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VP Sara Duterte —RICHARD A. REYES Vice President Sara Duterte has tried to justify the existence of her assistance programs as not “duplications” of similar functions of other national government agencies, saying that she was just continuing what one of her predecessors had started. Speaking to reporters on Wednesday in Butuan City, Duterte said that the medical and burial assistance, among others, from the Office of the Vice President (OVP) began under former Vice President Noli de Castro, who served from 2004 to 2010 during the Arroyo administration. “The people got used to the OVP having medical and burial assistance because those programs have been there since the time of Vice President Noli de Castro,” she explained. “Therefore, if the people asked for assistance from us in the government, we can’t just turn them away and say ‘Hey, we apologize, you’re on your own now,’ we can’t just say that,” Duterte said. De Castro, who was involved in public service work as a broadcaster, continued this as a senator and as the second-highest official in the country, providing social assistance and basic needs to the public. The assistance came in the form of aid for medical, educational, burial, employment, transportation, livelihood, housing, and legal problems. The number of aid recipients continued to increase and the coverage expanded to include antipoverty concerns, housing problems, and problems of overseas Filipino workers. In the budget for 2006, the OVP said the bulk of the increase in its budget proposal was for assistance to indigent patients in hospitals, livelihood programs, comprehensive integrated delivery of social service programs, death and funeral benefits of the victims of calamities and other forms of financial assistance. Duterte noted that this was also part of her mandate as vice president under the 1987 Constitution. It was also part of her oath—which is “not to reject people asking for help.” “In my oath-taking, you can clearly see ‘implement laws,’ and I am in the Executive along with the President. This means that I will protect and defend the Constitution. This also means that everything written on the Constitution must be implemented,” she said. The OVP’s assistance to the public was not a duplication “because we are also a government agency that can’t just turn away people seeking assistance,” Duterte said. READ: Sara Duterte’s confidential fund spending raises new, more doubts Lawmakers, particularly from the House of Representatives, have questioned some of the social programs of the OVP similar to those of some government agencies such as the Department of Health (DOH) and the Department of Social Welfare and Development (DSWD). This prompted the House of Representatives to reduce Duterte’s proposed P2.03-billion budget for 2025 by P1.3 billion. The funds were realigned to the DOH and the DSWD, leaving the OVP with a budget of only P733.198 million, similar to the budget annually received by her most recent predecessor, former Vice President Leni Robredo. The Senate upheld the budget cuts after Sen. Grace Poe, chair of the Senate committee on finance, said the OVP had not responded to requests for documents that would answer the questions raised over its budget proposal. Sen. Risa Hontiveros on Thursday said the P733 million was already adequate and there was no need to alter it. “As of today, I would vote against adding to the OVP budget ... unless there is really a super, super, super duper good reason that could still convince me,” the Senate deputy minority leader said during the Kapihan sa Senado forum. “At a proper time, I will argue that it is sufficient. Other Vice Presidents in previous administrations have successfully operated with a similar budget level or even less as a matter of fact,” she added. During the Senate plenary deliberations on the OVP’s proposed 2025 budget, senators approved its P733 million outlay, adopting the House version. However, Duterte secured a promise from her allies in the chamber, Senators Ronald “Bato” dela Rosa and Christopher “Bong” Go, to either give additional funding to the OVP or restore the massive cuts during the period of amendments. Poe explained that the P733 million earmarked for the OVP was not yet final as senators may still propose to either increase or decrease it, subject to the body’s approval. According to Hontiveros, she did not change the House version of the proposed funding for the OVP programs, which appear to be a “repetition” of existing programs of other agencies. But Hontiveros said that one expense item that would be hard to justify was the P10 million for the distribution of copies of “Isang