Same glitz and glamour for the Las Vegas Grand Prix, and perhaps another Verstappen championship
SAN FRANCISCO--(BUSINESS WIRE)--Dec 5, 2024-- All Remote – GitLab Inc. (NASDAQ: GTLB), the most comprehensive AI-powered DevSecOps platform, today reported financial results for its third quarter fiscal year 2025, ended October 31, 2024. “GitLab’s growth at scale is a testament to the demand for a platform approach to software development,” said Sid Sijbrandij, co-founder and executive chair of the board of directors, GitLab Inc. “Our end-to-end DevSecOps platform addresses our customers’ need to accelerate the pace of software development to remain competitive, innovate faster, and ship software more securely.” In a separate press release issued today, December 5, 2024, the company announced Bill Staples was named CEO and a member of the board of directors effective today. Staples succeeds co-founder and CEO Sid Sijbrandij, who is stepping down from his day-to-day role to focus on his health. Sijbrandij will transition to executive chair of the GitLab board of directors. The announcement can be found at https://ir.gitlab.com/ . “We delivered record non-GAAP operating margins as our third quarter fiscal year 2025 revenue reached $196 million dollars, an increase of 31% year-over-year,” said Brian Robins, GitLab chief financial officer. “I am very pleased with our results and the team’s execution as we continue to deliver against our commitment to responsible growth.” Third Quarter Fiscal Year 2025 Financial Highlights (in millions, except per share data and percentages) : Q3 FY 2025 Q3 FY 2024 Y/Y Change Revenue $ 196.0 $ 149.7 31 % GAAP Gross margin 89 % 90 % Non-GAAP Gross margin 91 % 91 % GAAP Operating margin (15 )% (27 )% Non-GAAP Operating margin 13 % 3 % GAAP Operating loss $ (28.7 ) $ (40.3 ) $ 11.6 Non-GAAP Operating income $ 25.9 $ 4.7 $ 21.2 GAAP Net Income (loss) attributable to GitLab $ 29.6 $ (285.2 ) $ 314.8 Non-GAAP Net income attributable to GitLab $ 39.1 $ 14.4 $ 24.7 GAAP Net income (loss) per share attributable to GitLab, basic $ 0.18 $ (1.84 ) $ 2.02 GAAP Net income (loss) per share attributable to GitLab, diluted $ 0.18 $ (1.84 ) $ 2.02 Non-GAAP Net income per share attributable to GitLab, basic $ 0.24 $ 0.09 $ 0.15 Non-GAAP Net income per share attributable to GitLab, diluted $ 0.23 $ 0.09 $ 0.14 GAAP net cash used in operating activities $ (177.0 ) $ (6.0 ) $ (171.0 ) Non-GAAP adjusted free cash flow $ 9.7 $ (6.7 ) $ 16.4 A reconciliation between GAAP and non-GAAP financial measures is contained in this release under the section titled “Non-GAAP Financial Measures.” Additional Financial Highlights: Customers with more than $5,000 of ARR reached 9,519, an increase of 16% year-over-year. Customers with more than $100,000 of ARR reached 1,144, an increase of 31% year-over-year. Dollar-Based Net Retention Rate was 124%. Total RPO grew 48% year-over-year to $811.8 million, while cRPO grew 39% to $515.2 million. Business Highlights: Recognized as a Leader in the Gartner® Magic QuadrantTM for DevOps Platforms for the second consecutive year. Announced an integrated offering with AWS that brings together GitLab Duo and Amazon Q. Together, GitLab Duo and Amazon Q provide a seamless AI-powered developer experience that combines DevSecOps workflows and AWS environments to help organizations ship secure software faster. Announced the general availability of Advanced SAST for GitLab Ultimate customers, leveraging technology acquired with Oxeye, for more accurate vulnerability detections in first-party code. Fourth Quarter and Fiscal Year 2025 Financial Outlook For the fourth quarter and fiscal year 2025, GitLab Inc. expects ( in millions, except share and per share data) : Q4 FY 2025 Guidance FY 2025 Guidance Revenue $205.0 - $206.0 $753 - $754 Non-GAAP operating income $28.0 - $29.0 $69 - $70 Non-GAAP diluted net income per share assuming approximately 170 million and 168 million weighted average shares outstanding during Q4 FY 2025 and FY 2025, respectively. $0.22 - $0.23 $0.63 - $0.64 These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below in Non-GAAP Financial Measures. We have not provided the most directly comparable GAAP financial guidance measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of non-GAAP guidance for operating income (loss) and net income (loss) per share to the corresponding GAAP measures is not available. Conference Call Information GitLab will host a conference call today, December 5, 2024, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to discuss its third quarter fiscal year 2025 financial results and its guidance for the fourth quarter and fiscal year 2025. Interested parties may register for the call in advance by visiting https://bit.ly/3Ul8cwM . A live webcast of this conference call will be available on GitLab’s investor relations website ( ir.gitlab.com ), and a replay will also be archived on the website for one year. About GitLab GitLab is the most comprehensive AI-powered DevSecOps platform for software innovation. GitLab enables organizations to increase developer productivity, improve operational efficiency, reduce security and compliance risk, and accelerate digital transformation. More than 40 million registered users and more than 50% of the Fortune 100 trust GitLab to ship better, more secure software faster. Non-GAAP Financial Measures GitLab believes non-GAAP measures are useful in evaluating its operating performance. GitLab uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GitLab believes that non-GAAP financial information, when taken collectively with its GAAP financial information, 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 GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, amortization of acquired intangible assets, foreign exchange (gain) loss, equity method investment loss and impairment, acquisition related expenses, changes in the fair value of acquisition related contingent consideration, charitable donation of common stock, restructuring charges, a non-recurring income tax adjustment related to bilateral advance pricing agreement (“BAPA”) negotiations, and other expenses that the Company believes are not indicative of its ongoing operations. Shares used for net income per share on a non-GAAP basis include incremental dilutive shares related to restricted stock units, options, and shares issuable under GitLab Inc.’s 2021 Employee Stock Purchase Plan that are anti-dilutive on a GAAP basis. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. Adjusted Free Cash Flow Adjusted free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used for purchases of property and equipment, plus any non-recurring income tax payments related to BAPA. We believe that adjusted free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and any non-recurring income tax payments related to BAPA, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. One limitation of adjusted free cash flow is that it does not reflect our future contractual commitments. Additionally, adjusted free cash flow does not represent the total increase or decrease in our cash balance for a given period. Forward-Looking Statements This press release and the accompanying earnings call contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although we believe that the expectations reflected in the forward-looking statements contained in this release and the accompanying earnings call are reasonable, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to the following: our ability to effectively manage our growth; our revenue growth rate in the future; our ability to achieve and sustain profitability, our business, financial condition, and operating results; security and privacy breaches; intense competition in our markets and loss of market share to our competitors; our ability to respond to rapid technological changes; the market for our services may not grow; a decline in our customer renewals and expansions; fluctuations in our operating results; our incorporation of artificial intelligence features into our products; our transparency; our publicly available company Handbook; customers staying on our free self-managed or SaaS product offering; our ability to accurately predict the long-term rate of customer subscription renewals or adoption, or the impact of these renewals and adoption; our hiring model; the effects of ongoing armed conflict in different regions of the world on our business; and general economic conditions (including changes in interest rates, inflation, uncertainty of the federal budget, increased volatility in the capital markets, and instability in the global banking sector) and slow or negative growth of our markets. Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in the filings and reports we make with the Securities and Exchange Commission. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. Operating Metrics Annual Recurring Revenue (“ARR”): We define annual recurring revenue as the annual run-rate revenue of subscription agreements, including our self-managed and SaaS offerings but excluding professional services, from all customers as measured on the last day of a given month. We calculate ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts of subscriptions, including our self-managed license, self-managed subscription, and SaaS subscription offerings but excluding professional services. Dollar-Based Net Retention Rate: We calculate Dollar-Based Net Retention Rate as of a period end by starting with our customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, price adjustments, user growth within a customer, contraction, and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the Dollar-Based Net Retention Rate. GitLab Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) October 31, 2024 (1) January 31, 2024 (1) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 176,632 $ 287,996 Short-term investments 740,340 748,289 Accounts receivable, net of allowance for doubtful accounts of $891 and $673 as of October 31, 2024 and January 31, 2024, respectively 197,555 166,731 Deferred contract acquisition costs, current 34,518 32,300 Prepaid expenses and other current assets 43,120 45,601 Total current assets 1,192,165 1,280,917 Property and equipment, net 3,563 2,954 Operating lease right-of-use assets 444 405 Goodwill 16,131 8,145 Intangible assets, net 19,536 1,733 Deferred contract acquisition costs, non-current 17,248 19,317 Other non-current assets 3,552 4,390 TOTAL ASSETS $ 1,252,639 $ 1,317,861 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 2,224 $ 1,738 Accrued expenses and other current liabilities 51,821 286,178 Accrued compensation and benefits 27,274 35,809 Deferred revenue, current 383,183 338,348 Total current liabilities 464,502 662,073 Deferred revenue, non-current 14,138 23,794 Other non-current liabilities 3,776 14,060 TOTAL LIABILITIES 482,416 699,927 STOCKHOLDERS’ EQUITY: