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Release time: 2025-01-12 | Source: Unknown
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SAN FRANCISCO--(BUSINESS WIRE)--Nov 21, 2024-- the company behind Elasticsearch®, announced financial results for its second quarter of fiscal 2025 ended October 31, 2024. “Elastic delivered a strong second quarter supported by solid sales execution, exceeding our guidance across all revenue and profitability metrics,” said Ash Kulkarni, Chief Executive Officer, Elastic. “In Q2 we saw strong customer commitments with key wins across all our solution areas, with continued momentum in GenAI and platform consolidation. Our clear product differentiation, and our relentless pace of innovation is helping us become a natural choice for customers building GenAI applications.” The Company is providing the following guidance: For the third quarter of fiscal 2025 (ending January 31, 2025): For fiscal 2025 (ending April 30, 2025): The guidance assumes, among others, the following exchange rates: 1 Euro = 1.060 US Dollars; and 1 Great British Pound = 1.267 US Dollars. See the section titled “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. We present historical and forward-looking non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of these non-GAAP measures. A reconciliation of forward-looking non-GAAP measures to the corresponding GAAP measures for operating margin and net loss per share is not available without unreasonable effort due to the uncertainty regarding, and the potential variability of, many of the costs and expenses that may be incurred in the future. These items necessary to reconcile such non-GAAP measures could be material and have a significant impact on the Company’s results computed in accordance with GAAP. Elastic also announced today that Janesh Moorjani, the Company’s Chief Financial Officer and Chief Operating Officer, will be leaving Elastic to pursue another opportunity and his last day with Elastic will be December 13, 2024. Eric Prengel, Elastic’s Group Vice President of Finance, has been appointed as interim Chief Financial Officer effective December 14, 2024. Prengel has been with Elastic for the past two years with broad responsibility for various FP&A and business partnership functions. Prior to joining Elastic, Prengel spent nearly 10 years at J.P. Morgan in various investment banking leadership roles. “I’d like to thank Janesh for all his contributions to Elastic over the past seven years. He has been a trusted colleague and a friend, and we wish him all the best as he pursues a new opportunity. Having worked closely with Eric during his time here, I am excited to have him step into the interim CFO role and I am confident in his disciplined leadership and ability to excel in this role,” said Kulkarni. Elastic’s executive management team will host a conference call today at 2:00 p.m. PT/5:00 p.m. ET to discuss the Company’s financial results and business outlook. A live audio webcast of the conference call will be available through Elastic’s Investor Relations website at ir.elastic.co. A presentation containing financial and operating information will be available at the same website. The replay of the webcast will also be available on the investor relations website. Elastic (NYSE: ESTC), the Search AI Company, enables everyone to find the answers they need in real-time using all their data, at scale. Elastic’s solutions for search, observability and security are built on the Elastic Search AI Platform, the development platform used by thousands of companies, including more than 50% of the Fortune 500. Learn more at elastic.co. and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners. This press release contains forward-looking statements that involve substantial risks and uncertainties, which include, but are not limited to, statements regarding our expected financial results for the fiscal quarter ending January 31, 2025 and the fiscal year ending April 30, 2025, the expected performance or benefits of our offerings, our product strategy and innovation, changes in leadership, expected market opportunities, and our ability to execute on those market opportunities. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements due to uncertainties, risks, and changes in circumstances, including but not limited to those related to: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (which include changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability; our ability to continue to deliver and improve our offerings and develop new offerings (including innovations around AI use cases); customer acceptance and purchase of our new and existing offerings; the expansion and adoption of our Elastic Cloud offerings; our ability to realize value from investments in the business; our ability to maintain and expand our user and customer base; the impact of the evolving macroeconomic and geopolitical environments on our business, operations, hiring and financial results, and on businesses and spending priorities of our customers and partners; the impact of our pricing model strategies on our business; the impact of our licensing model on the use and adoption of our software; the impact of foreign currency exchange rate fluctuations and the uncertain inflation and interest rate environment on our results; our international expansion strategy; our operating results and cash flows; the sufficiency of our capital resources; our ability to successfully execute our go-to-market strategy, our forecasts regarding our business; and general market, political, economic and business conditions. Any additional or unforeseen effect from the evolving macroeconomic and geopolitical environments may exacerbate these risks. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those expressed or implied in our forward-looking statements are included in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 and subsequent reports filed with the SEC. SEC filings are available on the Investor Relations section of Elastic’s website at ir.elastic.co and the SEC’s website at . Elastic assumes no obligation to, and does not currently intend to, update any such forward-looking statements, except as required by law. In addition to our results determined in accordance with U.S. GAAP, we believe the non-GAAP measures listed below are useful in evaluating our operating performance. We use these non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review the differences between GAAP financial measures and the corresponding non-GAAP financial measures, and not to rely on any single financial measure to evaluate our business. Reconciliations of historical GAAP financial measures to their respective historical non-GAAP financial measures are included below. In relation to constant currency non-GAAP financial measures, the only reconciling item between GAAP financial measures and non-GAAP financial measures is the effect of foreign currency rate fluctuations. Further details on how we calculate such effects can be found in the definition of “Constant Currency” below. We define non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding stock-based compensation expense and related employer taxes and amortization of acquired intangible assets. We believe non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance. We define non-GAAP operating income and non-GAAP operating margin as GAAP operating loss and GAAP operating margin, respectively, excluding stock-based compensation expense and related employer taxes, amortization of acquired intangible assets, acquisition-related expenses, and restructuring and other related charges. We believe non-GAAP operating income and non-GAAP operating margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance. We define non-GAAP net income as GAAP loss, excluding stock-based compensation expense and related employer taxes, amortization of acquired intangible assets, acquisition-related expenses, restructuring and other related charges, and the related income tax effect of these adjustments as well as other significant tax adjustments. We define non-GAAP earnings per share, basic, as non-GAAP net income divided by weighted average shares outstanding and non-GAAP earnings per share, diluted, as non-GAAP net income divided by weighted average diluted shares outstanding, which includes the potentially dilutive effect of the company’s employee equity incentive plan awards. We believe non-GAAP earnings per share provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric generally eliminates the effects of certain variables from period to period for reasons unrelated to overall operating performance. Adjusted free cash flow is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities adjusted for cash paid for interest less cash used for investing activities for purchases of property and equipment. Adjusted free cash flow margin is calculated as adjusted free cash flow divided by total revenue. Adjusted free cash flow does not represent residual cash flow available for discretionary expenditures since, among other things, we have mandatory debt service requirements. We compare the percent change in certain results from one period to another period using constant currency information to provide a framework for assessing how our business performed excluding the effect of foreign currency rate fluctuations. In presenting this information, current and comparative prior period results are converted into United States dollars at the exchange rates in