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REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec 9, 2024-- Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Results: Descriptions of our non-GAAP financial measures are contained in the section titled "Explanation of Non-GAAP Financial Measures" below and reconciliations of GAAP and non-GAAP financial measures are contained in the tables below. Proposed Acquisition; Conference Call and Guidance On October 17, 2024, we announced that Zuora entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. (“GIC”). The transaction is valued at $1.7 billion, with Silver Lake and GIC to acquire all outstanding shares of Zuora common stock for $10.00 per share in cash. The acquisition is expected to close in the first calendar quarter of 2024, subject to customary closing conditions and approvals, including the receipt of the required regulatory approvals. Upon completion of the transaction, Zuora will become a privately held company. Given the proposed acquisition of Zuora, we will not be holding a conference call or live webcast to discuss Zuora's third quarter of fiscal 2025 financial results, we will not be providing any forward looking guidance, and we are withdrawing all previously provided goals, outlook, and guidance. Key Operational and Financial Metrics: Explanation of Key Operational and Financial Metrics: Annual Contract Value (ACV) . We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions. We define the number of customers at the end of any particular period as the number of parties or organizations that have entered into a distinct subscription contract with us and for which the term has not ended. Each party with whom we have entered into a distinct subscription contract is considered a unique customer, and in some cases, there may be more than one customer within a single organization. Dollar-based Retention Rate (DBRR) . We calculate DBRR as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate. Annual Recurring Revenue (ARR). ARR represents the annualized recurring value at the time of initial booking or contract modification for all active subscription contracts at the end of a reporting period. ARR excludes the value of non-recurring revenue such as professional services revenue as well as contracts with new customers with a term of less than one year. ARR should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. ARR growth is calculated by dividing the ARR as of a period end by the ARR for the corresponding period end of the prior fiscal year. Explanation of Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures including: non-GAAP cost of subscription revenue; non-GAAP subscription gross margin; non-GAAP cost of professional services revenue; non-GAAP professional services gross margin; non-GAAP gross profit; non-GAAP gross margin; non-GAAP income from operations; non-GAAP operating margin; non-GAAP net income; non-GAAP net income per share; and adjusted free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. We exclude the following items from one or more of our non-GAAP financial measures: Additionally, we disclose "adjusted free cash flow", which is a non-GAAP measure that includes adjustments to operating cash flows for cash impacts related to Shareholder matters and Acquisition-related expenses described above, and net purchases of property and equipment. We include the impact of net purchases of property and equipment in our adjusted free cash flow calculation because we consider these capital expenditures to be a necessary component of our ongoing operations. We believe this measure is meaningful to investors because management reviews cash flows generated from operations excluding such expenditures that are not related to our ongoing operations. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. Forward-Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties. Words such as “believes,” “may,” “will,” “determine,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” “strategy,” “likely,” and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include statements regarding the proposed acquisition of Zuora, including the expected timing of the closing of the acquisition, and expectations for Zuora following the completion of the acquisition. Forward-looking statements are based on management's expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on August 29, 2024 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the possibility that the closing conditions to the proposed acquisition are not satisfied (or waived), including the risk that required approvals from Zuora’s stockholders for the proposed acquisition or required regulatory approvals to consummate the acquisition are not obtained in a timely manner (or at all); the outcome of the current complaint and any potential litigation relating to the proposed acquisition; uncertainties as to the timing of the consummation of the proposed acquisition; the ability of each party to consummate the proposed acquisition; our ability to attract new customers and retain and expand sales to existing customers; our ability to manage our future revenue and profitability plans effectively; adoption of monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions; our ability to develop and release new products and services, or successful enhancements, new features and modifications; challenges related to growing our relationships with strategic partners; loss of key employees; our ability to compete in our markets; adverse impacts on our business and financial condition due to macroeconomic or market conditions; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; market acceptance of our products; the success of our product development efforts; risks associated with currency exchange rate fluctuations; risks associated with our debt obligations; successful deployment of our solutions by customers after entering into a subscription agreement with us; the success of our sales and product initiatives; our security measures; our ability to adequately protect our intellectual property; interruptions or performance problems; litigation and other shareholder related costs; the anticipated benefits of acquisitions and ability to integrate operations and technology of any acquired company; geopolitical conflicts or destabilizing events; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Important Information and Where to Find It In connection with the proposed acquisition, Zuora has filed with the Securities and Exchange Commission (the “SEC”) a proxy statement in preliminary form on November 25, 2024, a definitive version of which will be mailed or otherwise provided to its stockholders. The Company and affiliates of the Company have jointly filed a transaction statement on Schedule 13E-3 (the Schedule 13E-3). Zuora may also file other documents with the SEC regarding the potential transaction. BEFORE MAKING ANY VOTING DECISION, ZUORA’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND THE SCHEDULE 13E-3 IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the proxy statement, the Schedule 13E-3 and other documents that Zuora files with the SEC from the SEC’s website at www.sec.gov and Zuora’s website at investor.zuora.com . In addition, the proxy statement, the Schedule 13E-3 and other documents filed by Zuora with the SEC (when available) may be obtained from Zuora free of charge by directing a request to Zuora’s Investor Relations at investorrelations@zuora.com . Participants in the Solicitation Zuora and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from Zuora’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of the stockholders of Zuora in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be set forth in the proxy statement and Schedule 13E-3 and other materials to be filed with the SEC. You may also find additional information about Zuora’s directors and executive officers in Zuora’s proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on May 16, 2024 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected in Zuora’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You can obtain free copies of these documents from Zuora using the contact information above. About Zuora, Inc. Zuora provides a leading monetization suite to build, run and grow a modern business through a dynamic mix of usage-based models, subscription bundles and everything in between. From pricing and packaging, to billing, payments and revenue accounting, Zuora’s flexible, modular software platform is designed to help companies evolve monetization strategies with customer demand. More than 1,000 customers around the world, including BMC Software, Box, Caterpillar, General Motors, The New York Times, Schneider Electric and Zoom use Zuora’s leading combination of technology and expertise to turn recurring relationships and recurring revenue into recurring growth. Zuora is headquartered in Silicon Valley with offices in the Americas, EMEA and APAC. To learn more, please visit zuora.com . © 2024 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, Subscription Economy Index, Zephr, and Subscription Experience Platform are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release. SOURCE: ZUORA, INC. ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue: Subscription $ 105,253 $ 98,048 $ 308,263 $ 283,232 Professional services 11,676 11,801 33,831 37,760 Total revenue 116,929 109,849 342,094 320,992 Cost of revenue: Subscription 1 23,954 20,378 67,207 62,304 Professional services 1 14,383 14,650 43,483 47,851 Total cost of revenue 38,337 35,028 110,690 110,155 Gross profit 78,592 74,821 231,404 210,837 Operating expenses: Research and development 1 26,833 27,504 76,853 79,428 Sales and marketing 1 36,597 40,245 108,579 124,488 General and administrative 1 26,880 15,893 71,351 54,160 Total operating expenses 90,310 83,642 256,783 258,076 Loss from operations (11,718 ) (8,821 ) (25,379 ) (47,239 ) Change in fair value of debt derivative and warrant liabilities (20,174 ) 6,997 (29,115 ) 2,241 Interest expense (7,045 ) (5,610 ) (20,781 ) (14,604 ) Interest and other income (expense), net 6,505 2,272 19,988 13,639 Loss before income taxes (32,432 ) (5,162 ) (55,287 ) (45,963 ) Income tax (benefit) provision (226 ) 340 (2,152 ) 1,396 Net loss (32,206 ) (5,502 ) (53,135 ) (47,359 ) Comprehensive loss: Foreign currency translation adjustment 462 (696 ) 386 (1,383 ) Unrealized gain (loss) on available-for-sale securities 248 (18 ) 63 494 Comprehensive loss $ (31,496 ) $ (6,216 ) $ (52,686 ) $ (48,248 ) Net loss per share, basic and diluted $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Weighted-average shares outstanding used in calculating net loss per share, basic and diluted 152,263 141,488 149,457 138,789 (1) Stock-based compensation expense was recorded in the following cost and expense categories: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of subscription revenue $ 2,331 $ 2,350 $ 6,291 $ 6,889 Cost of professional services revenue 2,598 2,747 7,359 8,997 Research and development 7,697 7,165 21,680 20,661 Sales and marketing 7,613 8,191 20,609 24,857 General and administrative 4,694 5,648 13,163 16,569 Total stock-based compensation expense $ 24,933 $ 26,101 $ 69,102 $ 77,973 ZUORA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 277,615 $ 256,065 Short-term investments 280,909 258,120 Accounts receivable, net 82,414 124,602 Deferred commissions, current portion 15,995 15,870 Prepaid expenses and other current assets 25,183 23,261 Total current assets 682,116 677,918 Property and equipment, net 27,403 25,961 Operating lease right-of-use assets 20,591 22,462 Purchased intangibles, net 23,146 10,082 Deferred commissions, net of current portion 24,941 27,250 Goodwill 73,903 56,657 Other assets 4,972 3,506 Total assets $ 857,072 $ 823,836 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 761 $ 3,161 Accrued expenses and other current liabilities 45,167 32,157 Accrued employee liabilities 29,860 37,722 Deferred revenue, current portion 177,436 199,615 Operating lease liabilities, current portion 7,030 6,760 Total current liabilities 260,254 279,415 Long-term debt 368,348 359,525 Deferred revenue, net of current portion 860 2,802 Operating lease liabilities, net of current portion 32,573 37,100 Deferred tax liabilities 4,066 3,725 Other long-term liabilities 6,781 7,582 Total liabilities 672,882 690,149 Stockholders’ equity: Class A common stock 15 14 Class B common stock 1 1 Additional paid-in capital 1,067,329 964,141 Accumulated other comprehensive loss (410 ) (859 ) Accumulated deficit (882,745 ) (829,610 ) Total stockholders’ equity 184,190 133,687 Total liabilities and stockholders’ equity $ 857,072 $ 823,836 ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended October 31, 2024 2023 Cash flows from operating activities: Net loss $ (53,135 ) $ (47,359 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization and accretion 14,715 13,684 Stock-based compensation 69,102 77,973 Provision for credit losses 2,117 457 Amortization of deferred commissions 13,946 14,415 Reduction in carrying amount of right-of-use assets 3,470 4,876 Change in fair value of debt derivative and warrant liabilities 29,115 (2,241 ) Other (2,418 ) 2,630 Changes in operating assets and liabilities: Accounts receivable 40,149 12,476 Prepaid expenses and other assets (2,657 ) 878 Deferred commissions (12,107 ) (12,013 ) Accounts payable (2,529 ) (634 ) Accrued expenses and other liabilities 6,843 (82,904 ) Accrued employee liabilities (7,986 ) 509 Deferred revenue (24,439 ) (7,461 ) Operating lease liabilities (7,476 ) (10,962 ) Net cash provided by (used in) operating activities 66,710 (35,676 ) Cash flows from investing activities: Purchases of property and equipment (9,252 ) (6,913 ) Purchases of short-term investments (240,093 ) (66,665 ) Maturities of short-term investments 222,279 175,128 Cash paid for acquisition, net of cash acquired (24,786 ) (4,524 ) Net cash (used in) provided by investing activities (51,852 ) 97,026 Cash flows from financing activities: Proceeds from issuance of common stock upon exercise of stock options 3,372 1,000 Proceeds from issuance of common stock under employee stock purchase plan 4,481 4,765 Payment for taxes related to net share settlement of stock options (1,547 ) — Proceeds from issuance of convertible senior notes, net of issuance costs — 145,861 Net cash provided by financing activities 6,306 151,626 Effect of exchange rates on cash and cash equivalents 386 (1,383 ) Net increase in cash and cash equivalents 21,550 211,593 Cash and cash equivalents, beginning of period 256,065 203,239 Cash and cash equivalents, end of period $ 277,615 $ 414,832 ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except percentages) (unaudited) Subscription Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of subscription revenue: GAAP cost of subscription revenue $ 23,954 $ 20,378 $ 67,207 $ 62,304 Less: Stock-based compensation (2,331 ) (2,350 ) (6,291 ) (6,889 ) Amortization of acquired intangibles (1,164 ) (607 ) (2,706 ) (2,083 ) Workforce reductions (228 ) — (796 ) (38 ) Acquisition-related expenses (12 ) — (103 ) — Asset impairment — (439 ) — (439 ) Shareholder matters — — (20 ) — Non-GAAP cost of subscription revenue $ 20,219 $ 16,982 $ 57,291 $ 52,855 GAAP subscription gross margin 77 % 79 % 78 % 78 % Non-GAAP subscription gross margin 81 % 83 % 81 % 81 % Professional Services Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of professional services revenue: GAAP cost of professional services revenue $ 14,383 $ 14,650 $ 43,483 $ 47,851 Less: Stock-based compensation (2,598 ) (2,747 ) (7,359 ) (8,997 ) Acquisition-related expenses (22 ) — (22 ) — Shareholder matters — — (28 ) — Workforce reductions — — (5 ) (46 ) Non-GAAP cost of professional services revenue $ 11,763 $ 11,903 $ 36,069 $ 38,808 GAAP professional services gross margin (23 )% (24 )% (29 )% (27 )% Non-GAAP professional services gross margin (1 )% (1 )% (7 )% (3 )% ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except percentages) (unaudited) Total Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of gross profit: GAAP gross profit $ 78,592 $ 74,821 $ 231,404 $ 210,837 Add: Stock-based compensation 4,929 5,097 13,650 15,886 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 228 — 801 84 Acquisition-related expenses 34 — 125 — Asset impairment — 439 — 439 Shareholder matters — — 48 — Non-GAAP gross profit $ 84,947 $ 80,964 $ 248,734 $ 229,329 GAAP gross margin 67 % 68 % 68 % 66 % Non-GAAP gross margin 73 % 74 % 73 % 71 % Operating (Loss) Income and Operating Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of (loss) income from operations: GAAP loss from operations $ (11,718 ) $ (8,821 ) $ (25,379 ) $ (47,239 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP income from operations $ 25,100 $ 15,990 $ 69,287 $ 31,620 GAAP operating margin (10 )% (8 )% (7 )% (15 )% Non-GAAP operating margin 21 % 15 % 20 % 10 % ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except per share data) (unaudited) Net (Loss) Income and Net (Loss) Income Per Share Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of net (loss) income: GAAP net loss $ (32,206 ) $ (5,502 ) $ (53,135 ) $ (47,359 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Change in fair value of debt derivative and warrant liabilities 20,174 (6,997 ) 29,115 (2,241 ) Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP net income $ 24,786 $ 12,312 $ 70,646 $ 29,259 GAAP net loss per share, basic and diluted 1 $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Non-GAAP net income per share, basic and diluted 1 $ 0.16 $ 0.09 $ 0.47 $ 0.21 (1) For the three months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 152.3 million and 141.5 million basic and diluted weighted-average shares of common stock, respectively. For the nine months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 149.5 million and 138.8 million basic and diluted weighted-average shares of common stock, respectively. Adjusted Free Cash Flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of adjusted free cash flow: Net cash provided by (used in) operating activities (GAAP) $ 22,408 $ (55,657 ) $ 66,710 $ (35,676 ) Add: Acquisition-related expenses 5,587 28 7,300 135 Shareholder matters 824 71,377 4,379 72,130 Less: Purchases of property and equipment (3,330 ) (3,075 ) (9,252 ) (6,913 ) Adjusted free cash flow (non-GAAP) $ 25,489 $ 12,673 $ 69,137 $ 29,676 Net cash provided by (used in) investing activities (GAAP) $ 18,999 $ 2,005 $ (51,852 ) $ 97,026 Net cash (used in) provided by financing activities (GAAP) $ (1,295 ) $ 145,899 $ 6,306 $ 151,626 View source version on businesswire.com : https://www.businesswire.com/news/home/20241209614914/en/ CONTACT: Investor Relations Contact: Luana Wolk investorrelations@zuora.com 650-419-1377Media Relations Contact: Margaret Juhnke press@zuora.com 619-609-3919 KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE PAYMENTS ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY ELECTRONIC COMMERCE FINTECH OTHER TECHNOLOGY SOURCE: Zuora, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:10 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209614914/en
Avid Bioservices, Inc. ( NASDAQ:CDMO – Get Free Report ) CEO Nicholas Stewart Green sold 145,911 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $1,783,032.42. Following the completion of the transaction, the chief executive officer now directly owns 157,620 shares of the company’s stock, valued at $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website . Nicholas Stewart Green also recently made the following trade(s): Avid Bioservices Trading Down 0.3 % NASDAQ:CDMO opened at $12.24 on Friday. The firm has a market capitalization of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44. Avid Bioservices, Inc. has a 1-year low of $5.65 and a 1-year high of $12.48. The business’s 50-day moving average price is $11.75 and its two-hundred day moving average price is $10.40. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. Institutional Trading of Avid Bioservices Wall Street Analyst Weigh In A number of equities research analysts have recently weighed in on CDMO shares. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, William Blair restated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.25. Check Out Our Latest Stock Analysis on Avid Bioservices About Avid Bioservices ( Get Free Report ) Avid Bioservices, Inc operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries in the United States. It provides process development and current good manufacturing practice clinical and commercial manufacturing services of biologics, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, regulatory submission and support, upstream and downstream development and optimization, analytical methods development, cell line development, testing, and characterization services. Featured Articles Receive News & Ratings for Avid Bioservices Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Bioservices and related companies with MarketBeat.com's FREE daily email newsletter .CLEVELAND (AP) — Shortly after doing a face-down snow angel, firing a few celebratory snowballs and singing “Jingle Bells” on his way to the media room, Jameis Winston ended his postgame news conference with a simple question. “Am I a Brown yet?” he asked. He is now. And who knows? Maybe for a lot longer than expected. Winston entered Cleveland football folklore on Thursday night by leading the Browns to a 24-19 win over the division rival Pittsburgh Steelers, who had their five-game winning streak stopped. Winston's performance at Huntington Bank Field, which transformed into the world's largest snow globe, not only made him an instantaneous hero in the eyes of Browns fans but added another wrinkle to the team's ever-changing, never-ending quarterback conundrum. In his fourth start since Deshaun Watson's season-ending Achilles tendon injury, Winston made enough big plays to help the Browns (3-8) get a victory that should quiet conjecture about coach Kevin Stefanski's job. Some wins mean more than others. In Cleveland, beating the Steelers is as big as it gets. But beyond any instant gratification, Winston has given the Browns more to consider as they move forward. Watson's future with Cleveland is highly uncertain since it will still be months before the team has a grip on whether he's even an option in 2025, his fourth year since signing a $230 million, fully guaranteed contract that has proven calamitous. It's also possible the Browns will cut ties with Watson. They signed Winston to a one-year contract to be Watson's backup. But the unexpected events of 2024 have changed plans and led to the possibility that the 30-year-old Winston could become Cleveland's full-time QB or a bridge to their next young one. So much is unclear. What's not is that Winston, who leaped into the end zone on fourth-and-2 for a TD to put the Browns ahead 18-6 in the fourth quarter, is a difference maker. With his larger-than-life personality and the joy he shows whether practicing or throwing three touchdown passes, he has lifted the Browns. A man of faith, he's made his teammates believe. Winston has done what Watson couldn't: made the Browns better. “A very, very authentic person,” Stefanski said Friday on a Zoom call. “He’s the same guy every single day. He's the same guy at 5 a.m. as he at 5 p.m. He brings great energy to everything he does, and I think his teammates appreciate that about him.” Winston, who is 2-2 as a starter with wins over the Steelers and Baltimore Ravens, has a knack for inspiring through fiery, preacher-like pregame speeches. But what has impressed the Browns is his ability to stay calm in the storm. “He doesn’t get rattled,” said Myles Garrett, who had three sacks against the Steelers . “He’s just tuned in and focused as anyone I’ve seen at that position. Turn the page. There was a turnover, came back to the sideline, ‘Love you. I’m sorry. We’re going to get it back.’ He was already on to the next one, ‘How can we complete the mission?’ “I have a lot of respect for him. First was from afar and now seeing it on the field in front of me, it’s a blessing to have someone who plays a game with such a passion and want-to. You can’t ask for a better teammate when they take those things to heart and they want to play for you like we’re actually brothers and that’s what we have to attain. That brotherhood.” What's working Winston has done something else Watson couldn't: move the offense. The Browns scored more than 20 points for just the second time this season, and like Joe Flacco a year ago, Winston has shown that Stefanski's system works with a quarterback patient enough to let plays develop and unafraid to take shots downfield. What needs help The conditions certainly were a factor, but the Browns were a miserable 1 of 10 on third down, a season-long trend. However, Cleveland converted all four fourth-down tries, including a fourth-and-3 pass from Winston to Jerry Jeudy with 2:36 left that helped set up Nick Chubb's go-ahead TD run. Stock up RT Jack Conklin. Garrett outplayed Steelers star T.J. Watt in their rivalry within the rivalry partly because Conklin did a nice job containing Pittsburgh's edge rusher, who was held without a sack and had one tackle for loss. Conklin has made a remarkable comeback since undergoing reconstructive knee surgery last year. Stock down Owners Dee and Jimmy Haslam. Their desire to build a dome is well intended, but an indoor game could never come close to matching the surreal setting of Thursday night, when snow swirled throughout the stadium and covered nearly all the yard lines and hash marks. “It was beautiful,” Winston said. Injuries WR Cedric Tillman is in the concussion protocol. He had two catches before taking a big hit on the final play of the third quarter. Key numbers 9 — Consecutive home wins for the Browns in Thursday night games. Three of those have come against Pittsburgh. What's next An extended break before visiting the Denver Broncos on Dec. 2. AP NFL: https://apnews.com/hub/NFL
