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Railways to engage its PSUs to operate, maintain newly constructed sheds and depotsARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights Record revenue for fiscal year 2024 of approximately $2.7 billion and revenue for the fourth quarter of approximately $1.2 billion, representing an increase of approximately 22% from fiscal year 2023 and an increase of approximately 82% from the same quarter last year, respectively. GAAP gross profit margin improved to approximately 12.6% and 12.8% for fiscal year 2024 and the fourth quarter, respectively, compared to approximately 6.4% and 11.3% for fiscal year 2023 and the same quarter last year, respectively, reflecting the Company's continued focus on ongoing profit improvement strategies. Net income of approximately $30.4 million and $67.7 million for fiscal year 2024 and the fourth quarter, respectively, improved from a net loss of approximately $104.8 million and net income of approximately $4.8 million, for fiscal year 2023 and the same quarter last year, respectively. Adjusted EBITDA1 of approximately $78.1 million and $86.9 million for fiscal year 2024 and the fourth quarter, respectively, improved from approximately negative $61.4 million and $19.8 million for fiscal year 2023 and the same quarter last year, respectively. Quarterly order intake of approximately $1.2 billion, compared to approximately $737 million for the same quarter last year. Backlog2 increased to approximately $4.5 billion as of September 30, 2024, compared to approximately $2.9 billion as of September 30, 2023. Financial Position Total Cash3 of approximately $518.7 million as of September 30, 2024, representing an increase of approximately $56.0 million from September 30, 2023. Net cash provided by operating activities was approximately $79.7 million, compared to approximately negative $111.9 million for fiscal year 2023. Free cash flow1 was approximately $71.6 million, compared to approximately negative $114.9 million for fiscal year 2023. Fiscal Year 2025 Outlook The Company is initiating fiscal year 2025 guidance as follows: Revenue of approximately $3.6 billion to $4.4 billion with a midpoint of $4.0 billion. Presently, approximately 65% of the midpoint of the Company's revenue guidance is covered by the Company's current backlog, in line with our fiscal 2024 revenue coverage at the same time period last year. Adjusted EBITDA4 of approximately $160 million to $200 million with a midpoint of $180 million. Annual recurring revenue ("ARR") of about $145 million by the end of fiscal year 2025. The foregoing Fiscal Year 2025 Outlook statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates. "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company’s President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company’s common stock as of September 30, 2024 are presented below: Conference Call Information The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com , by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company’s website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under “Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a “controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission (“SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Accounts payable with related parties of $2.5 million and Accruals with related parties of $3.7 million as of September 30, 2023, were reclassified from Deferred revenue and payables with related parties to Accounts payable and Accruals and provisions, respectively, on the consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 and 2022. The reclassifications had no impact on cash provided by (used in) operations for the period presented. Provision on loss contracts, net of $6.1 million and $30.0 million for the fiscal years ended September 30, 2023 and 2022, respectively, was reclassified to current accruals and provisions on the consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented. The following tables present our key operating metrics for the fiscal years ended September 30, 2024 and 2023. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”. The following table presents our order intake for the three months and fiscal years ended September 30, 2024 and 2023. The table is presented in Gigawatts (GW): Deployed Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones. Assets Under Management Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. We start providing maintenance, monitoring, or other operational services after the storage product projects are completed. In some cases, services may be commenced for energy storage solutions prior to achievement of substantial completion. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance. Contracted Backlog For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started. We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. We have only recently begun to track our contracted backlog on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Contracted/Order Intake Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market. Pipeline Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. We have only recently begun to track our pipeline on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Annual Recurring Revenue (ARR) ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. The following tables present our non-GAAP measures for the periods indicated. ____________________________ 1 Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures” for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financials measure stated in accordance with GAAP. 2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company. 3 Total cash includes Cash and cash equivalents + Restricted Cash + Short term investments. Contacts Analyst Lexington May, Vice President, Finance & Investor Relations +1 713-909-5629 Email : InvestorRelations@fluenceenergy.com Media Email: media.na@fluenceenergy.comStruggling Syracuse looks to climb back above .500 when it hosts Albany on Tuesday night. The Orange (4-4) are coming off a conference loss to Notre Dame where they failed to make a 3-pointer in a game for the first time in more than 10 years, going 0-for-9 from behind the arc. They will be without leading scorer J.J. Starling, who broke his hand in practice last Monday. Orange coach Adrian Autry said there was "no timetable" for Starling's return after the loss to the Fighting Irish and lamented his team's struggles with turnovers and free-throw shooting in the defeat. "Too many blown opportunities," Autry said. "We're not shooting the ball well. We have to adjust and go game by game now. Our front court has been pretty secure, but we have to keep