Kaibigan,” a children’s book authored by Duterte. “I think it’s important to note that the P10 million for a self-authored book to be distributed is really hard to justify as appropriate,” she said. At a Senate budget hearing in August, Duterte and Hontiveros engaged in a heated exchange over the P10-million allocation for the publication of the book after the latter questioned the propriety of the item tucked in the proposed 2025 budget of the country’s second-highest official. Her query piqued Duterte, who accused Hontiveros of “politicizing” the OVP’s budget request. Despite the massive budget cuts to the OVP next year, Duterte said they would make do with what they will receive, even with the possibility that 200 of her staff might lose their jobs. “But that [200] is just an estimate and I don’t have the exact knowledge on how many would lose their jobs. But definitely, there would be a budget cut and it may include the allocated funds for our personnel’s salaries in case they will be out of work,” she said. Hontiveros said she would ask for the details about the feared job losses to see “if it turns out to be a super duper good reason.” She added that she did not want any government worker to lose employment. —WITH A REPORT FROM INQUIRER RESEARCH Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . READ: Sara Duterte’s secret fund spending ‘a violation twice over’
NEW YORK (AP) — Aaron Judge won't be bothered if free agent Juan Soto gets a bigger deal from the New York Yankees than the captain's $360 million , nine-year contract. “It ain’t my money. I really don’t care as long as we get the best players, we get the most that we can, I’m happy with whatever,” Judge said Friday, a day after he was a unanimous winner of his second AL MVP award. “That's never been something on my mind about who gets paid the most.” Judge led the major leagues with 58 homers, 144 RBIs and 133 walks while hitting .322 as New York reached the World Series for the first time since 2009, only to lose to the Los Angeles Dodgers . Soto batted .288 with 41 homers, 109 RBIs and 129 walks in his first season with the Yankees and finished third in MVP voting, also trailing Kansas City shortstop Bobby Witt. Jr. A free agent at 26, Soto has met with the Yankees, Mets, Los Angeles Dodgers and Boston Red Sox, and he plans to meet with the Philadelphia Phillies, a person familiar with the negotiations told The Associated Press. The person spoke on condition of anonymity because the meetings have not been publicly announced. Negotiations are not likely to intensify until after Thanksgiving. Judge hasn’t spoken with Soto since the World Series. Judge went through the free-agent experience after hitting an AL record 62 homers in 2022. “The best thing is to really give those guys space," Judge said. "I talked to him all season and he knows how we feel about him and I think the most important thing is now let him do his thing with his family, pray about it, talk with people and come to the right decision for him and his family.” Soto met with Yankees officials on Monday at a hotel in southern California, a group that included owner Hal Steinbrenner, team president Randy Levine, general manager Brian Cashman, manager Aaron Boone and senior adviser for baseball operations Omar Minaya. “We had a good meeting. It was a very honest back-and-forth dialogue, a couple hours long,” Steinbrenner said Wednesday. Asked how confident he was about keeping Soto, Steinbrenner said: “No idea. We’ll be in the mix. I’ll leave it at that.” Soto and Judge filled the Nos. 2 and 3 slots in the Yankees batting order in a franchise-record 153 games, topping the 145 of Joe Dugan and Babe Ruth in 1923, according to the Elias Sports Bureau. “I get to see a lot of pitches," Judge said. "He's going to be a tough at-bat in front of me. He’s going to wear down the pitcher right there in the first inning, within the first 15 pitches or so. Yeah, I think that was a big impact just having having a guy like that in front of you. "If I could have eight Juan Sotos in the lineup with me, I would love that.” After the World Series, Judge spent about a week in Tampa, Florida, where the Yankees hold spring training, and met with Steinbrenner. “We kind of just discussed a lot of things from Juan to other guys that are kind of out there that I think could definitely help this team,:" Judge said. "So I kind of just gave my input on a couple things.” Judge said when he agreed to his big deal in late 2022, Steinbrenner wanted to have a deeper relationship. They've been meeting every week or two, and pitcher Gerrit Cole has developed a similar exchange with the owner. “I think just having that relationship to where I can kind of