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Vulcan Materials Co. stock rises Thursday, outperforms marketServiceTitan, which offers financial and customer management software for the trades, went public in a big way on Thursday, much to the delight of retail investors. The stock quickly popped from its opening IPO sales price of $71 million to $105 a share in modest trading volume. It is currently maintaining an above-$100 price. ServiceTitan’s success does not necessarily portend the reopening of a painfully tight IPO window for tech companies waiting in the wing to go public. That’s because its motive to go public wasn’t strictly market related. ServiceTitan disclosed that it needed to pay off some of its venture investors pronto after it entered into painful terms with them when it previously raised money. In those previous fund raises, ServiceTitan agreed to pay some investors increasing penalties, in the form of more stock, every quarter it delayed an IPO after May 22, 2024, it said. They paid $84.57 a share, it disclosed, and according analysis by Meritech Capital , ServiceTitan would have to IPO at around $90/share to avoid those penalties. In addition, the company also dedicated about $311 million of the IPO money to buy back all the shares of its nonconvertible preferred stock, at $1,000 a share, the price these investors paid, plus pay them some hefty dividends. While the $71 million IPO sales price likely wasn’t enough to avoid penalties, it was actually healthy enough to serve much of ServiceTitan’s needs. It allowed the company to raise at about $625 million — and possibly up to $718.5 million if its bankers exercise their full option to buy all the shares allotted to them. After the company pays off its investors, it still has a handsome coffer to use for operations, acquisitions, or other needs. ServiceTitan is still not yet profitable, so it does need the cash. But retail investors driving up share price on day one is an exciting omen all the same. Some are reacting with excitement that thirst for this stock could portend more IPOs to come soon. Others say it bodes particularly well for any fintech companies who have been waiting in the wings for their chance. “We expect ServiceTitan’s debut to be an encouraging indicator that could inspire other fintech players in the extensive fintech IPO pipeline to follow suit,” said PitchBook senior emerging technology analyst Rudy Yang.
New York takes on St. Louis after Panarin's 2-goal showingAs the investigation unfolds, one can only hope that justice will be served and that those responsible for engaging in physical punishment will be held accountable for their actions. In the meantime, let this incident stand as a stark warning to all those who seek to exploit others for personal gain – the eyes of the netizen community are watching, and justice will prevail.
Amro al-Hamad, Executive Director of the Qatar Motor & Motorcycle Federation (QMMF) and CEO of Lusail International Circuit (LIC), yesterday praised the huge public turnout for the Qatar Airways Formula 1 Qatar Grand Prix. Al-Hamad said the huge turnout of fans at the Qatar Grand Prix has added to the thrill of watching F1 racing at the state-of-the-art circuit that can accommodate 40,000 spectators. He added that the huge audience turnout that exceeded expectations in the first two days made the atmosphere special during the various races, especially the sprint race. Al-Hamad said he expects that the final race today will witness another high turnout with added enthusiasm for the second last Grand Prix of the F1 season. The executive director of QMMF pointed out that the fan zones were designed in a distinctive way, enabling them to move around most of the areas of the circuit with absolute ease. He explained that fans at LIC witnessed fierce competitions among the drivers on the first two days of the Qatar Grand Prix, especially in the “Sprint” race. He said there were strong competition in the manufacturers’ title race, in addition to the Formula 1 Academy Women’s race competitions, as well as the Formula 2 Academy, besides the Porsche Cup Middle East competitions. Regarding Qatar’s participation in the Porsche Carrera Cup Middle East, which is being held on the sidelines of the Qatar Grand Prix, al-Hamad praised the levels of Qatari drivers Abdullah al-Khulaifi, Ghanim al-Maadheed and Ibrahim al-Abdulghani. Regarding his approval by the International Automobile Federation as a referee in the Qatar Grand Prix for the second time after 2021, al-Hamad expressed his great happiness to be present for the second time, saying “it is an achievement for me and the Qatar Motor & Motorcycle Federation.” The Executive Director QMMF expressed his great happiness over the great success achieved by the Qatar Grand Prix for yet another year.LANCASTER, Pa. , Dec. 12, 2024 /PRNewswire/ -- Burnham Holdings, Inc. BURCA ("BHI", the "Company", "we" or "our") today announced common and