effect on the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Elastic Investor Relations Elastic Corporate Communications Revenue Subscription $ 340,807 $ 287,743 $ 664,581 $ 557,990 Services 24,554 22,869 48,200 46,375 Total revenue 365,361 310,612 712,781 604,365 Cost of revenue Subscription 69,941 59,996 138,288 117,262 Services 23,238 20,093 46,648 40,304 Total cost of revenue 93,179 80,089 184,936 157,566 Gross profit 272,182 230,523 527,845 446,799 Operating expenses Research and development 88,163 80,108 177,495 160,798 Sales and marketing 144,274 133,230 301,631 266,399 General and administrative 44,085 38,695 86,758 76,634 Restructuring and other related charges 86 29 225 754 Total operating expenses 276,608 252,062 566,109 504,585 Operating loss (4,426 ) (21,539 ) (38,264 ) (57,786 ) Other income, net Interest expense (6,462 ) (6,349 ) (12,988 ) (12,655 ) Other income, net 9,106 8,239 20,314 15,539 Loss before income taxes (1,782 ) (19,649 ) (30,938 ) (54,902 ) Provision for income taxes 23,668 5,147 43,739 18,402 Net loss $ (25,450 ) $ (24,796 ) $ (74,677 ) $ (73,304 ) Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.25 ) $ (0.25 ) $ (0.73 ) $ (0.74 ) Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted 103,238,740 99,073,401 102,761,588 98,507,725 Current assets: Cash and cash equivalents $ 658,508 $ 540,397 Restricted cash 3,320 2,692 Marketable securities 539,062 544,002 Accounts receivable, net of allowance for credit losses of $4,992 and $4,979 as of October 31, 2024 and April 30, 2024, respectively 256,068 323,011 Deferred contract acquisition costs 77,129 78,030 Prepaid expenses and other current assets 41,667 42,765 Total current assets 1,575,754 1,530,897 Property and equipment, net 5,005 5,453 Goodwill 319,417 319,380 Operating lease right-of-use assets 16,433 20,506 Intangible assets, net 14,506 20,620 Deferred contract acquisition costs, non-current 106,120 114,509 Deferred tax assets 187,204 225,544 Other assets 7,061 5,657 Total assets $ 2,231,500 $ 2,242,566 Current liabilities: Accounts payable $ 23,557 $ 26,075 Accrued expenses and other liabilities 75,979 75,292 Accrued compensation and benefits 72,511 93,691 Operating lease liabilities 10,525 12,187 Deferred revenue 608,157 663,846 Total current liabilities 790,729 871,091 Deferred revenue, non-current 37,548 30,293 Long-term debt, net 569,165 568,612 Operating lease liabilities, non-current 9,621 12,898 Other liabilities, non-current 12,919 21,487 Total liabilities 1,419,982 1,504,381 Shareholders’ equity: Preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2024 and April 30, 2024 — — Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 103,631,086 shares issued and outstanding as of October 31, 2024 and 101,705,935 shares issued and outstanding as of April 30, 2024 1,091 1,070 Treasury stock (369 ) (369 ) Additional paid-in capital 1,895,307 1,750,729 Accumulated other comprehensive loss (18,227 ) (21,638 ) Accumulated deficit (1,066,284 ) (991,607 ) Total shareholders’ equity 811,518 738,185 Total liabilities and shareholders’ equity $ 2,231,500 $ 2,242,566 Net loss $ (25,450 ) $ (24,796 ) $ (74,677 ) $ (73,304 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation and amortization 3,565 4,728 7,738 9,781 Amortization of premium and accretion of discount on marketable securities, net (1,926 ) (1,178 ) (4,126 ) (3,646 ) Amortization of deferred contract acquisition costs 23,994 18,380 47,175 35,952 Amortization of debt issuance costs 278 266 553 529 Non-cash operating lease cost 2,617 2,618 5,455 5,270 Stock-based compensation expense 64,065 56,455 127,608 113,582 Deferred income taxes 23,653 35 38,376 427 Unrealized foreign currency transaction loss (gain) 2,397 (778 ) 2,216 422 Other (14 ) 16 (14 ) (18 ) Changes in operating assets and liabilities: Accounts receivable, net (59,122 ) (48,899 ) 68,081 26,972 Deferred contract acquisition costs (23,278 ) (22,276 ) (37,178 ) (43,421 ) Prepaid expenses and other current assets 998 (2,753 ) 1,174 2,143 Other assets 487 876 (1,452 ) 1,556 Accounts payable 14,065 19,351 (2,335 ) 118 Accrued expenses and other liabilities 892 (982 ) (8,136 ) (1,393 ) Accrued compensation and benefits (3,691 ) (6,888 ) (21,480 ) (10,773 ) Operating lease liabilities (3,033 ) (3,094 ) (6,407 ) (6,194 ) Deferred revenue 17,880 6,532 (51,440 ) (22,578 ) Net cash provided by (used in) operating activities 38,377 (2,387 ) 91,131 35,425 Purchases of property and equipment (715 ) (896 ) (1,462 ) (1,528 ) Purchases of marketable securities (71,090 ) (94,722 ) (166,253 ) (178,301 ) Sales, maturities, and redemptions of marketable securities 86,092 46,176 178,482 75,292 Net cash provided by (used in) investing activities 14,287 (49,442 ) 10,767 (104,537 ) Proceeds from issuance of ordinary shares under employee stock purchase plan 10,464 9,111 10,464 9,111 Proceeds from issuance of ordinary shares upon exercise of stock options 1,782 6,800 6,527 10,643 Net cash provided by financing activities 12,246 15,911 16,991 19,754 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (1,389 ) (4,832 ) (150 ) (4,790 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 63,521 (40,750 ) 118,739 (54,148 ) Cash, cash equivalents, and restricted cash, beginning of period 598,307 633,242 543,089 646,640 Cash, cash equivalents, and restricted cash, end of period $ 661,828 $ 592,492 $ 661,828 $ 592,492 Elastic Cloud $ 168,835 46 % $ 134,989 43 % $ 326,116 46 % $ 256,161 42 % Other subscription 171,972 47 % 152,754 50 % 338,465 47 % 301,829 50 % Total subscription 340,807 93 % 287,743 93 % 664,581 93 % 557,990 92 % Services 24,554 7 % 22,869 7 % 48,200 7 % 46,375 8 % Total revenue $ 365,361 100 % $ 310,612 100 % $ 712,781 100 % $ 604,365 100 % Elastic Cloud $ 168,835 25 % 25 % 7 % 7 % Other subscription $ 171,972 13 % 12 % 3 % 2 % Total subscription $ 340,807 18 % 18 % 5 % 5 % Total revenue $ 365,361 18 % 17 % 5 % 5 % $ 645,705 20 % 20 % 3 % 3 % $ 1,266,069 13 % 12 % 1 % — % Elastic Cloud $ 326,116 27 % 27 % Other subscription $ 338,465 12 % 12 % Total subscription $ 664,581 19 % 19 % Total revenue $ 712,781 18 % 18 % Net cash provided by (used in) operating activities $ 38,377 $ (2,387 ) $ 91,131 $ 35,425 Less: Purchases of property and equipment (715 ) (896 ) (1,462 ) (1,528 ) Add: Interest paid on long-term debt — — 11,859 11,859 Adjusted free cash flow (1) $ 37,662 $ (3,283 ) $ 101,528 $ 45,756 Net cash provided by (used in) investing activities $ 14,287 $ (49,442 ) $ 10,767 $ (104,537 ) Net cash provided by financing activities $ 12,246 $ 15,911 $ 16,991 $ 19,754 Net cash provided by (used in) operating activities (as a percentage of total revenue) 10 % (1 )% 13 % 6 % Less: Purchases of property and equipment (as a percentage of total revenue) — % — % — % — % Add: Interest paid on long-term debt (as a percentage of total revenue) — % — % 1 % 2 % Adjusted free cash flow margin 10 % (1 )% 14 % 8 % (1) Adjusted free cash flow includes cash paid for restructuring and other charges of $0.5 million and $3.5 million during the three and six months ended October 31, 2024, respectively, and less than $0.1 million and $0.8 million during the three and six months ended October 31, 2023, respectively. GAAP gross profit $ 272,182 $ 230,523 $ 527,845 $ 446,799 Stock-based compensation expense and related employer taxes 5,908 5,187 12,217 10,581 Amortization of acquired intangibles 2,835 2,977 6,110 5,953 Non-GAAP gross profit $ 280,925 $ 238,687 $ 546,172 $ 463,333 GAAP gross margin 74.5 % 74.2 % 74.1 % 73.9 % Stock-based compensation expense and related employer taxes 1.6 % 1.7 % 1.7 % 1.8 % Amortization of acquired intangibles 0.8 % 1.0 % 0.9 % 1.0 % Non-GAAP gross margin 76.9 % 76.8 % 76.6 % 76.7 % GAAP operating loss $ (4,426 ) $ (21,539 ) $ (38,264 ) $ (57,786 ) Stock-based compensation expense and related employer taxes 65,681 58,103 133,248 117,717 Amortization of acquired intangibles 2,835 3,888 6,110 8,096 Acquisition-related expenses 104 778 152 1,558 Restructuring and other related charges 86 29 225 754 Non-GAAP operating income $ 64,280 $ 41,259 $ 101,471 $ 70,339 GAAP operating margin (1.2 )% (6.9 )% (5.4 )% (9.6 )% Stock-based compensation expense and related employer taxes 18.0 % 18.7 % 18.7 % 19.5 % Amortization of acquired intangibles 0.8 % 1.3 % 0.9 % 1.3 % Acquisition-related expenses — % 0.3 % — % 0.3 % Restructuring and other related charges — % — % — % — % Non-GAAP operating margin 17.6 % 13.3 % 14.2 % 11.6 % GAAP net loss $ (25,450 ) $ (24,796 ) $ (74,677 ) $ (73,304 ) Stock-based compensation expense and related employer taxes 65,681 58,103 133,248 117,717 Amortization of acquired intangibles 2,835 3,888 6,110 8,096 Acquisition-related expenses 104 778 152 1,558 Restructuring and other related charges 86 29 225 754 Income tax effects related to the above adjustments (2) 19,650 183 34,964 8,768 Non-GAAP net income $ 62,906 $ 38,185 $ 100,022 $ 63,589 $ 0.61 $ 0.39 $ 0.97 $ 0.65 $ 0.59 $ 0.37 $ 0.94 $ 0.62 Weighted-average shares used to compute non-GAAP earnings per share attributable to ordinary shareholders, basic 103,238,740 99,073,401 102,761,588 98,507,725 Weighted-average shares used to compute non-GAAP earnings per share attributable to ordinary shareholders, diluted 105,827,936 102,493,070 106,006,894 102,066,719 (1) Totals may not sum, due to rounding. Gross margin, operating margin, and earnings per share are calculated based upon the respective underlying, non-rounded data. (2) Non-GAAP financial information for the quarter is adjusted for a tax rate equal to our annual estimated tax rate on non-GAAP income. This rate is based on our estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP loss in calculating the non-GAAP financial measures presented above as well as other significant tax adjustments. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses and other significant events. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities. GAAP subscription $ 69,941 $ 59,996 $ 138,288 $ 117,262 Stock-based compensation expense and related employer taxes (2,361 ) (2,208 ) (4,881 ) (4,589 ) Amortization of acquired intangibles (2,835 ) (2,977 ) (6,110 ) (5,953 ) Non-GAAP subscription $ 64,745 $ 54,811 $ 127,297 $ 106,720 GAAP services $ 23,238 $ 20,093 $ 46,648 $ 40,304 Stock-based compensation expense and related employer taxes (3,547 ) (2,979 ) (7,336 ) (5,992 ) Non-GAAP services $ 19,691 $ 17,114 $ 39,312 $ 34,312 GAAP research and development expense $ 88,163 $ 80,108 $ 177,495 $ 160,798 Stock-based compensation expense and related employer taxes (24,777 ) (22,562 ) (50,499 ) (45,967 ) Acquisition-related expenses (6 ) (395 ) (54 ) (1,175 ) Non-GAAP research and development expense $ 63,380 $ 57,151 $ 126,942 $ 113,656 GAAP sales and marketing expense $ 144,274 $ 133,230 $ 301,631 $ 266,399 Stock-based compensation expense and related employer taxes (21,434 ) (18,730 ) (43,883 ) (38,399 ) Amortization of acquired intangibles — (911 ) — (2,143 ) Non-GAAP sales and marketing expenses $ 122,840 $ 113,589 $ 257,748 $ 225,857 GAAP general and administrative expense $ 44,085 $ 38,695 $ 86,758 $ 76,634 Stock-based compensation expense and related employer taxes (13,562 ) (11,624 ) (26,649 ) (22,770 ) Acquisition-related expenses (98 ) (383 ) (98 ) (383 ) Non-GAAP general and administrative expense $ 30,425 $ 26,688 $ 60,011 $ 53,481 View source version on : CONTACT: Anthony Luscri Elastic Investor Relations Miller Elastic Corporate Communications KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY SECURITY SOFTWARE NETWORKS INTERNET IOT (INTERNET OF THINGS) DATA MANAGEMENT ARTIFICIAL INTELLIGENCE SOURCE: Elastic N.V. Copyright Business Wire 2024. PUB: 11/21/2024 04:05 PM/DISC: 11/21/2024 04:06 PM
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Beth Dooley | (TNS) The Minnesota Star Tribune The holidays loom large. Parties, gift-shopping, school programs, recitals, family gatherings — there’s really no time to cook. Related Articles Restaurants Food and Drink | Roasted orange delivers big flavor in this smoky chicken traybake Restaurants Food and Drink | Winter can be a time of culinary abundance. Experts share tips on eating nutritiously Restaurants Food and Drink | Recipe: How to make Peanut Butter Dog Biscuits your pup will love Restaurants Food and Drink | Simple fixes give after-dinner cocktails some holiday flair. Here are 5 recipes from the pros Restaurants Food and Drink | Recipe: Upside-down puff pastry apple tarts are both sweet and easy to make But there is! Here are three quick and easy recipes you can hustle to the table in 30 minutes or less. Relax, take a deep breath and know that dinner is served. Crispy–Garlicky Sheet Pan Grilled Cheese Serves 4. Making grilled cheese for more than one can be tricky. Here, the sheet pan does the work; the sandwiches are ready all at once. Try our suggested fillings or just enjoy them plain in all their gooey deliciousness. From Beth Dooley. Directions Preheat the oven to 425 degrees. Line a large sheet pan with parchment paper. Spread the butter to the edge of 4 slices of bread. Place the slices butter-side down on the sheet pan. Top with the sliced cheese and add a layer of the filling, then top with the remaining slices of bread. Put the pan in the oven and cook until the butter is thoroughly melted and bottom slices are turning golden and the cheese is melting, about 8 to 10 to minutes. Flip the sandwiches. Continue cooking until the top layer of bread begins to turn golden and the cheese is melted. Turn the oven to broil and toast the top layer, watching closely, this goes quickly, about 30 seconds to 1 minute. Flip the bread and toast the other side, about 15 to 20 seconds or so. Remove, cut and serve. Quick Skillet Chicken with Lemon, Tahini and Warm Spices will come together quickly and can be served on a bed of greens or pasta. (Ashley Moyna Schwickert/For the Minnesota Star Tribune) Quick Skillet Chicken with Lemon, Tahini and Warm Spices Serves 4 to 6. A simple marinade of pantry staples — lemon, tahini, olive oil and a little honey — keeps the chicken moist and becomes the sauce for finishing the dish. Serve on a bed of dark greens or cooked rice. From Beth Dooley. Directions In a large bowl, whisk together the lemon, tahini, honey and olive oil. Measure out 1⁄2 of the mixture into a separate bowl. This is to sauce the chicken after it’s cooked. If it seems too thick, whisk in a little water. Season the chicken with salt and pepper and pound with the flat edge of a knife to even out the width a bit. Put the chicken into the bowl of marinade and turn to coat. Film a heavy skillet with more oil and set over high heat. When the oil begins to ripple, add the chicken, reduce the heat to medium and cook, flipping after about 5 to 7 minutes, and continuing, until cooked through, about 10 to 15 minutes. (The chicken should reach 165 on an instant-read thermometer when done.) Remove the chicken from the skillet, set on a cutting board to rest for about 10 minutes. Slice the meat in long strokes against the grain. Serve on a bed of greens or rice, garnished with a drizzle of sauce, chopped herbs and a few thinly sliced lemons. Pass additional sauce on the side. One-Pot Pasta with Sausage, Tomato and Spinach is a quick but hearty meal for busy, chilly nights. (Ashley Moyna Schwickert/For the Minnesota Star Tribune) One-Pot Pasta with Sausage, Tomatoes and Spinach Serves 4 to 6. You only need one pot for this simple pasta. The sausage adds the seasoning, the onions turn sweetly golden, cherry tomatoes burst into a luscious sauce. A squeeze of lemon at the end livens things up. From Beth Dooley. Directions Film a large heavy pot or Dutch oven with the oil and set over medium heat. Add the onion and sauté until it turns limp and golden, about 3 to 5 minutes. Stir in the sausage, breaking apart with a spatula until it crumbles, about 4 to 5 minutes. Stir in the tomatoes and the stock, scraping up the bottom of the pan to release browned bits that stick to the bottom. Bring to a boil. Add the pasta, stirring well and continue boiling for about 4 to 5 minutes. Turn the heat down to a brisk simmer, stirring to keep the pasta from sticking to the bottom of the pot. If the sauce becomes too thick and the pasta begins to stick, stir in water, about 1⁄4 cup at a time. Simmer until the sauce is mostly absorbed and the pasta is tender, about 15 minutes. Turn off the heat and stir in the spinach, then stir in the cheese. Add lemon juice to taste. Serve garnished with the chopped parsley. Beth Dooley is the author of “The Perennial Kitchen.” Find her at bethdooleyskitchen.com. ©2024 The Minnesota Star Tribune. Visit at startribune.com. Distributed by Tribune Content Agency, LLC.YSRC to raise law and order, Polavaram in Parliament
LSU coach Brian Kelly argues a call in the second half of the Tigers’ 24-17 win over Vanderbilt, Saturday, Nov. 23, 2024, at Tiger Stadium. Facebook Twitter WhatsApp SMS Email Print Copy article link Save LSU’s defeat two Saturdays ago at Florida signaled, to me, the effective end of the Tigers’ 2024 season and the start of the work toward the 2025 campaign. Apparently at least part of LSU coach Brian Kelly thinks so as well. Kelly has much broader responsibilities than those of us in the media, of course, to see this season through. There was a game to win last Saturday, a more-impressive-than-the-score-indicated 24-17 victory over Vanderbilt that allowed LSU to escape boatloads of embarrassment (no matter how good the Commodores are, you can never lose to Vandy at home). There is a game to win this Saturday against Oklahoma (6 p.m., ESPN) and whatever holiday diversion LSU’s bowl game will be. But Kelly is definitely thinking about roster building, something a coach can never not be thinking about, and allowed some insights into that process at Monday’s final game week news conference of the season. Kelly said he’s been meeting with recruiting coordinator Frank Thomas and Austin Thomas, LSU’s associate athletic director for football administration, to map out where the Tigers go forward in terms of recruiting, roster retention and the ever-popular transfer portal. Despite the highly publicized flip of quarterback Bryce Underwood — the nation’s top prospect — from his nearly year-long commitment to LSU to Michigan, the Tigers still have a potentially top-five ranked recruiting class to hold together and to add to as well. It may have been an embarrassing episode for LSU, but it doesn’t spell the end for the Tigers' recruiting class or program. Just some of the chess pieces have to be moved around a bit. There is the portal, and the importance of it to the Tigers’ relevance as a Southeastern Conference and College Football Playoff contender next year can’t be overstated. LSU held back a bit in that realm the last recruiting cycle, but Kelly said that will be different this time. “We’ll be very aggressive,” he said Monday. “I think everybody that’s followed us knows that we weren’t very aggressive in the transfer portal. We put together a defensive line using minimal resources. We’ve really put ourselves in a position — and I’ll use