communicate with him about what I’m seeing, what I’m feeling, what I see with the guys, what I see against other guys that we play against,” Judge said. “I think it’s a cool part to where I think just the more communication you have from top to bottom, it just — it makes everybody better.” Judge's contract is baseball's fourth largest behind the deals of the Dodgers' Shohei Ohtani ($700 million), the Los Angeles Angels' Mike Trout ($426.5 million) and the Dodgers' Mookie Betts ($365 million). Judge cited the example of teammate Giancarlo Stanton, whose $325 million deal was the highest when he joined the Yankees ahead of the 2018 season but now ranks tied for ninth. “Even though he signed one of those — the first big mega-contracts back in Miami, once he came here he didn’t care about the highest-paid guy. He just wanted good players around him,” Judge said. In joining Mickey Mantle in 1956 as the Yankees' only unanimous MVPs, Judge credited his teammates. “You look at every single one of my teammates in that room and know that each and every single one of them impacted me in a way that put me in that position,” Judge said. “So it’s always going to be a team award in my book.” AP MLB: https://apnews.com/hub/MLBQ3 revenue of $322.0 million, representing 36% year-over-year growth Ending ARR of $1.349 billion, representing 35% year-over-year growth 2,303 customers with ARR over $100,000, up 38% year-over-year Samsara Inc. IOT , the pioneer of the Connected Operations ® Cloud, reported financial results for the third quarter ended November 2, 2024, and released a shareholder letter accessible from the Samsara investor relations website at investors.samsara.com. "We achieved another strong quarter of durable and efficient growth at a greater scale," said Sanjit Biswas, CEO and co-founder of Samsara. "We ended Q3 at $1.35 billion in ARR, growing 35% year-over-year, and achieved a quarterly record of 10% adjusted free cash flow margin. As we continue to grow, we are excited about the innovation we are unlocking with more scale. We now collect over 10 trillion data points annually in the Samsara platform and use this data asset to bring AI to physical operations. We believe AI will play a powerful role in transforming the safety, efficiency, and sustainability of our customers' operations." Third Quarter Fiscal Year 2025 Financial Highlights (In millions, except percentage, percentage points, and per share data) Q3 FY2025 Q3 FY2024 Y/Y Change Annual Recurring Revenue (ARR) $ 1,348.9 $ 1,002.7 35 % Total revenue $ 322.0 $ 237.5 36 % GAAP gross profit $ 246.0 $ 175.9 $ 70.0 GAAP gross margin 76 % 74 % 2 pts Non-GAAP gross profit $ 249.8 $ 179.0 $ 70.8 Non-GAAP gross margin 78 % 75 % 2 pts GAAP operating loss $ (47.4 ) $ (54.8 ) $ 7.4 GAAP operating margin (15 %) (23 %) 8 pts Non-GAAP operating income $ 33.9 $ 12.7 $ 21.2 Non-GAAP operating margin 11 % 5 % 5 pts GAAP net loss per share, basic and diluted $ (0.07 ) $ (0.08 ) $ 0.01 Non-GAAP net income per share, basic $ 0.08 $ 0.04 $ 0.04 Non-GAAP net income per share, diluted $ 0.07 $ 0.04 $ 0.03 Net cash provided by operating activities $ 36.0 $ 11.9 $ 24.1 Net cash provided by operating activities margin 11 % 5 % 6 pts Adjusted free cash flow $ 31.2 $ 8.5 $ 22.7 Adjusted free cash flow margin 10 % 4 % 6 pts __________ Note: Numbers are rounded for presentation purposes. We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with generally accepted accounting principles ("GAAP"). See the section titled "Use of Non-GAAP Financial Measures" for an explanation of non-GAAP financial measures and the tables in the section titled "Reconciliation Between GAAP and Non-GAAP Financial Measures" for a reconciliation of GAAP to non-GAAP financial measures. Financial Outlook Our guidance includes GAAP and non-GAAP financial measures. For the fourth quarter and fiscal year 2025, Samsara expects the following: Q4 FY2025 Outlook FY 2025 Outlook Total revenue $334 million – $336 million $1.237 billion – $1.239 billion Year/Year revenue growth 21% – 22% 32% Year/Year adjusted revenue growth (1) 30% – 31% 35% Non-GAAP operating margin 9% 7% Non-GAAP net income per share, diluted $0.07 – $0.08 $0.22 – $0.23 __________ (1) Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24. A reconciliation of non-GAAP guidance financial measures to corresponding GAAP guidance financial measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty and potential variability of expenses, such as stock-based compensation expense-related charges, that may be incurred in the future and cannot be reasonably determined or predicted at this time. It is important to note that these factors could be material to our results of operations computed