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ALTOONA, Pa. — After UnitedHealthcare’s CEO was gunned down on a New York sidewalk, police searched for the masked gunman with dogs, drones and scuba divers. Officers used the city's muscular surveillance system. Investigators analyzed DNA samples, fingerprints and internet addresses. Police went door-to-door looking for witnesses. When an arrest came five days later, those sprawling investigative efforts shared credit with an alert civilian's instincts. A Pennsylvania McDonald's customer noticed another patron who resembled the man in the oblique security-camera photos that New York police had publicized. Luigi Nicholas Mangione, a 26-year-old Ivy League graduate from a prominent Maryland real estate family, was arrested Monday in the killing of Brian Thompson, who headed one of the United States’ largest medical insurance companies. He remained jailed in Pennsylvania, where he was initially charged with possession of an unlicensed firearm, forgery and providing false identification to police. By late evening, prosecutors in Manhattan had added a charge of murder, according to an online court docket. He's expected to be extradited to New York eventually. It’s unclear whether Mangione has an attorney who can comment on the allegations. Asked at Monday's arraignment whether he needed a public defender, Mangione asked whether he could “answer that at a future date.” Mangione was arrested in Altoona, Pennsylvania, after the McDonald's customer recognized him and notified an employee, authorities said. Police in Altoona, about 233 miles (375 kilometers) west of New York City, were soon summoned. They arrived to find Mangione sitting at a table in the back of the restaurant, wearing a blue medical mask and looking at a laptop, according to a Pennsylvania police criminal complaint. He initially gave them a fake ID, but when an officer asked Mangione whether he’d been to New York recently, he “became quiet and started to shake,” the complaint says. When he pulled his mask down at officers' request, “we knew that was our guy,” rookie Officer Tyler Frye said at a news conference in Hollidaysburg. New York Police Commissioner Jessica Tisch said at a Manhattan news conference that Mangione was carrying a gun like the one used to kill Thompson and the same fake ID the shooter had used to check into a New York hostel, along with a passport and other fraudulent IDs. NYPD Chief of Detectives Joseph Kenny said Mangione also had a three-page, handwritten document that shows “some ill will toward corporate America." A law enforcement official who wasn’t authorized to discuss the investigation publicly and spoke with The Associated Press on condition of anonymity said the document included a line in which Mangione claimed to have acted alone. “To the Feds, I’ll keep this short, because I do respect what you do for our country. To save you a lengthy investigation, I state plainly that I wasn’t working with anyone,” the document said, according to the official. It also had a line that said, “I do apologize for any strife or traumas but it had to be done. Frankly, these parasites simply had it coming.” Pennsylvania prosecutor Peter Weeks said in court that Mangione was found with a passport and $10,000 in cash — $2,000 of it in foreign currency. Mangione disputed the amount. Thompson, 50, was killed last Wednesday as he walked alone to a midtown Manhattan hotel for an investor conference. Police quickly came to see the shooting as a targeted attack by a gunman who appeared to wait for Thompson, came up behind him and fired a 9 mm pistol. Investigators have said “delay,” “deny” and “depose” were written on ammunition found near Thompson’s body. The words mimic a phrase used to criticize the insurance industry. From surveillance video, New York investigators gathered that the shooter fled by bike into Central Park, emerged, then took a taxi to a northern Manhattan bus terminal. Once in Pennsylvania, he went from Philadelphia to Pittsburgh, “trying to stay low-profile” by avoiding cameras, Pennsylvania State Police Lt. Col. George Bivens said. A grandson of a wealthy, self-made real estate developer and philanthropist, Mangione is a cousin of a current Maryland state legislator. Mangione was valedictorian at his elite Baltimore prep school, where his 2016 graduation speech lauded his classmates’ “incredible courage to explore the unknown and try new things.” He went on to earn undergraduate and graduate degrees in computer science in 2020 from the University of Pennsylvania, a spokesperson said. “Our family is shocked and devastated by Luigi’s arrest,” Mangione’s family said in a statement posted on social media late Monday by his cousin, Maryland lawmaker Nino Mangione. “We offer our prayers to the family of Brian Thompson and we ask people to pray for all involved.” Luigi Nicholas Mangione worked for a time for the car-buying website TrueCar and left in 2023, CEO Jantoon Reigersman said by email. From January to June 2022, Mangione lived at Surfbreak, a “co-living” space at the edge of Honolulu tourist mecca Waikiki. Like other residents of the shared penthouse catering to remote workers, Mangione underwent a background check, said Josiah Ryan, a spokesperson for owner and founder R.J. Martin. “Luigi was just widely considered to be a great guy. There were no complaints,” Ryan said. "There was no sign that might point to these alleged crimes they’re saying he committed.” At Surfbreak, Martin learned Mangione had severe back pain from childhood that interfered with many aspects of his life, from surfing to romance, Ryan said. “He went surfing with R.J. once but it didn’t work out because of his back," Ryan said, but noted that Mangione and Martin often went together to a rock-climbing gym. Mangione left Surfbreak to get surgery on the mainland, Ryan said, then later returned to Honolulu and rented an apartment. Martin stopped hearing from Mangione six months to a year ago. Although the gunman obscured his face during the shooting, he left a trail of evidence in New York, including a backpack he ditched in Central Park, a cellphone found in a pedestrian plaza, a water bottle and a protein bar wrapper. In the days after the shooting, the NYPD collected hundreds of hours of surveillance video and released multiple clips and still images in hopes of enlisting the public’s eyes to help find a suspect. “This combination of old-school detective work and new-age technology is what led to this result today,” Tisch said at the New York news conference. ___
