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Dana Announces Leadership Transition and Actions to Accelerate Value CreationNEW YORK (AP) — U.S. stocks climbed Thursday after market superstar Nvidia and another round of companies said they’re making even fatter profits than expected. The S&P 500 pulled 0.5% higher after flipping between gains and losses several times during the day. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin briefly broke above $99,000. Crude oil, meanwhile, continued to rise. The Dow Jones Industrial Average jumped 461 points, or 1.1%, and the Nasdaq composite edged up by less than 0.1%. Nvidia rose just 0.5% after beating analysts’ estimates for profit and revenue yet again, but it was still the strongest force pulling the S&P 500 upward. It also gave a forecast for revenue in the current quarter that topped most analysts’ expectations due to voracious demand for its chips used in artificial-intelligence technology. Its stock initially sank in afterhours trading Wednesday following the release of the results. Some investors said the market might have been looking for Nvidia’s revenue forecast to surpass expectations by even more. But its stock recovered in premarket trading Thursday, and Wedbush analyst Dan Ives said it was another “flawless” profit report provided by Nvidia and CEO Jensen Huang, whom Ives calls “the Godfather of AI.” The stock meandered through Thursday as well, dragging the S&P 500 and other indexes back and forth. How Nvidia’s stock performs has more impact than any other because it’s grown into Wall Street’s most valuable company at roughly $3.6 trillion. The frenzy around AI is sweeping up other stocks, and Snowflake jumped 32.7% after reporting stronger results for the latest quarter than analysts expected. The company, whose platform helps customers get a better view of all their silos of data and use AI, also reported stronger revenue growth than expected. BJ’S Wholesale Club rose 8.3% after likewise delivering a bigger profit than expected. That may help calm worries about how resilient U.S. shoppers can remain, given high prices across the economy and still-high interest rates. A day earlier, Target tumbled after reporting sluggish sales in the latest quarter and giving a dour forecast for the holiday shopping season. It followed Walmart , which gave a much more encouraging outlook. Nearly 90% of the stocks in the S&P 500 ended up rising Thursday, and the gains were even bigger among smaller companies. The Russell 2000 index of smaller stocks jumped a market-leading 1.7%. Google’s parent company, Alphabet, helped keep indexes in check. It fell 4.7% after U.S. regulators asked a judge to break up the tech giant by forcing it to sell its industry-leading Chrome web browser. In a 23-page document filed late Wednesday, the U.S. Department of Justice called for sweeping punishments that would include restrictions preventing Android from favoring its own search engine. Regulators stopped short of demanding Google sell Android but left the door open to it if the company’s oversight committee continues to see evidence of misconduct. All told, the S&P 500 rose 31.60 points to 5,948.71. The Dow jumped 461.88 to 43,870.35, and the Nasdaq composite added 6.28 to 18,972.42. In the crypto market, bitcoin eclipsed $99,000 for the first time before pulling back toward $98,000, according to CoinDesk. It’s more than doubled so far this year, and its climb has accelerated since Election Day. President-elect Donald Trump has pledged to make the country “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Bitcoin got a further boost after Gary Gensler, the chair of the Securities and Exchange Commission, said Thursday he would step down in January . Gensler has pushed for more protections for crypto investors. Bitcoin and related investment have a notorious history of big price swings in both directions. MicroStrategy, a company that’s been raising cash expressly to buy bitcoin, saw an early Thursday gain of 14.6% for its stock quickly disappear. It finished the day with a loss of 16.2%. In the oil market, a barrel of benchmark U.S. crude rose 2% to bring its gain for the week to 4.8%. Brent crude, the international standard, climbed 1.8%. Oil has been rising amid escalations in the Russia-Ukraine war. In stock markets abroad, shares of India’s Adani Enterprises plunged 22.6% Thursday after the U.S. charged founder Gautam Adani in a federal indictment with securities fraud and conspiracy to commit securities and wire fraud. The businessman and one of the world’s richest people is accused of concealing that his company’s huge solar energy project on the subcontinent was being facilitated by an alleged bribery scheme. Stock indexes elsewhere in Asia and Europe were mixed. In the bond market, the yield on the 10-year Treasury inched up to 4.43% from 4.41% late Wednesday following some mixed reports on the U.S. economy. One said fewer U.S. workers applied for unemployment benefits last week in the latest signal that the job market remains solid. Another report, though, said manufacturing in the mid-Atlantic region unexpectedly shrank. Sales of previously occupied homes, meanwhile, strengthened last month by more than expected. AP Business Writers Matt Ott and Yuri Kageyama contributed.