in accordance with GAAP. About Samsara Samsara is the pioneer of the Connected Operations ® Cloud, which is a system of record that enables businesses that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world's leading organizations across industries in transportation, construction, wholesale and retail trade, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, food and beverage, and others. The company's mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, the calculation of certain of our key financial and operating metrics, our market opportunity, industry developments and trends, customer demand for our solution, macroeconomic conditions and any expected benefits of our products, including cost savings and return on investment, our technological capability, including AI, and our competitive position, as well as assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and could cause actual results and events to differ. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "goal," "guidance," "intend," "may," "objective," "ongoing," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or the negative of these terms or other comparable expressions that concern our expectations, strategies, plans, or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are based on information available at the time those statements are made, including information furnished to us by third parties that we have not independently verified, and/or management's good faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to retain customers and expand the Applications used by our customers, our ability to attract new customers, our future financial performance, including trends in revenue and annual recurring revenue, net retention rate, costs of revenue, gross profit or gross margin, operating expenses, customer counts, non-GAAP financial measures (such as adjusted revenue, adjusted revenue growth rate, non-GAAP gross margin, non-GAAP operating margin, free cash flow margin, and adjusted free cash flow margin), our ability to achieve or maintain profitability, the demand for our products or for solutions for connected operations in general, the impact of the Russia-Ukraine conflict, geopolitical tensions involving China, the conflict in the Middle East, the emergence of public health crises, the results of the recent presidential and congressional elections in the United States, and macroeconomic conditions globally on our and our customers', partners' and suppliers' operations and future financial performance, possible harm caused by silicon component shortages and other supply chain constraints, the length of our sales cycles, possible harm caused by a security breach or other incident affecting our or our customers' assets or data, our ability to compete successfully in competitive markets, our ability to respond to rapid technological changes, and our ability to continue to innovate and develop new Applications. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings and reports that we may file from time to time with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. Use of Non-GAAP Financial Measures This document includes certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures to our financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. In addition, free cash flow and adjusted free cash flow do not reflect our future contractual commitments or the total increase or decrease of our cash balance for a given period. These and other limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. We present these non-GAAP financial measures to assist investors in seeing Samsara's operating results through the eyes of management and because we believe that these measures provide an additional tool for investors to evaluate our business. Expenses Excluded from Non-GAAP Performance Financial Measures —Stock-based compensation expense-related charges include the amortization of deferred stock-based compensation expense for capitalized software and employer taxes on employee equity transactions. Stock-based compensation expense-related charges are excluded because they are primarily a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer taxes on employee equity transactions, which are a cash expense, are excluded because such taxes are directly tied to the timing and size of employee equity transactions and the future fair market value of our common stock, which may vary from period to period independent of the operating performance of our business. Lease modification, impairment, and related charges, and legal settlements are excluded because management believes that such charges are not reflective of our ongoing operational performance. Operating