this term loosely — to stay well under the cap, so we could be quite aggressive this year.” It was well-documented that LSU did not go whole hog in the transfer portal last year for two high-priced defensive line transfers: TCU’s Damonic Williams, who will visit Tiger Stadium with the Sooners on Saturday, and Simeon Barrow, who transferred to Miami from Michigan State. Kelly was concerned about upsetting the chemistry of his locker room, giving deals to newcomers that exceeded those of established stars such as left tackle Will Campbell. Kelly may not face a hot seat next season but will face mounting pressure to make the Tigers a major player in the near future. He can’t afford to be so high-minded in this cycle. If there’s a silver lining to the whole Underwood saga it’s that LSU can now spread its NIL money around to entice other top prospects. It also can use its resources to keep some of its key players for another year. Maybe Underwood would have come to LSU and been the next Jayden Daniels. Maybe he would have been a star-crossed Ryan Perrilloux. You do know what you have in Garrett Nussmeier at quarterback and his potential for a second-year major improvement like that of Joe Burrow and Jayden Daniels. The idea of him returning in 2025 for a second full season as the LSU starter would be beneficial to all concerned. Kelly said “all indications” are that wide receiver CJ Daniels will be back next season, an important consideration since Kyren Lacy is a senior. Perhaps LSU could put together a package to entice right tackle Emery Jones to return as well. And, perhaps most tantalizingly, Kelly dangled the name of linebacker Harold Perkins (he suffered an ACL injury Sept. 21 against UCLA). “He’s doing really well in his recovery,” Kelly said. “He’s been in the building quite a bit now that he’s past the early stages of the (ACL) repair. Now it’s about hard work.” Work that includes choosing whether Perkins is a Tiger in 2025 or gambles on where he would land in the NFL draft. At 63, you could understand if Kelly were turned off by all this NIL/portal business. Instead, he insists he’s energized by it. “It’s going to be an exciting couple of months,” Kelly said. Exciting. And absolutely pivotal. LSU BOWL PROJECTIONS Bill Bender, The Sporting News: Liberty Bowl vs. TCU Kyle Bonagura, ESPN.com : Gator Bowl vs. Louisville CollegeFootballNews.com : Texas Bowl vs. Kansas State Brad Crawford, 247Sports.com : Music City Bowl vs. Nebraska Oliver Hodgkinson, CollegeFootballNetwork.com : Music City Bowl vs. Iowa Steve Lassan, Athlon Sports: Texas Bowl vs. Baylor Brett McMurphy, ActionSports.com : Music City Bowl vs. Wisconsin Jerry Palm, CBSSports.com : Texas Bowl vs. TCU Mark Schlabach, ESPN.com : Texas Bowl vs. Texas Tech Erick Smith, USAToday.com : Birmingham Bowl vs. Georgia Tech BOWL GUIDE Birmingham Bowl: Dec. 27, 11 a.m. or 2:30 p.m., Birmingham, Alabama (ESPN) Liberty Bowl: Dec. 27, 6 p.m., Memphis, Tennessee (ESPN) Music City Bowl: Dec. 30, 1:30 p.m., Nashville, Tennessee (ESPN) Texas Bowl: Dec. 31, 2:30 p.m., Houston (ESPN) Gator Bowl: Jan. 2, 6:30 p.m., Jacksonville, Florida (ESPN) All times Central
Stephen A. Smith Explains Why LeBron James 'Doesn't Deserve' To Play With Stephen CurryOTTAWA — CBC President Catherine Tait accused MPs who summoned her to Ottawa on Monday of hurling “insults” her way to try to discredit the public broadcaster. That day marked the fifth time she had appeared before the parliamentary committee on Canadian Heritage within the past 12 months. What began as a cross-partisan summoning of Tait to answer for job cuts announced last year while at the same time CBC/Radio-Canada’s board of directors approved paying out millions in bonuses, including to executives, had by Monday devolved into a testy confrontation. “Would you categorize your term at the CBC as a success?” Opposition house leader Andrew Scheer asked the outgoing CBC president. “Yes,” Tait replied. “So you believe that you’ve left it in a better place than how you found it?” Scheer asked. “Absolutely,” came the swift response. “You must have quite the echo chamber there if you believe that,” Scheer said, as he accused her of being “out of touch,” saying the corporation paid out executive bonuses during an affordability crisis while laying off staff. He also said other metrics were down, including trust in the institution. “Based on all of that, Ms. Tait, I just want to say on behalf of the Conservative party, I want to thank you for your efforts in helping us promote the campaign to defund the CBC.” Tait responded by saying: “I must say that it really does shock me, the extent to which certain members of this committee ... seem to make me the target and throw insults to my tenure at CBC/Radio-Canada in order to discredit the organization.” While it may be insulting to hear the dollar amounts about executive bonuses, Scheer said, “I’ll tell you who is really insulted: the front-line workers that were laid off when the CBC was claiming it didn’t have enough money to keep that entire workforce.” Tait said that of the 800 jobs the CBC had forecast to cut, it used the extra $42 million the Liberals gave the corporation in its latest budget to save many of them. It ultimately cut around 141 jobs and eliminated another 200 vacant positions. She delivered an impassioned defence of the corporation’s services during what was her fifth such appearance before the Commons committee on Canadian Heritage within the past year. Following her appearance, Opposition Conservative Leader Pierre Poilievre’s office circulated a statement pointing out how Tait had once refused to rule out accepting a bonus herself, which has been the subject of previous committee meetings. Tait told MPs she has not received one for the past two fiscal years, saying the decision to award her one lies with the federal government. The Liberals rely on a recommendation from the corporation’s board of directors. CBC/Radio-Canada has declined to say whether it has, citing privacy. Poilievre has long promised to “defund” the roughly $1 billion in funding the corporation receives annually from Parliament, criticizing it as a waste of taxpayer dollars and accusing the broadcaster of operating with a “bias” toward the governing Liberals. Tait in past testimony has pointed out the corporation operates independently from government and its editorial independence is enshrined in laws. Despite his vocal criticisms, Poilievre has pledged to keep Francophone news services. How exactly he plans to do that remains unclear, given how on Monday Tait outlined to MPs how CBC and Radio-Canada “are not two separate companies.” The committee heard how the corporation divides its annual funding from Parliament between its English and French services, with its English services receiving around 56 per cent and French services some 44 per cent. “That’s where the division stops,” said Tait. “These are not two separate companies. They are one with obviously very profound editorial independence, but with a shared infrastructure.” Luc Berthold, the Conservatives’ deputy house leader in Parliament, suggested to Tait that its English programming was dragging down the French service, Radio-Canada, because it was spending more money on CBC, saying in French that Radio-Canada was “really exemplary in being a public broadcaster in our region.” Responding in French, Tait suggested his proposal would mean the broadcaster only deliver services to a minority of Canadians. “Are we going to ask all Canadians to support an organization for only 20 per cent of the population?” she asked. Under questioning by Liberals, Tait outlined the possible impacts of losing CBC’s English services, saying it would deprive most Canadians of access to local news, including in many rural areas. Not only would it also mean losing upwards of 3,500 employees, it would hurt the “thousands” of musicians, authors and others in the fields of arts and production, who rely on the corporation to help promote their work, Tait testified. Cutting CBC English would also result in taking away the ability for Indigenous people living in the North to “hear their news in their languages,” given how it broadcasts in different Indigenous languages. “There is no common sense for eliminating CBC,” Tait said. “We do not see defunding the CBC as a solution, we see it as making Canada worse, not better.” Poilievre himself often wields the term “common sense” as a slogan to describe his plans to restore the country back to what he says was a better time, before Prime Minister Justin Trudeau’s Liberals were elected in 2015, saying the PM has taken Canada down a “radical” path.” Tait at times acknowledged that not all Canadians like CBC, but defended the corporation as trying to listen to those voices by deciding to give more resources to newsrooms in Western Canada to create more content like local podcasts. Tait is soon set to step down as CBC/Radio-Canada president after six years. Quebec television executive Marie-Philippe Bouchard has been appointed as her replacement, effective January 2025. National Post staylor@postmedia.com Get more deep-dive National Post political coverage and analysis in your inbox with the Political Hack newsletter, where Ottawa bureau chief Stuart Thomson and political analyst Tasha Kheiriddin get at what’s really going on behind the scenes on Parliament Hill every Wednesday and Friday, exclusively for subscribers. Sign up here . Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our politics newsletter, First Reading, here .