working and getting better." Starling was averaging a team-high 19.8 points before his injury. The Orange may need to lean more on freshman Donnie Freeman, who has been a standout for Syracuse this season. He's averaging 12.8 points and 8.8 rebounds and already has four double-doubles. He was co-ACC Rookie of the Week last week. Defensively, the Orange have struggled. They rank No. 329 in scoring defense, giving up 79.4 points per game. Albany is scoring 77.2 ppg so far this season. The Great Danes (6-4) were downed by Boston University 80-74 in overtime on Saturday. They started the season 5-1 but have lost three of their last four. Senior guard Byron Joshua, a transfer from Alcorn State, is the Great Danes' leading scorer at 13.6 ppg. Amar'e Marshall was an All-America East Conference pick last season after averaging 16.7 points, but his field goal shooting has dropped from 43.4 percent last season to 34.5 percent this season. He is scoring 11.7 ppg. "I think we're learning how to compete at the right level," Albany coach Dwyane Killings said after a loss to Georgetown on Nov. 30. "I think the one thing that troubles us a lot is that our identity and our energy comes when the ball goes in the basket. When it doesn't, I don't think we have the grit that we need right now." Albany has been one of the best teams in the country in terms of steals. The Great Danes average 10.2 steals per game, which is tied for No. 12 in the nation. Syracuse is 8-0 against Albany all-time with the teams last meeting in 2011. Syracuse is 4-0 at home and 4-0 against non-power-conference opponents. --Field Level Media
GREEN BAY, Wis. (AP) — Even though their long-shot hopes of winning the NFC North have vanished, the playoff-bound Green Bay Packers believe they can make a legitimate run at their first Super Bowl appearance since their 2010 championship season. A rapidly improving defense gives them ample reason for confidence. The Packers (11-4) followed up a seven-sack performance in a 30-13 victory at Seattle by producing the first shutout of the NFL season, a 34-0 playoff-clinching blowout of the New Orleans Saints on Monday night. Green Bay delivered its first shutout since a 17-0 triumph over Seattle in 2021 and its most lopsided victory since a 55-14 rout of the Chicago Bears in 2014. “We’ve noticed all along that the defense is a lot different this year, and they’ve been making some big-time plays all along,” quarterback Jordan Love said. “But any time you can hold anybody to zero points in the National Football League is pretty awesome.” The Packers were seeking to produce a championship-caliber defense to go along with their dynamic offense when they fired Joe Barry as coordinator in the offseason and brought in former Boston College coach Jeff Hafley to replace him. Green Bay switched from a 3-4 scheme to a 4-3, with Hafley emphasizing the need to produce more big plays. Green Bay has done just that by collecting 28 takeaways — 10 more than it had all of last year — to match the NFL’s third-highest total. The Packers haven’t forced this many turnovers since 2011, when they had 38 takeaways. That’s not the only area in which the defense has made strides. Green Bay is allowing just 19.1 points per game to rank sixth in the league in scoring defense. The Packers haven’t finished a season among the top six teams in scoring defense since their 2010 title run, when they yielded just 15 points per game to rank second. The Packers are giving up 312.1 yards per game for the league’s seventh-best total. That also puts them on pace for their highest season-ending rank since 2010, when they finished fifth in total defense. “We’re all working together, and we’ve just got some nice playmakers,” linebacker and rookie second-round pick Edgerrin Cooper said. The Packers have given up as many as 20 points just once in their last six games, a 34-31 defeat at Detroit on Dec. 5. That is the only time Green Bay has lost during that stretch. Whether this kind of success can carry over to the playoffs remains uncertain. The Packers’ shutout performance came against a New Orleans offense that was starting rookie fifth-round draft pick Spencer Rattler at quarterback in place of the injured Derek Carr and was missing five-time Pro Bowl running back Alvin Kamara. Green Bay’s defense faces a much tougher task Sunday night against the Minnesota Vikings (13-2), who beat the Packers 31-29 at Lambeau Field on Sept. 29. This will mark the first time in the series’ 64-year history that both teams had at least 11 wins when they face off. The Packers are eager to see what they can do against another team headed for the playoffs as their defense gears up for another postseason. “We can do whatever we want to do,” defensive lineman Kenny Clark said. “We write our own story at the end of the day. We’ve just got to keep on building.” What’s working Green Bay outrushed New Orleans 188-67 and improved its season total to 2,209 yards rushing. The Packers haven’t rushed for that many yards in a season since 2003, when they had 2,558. ... The pass rush has produced 16 sacks over Green Bay’s last four games. ... Green Bay is outscoring teams 102-34 in the first quarter. ... The Packers didn’t give up a sack Monday and have allowed just five over their last eight games. That represents the fewest sacks the Packers have given up over an eight-game stretch within a single season since 2004. What needs work Penalties remain a bit of an issue. The Packers were penalized six times for 60 yards. Stock up Love has thrown eight touchdown passes without an interception over his last five games. ... RB Josh Jacobs has run for a touchdown in six straight games. His 13 TD runs this season are a career high. ... K Brandon McManus made field goals from 55 and 46 yards to improve to 16 of 17 this season. His 55-yarder was a season long. ... S Zayne Anderson had his first career interception in his first career start. ... DL Brenton Cox Jr. has three sacks over his last four games. Stock down There really aren’t any candidates for this category, considering the Packers produced their biggest victory margin in a decade. Injuries WR Christian Watson injured a knee Monday night. ... CB Jaire Alexander (knee) missed a fifth straight game. S Javon Bullard (ankle), S Evan Williams (quadriceps) and LB Quay Walker (ankle) also didn’t play. Key number 30 – The Packers have scored at least 30 points in each of their last five games. That represents the second-longest string of games with 30-plus points in franchise history. Green Bay had seven such straight games in 1963. Next steps The Packers close the regular season with two divisional games, visiting Minnesota on Sunday before hosting the Bears (4-11). Green