Preferred stock, $0.0000025 par value; 50,000 shares authorized as of October 31, 2024 and January 31, 2024; no shares issued and outstanding as of October 31, 2024 and January 31, 2024 — — Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of October 31, 2024 and January 31, 2024; 140,528 and 114,670 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively — — Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of October 31, 2024 and January 31, 2024; 21,555 and 42,887 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively — — Additional paid-in capital 1,891,653 1,718,661 Accumulated deficit (1,161,952 ) (1,149,822 ) Accumulated other comprehensive income (loss) (4,996 ) 2,335 Total GitLab stockholders’ equity 724,705 571,174 Noncontrolling interests 45,518 46,760 TOTAL STOCKHOLDERS’ EQUITY 770,223 617,934 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,252,639 $ 1,317,861 (1) As of October 31, 2024 and January 31, 2024, the consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $43.4 million and $47.6 million, respectively, and liabilities of $6.1 million for each period presented. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the general credit of GitLab Inc. GitLab Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue: Subscription—self-managed and SaaS $ 175,257 $ 130,993 $ 489,617 $ 364,280 License—self-managed and other 20,790 18,675 58,201 51,847 Total revenue 196,047 149,668 547,818 416,127 Cost of revenue: Subscription—self-managed and SaaS 17,170 11,559 47,639 33,321 License—self-managed and other 4,955 3,525 14,632 10,398 Total cost of revenue 22,125 15,084 62,271 43,719 Gross profit 173,922 134,584 485,547 372,408 Operating expenses: Sales and marketing 95,340 86,978 285,542 265,631 Research and development 61,354 49,058 176,767 148,452 General and administrative 45,960 38,815 146,615 110,882 Total operating expenses 202,654 174,851 608,924 524,965 Loss from operations (28,732 ) (40,267 ) (123,377 ) (152,557 ) Interest income 12,586 10,874 37,443 27,301 Other income (expense), net 4,992 569 5,457 (508 ) Loss before income taxes and loss from equity method investment (11,154 ) (28,824 ) (80,477 ) (125,764 ) Loss from equity method investment, net of tax — (743 ) — (2,408 ) Provision for (benefit from) income taxes (39,421 ) 256,788 (66,131 ) 262,290 Net income (loss) $ 28,267 $ (286,355 ) $ (14,346 ) $ (390,462 ) Net loss attributable to noncontrolling interest (1,298 ) (1,197 ) (2,216 ) (2,755 ) Net income (loss) attributable to GitLab $ 29,565 $ (285,158 ) $ (12,130 ) $ (387,707 ) Net income (loss) per share attributable to GitLab Class A and Class B common stockholders: Basic $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Diluted $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Weighted-average shares used to compute net income (loss) per share attributable to GitLab Class A and Class B common stockholders: Basic 161,317 155,123 159,756 153,504 Diluted 167,436 155,123 159,756 153,504 GitLab Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss), including amounts attributable to noncontrolling interest $ 28,267 $ (286,355 ) $ (14,346 ) $ (390,462 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Stock-based compensation expense 48,042 41,334 139,263 120,032 Change in fair value of acquisition related contingent consideration — — 3,750 — Charitable donation of common stock 2,957 2,675 8,871 8,025 Amortization of intangible assets 2,511 521 5,931 1,646 Depreciation expense 680 1,123 2,361 3,329 Amortization of deferred contract acquisition costs 12,704 10,447 35,650 31,066 Loss from equity method investment — 940 — 3,048 Net amortization of premiums or discounts on short-term investments (3,792 ) (5,867 ) (12,933 ) (14,361 ) Unrealized foreign exchange loss (gain), net (5,184 ) (573 ) (5,442 ) 252 Other non-cash expense, net 467 420 768 317 Changes in assets and liabilities: Accounts receivable (32,883 ) (30,572 ) (31,658 ) (5,291 ) Prepaid expenses and other current assets (10,773 ) (3,935 ) 2,498 (8,183 ) Deferred contract acquisition costs (14,751 ) (13,623 ) (35,706 ) (31,760 ) Other non-current assets 1,348 (453 ) 851 (1,174 ) Accounts payable (1,317 ) 799 33 (224 ) Accrued expenses and other current liabilities (220,071 ) 244,674 (241,704 ) 245,857 Accrued compensation and benefits (1,913 ) 231 (8,815 ) 2,842 Deferred revenue 19,665 14,270 34,503 29,158 Other non-current liabilities (2,985 ) 17,983 (11,068 ) 16,070 Net cash provided by (used in) operating activities (177,028 ) (5,961 ) (127,193 ) 10,187 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of short-term investments (240,136 ) (238,680 ) (503,394 ) (573,676 ) Proceeds from maturities of short-term investments 148,763 253,995 524,862 526,979 Purchases of property and equipment (1,057 ) (736 ) (2,608 ) (1,269 ) Payments for business combination, net of cash acquired — — (20,210 ) — Payments for asset acquisition (346 ) — (7,660 ) — Escrow payment related to business combination, after acquisition date — — — (2,500 ) Other investing activities — — 457 — Net cash provided by (used in) investing activities (92,776 ) 14,579 (8,553 ) (50,466 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases 7,822 4,715 17,895 22,492 Issuance of common stock under employee stock purchase plan — — 7,932 7,751 Settlement of acquisition related contingent cash consideration (4,900 ) — (4,900 ) — Net cash provided by financing activities 2,922 4,715 20,927 30,243 Impact of foreign exchange