preferred stock dividends. At its meeting on December 12 , 2024, Burnham Holdings, Inc.'s Board of Directors declared a quarterly common stock dividend of $0.23 per share and a semi-annual preferred stock dividend of $1.50 per share, both payable December 30, 2024 , with a record date of December 19, 2024 . Burnham Holdings, Inc.'s Annual Meeting will be held virtually via a secure website meeting platform on Monday, April 28, 2025 , beginning at 11:30 a.m. eastern. Also today, William F. Dodge, II announced his retirement from the Company's Board of Directors effective immediately. Mr. Dodge had been a director of BHI since 1999 and was one of the longest-serving directors in our history. We thank Bill for his many years of dedicated service on the Board of Directors and wish him well in his retirement. His insights and leadership will be missed. About Burnham Holdings, Inc. : BHI is the parent company of multiple subsidiaries that are leading domestic manufacturers of boilers, furnaces and related HVAC products and accessories for residential, commercial, and industrial applications. BHI is listed on the OTC Exchange under the ticker symbol "BURCA". For more information, please visit www.burnhamholdings.com . View original content: https://www.prnewswire.com/news-releases/burnham-holdings-inc-declares-dividends-announces-date-of-annual-meeting-and-director-retirement-302330749.html SOURCE Burnham Holdings, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.As the cold, colder, coldest mode is activated, let us not shy away from its icy touch, but instead, let us embrace it with open arms. Let us revel in the stark beauty of winter's chill, in the purity of its frosty landscapes, in the quiet majesty of its snow-covered vistas. Let us find solace in the stillness, in the serenity, in the profound sense of peace that descends upon us as we navigate the depths of winter's icy realm.
In addition to expanding its service offerings, AMAP is also focusing on enhancing the safety and security of users through the "Peace of Mind Service" plan. The platform will introduce new safety features, such as real-time location sharing, emergency assistance, and safety tips, to provide users with peace of mind while navigating their daily lives. By leveraging its cutting-edge technology, AMAP aims to create a safer and more secure environment for users both online and offline.It was revealed that the referee had been involved in a series of illegal betting activities, placing bets on matches he was officiating and even manipulating the outcomes in some cases. This blatant disregard for the integrity of the game sent shockwaves through the footballing community, tarnishing the reputation of not only the referee himself but also the entire league.
First Quarter Highlights Revenue grows 26% year-over-year to $628.0 million Calculated billings grows 13% year-over-year to $516.7 million Deferred revenue grows 27% year-over-year to $1,783.7 million GAAP net loss of $12.1 million compared to GAAP net loss of $33.5 million on a year-over-year basis Non-GAAP net income of $124.3 million compared to non-GAAP net income of $86.4 million on a year-over-year basis SAN JOSE, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Zscaler, Inc. ZS , the leader in cloud security, today announced financial results for its first quarter of fiscal year 2025 , ended October 31, 2024. "Growing customer engagements and strong sales execution drove a solid Q1 with all metrics exceeding our guidance. The combination of Zero Trust and AI is creating exciting new opportunities, which we are well positioned to capture with our large and expanding platform," said Jay Chaudhry, Chairman and CEO of Zscaler. "With our customer obsession, the world's largest cybersecurity cloud, and an upleveled go-to-market machine, we are driving strong growth." First Quarter Fiscal 2025 Financial Highlights Revenue: $628.0 million, an increase of 26% year-over-year. Income (loss) from operations: GAAP loss from operations was $30.7 million, or 5% of revenue, compared to $46.1 million, or 9% of revenue, in the first quarter of fiscal 2024. Non-GAAP income from operations was $134.1 million, or 21% of revenue, compared to $89.7 million, or 18% of revenue, in the first quarter of fiscal 2024. Net income (loss) : GAAP net loss was $12.1 million, compared to $33.5 million in the first quarter of fiscal 2024. Non-GAAP net income was $124.3 million, compared to $86.4 million in the first quarter of fiscal 2024. Net income (loss) per share, diluted: GAAP net loss per share was $0.08, compared to $0.23 in the first quarter of fiscal 2024. Non-GAAP net income per share was $0.77, compared to $0.55 in the first quarter of fiscal 2024. Cash flows: Cash provided by operations was $331.3 million, or 53% of revenue, compared to $260.8 million, or 53% of revenue, in the first quarter of fiscal 2024. Free cash flow was $291.9 million, or 46% of revenue, compared to $224.7 