Bay is 1-3 against NFC North opponents this season. ___ AP NFL: https://apnews.com/hub/nflIt's a monumental turning point in Syria as President Bashar Al-Assad's reign came to an end this past week, along with a 13-year civil war. Families here in Ottawa took to the streets to celebrate the news. Ottawa is home to thousands of Syrian residents, most of whom had to flee their country to start a new life during President Assad's reign. Now there is optimism as many hope it will soon be possible to return home. Aeman Alkadour, owner of Alkadour Sweets located in Billings Bridge Shopping Centre, arrived in Canada in 2016. "It is freedom, finally," Alkadour said. At his bakery, he's handing out free sweets because of the freedom in his home country. "Now I know I can go to visit Syria. I can bring my children to see grandfather," he added. The world has learned of Assad's reign coming to an end as rebels have taken control of the capital, Damascus. The news resonated here in Ottawa — one of the first cities to welcome Syrian refugees back in late 2015 — with people flooding the streets to celebrate, waving flabs and calling loved ones back home. Sedra Alsadi is the president of the Syrian Revolution Club at the University of Ottawa. She moved to Ottawa with her family in 2017. "We are now able to put our dreams into start. I want this to happen," Alsadi said. "We have a lot of friends that are living in Europe right now, and they're all thinking, oh, I want to do this business now to rebuild Syria." "Let's say a psychiatric or I'm a physician or an engineer or whatever, we're all thinking of how can our experiences be built in there?" She added. She says there is certainly more work to be done, but she believes it's the first step towards a free country. "I'm hoping in the summer I'm able to be on ground finally with them and help families, help finally destroying the tents that many Syrians refugees are living in and moving them back to their actual homes, living their dreams again, and seeing kids, actually seeing their family members for the first time, or seeing their houses for the first time," Alsadi said. "Many Syrians fear not finding their imprisoned families alive, and the ones who have been freed are irreparably damaged by the immense torture they received," she added. "We need the international humanitarian community to act, as only 3,000 detainees have been found." While many families are hopeful to go home and help, Yaman Marwah, an immigration lawyer in Ottawa, says there are more questions than answers this early in the process towards freedom. "First step is done, Syria is liberated. What happens next is all going to depend on how the internal Syrian government starts getting formed. We have a lot of hope that everything is going to be done in a very formed and legal and proper manner," Marwah said. As it stands the Canadian government is issuing people to not travel to the Middle Eastern country, closing airports and borders as questions remain about what's next. "We're very optimistic. We're very hopeful. We've heard a lot of foreign presidents and countries, support what's happening in a very positive manner," Marwah added. "We're very optimistic." "When a new government coming there now, everything good," said Alkadour. "People can walk around, go everywhere, it's a free country, but now, need little time." Shopping Trends The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us. Editor's Picks 21 Stocking Stuffers Under $5 For Everyone On Your List (And They're All From Amazon Canada) 19 Practical Gifts That Anyone Would Love To Unwrap 23 Great Secret Santa Gifts Under $15 From Amazon Canada Home The Good Stuff: Our Favourite Christmas Lights For 2024 Our Guide To The Best Sectional Sofas You Can Get In Canada Our Guide To The Best Electric Snow Shovels In Canada In 2024 (And Where To Get Them) Gifts The Best Gifts For 10-Year-Old Girls 19 Gifts Under $50 That Are Better Than A Gift Card 20 Of The Best Gifts Worth Splurging On In 2024 Beauty Our Guide To The Best Self Tanners You Can Get In Canada 20 Anti-Aging Skincare Products That Reviewers Can’t Stop Talking About 12 Budget-Friendly Makeup Brushes And Tools Worth Adding To Your Kit Deals Black Friday May Be Over, But You Can Still Take Advantage Of These Amazing Sales On Amazon Canada It's Officially Travel Tuesday: Here Are The Best Deals On Flights, Hotels, And Vacations The Waterpik Advanced Water Flosser Will Make Cleaning Your Teeth So Much Easier — And It's 40% Off For Cyber Monday Ottawa Top Stories FREEZING DRIZZLE ADVISORY | Up to 5 cm of snow, freezing drizzle expected in Ottawa Treasury Board president accuses PSAC of sharing 'misleading information' on $1.9 billion public service pension surplus BREAKING | Union reportedly drops wage demands in Canada Post negotiations City closes pedestrian bridge over Rideau River for winter use Syrians in Ottawa react to fall of Assad regime Salvation Army seeing significant drop in donations due to Canada Post strike OC Transpo fare hike will cost Ottawa school bus authority extra $4.6 million this school year City of Ottawa ends endorsement deal with water line insurer CTVNews.ca Top Stories LIVE UPDATES | Luigi Mangione arraigned, faces five charges Following his arrest in Altoona, Pa. earlier on Monday, Luigi Mangione was arraigned and charged with five counts, according to a criminal complaint. BREAKING | Union reportedly drops wage demands in Canada Post negotiations The Canadian Union of Postal Workers (CUPW) has reportedly dropped its wage demand to 19 per cent over four years, CTV News has learned. Sudbury, Ont., family traumatized after hospital said loved one had been released, when in fact they had passed away Sudbury resident Angela Vitiello says a staff member at Health Sciences North told her that her brother, Allan St. Martin, was released from the hospital late last month when, in fact, he had passed away. Liberal government survives third Conservative non-confidence vote Conservative Leader Pierre Poilievre's latest attempt to topple the minority Liberal government in a non-confidence vote failed on Monday, thanks to the New Democrats. Polygamous U.S. sect leader gets 50 years in prison in scheme to orchestrate sex involving children A polygamist religious leader in the U.S. who claimed more than 20 spiritual “wives” including 10 underage girls was sentenced to 50 years in prison on Monday. Montreal man retiring early after winning half of the $80 million Lotto-Max jackpot Factor worker Jean Lamontagne, 63, will retire earlier than planned after he won $40 million on Dec. 3 in the Lotto-Max draw. Katie Holmes refutes story about daughter Suri Cruise’s fortune Katie Holmes has posted