Oil Refining Metal Oxide Catalysts Market Outlook and Future Projections for 2030SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024
AP Sports SummaryBrief at 3:01 p.m. ESTJOHNSON CONTROLS ANNOUNCES QUARTERLY DIVIDEND
Walmart ( NYSE:WMT – Free Report ) had its target price increased by KeyCorp from $88.00 to $96.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the retailer’s stock. A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Walmart from $88.00 to $90.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Truist Financial upgraded Walmart from a “hold” rating to a “buy” rating and upped their target price for the stock from $76.00 to $89.00 in a report on Tuesday, September 24th. Melius Research initiated coverage on Walmart in a research note on Monday, September 23rd. They issued a “buy” rating and a $95.00 target price for the company. DA Davidson upped their price target on Walmart from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Finally, Guggenheim raised their price objective on Walmart from $81.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Two research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.88. Read Our Latest Analysis on Walmart Walmart Stock Up 2.3 % Walmart ( NYSE:WMT – Get Free Report ) last posted its earnings results on Tuesday, November 19th. The retailer reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. Walmart had a return on equity of 21.78% and a net margin of 2.92%. The firm had revenue of $169.59 billion for the quarter, compared to analysts’ expectations of $167.69 billion. During the same period in the previous year, the firm earned $0.51 earnings per share. The business’s revenue was up 5.5% compared to the same quarter last year. Sell-side analysts forecast that Walmart will post 2.47 earnings per share for the current year. Insiders Place Their Bets In other news, EVP John D. Rainey sold 3,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $82.12, for a total value of $246,360.00. Following the completion of the sale, the executive vice president now directly owns 378,165 shares in the company, valued at $31,054,909.80. This represents a 0.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link . Also, CEO C Douglas Mcmillon sold 29,124 shares of Walmart stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $80.64, for a total value of $2,348,559.36. Following the transaction, the chief executive officer now owns 3,873,053 shares in the company, valued at $312,322,993.92. This trade represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here . Over the last ninety days, insiders have sold 12,337,337 shares of company stock worth $958,823,647. Company insiders own 45.58% of the company’s stock. Institutional Investors Weigh In On Walmart Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Summit Financial Wealth Advisors LLC increased its stake in shares of Walmart by 0.5% in the third quarter. Summit Financial Wealth Advisors LLC now owns 23,720 shares of the retailer’s stock worth $1,915,000 after purchasing an additional 118 shares in the last quarter. Providence Wealth Advisors LLC boosted its holdings in Walmart by 0.3% in the 3rd quarter. Providence Wealth Advisors LLC now owns 43,549 shares of the retailer’s stock worth $3,591,000 after buying an additional 122 shares during the period. 3Chopt Investment Partners LLC increased its stake in Walmart by 0.4% in the 3rd quarter. 3Chopt Investment Partners LLC now owns 32,633 shares of the retailer’s stock worth $2,635,000 after buying an additional 124 shares in the last quarter. CAP Partners LLC raised its holdings in Walmart by 2.1% during the third quarter. CAP Partners LLC now owns 6,054 shares of the retailer’s stock valued at $489,000 after acquiring an additional 125 shares during the period. Finally, Investment Advisory Group LLC lifted its position in shares of Walmart by 2.1% in the third quarter. Investment Advisory Group LLC now owns 6,182 shares of the retailer’s stock valued at $499,000 after acquiring an additional 126 shares in the last quarter. 