Organisations are facing a new era of nonfinancial reporting with the European Union’s Corporate Sustainability Reporting Directive (CSRD), now in effect. CSRD reporting is standardised through the European Sustainability Reporting Standards (ESRS), making it easier to make direct comparisons and improve consistency across twelve sector-agnostic standards. Among the standards is the requirement for organisations to report data on their own workforces (ESRS S1). Quick Hits The ESRS reporting standards will be mandatory for all companies covered by the CSRD, which began in January 2024. The CSRD has a broad jurisdictional scope, and for companies operating within the European Union or with substantial business in the EU, understanding and implementing the CSRD’s obligations is crucial. The CSRD goes beyond existing voluntary reporting guidance in the United States to ensure that disclosures are complete and comparable. U.S. companies that fall within the scope of these new requirements will likely require a dedicated report to remain compliant with the EU. Under ESRS S1, organisations will be required to report on the number of work-related incidents and/or complaints and severe human rights impacts, and any related fines, compensations, or sanctions that occurred during the reporting period. This includes work-related incidents of discrimination, such as discrimination on the grounds of race, age, and gender. ESRS S1 also includes incidents relating to workplace harassment as a specific form of discrimination. Organisations will be required to disclose strategies they have employed to identify and manage any material impacts of the social factors or matters mentioned in the standard on their own workforces, together with the accompanying risks and opportunities. The objective of ESRS S1 is also to enable users to understand the extent to which the organisations align and comply with human rights conventions in the EU and internationally. Reporting Obligations In addition to the above, applicable organisations will be required to disclose the following: any specific policies in place aimed at the elimination of discrimination, such as those that promote equal opportunities, encourage expressions of gender identity, and aim to protect workers from harassment; if the following grounds for discrimination are specifically covered in any applicable policies: sexual orientation, racial and ethnic origin, age, colour, sex, gender identity, disability, religion and political beliefs, or other forms of discrimination specified under EU regulation and national laws; any specific policy commitments addressing the areas of workplace inclusion or positive action plans for people deemed to be at increased risk of vulnerability in the organisation’s workforce; any information about the above policy’s implementation through specific procedures to target the prevention and mitigation of discrimination; and response plans to handle reports related to discrimination or related incidents. Covered Organisations The CSRD applies to all public and private entities previously subject to the Non-Financial Reporting Directive (NFRD) and to large EU companies (including subsidiaries of non-EU parent companies) that meet at least two of the following criteria: More than 250 employees Net turnover (revenue) of more than €50 million Total assets of more than €25million It will also apply to parent companies from a third country (including the United States) with securities listed on an EU-regulated market, regardless of whether the issuer is located within the EU or in a non-EU country. There are some exceptions to the above scope, such as the exclusion of micro-undertakings or the inclusion of large credit and insurance organisations regardless of their legal form. Crucially, the CSRD extends to non-EU organisations, making its implications global. Timeframe The reporting requirements under the CSRD will be implemented in four stages, the first of which is currently taking place. The ESRS took effect on January 1, 2024, but reporting will commence in 2025 for the 2024 financial year. The ESRS requirements are already applicable to organisations previously under the scope of NFRD (which is being phased out in favour of the CSRD). The inclusion of listed small and medium enterprises (SMEs) in the scope is likely to occur in 2025, with a two-year opt-out period for qualifying organizations to defer reporting obligations. In 2028, non-EU parent firms that exhibit significant activity and presence within the EU will become subject to the CSRD. This means parent companies with at least one subsidiary subject to the CSRD, or that have had a net turnover in the EU of more than €150 million in each of the last two consecutive financial years, or that have at least one EU branch that brought in more than €40 million in net sales in the preceding financial year. Penalties Member states will have the authority to issue penalties for noncompliance; therefore, sanctions may differ, resulting in a potential spectrum of financial penalties and risk of reputational damage.ETMarkets Smart Talk: Samir Bahl on NRI Concerns: Balancing portfolio reallocation and rupee depreciation impactSarah McBride calls for bipartisanship after experiencing a ‘crash course in the dysfunction of Congress’
By-polls: Ruling parties hold sway in statesIncreasing Marine Accidents: A Key Driver Transforming the Autonomous Ships Market 2024PARADISE ISLAND, Bahamas — Just a short stroll from the iconic pink towers of the Atlantis Resort is a Mayan Temple replica sliced by a near-vertical water slide in which giddy riders are funneled into a shark tank via a see-through (and ultimately protective) tube. It’s called the Leap of Faith. Caleb Love had a chance to take that plunge this week, to maybe even metaphorically break the spell of two straight performances that went underwater, but he and roommate Trey Townsend had better things to do. “We were both asleep while everyone else was out there on the water slide,” Love said. Sitting next to UA coach Tommy Lloyd and Townsend on the Battle 4 Atlantis interview podium Tuesday, before the Wildcats face Davidson in their tournament opener Wednesday, Love drew a quick response on that one. “You guys didn’t do the slide?” Lloyd said, grinning. “I’ve failed as a coach.” Love didn’t really need to, in one sense. He has already taken a leap of faith. Religious faith, that is. With a little extra help from mom. No water slides, no beach, no sunset meditations. Just faith. “I’ve had time to reflect over these past few days,” Love said. “I kind of get locked back in with my faith, and having talks with my mom. She’s