,954,058
1,795,681
TOTAL EQUITY AND LIABILITIES
2,899,044
2,726,866
Globant S.A.
Selected Cash Flow Data
(In thousands of U.S. dollars, unaudited)
Three Months Ended
September 30, 2024
September 30, 2023
Net Income for the period
45,541
43,823
Non-cash adjustments, taxes and others
76,819
53,723
Changes in working capital
(31,823)
(10,141)
Cash flows from operating activities
90,537
87,405
Capital expenditures
(20,810)
(26,758)
Cash flows from investing activities
(89,596)
(140,663)
Cash flows from financing activities
41,044
7,931
Net increase/decrease in cash & cash equivalents
41,985
(45,327)
Globant S.A.
Supplemental Non-IFRS Financial Information
(In thousands of U.S. dollars, unaudited)
Nine Months Ended
Three Months Ended
September 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Reconciliation of adjusted gross profit
Gross profit
634,045
547,440
222,275
198,302
Depreciation and amortization expense
25,415
20,612
9,457
7,579
Share-based compensation expense – Equity settled
18,010
10,976
5,109
2,198
Adjusted gross profit
677,470
579,028
236,841
208,079
Adjusted gross profit margin
38.2 %
38.2 %
38.5 %
38.2 %
Reconciliation of selling, general and administrative expenses
Selling, general and administrative expenses
(460,877)
(390,064)
(154,178)
(142,531)
Depreciation and amortization expense
74,751
61,501
24,244
21,012
Share-based compensation expense – Equity settled
42,722
41,442
16,008
16,447
Acquisition-related charges (a)
17,230
14,488
1,646
5,370
Adjusted selling, general and administrative expenses
(326,174)
(272,633)
(112,280)
(99,702)
Adjusted selling, general and administrative expenses as % of revenues
(18.4) %
(18.0) %
(18.3) %
(18.3) %
Reconciliation of adjusted profit from operations
Profit from operations
166,912
144,011
65,207
53,150
Share-based compensation expense – Equity settled
60,732
52,418
21,117
18,645
Acquisition-related charges (a)
42,668
32,577
9,788
11,435
Adjusted profit from operations
270,312
229,006
96,112
83,230
Adjusted profit from operations margin
15.2 %
15.1 %
15.6 %
15.3 %
Reconciliation of net income for the period
Net income for the period
127,324
116,405
43,606
42,993
Share-based compensation expense – Equity settled
60,618
52,377
21,192
18,628
Acquisition-related charges (a)
41,334
30,639
14,954
9,878
Tax effect of non-IFRS adjustments
(22,516)
(20,380)
(7,399)
(6,720)
Adjusted net income
206,760
179,041
72,353
64,779
Adjusted net income margin
11.7 %
11.8 %
11.8 %
11.9 %
Calculation of adjusted diluted EPS
Adjusted net income
206,760
179,041
72,353
64,779
Diluted shares
44,271
43,442
44,442
43,664
Adjusted diluted EPS
4.67
4.12
1.63
1.48
(a) Acquisition-related charges include, when applicable, amortization of purchased intangible assets included in depreciation and amortization expense line on our consolidated statements of comprehensive income, interest charges on acquisition-related indebtedness, external deal costs, acquisition-related retention bonuses, integration costs, changes in the fair value of contingent consideration liabilities, and other acquisition-related costs. We cannot provide acquisition-related charges on a forward-looking basis without unreasonable effort as such charges may fluctuate based on the timing, size, and complexity of future acquisitions as well as other uncertainty inherent in mergers and acquisitions.
Globant S.A.
Schedule of Supplemental Information (unaudited)
Metrics
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Q3 2024
Total Employees
27,505
29,150
28,991
29,112
29,998
IT Professionals
25,575
27,116
26,933
27,133
27,927
North America Revenues %
58.9
57.4
56.0
56.3
55.7
Latin America Revenues %
21.6
22.9
22.9
23.0
21.8
Europe Revenues %
15.9
15.8
17.2
16.9
17.6
New Markets Revenues %
3.6
3.9
3.9
3.8
4.9
USD Revenues %
72.5
68.6
68.4
67.1
66.6
Other Currencies Revenues %
27.5
31.4
31.6
32.9
33.4
Top Customer %
8.7
8.2
8.3
8.3
9.1
Top 5 Customers %
22.5
21.4
21.8
21.0
21.0
Top 10 Customers %
32.2
30.8
30.1
30.3
30.1
Customers Served (Last Twelve Months)*
889
930
955
958
969
Customers with >$1M in Revenues (Last Twelve Months)
305
311
318
329
331
(*) Represents customers with more than $100,000 in revenues in the last twelve months.