26.76% of the stock is owned by hedge funds and other institutional investors. Walmart Company Profile ( Get Free Report ) Walmart Inc engages in the operation of retail, wholesale, other units, and eCommerce worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, and discount stores under Walmart and Walmart Neighborhood Market brands; membership-only warehouse clubs; ecommerce websites, such as walmart.com.mx, walmart.ca, flipkart.com, PhonePe and other sites; and mobile commerce applications. Featured Articles Five stocks we like better than Walmart How to Invest in the Best Canadian Stocks Tesla Investors Continue to Profit From the Trump Trade Bank Stocks – Best Bank Stocks to Invest In MicroStrategy’s Stock Dip vs. Coinbase’s Potential Rally Profitably Trade Stocks at 52-Week Highs Netflix Ventures Into Live Sports, Driving Stock Momentum Receive News & Ratings for Walmart Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Walmart and related companies with MarketBeat.com's FREE daily email newsletter .Three of these images are fake. Can you spot the real image? Some images generated by artificial intelligence have become so convincingly real that there is no surefire way to spot the fakes. But experts say there are still things we can try to detect fakes. "Media literacy is super awesome," said Matt Groh, assistant professor at Northwestern University. "But it needs to extend to AI literacy. Like the classic kind of things that you want to teach in media literacy, we still need to teach those same things. We just need to add the AI portion to it now." RELATED STORY | Nobel Prize in physics awarded to 2 scientists for discoveries that enabled artificial intelligence Groh's team at Northwestern released a guide on how to spot AI generated images. The full preprint paper was released in June. "So what we've done is we've articulated 5 different categories of artifacts, implausibilities," Groh said. "Ways to tell AI-generated image apart from a real photograph." The academic preprint guide offers detailed tips, tricks and examples on spotting AI-generated images. It also teaches important questions to consider when consuming media. Anatomical implausibilities The first and easiest telltale signs: anatomical implausibilities. Ask yourself: Are the fingers, eyes, and bodies off? Are there extra limbs or do they bend strangely? Are there too many teeth? Stylistic implausibilities Ask yourself: Do images seem plastic, glossy, shiny or cartoonish? Are there overly dramatic or cinematic? Functional implausibilities Ask yourself: Is text garbled? Is clothing strange? Are objects not physically correct, like how this backpack strap merges into clothing? Violation of physics Ask yourself: Are light and shadows off? Are there impossible reflections? Sociocultural implausibilities Ask yourself: Are there images that are just too unbelievable or historically inaccurate? RELATED STORY | AI voice cloning: How programs are learning to pick up on pitch and tone "What we're trying to do is give you a snapshot of what it looks like in 2024 and how we can help people move their attention as effectively as possible," Groh said. "Education is really the biggest thing. There's education on the tools," said Cole Whitecotton, senior professional research associate at the National Center for Media Forensics. Whitecotton encourages the public to educate themselves and try AI tools to know their capabilities and limits. "I think everybody should go out and use it. And look at how these things do what they do and understand a bit of it," he said. "Everyone should interact with ChatGPT. In some way. Everyone should interact with Midjourney. And look at how these things do what they do and understand a bit of it." Whitecotton suggests being inquisitive and curious when scrolling through social media. "If you interacted with every piece of content in that way, then there you would be a lot less likely to be duped and to be sort of sucked into that sort of stuff, right?" he said. "How do you interact with Facebook and with Twitter and all these things? How do you consume the media?" Whitecotton added. RELATED STORY | Biden's AI advisor speaks on AI policy, deepfakes, and the use of AI in war While AI-generated images and videos continue to evolve, Groh and his team offer a realistic approach to a changing technological landscape where tips and tricks may become outdated quickly. "I think a real, good, useful thing is we build this. We update this every year. Okay, some of these things work. Some of these things don't. And I think once we have a base, we're able to update it," Groh said. "I think one of the problems is we didn't have a base. And so one of the things we're really excited about is even sharing our framework, because I think our framework is going to help people just navigate that conversation." So were you able to guess which image is real? If you guessed the image of the girl in the bottom left corner, you are correct! "It sucks that there's this misinformation in the world. But it's also possible to navigate this new problem," Groh said. If you want to test yourself even more, the Northwestern University research team has released this site that gives you a series of real and AI-generated images to differentiate.
Redmi A4 5G: it’s only Redmi A4 for Airtel users in IndiaRisk adjusted net present value: What is the current valuation of Erasca’s Naporafenibum?