been my backbone and my source of comfort, and she's kind of helped me with that. I'm just ready to go out there and hoop.” The Wildcats undoubtedly hope so. They are entering the Battle 4 Atlantis coming off two straight losses, at Wisconsin and against Duke at McKale Center, games when Love swam well behind his preseason all-American billing. Averaging 10.3 points on 32.0% shooting over four games this season so far, Love averaged only 7.0 points and 6.0 rebounds against Wisconsin and Duke, while making just 1 of 15 3-pointers. He also shot only 36% from 2-point range and took just four combined free throws. Arizona guard Caleb Love (1) tries to dribble around Duke guard Tyrese Proctor (5) during the second half on Nov. 22, 2024, in Tucson. He wasn’t able to make an impact inside or outside, as Love had hoped entering the season, but said those around him stood strong. “My teammates, my coaches, support me every day and that’s never wavered — good game, bad game, bad shot, good shot, turnover, assist,” Love said. “So I go out there and I'm gonna play with confidence, utmost confidence, and not put any pressure on myself.” It would hardly be a surprise if there was self-imposed pressure. After all, Love was a preseason first-team All-American, and returning from an NBA Draft process last spring with the goal of helping his team and resume during a fifth season of college basketball. Also, Love was the only returning starter of a team ranked No. 10 to start the season. All eyes were on him. But Love said he didn’t change. “I didn't put pressure on myself,” Love said. “I've played with pressure all my life. When you think about it, in the grand scheme of things, I'm playing basketball and that's just all it is. Putting pressure on myself is only gonna hurt me or hinder me. So it’s just go out there and have fun, playing as hard as I can, doing whatever the team needs.” It hasn't been all the same on the court for Love, though. For one thing, defenses have been focusing on him more than ever this season, deploying a variety of tricks. Love says setting better screens and moving better off the ball would help solve that problem. The other thing, Love said, has been his offseason focus on 3-point shooting off the catch. That was understandable, considering that Love shot just 29.9% from 3 at North Carolina in 2023-24 to 33.2% last season but needed even more efficiency to help his NBA stock. But while he aimed for all those 3s, Love's proven ability to drive to the basket grew rusty. His two-point shooting has dropped from 50.2% last season to 45.5% this season, while those four free throws he shot over the previous two games are actually the only four he’s shot all season. “What you focus on more is what you're probably gonna do more, and that's been my focus, the 3-point shot,” Love said. “I think I shot probably too many instead of playing inside out. So it’s trying to get downhill more. "I've done great in the past with doing that. So I’ve got to get back to that and work my way out. My shot’s gonna fall. I’m not worried about that.” Arizona guard Caleb Love (1) gets jostled by Old Dominion forward Dani Pounds on his drive in the second half of their game, Nov. 9, 2024, at McKale Center. Neither is Lloyd. The UA expressed support for Love at Wisconsin, after the Duke game and again in Tuesday’s press conference. Lloyd, it appears, has taken a leap of faith, too. “I love Caleb,” Lloyd said. “Caleb's teammates love Caleb, and I'm not worried. Caleb's gonna come out and he could play out of his mind the next three days. If he doesn't play out of his mind the next few days, we're going to keep going forward. “So there's no concern on my end. If Caleb playing well is what's going to stand between us and being a good team, I feel pretty good. Because ultimately he's going to play great. I like that security of that feeling.” Who: No. 17 Arizona (2-2) vs. Davidson (4-0) When: 5:30 p.m. Wednesday Where: Paradise Island, Bahamas TV: ESPN2 Radio: 1290-AM, 107.5-FM Contact sports reporter Bruce Pascoe at bpascoe@tucson.com . On X(Twitter): @brucepascoe Respond: Write a letter to the editor | Write a guest opinion Subscribe to stay connected to Tucson. A subscription helps you access more of the local stories that keep you connected to the community. Be the first to know Get local news delivered to your inbox! Reporter
PRAGUE, Czech Republic (AP) — When the referee whistled for the free kick just outside the area, Atletico Madrid forward Julián Álvarez quickly picked up the ball and moved in position to take the shot. “When I saw the free kick, I told Rodri (Rodrigo De Paul) that I felt confident with the shot,” Álvarez said. “And it was a great goal.” Álvarez, , has not been lacking confidence lately. The Argentina forward curled in the free kick shot in the 15th minute for the first of his two goals in the team’s 6-0 rout of Brest in the Champions League on Tuesday — the team’s biggest ever away win in European competitions. “We’ll keep rotating who takes the free kicks,” said Álvarez, who also found the net in the 59th. It was Álvarez’s seventh goal in the last 10 matches, and third in his last three games across all competitions. The 24-year-old had a slow start to his first season with Atletico, scoring twice in 10 matches. “It was a matter of time before we started connecting well with each other,” said Álvarez, who joined Atletico after two seasons at Manchester City. “We have to stay on this path to keep improving.” Ángel Correa also scored two goals for Atletico, with Marcos Llorente and Antoine Griezmann adding one each. “We know that in this format of the competition we need to keep adding the three points and scoring goals,” Álvarez said. “It’s important to get the points and the goals.” Atletico was sitting in 13th place in the 36-team league standings. ___ AP soccer:Caleb Love holds faith despite early-season slide with Arizona WildcatsI’m a Guard at the Seattle Art Museum. This Is Why We Plan to Strike.