a screen grab of a Daily Mail article, which reported that her 18-year old daughter, whose father is Tom Cruise, is now a "millionaire." Trudeau says dealing with Trump will be 'a little more challenging' than last time Prime Minister Justin Trudeau said dealing with incoming president Donald Trump and his thundering on trade will be 'a little more challenging' than the last time. Rupert Murdoch fails in bid to change family trust, New York Times reports A Nevada commissioner has ruled against Rupert Murdoch's bid to change his family trust to consolidate control of his media empire in the hands of his son Lachlan, the New York Times reported on Monday. Atlantic Eastern Canada storm to impact Maritimes with high winds Thursday An area of low pressure is forecast to develop into a strong storm as it moves from the northeastern U.S. into the St. Lawrence River Valley late Wednesday into Thursday. New report states cancer comes at a high physical and financial cost to Canadians A new report from the Canadian Cancer Society states, on average, a Canadian with cancer pays $33,000 out of their own pocket. 'Time of fear is behind us': Syrian-Maritimer reacts to the fall of the Syrian government Some Syrian-Canadians are greeting the fall of Bashar al-Assad’s government with a mix of hope and uncertainty. Toronto A 'traffic crisis': Economic, social impact of congestion cost Ontario more than $50B in 2024, study finds The cost of lost economic opportunities in the GTHA due to congestion totaled more than $10 billion in 2024 and that number rose to more than $47 billion when factoring in the “social impacts” that diminish a commuter’s quality of life, according to a new report. East Toronto shooting victim was a 'loving mother, daughter, cousin and niece,' says her mother A 34-year-old woman fatally shot inside of a home in Toronto's east end on Sunday evening was a 'loving mother, daughter, cousin and niece,' says her mother. LIVE UPDATES | Luigi Mangione arraigned, faces five charges Following his arrest in Altoona, Pa. earlier on Monday, Luigi Mangione was arraigned and charged with five counts, according to a criminal complaint. Montreal 'Looking for the Weinstein of Quebec': impresario Gilbert Rozon's civil trial begins Just for Laughs founder Gilbert Rozon's civil trial for sexual assault opened Monday at the Montreal courthouse with his lawyer portraying him as the scapegoat in a hunt to find Quebec's Harvey Weinstein. Montreal man retiring early after winning half of the $80 million Lotto-Max jackpot Factor worker Jean Lamontagne, 63, will retire earlier than planned after he won $40 million on Dec. 3 in the Lotto-Max draw. Thousands without power in the West Island Thousands of people in Montreal’s West Island are without power on Monday evening, with the majority in Dollard-des-Ormeaux followed by Dorval and Kirkland. Northern Ontario Sudbury, Ont., family traumatized after hospital said loved one had been released, when in fact they had passed away Sudbury resident Angela Vitiello says a staff member at Health Sciences North told her that her brother, Allan St. Martin, was released from the hospital late last month when, in fact, he had passed away. Murder suspect from TO loses bid to have trial moved out of 'vermin' infested Sudbury jail A man charged with a 2022 murder on Manitoulin Island will be tried in Sudbury, after a judge rejected arguments from the defence that Toronto or North Bay would be more convenient for his client. ATV driver in northern Ont. who fled spot check got stuck in a swamp A getaway went wrong for an ATV driver in Spanish, Ont., recently when they were caught by police on foot Windsor Windsor expands shelter system with overnight emergency spaces, 73 new warming centres Windsor city council has approved turning the Windsor Homelessness and Housing Help Hub into an overnight emergency shelter and adding six dozen warming centres to the region's shelter system. Windsor’s high unemployment rate doesn’t paint the whole picture: Experts New Statistic Canada number show there were over 18,000 people still unemployed in our area and looking for work in November. Windsor businesses brace for 'tax holiday' implementation Businesses in Windsor are entering a period of uncertainty as the holiday tax break goes into effect on Dec. 14. London What is walking pneumonia, and why are medical experts talking about it? This year, the province has seen the highest number of walking pneumonia cases since it began tracking the data in 2019 - MLHU officials are concerned about the trend. Craigwood Youth Services to cease operations after more than 70 years The interim executive director issued a statement saying the organization faces significant funding challenges and a shifting landscape for delivering their services. BREAKING | Union reportedly drops wage demands in Canada Post negotiations The Canadian Union of Postal Workers (CUPW) has reportedly dropped its wage demand to 19 per cent over four years, CTV News has learned. Kitchener Salvation Army says mail-in donations down almost 40 per cent in Kitchener-Waterloo The Salvation Army has seen a big drop in donations this holiday season. Transport truck collision closes part of Highway 401 near Homer Watson One lane of Highway 401, through Kitchener, was closed Monday after a transport truck driver took evasive action to avoid a crash. BREAKING | Union reportedly drops wage demands in Canada Post negotiations The Canadian Union of Postal Workers (CUPW) has reportedly dropped its wage demand to 19 per cent over four years, CTV News has learned. Barrie Man accused in Good Samaritan's death violates court-imposed order while in jail Brandon Aaron has been found guilty of violating a court-imposed non-communication order while behind bars in Penetanguishene. Horse-drawn buggy collision with straight truck sends 4 to hospital Four people were taken to the hospital after a collision involving a horse-drawn carriage and a straight truck in Southgate Township near Dundalk. Ontario Christmas tree season in full swing After two years of supply challenges and growing struggles, Ontario’s Christmas tree industry expects a very good holiday season ahead. Winnipeg Here's how much snow fell in parts of Manitoba Sunday A low pressure system brought snow, freezing rain and freezing drizzle to much of southern Manitoba starting Sunday. 