TORONTO - Mitch Marner will be sporting a different Maple Leaf in February. The Toronto Maple Leafs star was one of 17 players named Wednesday to round out Canada’s 23-man roster for the NHL 4 Nations Face-Off tournament. Joining the winger as part of an attack that already featured Connor McDavid, Sidney Crosby, Nathan MacKinnon, Brad Marchand and Brayden Point — all announced back in June — are Sam Reinhart and Sam Bennett of the Florida Panthers along with Anthony Cirelli and Brandon Hagel of the Tampa Bay Lightning. Also making the team up front are Vegas Golden Knights captain Mark Stone, Travis Konecny of the Philadelphia Flyers and Seth Jarvis of the Carolina Hurricanes. The defence corps led by Cale Makar, who was also tabbed in June, will see Colorado Avalanche teammate Devon Toews suit up in red and white, and also include the Vegas duo of Shea Theodore and Alex Pietrangelo, Josh Morrissey of the Winnipeg Jets, Colton Parayko of the St. Louis Blues and Philadelphia’s Travis Sanheim. The biggest question mark for Canadian general manager Don Sweeney of the Boston Bruins and the rest of the country’s hockey brain trust since the selection process began has been in the crease — especially with stud netminders like Carey Price and Roberto Luongo a distant memory. Canada doesn’t have the same goaltending pedigree as at past international events, but head coach Jon Cooper of Tampa will likely lean on Stanley Cup winners Jordan Binnington of the Blues and Adin Hill of the Golden Knights. Sam Montembeault of the Montreal Canadiens rounds out the puck-stopping trio. “We are thrilled to unveil the group of players who have earned the opportunity to represent Canada,” Sweeney said in a statement. “We believe we have assembled a roster that features world-class talent, as well as success at the NHL and international levels. “We are confident this group will give us the best chance to accomplish our goal on the international stage.” The 4 Nations tournament, which also includes the United States, Sweden and Finland, runs Feb. 12-20 in Montreal and Boston, and will serve as an appetizer for the NHL’s Olympic return in 2026. It’s also the closest hockey has got to a best-on-best men’s tournament since the 2016 World Cup. This showcase won’t technically meet that threshold with Russia — because of its ongoing war in Ukraine — and reigning world champions Czechia not in the mix. But there should still be plenty of interest with McDavid, Crosby, U.S. star Auston Matthews and a host of other big names finally sharing the ice on the world stage. The NHL, which went to five straight Olympics between 1998 and 2014, announced at last season’s all-star game players would participate at the next two Games after it skipped 2018 for business reasons and missed out in 2022 due to COVID-19. The goal of the league and NHL Players’ Association is hold a World Cup in both 2028 and 2032 to get international events on a schedule of every two years. Canada opens the 4 Nations on Feb. 12 against Sweden at the Bell Centre in Montreal before facing the U.S. in the same building three nights later. The tournament then moves to Boston, where the Canadians will meet Finland on Feb 17. The teams with the two best records after the round-robin will battle in the final Feb. 20 at TD Garden. “This is an exciting time for the NHL and international hockey,” Cooper said. “This event is an important part of the process as we continue to build teams that can be successful on the international stage.” ___ Follow @JClipperton_CP on X. This report by The Canadian Press was first published Dec. 4, 2024.