Awarded industry-first design win from a top-four hyperscaler SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world's most advanced data storage technologies and services, announced financial results for its third quarter fiscal year 2025 ended November 3, 2024. "Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler," said Pure Storage Chairman and CEO Charles Giancarlo . "This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption." Third Quarter Financial Highlights "Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models," said Kevan Krysler , Pure Storage CFO. "We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape." Third Quarter Company Highlights Industry Recognition and Accolades Fourth Quarter and FY25 Guidance Q4FY25 Revenue $867M Revenue YoY Growth Rate 9.7 % Non-GAAP Operating Income $135M Non-GAAP Operating Margin 15.6 % FY25 Revenue $3.15B Revenue YoY Growth Rate 11.5 % Non-GAAP Operating Income $540M Non-GAAP Operating Margin 17 % These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure's control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort. Conference Call Information Pure will host a teleconference to discuss the third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website . Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release. A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482. Additionally, Pure is scheduled to participate at the following investor conferences: Wells Fargo 8th Annual TMT Summit Date: Wednesday, December 4, 2024 Time: 1:30 p.m. PT / 4:30 p.m. ET Chief Technology Officer Rob Lee 27th Annual Needham Growth Conference Date: Thursday, January 16, 2025 Time: 9:45 a.m. PT / 12:45 p.m. ET Founder & Chief Visionary Officer John "Co z" Colgrove Chief Financial Officer Kevan Krysler The presentations will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com . ---- About Pure Storage Pure Storage (NYSE: PSTG) delivers the industry's most advanced data storage platform to store, manage, and protect the world's data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It's easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com . Connect with Pure Blog LinkedIn Twitter Facebook Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks . Other names may be trademarks of their respective owners. Forward Looking Statements This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our opportunity with hyperscale and AI environments, our ability to meet hyperscalers' performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer priorities around sustainability, the environmental and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov . Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 4, 2024. All information provided in this release and in the attachments is as of December 3, 2024, and Pure undertakes no duty to update this information unless required by law. Key Performance Metric Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four. Non-GAAP Financial Measures To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, and amortization of intangible assets acquired from acquisitions that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow," included at the end of this release. PURE STORAGE, INC. Condensed Consolidated Balance Sheets (in thousands, unaudited) At the End of Third Quarter of Fiscal 2025 Fiscal 2024 Assets Current assets: Cash and cash equivalents $ 894,569 $ 702,536 Marketable securities 753,960 828,557 Accounts receivable, net of allowance of $956 and $1,060 578,224 662,179 Inventory 41,571 42,663 Deferred commissions, current 86,839 88,712 Prepaid expenses and other current assets 204,485 173,407 Total current assets 2,559,648 2,498,054 Property and equipment, net 431,353 352,604 Operating lease right-of-use-assets 157,574 129,942 Deferred commissions, non-current 210,671 215,620 Intangible assets, net 23,039 33,012 Goodwill 361,427 361,427 Restricted cash 11,249 9,595 Other assets, non-current 99,504 55,506 Total assets $ 3,854,465 $ 3,655,760 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 102,021 $ 82,757 Accrued compensation and benefits 155,652 250,257 Accrued expenses and other liabilities 141,846 135,755 Operating lease liabilities, current 47,941 44,668 Deferred revenue, current 897,174 852,247 Debt, current 100,000 — Total current liabilities 1,444,634 1,365,684 Long-term debt — 100,000 Operating lease liabilities, non-current 146,390 123,201 Deferred revenue, non-current 784,282 742,275 Other liabilities, non-current 68,573 54,506 Total liabilities 2,443,879 2,385,666 Stockholders' equity: Common stock and additional paid-in capital 2,821,010 2,749,627 Accumulated other comprehensive income (loss) 1,023 (3,782) Accumulated deficit (1,411,447) (1,475,751) Total stockholders' equity 1,410,586 1,270,094 Total liabilities and stockholders' equity $ 3,854,465 $ 3,655,760 PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited) Third Quarter of Fiscal First Three Quarters of Fiscal 2025 2024 2025 2024 Revenue: Product $ 454,735 $ 453,277 $ 1,204,714 $ 1,161,978 Subscription services 376,337 309,561 1,083,608 878,838 Total revenue 831,072 762,838 2,288,322 2,040,816 Cost of revenue: Product (1) 154,970 126,770 385,446 343,588 Subscription services (1) 93,180 83,321 284,168 244,541 Total cost of revenue 248,150 210,091 669,614 588,129 Gross profit 582,922 552,747 1,618,708 1,452,687 Operating expenses: Research and development (1) 200,086 182,100 589,396 549,923 Sales and marketing (1) 255,830 231,707 757,069 696,885 General and administrative (1) 67,319 64,729 213,551 192,944 Restructuring and impairment (2) — — 15,901 16,766 Total operating expenses 523,235 478,536 1,575,917 1,456,518 Income (loss) from operations 59,687 74,211 42,791 (3,831) Other income (expense), net 17,156 5,184 50,684 23,619 Income before provision for income taxes 76,843 79,395 93,475 19,788 Income tax provision 13,204 9,006 29,171 23,915 Net income (loss) $ 63,639 $ 70,389 $ 64,304 $ (4,127)