INDIANAPOLIS (WISH) — As the holiday season approaches, many families are grappling with the challenge of maintaining peace and protecting their mental health, especially in an environment of heightened political tension. Whether you’re hosting or attending gatherings, it’s essential to set boundaries to ensure a stress-free and enjoyable holiday season. In an interview with News 8 on Daybreak, Dr. Henderson, a clinical psychologist from Indiana University, shared practical advice for managing holiday interactions. Dr. Henderson suggests a helpful first step before attending or hosting any holiday event: ask yourself, “What can I control as I prepare for Thanksgiving or when hosting others?” “If I’m a guest, really thinking about what time do I want to arrive? How long do I want to stay?” Dr. Henderson said. Hosting can lead to a different kind of stress than being a guest, but you can still prepare and have control. “When I’m hosting, what time do I want people to start coming over? When will I be ready for people to go? So that when those times come, it’s not abrupt for anyone that the transition is happening.” Another useful tip is to establish a “retreat area” for moments when the conversation becomes heated. Dr. Henderson suggests setting up a cozy spot, such as a corner of the front porch, equipped with space heaters, seating, and refreshments. This gives guests a peaceful space to cool off and take a break if tensions rise. Dr. Henderson also recommends self-care strategies, saying, “Do something kind for yourself, drink water, light a candle, or change the subject if necessary.” By setting clear boundaries and staying calm, both hosts and guests can navigate holiday gatherings more easily, ensuring the season remains joyful and stress-free—without letting politics take center stage.The RCMP says it's considering deploying Mounties-in-training to help police the Canada-U.S. border as political anxiety over border control mounts in the face of tariff threats from the incoming Trump administration. RCMP Commissioner Mike Duheme said the RCMP is looking first at sending uniformed officers from its federal policing department to shore up border patrols. He also said the idea of sending cadets from the training depot in Regina is on the table if there's a resource crunch. "If there is a surge that is so great that we need additional resources, that could be something," Duheme told reporters Tuesday. He pointed out that in 2014, RCMP cadets were used to bolster security on Parliament Hill after a gunman shot and killed Cpl. Nathan Cirillo and then stormed Parliament's Centre Block. Duheme spoke to reporters after testifying before the House of Commons public safety committee Tuesday. He told MPs contingency plans are being put together to address Canada's concerns about a surge in asylum seekers heading north, and to ease the incoming U.S. administration's border concerns. Canada to buy helicopters, drones to meet Trump's demand for tighter border security Trump's tariff threat throws a spotlight on the whack-a-mole trade in drug precursors Last week, U.S. president-elect Donald Trump threatened to slap a 25 per cent tariff on imports from Mexico and Canada when he takes office next month, citing concerns about illegal immigration and the flow of fentanyl into the U.S. Since last week's tariff scare, Canada has committed to procuring more helicopters and drones to patrol the border. Duheme said the RCMP has asked the federal government for an increase in the number of uniformed officers present at the border. "But there's also that increase on people who can operate the technology that we're going to get," he said. He wouldn't say how many officers he's asked for, adding that the public safety minister will have more to report soon. "The minister is well in tune to some of the challenges we're facing and they're being addressed," he said. "I'm looking forward to the investment." CBSA union asks for expanded mandate The request for more federal policing resources comes amid a staffing crunch within the RCMP's federal policing division, which is responsible for border integrity and investigating foreign interference, terrorism and other threats to national security, along with high-level organized crime and cybercrime. The unit has been losing regular members over the past decade in order to fill vacancies in the contract policing section, the RCMP's boots-on-the-ground policing service in the provinces and territories. "I've got close to 30 years in here and I think there's not a year that goes by that there's not a different priority [to which] we have to reassign resources," said Duheme. Commissioner of the Royal Canadian Mounted Police (RCMP) Mike Duheme waits to appear before the Standing Committee on Public Safety and National Security (SECU) in the Parliamentary Prescient of Ottawa on Tuesday, Dec. 3, 2024. (Spencer Colby/Canadian Press) The head of the union representing Canada Border Services Agency workers has pressed the federal government to turn over some of the RCMP's mandate to border agents. In an open letter to the federal public safety minister issued Monday, Mark Weber, president of the Customs and Immigration Union, said Ottawa should give the agency the power to patrol the entire border, not just official entry points. "When considering the extensive mandate of the RCMP, empowering CBSA officers to act and patrol in between ports of entry in collaboration with RCMP officers is a logical step," wrote Weber. "Doing so will send a strong signal that the Canadian government understands what is needed to protect our border and our communities." So how did Trudeau and Trump's dinner meeting go? Here's what we know Duheme told reporters he's open to discussing the change but suggested that's a longer-term prospect. "I think we have to explore different ways of doing things," he said.
Garrett Wilson has experienced a lot of losing in his three seasons with the New York Jets. Read this article for free: Already have an account? To continue reading, please subscribe: * Garrett Wilson has experienced a lot of losing in his three seasons with the New York Jets. Read unlimited articles for free today: Already have an account? Garrett Wilson has experienced a lot of losing in his three seasons with the New York Jets. Ten losses in his rookie year. Ten last year. And 10 — and counting — this season. The latest came Sunday, when New York held a late lead at Miami but blew it and lost, something that has been an embarrassingly way too common theme. “When you’re up in the fourth quarter, all of a sudden it starts to feel like you have a losing problem,” the wide receiver said after the Jets’ 32-26 overtime loss. “You have a gene or some (thing).” It’s as good a theory as any at this point, especially for frustrated fans who have watched the Jets (3-10) miss the postseason for 14 straight years. It’s the longest active drought in the NFL, a skid that also currently tops any franchise in the NBA, WNBA, NHL or Major League Baseball. “Losing hurts in general,” right guard Alijah Vera-Tucker said Monday. “So when you stack up those L’s, that’s obviously not where anybody in this building wants to be. That’s not anybody’s standard at all.” Instead, these Jets are setting dubious marks. They have lost a franchise-worst five games in which they held a fourth-quarter lead. And they’ve done it in three straight games. New York has nine consecutive losing seasons, also the longest active skid in the NFL. The Jets couldn’t even enjoy what interim coach Jeff Ulbrich said Monday was Aaron Rodgers’ “best performance of the season.” The 41-year-old quarterback threw for 339 yards — ending a 34-game 300-yard passing drought in the regular season — and a 3-yard touchdown pass to Davante Adams. It wasn’t enough. Not when the defense and special teams were having costly breakdowns. Again, with the Jets holding a late lead. And losing. “I wouldn’t say more frustrating, but probably equally frustrating,” Ulbrich said of the latest loss. “There has been, in my opinion, seven games that have come down to the end of the game and have been within one score and we didn’t get it done, and for a lot of different reasons when you look at the span of that seven games. “But we haven’t been good enough in those moments, and we need to be.” What’s working The passing game. The Jets’ offense with Rodgers hasn’t been nearly as dynamic through the air as most expected. But it has come alive lately, and probably not coincidentally with Rodgers overcoming some nagging leg injuries. The 300-yard game at Miami had Rodgers looking more like the vintage version of the four-time MVP. He was 27 of 39 passing with a season-high 8.7 yards per attempt, leading the Jets to a season-best 402 total yards. “I thought he did a very good job, and obviously the statistics would support that,” Ulbrich said. “He had an excellent day. I thought the offense had probably their best performance of the year.” What needs help Defense vs. the screen. Tua Tagovailoa made quick work of the Jets’ defense with a quick release and the Dolphins’ use of screen passes. Ulbrich counted 12 of them. “I’ve never been a part of a game like that,” he said. Ulbrich credited Miami for offsetting New York’s aggressive front and slowing it. “I’m taking a hard look at our screen defense,” he said. “We need to be better vs. the screens. Sometimes that’s from an execution standpoint and that’s sometimes from a call standpoint. So we’ve got to make sure that that type of day doesn’t occur for the defense. And I have a big part of that.” Stock up LB Jamien Sherwood. With C.J. Mosley going down with various injuries, Sherwood’s playing time has increased in his fourth season — and he has produced. He had 18 total tackles, including 13 solo, against the Dolphins and added to his team-leading season total. Sherwood became the first player in the NFL to have 18 or more tackles, two or more for losses and one pass defensed since Denver’s Alex Singleton did so in Week 6 of the 2022 season. Stock down Special teams. Anders Carlson made all four of his field-goal attempts, including a go-ahead 42-yarder with 52 seconds left in the fourth quarter. But his kickoff on the ensuing play was returned 45 yards by Malik Washington, helping set up Jason Sanders’ 42-yarder with 7 seconds remaining. Carlson acknowledged he was supposed to kick into the end zone for a touchback but mis-hit it. The coverage unit also fell flat in limiting Washington’s return. Injuries Ulbrich had no new information on the injuries to RT Morgan Moses, who hurt his left wrist in pregame warmups and left after the first half, or special teams ace Irvin Charles (knee). ... RB Breece Hall (knee) and CB Sauce Gardner missed the game, but Ulbrich said “I’d like to think they’ve got a chance” to play Sunday at Jacksonville. Key number Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. 0 — The Jets had no hits on Tagovailoa, who threw 47 times. “As soon as he snapped the ball, the ball was gone,” Sherwood said. What’s next New York heads to Jacksonville next Sunday, when the loser will move up in the draft order. The Jets currently hold the No. 7 spot, according to tankathon.com, while the Jaguars (3-10) are at No. 5 entering Monday. ___ AP NFL: https://apnews.com/hub/NFL Advertisement AdvertisementSean ‘Diddy’ Combs issues cease and desist from jail over documentary about his protégé - Hindustan TimesHealthEquity Reports Third Quarter Ended October 31, 2024 Financial Results