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SAN FRANCISCO--(BUSINESS WIRE)--Nov 21, 2024-- the company behind Elasticsearch®, announced financial results for its second quarter of fiscal 2025 ended October 31, 2024. “Elastic delivered a strong second quarter supported by solid sales execution, exceeding our guidance across all revenue and profitability metrics,” said Ash Kulkarni, Chief Executive Officer, Elastic. “In Q2 we saw strong customer commitments with key wins across all our solution areas, with continued momentum in GenAI and platform consolidation. Our clear product differentiation, and our relentless pace of innovation is helping us become a natural choice for customers building GenAI applications.” The Company is providing the following guidance: For the third quarter of fiscal 2025 (ending January 31, 2025): For fiscal 2025 (ending April 30, 2025): The guidance assumes, among others, the following exchange rates: 1 Euro = 1.060 US Dollars; and 1 Great British Pound = 1.267 US Dollars. See the section titled “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. We present historical and forward-looking non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section entitled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of these non-GAAP measures. A reconciliation of forward-looking non-GAAP measures to the corresponding GAAP measures for operating margin and net loss per share is not available without unreasonable effort due to the uncertainty regarding, and the potential variability of, many of the costs and expenses that may be incurred in the future. These items necessary to reconcile such non-GAAP measures could be material and have a significant impact on the Company’s results computed in accordance with GAAP. Elastic also announced today that Janesh Moorjani, the Company’s Chief Financial Officer and Chief Operating Officer, will be leaving Elastic to pursue another opportunity and his last day with Elastic will be December 13, 2024. Eric Prengel, Elastic’s Group Vice President of Finance, has been appointed as interim Chief Financial Officer effective December 14, 2024. Prengel has been with Elastic for the past two years with broad responsibility for various FP&A and business partnership functions. Prior to joining Elastic, Prengel spent nearly 10 years at J.P. Morgan in various investment banking leadership roles. “I’d like to thank Janesh for all his contributions to Elastic over the past seven years. He has been a trusted colleague and a friend, and we wish him all the best as he pursues a new opportunity. Having worked closely with Eric during his time here, I am excited to have him step into the interim CFO role and I am confident in his disciplined leadership and ability to excel in this role,” said Kulkarni. Elastic’s executive management team will host a conference call today at 2:00 p.m. PT/5:00 p.m. ET to discuss the Company’s financial results and business outlook. A live audio webcast of the conference call will be available through Elastic’s Investor Relations website at ir.elastic.co. A presentation containing financial and operating information will be available at the same website. The replay of the webcast will also be available on the investor relations website. Elastic (NYSE: ESTC), the Search AI Company, enables everyone to find the answers they need in real-time using all their data, at scale. Elastic’s solutions for search, observability and security are built on the Elastic Search AI Platform, the development platform used by thousands of companies, including more than 50% of the Fortune 500. Learn more at elastic.co. and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners. This press release contains forward-looking statements that involve substantial risks and uncertainties, which include, but are not limited to, statements regarding our expected financial results for the fiscal quarter ending January 31, 2025 and the fiscal year ending April 30, 2025, the expected performance or benefits of our offerings, our product strategy and innovation, changes in leadership, expected market opportunities, and our ability to execute on those market opportunities. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements due to uncertainties, risks, and changes in circumstances, including but not limited to those related to: our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (which include changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability; our ability to continue to deliver and improve our offerings and develop new offerings (including innovations around AI use cases); customer acceptance and purchase of our new and existing offerings; the expansion and adoption of our Elastic Cloud offerings; our ability to realize value from investments in the business; our ability to maintain and expand our user and customer base; the impact of the evolving macroeconomic and geopolitical environments on our business, operations, hiring and financial results, and on businesses and spending priorities of our customers and partners; the impact of our pricing model strategies on our business; the impact of our licensing model on the use and adoption of our software; the impact of foreign currency exchange rate fluctuations and the uncertain inflation and interest rate environment on our results; our international expansion strategy; our operating results and cash flows; the sufficiency of our capital resources; our ability to successfully execute our go-to-market strategy, our forecasts regarding our business; and general market, political, economic and business conditions. Any additional or unforeseen effect from the evolving macroeconomic and geopolitical environments may exacerbate these risks. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those expressed or implied in our forward-looking statements are included in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 and subsequent reports filed with the SEC. SEC filings are available on the Investor Relations section of Elastic’s website at ir.elastic.co and the SEC’s website at . Elastic assumes no obligation to, and does not currently intend to, update any such forward-looking statements, except as required by law. In addition to our results determined in accordance with U.S. GAAP, we believe the non-GAAP measures listed below are useful in evaluating our operating performance. We use these non-GAAP financial measures to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review the differences between GAAP financial measures and the corresponding non-GAAP financial measures, and not to rely on any single financial measure to evaluate our business. Reconciliations of historical GAAP financial measures to their respective historical non-GAAP financial measures are included below. In relation to constant currency non-GAAP financial measures, the only reconciling item between GAAP financial measures and non-GAAP financial measures is the effect of foreign currency rate fluctuations. Further details on how we calculate such effects can be found in the definition of “Constant Currency” below. We define non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and GAAP gross margin, respectively, excluding stock-based compensation expense and related employer taxes and amortization of acquired intangible assets. We believe non-GAAP gross profit and non-GAAP gross margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance. We define non-GAAP operating income and non-GAAP operating margin as GAAP operating loss and GAAP operating margin, respectively, excluding stock-based compensation expense and related employer taxes, amortization of acquired intangible assets, acquisition-related expenses, and restructuring and other related charges. We believe non-GAAP operating income and non-GAAP operating margin provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations, as these metrics generally eliminate the effects of certain variables from period to period for reasons unrelated to overall operating performance. We define non-GAAP net income as GAAP loss, excluding stock-based compensation expense and related employer taxes, amortization of acquired intangible assets, acquisition-related expenses, restructuring and other related charges, and the related income tax effect of these adjustments as well as other significant tax adjustments. We define non-GAAP earnings per share, basic, as non-GAAP net income divided by weighted average shares outstanding and non-GAAP earnings per share, diluted, as non-GAAP net income divided by weighted average diluted shares outstanding, which includes the potentially dilutive effect of the company’s employee equity incentive plan awards. We believe non-GAAP earnings per share provides our management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric generally eliminates the effects of certain variables from period to period for reasons unrelated to overall operating performance. Adjusted free cash flow is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities adjusted for cash paid for interest less cash used for investing activities for purchases of property and equipment. Adjusted free cash flow margin is calculated as adjusted free cash flow divided by total revenue. Adjusted free cash flow does not represent residual cash flow available for discretionary expenditures since, among other things, we have mandatory debt service requirements. We compare the percent change in certain results from one period to another period using constant currency information to provide a framework for assessing how our business performed excluding the effect of foreign currency rate fluctuations. In