Michigan aims to cap lost season by beating Ohio StateAnother Tinubu's minister started war with predecessor in his state as Fubara vs Wike's rift deepensThe Detroit Lions have equaled the franchise record for most consecutive victories and stand alone atop the NFC standings. They still have plenty of obstacles to clear to remain at that perch. Even the NFC North remains up for grabs and they'll try to create a little more separation when they host the Green Bay Packers on Thursday night. The Lions (11-1), who have won 10 straight, haven't been able to shake free from Minnesota (10-2) or Green Bay (9-3). Detroit will host Minnesota, which has won five straight, in the regular-season finale next month. The Packers have remained in contention by winning seven of their last eight, with the only loss coming at the hands of the Lions. Detroit opened up a 21-point lead early in the third quarter and held on for a 24-14 victory. Lions coach Dan Campbell says the fun really begins now. "The best part of all of this -- we're in playoff football right now, that's where we're at," he said. "We're in December, and our schedule says that. Man, we play tough opponent after tough opponent -- we've got plenty coming up. So, man, this is the type of stuff that you live for and it's also the type of stuff that gets you ready for the tournament. "So, yeah, we're a resilient bunch and nothing's going to change that. We've just got to worry about the one in front of us." Detroit is coming off a 23-20 win over Chicago on Thanksgiving Day in which it nearly blew a 16-point lead. The Bears' poor clock management cost them an opportunity to send the game into overtime and led to coach Matt Eberflus' firing. The Lions have been hit with a wave of injuries, particularly on the defensive side. They signed four players over the past week to fortify their depth. "I know the elephant in the room is all the injuries that have happened with us on the defensive side," defensive coordinator Aaron Glenn said. "Our personnel staff does a really good job of acquiring players that fit exactly who we are. I would say this, it's not the playbook that's the most important thing for these guys to come in and learn. It's the style of play that we have and that's easy to learn." Jared Goff has thrown for six touchdowns and zero interceptions in the past three games after tossing five picks against the Houston Texans on Nov. 10. The Packers also played on Thanksgiving, defeating Miami 30-17. Green Bay opened up a 24-3 halftime lead as Jordan Love threw two touchdown passes to Jayden Reed. Now the Packers face a Detroit team that has defeated them in five of the last six meetings. "With most good teams, they play the game the right way," Green Bay coach Matt LaFleur said. "Certainly, Detroit's been doing that for a couple years now. That's who they are and that's who we are as well. It should be a great game on Thursday night." The Packers might have to win via a shootout, considering the Lions are averaging a league-best 31.9 points per game (Green Bay ranks eighth at 26.5). Stopping the running game will be key, according to LaFleur. "They're two very dynamic backs. (David) Montgomery, he's going to beat you up physically and the other guy (Jahmyr Gibbs), you've got to try to corral because he can take it the distance," he said. "Jared (Goff) is playing at an MVP level, so they've got a really potent offense." Lions offensive tackle Taylor Decker (knee) and three defensive linemen -- DJ Reader (shoulder), Josh Paschal (knee) and Levi Onwezurike (hamstring) -- didn't practice on Tuesday. Offensive guard Elgton Jenkins (knee), Linebacker Edgerrin Cooper (hamstring) and cornerback Corey Ballentine (knee) missed the Packers' practice. --Field Level Media
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PRAGUE, Czech Republic (AP) — When the referee whistled for the free kick just outside the area, Atletico Madrid forward Julián Álvarez quickly picked up the ball and moved in position to take the shot. “When I saw the free kick, I told Rodri (Rodrigo De Paul) that I felt confident with the shot,” Álvarez said. “And it was a great goal.” Álvarez, Atletico's main signing in the offseason , has not been lacking confidence lately. The Argentina forward curled in the free kick shot in the 15th minute for the first of his two goals in the team’s 6-0 rout of Brest in the Champions League on Tuesday — the team’s biggest ever away win in European competitions. “We'll keep rotating who takes the free kicks,” said Álvarez, who also found the net in the 59th. It was Álvarez’s seventh goal in the last 10 matches, and third in his last three games across all competitions. The 24-year-old had a slow start to his first season with Atletico, scoring twice in 10 matches. “It was a matter of time before we started connecting well with each other,” said Álvarez, who joined Atletico after two seasons at Manchester City. “We have to stay on this path to keep improving.” Ángel Correa also scored two goals for Atletico, with Marcos Llorente and Antoine Griezmann adding one each. “We know that in this format of the competition we need to keep adding the three points and scoring goals," Álvarez said. "It's important to get the points and the goals.” Atletico was sitting in 13th place in the 36-team league standings. AP soccer: https://apnews.com/hub/soccerWNBA Superstar Caitlin Clark in Running for Ownership Stake in Another Sport