on cash and cash equivalents 4,898 (1,249 ) 3,455 (2,557 ) Net decrease in cash and cash equivalents (261,984 ) 12,084 (111,364 ) (12,593 ) Cash and cash equivalents at beginning of period 438,616 273,225 287,996 297,902 Cash and cash equivalents at end of period $ 176,632 $ 285,309 $ 176,632 $ 285,309 GitLab Inc. Reconciliation of GAAP to Non-GAAP (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Gross profit on GAAP basis $ 173,922 $ 134,584 $ 485,547 $ 372,408 Gross margin on GAAP basis 89 % 90 % 89 % 89 % Stock-based compensation expense 1,993 1,648 5,924 4,760 Amortization of acquired intangibles 2,511 521 5,931 1,546 Restructuring charges — — — 463 Gross profit on non-GAAP basis $ 178,426 $ 136,753 $ 497,402 $ 379,177 Gross margin on non-GAAP basis 91 % 91 % 91 % 91 % Sales and marketing on GAAP basis $ 95,340 $ 86,978 $ 285,542 $ 265,631 Stock-based compensation expense (17,012 ) (16,523 ) (54,290 ) (51,582 ) Restructuring charges (130 ) 54 (1,126 ) (3,623 ) Sales and marketing on non-GAAP basis $ 78,198 $ 70,509 $ 230,126 $ 210,426 Research and development on GAAP basis $ 61,354 $ 49,058 $ 176,767 $ 148,452 Stock-based compensation expense (14,384 ) (12,738 ) (42,834 ) (36,917 ) Restructuring charges — (72 ) (393 ) (2,119 ) Research and development on non-GAAP basis $ 46,970 $ 36,248 $ 133,540 $ 109,416 General and administrative on GAAP basis $ 45,960 $ 38,815 $ 146,615 $ 110,882 Stock-based compensation expense (14,653 ) (10,425 ) (36,215 ) (26,773 ) Amortization of acquired intangibles — — — (100 ) Restructuring charges 11 4 (377 ) (1,634 ) Charitable donation of common stock (2,957 ) (2,675 ) (8,871 ) (8,025 ) Changes in the fair value of acquisition related contingent consideration — — (3,750 ) — Acquisition related expenses (140 ) — (2,849 ) — Other non-recurring charges (872 ) (413 ) (1,084 ) (413 ) General and administrative on non-GAAP basis $ 27,349 $ 25,306 $ 93,469 $ 73,937 Loss from operations on GAAP basis $ (28,732 ) $ (40,267 ) $ (123,377 ) $ (152,557 ) Stock-based compensation expense 48,042 41,334 139,263 120,032 Amortization of acquired intangibles 2,511 521 5,931 1,646 Restructuring charges 119 14 1,896 7,839 Charitable donation of common stock 2,957 2,675 8,871 8,025 Changes in the fair value of acquisition related contingent consideration — — 3,750 — Acquisition related expenses 140 — 2,849 — Other non-recurring charges 872 413 1,084 413 Income (loss) from operations on non-GAAP basis $ 25,909 $ 4,690 $ 40,267 $ (14,602 ) Other income (expense), net on GAAP basis $ 4,992 $ 569 $ 5,457 $ (508 ) Foreign exchange gains (losses), net (5,096 ) (488 ) (5,326 ) 506 Other income (expense), net on non-GAAP basis $ (104 ) $ 81 $ 131 $ (2 ) Net income (loss) attributable to GitLab common stockholders on GAAP basis $ 29,565 $ (285,158 ) $ (12,130 ) $ (387,707 ) Stock-based compensation expense 48,042 41,334 139,263 120,032 Amortization of acquired intangibles 2,511 521 5,931 1,646 Restructuring charges 119 14 1,896 7,839 Charitable donation of common stock 2,957 2,675 8,871 8,025 Changes in the fair value of acquisition related contingent consideration — — 3,750 — Acquisition related expenses 140 — 2,849 — Loss from equity method investment, net of tax — 743 — 2,408 Foreign exchange gains (losses), net (5,096 ) (488 ) (5,326 ) 506 Income tax adjustment (39,965 ) 254,392 (78,047 ) 254,392 Other non-recurring charges 872 413 1,084 413 Net income attributable to GitLab common stockholders on non-GAAP basis $ 39,145 $ 14,446 $ 68,141 $ 7,554 GAAP net income (loss) per share, basic $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) GAAP net income (loss) per share, diluted $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Non-GAAP net income per share, basic $ 0.24 $ 0.09 $ 0.43 $ 0.05 Non-GAAP net income per share, diluted $ 0.23 $ 0.09 $ 0.41 $ 0.05 Shares used in per share calculation - basic on GAAP basis 161,317 155,123 159,756 153,504 Effect of dilutive securities 6,119 7,671 7,637 7,774 Shares used in per share calculation - diluted on non-GAAP basis 167,436 162,794 167,393 161,278 GitLab Inc. Reconciliation of GAAP Cash Flow from Operating Activities to Adjusted Free Cash Flow (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Computation of adjusted free cash flow GAAP net cash provided by (used in) operating activities $ (177,028 ) $ (5,961 ) $ (127,193 ) $ 10,187 Less: Purchases of property and equipment (1,057 ) (736 ) (2,608 ) (1,269 ) Add: Income tax payments related to BAPA 187,735 — 187,735 — Non-GAAP adjusted free cash flow $ 9,650 $ (6,697 ) $ 57,934 $ 8,918 View source version on businesswire.com : https://www.businesswire.com/news/home/20241205686308/en/ CONTACT: Media Contact: Lisa Boughner VP, Global Communications GitLab Inc. press@gitlab.com Investor Contact: Kelsey Turcotte VP, Investor Relations GitLab Inc. ir@gitlab.com KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: DATA MANAGEMENT SECURITY APPS/APPLICATIONS TECHNOLOGY SOFTWARE ARTIFICIAL INTELLIGENCE SOURCE: GitLab Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:06 PM/DISC: 12/05/2024 04:05 PM http://www.businesswire.com/news/home/20241205686308/en
None