presenting this information, current and comparative prior period results are converted into United States dollars at the exchange rates in effect on the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Elastic Investor Relations Elastic Corporate Communications Revenue Subscription $ 340,807 $ 287,743 $ 664,581 $ 557,990 Services 24,554 22,869 48,200 46,375 Total revenue 365,361 310,612 712,781 604,365 Cost of revenue Subscription 69,941 59,996 138,288 117,262 Services 23,238 20,093 46,648 40,304 Total cost of revenue 93,179 80,089 184,936 157,566 Gross profit 272,182 230,523 527,845 446,799 Operating expenses Research and development 88,163 80,108 177,495 160,798 Sales and marketing 144,274 133,230 301,631 266,399 General and administrative 44,085 38,695 86,758 76,634 Restructuring and other related charges 86 29 225 754 Total operating expenses 276,608 252,062 566,109 504,585 Operating loss (4,426 ) (21,539 ) (38,264 ) (57,786 ) Other income, net Interest expense (6,462 ) (6,349 ) (12,988 ) (12,655 ) Other income, net 9,106 8,239 20,314 15,539 Loss before income taxes (1,782 ) (19,649 ) (30,938 ) (54,902 ) Provision for income taxes 23,668 5,147 43,739 18,402 Net loss $ (25,450 ) $ (24,796 ) $ (74,677 ) $ (73,304 ) Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.25 ) $ (0.25 ) $ (0.73 ) $ (0.74 ) Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted 103,238,740 99,073,401 102,761,588 98,507,725 Current assets: Cash and cash equivalents $ 658,508 $ 540,397 Restricted cash 3,320 2,692 Marketable securities 539,062 544,002 Accounts receivable, net of allowance for credit losses of $4,992 and $4,979 as of October 31, 2024 and April 30, 2024, respectively 256,068 323,011 Deferred contract acquisition costs 77,129 78,030 Prepaid expenses and other current assets 41,667 42,765 Total current assets 1,575,754 1,530,897 Property and equipment, net 5,005 5,453 Goodwill 319,417 319,380 Operating lease right-of-use assets 16,433 20,506 Intangible assets, net 14,506 20,620 Deferred contract acquisition costs, non-current 106,120 114,509 Deferred tax assets 187,204 225,544 Other assets 7,061 5,657 Total assets $ 2,231,500 $ 2,242,566 Current liabilities: Accounts payable $ 23,557 $ 26,075 Accrued expenses and other liabilities 75,979 75,292 Accrued compensation and benefits 72,511 93,691 Operating lease liabilities 10,525 12,187 Deferred revenue 608,157 663,846 Total current liabilities 790,729 871,091 Deferred revenue, non-current 37,548 30,293 Long-term debt, net 569,165 568,612 Operating lease liabilities, non-current 9,621 12,898 Other liabilities, non-current 12,919 21,487 Total liabilities 1,419,982 1,504,381 Shareholders’ equity: Preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2024 and April 30, 2024 — — Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 103,631,086 shares issued and outstanding as of October 31, 2024 and 101,705,935 shares issued and outstanding as of April 30, 2024 1,091 1,070 Treasury stock (369 ) (369 ) Additional paid-in capital 1,895,307 1,750,729 Accumulated other comprehensive loss (18,227 ) (21,638 ) Accumulated deficit (1,066,284 ) (991,607 ) Total shareholders’ equity 811,518 738,185 Total liabilities and shareholders’ equity $ 2,231,500 $ 2,242,566 Net loss $ (25,450 ) $ (24,796 ) $ (74,677 ) $ (73,304 ) Adjustments to reconcile net loss to cash provided by (used in) operating activities: Depreciation and amortization 3,565 4,728 7,738 9,781 Amortization of premium and accretion of discount on marketable securities, net (1,926 ) (1,178 ) (4,126 ) (3,646 ) Amortization of deferred contract acquisition costs 23,994 18,380 47,175 35,952 Amortization of debt issuance costs 278 266 553 529 Non-cash operating lease cost 2,617 2,618 5,455 5,270 Stock-based compensation expense 64,065 56,455 127,608 113,582 Deferred income taxes 23,653 35 38,376 427 Unrealized foreign currency transaction loss (gain) 2,397 (778 ) 2,216 422 Other (14 ) 16 (14 ) (18 ) Changes in operating assets and liabilities: Accounts receivable, net (59,122 ) (48,899 ) 68,081 26,972 Deferred contract acquisition costs (23,278 ) (22,276 ) (37,178 ) (43,421 ) Prepaid expenses and other current assets 998 (2,753 ) 1,174 2,143 Other assets 487 876 (1,452 ) 1,556 Accounts payable 14,065 19,351 (2,335 ) 118 Accrued expenses and other liabilities 892 (982 ) (8,136 ) (1,393 ) Accrued compensation and benefits (3,691 ) (6,888 ) (21,480 ) (10,773 ) Operating lease liabilities (3,033 ) (3,094 ) (6,407 ) (6,194 ) Deferred revenue 17,880 6,532 (51,440 ) (22,578 ) Net cash provided by (used in) operating activities 38,377 (2,387 ) 91,131 35,425 Purchases of property and equipment (715 ) (896 ) (1,462 ) (1,528 ) Purchases of marketable securities (71,090 ) (94,722 ) (166,253 ) (178,301 ) Sales, maturities, and redemptions of marketable securities 86,092 46,176 178,482 75,292 Net cash provided by (used in) investing activities 14,287 (49,442 ) 10,767 (104,537 ) Proceeds from issuance of ordinary shares under employee stock purchase plan 10,464 9,111 10,464 9,111 Proceeds from issuance of ordinary shares upon exercise of stock options 1,782 6,800 6,527 10,643 Net cash provided by financing activities 12,246 15,911 16,991 19,754 Effect of exchange rate changes on cash, cash equivalents, and restricted cash (1,389 ) (4,832 ) (150 ) (4,790 ) Net increase (decrease) in cash, cash equivalents, and restricted cash 63,521 (40,750 ) 118,739 (54,148 ) Cash, cash equivalents, and restricted cash, beginning of period 598,307 633,242 543,089 646,640 Cash, cash equivalents, and restricted cash, end of period $ 661,828 $ 592,492 $ 661,828 $ 592,492 Elastic Cloud $ 168,835 46 % $ 134,989 43 % $ 326,116 46 % $ 256,161 42 % Other subscription 171,972 47 % 152,754 50 % 338,465 47 % 301,829 50 % Total subscription 340,807 93 % 287,743 93 % 664,581 93 % 557,990 92 % Services 24,554 7 % 22,869 7 % 48,200 7 % 46,375 8 % Total revenue $ 365,361 100 % $ 310,612 100 % $ 712,781 100 % $ 604,365 100 % Elastic Cloud $ 168,835 25 % 25 % 7 % 7 % Other subscription $ 171,972 13 % 12 % 3 % 2 % Total subscription $ 340,807 18 % 18 % 5 % 5 % Total revenue $ 365,361 18 % 17 % 5 % 5 % $ 645,705 20 % 20 % 3 % 3 % $ 1,266,069 13 % 12 % 1 % — % Elastic Cloud $ 326,116 27 % 27 % Other subscription $ 338,465 12 % 12 % Total subscription $ 664,581 19 % 19 % Total revenue $ 712,781 18 % 18 % Net cash provided by (used in) operating activities $ 38,377 $ (2,387 ) $ 91,131 $ 35,425 Less: Purchases of property and equipment (715 ) (896 ) (1,462 ) (1,528 ) Add: Interest paid on long-term debt — — 11,859 11,859 Adjusted free cash flow (1) $ 37,662 $ (3,283 ) $ 101,528 $ 45,756 Net cash provided by (used in) investing activities $ 14,287 $ (49,442 ) $ 10,767 $ (104,537 ) Net cash provided by financing activities $ 12,246 $ 15,911 $ 16,991 $ 19,754 Net cash provided by (used in) operating activities (as a percentage of total revenue) 10 % (1 )% 13 % 6 % Less: Purchases of property and equipment (as a percentage of total revenue) — % — % — % — % Add: Interest paid on long-term debt (as a percentage of total revenue) — % — % 1 % 2 % Adjusted free cash flow margin 10 % (1 )% 14 % 8 % (1) Adjusted free cash flow includes cash paid for restructuring and other charges of $0.5 million and $3.5 million during the three and six months ended October 31, 2024, respectively, and less than $0.1 million and $0.8 million during the three and six months ended October 31, 2023, respectively. GAAP gross profit $ 272,182 $ 230,523 $ 527,845 $ 446,799 Stock-based compensation expense and related employer taxes 5,908 5,187 12,217 10,581 Amortization of acquired intangibles 2,835 2,977 6,110 5,953 Non-GAAP gross profit $ 280,925 $ 238,687 $ 546,172 $ 463,333 GAAP gross margin 74.5 % 74.2 % 74.1 % 73.9 % Stock-based compensation expense and related employer taxes 1.6 % 1.7 % 1.7 % 1.8 % Amortization of acquired intangibles 0.8 % 1.0 % 0.9 % 1.0 % Non-GAAP gross margin 76.9 % 76.8 % 76.6 % 76.7 % GAAP operating loss $ (4,426 ) $ (21,539 ) $ (38,264 ) $ (57,786 ) Stock-based compensation expense and related employer taxes 65,681 58,103 133,248 117,717 Amortization of acquired intangibles 2,835 3,888 6,110 8,096 Acquisition-related expenses 104 778 152 1,558 Restructuring and other related charges 86 29 225 754 Non-GAAP operating income $ 64,280 $ 41,259 $ 101,471 $ 70,339 GAAP operating margin (1.2 )% (6.9 )% (5.4 )% (9.6 )% Stock-based compensation expense and related employer taxes 18.0 % 18.7 % 18.7 % 19.5 % Amortization of acquired intangibles 0.8 % 1.3 % 0.9 % 1.3 % Acquisition-related expenses — % 0.3 % — % 0.3 % Restructuring and other related charges — % — % — % — % Non-GAAP operating margin 17.6 % 13.3 % 14.2 % 11.6 % GAAP net loss $ (25,450 ) $ (24,796 ) $ (74,677 ) $ (73,304 ) Stock-based compensation expense and related employer taxes 65,681 58,103 133,248 117,717 Amortization of acquired intangibles 2,835 3,888 6,110 8,096 Acquisition-related expenses 104 778 152 1,558 Restructuring and other related charges 86 29 225 754 Income tax effects related to the above adjustments (2) 19,650 183 34,964 8,768 Non-GAAP net income $ 62,906 $ 38,185 $ 100,022 $ 63,589 $ 0.61 $ 0.39 $ 0.97 $ 0.65 $ 0.59 $ 0.37 $ 0.94 $ 0.62 Weighted-average shares used to compute non-GAAP earnings per share attributable to ordinary shareholders, basic 103,238,740 99,073,401 102,761,588 98,507,725 Weighted-average shares used to compute non-GAAP earnings per share attributable to ordinary shareholders, diluted 105,827,936 102,493,070 106,006,894 102,066,719 (1) Totals may not sum, due to rounding. Gross margin, operating margin, and earnings per share are calculated based upon the respective underlying, non-rounded data. (2) Non-GAAP financial information for the quarter is adjusted for a tax rate equal to our annual estimated tax rate on non-GAAP income. This rate is based on our estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP loss in calculating the non-GAAP financial measures presented above as well as other significant tax adjustments. Our estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that we believe materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses and other significant events. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP income may differ from our GAAP tax rate and from our actual tax liabilities. GAAP subscription $ 69,941 $ 59,996 $ 138,288 $ 117,262 Stock-based compensation expense and related employer taxes (2,361 ) (2,208 ) (4,881 ) (4,589 ) Amortization of acquired intangibles (2,835 ) (2,977 ) (6,110 ) (5,953 ) Non-GAAP subscription $ 64,745 $ 54,811 $ 127,297 $ 106,720 GAAP services $ 23,238 $ 20,093 $ 46,648 $ 40,304 Stock-based compensation expense and related employer taxes (3,547 ) (2,979 ) (7,336 ) (5,992 ) Non-GAAP services $ 19,691 $ 17,114 $ 39,312 $ 34,312 GAAP research and development expense $ 88,163 $ 80,108 $ 177,495 $ 160,798 Stock-based compensation expense and related employer taxes (24,777 ) (22,562 ) (50,499 ) (45,967 ) Acquisition-related expenses (6 ) (395 ) (54 ) (1,175 ) Non-GAAP research and development expense $ 63,380 $ 57,151 $ 126,942 $ 113,656 GAAP sales and marketing expense $ 144,274 $ 133,230 $ 301,631 $ 266,399 Stock-based compensation expense and related employer taxes (21,434 ) (18,730 ) (43,883 ) (38,399 ) Amortization of acquired intangibles — (911 ) — (2,143 ) Non-GAAP sales and marketing expenses $ 122,840 $ 113,589 $ 257,748 $ 225,857 GAAP general and administrative expense $ 44,085 $ 38,695 $ 86,758 $ 76,634 Stock-based compensation expense and related employer taxes (13,562 ) (11,624 ) (26,649 ) (22,770 ) Acquisition-related expenses (98 ) (383 ) (98 ) (383 ) Non-GAAP general and administrative expense $ 30,425 $ 26,688 $ 60,011 $ 53,481 View source version on : CONTACT: Anthony Luscri Elastic Investor Relations Miller Elastic Corporate Communications KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY SECURITY SOFTWARE NETWORKS INTERNET IOT (INTERNET OF THINGS) DATA MANAGEMENT ARTIFICIAL INTELLIGENCE SOURCE: Elastic N.V. 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Beth Dooley | (TNS) The Minnesota Star Tribune The holidays loom large. Parties, gift-shopping, school programs, recitals, family gatherings — there’s really no time to cook. Related Articles Restaurants Food and Drink | Roasted orange delivers big flavor in this smoky chicken traybake Restaurants Food and Drink | Winter can be a time of culinary abundance. Experts share tips on eating nutritiously Restaurants Food and Drink | Recipe: How to make Peanut Butter Dog Biscuits your pup will love Restaurants Food and Drink | Simple fixes give after-dinner cocktails some holiday flair. Here are 5 recipes from the pros Restaurants Food and Drink | Recipe: Upside-down puff pastry apple tarts are both sweet and easy to make But there is! Here are three quick and easy recipes you can hustle to the table in 30 minutes or less. Relax, take a deep breath and know that dinner is served. Crispy–Garlicky Sheet Pan Grilled Cheese Serves 4. Making grilled cheese for more than one can be tricky. Here, the sheet pan does the work; the sandwiches are ready all at once. Try our suggested fillings or just enjoy them plain in all their gooey deliciousness. From Beth Dooley. Directions Preheat the oven to 425 degrees. Line a large sheet pan with parchment paper. Spread the butter to the edge of 4 slices of bread. Place the slices butter-side down on the sheet pan. Top with the sliced cheese and add a layer of the filling, then top with the remaining slices of bread. Put the pan in the oven and cook until the butter is thoroughly melted and bottom slices are turning golden and the cheese is melting, about 8 to 10 to minutes. Flip the sandwiches. Continue cooking until the top layer of bread begins to turn golden and the cheese is melted. Turn the oven to broil and toast the top layer, watching closely, this goes quickly, about 30 seconds to 1 minute. Flip the bread and toast the other side, about 15 to 20 seconds or so. Remove, cut and serve. Quick Skillet Chicken with Lemon, Tahini and Warm Spices will come together quickly and can be served on a bed of greens or pasta. (Ashley Moyna Schwickert/For the Minnesota Star Tribune) Quick Skillet Chicken with Lemon, Tahini and Warm Spices Serves 4 to 6. A simple marinade of pantry staples — lemon, tahini, olive oil and a little honey — keeps the chicken moist and becomes the sauce for finishing the dish. Serve on a bed of dark greens or cooked rice. From Beth Dooley. Directions In a large bowl, whisk together the lemon, tahini, honey and olive oil. Measure out 1⁄2 of the mixture into a separate bowl. This is to sauce the chicken after it’s cooked. If it seems too thick, whisk in a little water. Season the chicken with salt and pepper and pound with the flat edge of a knife to even out the width a bit. Put the chicken into the bowl of marinade and turn to coat. Film a heavy skillet with more oil and set over high heat. When the oil begins to ripple, add the chicken, reduce the heat to medium and cook, flipping after about 5 to 7 minutes, and continuing, until cooked through, about 10 to 15 minutes. (The chicken should reach 165 on an instant-read thermometer when done.) Remove the chicken from the skillet, set on a cutting board to rest for about 10 minutes. Slice the meat in long strokes against the grain. Serve on a bed of greens or rice, garnished with a drizzle of sauce, chopped herbs and a few thinly sliced lemons. Pass additional sauce on the side. One-Pot Pasta with Sausage, Tomato and Spinach is a quick but hearty meal for busy, chilly nights. (Ashley Moyna Schwickert/For the Minnesota Star Tribune) One-Pot Pasta with Sausage, Tomatoes and Spinach Serves 4 to 6. You only need one pot for this simple pasta. The sausage adds the seasoning, the onions turn sweetly golden, cherry tomatoes burst into a luscious sauce. A squeeze of lemon at the end livens things up. From Beth Dooley. Directions Film a large heavy pot or Dutch oven with the oil and set over medium heat. Add the onion and sauté until it turns limp and golden, about 3 to 5 minutes. Stir in the sausage, breaking apart with a spatula until it crumbles, about 4 to 5 minutes. Stir in the tomatoes and the stock, scraping up the bottom of the pan to release browned bits that stick to the bottom. Bring to a boil. Add the pasta, stirring well and continue boiling for about 4 to 5 minutes. Turn the heat down to a brisk simmer, stirring to keep the pasta from sticking to the bottom of the pot. If the sauce becomes too thick and the pasta begins to stick, stir in water, about 1⁄4 cup at a time. Simmer until the sauce is mostly absorbed and the pasta is tender, about 15 minutes. Turn off the heat and stir in the spinach, then stir in the cheese. Add lemon juice to taste. Serve garnished with the chopped parsley. Beth Dooley is the author of “The Perennial Kitchen.” Find her at bethdooleyskitchen.com. ©2024 The Minnesota Star Tribune. Visit at startribune.com. Distributed by Tribune Content Agency, LLC.YSRC to raise law and order, Polavaram in Parliament
LSU coach Brian Kelly argues a call in the second half of the Tigers’ 24-17 win over Vanderbilt, Saturday, Nov. 23, 2024, at Tiger Stadium. Facebook Twitter WhatsApp SMS Email Print Copy article link Save LSU’s defeat two Saturdays ago at Florida signaled, to me, the effective end of the Tigers’ 2024 season and the start of the work toward the 2025 campaign. Apparently at least part of LSU coach Brian Kelly thinks so as well. Kelly has much broader responsibilities than those of us in the media, of course, to see this season through. There was a game to win last Saturday, a more-impressive-than-the-score-indicated 24-17 victory over Vanderbilt that allowed LSU to escape boatloads of embarrassment (no matter how good the Commodores are, you can never lose to Vandy at home). There is a game to win this Saturday against Oklahoma (6 p.m., ESPN) and whatever holiday diversion LSU’s bowl game will be. But Kelly is definitely thinking about roster building, something a coach can never not be thinking about, and allowed some insights into that process at Monday’s final game week news conference of the season. Kelly said he’s been meeting with recruiting coordinator Frank Thomas and Austin Thomas, LSU’s associate athletic director for football administration, to map out where the Tigers go forward in terms of recruiting, roster retention and the ever-popular transfer portal. Despite the highly publicized flip of quarterback Bryce Underwood — the nation’s top prospect — from his nearly year-long commitment to LSU to Michigan, the Tigers still have a potentially top-five ranked recruiting class to hold together and to add to as well. It may have been an embarrassing episode for LSU, but it doesn’t spell the end for the Tigers' recruiting class or program. Just some of the chess pieces have to be moved around a bit. There is the portal, and the importance of it to the Tigers’ relevance as a Southeastern Conference and College Football Playoff contender next year can’t be overstated. LSU held back a bit in that realm the last recruiting cycle, but Kelly said that will be different this time. “We’ll be very aggressive,” he said Monday. “I think everybody that’s followed us knows that we weren’t very aggressive in the transfer portal. We put together a defensive line using minimal resources. We’ve really put