Parents have been spending an entire month every year cooking for their families, according to a study by Philips. One in ten parents admit to slaving over the stove for up to two hours a night and use six pots, pans and trays for just one meal. Luckily, Philips has come up with a solution to these troubles in the Philips 5000 Series Airfryer and Steamer . It could be the best way to get into air frying yet with is sleek design and incredible functionality. It's on sale at Currys for £249.99. It's also being sold at John Lewis for the same price. Fifty-two per cent of parents in the study say planning what to feed the family is a source of daily stress, but this could be a great reliever - Philip's first air fryer with a built-in steam function. The steam function defends against overcooking of food and can also be used to reheat leftovers. It also features a Steam Clean function to clear out fat in the larger drawer. Not to mention, this uses around 70 per cent less energy than a traditional oven. READ MORE: Furry electric throw with £45 off 'keeps heating costs down' and 'envelops you in soft warmth' The air fryer has a very large capacity at nine litres across two different baskets. There are 11 preset functions and each basket is an independent cooking zone so you can cook several things at once in entirely different ways. You can set each zone to finish at the exact right time too so you can serve up as soon as cooking is done. The Philips 5000 Series also features RapidAir Plus technology's unique star shaped design which means hot air is circulated evenly through the food ensuring a perfect cook every time. To see all the best Deals, Sales and Bargains in London, check out our Facebook group . The study found that 82 per cent of parents put off cooking a meal due to the amount of washing up required but the parts are also dishwasher safe, making washing up that much easier. In the study, many admit to making sacrifices just to ensure families are fed - with over half (51%) compromising on taste and one in five parents resorting to cooking from frozen eight times a week. Convenience (39%) is the factor parents most value when cooking, followed by taste (32%), simplicity (14%) and affordability (13%). This is partly solved by the the HomeID app alongside the air fryer with access to hundreds of delicious meals and step-by-step guidance tailored to your air fryer . You can now join MyLondon 's new WhatsApp Community to get the best deals, sales, bargains and much more. Through WhatsApp, we'll send the latest exciting new products and bargains straight to your phone, both across London and online. To join our community, you need to already have WhatsApp. All you need to do is click this link and select 'join community' . No one will be able to see who is signed up and no one can send messages except the MyLondon team. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you’re curious, you can read our privacy notice . Click here to join our WhatsApp community . Sara Vaum, Senior Product Manager at Philips, said: “For many parents, when it comes to feeding the family, finding that balance between tasty, healthy and simple is not straightforward. It means some mums and dads are spending up to a month a year in the kitchen, juggling multiple pots, pans, and often a dose of daily stress in order to keep their little ones fed. “At Philips, we want to help people achieve a better balance, which is why we’re proud to unveil our latest innovation - the Series 5000 Airfryer and Steamer. By combining traditional Airfryer technology with a unique steam fry function - a delicious and nutritious family meal is at your fingertips in a matter of minutes - without a mountain of washing up to confront afterwards.” Alternatively, you can buy the Tower Vortx 7L air fryer with Steam Technology for £77.99 at Amazon. You can buy the Philips 5000 Series Airfryer and Steamer from Currys and John Lewis . You can get the Tower Vortx 7L air fryer with Steam Technology at Amazon .
Is Enron back? If it’s a joke, some former employees aren’t laughing
By Hyunsu Yim and Joyce Lee SEOUL (Reuters) -South Korea's parliament began a session on Friday where a vote to impeach acting President Han Duck-soo over short-lived martial law is scheduled, as the Constitutional Court said it would swiftly decide suspended President Yoon Suk Yeol's fate. The push to impeach Prime Minister Han Duck-soo, who has been acting president since Yoon was impeached on Dec. 14 for declaring martial law on Dec. 3, has thrown South Korea's once-vibrant democratic success story into uncharted territory. Ahead of the parliamentary session, opposition leader Lee Jae-myung said his Democratic Party, which has majority control of parliament, will go ahead with the plan to impeach the acting president, accusing Han of "acting for insurrection". "The only way to normalise the country is to swiftly root out all the insurrection forces," Lee said in a fiery speech, adding the party was acting on the public order to eradicate those who have put the country at risk. There has been overwhelming public support for Yoon's removal, according to opinion polls conducted after his martial law attempt. The plan for a vote to impeach Han was unveiled on Thursday by the main opposition Democratic Party after he declined to immediately appoint three justices to fill vacancies at the Constitutional Court, saying it would exceed his acting role. It remained unclear how many votes are needed to impeach Han as acting leader. The threshold for a prime minister is a simple majority, while a two-thirds majority is needed for a president. It is also unclear whether Han and the ruling party would accept any outcome. If Han is suspended, Finance Minister Choi Sang-mok will assume the acting presidency by law. Lee's pledge to oust Han came minutes after Choi warned that impeaching the acting president would seriously damage the country's economic credibility and asked political parties to withdraw the plan. "The economy and the people's livelihoods are walking on thin ice under a national state of emergency and it cannot cope any greater political uncertainty that will result from another acting president assuming the acting presidency," he said. Choi spoke for the country's cabinet, flanked by ministers. The South Korean won weakened to a fresh low of 1,486.7 per dollar on Friday, the weakest since March 2009, as analysts said there was little to reverse the negative sentiment stemming from the political uncertainty. The vote to determine Han's fate comes on the same day the Constitutional Court held its first hearing in a case reviewing whether to overturn the impeachment and reinstate Yoon or remove him permanently from office. It has 180 days to reach a decision. Speaking for the court in a preparatory hearing, Justice Cheong Hyung-sik said the court will move swiftly on the case considering its gravity, denying a request by Yoon's lawyers for a postponement in proceedings to better prepare the case. In the hearing that wrapped up under an hour, the court set the next hearing for Jan. 3. Yoon Kap-keun, one of the lawyers representing the impeached president, later told reporters the legal team is still adding members and that Yoon himself plans to appear in person in the future. The hearing follows weeks of defiance by Yoon ignoring requests by the court to submit documents as well as summons by investigators in a separate criminal case over his martial law declaration. Yoon was not required to attend Friday's hearing. If he ousted, a new presidential election would be held within 60 days. WORST POLITICAL CRISIS IN DECADES The events following the Dec. 3 martial law declaration have plunged the country into its gravest political crisis since 1987, when widespread protests forced the ruling party of former military generals into accepting a constitutional amendment bringing in direct, popular vote to elect the president. Yoon shocked the country and the world with a late-night announcement on Dec. 3 that he was imposing martial law to overcome political deadlock and root out "anti-state forces". The military deployed special forces to the national assembly, the election commission, and the office of a liberal YouTube commentator. It also issued orders banning activity by parliament and political parties, as well as calling for government control of the media. But within hours 190 lawmakers had defied the cordons of troops and police and voted against Yoon's order. About six hours after his initial decree, Yoon rescinded the order. Yoon and senior members of his administration also face criminal investigations for insurrection. (Writing by Josh Smith, Jack Kim; Editing by Ed Davies and Michael Perry)
A former high school classmate of Luigi Nicholas Mangione, the “strong person of interest” arrested Monday in the brazen Manhattan killing of UnitedHealthcare’s CEO, said he was surprised to learn of his arrest. Freddie Leatherbury hasn’t spoken to Mangione since they graduated in 2016 from Gilman School in Maryland. He said Mangione was a smart, friendly and athletic student who came from a wealthy family, even by the private school’s standards. “Quite honestly, he had everything going for him,” Leatherbury said. Leatherbury said he was stunned when a friend shared the news of their former classmate’s arrest. “He does not seem like the kind of guy to do this based on everything I’d known about him in high school,” Leatherbury said. Mangione, a high school valedictorian from a Maryland prep school, earned undergraduate and graduate degrees in computer science in 2020 from the University of Pennsylvania, a spokesman told The Associated Press on Monday. He had learned to code in high school and helped start a club at Penn for people interested in gaming and game design, according to a 2018 story in Penn Today, a campus publication. His posts also suggest that he belonged to the fraternity Phi Kappa Psi. They also show him taking part in a 2019 program at Stanford University, and in photos with family and friends in Hawaii, San Diego, Puerto Rico, the New Jersey shore and other destinations. In an email to parents and alumni, Gilman headmaster Henry P.A. Smyth said it “recently” learned that Mangione had been arrested. “We do not have any information other than what is being reported in the news,” Smyth wrote. “This is deeply distressing news on top of an already awful situation. Our hearts go out to everyone affected.” A poster issued by the Federal Bureau of Investigation shows a wanted unknown suspect in the killing of UnitedHealthcare CEO Brian Thompson. (FBI via AP) AP Luigi Mangione is one of 37 grandchildren of Nick Mangione Sr., according to a 2008 obituary. Mangione Sr. grew up poor in Baltimore’s Little Italy and rose after his World War II naval service to become a millionaire real estate developer and philanthropist, according to a 1995 profile by the Baltimore Sun. He and his wife Mary Cuba Mangione, who died in 2023, directed their philanthropy through the Mangione Family Foundation, according to a statement from Loyola University commemorating her death. They donated to a variety of causes, ranging from Catholic organizations to higher education, to the arts. Mangione Sr. was known for Turf Valley Resort, a sprawling luxury retreat and conference center outside Baltimore that he purchased in 1978. The father of 10 children, Nick Mangione Sr. prepared his five sons — including Luigi Mangione’s father, Louis Mangione — to help manage the family business, according to a 2003 Washington Post report. The Mangione family also purchased Hayfields Country Club north of Baltimore in 1986. On Monday afternoon, Baltimore County police officers had blocked off an entrance to the property, which public records link to Luigi Mangione’s parents. A swarm of reporters and photographers gathered outside the entrance. One of Luigi Mangione’s cousins is Republican Maryland state legislator Nino Mangione, a spokesperson for the delegate’s office confirmed Monday. Healthcare SEO shooting Reviewers slam Pa. McDonald’s after worker tip leads to arrest in CEO killing Ghost gun possibly used to kill UnitedHealthcare CEO can be made at home ‘Strong person of interest’ arrested in Pa. in health care CEO’s killing: Here’s what we know