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Novak Djokovic has taken aim at the double standards in tennis, admitting he’s been “frustrated” by during Jannik Sinner’s doping case . The former world No.1, seeking a record 25th grand slam title at the Australian Open next month, is top seed in a rare Brisbane International appearance this week. He’ll also team up with Nick Kyrgios in doubles , the pair to headline Monday night’s action in the Australian’s long-awaited return from injury. Know the news with the 7NEWS app: Download today They have already teamed up off court though, Djokovic backing up Kygrios’s initial jabs in a lengthy address of current world No.1 Sinner’s ongoing doping case. The International Tennis Integrity Agency (ITIA) levelled charges against Sinner and former women’s world No.1 Iga Swiatek for breaches. Sinner tested positive twice for an anabolic steroid in March, but avoided a ban because the ITIA determined he was not to blame - a decision the World Anti-Doping Agency has since appealed. Swiatek also managed to accept a one-month suspension in November for testing positive to the banned substance trimetazidine. Meanwhile Australian Max Purcell is serving a suspension for unknowingly receiving an IV infusion of vitamins above the allowed limit of 100 millilitres. English doubles player Tara Moore served a 19-month ban that ended earlier this year for a doping offence she was ultimately cleared of. Kyrgios has labelled Sinner and Swiatek’s cases “disgusting” for tennis and described his sport’s integrity as “awful”. Djokovic, who won Olympic gold but no ATP titles in 2024, was more tempered in his assessment. “I’m not questioning whether (Sinner) took the banned substance intentionally or not,” he said on Sunday. “We’ve had plenty of players in the past and currently under suspension for not even testing positive to the banned substances. “Some players with lower rankings waiting for their case to be resolved for over a year. “I’ve been really frustrated ... to see we’ve been kept in the dark for at least five months (on the Sinner case). “The ATP hasn’t really talked in depth about it. Why have they kept that case away from the public? “We see Simona Halep’s case on the WTA Tour, now Iga Swiatek’s case. “It’s not a good image for our sport. “I’m just questioning the way the system works and why certain players aren’t treated the same as others. “Maybe some ranking reasons are behind it or some players have more financial backing and stronger legal teams to tackle these cases.” Djokovic had knee surgery this year but returned to make the Wimbledon final, then opted out of the end-of-year ATP Finals as Sinner ended a year of dominance with an eighth title. But the Serbian, a 10-time winner at Melbourne Park, thinks he still has years left in the tank. He spent 10 days training with former foe Andy Murray before arriving in Australia and will have the Scottish great in his coach’s box at the Australian Open before deciding if they continue beyond that. “It’s strange for me to share all these kinds of insights about how I feel on the court, some of the secrets of what I’m going through, what I’m thinking about, how I see my game, with somebody who has been one of my top rivals,” Djokovic said. “But I’m so glad and very thankful that he has accepted to work with me, and in Australia ? he’s very meticulous, dedicated and professional.” Meanwhile, Australian wildcard Aleksandar Vukic sealed a 6-2 6-3 win over former world No.7 David Goffin in Sunday’s only main draw match at the Brisbane International. Vukic eased through the opening set by converting both his break points. The 28-year-old from Sydney then broke again in the eighth game of a tight second set to wrap up victory in 82 minutes with a strong hold of serve. Vukic next faces a potential meeting with defending champion Grigor Dimitrov if the Bulgarian can overcome qualifier Yannick Hanfmann. “I think I definitely served good when I needed to. There were patches where I wasn’t making enough and getting into slight trouble on my serve and then when I needed to I served well ? I thought my performance was very good,” Vukic said. “It was my first year playing day in, day out at this level, a lot of ups and downs but really very confident going into the new season.”Thiago Motta: ‘Juventus played with heart, soul and heads’Nvidia Stock Drops Amid Broader Chip Rally On Losing Crypto-Mining Fraud Appeal: Retail Still Bullish
CHAPEL HILL, N.C. — Bill Belichick spent time after his NFL exit talking with college coaches wanting his thoughts on managing new wrinkles at their level that looked a lot like the pros. The two-minute timeout. The transfer portal as de facto free agency. Collectives generating name, image and likeness (NIL) money for athletes becoming like a payroll. The impending arrival of revenue sharing. It didn't take long for Belichick to envision how a college program should look based on his own NFL experience. "I do think there are a lot of parallels," Belichick said. And that's at least partly why the six-time Super Bowl-winning head coach is now taking over at North Carolina. Years of rapid change at the have only increased the professionalization of college football across the country, with schools adjusting staffing to handle growing duties once seemingly more fitting for a pro team. UNC just happens to be making the most audacious of those bets, bringing in a 72-year-old who has never coached in college and asking him to build what amounts to a mini-NFL front office. But plenty could follow. "I really think there's going to be some of those guys that maybe don't have a job in the NFL anymore," Kansas State general manager Clint Brown said, "and now that this is going to be structured in a way where there is a cap that that's going to be something they're interested in." The rapid changes in college athletics have fueled that, notably with players able to transfer and play right away without sitting out a year and be paid through NIL endorsement opportunities in the past five years. Recruiting is now just as much about bringing in veteran talent through the portal as signing recruits out of high school, mirroring the NFL with free agency and the draft, respectively. And a bigger change looms with revenue sharing, the result of a $2.78 billion legal settlement to antitrust lawsuits. Specifically, that model will allow the biggest schools to establish a pool of about $21.5 million for athletes in the first year, with a final hearing in that case set for April 2025. It will be up to schools to determine how to distribute that money and in which sports, though football's role as the revenue driver in college sports likely means a prominent cut everywhere as a direct parallel to a professional team's salary cap. Throw all that together, and it's why coaches are adjusting their staffs like Florida's Billy Napier interviewing candidates to be the Gators' general manager. "We're built to do it now," Napier said. "The big thing here is that we're getting ready to be in a business model. We have a cap. We have contracts. We have negotiation. We have strategy about how we distribute those funds, and it's a major math puzzle. "We're going to build out a front office here in the next couple of months, and it's primarily to help us manage that huge math problem," Napier added. "There'll be a ton of strategy around that. I'm looking forward to it." Still, that also explains why Nebraska head coach Matt Rhule, the former head coach of the NFL's Carolina Panthers, said: "This job as a head coach is a juggernaut. There's way more to do here than I had to do in the NFL." And it explains why the Tar Heels are betting on Belichick to be the right fit for today's changing climate. "If I was 16 of 17 years old, a coach who came at you and won how many Super Bowls? And he said, 'Come play for me,'" said New York Giants offensive lineman Joshua Ezeudu, now in his third year out of UNC. "I mean, that's pretty hard to turn down now, especially in this day and age, he's telling you to come