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BELLEVUE, Wash.--(BUSINESS WIRE)--Dec 5, 2024-- Smartsheet Inc. (NYSE: SMAR), the AI enhanced enterprise grade work management platform, today announced financial results for its third fiscal quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Highlights Revenue: Total revenue was $286.9 million, an increase of 17% year over year. Subscription revenue was $273.7 million, an increase of 18% year over year. Professional services revenue was $13.2 million, a decrease of (2)% year over year. Operating loss: GAAP operating loss was $(3.4) million, or (1)% of total revenue, compared to $(35.5) million, or (14)% of total revenue, in the third quarter of fiscal 2024. Non-GAAP operating income: Non-GAAP operating income was $56.4 million, or 20% of total revenue, compared to $19.4 million, or 8% of total revenue, in the third quarter of fiscal 2024. Net income (loss): GAAP net income was $1.3 million, compared to GAAP net loss of $(32.4) million in the third quarter of fiscal 2024. GAAP basic and diluted net income per share was $0.01, compared to GAAP basic and diluted net loss per share of $(0.24) in the third quarter of fiscal 2024. Non-GAAP net income: Non-GAAP net income was $61.0 million, compared to $22.6 million in the third quarter of fiscal 2024. Non-GAAP basic and diluted net income per share was $0.44 and $0.43, respectively, compared to non-GAAP basic and diluted net income per share of $0.17 and $0.16, respectively, in the third quarter of fiscal 2024. Cash flow: Net operating cash flow was $63.5 million, compared to $15.1 million in the third quarter of fiscal 2024. Free cash flow was $61.8 million, or 22% of total revenue, compared to $11.4 million, or 5% of total revenue, in the third quarter of fiscal 2024. Third Quarter Fiscal 2025 Operational Highlights Annualized recurring revenue ("ARR") was $1.133 billion, an increase of 15% year over year Average ARR per domain-based customer was $10,708, an increase of 16% year over year Dollar-based net retention rate was 111% Number of all customers with ARR of $100,000 or more grew to 2,137, an increase of 20% year over year Number of all customers with ARR of $50,000 or more grew to 4,293, an increase of 15% year over year Number of all customers with ARR of $5,000 or more grew to 20,430, an increase of 5% year over year Third Quarter Fiscal 2025 Business Highlights Announced that Smartsheet entered into a definitive agreement to be acquired by Blackstone and Vista Equity Partners in an all-cash transaction valued at approximately $8.4 billion, or $56.50 per share Sold out our U.S. ENGAGE customer conference for the second consecutive year, welcoming over 4,000 attendees to Seattle to participate in more than 60 breakout sessions Unveiled the most comprehensive transformation of our offerings to date, debuting a new user experience and a range of first-of-a-kind features to empower organizations to operate at their peak Introduced a Smartsheet connector for Amazon Q Business, which will give Amazon Q Business customers the power to ask an intelligent assistant for information about their work in Smartsheet, eliminating data silos and enhancing visibility The section titled "Use of Non-GAAP Financial Measures" below contains a description of the non-GAAP financial measures with a reconciliation between GAAP and non-GAAP information. The section titled "Definitions of Key Business Metrics" contains definitions of certain non-financial metrics provided within this press release. Transaction with Blackstone and Vista Equity Partners In a separate press release issued on September 24, 2024, we announced that we have entered into a definitive agreement ("Merger Agreement"), to be acquired by Blackstone and Vista Equity Partners. A copy of the press release and supplemental materials can be found on the "Investors" page of our website at www.investors.smartsheet.com and on the Securities and Exchange Commission, or the SEC, website at www.sec.gov . Additional details and information about the terms and conditions of the Merger Agreement and the transactions contemplated by the Merger Agreement are available in the Current Report on Form 8-K filed with the SEC on September 24, 2024. Given the announced transaction, we will not be hosting an earnings conference call nor providing financial guidance in conjunction with this press release. For further detail and discussion of our financial performance, please refer to our third quarter 2025 Form 10-Q for the quarter ended October 31, 2024, filed today with the SEC. Use of Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found in the accompanying financial statements included with this press release. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP financial metrics to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. We define non-GAAP operating income as GAAP operating loss excluding share-based compensation expense, amortization of acquisition-related intangible assets, one-time costs associated with mergers and acquisitions, lease restructuring costs, and litigation expenses and settlements related to matters that are outside the ordinary course of our business, as applicable. We define non-GAAP net income as GAAP net income (loss) excluding non-recurring income tax adjustments associated with mergers and acquisitions and the same exclusions that are used to derive non-GAAP operating income. We define basic non-GAAP net income per share as non-GAAP net income divided by weighted-average shares outstanding ("WASO"). We define diluted non-GAAP net income per share as non-GAAP net income divided by diluted WASO. Diluted WASO includes the impact of potentially dilutive securities, which include stock options, restricted share units, performance share units, and shares subject to our 2018 employee stock purchase plan. There are a number of limitations related to the use of these non-GAAP measures as compared to GAAP operating loss and net income (loss), including that the non-GAAP measures exclude share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy. We use the non-GAAP financial measure of free cash flow, which is defined as GAAP net cash flows from operating activities, reduced by cash used for purchases of property and equipment (inclusive of spend on internal-use software) and principal payments on finance lease obligations. We believe free cash flow is an important liquidity measure of the cash that is available, after capital expenditures and operational expenses, for investment in our business, share repurchases, and potential acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate excess cash beyond what is required for our operations. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. There are a number of limitations related to the use of free cash flow as compared to net cash from operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made. Definitions of Key Business Metrics Annualized recurring revenue We define annualized recurring revenue, or ARR, as the annualized recurring value of all active subscription contracts at the end of a reporting period. We exclude the value of non-recurring revenue streams, such as our professional services revenue, that are recognized at a point in time. We use ARR as one of our operating measures to assess the strength of the Company’s subscription services. ARR is a performance metric and should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. Both multi-year contracts and contracts with terms less than one year are annualized by dividing the total committed contract value by the number of months in the subscription term and then multiplying by 12. Annualizing contracts with terms less than one year results in amounts being included in our ARR calculation that are in excess of the total contract value for those contracts at the end of the reporting period. The value of subscription contracts that are sold through third-party resellers, wherein we do not have visibility into the pricing provided, is based on the list price. Average ARR per domain-based customer We use average ARR per domain-based customer to measure customer commitment to our platform and sales force productivity. We define average ARR per domain-based customer as total outstanding ARR for domain-based subscriptions as of the end of the reporting period divided by the number of domain-based customers as of the same date. We define domain-based customers as organizations with a unique email domain name. Dollar-based net retention rate We calculate dollar-based net retention rate as of a period end by starting with the ARR from the cohort of all customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any upsells and is net of contraction or attrition over the trailing 12 months, but excludes subscription revenue from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate. Any ARR obtained through merger and acquisition transactions does not affect the dollar-based net retention rate until one year from the date on which the transaction closed. The dollar-based net retention rate is used by us to evaluate the long-term value of our customer relationships and is driven by our ability to retain and expand the subscription revenue generated from our existing customers. About Smartsheet Smartsheet (NYSE: SMAR) is the modern enterprise work management platform trusted by millions of people at companies across the globe, including over 85% of the 2024 Fortune 500 companies. The category pioneer and market leader, Smartsheet delivers powerful solutions fueling performance and driving the next wave of innovation. Visit www.smartsheet.com to learn more. Disclosure of Material Information Smartsheet announces material information to its investors using SEC filings, press releases, public conference calls, and on its investor relations page of the company’s website at www.investors.smartsheet.com . SMARTSHEET INC. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue Subscription $ 273,703 $ 232,470 $ 786,328 $ 659,993 Professional services 13,168 13,448 39,939 41,396 Total revenue 286,871 245,918 826,267 701,389 Cost of revenue Subscription 41,445 34,258 115,216 101,009 Professional services 12,291 12,780 36,693 38,948 Total cost of revenue 53,736 47,038 151,909 139,957 Gross profit 233,135 198,880 674,358 561,432 Operating expenses Research and development 63,477 58,257 189,514 172,805 Sales and marketing 127,854 137,920 383,315 382,685 General and administrative 45,155 38,153 124,489 109,654 Total operating expenses 236,486 234,330 697,318 665,144 Loss from operations (3,351 ) (35,450 ) (22,960 ) (103,712 ) Interest income 8,272 6,976 24,934 18,040 Other income (expense), net 47 (790 ) (593 ) (1,381 ) Income (loss) before income tax provision 4,968 (29,264 ) 1,381 (87,053 ) Income tax provision 3,644 3,164 1,057 8,602 Net income (loss) $ 1,324 $ (32,428 ) $ 324 $ (95,655 ) Net income (loss) per share, basic $ 0.01 $ (0.24 ) $ 0.00 $ (0.71 ) Net income (loss) per share, diluted $ 0.01 $ (0.24 ) $ 0.00 $ (0.71 ) Weighted-average shares outstanding used to compute net income (loss) per share, basic 139,007 135,189 138,287 133,868 Weighted-average shares outstanding used to compute net income (loss) per share, diluted 142,668 135,189 141,306 133,868 Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands, unaudited): Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of subscription revenue $ 2,983 $ 3,164 $ 9,055 $ 9,980 Cost of professional services revenue 1,485 1,777 4,734 5,602 Research and development 17,763 17,220 54,036 52,263 Sales and marketing 14,453 17,462 45,472 55,505 General and administrative 9,151 10,024 29,827 30,099 Total share-based compensation expense $ 45,835 $ 49,647 $ 143,124 $ 153,449 SMARTSHEET INC. Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 454,281 $ 282,094 Short-term investments 306,640 346,701 Accounts receivable, net of allowances of $5,335 and $6,560, respectively 200,436 238,708 Prepaid expenses and other current assets 69,840 64,366 Total current assets 1,031,197 931,869 Restricted cash 18 19 Deferred commissions 156,724 148,867 Property and equipment, net 39,139 42,362 Operating lease right-of-use assets 29,693 39,480 Intangible assets, net 20,635 27,960 Goodwill 141,477 141,477 Other long-term assets 4,408 5,445 Total assets $ 1,423,291 $ 1,337,479 Liabilities and shareholders’ equity Current liabilities: Accounts payable $ 1,128 $ 2,937 Accrued compensation and related benefits 74,840 77,453 Other accrued liabilities 37,309 30,534 Operating lease liabilities, current 15,288 16,040 Finance lease liabilities, current 255 216 Deferred revenue 556,320 568,670 Total current liabilities 685,140 695,850 Operating lease liabilities, non-current 23,936 33,100 Finance lease liabilities, non-current 279 455 Deferred revenue, non-current 4,095 1,785 Other long-term liabilities 696 434 Total liabilities 714,146 731,624 Shareholders’ equity: Preferred stock, no par value; 10,000,000 shares authorized, no shares issued or outstanding as of October 31, 2024 and January 31, 2024 — — Class A common stock, no par value; 500,000,000 shares authorized, 139,302,943 shares issued and outstanding as of October 31, 2024; 500,000,000 shares authorized, 136,884,011 shares issued and outstanding as of January 31, 2024 — — Class B common stock, no par value; 500,000,000 shares authorized, no shares issued and outstanding as of October 31, 2024 and January 31, 2024 — — Additional paid-in capital 1,621,429 1,468,805 Accumulated other comprehensive income (loss) 196 (146 ) Accumulated deficit (912,480 ) (862,804 ) Total shareholders’ equity 709,145 605,855 Total liabilities and shareholders’ equity $ 1,423,291 $ 1,337,479 SMARTSHEET INC. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended October 31, 2024 2023 Cash flows from operating activities Net income (loss) $ 324 $ (95,655 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Share-based compensation expense 143,124 153,449 Depreciation and amortization 21,121 20,008 Net amortization of premiums (discounts) on investments (6,059 ) (8,746 ) Amortization of deferred commission costs 50,328 38,439 Unrealized foreign currency (gain) loss (577 ) 684 Non-cash operating lease costs 7,513 9,450 Impairment of long-lived assets 3,237 1,448 Other, net 5,495 3,089 Changes in operating assets and liabilities: Accounts receivable 33,770 16,541 Prepaid expenses and other current assets (5,576 ) 1,060 Other long-term assets (1,039 ) (1,401 ) Accounts payable (1,665 ) (997 ) Other accrued liabilities 6,656 4,100 Accrued compensation and related benefits (5,483 ) 2,021 Deferred commissions (58,185 ) (58,705 ) Deferred revenue (9,952 ) 25,439 Other long-term liabilities 262 278 Operating lease liabilities (10,544 ) (12,326 ) Net cash provided by operating activities 172,750 98,176 Cash flows from investing activities Purchases of short-term investments (235,421 ) (375,387 ) Maturities of short-term investments 281,965 281,900 Purchases of property and equipment (1,437 ) (2,097 ) Proceeds from sale of property and equipment 53 28 Capitalized internal-use software development costs (6,549 ) (7,850 ) Net cash provided by (used in) investing activities 38,611 (103,406 ) Cash flows from financing activities Proceeds from exercise of stock options 10,957 1,330 Taxes paid related to net share settlement of restricted stock units (14,896 ) (1,644 ) Proceeds from contributions to Employee Stock Purchase Plan 14,403 15,664 Principal payments of finance leases (141 ) — Repurchases of Class A Common Stock and related costs (50,000 ) — Net cash provided by (used in) financing activities (39,677 ) 15,350 Effects of changes in foreign currency exchange rates on cash, cash equivalents, and restricted cash 379 (248 ) Net increase in cash, cash equivalents, and restricted cash 172,063 9,872 Cash, cash equivalents, and restricted cash at beginning of period 282,442 223,757 Cash, cash equivalents, and restricted cash at end of period $ 454,505 $ 233,629 Supplemental disclosures Cash paid for interest $ 43 $ — Cash paid for income tax 7,655 9,471 Accrued purchases of property and equipment, including internal-use software 1,081 1,264 Share-based compensation expense capitalized in internal-use software development costs 2,355 3,283 Right-of-use assets obtained in exchange for new operating lease liabilities 558 1,684 Right-of-use asset reductions related to operating leases 2,832 4,451 Purchases of fixed assets under finance leases — 693 SMARTSHEET INC. Reconciliation from GAAP to Non-GAAP Financial Measures (unaudited) Reconciliation from GAAP operating loss to non-GAAP operating income and operating margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 (dollars in thousands) Loss from operations $ (3,351 ) $ (35,450 ) $ (22,960 ) $ (103,712 ) Add: Share-based compensation expense (1) 46,842 50,170 145,511 154,919 Amortization of acquisition-related intangible assets (2) 2,308 2,701 7,320 8,117 Lease restructuring costs (3) 40 1,934 3,359 2,051 One-time acquisition costs 10,525 — 10,525 — Non-GAAP operating income $ 56,364 $ 19,355 $ 143,755 $ 61,375 Operating margin (1 )% (14 )% (3 )% (15 )% Non-GAAP operating margin 20 % 8 % 17 % 9 % (1) Includes amortization related to share-based compensation that was capitalized in internal-use software and other assets in previous periods. (2) Consists entirely of amortization of intangible assets that were recorded as part of purchase accounting. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. (3) Includes charges related to the reassessment of our real estate lease portfolio. Reconciliation from GAAP net income (loss) to non-GAAP net income and per share data Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 (in thousands, except per share data) Net income (loss) $ 1,324 $ (32,428 ) $ 324 $ (95,655 ) Add: Share-based compensation expense (1) 46,842 50,170 145,511 154,919 Amortization of acquisition-related intangible assets (2) 2,308 2,701 7,320 8,117 Lease restructuring costs (3) 40 2,142 3,359 2,258 One-time acquisition costs 10,525 — 10,525 — Non-GAAP net income $ 61,039 $ 22,585 $ 167,039 $ 69,639 Non-GAAP net income per share, basic $ 0.44 $ 0.17 $ 1.21 $ 0.52 Non-GAAP net income per share, diluted $ 0.43 $ 0.16 $ 1.18 $ 0.51 (1) Includes amortization related to share-based compensation that was capitalized in internal-use software and other assets in previous periods. (2) Consists entirely of amortization of intangible assets that were recorded as part of purchase accounting. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. (3) Includes charges related to the reassessment of our real estate lease portfolio. SMARTSHEET INC. Reconciliation from GAAP to Non-GAAP Financial Measures (unaudited) Non-GAAP reconciliation from basic to diluted weighted-average shares outstanding Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 (in thousands) Weighted-average shares outstanding; basic 139,007 135,189 138,287 133,868 Effect of dilutive securities: Shares subject to outstanding common stock awards 3,661 3,232 3,019 3,653 Weighted-average common shares outstanding; diluted 142,668 138,421 141,306 137,521 Reconciliation from net operating cash flow to free cash flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 (in thousands) Net cash provided by operating activities $ 63,528 $ 15,146 $ 172,750 $ 98,176 Less: Purchases of property and equipment (414 ) (702 ) (1,437 ) (2,097 ) Capitalized internal-use software development costs (1,232 ) (3,035 ) (6,549 ) (7,850 ) Principal payments of finance leases (89 ) — (141 ) — Free cash flow $ 61,793 $ 11,409 $ 164,623 $ 88,229 View source version on businesswire.com : https://www.businesswire.com/news/home/20241205301940/en/ CONTACT: Smartsheet Inc. Investor Relations Contact Aaron Turner investorrelations@smartsheet.comMedia Contact Lisa Henthorn pr@smartsheet.com KEYWORD: WASHINGTON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE DATA ANALYTICS FINANCE ARTIFICIAL INTELLIGENCE DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY FINTECH SOURCE: Smartsheet Copyright Business Wire 2024. PUB: 12/05/2024 04:07 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205301940/enBRITS will watch five hours of telly a day over Christmas and 'lie' to loved ones to avoid socialising for a boxset. As Christmas officially kicks off, many will embrace the slow, relaxed pace of the Twixmas period between December 26th and 31st, indulging in some guilty pleasures while avoiding the social demands of the festive season. A recent survey from Sky and Now has revealed that, during this in-between lull, Brits will engage in some surprising habits, with a focus on binge-watching TV, staying in their pyjamas, and even skipping showers. According to the poll, a quarter will avoid showering for three days or more during Twixmas, while half admit to wearing the same pair of pants for longer than a day. Even more surprising, 21 percent of respondents will go up to five days without leaving the house, making the period a time for ultimate relaxation and avoidance of any unnecessary errands or social obligations. In fact, it seems that getting dressed is not a priority for many, as over half of respondents - at 55 percent - will spend at least one day lounging around in their pyjamas, with some spending the entire period in their most comfortable attire. The trend of taking it easy continues with the discovery that 64% of Brits said their favourite activity during Twixmas is staying at home and watching TV. With family and friends often still lingering from Christmas, some will take the opportunity to lie about being busy to avoid socialising beyond December 25th. Around 22 percent of people admitted to fibbing to loved ones so they can stay home, binge-watch boxsets, and simply unwind without any obligations. It’s no surprise, then, that Brits are setting aside considerable time for television, with the average person watching five hours a day. Over the six days of Twixmas, this adds up to an impressive 30 hours of TV viewing, and across the UK, it amounts to a staggering 1.8 billion hours of collective screen time. During this period, many will start and finish a new TV series in just a few days, with 52 percent of respondents committing to new shows. Two-fifths will go so far as to binge-watch TV all day without ever getting up, cementing the idea that this is a time dedicated to indulgent relaxation. Rewatching old favourites is also common, with 51% of Brits revisiting beloved series they've already seen multiple times. With Gavin and Stacey's final ever episode set to air, it's perfect timing for fans to re-watch the entire series from the beggining. The Twixmas period also serves as a time for many to catch up on all the Christmas specials and festive-themed TV shows they missed during the chaos of the holiday. More than half of those surveyed - at 52 percent - will spend their time revisiting these programmes, and over a fifth - 22 percent - will make it a point to rewatch their favourite Christmas classics. This trend reflects a broader shift towards embracing comfort and relaxation in the days following Christmas. Jamie Morris, Executive Director of Content Strategy and Performance at Sky, said that this period of rest is the ideal time to relax, snack on leftovers, and enjoy some great television. Whether it's watching nostalgic favourites, diving into thrilling new series, or simply revisiting Christmas classics, Sky and NOW have ensured that Brits have access to everything they need for the perfect Twixmas.