ourselves in a position — and I’ll use this term loosely — to stay well under the cap, so we could be quite aggressive this year.” It was well-documented that LSU did not go whole hog in the transfer portal last year for two high-priced defensive line transfers: TCU’s Damonic Williams, who will visit Tiger Stadium with the Sooners on Saturday, and Simeon Barrow, who transferred to Miami from Michigan State. Kelly was concerned about upsetting the chemistry of his locker room, giving deals to newcomers that exceeded those of established stars such as left tackle Will Campbell. Kelly may not face a hot seat next season but will face mounting pressure to make the Tigers a major player in the near future. He can’t afford to be so high-minded in this cycle. If there’s a silver lining to the whole Underwood saga it’s that LSU can now spread its NIL money around to entice other top prospects. It also can use its resources to keep some of its key players for another year. Maybe Underwood would have come to LSU and been the next Jayden Daniels. Maybe he would have been a star-crossed Ryan Perrilloux. You do know what you have in Garrett Nussmeier at quarterback and his potential for a second-year major improvement like that of Joe Burrow and Jayden Daniels. The idea of him returning in 2025 for a second full season as the LSU starter would be beneficial to all concerned. Kelly said “all indications” are that wide receiver CJ Daniels will be back next season, an important consideration since Kyren Lacy is a senior. Perhaps LSU could put together a package to entice right tackle Emery Jones to return as well. And, perhaps most tantalizingly, Kelly dangled the name of linebacker Harold Perkins (he suffered an ACL injury Sept. 21 against UCLA). “He’s doing really well in his recovery,” Kelly said. “He’s been in the building quite a bit now that he’s past the early stages of the (ACL) repair. Now it’s about hard work.” Work that includes choosing whether Perkins is a Tiger in 2025 or gambles on where he would land in the NFL draft. At 63, you could understand if Kelly were turned off by all this NIL/portal business. Instead, he insists he’s energized by it. “It’s going to be an exciting couple of months,” Kelly said. Exciting. And absolutely pivotal. LSU BOWL PROJECTIONS Bill Bender, The Sporting News: Liberty Bowl vs. TCU Kyle Bonagura, ESPN.com : Gator Bowl vs. Louisville CollegeFootballNews.com : Texas Bowl vs. Kansas State Brad Crawford, 247Sports.com : Music City Bowl vs. Nebraska Oliver Hodgkinson, CollegeFootballNetwork.com : Music City Bowl vs. Iowa Steve Lassan, Athlon Sports: Texas Bowl vs. Baylor Brett McMurphy, ActionSports.com : Music City Bowl vs. Wisconsin Jerry Palm, CBSSports.com : Texas Bowl vs. TCU Mark Schlabach, ESPN.com : Texas Bowl vs. Texas Tech Erick Smith, USAToday.com : Birmingham Bowl vs. Georgia Tech BOWL GUIDE Birmingham Bowl: Dec. 27, 11 a.m. or 2:30 p.m., Birmingham, Alabama (ESPN) Liberty Bowl: Dec. 27, 6 p.m., Memphis, Tennessee (ESPN) Music City Bowl: Dec. 30, 1:30 p.m., Nashville, Tennessee (ESPN) Texas Bowl: Dec. 31, 2:30 p.m., Houston (ESPN) Gator Bowl: Jan. 2, 6:30 p.m., Jacksonville, Florida (ESPN) All times Central
Stephen A. Smith Explains Why LeBron James 'Doesn't Deserve' To Play With Stephen CurryOTTAWA — CBC President Catherine Tait accused MPs who summoned her to Ottawa on Monday of hurling “insults” her way to try to discredit the public broadcaster. That day marked the fifth time she had appeared before the parliamentary committee on Canadian Heritage within the past 12 months. What began as a cross-partisan summoning of Tait to answer for job cuts announced last year while at the same time CBC/Radio-Canada’s board of directors approved paying out millions in bonuses, including to executives, had by Monday devolved into a testy confrontation. “Would you categorize your term at the CBC as a success?” Opposition house leader Andrew Scheer asked the outgoing CBC president. “Yes,” Tait replied. “So you believe that you’ve left it in a better place than how you found it?” Scheer asked. “Absolutely,” came the swift response. “You must have quite the echo chamber there if you believe that,” Scheer said, as he accused her of being “out of touch,” saying the corporation paid out executive bonuses during an affordability crisis while laying off staff. He also said other metrics were down, including trust in the institution. “Based on all of that, Ms. Tait, I just want to say on behalf of the Conservative party, I want to thank you for your efforts in helping us promote the campaign to defund the CBC.” Tait responded by saying: “I must say that it really does shock me, the extent to which certain members of this committee ... seem to make me the target and throw insults to my tenure at CBC/Radio-Canada in order to discredit the organization.” While it may be insulting to hear the dollar amounts about executive bonuses, Scheer said, “I’ll tell you who is really insulted: the front-line workers that were laid off when the CBC was claiming it didn’t have enough money to keep that entire workforce.” Tait said that of the 800 jobs the CBC had forecast to cut, it used the extra $42 million the Liberals gave the corporation in its latest budget to save many of them. It ultimately cut around 141 jobs and eliminated another 200 vacant positions. She delivered an impassioned defence of the corporation’s services during what was her fifth such appearance before the Commons committee on Canadian Heritage within the past year. Following her appearance, Opposition Conservative Leader Pierre Poilievre’s office circulated a statement pointing out how Tait had once refused to rule out accepting a bonus herself, which has been the subject of previous committee meetings. Tait told MPs she has not received one for the past two fiscal years, saying the decision to award her one lies with the federal government. The Liberals rely on a recommendation from the corporation’s board of directors. CBC/Radio-Canada has declined to say whether it has, citing privacy. Poilievre has long promised to “defund” the roughly $1 billion in funding the corporation receives annually from Parliament, criticizing it as a waste of taxpayer dollars and accusing the broadcaster of operating with a “bias” toward the governing Liberals. Tait in past testimony has pointed out the corporation operates independently from government and its editorial independence is enshrined in laws. Despite his vocal criticisms, Poilievre has pledged to keep Francophone news services. How exactly he plans to do that remains unclear, given how on Monday Tait outlined to MPs how CBC and Radio-Canada “are not two separate companies.” The committee heard how the corporation divides its annual funding from Parliament between its English and French services, with its English services receiving around 56 per cent and French services some 44 per cent. “That’s where the division stops,” said Tait. “These are not two separate companies. They are one with obviously very profound editorial independence, but with a shared infrastructure.” Luc Berthold, the Conservatives’ deputy house leader in Parliament, suggested to Tait that its English programming was dragging down the French service, Radio-Canada, because it was spending more money on CBC, saying in French that Radio-Canada was “really exemplary in being a public broadcaster in our region.” Responding in French, Tait suggested his proposal would mean the broadcaster only deliver services to a minority of Canadians. “Are we going to ask all Canadians to support an organization for only 20 per cent of the population?” she asked. Under questioning by Liberals, Tait outlined the possible impacts of losing CBC’s English services, saying it would deprive most Canadians of access to local news, including in many rural areas. Not only would it also mean losing upwards of 3,500 employees, it would hurt the “thousands” of musicians, authors and others in the fields of arts and production, who rely on the corporation to help promote their work, Tait testified. Cutting CBC English would also result in taking away the ability for Indigenous people living in the North to “hear their news in their languages,” given how it broadcasts in different Indigenous languages. “There is no common sense for eliminating CBC,” Tait said. “We do not see defunding the CBC as a solution, we see it as making Canada worse, not better.” Poilievre himself often wields the term “common sense” as a slogan to describe his plans to restore the country back to what he says was a better time, before Prime Minister Justin Trudeau’s Liberals were elected in 2015, saying the PM has taken Canada down a “radical” path.” Tait at times acknowledged that not all Canadians like CBC, but defended the corporation as trying to listen to those voices by deciding to give more resources to newsrooms in Western Canada to create more content like local podcasts. Tait is soon set to step down as CBC/Radio-Canada president after six years. Quebec television executive Marie-Philippe Bouchard has been appointed as her replacement, effective January 2025. National Post staylor@postmedia.com Get more deep-dive National Post political coverage and analysis in your inbox with the Political Hack newsletter, where Ottawa bureau chief Stuart Thomson and political analyst Tasha Kheiriddin get at what’s really going on behind the scenes on Parliament Hill every Wednesday and Friday, exclusively for subscribers. Sign up here . Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark nationalpost.com and sign up for our politics newsletter, First Reading, here .
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