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REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec 9, 2024-- Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Results: Descriptions of our non-GAAP financial measures are contained in the section titled "Explanation of Non-GAAP Financial Measures" below and reconciliations of GAAP and non-GAAP financial measures are contained in the tables below. Proposed Acquisition; Conference Call and Guidance On October 17, 2024, we announced that Zuora entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. (“GIC”). The transaction is valued at $1.7 billion, with Silver Lake and GIC to acquire all outstanding shares of Zuora common stock for $10.00 per share in cash. The acquisition is expected to close in the first calendar quarter of 2024, subject to customary closing conditions and approvals, including the receipt of the required regulatory approvals. Upon completion of the transaction, Zuora will become a privately held company. Given the proposed acquisition of Zuora, we will not be holding a conference call or live webcast to discuss Zuora's third quarter of fiscal 2025 financial results, we will not be providing any forward looking guidance, and we are withdrawing all previously provided goals, outlook, and guidance. Key Operational and Financial Metrics: Explanation of Key Operational and Financial Metrics: Annual Contract Value (ACV) . We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions. We define the number of customers at the end of any particular period as the number of parties or organizations that have entered into a distinct subscription contract with us and for which the term has not ended. Each party with whom we have entered into a distinct subscription contract is considered a unique customer, and in some cases, there may be more than one customer within a single organization. Dollar-based Retention Rate (DBRR) . We calculate DBRR as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate. Annual Recurring Revenue (ARR). ARR represents the annualized recurring value at the time of initial booking or contract modification for all active subscription contracts at the end of a reporting period. ARR excludes the value of non-recurring revenue such as professional services revenue as well as contracts with new customers with a term of less than one year. ARR should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. ARR growth is calculated by dividing the ARR as of a period end by the ARR for the corresponding period end of the prior fiscal year. Explanation of Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures including: non-GAAP cost of subscription revenue; non-GAAP subscription gross margin; non-GAAP cost of professional services revenue; non-GAAP professional services gross margin; non-GAAP gross profit; non-GAAP gross margin; non-GAAP income from operations; non-GAAP operating margin; non-GAAP net income; non-GAAP net income per share; and adjusted free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. We exclude the following items from one or more of our non-GAAP financial measures: Additionally, we disclose "adjusted free cash flow", which is a non-GAAP measure that includes adjustments to operating cash flows for cash impacts related to Shareholder matters and Acquisition-related expenses described above, and net purchases of property and equipment. We include the impact of net purchases of property and equipment in our adjusted free cash flow calculation because we consider these capital expenditures to be a necessary component of our ongoing operations. We believe this measure is meaningful to investors because management reviews cash flows generated from operations excluding such expenditures that are not related to our ongoing operations. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. Forward-Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties. Words such as “believes,” “may,” “will,” “determine,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” “strategy,” “likely,” and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include statements regarding the proposed acquisition of Zuora, including the expected timing of the closing of the acquisition, and expectations for Zuora following the completion of the acquisition. Forward-looking statements are based on management's expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on August 29, 2024 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the possibility that the closing conditions to the proposed acquisition are not satisfied (or waived), including the risk that required approvals from Zuora’s stockholders for the proposed acquisition or required regulatory approvals to consummate the acquisition are not obtained in a timely manner (or at all); the outcome of the current complaint and any potential litigation relating to the proposed acquisition; uncertainties as to the timing of the consummation of the proposed acquisition; the ability of each party to consummate the proposed acquisition; our ability to attract new customers and retain and expand sales to existing customers; our ability to manage our future revenue and profitability plans effectively; adoption of monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions; our ability to develop and release new products and services, or successful enhancements, new features and modifications; challenges related to growing our relationships with strategic partners; loss of key employees; our ability to compete in our markets; adverse impacts on our business and financial condition due to macroeconomic or market conditions; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; market acceptance of our products; the success of our product development efforts; risks associated with currency exchange rate fluctuations; risks associated with our debt obligations; successful deployment of our solutions by customers after entering into a subscription agreement with us; the success of our sales and product initiatives; our security measures; our ability to adequately protect our intellectual property; interruptions or performance problems; litigation and other shareholder related costs; the anticipated benefits of acquisitions and ability to integrate operations and technology of any acquired company; geopolitical conflicts or destabilizing events; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Important Information and Where to Find It In connection with the proposed acquisition, Zuora has filed with the Securities and Exchange Commission (the “SEC”) a proxy statement in preliminary form on November 25, 2024, a definitive version of which will be mailed or otherwise provided to its stockholders. The Company and affiliates of the Company have jointly filed a transaction statement on Schedule 13E-3 (the Schedule 13E-3). Zuora may also file other documents with the SEC regarding the potential transaction. BEFORE MAKING ANY VOTING DECISION, ZUORA’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND THE SCHEDULE 13E-3 IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the proxy statement, the Schedule 13E-3 and other documents that Zuora files with the SEC from the SEC’s website at www.sec.gov and Zuora’s website at investor.zuora.com . In addition, the proxy statement, the Schedule 13E-3 and other documents filed by Zuora with the SEC (when available) may be obtained from Zuora free of charge by directing a request to Zuora’s Investor Relations at investorrelations@zuora.com . Participants in the Solicitation Zuora and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from Zuora’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of the stockholders of Zuora in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be set forth in the proxy statement and Schedule 13E-3 and other materials to be filed with the SEC. You may also find additional information about Zuora’s directors and executive officers in Zuora’s proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on May 16, 2024 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected in Zuora’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You can obtain free copies of these documents from Zuora using the contact information above. About Zuora, Inc. Zuora provides a leading monetization suite to build, run and grow a modern business through a dynamic mix of usage-based models, subscription bundles and everything in between. From pricing and packaging, to billing, payments and revenue accounting, Zuora’s flexible, modular software platform is designed to help companies evolve monetization strategies with customer demand. More than 1,000 customers around the world, including BMC Software, Box, Caterpillar, General Motors, The New York Times, Schneider Electric and Zoom use Zuora’s leading combination of technology and expertise to turn recurring relationships and recurring revenue into recurring growth. Zuora is headquartered in Silicon Valley with offices in the Americas, EMEA and APAC. To learn more, please visit zuora.com . © 2024 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, Subscription Economy Index, Zephr, and Subscription Experience Platform are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release. SOURCE: ZUORA, INC. ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue: Subscription $ 105,253 $ 98,048 $ 308,263 $ 283,232 Professional services 11,676 11,801 33,831 37,760 Total revenue 116,929 109,849 342,094 320,992 Cost of revenue: Subscription 1 23,954 20,378 67,207 62,304 Professional services 1 14,383 14,650 43,483 47,851 Total cost of revenue 38,337 35,028 110,690 110,155 Gross profit 78,592 74,821 231,404 210,837 Operating expenses: Research and development 1 26,833 27,504 76,853 79,428 Sales and marketing 1 36,597 40,245 108,579 124,488 General and administrative 1 26,880 15,893 71,351 54,160 Total operating expenses 90,310 83,642 256,783 258,076 Loss from operations (11,718 ) (8,821 ) (25,379 ) (47,239 ) Change in fair value of debt derivative and warrant liabilities (20,174 ) 6,997 (29,115 ) 2,241 Interest expense (7,045 ) (5,610 ) (20,781 ) (14,604 ) Interest and other income (expense), net 6,505 2,272 19,988 13,639 Loss before income taxes (32,432 ) (5,162 ) (55,287 ) (45,963 ) Income tax (benefit) provision (226 ) 340 (2,152 ) 1,396 Net loss (32,206 ) (5,502 ) (53,135 ) (47,359 ) Comprehensive loss: Foreign currency translation adjustment 462 (696 ) 386 (1,383 ) Unrealized gain (loss) on available-for-sale securities 248 (18 ) 63 494 Comprehensive loss $ (31,496 ) $ (6,216 ) $ (52,686 ) $ (48,248 ) Net loss per share, basic and diluted $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Weighted-average shares outstanding used in calculating net loss per share, basic and diluted 152,263 141,488 149,457 138,789 (1) Stock-based compensation expense was recorded in the following cost and expense categories: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of subscription revenue $ 2,331 $ 2,350 $ 6,291 $ 6,889 Cost of professional services revenue 2,598 2,747 7,359 8,997 Research and development 7,697 7,165 21,680 20,661 Sales and marketing 7,613 8,191 20,609 24,857 General and administrative 4,694 5,648 13,163 16,569 Total stock-based compensation expense $ 24,933 $ 26,101 $ 69,102 $ 77,973 ZUORA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 277,615 $ 256,065 Short-term investments 280,909 258,120 Accounts receivable, net 82,414 124,602 Deferred commissions, current portion 15,995 15,870 Prepaid expenses and other current assets 25,183 23,261 Total current assets 682,116 677,918 Property and equipment, net 27,403 25,961 Operating lease right-of-use assets 20,591 22,462 Purchased intangibles, net 23,146 10,082 Deferred commissions, net of current portion 24,941 27,250 Goodwill 73,903 56,657 Other assets 4,972 3,506 Total assets $ 857,072 $ 823,836 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 761 $ 3,161 Accrued expenses and other current liabilities 45,167 32,157 Accrued employee liabilities 29,860 37,722 Deferred revenue, current portion 177,436 199,615 Operating lease liabilities, current portion 7,030 6,760 Total current liabilities 260,254 279,415 Long-term debt 368,348 359,525 Deferred revenue, net of current portion 860 2,802 Operating lease liabilities, net of current portion 32,573 37,100 Deferred tax liabilities 4,066 3,725 Other long-term liabilities 6,781 7,582 Total liabilities 672,882 690,149 Stockholders’ equity: Class A common stock 15 14 Class B common stock 1 1 Additional paid-in capital 1,067,329 964,141 Accumulated other comprehensive loss (410 ) (859 ) Accumulated deficit (882,745 ) (829,610 ) Total stockholders’ equity 184,190 133,687 Total liabilities and stockholders’ equity $ 857,072 $ 823,836 ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended October 31, 2024 2023 Cash flows from operating activities: Net loss $ (53,135 ) $ (47,359 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization and accretion 14,715 13,684 Stock-based compensation 69,102 77,973 Provision for credit losses 2,117 457 Amortization of deferred commissions 13,946 14,415 Reduction in carrying amount of right-of-use assets 3,470 4,876 Change in fair value of debt derivative and warrant liabilities 29,115 (2,241 ) Other (2,418 ) 2,630 Changes in operating assets and liabilities: Accounts receivable 40,149 12,476 Prepaid expenses and other assets (2,657 ) 878 Deferred commissions (12,107 ) (12,013 ) Accounts payable (2,529 ) (634 ) Accrued expenses and other liabilities 6,843 (82,904 ) Accrued employee liabilities (7,986 ) 509 Deferred revenue (24,439 ) (7,461 ) Operating lease liabilities (7,476 ) (10,962 ) Net cash provided by (used in) operating activities 66,710 (35,676 ) Cash flows from investing activities: Purchases of property and equipment (9,252 ) (6,913 ) Purchases of short-term investments (240,093 ) (66,665 ) Maturities of short-term investments 222,279 175,128 Cash paid for acquisition, net of cash acquired (24,786 ) (4,524 ) Net cash (used in) provided by investing activities (51,852 ) 97,026 Cash flows from financing activities: Proceeds from issuance of common stock upon exercise of stock options 3,372 1,000 Proceeds from issuance of common stock under employee stock purchase plan 4,481 4,765 Payment for taxes related to net share settlement of stock options (1,547 ) — Proceeds from issuance of convertible senior notes, net of issuance costs — 145,861 Net cash provided by financing activities 6,306 151,626 Effect of exchange rates on cash and cash equivalents 386 (1,383 ) Net increase in cash and cash equivalents 21,550 211,593 Cash and cash equivalents, beginning of period 256,065 203,239 Cash and cash equivalents, end of period $ 277,615 $ 414,832 ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except percentages) (unaudited) Subscription Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of subscription revenue: GAAP cost of subscription revenue $ 23,954 $ 20,378 $ 67,207 $ 62,304 Less: Stock-based compensation (2,331 ) (2,350 ) (6,291 ) (6,889 ) Amortization of acquired intangibles (1,164 ) (607 ) (2,706 ) (2,083 ) Workforce reductions (228 ) — (796 ) (38 ) Acquisition-related expenses (12 ) — (103 ) — Asset impairment — (439 ) — (439 ) Shareholder matters — — (20 ) — Non-GAAP cost of subscription revenue $ 20,219 $ 16,982 $ 57,291 $ 52,855 GAAP subscription gross margin 77 % 79 % 78 % 78 % Non-GAAP subscription gross margin 81 % 83 % 81 % 81 % Professional Services Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of professional services revenue: GAAP cost of professional services revenue $ 14,383 $ 14,650 $ 43,483 $ 47,851 Less: Stock-based compensation (2,598 ) (2,747 ) (7,359 ) (8,997 ) Acquisition-related expenses (22 ) — (22 ) — Shareholder matters — — (28 ) — Workforce reductions — — (5 ) (46 ) Non-GAAP cost of professional services revenue $ 11,763 $ 11,903 $ 36,069 $ 38,808 GAAP professional services gross margin (23 )% (24 )% (29 )% (27 )% Non-GAAP professional services gross margin (1 )% (1 )% (7 )% (3 )% ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except percentages) (unaudited) Total Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of gross profit: GAAP gross profit $ 78,592 $ 74,821 $ 231,404 $ 210,837 Add: Stock-based compensation 4,929 5,097 13,650 15,886 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 228 — 801 84 Acquisition-related expenses 34 — 125 — Asset impairment — 439 — 439 Shareholder matters — — 48 — Non-GAAP gross profit $ 84,947 $ 80,964 $ 248,734 $ 229,329 GAAP gross margin 67 % 68 % 68 % 66 % Non-GAAP gross margin 73 % 74 % 73 % 71 % Operating (Loss) Income and Operating Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of (loss) income from operations: GAAP loss from operations $ (11,718 ) $ (8,821 ) $ (25,379 ) $ (47,239 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP income from operations $ 25,100 $ 15,990 $ 69,287 $ 31,620 GAAP operating margin (10 )% (8 )% (7 )% (15 )% Non-GAAP operating margin 21 % 15 % 20 % 10 % ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except per share data) (unaudited) Net (Loss) Income and Net (Loss) Income Per Share Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of net (loss) income: GAAP net loss $ (32,206 ) $ (5,502 ) $ (53,135 ) $ (47,359 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Change in fair value of debt derivative and warrant liabilities 20,174 (6,997 ) 29,115 (2,241 ) Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP net income $ 24,786 $ 12,312 $ 70,646 $ 29,259 GAAP net loss per share, basic and diluted 1 $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Non-GAAP net income per share, basic and diluted 1 $ 0.16 $ 0.09 $ 0.47 $ 0.21 (1) For the three months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 152.3 million and 141.5 million basic and diluted weighted-average shares of common stock, respectively. For the nine months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 149.5 million and 138.8 million basic and diluted weighted-average shares of common stock, respectively. Adjusted Free Cash Flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of adjusted free cash flow: Net cash provided by (used in) operating activities (GAAP) $ 22,408 $ (55,657 ) $ 66,710 $ (35,676 ) Add: Acquisition-related expenses 5,587 28 7,300 135 Shareholder matters 824 71,377 4,379 72,130 Less: Purchases of property and equipment (3,330 ) (3,075 ) (9,252 ) (6,913 ) Adjusted free cash flow (non-GAAP) $ 25,489 $ 12,673 $ 69,137 $ 29,676 Net cash provided by (used in) investing activities (GAAP) $ 18,999 $ 2,005 $ (51,852 ) $ 97,026 Net cash (used in) provided by financing activities (GAAP) $ (1,295 ) $ 145,899 $ 6,306 $ 151,626 View source version on businesswire.com : https://www.businesswire.com/news/home/20241209614914/en/ CONTACT: Investor Relations Contact: Luana Wolk investorrelations@zuora.com 650-419-1377Media Relations Contact: Margaret Juhnke press@zuora.com 619-609-3919 KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE PAYMENTS ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY ELECTRONIC COMMERCE FINTECH OTHER TECHNOLOGY SOURCE: Zuora, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:10 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209614914/en
Avid Bioservices, Inc. ( NASDAQ:CDMO – Get Free Report ) CEO Nicholas Stewart Green sold 145,911 shares of Avid Bioservices stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $12.22, for a total value of $1,783,032.42. Following the completion of the transaction, the chief executive officer now directly owns 157,620 shares of the company’s stock, valued at $1,926,116.40. This represents a 48.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website . Nicholas Stewart Green also recently made the following trade(s): Avid Bioservices Trading Down 0.3 % NASDAQ:CDMO opened at $12.24 on Friday. The firm has a market capitalization of $782.91 million, a price-to-earnings ratio of -5.12 and a beta of 1.44. Avid Bioservices, Inc. has a 1-year low of $5.65 and a 1-year high of $12.48. The business’s 50-day moving average price is $11.75 and its two-hundred day moving average price is $10.40. The company has a current ratio of 1.30, a quick ratio of 1.05 and a debt-to-equity ratio of 3.58. Institutional Trading of Avid Bioservices Wall Street Analyst Weigh In A number of equities research analysts have recently weighed in on CDMO shares. Craig Hallum downgraded Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $12.50 price objective (up from $12.00) on shares of Avid Bioservices in a research report on Thursday, November 7th. StockNews.com raised shares of Avid Bioservices to a “sell” rating in a research note on Tuesday, September 10th. Stephens downgraded shares of Avid Bioservices from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 4th. Finally, William Blair restated a “market perform” rating on shares of Avid Bioservices in a report on Thursday, November 7th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.25. Check Out Our Latest Stock Analysis on Avid Bioservices About Avid Bioservices ( Get Free Report ) Avid Bioservices, Inc operates as a contract development and manufacturing organization for the biotechnology and biopharmaceutical industries in the United States. It provides process development and current good manufacturing practice clinical and commercial manufacturing services of biologics, including clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing, regulatory submission and support, upstream and downstream development and optimization, analytical methods development, cell line development, testing, and characterization services. Featured Articles Receive News & Ratings for Avid Bioservices Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avid Bioservices and related companies with MarketBeat.com's FREE daily email newsletter .CLEVELAND (AP) — Shortly after doing a face-down snow angel, firing a few celebratory snowballs and singing “Jingle Bells” on his way to the media room, Jameis Winston ended his postgame news conference with a simple question. “Am I a Brown yet?” he asked. He is now. And who knows? Maybe for a lot longer than expected. Winston entered Cleveland football folklore on Thursday night by leading the Browns to a 24-19 win over the division rival Pittsburgh Steelers, who had their five-game winning streak stopped. Winston's performance at Huntington Bank Field, which transformed into the world's largest snow globe, not only made him an instantaneous hero in the eyes of Browns fans but added another wrinkle to the team's ever-changing, never-ending quarterback conundrum. In his fourth start since Deshaun Watson's season-ending Achilles tendon injury, Winston made enough big plays to help the Browns (3-8) get a victory that should quiet conjecture about coach Kevin Stefanski's job. Some wins mean more than others. In Cleveland, beating the Steelers is as big as it gets. But beyond any instant gratification, Winston has given the Browns more to consider as they move forward. Watson's future with Cleveland is highly uncertain since it will still be months before the team has a grip on whether he's even an option in 2025, his fourth year since signing a $230 million, fully guaranteed contract that has proven calamitous. It's also possible the Browns will cut ties with Watson. They signed Winston to a one-year contract to be Watson's backup. But the unexpected events of 2024 have changed plans and led to the possibility that the 30-year-old Winston could become Cleveland's full-time QB or a bridge to their next young one. So much is unclear. What's not is that Winston, who leaped into the end zone on fourth-and-2 for a TD to put the Browns ahead 18-6 in the fourth quarter, is a difference maker. With his larger-than-life personality and the joy he shows whether practicing or throwing three touchdown passes, he has lifted the Browns. A man of faith, he's made his teammates believe. Winston has done what Watson couldn't: made the Browns better. “A very, very authentic person,” Stefanski said Friday on a Zoom call. “He’s the same guy every single day. He's the same guy at 5 a.m. as he at 5 p.m. He brings great energy to everything he does, and I think his teammates appreciate that about him.” Winston, who is 2-2 as a starter with wins over the Steelers and Baltimore Ravens, has a knack for inspiring through fiery, preacher-like pregame speeches. But what has impressed the Browns is his ability to stay calm in the storm. “He doesn’t get rattled,” said Myles Garrett, who had three sacks against the Steelers . “He’s just tuned in and focused as anyone I’ve seen at that position. Turn the page. There was a turnover, came back to the sideline, ‘Love you. I’m sorry. We’re going to get it back.’ He was already on to the next one, ‘How can we complete the mission?’ “I have a lot of respect for him. First was from afar and now seeing it on the field in front of me, it’s a blessing to have someone who plays a game with such a passion and want-to. You can’t ask for a better teammate when they take those things to heart and they want to play for you like we’re actually brothers and that’s what we have to attain. That brotherhood.” What's working Winston has done something else Watson couldn't: move the offense. The Browns scored more than 20 points for just the second time this season, and like Joe Flacco a year ago, Winston has shown that Stefanski's system works with a quarterback patient enough to let plays develop and unafraid to take shots downfield. What needs help The conditions certainly were a factor, but the Browns were a miserable 1 of 10 on third down, a season-long trend. However, Cleveland converted all four fourth-down tries, including a fourth-and-3 pass from Winston to Jerry Jeudy with 2:36 left that helped set up Nick Chubb's go-ahead TD run. Stock up RT Jack Conklin. Garrett outplayed Steelers star T.J. Watt in their rivalry within the rivalry partly because Conklin did a nice job containing Pittsburgh's edge rusher, who was held without a sack and had one tackle for loss. Conklin has made a remarkable comeback since undergoing reconstructive knee surgery last year. Stock down Owners Dee and Jimmy Haslam. Their desire to build a dome is well intended, but an indoor game could never come close to matching the surreal setting of Thursday night, when snow swirled throughout the stadium and covered nearly all the yard lines and hash marks. “It was beautiful,” Winston said. Injuries WR Cedric Tillman is in the concussion protocol. He had two catches before taking a big hit on the final play of the third quarter. Key numbers 9 — Consecutive home wins for the Browns in Thursday night games. Three of those have come against Pittsburgh. What's next An extended break before visiting the Denver Broncos on Dec. 2. AP NFL: https://apnews.com/hub/NFL