Chiefs edge Panthers, Lions rip Colts as Dallas stuns Washington
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Workday Announces Fiscal 2025 Third Quarter Financial ResultsJonah Goldberg: What if most Americans aren't bitterly divided?The Paperwhite has been our pick of the for a very long time as it's managed to balance price and features quite well. The 12th generation Paperwhite maintains that same ethos to some degree, gaining a brand-new display that leverages the latest E Ink Carta 1300 screen tech. This not only adds a touch more contrast, which makes the text on the screen darker and thus easier to read, but it also makes page turns a smidge quicker. Honestly, in real-world use, you won't find it all that different from the 11th-generation Kindle Paperwhite, but you will if you have them both side by side and look really carefully. So while I won't say it's a massive upgrade over the , it's definitely worth upgrading if you're using an older Kindle. I also appreciate the couple of millimeters more of display I get on the 2024 Paperwhite, which is now a 7-inch screen compared to the previous 6.8-inch, but again, it's not really significant. What is a little significant is the slight performance boost that Amazon has managed to inject into the 12th-gen Paperwhite. During my testing, I had no issues whatsoever – page turns were near instantaneous, I had absolutely no slowing down even after hours of reading, not a single instance of ghosting and, importantly, the battery life is truly impressive. After three weeks of use, I am yet to charge the Paperwhite for the first time. My biggest issue is the Paperwhite's design: the rear panel is so darn smooth, that I often feel like it's slipping through my fingers. That means I'm trying to grip it tighter, which means my thumbs are extended further over the display and the number of accidental touches I have are a little annoying. Admittedly a case will solve that problem, but that's an additional cost to tack onto what is already an expensive ereader. So while it still builds a case for still being the best Kindle, I think the might represent better value for some users, offering more storage, some resistance to salt water and the option for wireless charging. Amazon's penchant for hiking up the price of its Kindles with each new generation is disappointing. While I'm struggling to justify the cost of the base , I suppose I can get behind the 12th-gen Paperwhite's price hike over its predecessor, but I'm not entirely convinced it represents good value anymore. This is compounded by the fact that, in some markets (like Australia), none of the 2024 Kindles support Audible playback. As I've said above, Amazon keeps increasing the price of its Kindles with each new release and that means at $159.99 / £159.99 / AU$299, the 12th-generation Paperwhite is the most expensive yet and, in my humble opinion, no longer very good value. And that's the price of the ad-supported version in the US and UK (Australia gets only the ad-free model). If you don't want ads on your lock screen, you're shelling out $179.99 / £159.99 in the US and UK respectively. You could argue that this price is fine for a 7-inch ereader with 16GB of storage, but for a little more money – $219.99 / £219.99 / AU$359.95 to be precise – you can get a color ereader with a screen of the same size, double the storage, a more ergonomic design (with page-turn buttons) and, importantly, writing capabilities with the . I suppose I might even be inclined to pay $199.99 / £199.99 / AU$329 for the 2024 Amazon Kindle Paperwhite Signature Edition for the metallic colors, double the storage and wireless charging, as well as performance just as good as the standard Paperwhite. If you don't want all that, you can save money by opting for the ($129.99 / £119.99 / AU$239.95), which gets you the exact same display, just in 6 inches, and very similar specs as the Paperwhite. Amazon has stopped listing some specs for its ereaders, so I have no idea what CPU the Paperwhite is using or the battery capacity. Hey, Amazon, what exactly has Australia done to not deserve the new colorways of the standard Paperwhite? I'm a little annoyed that I get only the black model Down Under (where I am based) and is the version I was sent for this review. It's not a huge complaint, but I do admit to a little FOMO. Other markets can get the Paperwhite in new Jade and Raspberry options. Nothing else has really changed in terms of design, although the standard Paperwhite is now 7 inches (compared to the 11th generation's 6.8 inches). The body remains plastic which, incidentally, has some recycled materials in it – not as much as Kobo uses, though. The plastic chassis does make the Paperwhite look cheaper than its price tag, but the real issue for me is the rear panel. It's so smooth that I can feel it slip through my fingers (literally) when the bus or train I'm on brakes suddenly. I love how slim it is, but that too exacerbates the lack of grip, making it far from ergonomic. To compensate for its slipperiness, I found myself holding the device with my thumb on the screen itself as the side bezels are still very slim. As nice as that looks, it's not ideal for single-hand use and I kept