OLED monitors and TVs could get cheaper soon thanks to TCL's inkjet breakthrough
Ebonyi State Government has denied reports published in some sections of the media, alluding that it spent a whooping N1.1 billion on wildlife conservation. The State Commissioner for Information and Orientation, Mr Jude Okpor, made this refusal in a Statement issued in Abakaliki. There were social media publications alleging that the state government allocated N1.1bn to wildlife conservation in nine months, which was reportedly less than the amounts spent on health and water provisions in its 2024 budget. Okpor clarified that the N1.1bn, was an amount allocated for a contingency item, coded under “margin for increase in cost and wildlife conservation” in the approved budget. “The publication is, to say the least, not well-researched and devoid of any iota of truth, the writer obviously failed to carry out adequate investigations necessary to authenticate his report” “Without bearing any grudge or prejudice against the author of the publication, but in full understanding of his ignorance, we wish to clarify as follows” “First, the amount N1.1bn recorded against wildlife conservation is an amount meant for a contingency item, which the approved budget has coded under margin for the increase and not wildlife conservation” “Secondly, we wish to clarify that the approved budget has a different template from the Quarterly Budget Implementation Report template” The Statement added, “It should also be clarified that projects and programmes recorded under contingency, are not initially envisaged but arise during budget implementation” “We therefore urge the general public, particularly those who may refer to such a document as advanced by the publication to be guided” “We are ready and well-disposed to making a copy of an extract from the state’s approved budget available to any interested member of the public for reference purposes.E-bike Market size to increase by USD 16.48 Billion between 2023 to 2028, Market Segmentation by Battery Type, Propulsion, Geography , TechnavioSANTA CLARA, Calif. (AP) — Once-promising seasons hit new lows for the Chicago Bears and San Francisco 49ers last week. Another late-game meltdown sent the Bears to their sixth straight loss and led to the firing of coach Matt Eberflus. The 49ers suffered their second straight blowout loss and more crushing injuries to go from Super Bowl contenders to outside the playoff picture in a matter of weeks. The two reeling teams will try to get back on track on Sunday when the Bears (4-8) visit the 49ers (5-7) in Chicago's first game under interim coach Thomas Brown . “I told them a minute ago after practice there is no confidence loss at all as far as what I think about them,” Brown said Wednesday. “I don’t care what anybody else thinks about them. I think we have a very talented football team. It’s about just putting the work in every single day to give us an opportunity to win.” The Bears are hoping to get an emotional boost from the first in-season firing of a head coach in franchise history. Over the last 10 seasons, teams with interim coaches are 13-11 in their first game with the new coach. Those teams had a .284 winning percentage at the time they fired their coaches. “I wouldn’t say a new voice was needed. I would say there was change that was needed," rookie quarterback Caleb Williams said, pointing to a need for more accountability and better communication. The Niners came into the season as the favorites to get back to the Super Bowl from the NFC after losing the title game to Kansas City last season. But a series of key injuries, bad losses and spotty play have left them in last place in the NFC West with only slim hopes of even reaching the postseason. San Francisco lost 38-10 to Green Bay and 35-10 to Buffalo in back-to-back weeks and lost star running back Christian McCaffrey to a knee injury last week that will sideline him for at least the rest of the regular season. The Niners already lost key players Brandon Aiyuk and Javon Hargrave to season-ending injuries and are preparing to be without stars Nick Bosa and Trent Williams for a third straight week. “It’s just been a rocky mountain for real with the injuries and other stuff we’ve had to go through this season,” receiver Deebo Samuel said. “Our record don’t show how really good we are as a team. We're still believing in this locker room.” Williams described Eberflus’ firing as “interesting” and “tough” and vowed to “roll with the punches” while insisting the chaos and turnover