Metrics and Non-GAAP Financial Measures Annual Recurring Revenue—We define ARR as the annualized value of subscription contracts that have commenced revenue recognition as of the measurement date. Adjusted Revenue and Adjusted Revenue Growth Rate—Q4 FY24 was a 14-week fiscal quarter instead of a typical 13-week fiscal quarter. To enable comparability across periods, adjusted revenue and adjusted revenue growth rate are calculated by multiplying Q4 FY24 revenue by 13/14 to remove the impact of an additional week of revenue recognition in Q4 FY24. Non-GAAP Gross Profit and Non-GAAP Gross Margin—We define non-GAAP gross profit as gross profit excluding the effect of stock-based compensation expense-related charges included in cost of revenue. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of total revenue. We use non-GAAP gross profit and non-GAAP gross margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that 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. Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin—We define non-GAAP income (loss) from operations, or non-GAAP operating income (loss), as income (loss) from operations excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. Non-GAAP operating margin is defined as non-GAAP operating income (loss) as a percentage of total revenue. We use non-GAAP income (loss) from operations and non-GAAP operating margin in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP income (loss) from operations 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. Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share—We define non-GAAP net income (loss) as net income (loss) excluding the effect of stock-based compensation expense-related charges, lease modification, impairment, and related charges, and legal settlements. Our non-GAAP net income (loss) per share–basic is calculated by dividing non-GAAP net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share–diluted is calculated by giving effect to all potentially dilutive common stock equivalents (stock options, restricted stock units, and shares issued under our 2021 Employee Stock Purchase Plan) to the extent they are dilutive. Non-GAAP net loss per share–diluted is the same as non-GAAP net loss per share–basic as the inclusion of all potential dilutive common stock equivalents would be antidilutive. We use non-GAAP net income (loss) and non-GAAP net income (loss) per share in conjunction with traditional GAAP measures to evaluate our financial performance. We believe that non-GAAP net income (loss) and non-GAAP net income (loss) per share provide our management and investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of operations. Free Cash Flow and Free Cash Flow Margin—We define free cash flow as net cash provided by (used in) operating activities reduced by cash used for purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of total revenue. We believe that free cash flow and free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives. Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin—We define adjusted free cash flow as free cash flow excluding the cash impact of non-recurring capital expenditures associated with the build-out of our corporate office facilities in San Francisco, California, net of tenant allowances, and legal settlements. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of total revenue. We believe that adjusted free cash flow and adjusted free cash flow margin, even if negative, are useful in evaluating liquidity and provide information to management and investors about our ability to fund future operating needs and strategic initiatives by excluding the impact of non-recurring events. Webcast Information and Shareholder Letter An investor presentation and accompanying shareholder letter is accessible from the Samsara investor relations website at https://investors.samsara.com/ . Samsara will host a live webcast to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. The live webcast may be accessed at https://investors.samsara.com/ . Following the webcast, a replay will be accessible from the same website. SAMSARA INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) As of November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 160,348 $ 135,536 Short-term investments 511,564 412,126 Accounts receivable, net 178,723 161,829 Inventories 39,366 22,238 Connected device costs, current 115,093 104,008 Prepaid expenses and other current assets 34,321 51,221 Total current assets 1,039,415 886,958 Restricted cash 20,241 19,202 Long-term investments 241,131 276,166 Property and equipment, net 56,418 54,969 Operating lease right-of-use assets 69,215 81,974 Connected device costs, non-current 