Luigi Mangione made an appearance at the Manhattan Criminal Court in New York yesterday, but his burgundy jumper stole the show rather than his alleged murder. ET Year-end Special Reads It's all Gucci for Indians' luxury craving even as economy shows wrinkles Investing in 2025: Will domestic funds continue to counter FPI sell-offs amid rising valuations? 2024 exposed the underbelly of India's Silicon Valley Known as the "hot assassin," the 26-year-old is suspected of killing UnitedHealth CEO Brian Thompson, who was shot dead on December 4 while he was making his way to a hotel in Manhattan where the largest health insurer in the US was hosting an investor conference, as quoted in a report by The Daily Mail. However, after entering a not-guilty plea to state murder and terror charges on Monday, Mangione has amassed a devoted following that is fixated on his attractive appearance and sense of style. The Ivy League graduate made headlines online last week when he was seen sporting a new haircut and seemed to have had his eyebrows trimmed. His outfit choices this week created a stir; at the courthouse, he wore a clean white collared shirt, a maroon knit sweater, light grey slacks, and orange shoes. The Nordstrom knit sweater has already sold out and has been compared to the sweaters the Menendez brothers wore during their notorious trial. Mangione's admirers immediately sought out and hurried to buy the Marino crewneck top, which is currently 30% off and retails for $89.99. Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Finance: Finance Beginner Course By - elearnmarkets, Financial Education by StockEdge View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrows Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Entrepreneurship Validating Your Startup Idea: Steps to Ensure Market Fit By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Marketing Future of Marketing & Branding Masterclass By - Dr. David Aaker, Professor Emeritus at the Haas School of Business, UC Berkeley, Author | Speaker | Thought Leader | Branding Consultant View Program Office Productivity Mastering Google Sheets: Unleash the Power of Excel and Advance Analysis By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance Financial Literacy i.e Lets Crack the Billionaire Code By - CA Rahul Gupta, CA with 10+ years of experience and Accounting Educator View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd. View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Office Productivity Microsoft Word Mastery: From Beginner to Expert By - CA Raj K Agrawal, Chartered Accountant View Program Artificial Intelligence(AI) AI for Everyone: Understanding and Applying the Basics on Artificial Intelligence By - Ritesh Vajariya, Generative AI Expert View Program Web Development Maximizing Developer Productivity: The Pomodoro Technique in Practice By - Prince Patni, Software Developer (BI, Data Science) View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Entrepreneurship From Idea to Product: A Startup Development Guide By - Dr. Anu Khanchandani, Startup Coach with more than 25 years of experience View Program Marketing Digital Marketing Masterclass by Neil Patel By - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing Guru View Program Data Analysis Learn Power BI with Microsoft Fabric: Complete Course By - Prince Patni, Software Developer (BI, Data Science) View Program Data Science MySQL for Beginners: Learn Data Science and Analytics Skills By - Metla Sudha Sekhar, IT Specialist and Developer View Program Leadership Business Storytelling Masterclass By - Ameen Haque, Founder of Storywallahs View Program Web Development Intermediate C++ Skills: Master Pointers, Structures and File Stream By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development JavaScript Essentials: Unlock AI-Driven Insights with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Web Development C++ Fundamentals for Absolute Beginners By - Metla Sudha Sekhar, IT Specialist and Developer View Program Mangione was initially thought to be sporting a $1,000 Maison Margiela jumper. Antonio Padilla, a fashion commentator, refuted this, sharing his research on X, the platform that was formerly known as Twitter. He posted that the sweater is no longer available in Burgundy Royale, the color Mangione wore, on the Nordstrom website. At the time of publishing, the sweater is no longer available in Burgundy Royale, the colour Mangione wore. X users were quick to point out that the sweater was rising in popularity after he wore it. A legal insider has said that the alleged assassin has reportedly received thousands of dollars in donations and hundreds of handwritten letters in jail. Luigi Mangione's fashion choices and appearance have caused a stir among fans who are obsessed with his looks and fashion choices. FAQs Why has Luigi Mangione's burgundy jumper gone viral? Mangione's stylish courtroom appearance in a Nordstrom burgundy jumper captivated fans, and the jumper sold out online. Did Luigi Mangione groom his eyebrows in jail? Fans speculated that Mangione used unconventional methods, such as threading with dental floss, for his polished brows, sparking online discussions. (You can now subscribe to our Economic Times WhatsApp channel )