INDIANAPOLIS (WISH) — As the holiday season approaches, many families are grappling with the challenge of maintaining peace and protecting their mental health, especially in an environment of heightened political tension. Whether you’re hosting or attending gatherings, it’s essential to set boundaries to ensure a stress-free and enjoyable holiday season. In an interview with News 8 on Daybreak, Dr. Henderson, a clinical psychologist from Indiana University, shared practical advice for managing holiday interactions. Dr. Henderson suggests a helpful first step before attending or hosting any holiday event: ask yourself, “What can I control as I prepare for Thanksgiving or when hosting others?” “If I’m a guest, really thinking about what time do I want to arrive? How long do I want to stay?” Dr. Henderson said. Hosting can lead to a different kind of stress than being a guest, but you can still prepare and have control. “When I’m hosting, what time do I want people to start coming over? When will I be ready for people to go? So that when those times come, it’s not abrupt for anyone that the transition is happening.” Another useful tip is to establish a “retreat area” for moments when the conversation becomes heated. Dr. Henderson suggests setting up a cozy spot, such as a corner of the front porch, equipped with space heaters, seating, and refreshments. This gives guests a peaceful space to cool off and take a break if tensions rise. Dr. Henderson also recommends self-care strategies, saying, “Do something kind for yourself, drink water, light a candle, or change the subject if necessary.” By setting clear boundaries and staying calm, both hosts and guests can navigate holiday gatherings more easily, ensuring the season remains joyful and stress-free—without letting politics take center stage.The RCMP says it's considering deploying Mounties-in-training to help police the Canada-U.S. border as political anxiety over border control mounts in the face of tariff threats from the incoming Trump administration. RCMP Commissioner Mike Duheme said the RCMP is looking first at sending uniformed officers from its federal policing department to shore up border patrols. He also said the idea of sending cadets from the training depot in Regina is on the table if there's a resource crunch. "If there is a surge that is so great that we need additional resources, that could be something," Duheme told reporters Tuesday. He pointed out that in 2014, RCMP cadets were used to bolster security on Parliament Hill after a gunman shot and killed Cpl. Nathan Cirillo and then stormed Parliament's Centre Block. Duheme spoke to reporters after testifying before the House of Commons public safety committee Tuesday. He told MPs contingency plans are being put together to address Canada's concerns about a surge in asylum seekers heading north, and to ease the incoming U.S. administration's border concerns. Canada to buy helicopters, drones to meet Trump's demand for tighter border security Trump's tariff threat throws a spotlight on the whack-a-mole trade in drug precursors Last week, U.S. president-elect Donald Trump threatened to slap a 25 per cent tariff on imports from Mexico and Canada when he takes office next month, citing concerns about illegal immigration and the flow of fentanyl into the U.S. Since last week's tariff scare, Canada has committed to procuring more helicopters and drones to patrol the border. Duheme said the RCMP has asked the federal government for an increase in the number of uniformed officers present at the border. "But there's also that increase on people who can operate the technology that we're going to get," he said. He wouldn't say how many officers he's asked for, adding that the public safety minister will have more to report soon. "The minister is well in tune to some of the challenges we're facing and they're being addressed," he said. "I'm looking forward to the investment." CBSA union asks for expanded mandate The request for more federal policing resources comes amid a staffing crunch within the RCMP's federal policing division, which is responsible for border integrity and investigating foreign interference, terrorism and other threats to national security, along with high-level organized crime and cybercrime. The unit has been losing regular members over the past decade in order to fill vacancies in the contract policing section, the RCMP's boots-on-the-ground policing service in the provinces and territories. "I've got close to 30 years in here and I think there's not a year that goes by that there's not a different priority [to which] we have to reassign resources," said Duheme. Commissioner of the Royal Canadian Mounted Police (RCMP) Mike Duheme waits to appear before the Standing Committee on Public Safety and National Security (SECU) in the Parliamentary Prescient of Ottawa on Tuesday, Dec. 3, 2024. (Spencer Colby/Canadian Press) The head of the union representing Canada Border Services Agency workers has pressed the federal government to turn over some of the RCMP's mandate to border agents. In an open letter to the federal public safety minister issued Monday, Mark Weber, president of the Customs and Immigration Union, said Ottawa should give the agency the power to patrol the entire border, not just official entry points. "When considering the extensive mandate of the RCMP, empowering CBSA officers to act and patrol in between ports of entry in collaboration with RCMP officers is a logical step," wrote Weber. "Doing so will send a strong signal that the Canadian government understands what is needed to protect our border and our communities." So how did Trudeau and Trump's dinner meeting go? Here's what we know Duheme told reporters he's open to discussing the change but suggested that's a longer-term prospect. "I think we have to explore different ways of doing things," he said.
Garrett Wilson has experienced a lot of losing in his three seasons with the New York Jets. Read this article for free: Already have an account? To continue reading, please subscribe: * Garrett Wilson has experienced a lot of losing in his three seasons with the New York Jets. Read unlimited articles for free today: Already have an account? Garrett Wilson has experienced a lot of losing in his three seasons with the New York Jets. Ten losses in his rookie year. Ten last year. And 10 — and counting — this season. The latest came Sunday, when New York held a late lead at Miami but blew it and lost, something that has been an embarrassingly way too common theme. “When you’re up in the fourth quarter, all of a sudden it starts to feel like you have a losing problem,” the wide receiver said after the Jets’ 32-26 overtime loss. “You have a gene or some (thing).” It’s as good a theory as any at this point, especially for frustrated fans who have watched the Jets (3-10) miss the postseason for 14 straight years. It’s the longest active drought in the NFL, a skid that also currently tops any franchise in the NBA, WNBA, NHL or Major League Baseball. “Losing hurts in general,” right guard Alijah Vera-Tucker said Monday. “So when you stack up those L’s, that’s obviously not where anybody in this building wants to be. That’s not anybody’s standard at all.” Instead, these Jets are setting dubious marks. They have lost a franchise-worst five games in which they held a fourth-quarter lead. And they’ve done it in three straight games. New York has nine consecutive losing seasons, also the longest active skid in the NFL. The Jets couldn’t even enjoy what interim coach Jeff Ulbrich said Monday was Aaron Rodgers’ “best performance of the season.” The 41-year-old quarterback threw for 339 yards — ending a 34-game 300-yard passing drought in the regular season — and a 3-yard touchdown pass to Davante Adams. It wasn’t enough. Not when the defense and special teams were having costly breakdowns. Again, with the Jets holding a late lead. And losing. “I wouldn’t say more frustrating, but probably equally frustrating,” Ulbrich said of the latest loss. “There has been, in my opinion, seven games that have come down to the end of the game and have been within one score and we didn’t get it done, and for a lot of different reasons when you look at the span of that seven games. “But we haven’t been good enough in those moments, and we need to be.” What’s working The passing game. The Jets’ offense with Rodgers hasn’t been nearly as dynamic through the air as most expected. But it has come alive lately, and probably not coincidentally with Rodgers overcoming some nagging leg injuries. The 300-yard game at Miami had Rodgers looking more like the vintage version of the four-time MVP. He was 27 of 39 passing with a season-high 8.7 yards per attempt, leading the Jets to a season-best 402 total yards. “I thought he did a very good job, and obviously the statistics would support that,” Ulbrich said. “He had an excellent day. I thought the offense had probably their best performance of the year.” What needs help Defense vs. the screen. Tua Tagovailoa made quick work of the Jets’ defense with a quick release and the Dolphins’ use of screen passes. Ulbrich counted 12 of them. “I’ve never been a part of a game like that,” he said. Ulbrich credited Miami for offsetting New York’s aggressive front and slowing it. “I’m taking a hard look at our screen defense,” he said. “We need to be better vs. the screens. Sometimes that’s from an execution standpoint and that’s sometimes from a call standpoint. So we’ve got to make sure that that type of day doesn’t occur for the defense. And I have a big part of that.” Stock up LB Jamien Sherwood. With C.J. Mosley going down with various injuries, Sherwood’s playing time has increased in his fourth season — and he has produced. He had 18 total tackles, including 13 solo, against the Dolphins and added to his team-leading season total. Sherwood became the first player in the NFL to have 18 or more tackles, two or more for losses and one pass defensed since Denver’s Alex Singleton did so in Week 6 of the 2022 season. Stock down Special teams. Anders Carlson made all four of his field-goal attempts, including a go-ahead 42-yarder with 52 seconds left in the fourth quarter. But his kickoff on the ensuing play was returned 45 yards by Malik Washington, helping set up Jason Sanders’ 42-yarder with 7 seconds remaining. Carlson acknowledged he was supposed to kick into the end zone for a touchback but mis-hit it. The coverage unit also fell flat in limiting Washington’s return. Injuries Ulbrich had no new information on the injuries to RT Morgan Moses, who hurt his left wrist in pregame warmups and left after the first half, or special teams ace Irvin Charles (knee). ... RB Breece Hall (knee) and CB Sauce Gardner missed the game, but Ulbrich said “I’d like to think they’ve got a chance” to play Sunday at Jacksonville. Key number Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. 0 — The Jets had no hits on Tagovailoa, who threw 47 times. “As soon as he snapped the ball, the ball was gone,” Sherwood said. What’s next New York heads to Jacksonville next Sunday, when the loser will move up in the draft order. The Jets currently hold the No. 7 spot, according to tankathon.com, while the Jaguars (3-10) are at No. 5 entering Monday. ___ AP NFL: https://apnews.com/hub/NFL Advertisement AdvertisementSean ‘Diddy’ Combs issues cease and desist from jail over documentary about his protégé - Hindustan TimesHealthEquity Reports Third Quarter Ended October 31, 2024 Financial Results