11 train cars derail, closing Manitoba road for hours A train derailment near Portage la Prairie had traffic closed for several hours and almost a dozen railcars completely off the tracks. BREAKING | Union reportedly drops wage demands in Canada Post negotiations The Canadian Union of Postal Workers (CUPW) has reportedly dropped its wage demand to 19 per cent over four years, CTV News has learned. Calgary BREAKING | Parents charged in toddler son's death plead guilty to manslaughter The parents accused in the death of their 18-month-old son pleaded guilty to manslaughter charges in a Calgary courtroom Monday. BREAKING | Union reportedly drops wage demands in Canada Post negotiations The Canadian Union of Postal Workers (CUPW) has reportedly dropped its wage demand to 19 per cent over four years, CTV News has learned. Alberta cancels foreign worker recruitment trip to United Arab Emirates The Alberta government says it has pulled the plug on a foreign worker recruitment mission in the United Arab Emirates scheduled for early next year. Edmonton Family spokesman says slain Edmonton security guard had only been working 3 days A spokesman for the family of a security guard who police say was murdered while patrolling an Edmonton apartment building last week says the man had only been on the job for three days. Largest AI data centre in the world to be built in northwest Alberta The world's largest Artificial Intelligence data centre will be built in northwest Alberta and comes with an estimated $70 billion price tag. Man dies from injuries sustained during assault: Edmonton police Police are investigating the death of a man in central Edmonton over the weekend. Regina Sask. Court of Appeal denies White City's request to annex 4,000 acres from RM of Edenwold A land dispute that's been taking place just east of Regina for the past six years has been put to rest, according to the Rural Municipality (RM) of Edenwold. Regina homicide suspect makes national most wanted list A man wanted in connection to a fatal shooting in Regina earlier this year is now among Canada's top 25 most wanted. Sask. hockey player recovering after near fatal skate accident during game The Sask East Hockey League (SEHL) has released details of a near fatal accident at one of its games over the weekend – which saw a Churchbridge Imperials player suffer serious injuries after being struck with a skate. Saskatoon Emergency crews searching the South Saskatchewan River for body of missing man Saskatoon police and firefighters have begun searching the South Saskatchewan River for the body of a 48-year-old man who went missing late last month. Sask. RCMP lay murder charge in fatal February shooting The Saskatchewan RCMP have charged a man with first-degree murder for a fatal February shooting in North Battleford. Sask. hockey player recovering after near fatal skate accident during game The Sask East Hockey League (SEHL) has released details of a near fatal accident at one of its games over the weekend – which saw a Churchbridge Imperials player suffer serious injuries after being struck with a skate. Vancouver Toxic drug deaths in October lowest in 4 years, B.C. coroners service says Toxic drug deaths in October reached a low not seen in years, according to new preliminary data from the B.C. Coroners Service. 'Bombshell': Small Business BC abruptly declares bankruptcy A decades-old non-profit with a mandate of supporting B.C.'s small businesses abruptly declared bankruptcy – resulting in dozens of employees losing their jobs weeks before Christmas. B.C. selects 9 wind power projects to boost energy supply by 8 per cent a year British Columbia has given the green light to nine wind energy projects that will boost the province's hydro-electric grid by eight per cent a year, enough to power 500,000 homes. Vancouver Island Toxic drug deaths in October lowest in 4 years, B.C. coroners service says Toxic drug deaths in October reached a low not seen in years, according to new preliminary data from the B.C. Coroners Service. B.C. selects 9 wind power projects to boost energy supply by 8 per cent a year British Columbia has given the green light to nine wind energy projects that will boost the province's hydro-electric grid by eight per cent a year, enough to power 500,000 homes. 'Bombshell': Small Business BC abruptly declares bankruptcy A decades-old non-profit with a mandate of supporting B.C.'s small businesses abruptly declared bankruptcy – resulting in dozens of employees losing their jobs weeks before Christmas. Kelowna Study of 2023 Okanagan wildfires recommends limiting development in high-risk areas A study into the devastating wildfires that struck British Columbia's Okanagan region in 2023 has recommended that government and industry limit development in high-fire-risk areas. Kelowna, B.C., to host the Memorial Cup in the spring of 2026 The Western Hockey League's Kelowna Rockets will host the Memorial Cup in the spring of 2026, the Canadian Hockey League said Wednesday. 545 vehicles impounded in 332 days: BC Highway Patrol pleads for drivers to slow down Mounties with the BC Highway Patrol in Kelowna say they've impounded more than 545 vehicles for excessive speed and aggressive driving so far this year. That works out to more than 1.6 per day. 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Florida backed up an upset of LSU with another inspired performance to knock Ole Miss out of the College Football Playoff and end Lane Kiffin-to-Gainesville speculation. Billy Napier is pleased with his team’s turnaround, but far from satisfied to merely scratch his first winning season at UF. During the latest Swamp Things, Mark and Edgar discuss the Gators’ winning formula and continue to gush about the DJ Lagway Effect. Edgar Thompson can be reached at egthompson@orlandosentinel.comZevgolis rules the roost in Bulawayo
Syrian government services come to ‘complete halt’ as workers stay at homeOct 29, 2024; New York, New York, USA; New York Yankees outfielder Juan Soto (22) doubles during the eighth inning against the Los Angeles Dodgers in game four of the 2024 MLB World Series at Yankee Stadium. Brad Penner-Imagn Images/File Photo DALLAS -- The Hilton Anatole has become Major League Baseball's top destination this week as teams converge for the winter meetings with writers, agents and even some fans circling the vast lobby floors. The biggest offseason news came down Sunday night, when the New York Mets and star free agent slugger Juan Soto reportedly agreed on a 15-year, $765 million deal, which would be the largest contract ever given to a professional athlete. That was a key talking point when managers started meeting with the media on Monday. Nationals manager Dave Martinez reflected on when he was Soto's first manager in the big leagues back in 2018. "This kid, he was different," Martinez said. "The ball comes off his bat differently. The way he approaches the hitting was way different than a lot of kids I've seen. But the one thing that I always remember about him, the first conversation I had, the