LAS VEGAS — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. "As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It's an honor for General Motors and Cadillac to join the world's premier racing series, and we're committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM's engineering expertise and technology leadership at an entirely new level." The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. "We're excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. "Together, we're assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world." Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. "The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team," Michael Andretti posted on social media. "I'm very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!" The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti's dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years, and F1 initially denied the application despite approval from F1 sanctioning body FIA. The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they've already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti's application was the only one of seven applicants to meet all required criteria to expand F1's current grid. "General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. "Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024," F1 said in a statement. "Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. "With Formula 1's continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." Get local news delivered to your inbox!President Joe Biden and President-elect Donald Trump spoke on the phone over the Thanksgiving holiday last week, according to two people familiar with the call. The previously unreported phone call marks the only known time Biden and Trump have spoken since the president-elect visited the White House for a meeting in the Oval Office on Nov. 13. > Philadelphia news 24/7: Watch NBC10 free wherever you are The two people familiar with the conversation said Trump called Biden to wish him a happy Thanksgiving. They said the conversation between the two leaders was brief and not substantive. The president and first lady Jill Biden spent the Thanksgiving holiday in Nantucket, Massachusetts, with close family, including their son, Hunter, and daughter, Ashley. When asked by reporters last Friday whether he expected to speak with Trump again before the inauguration, Biden said: “I expect so.” Biden's invitation for Trump to visit the White House and Trump's subsequent phone call are a departure from the last transition between administrations after the 2020 election. Trump did not host Biden at the White House after his election defeat, defying the customary invitation. The Trump administration also stalled the transition after Biden's election victory four years ago, denying election results and scuttling efforts from Biden's transition team to establish a smooth transfer of power. Trump did not attend Biden's inauguration in 2021, becoming the first outgoing incumbent in 150 years not to attend his successor's inauguration. White House press secretary Karine Jean-Pierre said at a press briefing the week before the 2024 election that Biden would attend January's inauguration regardless of the outcome, and White House senior deputy press secretary Andrew Bates reiterated last week that Biden plans to attend the inauguration. This story first appeared on NBCNews.com . More from NBC News:U of I awarded $10M grant to study crops that can be used for jet fuel
A U.S. Civil Air Patrol plane crashed in the mountains near Drake on Saturday, resulting in an unknown number of casualties, according to the agency. Lt. Col. Mark Young of the Civil Air Patrol said Saturday afternoon that one of the agency’s planes had crashed. He would not confirm whether anyone had died but said the Larimer County Sheriff’s Office was working to reach survivors at the crash site. “We know there are survivors, and we’re doing the best we can to get the proper resources up to rescue them,” Young said. shortly after noon that deputies and Larimer County Emergency Services were responding to a downed plane near Storm Mountain. The Civil Air Patrol is the official auxiliary of the U.S. Air Force — its Colorado wing is based at Peterson Space Force Base in Colorado Springs and participates in search-and-rescue missions and training exercises across the state.How to protect your communications through encryptionLAS VEGAS — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. "As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It's an honor for General Motors and Cadillac to join the world's premier racing series, and we're committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM's engineering expertise and technology leadership at an entirely new level." The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. "We're excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. "Together, we're assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world." Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. "The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team," Michael Andretti posted on social media. "I'm very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!" The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti's dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years, and F1 initially denied the application despite approval from F1 sanctioning body FIA. The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they've already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti's application was the only one of seven applicants to meet all required criteria to expand F1's current grid. "General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. "Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024," F1 said in a statement. "Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. "With Formula 1's continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." Get local news delivered to your inbox!