suffering from accidental page turns from my finger on the screen. It's possible this won't affect all users, but it is an annoyance to me. Given how easy it might be to drop the standard Paperwhite, I'm glad it retains its IPX8 waterproof rating, which means it can stay submerged in 2 meters of water for up to an hour. Just don't drop it in the sea as the salt water will corrode the USB-C port first and, if it seeps in, will start eating away at the motherboard too. The Signature Edition, on the other hand, will survive a quick dunk in the sea. The rounded corners and edges will be familiar to any Kindle user, as will the be power button on the lower edge. This bothers one of my colleagues, but I don't have any issues with it. In fact, I love the little feedback it gives when pressed. Beside the power button, in the center of the bottom edge, is the USB-C port for charging. The only embellishments on the device are the word 'Kindle' on the lower bezel and the Amazon logo on the rear panel. As with most black ereaders and tablets, the 2024 Paperwhite is a smudge magnet, but I suspect the two colorways will also suffer similarly. The black one, in fact, begins to look very scruffy within days of use – even just leaving it on a table, it will pick up dust and the texture of the plastic is such that it's hard to wipe away. If that bothers you like it does me, I think a case becomes a must, and it will add a little extra grip too, but it is an additional cost to bear. The shift to the 7-inch display has allowed Amazon to update the display to the latest E Ink Carta 1300 technology, which adds more contrast to the text on the screen. The resolution remains at 300ppi though, which is standard and plenty for such a device. The screen supports a dark mode, has 16 levels of grayscale and hits a maximum brightness of 94 nits. Compared to the 2024 entry-level Kindle, the Paperwhite has a naturally warmer hue (much like paper) which, when combined with the amber LED lights, can make the display very yellow indeed. It might look odd to someone who's not used an ereader with adjustable light temperatures, but it helps the eyes from getting strained too much. If you're like me, who reads for four to five hours a day (mostly at night), you'll appreciate the yellower screen. The LEDs do a good job of evenly lighting the entire display – I found no shadows or areas of excessive brightness during my testing. One theory I have for why the Kindles became so popular so quickly is their user-friendly interface. They've always been simple devices, with not a lot of extraneous options in Settings, and that ethos is still maintained today. If you're already familiar with a Kindle, you won't find anything new on the 2024 Paperwhite. Even if you've never used a Kindle before, it won't take long to wrap your head around it, with setup being as simple as following the prompts on the screen. Once you've set up your Amazon account and logged in, there are only two tabs to explore – the Home screen and the Library. I personally find the Kindle Home screen unnecessarily cluttered, constantly pushing me into the Kindle Store. If that doesn't bother you, it's a good starting point for finding your next read. However, keep in mind that once you start getting your content from the Kindle Store, you're stuck within Amazon's walled garden. You can sideload books of course, but you will need to jump through some hoops as Amazon no longer allows you to plug in a Kindle to drag-and-drop files via a wired connection. You will need to use the Send To Kindle platform, which allows you to wirelessly add content to your Kindles via cloud sync. The good news is that if you ever change (or upgrade) your Kindle, even your sideloaded titles will remain synced to your Amazon account and you can just tap them individually in the Library app of your new Kindle to download them again. There's no specific tab for Settings, but swipe downwards from the top of the screen and you'll be presented with a few options, including turning on dark mode, cloud sync, flight mode and, of course, accessing all the Settings options. The different Settings are simple and quite literally bare bones, although please note that if you are in Australia or any other region where there's no Audible support on the 2024 Kindles, you won't even see Bluetooth as a connectivity option (which is available in the US and UK). There's decent file support on the Kindle now, although, with MOBI now mostly dead, Amazon has had to relent and allow native EPUB support, which is the format most ebooks come in. As part of the Amazon ecosystem, Goodreads is available on all Kindles and American users will be able to borrow library books too. The latter option is, however, not available anywhere else. Ereaders are such simple devices that there's really no benchmarking to run to determine performance. However, as someone who's tested several of the most recent ebook readers, it's fair to say I can judge by doing a comparison with the competition. The 2024 standard Paperwhite wins in terms of screen responsiveness speed and overall performance over even the Onyx Boox Go series ereaders and the Kobo Clara BW too. The former, incidentally, has a more powerful