first thing that came out of his mouth when I asked him what motivates him, what drives him, and he just came out and said, 'I love baseball.' Truly you can see it in him. He loves playing the game." The Red Sox were among the clubs in the mix for Soto. Boston manager Alex Cora didn't get into specific details, but he enjoyed the organization's pursuit of the four-time All Star. "It was fun in a way, you know, to get to know people and players of that status," Cora said. "It's amazing. The kid, he gets it. He gets it. Let me put it that way." Royals manager Matt Quatraro, meanwhile, spoke about the impact such a monumental contract may have on smaller market teams in order to compete in today's market. "We have to be creative. We have to put the best 26 guys on a roster or the best 40 guys on a roster, not the best one or two," Quatraro said. "At the end of the day, you have a chance to compete against those guys. Soto is going to hit four to five times a night. Those are impactful at-bats, but there's other ways to combat that with a full 26-man roster." Sasaki Posted Outside of the Soto reaction, Monday's other main storyline - at least going into the afternoon hours - centered on Japanese ace right-hander Roki Sasaki officially being posted. The 23-year-old phenom is available to sign as a free agent from Tuesday through 5 p.m. ET on Jan. 23. The rumor mill was churning with plenty of speculation and talk about where Sasaki might sign. He was just one of many big-name players being discussed on Monday. The list of top free agents behind Soto includes pitchers Corbin Burnes and Max Fried and infielders Alex Bregman, Pete Alonso and Christian Walker. On the trade front, much attention is being placed on White Sox left-handed starter Garrett Crochet. It was a relatively quiet Day 1 through the standard working hours, although things are always subject to change at meetings of this nature. Tito is Back Terry Francona joked that his desire to manage again resurfaced when his daughters went on a 10-day trip to Europe. "I watched the grandkids. That was the one day I thought maybe I'll go back to baseball," Francona said, laughing. All joking aside, Francona said it simply happened that when the Reds reached out, the timing felt right. He's healthy and refreshed as he's set to enter his 24th season as a manager. "I had a really good year and maybe I just needed that," Francona, 65, said. "Then, when these guys called, it just felt right." Honoring Mays The winter meetings kicked off with MLB announcing that its annual charity auction during the event would help revitalize Willie Mays Park in the late Hall of Famer's hometown of Fairfield, Ala. At a news conference, April Brown, MLB's senior vice president of social responsibility and diversity, said the vision for the project includes access for all levels of players, from youth leagues to advanced levels. "This effort will not just be MLB alone," Brown said. "We have the blessing of so many connected to his legacy and that have the mission to instill the love of our game that Willie had to all of the youth in the area growing up in the neighborhood where he grew up." The auction, which features items from every major league club, runs through Thursday. --Drew Davison, Field Level Media REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel now
DOJ, Google Make Closing Arguments in Advertising Antitrust TrialBy Chinenye Anuforo Amaka Okoye, a seasoned journalist with a passion for truth and justice, has carved a niche for herself in the world of journalism. With a strong background in both Journalism and Maritime Administration and Management, Okoye has a unique perspective on the complexities of human experience. Currently a journalist at Deutsche Welle (DW), she has covered a wide range of topics, from women’s rights and justice to illegal migration and human trafficking. Her fearless reporting has taken her to the heart of Nigeria’s most dangerous regions, where she has documented the stories of those affected by conflict and crisis. This interview with Daily Sun delves into her experiences covering mass abductions in Nigeria, the emotional and professional toll it takes, and the ethical dilemma she faces. What drew you to conflict reporting particularly focusing on violence and insecurity? Quite frankly, conflict reporting chose me and I fell wholeheartedly for it. In fact, I owe it to my former Boss Mr Akintemi who recommended that I be sent to Katsina when the first mass abductions of school children happened there. His idea was majorly because I speak Hausa and it will be easy to get proper coverage of that abduction. I was supposed to go there for at most 3 nights with my cameraman but I ended up spending 13 nights covering back to back that harrowing experience- for both the students abducted, their parents and loved ones and for me as well at different levels- including being “hidden” in the government house because we had reported that the boys have been seen and would be released based on a verified information we got from a government official in the state. But as soon as we reported that, it became a question of “jeopardising the effort of the rescue mission”. And my face was plastered over social media for a false reporting. What Nigerians did not know was that the information came from the state but of course they denied knowledge of it when the Presidency reacted. And everyone wanted my head to know where we got that “intel” from including same government officials. It was an experience I will never forget. Thankfully, the boys were released just as reported. But the social media had roasted me off already. That coverage led to so many coverages of abductions and banditry for me. While very aware of how dangerous those assignments were, I think why I stayed true to those coverage was because of the people. Their story needed to be told correctly and in the right context while representing the reality of people in these conflict and crisis areas. Most importantly, so not to reduce this growing human suffering to just number and statistics. There was and still is the need to put a face to this suffering. That was my driving force and I am grateful for those stories, those people from Kankara to Kagara to Jangebe, to Birnin Kebbi, to Afaka, to Chibok and all those areas I went to, the motive was the same. How have these experiences covering mass abductions personally affected you, both emotionally and professionally? I have grown more in empathy and conviction to tell the stories of those affected with a lot of sensitivity and always check that you represent their stories correctly and factually. I have built a lot of mental resilient and physical stamina to cope