million, or 45% of revenue, in the first quarter of fiscal 2024. Deferred revenue: $1,783.7 million as of October 31, 2024, an increase of 27% year-over-year. Cash, cash equivalents and short-term investments: $2,707.9 million as of October 31, 2024, an increase of $298.2 million from July 31, 2024. Recent B usiness Highlights Zscaler's cloud security platform reached a new scalability milestone, surpassing half a trillion daily transactions, which is nearly 60 times greater than the total number of Google searches per day. This milestone underscores the unparalleled scalability, resilience, and trust customers have placed in the Zscaler platform, which enables organizations to secure users, applications, and devices, while simplifying operations and consolidating costs. Appointed Adam Geller as Chief Product Officer to accelerate Zscaler's next phase of innovation and growth. Geller's proven security product and engineering experience will be invaluable to the development of Zscaler's AI-driven security operations platform. Announced a set of AI and Zero Trust integrations with the CrowdStrike Falcon® cybersecurity platform to advance security operations by providing advanced threat detection, response, and risk management. Announced four new integrations with Okta designed to accelerate joint customers' Zero Trust transformation by delivering end-to-end, context-aware security. Together, Okta and Zscaler are helping customers reduce risk, improve the user experience, and enable cross-domain response through shared telemetry and threat intelligence. Published the Zscaler ThreatLabz 2024 Mobile, IoT, and OT Threat Report, which provides detailed insights covering mobile and IoT/OT cyber threat landscape from June 2023 through May 2024. ThreatLabz found that the Zscaler cloud blocked 45% more IoT malware transactions than last year–indicating botnets continue to proliferate across IoT devices. Change in Non-GAAP Measures Presentation Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change. Financial Outlook For the second quarter of fiscal 2025, we expect: Revenue of $633 million to $635 million Non-GAAP income from operations of $126 million to $128 million Non-GAAP net income per share of approximately $0.68 to $0.69, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23% For the full year of fiscal 2025, we expect: Revenue of approximately $2.623 billion to $2.643 billion Calculated billings of $3.124 billion to $3.149 billion Non-GAAP income from operations of $549 million to $559 million Non-GAAP net income per share of $2.94 to $2.99, assuming approximately 164 million fully diluted shares outstanding and a non-GAAP tax rate of 23% These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the "Explanation of Non-GAAP Financial Measures" section of this press release. Conference Call and Webcast Information Zscaler will host a conference call for analysts and investors to discuss its first quarter of fiscal 2025 and outlook for its second quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). Date: Monday, December 2, 2024 Time: 1:30 p.m. PT Webcast: https://ir.zscaler.com Dial-in: To join by phone, register at the following link: ( https://register.vevent.com/register/BIe2c2c82d1e694dd3a00b3debc6f30548 ). After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call. Upcoming Conferences Second quarter of fiscal 2025 investor conference participation schedule: UBS Global Technology and AI Conference in Scottsdale Wednesday, December 4, 2024 BTIG Virtual Software Forum Monday, December 9, 2024 Scotiabank Annual Global Technology Conference in San Francisco Tuesday, December 10, 2024 Barclays Annual Global Technology Conference in San Francisco Wednesday, December 11, 2024 Needham Growth Conference Thursday, January 9, 2025 and Friday, January 10, 2025 Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/ Forward-Looking Statements This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the second quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our limited operating history; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" set forth from time to time in our filings and reports with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the fiscal year ended July 31, 2024, filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC's website at www.sec.gov . You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Use of Non-GAAP Financial Information We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the "Explanation of Non-GAAP Financial Measures" section of this press release. About Zscaler Zscaler ZS accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust ExchangeTM platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SSE-based Zero Trust Exchange is the world's largest in-line cloud security platform. ZscalerTM and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners. Investor Relations Contacts Ashwin Kesireddy VP, Investor Relations and Strategic Finance (415) 798-1475 ir@zscaler.com Natalia Wodecki Media Relations Contact press@zscaler.com ZSCALER, INC. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended October 31, 2024 2023 Revenue $ 627,955 $ 496,703 Cost of revenue (1) (2) 141,462 111,394 Gross profit 486,493 385,309 Operating expenses: Sales and marketing (1) (2) 306,087 267,111 Research and development (1) (2) 154,254 113,539 General and administrative (1) 56,819 50,716 Total operating expenses 517,160 431,366 Loss from operations (30,667 ) (46,057 ) Interest income 30,048 25,942 Interest expense (3) (3,143 ) (3,159 ) Other expense, net (652 ) (1,212 ) Loss before income taxes (4,414 ) (24,486 ) Provision for income taxes 7,637 8,997 Net loss $ (12,051 ) $ (33,483 ) Net loss per share, basic and diluted $ (0.08 ) $ (0.23 ) Weighted-average shares used in computing net loss per share, basic and diluted 152,557 147,625 (1) Includes stock-based compensation expense and related payroll taxes as follows: Cost of revenue $ 15,793 $ 12,955 Sales and marketing 64,866 58,668 Research and development 58,865 41,043 General and administrative 21,050 20,063 Total $ 160,574 $ 132,729 (2) Includes amortization expense of acquired intangible assets as follows: Cost of revenue $ 3,675 $ 2,717 Sales and marketing 425 226 Research and development 140 93 Total $ 4,240 $ 3,036 (3) Includes amortization of debt issuance costs $ 981 $ 977 ZSCALER, INC. Condensed Consolidated Balance Sheets (in thousands) (unaudited) October 31, July 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 1,553,645 $ 1,423,080 Short-term investments 1,154,252 986,574 Accounts receivable, net 424,573 736,529 Deferred contract acquisition costs 152,475 148,873 Prepaid expenses and other current assets 108,835 101,561 Total current assets 3,393,780 3,396,617 Property and equipment, net 409,005 383,121 Operating lease right-of-use assets 84,091 89,758 Deferred contract acquisition costs, noncurrent 286,656 296,525 Acquired intangible assets, net 59,595 63,835 Goodwill 417,029 417,029 Other noncurrent assets 58,846 58,083 Total assets $ 4,709,002 $ 4,704,968 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 25,368 $ 23,309 Accrued expenses and other current liabilities 83,384 91,708 Accrued compensation 126,379 160,810 Deferred revenue 1,533,080 1,643,919 Convertible senior notes 1,145,799 1,142,275 Operating lease liabilities 49,600 50,866 Total current liabilities 2,963,610 3,112,887 Deferred revenue, noncurrent 250,640 251,055 Operating lease liabilities, noncurrent 41,938 44,824 Other noncurrent liabilities 24,269 22,100 Total liabilities 3,280,457 3,430,866 Stockholders' Equity Common stock 153 152 Additional paid-in capital 2,593,010 2,426,819 Accumulated other comprehensive loss (4,487 ) (4,789 ) Accumulated deficit (1,160,131 ) (1,148,080 ) Total stockholders' equity 1,428,545 1,274,102 Total liabilities and stockholders' equity $ 4,709,002 $ 4,704,968 ZSCALER, INC. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended October 31, 2024 2023 Cash Flows from Operating Activities Net loss $ (12,051 ) $ (33,483 ) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization expense 21,423 13,962 Amortization expense of acquired intangible assets 4,240 3,036 Amortization of deferred contract acquisition costs 39,068 30,111 Amortization of debt issuance costs 981 977 Non-cash operating lease costs 15,657 9,903 Stock-based compensation expense 157,178 129,138 Accretion of investments purchased at a discount (5,003 ) (3,199 ) Unrealized losses on hedging transactions 3,689 1,564 Deferred income taxes 186 (43 ) Other 644 1,031 Changes in operating assets and liabilities, net of effects of business acquisitions: Accounts receivable 311,975 215,082 Deferred contract acquisition costs (32,801 ) (27,680 ) Prepaid expenses, other current and noncurrent assets (8,767 ) 1,349 Accounts payable 1,043 4,596 Accrued expenses, other current and noncurrent liabilities (6,240 ) 4,859 Accrued compensation (34,431 ) (39,232 ) Deferred revenue (111,254 ) (40,154 ) Operating lease liabilities (14,202 ) (11,011 ) Net cash provided by operating activities 331,335 260,806 Cash Flows from Investing Activities Purchases of property, equipment and other assets (17,025 ) (28,659 ) Capitalized internal-use software (22,429 ) (7,429 ) Payments for business acquisitions, net of cash acquired — (4,377 ) Purchase of strategic investments (561 ) — Purchases of short-term investments (430,296 ) (375,929 ) Proceeds from maturities of short-term investments 268,651 253,849 Net cash used in investing activities (201,660 ) (162,545 ) Cash Flows from Financing Activities Proceeds from issuance of common stock upon exercise of stock options 890 1,256 Net cash provided by financing activities 890 1,256 Net increase in cash and cash equivalents 130,565 99,517 Cash and cash equivalents at beginning of period 1,423,080 1,262,206 Cash and cash equivalents at end of period $ 1,553,645 $ 1,361,723 