Ibotta director Lehrman sells $4.57 million in stock
I tested all the supermarket Christmas desserts – the cut-price winner is a great swap for Xmas puddingGophers QB Max Brosmer commits to play in bowl game
The Andhra Pradesh government is making efforts to transform the state into a global knowledge hub by leveraging fast-emerging technologies like artificial intelligence (AI), chief minister N Chandrababu Naidu said on Friday. While addressing at the Deep-Tech Innovation Conclave-2024 held at Visakhapatnam, Naidu said his objective was to take the state towards technology-driven Swarnandhra by 2047 taking advantage of the abundant resources, including talented youth, available in the state. The chief minister said: “The government is preparing the Swarnandhra Vision-2047 document based on 10 principles, including zero poverty, and P4 approach (Public-Private-People-Partnership), with which the state would achieve an annual growth rate of 15%.” He pointed out that the second quarter growth rate of the state stood at 8.75% as against the national average growth rate of eight per cent. “We now have access to mobile phones and cutting-edge technology and still if we do not utilise these tools, we cannot compete on a global scale,” Naidu said. He felt that now the role of DeepTech is indispensable as the IT revolution holds great promise for the future generations in providing employment generation. “The DeepTech initiatives will enhance human resource development through globally recognised education and skill centres,” he said. The chief minister also outlined his vision for leveraging advanced technologies across various sectors, including agriculture, healthcare, logistics and energy. He proposed innovative applications such as smart farming using drones and precision agriculture techniques and also stressed the need for zero-budget natural farming as Andhra Pradesh is a potential leader in food supply innovations. Naidu reiterated the importance of urbanisation and flexible work models while fostering entrepreneurship. In addition to technological advancements, he stressed the importance of product perfection and brand promotion. He said he was of the firm opinion that his slogan “One family, one entrepreneur”, would nurture entrepreneurship within families across the state. “I want to make Andhra Pradesh a knowledge hub. Historical information we have on the cloud, Artificial Intelligence is matured and real time information you can collect through various devices,” he added.Daily Post Nigeria CAF Confederation Cup: Zamalek land in Uyo for Enyimba clash Home News Politics Metro Entertainment Sport Sport CAF Confederation Cup: Zamalek land in Uyo for Enyimba clash Published on December 6, 2024 By Mike Oyebola Holders Zamalek arrived in Uyo on Friday night ahead of their CAF Confederation Cup Group D clash against Enyimba. The matchday two encounter is slated for the Godswill Akpabio International Stadium on Sunday. The Egyptians defeated Mozambique’s Black Bulls 2-0 in their first group game. Enyimba suffered a 2-0 loss to another Egyptian outfit, Al Masry, on matchday one. Black Bulls will entertain Al Masry in the group’s other game also on Sunday. The top teams in the group will qualify for the quarterfinals. Related Topics: CAF Confederation Cup enyimba Zamalek Don't Miss CHAN 2025 qualifier: Home Eagles resume camping for Ghana clash You may like CAF Confederation Cup: Nigerian referees for Black Bulls vs Al Masry clash CAF Confederation Cup: Zamalek begin preparation for Enyimba clash NPFL: Rangers assistant coach satisfied with draw against Enyimba NPFL: Kwara United, Enyimba week 16 game postponed NPFL: Rangers hold Enyimba in oriental derby NPFL: Ilechukwu labels Enyimba best club in Nigeria Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media Ltd
Jennifer Barrett, owner of Snowy Owl Bakeshop, uses a 3D printer to create unique chocolates. (Elizabeth Whitte/CBC) A Mount Pearl baker is stirring up chocolate and printing unique sweet treats — literally — with a helping hand from technology. Over the buzz of a 3D printer, Jennifer Barrett, owner of Snow Owl Bakeshop, is busy with a spool of plastic she's about to use to create a mold for her creations. She moves to a block of chocolate, with images of a Christmas tree, a stocking, a wrapped president and an owl in a scarf. "This is the fun part," she said, before snapping the chocolate into four even pieces. Barrett began using 3D printers to create custom chocolate designs for her clients. The printer creates the mold and Barrett pours in the melted chocolate. Then it's all set aside to cool. "It's just a unique thing. You can't just go in a shop and buy it yourself," she said. "It would be very difficult to mass produce something like that on your own if you didn't have a background working in chocolate or have the tools to do it." How it works Going from a design concept to a piece of chocolate requires a number of steps, said Barrett. First, she draws a design and then uses software to translate it into a digital image that the 3D printer can understand to make a mold. "Because that isn't strong enough material to withstand the heat and pressure from the vacuum form machine, I made a silicone mold, which is a reverse image and then filled that with plaster," she said. Barrett says she can make unique and custom chocolates that people can't buy anywhere else. (Elizabeth Whitten/CBC) Her vacuum form machine then heats up a sheet of plastic that will create a form around the silicone mold. Once that's done, Barrett heads back to her kitchen