Investor Relations Contact:
Arturo Langa, Globant
investors@globant.com
+1 (877) 215-5230
Media Contact:
Wanda Weigert, Globant
pr@globant.com
+1 (877) 215-5230
1Represents Asia, Oceania and the Middle East.
View original content to download multimedia:https://www.prnewswire.com/news-releases/globant-reports-2024-third-quarter-financial-results-302306175.html
SOURCE GLOBANT
Technology
Trailrunner uses cutting-edge technology to supercharge its broadband network in New Hampshire
Published
5 seconds agoon
November 14, 2024By
Trailrunner Broadband Internet has unveiled its next-generation broadband service, powered by Tarana Wireless, which will reach customers in rural parts of New Hampshire.
CONCORD, N.H., Nov. 14, 2024 /PRNewswire/ — Residents in more rural communities of New Hampshire will soon have access to ultra-high-capacity, high-speed broadband technology, thanks to the launch of Trailrunner Broadband’s upgraded high-speed network. The upgraded service will reach customers starting in North Stratford. There will be 11 site locations upgraded by the end of 2025.
“New Hampshire has been a national leader in broadband buildout to ensure reliable connections across the Granite State,” said Governor Chris Sununu. “We’ve moved faster than any other state to provide residents with speedy, reliable service at one of the lowest costs. Our work continues to ensure the Granite State remains competitive in attracting workforce, business, residents, and telehealth opportunities. Thrilled by this announcement!”
“No matter where you live, work, or enjoy time in New Hampshire, you should be able to access reliable broadband—our rural towns and the North Country are no exception,” said Senator Jeanne Shaheen. “As a lead negotiator of the broadband provisions in the Bipartisan Infrastructure Law, I’m glad to see upgrades that will greatly enhance coverage, and will keep working to ensure every Granite Stater, first responder and visitor alike, can get connected to quality, high-speed internet.”
The existing Trailrunner network utilizes standard 4G LTE Cellular technology. Now, Trailrunner has selected Tarana Wireless, the world’s first manufacturer of next-generation fixed wireless access (ngFWA), to enable this new high-speed broadband service, which will meet and exceed the FCC’s expected minimum broadband performance requirements. Tarana’s high-speed broadband solution is built on an entirely new technology from the previous 4G LTE and 5G Non-Standalone (NSA) networks, resulting in an ultra-high-capacity broadband product that is consistently faster and more reliable than traditional 4G. It also has lower latency, meaning data transmission is virtually instantaneous; has advanced built-in security controls; and can be deployed very quickly.
“We are proud to continue our commitment to delivering the best broadband service to the communities we serve, especially those in extremely unserved and underserved rural areas,” said Robert Parsloe, CEO of Trailrunner Broadband Internet. “This brand-new technology has already been deployed to several of our communities, who have given us overwhelmingly positive feedback. Our goal remains the same: helping consumers receive the best broadband experience, whether they’re using the internet for remote learning, essential business communications, or a family movie night. We continue to make private investments, as rural communities have waited long enough. Everyone deserves to connect, so why wait any longer?”
The upgraded Trailrunner network was recently deployed in Dexter, Maine and will shortly expand to deliver unmatched performance and coverage to thousands of households in Maine, New Hampshire and Vermont.
About Trailrunner
Founded in 2019, Trailrunner Broadband Internet is a privately funded, locally veteran-owned and operated broadband service provider. From its beginnings in Downeast Maine, Trailrunner has rapidly expanded its reach to 12 counties across Maine, New Hampshire, and Vermont, playing a pivotal role in bridging the digital divide during the COVID-19 pandemic and beyond. Dedicated to turning technology into solution, Trailrunner proudly serves residential consumers and businesses in northern New England. Learn more by visiting: www.mytrailrunner.com.
About Tarana
Tarana Wireless’s mission is to accelerate the deployment of fast, affordable internet access around the world. Through a decade of research and development and more than $400 million of investment, the Tarana team has created a unique next-generation fixed wireless access (ngFWA) technology, instantiated in its first commercial platform, Gigabit 1 (G1). It delivers a game-changing advance in broadband economics in both mainstream and underserved markets, using either licensed or unlicensed spectrum. G1 started production in mid-2021 and has since been embraced by more than 200 service providers in 23 countries. Tarana is headquartered in Milpitas, California, with additional research and development in Pune, India. Learn more at www.taranawireless.com.
Media Contact: Paula Stanton 12076197350 paulas@broadreachpr.com
View original content:https://www.prnewswire.com/news-releases/trailrunner-uses-cutting-edge-technology-to-supercharge-its-broadband-network-in-new-hampshire-302306390.html
SOURCE Trailrunner
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