play for him and he's offering you some money, too. I mean, you can't go wrong with that choice." The timing worked for UNC with Belichick, who was bypassed for some NFL openings after leaving the New England Patriots last year and instead spent months taking a closer look at the college game. Those conversations with coaches — some in the Atlantic Coast, Big Ten and Southeastern conferences, he said Thursday — made him understand how the changes in college aligned with his pro experience. "College kind of came to me this year," Belichick said. "I didn't necessarily go and seek it out." And his mere presence in Chapel Hill makes a difference, with athletic director Bubba Cunningham saying his "visibility" would likely allow the team to raise prices for advertising such as sponsorships and signage. Belichick is also hiring Michael Lombardi, a former NFL general manager and executive, as the Tar Heels' general manager. Cunningham also said the plan is for Belichick to continue his appearances on former NFL quarterbacks Peyton and Eli Manning's "Manningcast" broadcasts during Monday Night Football as well as ESPN's "The Pat McAfee Show" — all giving the coach the chance to promote himself and the program. Yet these steps to reshape football at North Carolina comes with a rising price. Belichick will make $10 million per year in base and supplemental pay, with the first three years of the five-year deal guaranteed, according to a term sheet released by UNC on Thursday. That's roughly double of former coach Mack Brown, whose contract outlined about $4.2 million in base and supplemental salary before bonuses and other add-ons. Additionally, Belichick's deal includes $10 million for a salary pool for assistant coaches and $5.3 million for support staff. That's up from roughly $8.1 million for assistants and $4.8 million for support staff for the 2022 season, according to football financial data for UNC obtained by The Associated Press. And those figures from 2022 under Brown were already up significantly from Larry Fedora's tenure with the 2017 season ($4 million for assistant coaches, $2.3 million for support staff). There is at least one area where the Tar Heels are set for Belichick's arrival: facilities. UNC spent more than $40 million on its football practice complex with an indoor facility (2018) as the biggest project, while other projects include $3 million in upgrades to the locker room and weight room (2019), $14.5 million on renovations to the Kenan Football Center (2022), even $225,000 on Brown's former office (2021). Now it's up to Belichick to rethink the approach to football here for the changing times. "We're taking a risk," Cunningham said. "We're investing more in football with the hope and ambition that the return is going to significantly outweigh the investment." Get local news delivered to your inbox!ED: All Schools Need Cellphone Policies
After four weeks of deadlock, councillors eventually passed a controversial budget that will see the commercial rates paid by businesses in the city increase by 6 per cent next year. The budget was forced through by the local authority’s ruling bloc, known as the Pact, which includes councillors from Fianna Fáil, Labour, Sinn Féin and independents Mike Cubbard and Declan McDonnell. The executive of the local authority had been seeking a rate increase of 15 per cent, which chief executive, Leanord Cleary, described as being central to a “defining budget” for the city. Discussion on the proposed budget had been deadlocked for weeks with finance director, Helen Kilroy, reminding councillors earlier this week that ministers have the power to fire the elected members if “financial planning is insufficient”. An amendment to the budget, which strips more than €6 million from the council’s proposed expenditure for next year, was presented to councillors and officials by the bloc on a single piece of paper during this afternoon’s meeting. The amendment was proposed by Cllr Mike Cubbard, who said that a 15 per cent rates increase “would have been the death of a number of businesses in this city”. Fine Gael councillor, Eddie Hoare, criticised members of the bloc for “trying to make a 6 per cent rise look like a 9 per cent reduction”. He also criticised the democratic process of the budget citing a “lack of respect and a lack of engagement for some of the elected members”. He said “we have 18 councillors representing the people of the city, they didn’t elect six to speak on our behalf”. The Social Democrats’ Alan Curran criticised the budgetary process and the last-minute presentation of the amendment. “This has been an eye opener about how this council works. A lot of us, perhaps naively, thought that we would be working together to tease this out,” he said. Mayor of Galway and member of the voting bloc, Peter Keane (FF), defended the action of the group. “When we talk about leadership and who talks to who, the dynamic is what the dynamic is, and it has been that way here for years. If the Pact [voting bloc] talk to people, they talk to people, if they don’t, they don’t,” he said. Before a final vote, chief executive, Leanord Cleary, formally recorded his objections to the amendment.Despite the objections, the amended budget was passed with 12 councillors voting in favour, four against and one abstention.
Subscription and support revenue grew 13% year-over-year to US$46.8 million Professional services and other revenue in the quarter increased to US$7.5 million Annual Recurring Revenue 1 reached US$201.7 million , up 12% over the prior year Adjusted EBITDA 2 of US$10.4 million and Adjusted EBITDA margin 2 of 19.2% margin in the quarter Company increases Fiscal 2025 revenue guidance to $204 million to $205 million and increases Adjusted EBITDA guidance to $25.5 million to $26.5M million TORONTO , Dec. 4, 2024 /CNW / - D2L Inc. DTOL ("D2L" or the "Company") , a leading global learning technology company, today announced financial results for its Fiscal 2025 third quarter ended October 31, 2024 . All amounts are in U.S. dollars and all figures are prepared in accordance with International Financial Reporting Standards ("IFRS") unless otherwise indicated. "Our strong third-quarter results were highlighted by healthy growth in subscription revenue and significant margin expansion, driving substantial improvement in our 'Rule of 40' performance as we successfully balance growth and market share gains with improving profitability," said John Baker , CEO of D2L. "We continue to benefit from high win rates in our target markets as we navigate the broader macroeconomic conditions. We're making disciplined investments that support our goal of long-term market leadership, and have seen strong customer response and pipeline generation from our recently expanded product portfolio, including our AI offering Lumi and Creator+. These new products make learning experiences better and easier to create for our customers, leading to improved learning outcomes and better learner retention." Third Quarter Fiscal 2025 Financial Highlights Total revenue was $54.3 million , up 18% from the same period in the prior year. Subscription and support revenue was $46.8 million , an increase of 13% over the same period of the prior year. Professional services and other revenue was $7.5 million , an increase of $2.8 