and fills the new mold with chocolate. WATCH: The CBC's Elizabeth Whitten got a delicious assignment: When chocolate-ly goodness meets technology, stunning creations come to life 4 days ago Duration 2:34 Mount Pearl baker Jennifer Barrett is combining her culinary skills with a 3D printer and the results are custom sweet treats. It’s a sight to see and the CBC’s Elizabeth Whitten got an up close view, and even a taste. It's a lot of steps to get the finished product. But, she said, she doesn't do it all at once. "I break it all out and make a plan and I don't do it all in one day. It's the kind of thing that takes several days to do," said Barrett. Mixing art with baking Barrett is a trained artist who also studied baking in Toronto. She has worked at a number of bakeries and a chocolate shop. "This is kind of my way of using those two together," she said. It was only a few months ago when she decided to go all in on Snowy Owl Bakeshop. Her menu consists of sourdough, chocolates, caramels as well as truffles and a variety of pastries and cookies. Before using a 3D printer, Barrett was making clay sculptures and turning them into molds. (Elizabeth Whitten/CBC) She's now at the St. John's Farmers' Market, but also has a presence on Facebook and Instagram, where she can take orders. One day, she said, she'd like to have her own shop. Before using the 3D printer, Barrett said, she made clay sculptures and turned them into molds. Her basement office is filled with old casts for holiday chocolates, like smiling pumpkins, a grinning skull, a cheery ghost and birds. It was when her partner bought a 3D printer that she saw it as another way to make her molds. Cakey hands and happy hearts: How these immigrants are building a small baking empire Mixing sweet and savoury, this baking duo teams up to launch a new downtown St. John's café "It's quicker in some ways, but it comes with other challenges because the material is softer and I need to use silicone and plaster to translate that into a more sturdy molds," Barrett said. She started with "love birds," which feature puffins, crows, ducks and seagulls in the shape of hearts. Then a few months ago, Barrett was approached at the farmers' market and was asked if she could do custom orders. "We went back and forth and then I was able to figure out the pricing based on how much she wanted and the timeline and things like that." Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Sign up for our daily headlines newsletter here . Click here to visit our landing page .
F1 expands grid, adds Cadillac brand and new American team for '26Chandigarh: Now, public safety, traffic control to be responsibility of event organisers
Israeli defence minister vows to maintain military control over Gaza
The Australian government's support for a UN resolution calling for an end to Israel's occupation of Gaza is to blame for a widely condemned arson attack on a Melbourne synagogue, the Jewish state's prime minister says. or signup to continue reading It is impossible to separate the reprehensible arson attack from the federal government's "extreme anti-Israeli position," Israeli Prime Minister Benjamin Netanyahu posted on social media early on Saturday. "Including the scandalous decision to support the UN resolution calling on Israel 'to bring an end to its unlawful presence in the Occupied Palestinian Territory, as rapidly as possible', and preventing a former Israeli minister from entering the country," he wrote on X. "The burning of the Adass Israel synagogue in Melbourne is an abhorrent act of antisemitism," he said. The Adass Israel synagogue at Rippon Lea in Melbourne's southeast had two of its three buildings gutted after suspected masked intruders allegedly broke into the building and set it alight in the early hours of Friday. Two congregants preparing for morning prayers, were inside. They were evacuated, with one sustaining minor injuries. Police have not ruled out terrorism as a motive, believing the attack was targeted. The suspects had poured accelerant on the floor inside the synagogue and set it on fire before fleeing when they were disturbed by a congregant, police said. Israel President Isaac Herzog said he firmly condemned the horrific arson amid an intolerable wave of attacks on Jewish communities when he spoke to Prime Minister Anthony Albanese on Friday night. "I noted to the prime minister that this rise and the increasingly serious antisemitic attacks on the Jewish community required firm and strong action, and that this was a message that must be heard clearly from Australia's leaders," he said. "I thanked him for his ongoing efforts to combat antisemitism, and expressed my trust that the local law enforcement would do everything in their power to bring the perpetrators to justice." Political and religious leaders have widely condemned the attack on the synagogue, built by Holocaust survivors. Mr Albanese said he had no tolerance for antisemitism. "This deliberate, unlawful attack goes against everything we are as Australians and everything we have worked so hard to build as a nation," he said in a statement. Australian Federal Police will provide all requested resources to Victorian authorities, he said. Victorian Premier Jacinta Allan said police patrols would be increased, and pledged $100,000 to rebuilding the synagogue. Advertisement Sign up for our newsletter to stay up to date. We care about the protection of your data. Read our . AdvertisementNASA's stuck astronauts hit 6 months in space. Just 2 more to goReports: Bill Belichick interviews for North Carolina job