with the regular stress of covering such beats and being physically present- I have not done much of that this year because I took some time off for more of up scaling and capacity building. I miss the adrenaline rush no doubt but still very much following and doing more of research work in collaboration with institutes interested in peace and conflict resolution and private security organization. Emotionally, I have learnt to take a break when I need to and to pay attentions to the whirlwinds of emotions- sometimes it is fear, sometimes anxiety, sometimes it is all round exhaustion and sometimes it is shock and helplessness, sometimes it is hope, it is joy in little and big wins of the stories of people who have triumphed from very scary situations to become shinning light. One thing I do is I pay attention to how I feel and what I feel and act rightly. As you know, I am big on therapy and that has been a great help and being surrounded by the right community of friends and colleagues and support tribe. What are the most significant challenges you’ve faced as a journalist covering such sensitive and traumatic events? I think is coming very close to near death experiences in places like Jangebe or Kagara and also when I receive threats that are very palpable. I also feel like the pain and helplessness you feel when you can’t provide answers or the frustrations of not seeing results despite all of the efforts to take some of these risks. Yes, sometimes, you never get any results, not at all. That can be tough. How do you ensure your safety while reporting on dangerous situations, particularly in conflict zones? I must admit that there are things I would do differently that I didn’t do in the past. That will include not undermining any situation and bearing in mind those things can escalate very fast. So, I keep basic tips in mind from how I dress to where I stay to what I post on social media and the timing to even the choice of transportation, sometimes it is safer to also disguise and mingle with locals, but again, this is with great understanding of where you are, who or those you are dealing with in terms of the reports and what you are up against. What ethical dilemmas have you encountered while reporting on these incidents, and how have you navigated them? I remember very vividly when the abductions were happening like every other month and for each of it, I was on ground and covering back to back. And I also remember there was a statement at the time from the government sort of implying that such coverage is amplifying the activities of these abductors or enemy of the state if you like. And it was a dillemma- should we cover the plights of the people or not because we don’t want to be seen as amplifying the voices of the enemy and leave out the sufferings of their victims? It was a tough call but in the end, we still have to do our work and bring these people’s plight to the world and not pretend these things are not happening. Another would be sometimes you hear very chilling accounts and after getting consent, the people will say “No, I don’t want that story told again”. What do you do? It is challenging sometimes to be honest. What do you think is the government’s role in addressing the issue of mass abductions? You know one of the things that baffle me is that we are still having this conversation. My one response is that the government of Nigeria is well aware of these issues, the concerns and demands of these state actors. The Nigerian government can root out these criminal elements. Yes, they can. They just do not have the political will or haven’t been able to demonstrate any political will at all. That is worth is more frustrating. How can the international community better support Nigeria in combating these issues? Nigeria first and foremost has the solutions to its problems. It should look inwards and employ all its resources before seeking collaborations from the so called international community. And what has it done so far with the support we always hear Nigeria soliciting from the international community? Your guess is right as mine What do you foresee for the future of security and safety in Nigeria, particularly regarding school abductions? Not been a prophecy of doom but I think that Nigeria will have more challenges if it refuses to strongly demonstrate political will that will lead to the end of these abductions. Sadly, there’s even more economic dimensions to these abductions. Nigeria has all the resources and intel from very brilliant and hardworking security agencies. Again it boils down to does it want to end it at all? How has the transition from Nigerian media to an international platform like DW impacted your reporting style and approach? Reporting on international platform like DW just gives you an opportunity to seek for stories with global relevance as well as tell the local story with the right nuances. My approach is using this opportunity to present our stories right. To tell them correctly and not promoting narratives that have been incorrectly pushed for a very long time. I also now have the opportunity to delve into global news and regions I would ordinarily not focus on and grow interest in different topics and find ways to present them accurately. How does your experience covering the Nigerian crisis inform your understanding of global issues related to violence and insecurity? I have realised that the problems in the world are pretty much the same- there is pain, corruption, darkness, injustice, name it all every where in the world. The difference is what each nation of the world choose to focus on, how does it media present the overall image of its nation in relation to these issues and how government and state actors tackle their issues. That is the difference. How do you balance the need to inform the public with the responsibility of not sensationalizing or exploiting the suffering of victims? This is a very important question. The first approach is understanding the situation, the context, the subject matter then apply a lot of sensitivity knowing that the people are what matters and you must treat them and their story with a lot of respect, dignity and truth. You can actually tell about their sufferings without dehumanising them more or exploiting their realities. I think also that journalists must learn where to stop or draw the curtain and understand to let the people be when they ask for that. Sometimes our approach are awfully intrusive. The fact of this business is that you are not entitled to anybody’s story and that is why we must honour the people in their stories and represent them rightly whether through images, words or our framing. This is the crux of it all.