million from the same period of the prior year. During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this revenue, services revenue increased by $1.6 million over the prior year, and total revenue increased by $7.1 million or 15.2% year over year. Annual Recurring Revenue 1 as at October 31, 2024 increased by 12% or $21.6 million year-over-year, from $180.1 million to $201.7 million . Cash flow from operating activities was $11.4 million , compared to $15.3 million in the same period in the prior year, and Free Cash Flow 2 was $11.3 million , compared to $14.2 million in the same period in the prior year. Cash flow from operating activities for the 9-month period ended October 31, 2024 was $28.0 million , up 32% compared with $21.2 million for the same period in the prior year. Gross profit increased 22% to $37.4 million (68.9% gross profit margin) from $30.6 million (66.4% gross profit margin) in the same period of the prior year. Gross profit margin for subscription and support revenue increased to 72.7%, up 140 basis points from 71.3% in the same period of the prior year. Adjusted EBITDA 2 increased to $10.4 million (19.2% Adjusted EBITDA margin 2 ) from $2.1 million (4.6%) for the same period in the prior year. Excluding the additional services revenue of $1.2 million recognized in the quarter, Adjusted EBITDA and Adjusted EBITDA Margin would have been $9.2 million and 17.4%, respectively, for the three months ended October 31 , 2024. Income for the period was $5.5 million , compared with a loss of $0.4 million for the comparative period of the prior year. Strong balance sheet at quarter end, with cash and cash equivalents of $108.3 million and no debt. During the third quarter, the Company repurchased and canceled 68,600 Subordinate Voting Shares under its normal course issuer bid ("NCIB"). The Company has repurchased and cancelled 348,080 shares since the inception of the NCIB on December 8, 2023 . On December 4, 2024 , the Company announced that the Toronto Stock Exchange (the "TSX") accepted the Company's notice to launch a new NCIB, commencing on December 9, 2024 . 1 Refer to "Key Performance Indicators" section of this press release. 2 A non-IFRS financial measure or non-IFRS ratio. Refer to "Non IFRS Financial Measures" section of this press release. Third Quarter Fiscal 2025 Financial Results – Selected Financial Measures (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 Change Change 2024 2023 Change Change $ $ $ % $ $ $ % Subscription & Support Revenue 46,752 41,450 5,302 12.8 % 133,723 120,045 13,678 11.4 % Professional Services & Other Revenue 7,547 4,663 2,884 61.8 % 18,240 14,766 3,474 23.5 % Total Revenue 54,299 46,113 8,186 17.8 % 151,963 134,811 17,152 12.7 % Constant Currency Revenue 1 54,106 46,113 7,993 17.3 % 152,126 134,811 17,315 12.8 % Gross Profit 37,390 30,600 6,790 22.2 % 103,441 90,161 13,280 14.7 % Adjusted Gross Profit 1 37,964 30,778 7,186 23.3 % 104,439 90,622 13,817 15.2 % Adjusted Gross Margin 1 69.9 % 66.7 % 68.7 % 67.2 % Income (Loss) for the period 5,547 (387) 5,934 1,533.3 % 5,857 (4,105) 9,962 242.7 % Adjusted EBITDA 1 10,420 2,122 8,298 391.0 % 18,652 4,399 14,253 324.0 % Cash Flows From Operating Activities 11,420 15,318 (3,898) (25.5 %) 28,037 21,171 6,866 32.4 % Free Cash Flow 1 11,296 14,244 (2,948) (20.7 %) 27,567 16,009 11,558 72.2 % 1 A non-IFRS financial measure or non-IFRS ratio. Refer to the "Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures" section of this press release for more details. Third Quarter Business & Operating Highlights D2L continued to grow its customer base in education in North America , including the additions of the Cincinnati State Technical and Community College, University of the Fraser Valley, and Prairie View A&M University . D2L continued to expand its international customer base, including XP Educação in Brazil and the main statutory body overseeing legal education and training in New Zealand . Signed new corporate customers, including Becoming Institute and the premier academic trauma surgery organization in the United States . Launched Creator+ natively integrated with H5P Group AS ("H5P"), offering an all-in-one solution for creating engaging courses with interactive content, video tools, dynamic analytics, and generative AI. Early adopters include the University of Hawaiʻi System. The Tambellini Group, the leading analyst and advisory firm focused on higher education, ranked D2L Brightspace highest among competitors for usability and innovation in the inaugural Tambellini StarChartTM 2024 for Learning Management Systems ("LMS") in higher education. Named a winner in the 2024 LMS Top 20 Company by Training Industry and a winner in the 2024 Learning Systems Awards for Best Enterprise LMS by Talented Learning. D2L Lumi was named a winner of the Tech & Learning Awards of Excellence: Back to School 2024 in the Primary and Higher Education categories. Announced a strategic partnership with Seesaw, the leading elementary Learning Experience Platform to enhance the K-12 digital learning experience. Financial Outlook D2L updated its previously issued financial guidance for the year ended January 31, 2025 ("Fiscal 2025") as follows: Subscription and support revenue in the range of $180 million to $181 million , implying growth of 11% at the midpoint over Fiscal 2024, an increase from previously issued guidance of $178 million to $181 million ; Total revenue in the range of $204 million to $205 million , implying growth of 12% at the midpoint over Fiscal 2024, an increase from previously issued guidance of $199 million to $202 million ; and Adjusted EBITDA in the range of $25.5 million to $26.5 million , implying Adjusted EBITDA margin of 13% at the midpoint, an increase from previously issued guidance of $22 million to $24 million . These guidance revisions reflect the Company's continued progress in balancing revenue growth with operating efficiency improvements. For additional details on the Company's outlook, including the principal underlying assumptions and risk factors regarding achievement, refer to the "Financial Outlook" section of the Company's Management's Discussion and Analysis for the three and 12 months ended January 31, 2024 (the "Annual MD&A"), as well as the "Forward-Looking Information" section therein, below and in the Company's Management's Discussion and Analysis for the three months ended October 31, 2024 (the "Interim MD&A"). Conference Call & Webcast D2L management will host a conference call on Thursday, December 5, 2024 at 8:30 am ET to discuss its third quarter Fiscal 2025 financial results. Date: Thursday, December 5, 2024 Time: 8:30 am (ET) Dial in number: Canada/US: 1 (833) 470-1428 International: 1 (404) 975-4839 Access code: 027545 Webcast: A live webcast will be available at ir.d2l.com/events-and-presentations/events/ The webcast will also be archived Forward-Looking Information This press release includes statements containing "forward-looking information" within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "budget", "scheduled", "estimates", "outlook", "target", "forecasts", "projection", "potential", "prospects", "strategy", "intends", "anticipates", "seek", "believes", "opportunity", "guidance", "aim", "goal" or variations of such words and phrases or statements that certain future conditions, actions, events or results "may", "could", "would", "should", "might", "will", "can", or negative versions thereof, "be taken", "occur", "continue" or "be achieved", and other similar expressions. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates and projections regarding future events or circumstances. This forward-looking information relates to the Company's future financial outlook and anticipated events or results and includes, but is not limited to, statements under the heading "Financial Outlook" and information regarding: the Company's financial position, financial results, business strategy, performance, achievements, prospects, objectives, opportunities, business plans and growth strategies, including the Company's balance growth and profitability plan; the Company's budgets, operations and taxes; judgments and estimates impacting the financial statements; the markets in which the Company operates; industry trends and the Company's competitive position; and expansion of the Company's product offerings, including the impact of AI offerings on the Company's addressable market and revenue opportunity. Forward-looking information is based on certain assumptions, expectations and projections, and analyses made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, including the following: the Company's ability to win business from new customers and expand business from existing customers; the timing of new customer wins and expansion decisions by existing customers; the Company's ability to generate revenue and expand its business while controlling costs and expenses; the Company's ability to manage growth effectively; the Company's ability to hire and retain personnel effectively; the effects of foreign currency exchange rate fluctuations on our operations; the ability to seek out, enter into and successfully integrate acquisitions, including the acquisition of H5P; business and industry trends, including the success of current and future product development initiatives; positive social development and attitudes toward the pursuit of higher education; the Company's ability to maintain positive relationships with its customer base and strategic partners; the Company's ability to adapt and develop solutions that keep pace with continuing changes in technology, education and customer needs; the ability to patent new technologies and protect intellectual property rights; the Company's ability to comply with security, cybersecurity and accessibility laws, regulations and standards; the assumptions underlying the judgments and estimates impacting on financial statements; and the Company's ability to retain key personnel; the factors and assumptions discussed under the "Financial Outlook" section of the Annual MD&A, and that the list of factors referenced in the following paragraph, collectively, do not have a material impact on the Company. Although the Company believes that the assumptions underlying such forward-looking information were reasonable when made, they are inherently uncertain and are subject to significant risks and uncertainties and may prove to be incorrect. The Company cautions investors that forward-looking information is not a guarantee of the future and that actual results may differ materially from those made in or suggested by the forward-looking information contained in this press release. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties and other factors, including but not limited to the risks identified herein, or at "Summary of Factors Affecting Our Performance" of the Company's Interim MD&A or in the "Risk Factors" section of the Company's most recently filed annual information form, in each case filed under the Company's profile on SEDAR+ at www.sedarplus.com . If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking information prove incorrect, actual results might vary materially from those anticipated in the forward-looking information. Given these risks and uncertainties, investors are cautioned not to place undue reliance on forward-looking information, including any financial outlook. Any forward-looking information that is contained in this press release speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking information or to publicly announce the results of any revisions to any of those statements to reflect future events or developments, except as required by applicable securities laws. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should only be viewed as historical data. About D2L Inc. DTOL D2L is transforming the way the world learns, helping learners achieve more than they dreamed possible. Working closely with customers all over the world, D2L is on a mission to make learning more inspiring, engaging and human. Find out how D2L helps transform lives and delivers outstanding learning outcomes in K-12, higher education and business at www.D2L.com . D2L Inc. Condensed Consolidated Interim Statements of Financial Position (In U.S. dollars) As at October 31, 2024 and January 31, 2024 (Unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 108,252,331 $ 116,943,499 Trade and other receivables 20,379,489 23,025,690 Uninvoiced revenue 3,896,203 3,971,861 Prepaid expenses 6,559,188 10,517,226 Deferred commissions 5,134,323 5,334,864 144,221,534 159,793,140 Non-current assets: Other receivables 480,621 537,056 Prepaid expenses 381,939 119,872 Deferred income taxes 573,268 529,674 Right-of-use assets 8,127,082 8,774,960 Property and equipment 7,402,295 8,427,734 Deferred commissions 7,449,801 7,730,724 Investment in associate 21,248 — Loan receivable from associate 5,120,885 — Intangible assets 18,073,003 770,707 Goodwill 26,379,860 10,440,091 Total assets $ 218,231,536 $ 197,123,958 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 28,615,437 $ 32,635,926 Deferred revenue 105,842,166 93,727,368 Lease liabilities 1,396,079 1,002,464 Contingent consideration 4,893,539 271,479 140,747,221 127,637,237 Non-current liabilities: Deferred income taxes 4,119,188 587,075 Lease liabilities 10,660,223 11,707,534 Contingent consideration — 311,839 14,779,411 12,606,448 155,526,632 140,243,685 Shareholders' equity: Share capital 367,288,877 364,830,884 Additional paid-in capital 48,190,065 47,485,107 Accumulated other comprehensive loss (7,333,643) (4,998,317) Deficit (345,440,395) (350,437,401) 62,704,904 56,880,273 Related party transactions Subsequent event Total liabilities and shareholders' equity $ 218,231,536 $ 197,123,958 D2L INC. Condensed Consolidated Interim Statements of Comprehensive Income (Loss) (In U.S. dollars) For the three and nine months ended October 31, 2024 and 2023 (Unaudited) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Revenue: Subscription and support $ 46,751,998 $ 41,449,926 $ 133,723,027 $ 120,045,266 Professional service and other 7,547,470 4,662,769 18,239,685 14,765,509 54,299,468 46,112,695 151,962,712 134,810,775 Cost of revenue: Subscription and support 12,777,133 11,884,640 36,651,859 33,977,839 Professional services and other 4,132,232 3,627,638 11,870,394 10,671,456 16,909,365 15,512,278 48,522,253 44,649,295 Gross profit 37,390,103 30,600,417 103,440,459 90,161,480 Expenses: Sales and marketing 12,806,266 12,807,855 40,302,476 40,209,601 Research and development 11,139,920 12,351,201 35,294,478 36,015,722 General