234,825 230,782 Deferred commissions 196,013 177,562 Other assets, non-current 6,610 7,232 Total assets $ 1,863,868 $ 1,734,845 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 31,522 $ 46,281 Accrued expenses and other current liabilities 63,028 61,437 Accrued compensation and benefits 36,013 37,068 Deferred revenue, current 505,557 426,369 Operating lease liabilities, current 18,000 20,661 Total current liabilities 654,120 591,816 Deferred revenue, non-current 134,165 139,117 Operating lease liabilities, non-current 67,954 78,830 Other liabilities, non-current 8,494 9,935 Total liabilities 864,733 819,698 Stockholders' equity: Preferred stock — — Class A common stock 11 9 Class B common stock 23 23 Class C common stock — — Additional paid-in capital 2,597,904 2,368,597 Accumulated other comprehensive income — 1,616 Accumulated deficit (1,598,803 ) (1,455,098 ) Total stockholders' equity 999,135 915,147 Total liabilities and stockholders' equity $ 1,863,868 $ 1,734,845 SAMSARA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Revenue $ 321,981 $ 237,534 $ 902,909 $ 661,111 Cost of revenue 76,027 61,585 218,017 178,008 Gross profit 245,954 175,949 684,892 483,103 Operating expenses: Research and development 76,990 60,820 226,439 185,155 Sales and marketing 150,065 116,780 448,995 353,643 General and administrative 62,660 48,354 177,410 139,888 Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Total operating expenses 293,324 230,716 856,453 683,448 Loss from operations (47,370 ) (54,767 ) (171,561 ) (200,345 ) Interest income and other income, net 10,057 9,378 29,767 28,493 Loss before provision for income taxes (37,313 ) (45,389 ) (141,794 ) (171,852 ) Provision for income taxes 493 142 1,911 1,503 Net loss $ (37,806 ) $ (45,531 ) $ (143,705 ) $ (173,355 ) Other comprehensive loss: Foreign currency translation adjustments, net of tax (361 ) (820 ) (1,771 ) 276 Unrealized gains (losses) on investments, net of tax (1,244 ) 382 155 (1,063 ) Other comprehensive loss (1,605 ) (438 ) (1,616 ) (787 ) Comprehensive loss $ (39,411 ) $ (45,969 ) $ (145,321 ) $ (174,142 ) Basic and diluted net loss per share: Net loss per share attributable to common stockholders, basic and diluted $ (0.07 ) $ (0.08 ) $ (0.26 ) $ (0.33 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 559,006,539 537,464,892 553,858,923 531,873,324 SAMSARA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Operating activities Net loss $ (37,806 ) $ (45,531 ) $ (143,705 ) $ (173,355 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 6,757 3,646 15,845 10,839 Stock-based compensation expense 72,592 59,791 208,852 172,395 Net accretion of discounts on investments (3,884 ) (4,104 ) (12,173 ) (12,727 ) Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Other non-cash adjustments 2,280 1,937 3,992 2,046 Changes in operating assets and liabilities: Accounts receivable, net (3,032 ) (2,943 ) (23,192 ) 3,824 Inventories (1,775 ) (5,336 ) (20,181 ) 13,467 Prepaid expenses and other current assets 3,942 (17,691 ) 16,899 (17,448 ) Connected device costs (4,240 ) (9,333 ) (15,127 ) (36,997 ) Deferred commissions (7,569 ) (8,219 ) (18,451 ) (21,297 ) Other assets, non-current (112 ) (104 ) 822 267 Accounts payable and other liabilities (11,814 ) 5,043 (13,791 ) (206 ) Deferred revenue 17,000 26,684 74,236 77,155 Operating lease right-of-use assets and liabilities, net 65 3,287 165 7,338 Net cash provided by operating activities 36,013 11,889 77,800 30,063 Investing activities Purchases of property and equipment (4,776 ) (3,355 ) (14,830 ) (8,858 ) Purchases of investments (196,029 ) (167,012 ) (526,086 ) (541,401 ) Proceeds from sales of investments — 1,700 1,247 6,174 Proceeds from maturities and redemptions of investments 167,040 167,215 472,766 508,093 Other investing activities (100 ) — (200 ) (50 ) Net cash used in investing activities (33,865 ) (1,452 ) (67,103 ) (36,042 ) Financing activities Payment of taxes related to net share settlement of equity awards (7 ) — (7 ) — Proceeds from issuance of common stock in connection with equity compensation plans 36 265 16,959 13,435 Payment of principal on finance leases (396 ) (501 ) (1,340 ) (1,416 ) Net cash provided by (used in) financing activities (367 ) (236 ) 15,612 12,019 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash 105 (542 ) (458 ) (24 ) Net increase in cash, cash equivalents, and restricted cash 1,886 9,659 25,851 6,016 Cash, cash equivalents, and restricted cash, beginning of period 178,703 220,123 154,738 223,766 Cash, cash equivalents, and restricted cash, end of period $ 180,589 $ 229,782 $ 180,589 $ 229,782 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Gross profit and gross margin reconciliation