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SANTA CLARA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Agora, Inc. API (the "Company"), a pioneer and leader in real-time engagement technology, today announced its unaudited financial results for the third quarter ended September 30, 2024. "Recently, we launched our Conversational AI SDK in collaboration with OpenAI's Realtime API to allow developers to bring voice-driven AI experiences to any app. We believe multimodal AI agents that can interact with human through natural voice will gain widespread adoption across many use cases such as customer support, education and wellness, and Agora is well positioned to become a key infrastructure provider for real-time conversational AI," said Tony Zhao, founder, chairman and CEO of Agora. "To support this vision, we recently made some structural changes, aligning our organization to fully leverage the accelerating conversational AI opportunities, and operate in a faster, leaner, and more responsive fashion. These changes will help us build the next generation real-time engagement technology for the Generative AI era and strengthen our position as the leader in real-time engagement space." Third Quarter 2024 Highlights Total revenues for the quarter were $31.6 million, a decrease of 9.8% from $35.0 million in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of $2.4 million. Agora : $15.7 million for the quarter, an increase of 2.6% from $15.3 million in the third quarter of 2023. Shengwang : RMB112.9 million ($15.9 million) for the quarter, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of RMB17.5 million ($2.4 million). Active Customers Agora : 1,762 as of September 30, 2024, an increase of 5.9% from 1,664 as of September 30, 2023. Shengwang : 3,641 as of September 30, 2024, a decrease of 9.7% from 4,034 as of September 30, 2023. Dollar-Based Net Retention Rate Agora : 94% for the trailing 12-month period ended September 30, 2024. Shengwang : 78% for the trailing 12-month period ended September 30, 2024. Net loss for the quarter was $24.2 million, which included expenses of $11.4 million in relation to the cancellation of certain employees' equity awards, severance expenses of $4.8 million, and losses from equity in affiliates of $4.2 million, compared to net loss of $22.5 million in the third quarter of 2023. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $10.4 million, compared to the non-GAAP net loss of $15.6 million in the third quarter of 2023. Total cash, cash equivalents, bank deposits and financial products issued by banks as of September 30, 2024 was $362.6 million. Net cash used in operating activities for the quarter was $4.6 million, compared to $3.0 million in the third quarter of 2023. Free cash flow for the quarter was negative $6.0 million, compared to negative $3.2 million in the third quarter of 2023. Third Quarter 2024 Financial Results Revenues Total revenues were $31.6 million in the third quarter of 2024, a decrease of 9.8% from $35.0 million in the same period last year. Revenues of Agora were $15.7 million in the third quarter of 2024, an increase of 2.6% from $15.3 million in the same period last year, primarily due to our business expansion and usage growth in sectors such as live shopping. Revenues of Shengwang were RMB112.9 million ($15.9 million) in the third quarter of 2024, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the same period last year, primarily due to a decrease in revenues of RMB 17.5 million ($2.4 million) due to the end-of-sale of certain products and reduced usage from customers in certain sectors such as social and entertainment as a result of challenging macroeconomic and regulatory environment. Cost of Revenues Cost of revenues was $10.5 million in the third quarter of 2024, a decrease of 16.4% from $12.6 million in the same period last year, primarily due to the end-of-sale of certain products and the decrease in bandwidth usage and costs, which was offset partially by severance expenses for customer support teams of $0.3 million. Gross Profit and Gross Margin Gross profit was $21.0 million in the third quarter of 2024, a decrease of 6.1% from $22.4 million in the same period last year. Gross margin was 66.7% in the third quarter of 2024, an increase of 2.7% from 64.0% in the same period last year, mainly due to the end-of-sale of certain low-margin products, which was offset partially by higher severance expenses in the third quarter of 2024. Operating Expenses Operating expenses were $45.9 million in the third quarter of 2024, an increase of 24.3% from $36.9 million in the same period last year, primarily due to the increase in restructuring and severance expenses in the third quarter of 2024, which included share-based compensation of $11.4 million as a result of the cancellation of certain employees' equity awards and immediate recognition of relevant remaining unrecognized compensation expenses, as well as severance expenses of $4.4 million. Research and development expenses were $29.3 million in the third quarter of 2024, an increase of 46.1% from $20.0 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $9.0 million due to equity award cancellation and severance expenses of $3.6 million. Sales and marketing expenses were $6.9 million in the third quarter of 2024, a decrease of 11.9% from $7.8 million in the same period last year, primarily due to a decrease in personnel costs as the Company optimized its global workforce, which was offset partially by severance expenses of $0.7 million in the third quarter of 2024. General and administrative expenses were $9.7 million in the third quarter of 2024, an increase of 7.4% from $9.1 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $2.4 million as a result of the equity award cancellation, which was offset partially by a decrease in personnel costs as the Company optimized its global workforce. Loss from Operations Loss from operations was $24.7 million in the third quarter of 2024, compared to $13.9 million in the same period last year. Interest Income Interest income was $3.9 million in the third quarter of 2024, compared to $4.9 million in the same period last year, primarily due to the decrease in the average balance of cash, cash equivalents, bank deposits and financial products issued by banks and the decrease in average interest rate realized. Losses from equity in affiliates Losses from equity in affiliates were $4.2 million in the third quarter of 2024, primarily due to an impairment loss on an