processor than what Amazon has typically used for its Kindles (although the current CPU has not been revealed) and yet the Paperwhite surpasses the Boox Go 6 (which I have been testing alongside this). Page turns are near instantaneous and not once did I have issues with ghosting (where a very light impression of the previous page remains on screen after a page turn). Reading graphic novels on its an absolute pleasure, especially since the Frame view also opens instantly when you double-tap. Like the entry-level 2024 Kindle, I think the performance boost is purely software-based rather than being a new CPU. It could be both, too, but Amazon isn't revealing what chipset it's using under the hood here. I'm using the massive as the basis of my performance theory here. As with the base 2024 Kindle, the OS on the Paperwhite takes up 4.5GB of the total 16GB storage available on the device – if memory serves, that's 2GB more than on the 11th generation Paperwhite. While I am miffed about the lower available storage on the Paperwhite (which reduces its per-dollar value), I'm glad for whatever boost Amazon has given the tablet. Typing via the on-screen keyboard when setting up my Wi-Fi network or any other touchscreen functionality was seamless and quick. And by 'quick' I mean it's as good as it's ever gotten on an e-paper screen – don't expect the same performance as your phone or multimedia tablet. What's probably the most impressive feat is the 2024 Paperwhite's battery life. I've had it for about three weeks now and I started using it immediately out of the box at 72%. Three weeks later it was just at 45%, and that's with about 2-3 hours of reading and the screen brightness level at 8 (warm light level of 4). Admittedly that's a low brightness setting that won't put too much pressure on the battery, but I only charged the Paperwhite once, just to see how quickly it topped up. At this rate, I could eke out at least 10 weeks of use between charges, more if I don't read as much as I usually do. Amazon claims it will take the 12th-gen Paperwhite under 2.5 hours to go from empty to full when using a 9W power adaptor. That sounds about right to me – plugged into the USB-A port of my 65W charger (which offers up to 22.5W of power) and using a USB-A to C cable, it went from 32% to 50% in about 20 minutes. That might have been a touch faster if I was using a USB-C to C cable, but that was being used on another device at the time of testing. Still, that's not bad numbers at all. Buy it if... Don't buy it if... As soon as I received the 2024 Paperwhite for this review, I logged into my Amazon account, which promptly gave me access to my existing library that was cloud-synced when I sideloaded titles onto an older device. All I had to do was tap on the ebooks I wanted on the Paperwhite (so none of the ones I'd already finished reading) and I was off. Unfortunately, because I'm based in Australia, I have no Audible access on any of the new Kindles, so I cannot comment on how easy it would be to pair Bluetooth headphones, but I hope it's smooth and once paired, you should be able to listen to audiobooks if you have a subscription. I read on the Paperwhite daily for the three-week period I set aside for testing, spending about 2-3 hours each day with it. I used the Paperwhite at various light settings to check how that affected the battery drain. Read more about [ ]
Seibert misses an extra point late as the Commanders lose their 3rd in a row, 34-26 to the Cowboys LANDOVER, Md. (AP) — Austin Seibert missed his second extra point of the game with 21 seconds left after Washington’s Jayden Daniels and Terry McLaurin connected on an 86-yard touchdown, Dallas’ Juanyeh Thomas returned the ensuing onside kick attempt for a touchdown, and the Cowboys pulled out a 34-26 victory Sunday that extended the Commanders’ skid to three games. Seibert was wide left on the point-after attempt following a bad snap. On the ensuing onside kick attempt, Juanyeh Thomas returned it 43 yards for a touchdown as the Cowboys ended their losing streak at five in improbable fashion. Earlier in the fourth quarter, KaVonte Turpin returned a kickoff 99 yards for a TD. Patrick Mahomes and Chiefs win at the buzzer again, topping Panthers 30-27 on Shrader's field goal CHARLOTTE, N.C. (AP) — Patrick Mahomes threw for 269 yards and three touchdowns, Spencer Shrader kicked a 31-yard field goal as time expired and the Kansas City Chiefs beat the Carolina Panthers 30-27 to reach double-digit wins for the 10th straight season. The Chiefs bounced back from last week’s 30-21 loss at Buffalo and won at the buzzer yet again in a season of narrow escapes. Noah Brown caught two TD passes and DeAndre Hopkins also had a touchdown catch. Bryce Young finished 21 of 35 for 262 yards and a touchdown for the Panthers, who had their two-game winning streak snapped. From Maui to the Caribbean, college hoops' Thanksgiving tournaments a beloved part of the sport College basketball is ready for its Thanksgiving Week closeup. The schedule is full of early season tournaments that could create buzzworthy marquee matchups. And many of those come in warm-weather locations. The Maui Invitational in Hawaii turns 40 years old this year. It opens Monday