and administrative 8,651,729 7,102,165 25,231,988 20,603,875 32,597,915 32,261,221 100,828,942 96,829,198 Income (loss) from operations 4,792,188 (1,660,804) 2,611,517 (6,667,718) Interest and other income (expense): Interest expense (235,892) (157,582) (550,438) (456,456) Interest income 870,355 1,221,704 2,899,093 2,938,216 Other income (expense) (122,043) (10,355) (122,000) 4,897 Gain on SkillsWave disposal transaction — — 917,395 — Foreign exchange gain 224,145 314,938 307,859 380,417 736,565 1,368,705 3,451,909 2,867,074 Income (loss) before income taxes 5,528,753 (292,099) 6,063,426 (3,800,644) Income taxes (recovery): Current 246,162 43,883 602,830 435,294 Deferred (264,457) 51,613 (396,134) (130,838) (18,295) 95,496 206,696 304,456 Income (loss) for the period 5,547,048 (387,595) 5,856,730 (4,105,100) Other comprehensive gain (loss): Foreign currency translation gain (loss) 137,532 (1,556,171) (2,335,326) (1,020,872) Comprehensive income (loss) $ 5,684,580 $ (1,943,766) $ 3,521,404 $ (5,125,972) Earnings (loss) per share – basic $ 0.10 $ (0.01) $ 0.11 $ (0.08) Earnings (loss) per share – diluted $ 0.10 $ (0.01) $ 0.10 $ (0.08) Weighted average number of common shares – basic 54,453,244 53,703,768 54,282,281 53,454,498 Weighted average number of common shares – diluted 56,032,694 53,703,768 55,828,067 53,454,498 D2L INC. Condensed Consolidated Interim Statements of Shareholders' Equity (In U.S. dollars) For the nine months ended October 31, 2024 and 2023 (Unaudited) Share Capital Additional paid-in capital Accumulated other comprehensive loss Deficit Total Shares Amount Balance, January 31, 2024 53,978,085 $ 364,830,884 $ 47,485,107 $ (4,998,317) $ (350,437,401) $ 56,880,273 Issuance of Subordinate Voting Shares on exercise of options 410,397 3,443,979 (1,804,429) — — 1,639,550 Issuance of Subordinate Voting Shares on settlement of restricted share units 374,307 1,416,155 (4,602,395) — — (3,186,240) Stock-based compensation — — 7,111,782 — — 7,111,782 Repurchase of share capital for cancellation under NCIB (306,880) (2,402,141) — — — (2,402,141) Change in share repurchase commitment under ASPP — — — — (859,724) (859,724) Other comprehensive loss — — — (2,335,326) — (2,335,326) Income for the period — — — — 5,856,730 5,856,730 Balance, October 31, 2024 54,455,909 $ 367,288,877 $ 48,190,065 $ (7,333,643) $ (345,440,395) $ 62,704,904 Balance, January 31, 2023 53,146,530 357,639,824 46,084,161 (5,001,805) (344,630,902) 54,091,278 Issuance of Subordinate Voting Shares on exercise of options 381,794 3,414,019 (1,443,627) — — 1,970,392 Issuance of Subordinate Voting Shares on settlement of restricted share units 218,010 988,410 (2,474,669) — — (1,486,259) Stock-based compensation — — 7,237,274 — — 7,237,274 Other comprehensive loss — — — (1,020,872) — (1,020,872) Loss for the period — — — — (4,105,100) (4,105,100) Balance, October 31, 2023 53,746,334 $ 362,042,253 $ 49,403,139 $ (6,022,677) $ (348,736,002) $ 56,686,713 D2L INC. Condensed Consolidated Interim Statements of Cash Flows (In U.S. dollars) For the nine months ended October 31, 2024 and 2023 (Unaudited) 2024 2023 Operating activities: Income (loss) for the period $ 5,856,730 $ (4,105,100) Items not involving cash: Depreciation of property and equipment 1,285,970 1,158,782 Depreciation of right-of-use assets 945,223 927,605 Amortization of intangible assets 723,100 60,159 Gain on disposal of property and equipment (51,476) (16,194) Stock-based compensation 7,111,782 7,237,274 Net interest income (2,348,655) (2,481,760) Income tax expense 206,696 304,456 Gain on SkillsWave disposal transaction (917,395) — Loss from equity accounted investee 416,850 — Fair value gain on loan receivable from associate (120,885) — Changes in operating assets and liabilities: Trade and other receivables 3,784,969 1,041,252 Uninvoiced revenue (37,023) (440,936) Prepaid expenses 3,503,610 1,073,501 Deferred commissions 296,245 (1,105,606) Accounts payable and accrued liabilities (6,410,785) 1,952,832 Deferred revenue 11,573,770 13,243,128 Right-of-use assets and lease liabilities (44,962) (57,530) Interest received 2,878,878 2,938,216 Interest paid (19,343) (9,815) Income taxes paid (596,646) (549,475) Cash flows from operating activities 28,036,653 21,170,789 Financing activities: Payment of lease liabilities (1,344,625) (575,023) Lease incentive received 103,128 935,025 Proceeds from exercise of stock options 1,639,550 1,970,392 Taxes paid on settlement of restricted share units (3,186,240) (1,486,259) Repurchase of share capital for cancellation under NCIB (2,402,141) — Cash flows (used in) from financing activities (5,190,328) 844,135 Investing activities: Purchase of property and equipment (521,775) (5,178,461) Proceeds from disposal of property and equipment 51,476 16,537 Acquisition of business, net of cash acquired (22,308,927) (2,793,180) Payment of contingent consideration (249,436) — Transfer of cash on disposal of SkillsWave (1,483,357) — Proceeds from sale of majority ownership stake in SkillsWave 809,038 — Issuance of loan to SkillsWave (5,000,000) — Cash flows used in investing activities (28,702,981) (7,955,104) Effect of exchange rate changes on cash and cash equivalents (2,834,512) (1,701,358) (Decrease) increase in cash and cash equivalents (8,691,168) 12,358,462 Cash and cash equivalents, beginning of period 116,943,499 110,732,236 Cash and cash equivalents, end of period $ 108,252,331 $ 123,090,698 Non-IFRS Financial Measures and Reconciliation of Non-IFRS Financial Measures The information presented within this press release refers to certain non-IFRS financial measures (including non-IFRS ratios) including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Margin, and Constant Currency Revenue. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS. Non-IFRS financial measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS and are unlikely to be comparable to similar measures presented by other issuers. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations, financial performance and liquidity from management's perspective and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS measures. The Company believes that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of the Company. The Company's management also uses non-IFRS financial measures to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to assess our ability to meet our capital expenditures and working capital requirements. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA is defined as net income (loss), excluding interest, taxes, depreciation and amortization (or EBITDA), adjusted for stock-based compensation, foreign exchange gains and losses, non-recurring expenses, transaction-related costs, fair value adjustment of acquired deferred revenue, income (loss) from equity accounted investee, change in fair value on the loan receivable from associate, impairment charges and other income and losses. Adjusted EBITDA Margin is calculated as Adjusted EBITDA expressed as a percentage of total revenue. For an explanation of recent changes to and management's use of Adjusted EBITDA and Adjusted EBITDA Margin see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted EBITDA and Adjusted EBITDA Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles Adjusted EBITDA to income (loss) for the period, and discloses Adjusted EBITDA Margin, for the periods indicated: (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Income (loss) for the period 5,547 (387) 5,857 (4,105) Stock-based compensation 2,195 2,068 7,112 7,237 Foreign exchange gains (224) (315) (308) (380) Non-recurring expenses (1) 305 807 2,171 957 Transaction-related costs (2) 1,249 169 2,072 721 Fair value adjustment of acquired deferred revenue 500 — 639 — Change in fair value on loan receivable from associate (121) — (121) — Loss from equity accounted investee 320 — 417 — Net interest income (634) (1,064) (2,348) (2,482) Income tax (recovery) expense (18) 95 207 304 Depreciation and amortization 1,301 749 2,954 2,147 Adjusted EBITDA 10,420 2,122 18,652 4,399 Adjusted EBITDA Margin 19.2 % 4.6 % 12.3 % 3.3 % During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this increase, the Company's Adjusted EBITDA and Adjusted EBITDA Margin would have been $9.2 million and 17.4%, respectively, for the three months ended October 31, 2024 . Notes: (1) These expenses relate to non-recurring activities, such as certain legal fees incurred that are not indicative of continuing operations, and changes of workforce or technology whereby certain functions were realigned to optimize operations. (2) These expenses include certain legal and professional fees that were incurred in connection with acquisition and other strategic transactions, including the disposal of our majority ownership stake in SkillsWave Corporation ("Skillswave") and our acquisition of H5P. These expenses also include post-combination compensation costs from the acquisition of H5P. These expenses are net of a gain of $0.9 million recognized on the disposal of our majority ownership stake in SkillsWave. These expenses would not have been incurred if not for these transactions and are not considered expenses indicative of the Company's continuing operations. Adjusted Gross Profit and Adjusted Gross Margin Adjusted Gross Profit is defined as gross profit excluding related stock-based compensation expenses and amortization from recently acquired intangible assets, specifically acquired technology. Adjusted Gross Margin is calculated as Adjusted Gross Profit expressed as a percentage of total revenue. For an explanation of management's use of Adjusted Gross Profit and Adjusted Gross Margin see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Adjusted Gross Profit and Adjusted Gross Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles Adjusted Gross Margin to gross profit expressed as a percentage of revenue, for the periods indicated: (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Gross profit for the period 37,390 30,600 103,441 90,161 Stock-based compensation 147 147 442 430 Acquired intangible asset amortization 427 31 556 31 Adjusted Gross Profit 37,964 30,778 104,439 90,622 Adjusted Gross Margin 69.9 % 66.7 % 68.7 % 67.2 % During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this revenue, the Company's Adjusted Gross Profit and Adjusted Gross Margin would have been $36.8 million and 69.2% respectively, for the three months ended October 31, 2024 . Free Cash Flow and Free Cash Flow Margin Free Cash Flow is defined as cash provided by (used in) operating activities less net additions to property and equipment. Free Cash Flow Margin is calculated as Free Cash Flow expressed as a percentage of total revenue. For an explanation of management's use of Free Cash Flow and Free Cash Flow Margin see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Free Cash Flow and Free Cash Flow Margin" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles our cash flow from (used in) operating activities to Free Cash Flow, and discloses Free Cash Flow Margin, for the periods indicated: (in thousands of U.S. dollars, except for percentages) Three months ended October 31 Nine months ended October 31 2024 2023 2024 2023 Cash flow from operating activities 11,420 15,318 28,037 21,171 Net addition to property and equipment (124) (1,074) (470) (5,162) Free Cash Flow 11,296 14,244 27,567 16,009 Free Cash Flow Margin 20.8 % 30.9 % 18.1 % 11.9 % Constant Currency Revenue Constant Currency Revenue is defined as foreign-currency-denominated revenues translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency. For an explanation of management's use of Constant Currency Revenue see "Non-IFRS and Other Financial Measures – Non-IFRS Financial Measures and Non-IFRS Financial Ratios – Constant Currency Revenue" section in the Company's Interim MD&A, which section is incorporated by reference herein. The following table reconciles our Constant Currency Revenue to revenue, for the periods indicated: Three months ended October 31 Nine months ended October 31 (in thousands of U.S. dollars) 2024 2023 2024 2023 $ $ $ $ Total revenue for the period 54,299 46,113 151,963 134,811 (Positive) negative impact of foreign exchange rate changes over the prior period (193) — 163 — Constant Currency Revenue 54,106 46,113 152,126 134,811 During the current quarter, the Company recognized services revenue of $1.2 million from re-evaluating the completion progress of certain professional services engagements. Excluding this increase, the Company's constant currency revenue would have been $52.9 million for the three months ended October 31, 2024 . Key Performance Indicators Management uses a number of metrics, including the key performance indicators identified below, to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other issuers. These metrics are estimated operating metrics and not projections, nor actual financial results, and are not indicative of current or future performance. Annual Recurring Revenue and Constant Currency Annual Recurring Revenue: We define Annual Recurring Revenue as the annualized equivalent value of subscription revenue from all existing customer contracts as at the date being measured, exclusive of the implementation period. Our calculation of Annual Recurring Revenue assumes that customers will renew their contractual commitments as those commitments come up for renewal. We believe Annual Recurring Revenue provides a reasonable, real-time measure of performance in a subscription-based environment and provides us with visibility for potential growth to our cash flows. We believe that increasing Annual Recurring Revenue indicates the continued strength in the expansion of our business, and will continue to be our focus on a go-forward basis. We define Constant Currency Annual Recurring Revenue as foreign-currency-denominated Annual Recurring Revenue translated at the historical exchange rates from the comparable prior period into our U.S. dollar functional currency. As at October 31 ( in millions of U.S. dollars, except percentages) 2024 2023 Change $ $ % Annual Recurring Revenue 201.7 180.1 12.0 % Constant Currency Annual Recurring Revenue 200.7 180.1 11.4 % SOURCE D2L Inc. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/04/c9449.