investment in certain private company of $4.1 million. Net Loss Net loss was $24.2 million in the third quarter of 2024, compared to $22.5 million in the same period last year. Net Loss per American Depositary Share attributable to ordinary shareholders Net loss per American Depositary Share ("ADS") 1 attributable to ordinary shareholders was $0.26 in the third quarter of 2024, compared to $0.23 in the same period last year. _____________ 1 One ADS represents four Class A ordinary shares. Share Repurchase Program During the three months ended September 30, 2024, the Company repurchased approximately 6.8 million of its Class A ordinary shares (equivalent to approximately 1.7 million ADSs) for approximately US$3.9 million under its share repurchase program, representing 1.9% of its US$200 million share repurchase program. As of September 30, 2024, the Company had repurchased approximately 129.4 million of its Class A ordinary shares (equivalent to approximately 32.3 million ADSs) for approximately US$113.7 million under its share repurchase program, representing 57% of its US$200 million share repurchase program. As of September 30, 2024, the Company had 368.3 million ordinary shares (equivalent to approximately 92.1 million ADSs) outstanding, compared to 449.8 million ordinary shares (equivalent to approximately 112.5 million ADSs) outstanding as of January 31, 2022 before the share repurchase program commenced. The current share repurchase program will expire at the end of February 2025. Executive Leadership Update Today the Company announced that Chief Security Officer Roger Hale will be leaving the Company, effective immediately. Mr. Hale has served in this role for the past 2.5 years, during which he made significant contributions to enhancing the Company's security, compliance, and data protection protocols. Mr. Hale will work closely with senior leadership to ensure a smooth transition of his responsibilities. Moving forward, Patrick Ferriter and Robbin Liu will assume responsibility for security and compliance, reflecting the Company's commitment to maintaining a strong and effective security framework. Mr. Hale will continue to provide strategic advice as an advisor to the Company. "We are grateful for Roger's dedication and expertise over the past two and a half years. His leadership has been invaluable in strengthening our security & compliance foundation," said Tony Zhao, founder, chairman and CEO of Agora. "Security and compliance remain top priorities for Agora, and we will continue to uphold the highest standards to protect our customers and stakeholders." Financial Outlook Based on currently available information, the Company expects total revenues for the fourth quarter of 2024 to be between $34 million and $36 million, compared to $31.6 million in the third quarter of 2024, and $33.3 million in the fourth quarter of 2023 if revenues from certain end-of-sale low-margin products were excluded. The Company also expects significant improvement in net income / (loss) in the fourth quarter. This outlook reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Earnings Call The Company will host a conference call to discuss the financial results at 5 p.m. Pacific Time / 8 p.m. Eastern Time on November 25, 2024. Details for the conference call are as follows: Event title: Agora, Inc. 3Q 2024 Financial Results The call will be available at https://edge.media-server.com/mmc/p/wie28zvr Investors who want to hear the call should log on at least 15 minutes prior to the broadcast. Participants may register for the call with the link below. https://register.vevent.com/register/BIf58a0b6f500c4362b1a8c64f9fa4cea8 Please visit the Company's investor relations website at https://investor.agora.io on November 25, 2024 to view the earnings release and accompanying slides prior to the conference call. Use of Non-GAAP Financial Measures The Company has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company uses these non-GAAP financial measures internally in analyzing its financial results and believe that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing its financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. The Company believes that such non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effects of such share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill that it includes in its cost of revenues, total operating expenses and net income (loss). The Company believes that all such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. A reconciliation of its historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned "Reconciliation of GAAP to Non-GAAP Measures" included at the end of this press release, and investors are encouraged to review the reconciliation. Definitions of the Company's non-GAAP financial measures included in this press release are presented below. Non-GAAP Net Income (Loss) Non-GAAP net income (loss) is defined as net income (loss) adjusted to exclude share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. Free Cash Flow Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment (excluding the acquisition of land use right and the payment for the headquarters project). The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Operating Metrics The Company also uses other operating metrics included in this press release and defined below to assess the performance of its business. Active Customers An active customer at the end of any period is defined as an organization or individual developer from which the Company generated more than $100 of revenue during the preceding 12 months. Customers are counted based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications. Dollar-Based Net Retention Rate Dollar-Based Net Retention Rate is calculated for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. As the vast majority of revenue generated from Agora's customers is denominated in U.S. dollars, while the vast majority of revenue generated from Shengwang's customers is denominated in Renminbi, Dollar-Based Net Retention Rate is calculated in U.S. dollars for Agora and in Renminbi for Shengwang, which has substantially removed the impact of foreign currency translations. Shengwang excluded the revenues from certain end-of-sale products, Easemob's CEC business and K12 academic tutoring sector. The Company believes Dollar-Based Net Retention Rate facilitates operating performance comparisons on a period-to-period basis. Safe Harbor Statements This press release contains "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, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the Company's financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as "expect," "anticipate," "believe," "project," "will" and similar expressions intended to identify forward-looking statements. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on the Company's current expectations and involve risks and uncertainties. The Company's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; the Company's ability to manage its growth and expand its operations; the continued impact of COVID-19 on global markets and the Company's business, operations and customers; the Company's ability to attract new developers and convert them into customers; the Company's ability to retain existing customers and expand their usage of its platform and products; the Company's ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; the Company's fluctuating operating results; competition; the effect of broader technological and market trends on the Company's business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in the Company's filings with the Securities and Exchange Commission ("SEC"), including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. About Agora, Inc. Agora, Inc. is the Cayman Islands holding company of two independent divisions, under Agora brand and Shengwang brand, respectively, whose businesses are conducted through separate entities. Headquartered in Santa Clara, California, Agora is a pioneer and global leader in Real-Time Engagement Platform-as-a-Service (PaaS), providing developers with simple, flexible, and powerful application programming interfaces, or APIs, to embed real-time voice, video, interactive live-streaming, chat, whiteboard, and artificial intelligence capabilities into their applications. Headquartered in Shanghai, China, Shengwang is a pioneer and leading Real-Time Engagement PaaS provider in the China market. For more information on Agora, please visit: www.agora.io For more information on Shengwang, please visit: www.shengwang.cn Agora, Inc. Condensed Consolidated Balance Sheets (Unaudited, in US$ thousands) As of As of September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents 32,118 36,894 Short-term bank deposits 161,906 86,924 Short-term financial products issued by banks 106,638 84,853 Short-term investments 3,066 7,983 Accounts receivable, net 37,381 34,668 Prepayments and other current assets 21,087 9,059 Contract assets 1,127 1,048 Total current assets 363,323 261,429 Property and equipment, net 4,238 5,365 Construction in progress for the headquarters project 35,429 17,343 Operating lease right-of-use assets 4,476 4,011 Intangible assets 741 1,274 Long-term bank deposits 20,500 143,127 Long-term financial products issued by banks 41,400 20,000 Long-term investments 41,012 43,893 Land use right, net 166,434 167,246 Other non-current assets 13,943 10,907 Total assets 691,496 674,595 Liabilities and shareholders' equity Current liabilities: Accounts payable 15,196 12,996 Advances from customers 8,155 7,765 Taxes payable 1,686 906 Current operating lease liabilities 1,924 2,447 Accrued expenses and other current liabilities 32,148 32,780 Total current liabilities 59,109 56,894 Long-term operating lease liabilities 2,429 1,726 Deferred tax liabilities 113 196 Long-term borrowings for the headquarters project 33,762 11,027 Other non-current liabilities 19,543 3 Total liabilities 114,956 69,846 Shareholders' equity: Class A ordinary shares 39 39 Class B ordinary shares 8 8 Additional paid-in-capital 1,148,502 1,138,346 Treasury shares, at cost (77,316) (79,716) Accumulated other comprehensive loss (7,907) (10,027) Accumulated deficit (486,786) (443,901) Total shareholders' equity 576,540 604,749 Total liabilities and shareholders' equity 691,496 674,595 Agora, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in US$ thousands, except share and per ADS amounts) Three Month Ended Nine Month Ended September 30, September 30, 2024 2023 2024 2023 Real-time engagement service revenues 30,356 32,718 95,716 100,798 Real-time engagement on-premise solution and other revenues 1,217 2,298 3,087 4,699 Total revenues 31,573 35,016 98,803 105,497 Cost of revenues 10,524 12,594 36,304 38,693 Gross profit 21,049 22,422 62,499 66,804 Operating expenses: Research and development 29,271 20,040 65,551 61,356 Sales and marketing 6,860 7,789 19,944 26,903 General and administrative 9,741 9,070 26,349 27,100 Total operating expenses 45,872 36,899 111,844 115,359 Other operating income 134 620 914 1,515 Impairment of goodwill - - - (31,928 ) Loss from operations (24,689 ) (13,857 ) (48,431 ) (78,968 ) Exchange gain (loss) 43 20 108 (191 ) Interest income 3,924 4,850 13,244 14,006 Interest expense (86 ) - (251 ) - Investment income (loss) 839 (13,356 ) (4,033 ) (18,497 ) Losses from extinguishment of convertible note - - - (1,230 ) Other income - - - 550 Loss before income taxes (19,969 ) (22,343 ) (39,363 ) (84,330 ) Income taxes - (164 ) (149 ) (323 ) (Losses) income from equity in affiliates (4,211 ) (6 ) (3,373 ) 45 Net loss (24,180 ) (22,513 ) (42,885 ) (84,608 ) Net loss attributable to ordinary shareholders (24,180 ) (22,513 ) (42,885 ) (84,608 ) Other comprehensive loss: Foreign currency translation adjustments 3,197 1,164 2,119 (6,097 ) Gain on available-for-sale debt securities - - - 1,385 Total comprehensive loss attributable to ordinary shareholders (20,983 ) (21,349 ) (40,766 ) (89,320 ) Net loss per ADS attributable to ordinary shareholders, basic and diluted (0.26 ) (0.23 ) (0.46 ) (0.84 ) Weighted-average shares used in computing net loss per ADS attributable to ordinary shareholders, basic and diluted 371,733,050 389,359,207 372,336,342 405,036,312 Share-based compensation expenses included in: Cost of revenues 31 129 184 576 Research and development expenses 10,776 3,769 15,886 10,668 Sales and marketing expenses 241 800 838 3,705 General and administrative expenses 2,599 1,945 4,332 5,953 Agora, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in US$ thousands) Three Month Ended Nine Month Ended September 30, September 30, 2024 2023 2024 2023 Cash flows from operating activities: Net loss (24,180 ) (22,513 ) (42,885 ) (84,608 ) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation expenses 13,647 6,643 21,240 20,902 Allowance for current expected credit losses 2,415 1,857 7,263 5,358 Depreciation of property and equipment 788 1,558 2,726 5,680 Amortization of intangible assets 131 345 533 1,036 Amortization of land use right 856 850 2,572 2,312 Deferred tax benefit (20 ) (53 ) (82 ) (159 ) Amortization of right-of-use asset and interest on lease liabilities 687 704 2,035 2,218 Investment (income) loss (839 ) 13,356 4,033 18,497 Losses from extinguishment of convertible note - - - 1,230 Interest income on debt securities and investments - - - (105 ) Losses (income) from equity in affiliates 4,211 6 3,373 (45 ) Loss (gain) on disposal of property and equipment 1 34 16 (10 ) Impairments of goodwill - - - 31,928 Changes in assets and liabilities, net of effect of acquisition: Accounts receivable (1,627 ) (4,503 ) (9,418 ) (7,856 ) Contract assets (38 ) (86 ) (67 ) (942 ) Prepayments and other current assets 347 (659 ) (12,129 ) (1,008 ) Other non-current assets (472 ) (2,104 ) 6,668 (5,160 ) Accounts payable (2,531 ) 2,653 2,042 3,639 Advances from customers (41 ) 100 316 (559 ) Taxes payable 107 31 761 (802 ) Operating lease liabilities (677 ) (324 ) (2,319 ) (1,869 ) Deferred income 256 - 62 (160 ) Accrued expenses and other liabilities 2,357 (928 ) (5,404 ) (6,808 ) Net cash used in operating activities (4,622 ) (3,033 ) (18,664 ) (17,291 ) Cash flows from investing activities: Purchase of property and equipment (1,333 ) (206 ) (2,297 ) (656 ) Purchase of short-term bank deposits - (58,000 ) (43,100 ) (187,521 ) Purchase of short-term financial products issued by banks (50,300 ) (19,525 ) (70,391 ) (29,899 ) Purchase of short-term investments - (789 ) - (789 ) Proceeds from maturity of short-term bank deposits 37,000 86,000 111,241 434,058 Proceeds from maturity of short-term financial products issued by banks 59,482 - 69,511 8,310 Purchase of long-term bank deposits (10,500 ) - (20,500 ) (143,127 ) Purchase of long-term financial products issued by banks (32,000 ) - (41,400 ) (20,000 ) Purchase of long-term investments (562 ) - (562 ) (15 ) Purchase of land use right - - - (5,133 ) Payment for the headquarters project (10,918 ) (1,839 ) (21,895 ) (4,326 ) Cash received for business disposal - - - 5,769 Cash received from disposal of property and equipment 2 36 58 87 Cash paid for a business combination - - - (3,680 ) Cash received from disposal of long-term investments 28 - 155 - Net cash (used in) provided by investing activities (9,101 ) 5,677 (19,180 ) 53,078 Cash flows from financing activities: Proceeds from long-term borrowings for headquarters project 11,123 - 22,177 - Deposits returned for business disposal - - - (1,000 ) Proceeds from exercise of employees' share options 175 74 550 590 Deposit received in relation to headquarters project - - 19,280 - Repurchase of Class A ordinary shares (3,913 ) (12,462 ) (9,667 ) (52,829 ) Net cash provided by (used in) financing activities 7,385 (12,388 ) 32,340 (53,239 ) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 819 53 678 (1,286 ) Net decrease in cash, cash equivalents and restricted cash (5,519 ) (9,691 ) (4,826 ) (18,738 ) Cash balance recorded in held-for sale assets at beginning of period - - - 1,488 Cash, cash equivalents and restricted cash at beginning of period * 37,867 38,268 37,174 45,827 Cash, cash equivalents and restricted cash at end of period ** 32,348 28,577 32,348 28,577 Supplemental disclosure of cash flow information: Income taxes paid 24 33 133 65 Cash payments included in the measurement of operating lease liabilities 677 324 2,319 1,869 Right-of-use assets obtained in exchange for operating lease obligations 1,812 - 2,325 4,088 Non-cash financing and investing activities: Proceeds receivable from exercise of employees' share options 328 25 328 25 Payables for property and equipment 33 24 33 24 Payables for construction in progress for the headquarters project 11,614 6,458 11,614 6,458 Payables for treasury shares, at cost 24 301 24 301 * includes restricted cash balance 280 280 280 154 ** includes restricted cash balance 230 280 230 280 Agora, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in US$ thousands, except share and per ADS amounts) Three Month Ended Nine Month Ended September 30, September 30, 2024 2023 2024 2023 GAAP net loss (24,180 ) (22,513 ) (42,885 ) (84,608 ) Add: Share-based compensation expenses 13,647 6,643 21,240 20,902 Acquisition related expenses - 13 - (400 ) Amortization expenses of acquired intangible assets 129 345 531 1,035 Income tax related to acquired intangible assets (20 ) (53 ) (82 ) (159 ) Impairment of goodwill - - - 31,928 Non-GAAP net loss (10,424 ) (15,565 ) (21,196 ) (31,302 ) Net cash used in operating activities (4,622 ) (3,033 ) (18,664 ) (17,291 ) Purchase of property and equipment (1,333 ) (206 ) (2,297 ) (656 ) Free Cash Flow (5,955 ) (3,239 ) (20,961 ) (17,947 ) Net cash (used in) provided by investing activities (9,101 ) 5,677 (19,180 ) 53,078 Net cash provided by (used in) financing activities 7,385 (12,388 ) 32,340 (53,239 ) © 2024 Benzinga.com. 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