with a field that includes two-time reigning national champion and second ranked UConn. The Battle 4 Atlantis men's tournament in the Bahamas opens Wednesday. It has a field topped by No. 3 Gonzaga. There are also multiple women's events in the Bahamas featuring ranked teams, including the fourth Atlantis women's tournament. AP Top 25: Alabama, Mississippi out of top 10 and Miami, SMU are in; Oregon remains unanimous No. 1 Alabama and Mississippi tumbled out of the top 10 of The Associated Press college football poll and Miami and SMU moved in following a chaotic weekend in the SEC. Oregon is No. 1 for the sixth straight week and Ohio State, Texas and Penn State held their places behind the Ducks. The shuffling begins at No. 5, where Notre Dame returned for the first time since Week 2 after beating Army for its ninth straight win. No. 6 Georgia and No. 7 Tennessee each moved up two spots. Miami, SMU and Indiana round out the top 10. Thitikul finishes eagle-birdie to win CME Group Tour Championship and claim record $4M prize NAPLES, Fla. (AP) — Down by two shots with two holes to play, Jeeno Thitikul knew exactly what was needed to capture the biggest prize in women’s golf history. And a eagle-birdie finish for the second straight day made it happen. Thitikul claimed the record-setting $4 million first-place check by winning the CME Group Tour Championship on Sunday. It was the biggest money prize in women’s golf history. Thitikul shot a 7-under 65 on Sunday and finished the week at 22 under, one shot ahead of Angel Yin (66). Yin had a two-shot lead walking to the 17th tee, only to wind up settling for the $1 million runner-up check. Jannik Sinner leads Italy past the Netherlands for its second consecutive Davis Cup title MALAGA, Spain (AP) — Jannik Sinner clinched Italy's second consecutive Davis Cup title and capped his breakthrough season at the top of tennis by beating Tallon Griekspoor 7-6 (2), 6-2 for a 2-0 win over the Netherlands in the final of the team competition in Malaga, Spain. Matteo Berrettini won Sunday's opening singles match 6-4, 6-2 against Botic van de Zandschulp. The Italians are the first country to win the Davis Cup twice in a row since the Czech Republic in 2012 and 2013. The No. 1-ranked Sinner stretched his unbeaten streak in singles to 14 matches and 26 sets. Netherlands reached the Davis Cup final for the first time. Verstappen still manages to win 4th straight F1 title in one of worst seasons of his Red Bull career LAS VEGAS (AP) — Max Verstappen won an unbelievable 19 races last season that included an incredible streak of 10 in a row in what would arguably go down as one of the greatest years in Formula 1 history. And yet it is this year’s eight-win season — his lowest victory total since 2020 — that Verstappen considers a career-defining campaign. Those eight wins were enough to win him a fourth consecutive F1 championship on Saturday night with his easy drive at the Las Vegas Grand Prix. The championship made Verstappen only the sixth driver in F1 history to win four or more titles. Maverick McNealy birdies the last hole at Sea Island to finally become PGA Tour winner ST. SIMONS ISLAND, Ga. (AP) — Maverick McNealy is finally a winner on the PGA Tour, and it took a shot he won't soon forget. McNealy was part of a four-way tie for the lead when he drilled a 6-iron to 5 feet on the final hole at Sea Island for birdie and a 68. That gave him a one-shot victory over Daniel Berger, Nico Echavarria and Florida State sophomore Luke Clanton. Berger and Henrik Norlander moved into the top 125 to keep full PGA Tour cards for next year. Clanton continued to show his promise. It was his second runner-up finish and fourth top 10 this year. When Harbaugh brothers meet for 3rd time Monday, Archie Manning can relate to Jack Harbaugh EL SEGUNDO, Calif. (AP) — Archie Manning can empathize with what Jack Harbaugh will be going through again on Monday night. For the first time in 11 years, the 85-year-old patriarch of the Harbaugh family has to be a neutral observer with Jim’s Los Angeles Chargers hosting John’s Baltimore Ravens in the third matchup between the coaching brothers. John Harbaugh has won the previous two matchups. Manning, more than anyone, knows the attention and conflicting emotions of these games. He had to go through it three times when his sons, quarterbacks Peyton and Eli Manning, faced off. Jack and Jackie Harbaugh attended the first two meetings but will not be at Monday’s game. Salah double sends Liverpool 8 points clear in Premier League as United draws first game with Amorim Mohamed Salah has sent Liverpool eight points clear in the Premier League by scoring twice to help his team rally to a 3-2 win over Southampton. It was a 10th victory in 12 league games for Liverpool, which took advantage of defending champion Manchester City’s 4-0 loss at home to Tottenham on Saturday. Salah scored in the 65th and 83rd minutes. Only Manchester United’s class of 1993-94 has had a larger lead than Arne Slot’s Liverpool at this stage of a Premier League campaign. Ruben Amorim is trying to recreate those glory days and his first game in charge of United ended in a 1-1 draw at Ipswich. Marcus Rashford scored after 81 seconds for United.