of the past few weeks could help him handle similar situations in the future. Just 12 games into his NFL career, the prized quarterback is on his second head coach and third offensive coordinator, though Brown will continue to call plays. How does he keep the faith that his career is in good hands with this organization? “The first part is understanding I can’t control,” Williams said. “Even if I understand or don’t understand, that doesn’t matter. I have to roll with the punches like I said before. I don’t control everything.” With McCaffrey and Jordan Mason injured, the Niners running game will turn to rookie Isaac Guerendo . The fourth-round pick has 42 carries for 246 yards and two TDs this season and will be making his second start in either college or the pros. Coach Kyle Shanahan said the progress Guerendo has made since training camp makes him ready for his new role as he sees him running with more “urgency.” “I think it takes guys some time,” Shanahan said. “You start to get a feel for it the more, if you’ve got the right stuff, the more you get reps, the more you can adjust to it. How hard you’ve got to hit stuff, how quick those holes close, how when there is a hole how you have to hit it full-speed and can’t hesitate at all or it closes like that. We’ve seen that stuff get better in practice and we’ve seen it carry over into games.” San Francisco's usually stout run defense has been anything but that this season. The Niners have struggled to slow down the opposition on the ground all year with the problem getting worse recently. The 49ers allowed 389 yards rushing the past two weeks. “It’s been so frustrating because I know what is supposed to look like,” linebacker Fred Warner said. “That’s not it.” Stopping the run also continues to be a sore spot for Chicago. The Bears rank 25th overall against the run and 29th in yards allowed per rush after another difficult outing last week. They gave up 194 yards, including 144 in the first half as the Lions grabbed a 16-0 lead. Losing veteran defensive tackle Andrew Billings to a torn pectoral muscle last month did not help. He was injured in a Week 9 loss at Arizona and is expected to miss the remainder of the season after having surgery. AP Sports Writer Andrew Seligman contributed to this report. AP NFL: https://apnews.com/hub/NFL
No. 4 Penn State tries to keep playoff picture out of focus in prep for tough trip to MinnesotaMarvell Technology, Inc. Reports Third Quarter of Fiscal Year 2025 Financial ResultsNew Delhi: Congress President Mallikarjun Kharge on Thursday dissolved the entire Pradesh Congress Committee (PCC) unit in Uttar Pradesh, along with the district and block units, effective immediately, according to a press statement. This decision is being seen as part of the party’s plan to restructure its Uttar Pradesh unit and prepare for the next Assembly elections in the state in 2027. In an official statement, AICC General Secretary K.C. Venugopal confirmed the decision, saying, “Congress President has approved the proposal to dissolve the entire state unit of the PCC, along with the district presidents and Block Congress Committees of the Uttar Pradesh Congress Committee, with immediate effect.” All committees, sub-committees, and district-level units of the Uttar Pradesh Congress Committee have been dissolved with immediate effect, following which all the old officials, executive committee members, and leaders with special charge will no longer hold these posts. The Congress’s performance in the 2019 and 2024 Lok Sabha elections and 2022 Assembly elections was disappointing. Therefore, the party needs to re-establish itself in Uttar Pradesh, which was once a Congress stronghold. However, under Kharge’s leadership, the grand old party is trying to bring forward youth and grassroots leaders into its fold. The party leadership believes it is necessary to change the old committee and induct new energy into it. As many as 403 Assembly seats of Uttar Pradesh will play an important role in the upcoming elections. The objective of the organisational change is to strengthen the Congress at the regional level. The party will select a new leadership, which can understand the ground issues better. At the same time, efforts will also be made to fix the accountability of old leaders. This decision by Congress will have more impact in those Assembly seats in the state where the party currently has less influence. New committees could be formed to create a balance between young and experienced party leaders in Uttar Pradesh. Congress will now re-establish its organisation in both rural and urban areas of the state keeping in mind caste equations. Earlier on November 6, Kharge had dissolved the Himachal Pradesh Congress Committee (PCC), along with its district and block units, in a significant restructuring move. The decision, effective immediately, aimed to revamp the party’s structure in the Congress-led hill state, which had not seen a major reorganisation since the party’s government was established there,
Real vs. fake: Can you spot AI-generated images?
Why did time run out for O'Neil at Wolves?
Central-Phenix City (AL) vs. Hoover (AL) LIVE STREAM (11/22/24) | How to watch Alabama high school football playoff game online