GAAP gross profit $ 245,954 $ 175,949 $ 684,892 $ 483,103 Add: Stock-based compensation expense-related charges (1) 3,879 3,100 11,584 9,307 Non-GAAP gross profit $ 249,833 $ 179,049 $ 696,476 $ 492,410 GAAP gross margin 76 % 74 % 76 % 73 % Non-GAAP gross margin 78 % 75 % 77 % 74 % Operating income (loss) and operating margin reconciliation GAAP loss from operations $ (47,370 ) $ (54,767 ) $ (171,561 ) $ (200,345 ) Add: Stock-based compensation expense-related charges (1) 77,677 62,712 225,579 183,355 Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Non-GAAP income (loss) from operations $ 33,916 $ 12,707 $ 57,627 $ (12,228 ) GAAP operating margin (15 %) (23 %) (19 %) (30 %) Non-GAAP operating margin 11 % 5 % 6 % (2 %) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net income (loss) reconciliation GAAP net loss $ (37,806 ) $ (45,531 ) $ (143,705 ) $ (173,355 ) Add: Stock-based compensation expense-related charges 77,677 62,712 225,579 183,355 Lease modification, impairment, and related charges 3,609 4,762 3,609 4,762 Non-GAAP net income (3) $ 43,480 $ 21,943 $ 85,483 $ 14,762 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net income (loss) per share, basic and diluted, reconciliation GAAP net loss per share attributable to common stockholders, basic $ (0.07 ) $ (0.08 ) $ (0.26 ) $ (0.33 ) Total impact on net loss per share, basic, from non-GAAP adjustments 0.15 0.12 0.41 0.36 Non-GAAP net income per share attributable to common stockholders, basic $ 0.08 $ 0.04 $ 0.15 $ 0.03 GAAP net loss per share attributable to common stockholders, diluted $ (0.07 ) $ (0.08 ) $ (0.26 ) $ (0.33 ) Total impact on net loss per share, diluted, from non-GAAP adjustments 0.14 0.12 0.41 0.36 Non-GAAP net income per share attributable to common stockholders, diluted (4) $ 0.07 $ 0.04 $ 0.15 $ 0.03 Weighted-average shares used in computing GAAP net loss per share attributable to common stockholders, basic and diluted 559,006,539 537,464,892 553,858,923 531,873,324 Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, basic 559,006,539 537,464,892 553,858,923 531,873,324 Weighted-average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted (4) 580,923,231 566,082,414 576,681,883 559,620,309 SAMSARA INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (In thousands, except percentages and per share data) (Unaudited) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Free cash flow, adjusted free cash flow, free cash flow margin, and adjusted free cash flow margin reconciliation Net cash provided by operating activities $ 36,013 $ 11,889 $ 77,800 $ 30,063 Purchases of property and equipment (4,776 ) (3,355 ) (14,830 ) (8,858 ) Free cash flow 31,237 8,534 62,970 21,205 Purchases of property and equipment for build-out of corporate office facilities, net of tenant allowances (5) — — — (10,179 ) Adjusted free cash flow $ 31,237 $ 8,534 $ 62,970 $ 11,026 Net cash provided by operating activities margin 11 % 5 % 9 % 5 % Free cash flow margin 10 % 4 % 7 % 3 % Adjusted free cash flow margin 10 % 4 % 7 % 2 % __________ (1) Stock-based compensation expense-related charges were included in the following line items of our condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Cost of revenue $ 3,879 $ 3,100 $ 11,584 $ 9,307 Research and development 28,574 22,594 82,076 68,716 Sales and marketing 23,441 20,219 66,843 55,310 General and administrative 21,783 16,799 65,076 50,022 Total stock-based compensation expense-related charges (2) $ 77,677 $ 62,712 $ 225,579 $ 183,355 (2) Stock-based compensation expense-related charges included approximately $4.5 million and $15.2 million of employer taxes on employee equity transactions for the three and nine months ended November 2, 2024, respectively, and approximately $2.9 million and $11.0 million of employer taxes on employee equity transactions for the three and nine months ended October 28, 2023, respectively. (3) There were no material income tax effects on our non-GAAP adjustments for all periods presented. (4) For each period in which we had non-GAAP net income, diluted non-GAAP net income per share is calculated using weighted-average number of shares of common stock outstanding during the period, adjusted for dilutive potential shares that were assumed outstanding during the period. (5) In April 2023, we settled a lease dispute which was primarily related to lease incentives associated with leasehold improvements in the form of a tenant allowance and received $11.3 million. View source version on businesswire.com: https://www.businesswire.com/news/home/20241205052629/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SANTA CLARA, Calif. (AP) — Once-promising seasons hit new lows for the Chicago