- Janesh Moorjani appointed as chief financial officer. SAN FRANCISCO , Nov. 26, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2025. All growth rates are compared to the third quarter of fiscal 2024, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document. Third Quarter Fiscal 2025 Financial Highlights Total revenue increased 11 percent to $1.57 billion ; GAAP operating margin was 22 percent, down 2 percentage points; Non-GAAP operating margin was 36 percent, down 3 percentage points; GAAP income from operations was $346 million , compared to $334 million ; Non-GAAP income from operations was $573 million , compared to $547 million ; GAAP diluted EPS was $1.27 ; Non-GAAP diluted EPS was $2.17 ; Cash flow from operating activities was $209 million ; free cash flow was $199 million . "Autodesk is leading the industry in modernizing its go-to-market motion. These initiatives enable us to build larger and more durable direct relationships with our customers and to serve them more efficiently. We have already seen significant benefits from these optimization initiatives and there's more to come in the next phase," said Andrew Anagnost , Autodesk president and CEO. "We will continue to deploy capital to offset and buy forward dilution, a practice which has reduced our share count over the last three years, and have significantly extended the duration of our repurchase program by increasing our stock repurchase authorization. Our goal is to deliver sustainable shareholder value over many years." "We generated broad-based underlying growth across products and regions. Overall, macroeconomic, policy, and geopolitical challenges, and the underlying momentum of the business, were consistent with the last few quarters with continued strong renewal rates and headwinds to new business growth," said Betsy Rafael , Autodesk interim CFO. "Given Autodesk's sustained momentum in the third quarter, and smooth launch of the new transaction model in Western Europe , we are raising the midpoints of our billings, revenue, margins, earnings per share, and free cash flow guidance ranges." Additional Financial Details Total billings increased 28 percent to $1.54 billion . Total revenue was $1.57 billion , an increase of 11 percent as reported, and 12 percent on a constant currency basis. Recurring revenue represents 97 percent of total. Design revenue was $1.30 billion , an increase of 9 percent as reported, and 10 percent on a constant currency basis. On a sequential basis, Design revenue increased 3 percent as reported and on a constant currency basis. Make revenue was $171 million , an increase of 28 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 6 percent as reported and 5 percent on a constant currency basis. Subscription plan revenue was $1.46 billion , an increase of 11 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 3 percent as reported and 4 percent on a constant currency basis. Net revenue retention rate remained within the range of 100 to 110 percent, on a constant currency basis. GAAP income from operations was $346 million , compared to $334 million . GAAP operating margin was 22 percent, down 2 percentage points. Total non-GAAP income from operations was $573 million , compared to $547 million . Non-GAAP operating margin was 36 percent, down 3 percentage points. GAAP diluted net income per share was $1.27 , compared to $1.12 . Non-GAAP diluted net income per share was $2.17 , compared to $2.07 . Deferred revenue decreased 9 percent to $3.66 billion . Unbilled deferred revenue was $2.45 billion , an increase of $1.24 billion . Remaining performance obligations ("RPO") increased 17 percent to $6.11 billion . Current RPO increased 14 percent to $4.01 billion . Cash flow from operating activities was $209 million , an increase of $191 million . Free cash flow was $199 million , an increase of $186 million . Third Quarter Fiscal 2025 Business Highlights Net Revenue by Geographic Area Net Revenue by Product Family Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E"). Business Outlook The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the fourth quarter and full-year fiscal 2025 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2025 GAAP and non-GAAP estimates is provided below or in the tables following this press release. Fourth Quarter Fiscal 2025 Full Year Fiscal 2025 The fourth quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 20 percent and 19 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings. Earnings Conference Call and Webcast Autodesk will host its third quarter conference call today at 5 p.m. ET . The live broadcast can be accessed at autodesk.com/investor . A transcript of the opening commentary will also be available following the conference call. A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor . This replay will be maintained on Autodesk's website for at least 12 months. Investor Presentation Details An investor presentation, Excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor . Key Performance Metrics To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP. Glossary of Terms Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period. Cloud Service Offerings : Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering. Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods. Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design. Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term. Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate. Free Cash Flow: Cash flow from operating activities minus capital expenditures. Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection. Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year. Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make. Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago ("base customers"). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison. Other Revenue: Consists of revenue from consulting, and other products and services, and is recognized as the products are delivered and services are performed. Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation. Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months. Solution Provider : Solution Provider is the name of our channel partners who primarily serve our new transaction model customers worldwide. Solution Providers may also be resellers in relation to Autodesk solutions. Spend : The sum of cost of revenue and operating expenses. Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions. Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs. Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet. Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current interpretations of existing tax law and could be affected by changing interpretations, further guidance, and additional tax legislation. Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Autodesk The world's designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk's Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts. Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2024 Autodesk, Inc. All rights reserved.
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