ZSCALER, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except percentages) (unaudited) Three Months Ended October 31, 2024 2023 Revenue $ 627,955 $ 496,703 Non-GAAP Gross Profit and Non-GAAP Gross Margin GAAP gross profit $ 486,493 $ 385,309 Add: Stock-based compensation expense and related payroll taxes 15,793 12,955 Add: Amortization expense of acquired intangible assets 3,675 2,717 Non-GAAP gross profit $ 505,961 $ 400,981 GAAP gross margin 77 % 78 % Non-GAAP gross margin 81 % 81 % Non-GAAP Income from Operations and Non-GAAP Operating Margin GAAP loss from operations $ (30,667 ) $ (46,057 ) Add: Stock-based compensation expense and related payroll taxes 160,574 132,729 Add: Amortization expense of acquired intangible assets 4,240 3,036 Non-GAAP income from operations $ 134,147 $ 89,708 GAAP operating margin (5 )% (9 )% Non-GAAP operating margin 21 % 18 % ZSCALER, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except per share amounts) (unaudited) Three Months Ended October 31, 2024 2023 Non-GAAP Net Income per Share, Diluted GAAP net loss $ (12,051 ) $ (33,483 ) Add: GAAP provision for income taxes 7,637 8,997 GAAP loss before income taxes (4,414 ) (24,486 ) Add: Stock-based compensation expense and related payroll taxes 160,574 132,729 Amortization expense of acquired intangible assets 4,240 3,036 Amortization of debt issuance costs 981 977 Non-GAAP net income before income taxes 161,381 112,256 Non-GAAP provision for income taxes (1) 37,118 25,819 Non-GAAP net income $ 124,263 $ 86,437 Add: Non-GAAP interest expense related to the convertible senior notes 359 359 Numerator used in computing non-GAAP net income per share, diluted $ 124,622 $ 86,796 GAAP net loss per share, diluted $ (0.08 ) $ (0.23 ) Stock-based compensation expense and related payroll taxes 1.00 0.84 Amortization expense of acquired intangible assets 0.03 0.02 Amortization of debt issuance costs 0.01 0.01 Non-GAAP provision for income taxes adjustment (2) (0.18 ) (0.11 ) Non-GAAP interest expense related to the convertible senior notes — — Adjustment to total fully diluted earnings per share (3) (0.01 ) 0.02 Non-GAAP net income per share, diluted $ 0.77 $ 0.55 Weighted-average shares used in computing GAAP net loss per share, diluted 152,557 147,625 Add: Outstanding potentially dilutive equity incentive awards 2,348 3,431 Add: Convertible senior notes 7,626 7,626 Less: Antidilutive impact of capped call transactions (4) (1,235 ) (177 ) Weighted-average shares used in computing non-GAAP net income per share, diluted 161,296 158,505 ___________________ (1) Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change. (2) Adjustment related to the difference between the GAAP provision for income taxes and Non-GAAP provision for income taxes. (3) The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share. (4) We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes, and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price. ZSCALER, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except percentages) (unaudited) Three Months Ended October 31, 2024 2023 Calculated Billings Revenue $ 627,955 $ 496,703 Add: Total deferred revenue, end of period 1,783,720 1,399,544 Less: Total deferred revenue, beginning of period (1,894,974 ) (1,439,676 ) Calculated billings $ 516,701 $ 456,571 Free Cash Flow Net cash provided by operating activities $ 331,335 $ 260,806 Less: Purchases of property, equipment and other assets (17,025 ) (28,659 ) Less: Capitalized internal-use software (22,429 ) (7,429 ) Free cash flow $ 291,881 $ 224,718 Free Cash Flow Margin Net cash provided by operating activities, as a percentage of revenue 53 % 53 % Less: Purchases of property, equipment and other assets, as a percentage of revenue (3 )% (6 )% Less: Capitalized internal-use software, as a percentage of revenue (4 )% (2 )% Free cash flow margin 46 % 45 % ZSCALER, INC. Explanation of Non-GAAP Financial Measures In addition to our results determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business. Expenses Excluded from Non-GAAP Measures Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance. Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change. Non-GAAP Financial Measures Non-GAAP Gross Profit and Non-GAAP Gross Margin . We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue. Non-GAAP Income from Operations and Non-GAAP Operating Margin . We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue. Non-GAAP Net Income per Share, Diluted . We define non-GAAP net income as GAAP net loss excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes. Calculated Billings . We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance. Free Cash Flow and Free Cash Flow Margin . We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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While the identities of the three candidates have not been officially disclosed, rumors and speculation regarding their backgrounds and playing abilities