Bears and San Francisco 49ers last week. Another late-game meltdown sent the Bears to their sixth straight loss and led to the firing of coach Matt Eberflus. The 49ers suffered their second straight blowout loss and more crushing injuries to go from Super Bowl contenders to outside the playoff picture in a matter of weeks. The two reeling teams will try to get back on track on Sunday when the Bears (4-8) visit the 49ers (5-7) in Chicago's first game under interim coach Thomas Brown . “I told them a minute ago after practice there is no confidence loss at all as far as what I think about them,” Brown said Wednesday. “I don’t care what anybody else thinks about them. I think we have a very talented football team. It’s about just putting the work in every single day to give us an opportunity to win.” The Bears are hoping to get an emotional boost from the first in-season firing of a head coach in franchise history. Over the last 10 seasons, teams with interim coaches are 13-11 in their first game with the new coach. Those teams had a .284 winning percentage at the time they fired their coaches. “I wouldn’t say a new voice was needed. I would say there was change that was needed," rookie quarterback Caleb Williams said, pointing to a need for more accountability and better communication. The Niners came into the season as the favorites to get back to the Super Bowl from the NFC after losing the title game to Kansas City last season. But a series of key injuries, bad losses and spotty play have left them in last place in the NFC West with only slim hopes of even reaching the postseason. San Francisco lost 38-10 to Green Bay and 35-10 to Buffalo in back-to-back weeks and lost star running back Christian McCaffrey to a knee injury last week that will sideline him for at least the rest of the regular season. The Niners already lost key players Brandon Aiyuk and Javon Hargrave to season-ending injuries and are preparing to be without stars Nick Bosa and Trent Williams for a third straight week. “It’s just been a rocky mountain for real with the injuries and other stuff we’ve had to go through this season,” receiver Deebo Samuel said. “Our record don’t show how really good we are as a team. We're still believing in this locker room.” Williams described Eberflus’ firing as “interesting” and “tough” and vowed to “roll with the punches” while insisting the chaos and turnover of the past few weeks could help him handle similar situations in the future. Just 12 games into his NFL career, the prized quarterback is on his second head coach and third offensive coordinator, though Brown will continue to call plays. How does he keep the faith that his career is in good hands with this organization? “The first part is understanding I can’t control,” Williams said. “Even if I understand or don’t understand, that doesn’t matter. I have to roll with the punches like I said before. I don’t control everything.” With McCaffrey and Jordan Mason injured, the Niners running game will turn to rookie Isaac Guerendo . The fourth-round pick has 42 carries for 246 yards and two TDs this season and will be making his second start in either college or the pros. Coach Kyle Shanahan said the progress Guerendo has made since training camp makes him ready for his new role as he sees him running with more “urgency.” “I think it takes guys some time,” Shanahan said. “You start to get a feel for it the more, if you’ve got the right stuff, the more you get reps, the more you can adjust to it. How hard you’ve got to hit stuff, how quick those holes close, how when there is a hole how you have to hit it full-speed and can’t hesitate at all or it closes like that. We’ve seen that stuff get better in practice and we’ve seen it carry over into games.” San Francisco's usually stout run defense has been anything but that this season. The Niners have struggled to slow down the opposition on the ground all year with the problem getting worse recently. The 49ers allowed 389 yards rushing the past two weeks. “It’s been so frustrating because I know what is supposed to look like,” linebacker Fred Warner said. “That’s not it.” Stopping the run also continues to be a sore spot for Chicago. The Bears rank 25th overall against the run and 29th in yards allowed per rush after another difficult outing last week. They gave up 194 yards, including 144 in the first half as the Lions grabbed a 16-0 lead. Losing veteran defensive tackle Andrew Billings to a torn pectoral muscle last month did not help. He was injured in a Week 9 loss at Arizona and is expected to miss the remainder of the season after having surgery. AP Sports Writer Andrew Seligman contributed to this report. AP NFL: https://apnews.com/hub/NFL