Parents have been spending an entire month every year cooking for their families, according to a study by Philips. One in ten parents admit to slaving over the stove for up to two hours a night and use six pots, pans and trays for just one meal. Luckily, Philips has come up with a solution to these troubles in the Philips 5000 Series Airfryer and Steamer . It could be the best way to get into air frying yet with is sleek design and incredible functionality. It's on sale at Currys for £249.99. It's also being sold at John Lewis for the same price. Fifty-two per cent of parents in the study say planning what to feed the family is a source of daily stress, but this could be a great reliever - Philip's first air fryer with a built-in steam function. The steam function defends against overcooking of food and can also be used to reheat leftovers. It also features a Steam Clean function to clear out fat in the larger drawer. Not to mention, this uses around 70 per cent less energy than a traditional oven. READ MORE: Furry electric throw with £45 off 'keeps heating costs down' and 'envelops you in soft warmth' The air fryer has a very large capacity at nine litres across two different baskets. There are 11 preset functions and each basket is an independent cooking zone so you can cook several things at once in entirely different ways. You can set each zone to finish at the exact right time too so you can serve up as soon as cooking is done. The Philips 5000 Series also features RapidAir Plus technology's unique star shaped design which means hot air is circulated evenly through the food ensuring a perfect cook every time. To see all the best Deals, Sales and Bargains in London, check out our Facebook group . The study found that 82 per cent of parents put off cooking a meal due to the amount of washing up required but the parts are also dishwasher safe, making washing up that much easier. In the study, many admit to making sacrifices just to ensure families are fed - with over half (51%) compromising on taste and one in five parents resorting to cooking from frozen eight times a week. Convenience (39%) is the factor parents most value when cooking, followed by taste (32%), simplicity (14%) and affordability (13%). This is partly solved by the the HomeID app alongside the air fryer with access to hundreds of delicious meals and step-by-step guidance tailored to your air fryer . You can now join MyLondon 's new WhatsApp Community to get the best deals, sales, bargains and much more. Through WhatsApp, we'll send the latest exciting new products and bargains straight to your phone, both across London and online. To join our community, you need to already have WhatsApp. All you need to do is click this link and select 'join community' . No one will be able to see who is signed up and no one can send messages except the MyLondon team. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you’re curious, you can read our privacy notice . Click here to join our WhatsApp community . Sara Vaum, Senior Product Manager at Philips, said: “For many parents, when it comes to feeding the family, finding that balance between tasty, healthy and simple is not straightforward. It means some mums and dads are spending up to a month a year in the kitchen, juggling multiple pots, pans, and often a dose of daily stress in order to keep their little ones fed. “At Philips, we want to help people achieve a better balance, which is why we’re proud to unveil our latest innovation - the Series 5000 Airfryer and Steamer. By combining traditional Airfryer technology with a unique steam fry function - a delicious and nutritious family meal is at your fingertips in a matter of minutes - without a mountain of washing up to confront afterwards.” Alternatively, you can buy the Tower Vortx 7L air fryer with Steam Technology for £77.99 at Amazon. You can buy the Philips 5000 Series Airfryer and Steamer from Currys and John Lewis . You can get the Tower Vortx 7L air fryer with Steam Technology at Amazon .
Is Enron back? If it’s a joke, some former employees aren’t laughing
By Hyunsu Yim and Joyce Lee SEOUL (Reuters) -South Korea's parliament began a session on Friday where a vote to impeach acting President Han Duck-soo over short-lived martial law is scheduled, as the Constitutional Court said it would swiftly decide suspended President Yoon Suk Yeol's fate. The push to impeach Prime Minister Han Duck-soo, who has been acting president since Yoon was impeached on Dec. 14 for declaring martial law on Dec. 3, has thrown South Korea's once-vibrant democratic success story into uncharted territory. Ahead of the parliamentary session, opposition leader Lee Jae-myung said his Democratic Party, which has majority control of parliament, will go ahead with the plan to impeach the acting president, accusing Han of "acting for insurrection". "The only way to normalise the country is to swiftly root out all the insurrection forces," Lee said in a fiery speech, adding the party was acting on the public order to eradicate those who have put the country at risk. There has been overwhelming public support for Yoon's removal, according to opinion polls conducted after his martial law attempt. The plan for a vote to impeach Han was unveiled on Thursday by the main opposition Democratic Party after he declined to immediately appoint three justices to fill vacancies at the Constitutional Court, saying it would exceed his acting role. It remained unclear how many votes are needed to impeach Han as acting leader. The threshold for a prime minister is a simple majority, while a two-thirds majority is needed for a president. It is also unclear whether Han and the ruling party would accept any outcome. If Han is suspended, Finance Minister Choi Sang-mok will assume the acting presidency by law. Lee's pledge to oust Han came minutes after Choi warned that impeaching the acting president would seriously damage the country's economic credibility and asked political parties to withdraw the plan. "The economy and the people's livelihoods are walking on thin ice under a national state of emergency and it cannot cope any greater political uncertainty that will result from another acting president assuming the acting presidency," he said. Choi spoke for the country's cabinet, flanked by ministers. The South Korean won weakened to a fresh low of 1,486.7 per dollar on Friday, the weakest since March 2009, as analysts said there was little to reverse the negative sentiment stemming from the political uncertainty. The vote to determine Han's fate comes on the same day the Constitutional Court held its first hearing in a case reviewing whether to overturn the impeachment and reinstate Yoon or remove him permanently from office. It has 180 days to reach a decision. Speaking for the court in a preparatory hearing, Justice Cheong Hyung-sik said the court will move swiftly on the case considering its gravity, denying a request by Yoon's lawyers for a postponement in proceedings to better prepare the case. In the hearing that wrapped up under an hour, the court set the next hearing for Jan. 3. Yoon Kap-keun, one of the lawyers representing the impeached president, later told reporters the legal team is still adding members and that Yoon himself plans to appear in person in the future. The hearing follows weeks of defiance by Yoon ignoring requests by the court to submit documents as well as summons by investigators in a separate criminal case over his martial law declaration. Yoon was not required to attend Friday's hearing. If he ousted, a new presidential election would be held within 60 days. WORST POLITICAL CRISIS IN DECADES The events following the Dec. 3 martial law declaration have plunged the country into its gravest political crisis since 1987, when widespread protests forced the ruling party of former military generals into accepting a constitutional amendment bringing in direct, popular vote to elect the president. Yoon shocked the country and the world with a late-night announcement on Dec. 3 that he was imposing martial law to overcome political deadlock and root out "anti-state forces". The military deployed special forces to the national assembly, the election commission, and the office of a liberal YouTube commentator. It also issued orders banning activity by parliament and political parties, as well as calling for government control of the media. But within hours 190 lawmakers had defied the cordons of troops and police and voted against Yoon's order. About six hours after his initial decree, Yoon rescinded the order. Yoon and senior members of his administration also face criminal investigations for insurrection. (Writing by Josh Smith, Jack Kim; Editing by Ed Davies and Michael Perry)
A former high school classmate of Luigi Nicholas Mangione, the “strong person of interest” arrested Monday in the brazen Manhattan killing of UnitedHealthcare’s CEO, said he was surprised to learn of his arrest. Freddie Leatherbury hasn’t spoken to Mangione since they graduated in 2016 from Gilman School in Maryland. He said Mangione was a smart, friendly and athletic student who came from a wealthy family, even by the private school’s standards. “Quite honestly, he had everything going for him,” Leatherbury said. Leatherbury said he was stunned when a friend shared the news of their former classmate’s arrest. “He does not seem like the kind of guy to do this based on everything I’d known about him in high school,” Leatherbury said. Mangione, a high school valedictorian from a Maryland prep school, earned undergraduate and graduate degrees in computer science in 2020 from the University of Pennsylvania, a spokesman told The Associated Press on Monday. He had learned to code in high school and helped start a club at Penn for people interested in gaming and game design, according to a 2018 story in Penn Today, a campus publication. His posts also suggest that he belonged to the fraternity Phi Kappa Psi. They also show him taking part in a 2019 program at Stanford University, and in photos with family and friends in Hawaii, San Diego, Puerto Rico, the New Jersey shore and other destinations. In an email to parents and alumni, Gilman headmaster Henry P.A. Smyth said it “recently” learned that Mangione had been arrested. “We do not have any information other than what is being reported in the news,” Smyth wrote. “This is deeply distressing news on top of an already awful situation. Our hearts go out to everyone affected.” A poster issued by the Federal Bureau of Investigation shows a wanted unknown suspect in the killing of UnitedHealthcare CEO Brian Thompson. (FBI via AP) AP Luigi Mangione is one of 37 grandchildren of Nick Mangione Sr., according to a 2008 obituary. Mangione Sr. grew up poor in Baltimore’s Little Italy and rose after his World War II naval service to become a millionaire real estate developer and philanthropist, according to a 1995 profile by the Baltimore Sun. He and his wife Mary Cuba Mangione, who died in 2023, directed their philanthropy through the Mangione Family Foundation, according to a statement from Loyola University commemorating her death. They donated to a variety of causes, ranging from Catholic organizations to higher education, to the arts. Mangione Sr. was known for Turf Valley Resort, a sprawling luxury retreat and conference center outside Baltimore that he purchased in 1978. The father of 10 children, Nick Mangione Sr. prepared his five sons — including Luigi Mangione’s father, Louis Mangione — to help manage the family business, according to a 2003 Washington Post report. The Mangione family also purchased Hayfields Country Club north of Baltimore in 1986. On Monday afternoon, Baltimore County police officers had blocked off an entrance to the property, which public records link to Luigi Mangione’s parents. A swarm of reporters and photographers gathered outside the entrance. One of Luigi Mangione’s cousins is Republican Maryland state legislator Nino Mangione, a spokesperson for the delegate’s office confirmed Monday. Healthcare SEO shooting Reviewers slam Pa. McDonald’s after worker tip leads to arrest in CEO killing Ghost gun possibly used to kill UnitedHealthcare CEO can be made at home ‘Strong person of interest’ arrested in Pa. in health care CEO’s killing: Here’s what we know