have already begun circulating within the football community. Fans are eager to learn more about these "secret naturalized players" and the impact they could have on the national team's performance in future competitions.OTTAWA — A Liberal MP says his committee colleagues are wasting time by launching a third inquiry into the former employment minister instead of focusing on important legislation for Indigenous Peoples. Jaime Battiste, who is Mi'kmaq, said there has been an "attack" on fellow Liberal MP Randy Boissonnault, who left his position as employment minister on Wednesday after allegations of shifting claims of Indigenous identity and questions around his past business dealings. Boissonnault has been the subject of two ethics committee probes, and Battiste said a third one by the Indigenous and northern affairs committee is "a waste of time, and it seems to be the Conservatives' way of ensuring that nothing gets done in the House of Commons." The Conservatives, NDP and Bloc Québécois all supported pushing ahead with the third study, even after Boissonnault left cabinet. Though Liberal MPs did not object to the motion Thursday, Battiste said the committee's time would be better spent studying legislation on important issues such as First Nations policing, a modern treaty commissioner and clean water for First Nations. "It’s very much my fear and frustration that politics is now becoming more important at the Indigenous and northern affairs committee than actually Indigenous Peoples that we're there every day to try to make life better for," he said. NDP MP Lori Idlout, who is a member of the committee, said Canadians deserve answers and she doesn't expect the probe to cut into the committee's other work. "It's not a waste of time to have MP Boissonnault answer for why his identity kept changing. Pretending to be Indigenous is a serious matter and we need to have him be transparent to all Canadians." Boissonnault came under intense scrutiny after the National Post reported that a company he previously co-owned described itself as wholly Indigenous-owned in order to apply for government contracts set aside for Indigenous businesses. He has been described as Indigenous multiple times in communications from the Liberal party, and in 2018 referred to himself as "non-status adopted Cree" — a statement he has repeated on other occasions. He also said his great-grandmother was a "full-blooded Cree woman." He has since clarified that his adoptive mother and brother are Métis, and he apologized for his shifting claims last Friday. The House ethics committee has separately investigated Boissonnault's past business dealings after media reports alleged he remained involved in the company he co-founded after he was re-elected in 2021 and joined the federal cabinet. Opposition MPs passed a motion in the House of Commons on Tuesday — a day before Boissonnault left cabinet — for the employment minister to appear as a witness to discuss his claims to Indigenous identity. But because Boissonnault is no longer in cabinet, the Liberal chair of the committee ruled Thursday that newly minted Employment Minister Ginette Petitpas Taylor is technically the person the motion called to testify. "I figured this might happen," said Conservative MP and committee member Jamie Schmale. "If there are games to be played here and we have Minister Petitpas Taylor attend, I don't think that goes to the spirit of the House order. I don't think it would be very responsible to go against that ... It's Randy Boissonault that the House determined it needs and is ordered to appear along with several other witnesses. That's who we expect to be in that seat." A new motion from the Conservatives calls directly for Boissonnault to appear at the committee. One of the key concerns raised about Boissonnault in recent weeks is related to the government's Indigenous business procurement strategy. A directory provides the federal government with names of businesses it could consider using to meet its Indigenous procurement target, which states a minimum five per cent of the total value of government contracts should be held by Indigenous-owned businesses. Indigenous Services Minister Patty Hajdu told a House of Commons committee on Tuesday that the company Boissonnault founded was not listed on that directory. Battiste suggested the committee will now be in a position of determining who is eligible for Indigenous programming and determining who is Indigenous, and as a First Nations person he does not agree with that. "I have a lot of concern because no First Nations, Métis or Inuit in this country are asking committees — who are filled with non-Indigenous Peoples — to determine our identity, who we are." Schmale and Bloc MP Sebastian Lemire, who is also a member of the committee, did not immediately respond to requests for comment. This report by The Canadian Press was first published Nov. 21, 2024. Alessia Passafiume, The Canadian Press