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The remaining members of are to reunite onstage for a show next week at the 1100-capacity Showbox in Seattle, WA. Billed as Nudedragons, the name Soundgarden initially reunited under in 2010 (and an anagram of Soundgarden), the December 14 show will be Kim Thayil, Ben Shepherd and Matt Cameron's first together since joining Brandi Carlisle for performances of and during her show at the Gorge Amphitheatre in Gorge, WA, in 2021. "Nudedragons will be returning to the stage, and the Showbox, for the first time in 14+ years as part of the SMooCH benefit for Seattle Children’s Hospital on Saturday, December 14," say the band on social media. "Shaina Shepherd will be featured on vocals for their brief encore performance. Shepherd is a Seattle-based singer, songwriter, music educator and community organizer who released a cover of Sam Cooke's classic in 2000 accompanied by bassist Duff McKagan and drummer Chad Smith. SMooCH was started by musicians Pete and Brandy Nordstrom in 2012 after their infant son received life-saving treatment from Seattle Children’s Hospital. Previous benefit shows have starred the likes of Modest Mouse, Iron And Wine, Jason Isbell, J. Mascis, the Afghan Whigs and Redd Kross. Last year’s event generated more than $2.6 million. Tickets and VIP packages for the show, which also features McKagan, Sebadoh and Doug Martsch of Built Spill (VIP only), are already sold out. . Sign up below to get the latest from Classic Rock, plus exclusive special offers, direct to your inbox! “Over the last 10 years, I’ve been a bit disillusioned by popular music. The business sucks.” A revitalised Trent Reznor is ready to to be “back in the driver’s seat” again with a new Nine Inch Nails project “This one shifts gears from the fast and furious energy of our two recent singles”: Hear Arch Enemy put the “melodic” into “melodic death metal” on new single Blood Dynasty Live Is But A Dream...: Avenged Sevenfold announce European summer tour for 2025 Online Editor at Louder/Classic Rock magazine since 2014. 38 years in music industry, online for 25. Also bylines for: Metal Hammer, Prog Magazine, The Word Magazine, The Guardian, The New Statesman, Saga, Music365. Former Head of Music at Xfm Radio, A&R at Fiction Records, early blogger, ex-roadie, published author. Once appeared in a Cure video dressed as a cowboy, and thinks any situation can be improved by the introduction of cats. Favourite Serbian trumpeter: Dejan Petrović.
Sylvamo (NYSE:SLVM) Sees Large Volume Increase – Time to Buy?BARCELONA, Spain (AP) — Tens of thousands of Spaniards marched in downtown Barcelona on Saturday to protest the skyrocketing cost of renting an apartment in the popular tourist destination. Protesters cut off traffic on main avenues in the city center, holding up homemade signs in Spanish reading “Fewer apartments for investing and more homes for living" and “The people without homes uphold their rights.” The lack of affordable housing has become one of the leading concerns for the southern European Union country, mirroring the housing crunch across many parts of the world, including the United States . Organizers said that over 170,000 had turned out, while Barcelona’s police said they estimated some 22,000 marched. Either way, the throngs of people clogging the streets recalled the massive separatist rallies at the height of the previous decade’s Catalan independence movement. Now, social concerns led by housing have displaced political crusades. That is because the average rent for Spain has doubled in last 10 years. The price per square meter has risen from 7.2 euros ($7.5) in 2014 to 13 euros this year, according to the popular online real estate website Idealista. The growth is even more acute in cities like Barcelona and Madrid. Incomes meanwhile have failed to keep up, especially for younger people in a country with chronically high unemployment. Protester Samuel Saintot said he is “frustrated and scared” after being told by the owners of the apartment he has rented for the past 15 years in Barcelona’s city center that he must vacate the premises. He suspects that the owners want him out so they can renovate it and boost the price. “Even looking in a 20- or 30-kilometer radius outside town, I can’t even find anything within the price range I can afford,” he told The Associated Press. “And I consider myself a very fortunate person, because I earn a decent salary. And even in my case, I may be forced to leave town.” A report by the Bank of Spain indicates that nearly 40% of Spaniards who rent dedicate an average of 40% of their income to paying rents and utilities, compared to the European Union average of 27% of renters who do so. “We are talking about a housing emergency. It means people having many difficulties both in accessing and staying in their homes,” said Ignasi Martí, professor for Esade business school and head of its Dignified Housing Observatory. The rise in rents is causing significant pain in Spain, where traditionally people seek to own their homes. Rental prices have also been driven up by short-term renters including tourists. Many migrants to Spain are also disproportionately hit by the high rents because they often do not have enough savings. Spain is near the bottom end of OECD countries with under 2% of all housing available being public housing for rent. The OECD average is 7%. Spain is far behind France, with 14%, Britain with 16%, and the Netherlands with 34%. “I think it’s impossible to make prices fall to what they were a few years back. It makes me cry,” said protester Laia Pizjuán. “It's so upsetting. I know so many people who are in a bad situation. I have relatives living together in crowded apartments because they can’t afford to live on their own.” Carme Arcarazo, spokesperson for Barcelona’s Tenants Union which helped organize the protest, said that renters should consider a “rent strike” and cease paying their monthly rents in a mass protest movement. “I think we the tenants have understood that this depends on us. That we can’t keep asking and making demands to the authorities and waiting for an answer. We must take the reins of the situation,” Arcarazo told the AP. “So, if they (the owners) won’t lower the rent, then we will force them to do it." The Barcelona protest came a month after tens of thousands rallied against high rents in Madrid. The rising discontent over housing is putting pressure on Spain’s governing Socialist party, which leads a coalition on the national level and is in charge of Catalonia’s regional government and Barcelona’s city hall. Spanish Prime Minister Pedro Sánchez presided over what the government termed a “housing summit” including government officials and real estate developers last month. But the Barcelona’s Tenants Union boycotted the event, saying it was like calling a summit for curing cancer and inviting tobacco companies to participate. The leading government measure has been a rent cap mechanism that the central government has offered to regional authorities based on a price index established by the housing ministry. Rent controls can be applied to areas deemed to be “highly stressed” by high rental prices. Catalonia was the first region to apply those caps, which are in place in downtown Barcelona. Many locals blame the million of tourists who visit Barcelona, and the rest of Spain, each year for the high prices. Barcelona’s town hall has pledged to completely eliminate the city’s 10,000 so called “tourist apartments,” or dwellings with permits for short-term rents, by 2028.Vladimir Putin left me stuck in traffic so I ditched my car, says former Ireland man Aiden McGeady