AP Trending SummaryBrief at 4:56 p.m. EST
Surprising figure will help Jets in search for new coach and GMStruggling Syracuse looks to climb back above .500 when it hosts Albany on Tuesday night. The Orange (4-4) are coming off a conference loss to Notre Dame where they failed to make a 3-pointer in a game for the first time in more than 10 years, going 0-for-9 from behind the arc. They will be without leading scorer J.J. Starling, who broke his hand in practice last Monday. Orange coach Adrian Autry said there was "no timetable" for Starling's return after the loss to the Fighting Irish and lamented his team's struggles with turnovers and free-throw shooting in the defeat. "Too many blown opportunities," Autry said. "We're not shooting the ball well. We have to adjust and go game by game now. Our front court has been pretty secure, but we have to keep working and getting better." Starling was averaging a team-high 19.8 points before his injury. The Orange may need to lean more on freshman Donnie Freeman, who has been a standout for Syracuse this season. He's averaging 12.8 points and 8.8 rebounds and already has four double-doubles. He was co-ACC Rookie of the Week last week. Defensively, the Orange have struggled. They rank No. 329 in scoring defense, giving up 79.4 points per game. Albany is scoring 77.2 ppg so far this season. The Great Danes (6-4) were downed by Boston University 80-74 in overtime on Saturday. They started the season 5-1 but have lost three of their last four. Senior guard Byron Joshua, a transfer from Alcorn State, is the Great Danes' leading scorer at 13.6 ppg. Amar'e Marshall was an All-America East Conference pick last season after averaging 16.7 points, but his field goal shooting has dropped from 43.4 percent last season to 34.5 percent this season. He is scoring 11.7 ppg. "I think we're learning how to compete at the right level," Albany coach Dwyane Killings said after a loss to Georgetown on Nov. 30. "I think the one thing that troubles us a lot is that our identity and our energy comes when the ball goes in the basket. When it doesn't, I don't think we have the grit that we need right now." Albany has been one of the best teams in the country in terms of steals. The Great Danes average 10.2 steals per game, which is tied for No. 12 in the nation. Syracuse is 8-0 against Albany all-time with the teams last meeting in 2011. Syracuse is 4-0 at home and 4-0 against non-power-conference opponents. --Field Level MediaMuseum Management Software Market Is Booming So Rapidly | Major Giants CatalogIt, Zetcom, Adlib
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Trudeau directs key adviser to deliver renewed national security strategyOrganisations 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.
ARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights Financial Position Fiscal Year 2025 Outlook The Company is initiating fiscal year 2025 guidance as follows: The foregoing Fiscal Year 2025 Outlook statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates. "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company’s President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company’s common stock as of September 30, 2024 are presented below: Conference Call Information The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com , by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company’s website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under “Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a “controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission (“SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Accounts payable with related parties of $2.5 million and Accruals with related parties of $3.7 million as of September 30, 2023, were reclassified from Deferred revenue and payables with related parties to Accounts payable and Accruals and provisions, respectively, on the consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 and 2022. The reclassifications had no impact on cash provided by (used in) operations for the period presented. Provision on loss contracts, net of $6.1 million and $30.0 million for the fiscal years ended September 30, 2023 and 2022, respectively, was reclassified to current accruals and provisions on the consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented. The following tables present our key operating metrics for the fiscal years ended September 30, 2024 and 2023. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”. The following table presents our order intake for the three months and fiscal years ended September 30, 2024 and 2023. The table is presented in Gigawatts (GW): Deployed Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones. Assets Under Management Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. We start providing maintenance, monitoring, or other operational services after the storage product projects are completed. In some cases, services may be commenced for energy storage solutions prior to achievement of substantial completion. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance. Contracted Backlog For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started. We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. We have only recently begun to track our contracted backlog on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Contracted/Order Intake Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market. Pipeline Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. We have only recently begun to track our pipeline on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Annual Recurring Revenue (ARR) ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. The following tables present our non-GAAP measures for the periods indicated. ____________________________ 1 Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures” for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financials measure stated in accordance with GAAP. 2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company. 3 Total cash includes Cash and cash equivalents + Restricted Cash + Short term investments. Contacts Analyst Lexington May, Vice President, Finance & Investor Relations +1 713-909-5629 Email : InvestorRelations@fluenceenergy.com Media Email: media.na@fluenceenergy.com