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By HALELUYA HADERO The emergence of generative artificial intelligence tools that allow people to efficiently produce novel and detailed online reviews with almost no work has put merchants , service providers and consumers in uncharted territory, watchdog groups and researchers say. Related Articles National News | Bill Clinton is hospitalized with a fever but in good spirits, spokesperson says National News | Why Finland is vaccinating farmers against bird flu — but California isn't National News | Bluesky finds with growth comes growing pains — and bots National News | Mega Millions jackpot nears $1 billion ahead of Christmas Eve drawing National News | 2 US Navy pilots shot down over Red Sea in apparent ‘friendly fire’ incident, US military says Phony reviews have long plagued many popular consumer websites, such as Amazon and Yelp. They are typically traded on private social media groups between fake review brokers and businesses willing to pay. Sometimes, such reviews are initiated by businesses that offer customers incentives such as gift cards for positive feedback. But AI-infused text generation tools, popularized by OpenAI’s ChatGPT , enable fraudsters to produce reviews faster and in greater volume, according to tech industry experts. The deceptive practice, which is illegal in the U.S. , is carried out year-round but becomes a bigger problem for consumers during the holiday shopping season , when many people rely on reviews to help them purchase gifts. Fake reviews are found across a wide range of industries, from e-commerce, lodging and restaurants, to services such as home repairs, medical care and piano lessons. The Transparency Company, a tech company and watchdog group that uses software to detect fake reviews, said it started to see AI-generated reviews show up in large numbers in mid-2023 and they have multiplied ever since. For a report released this month, The Transparency Company analyzed 73 million reviews in three sectors: home, legal and medical services. Nearly 14% of the reviews were likely fake, and the company expressed a “high degree of confidence” that 2.3 million reviews were partly or entirely AI-generated. “It’s just a really, really good tool for these review scammers,” said Maury Blackman, an investor and advisor to tech startups, who reviewed The Transparency Company’s work and is set to lead the organization starting Jan. 1. In August, software company DoubleVerify said it was observing a “significant increase” in mobile phone and smart TV apps with reviews crafted by generative AI. The reviews often were used to deceive customers into installing apps that could hijack devices or run ads constantly, the company said. The following month, the Federal Trade Commission sued the company behind an AI writing tool and content generator called Rytr, accusing it of offering a service that could pollute the marketplace with fraudulent reviews. The FTC, which this year banned the sale or purchase of fake reviews, said some of Rytr’s subscribers used the tool to produce hundreds and perhaps thousands of reviews for garage door repair companies, sellers of “replica” designer handbags and other businesses. Max Spero, CEO of AI detection company Pangram Labs, said the software his company uses has detected with almost certainty that some AI-generated appraisals posted on Amazon bubbled up to the top of review search results because they were so detailed and appeared to be well thought-out. But determining what is fake or not can be challenging. External parties can fall short because they don’t have “access to data signals that indicate patterns of abuse,” Amazon has said. Pangram Labs has done detection for some prominent online sites, which Spero declined to name due to non-disclosure agreements. He said he evaluated Amazon and Yelp independently. Many of the AI-generated comments on Yelp appeared to be posted by individuals who were trying to publish enough reviews to earn an “Elite” badge, which is intended to let users know they should trust the content, Spero said. The badge provides access to exclusive events with local business owners. Fraudsters also want it so their Yelp profiles can look more realistic, said Kay Dean, a former federal criminal investigator who runs a watchdog group called Fake Review Watch. To be sure, just because a review is AI-generated doesn’t necessarily mean its fake. Some consumers might experiment with AI tools to generate content that reflects their genuine sentiments. Some non-native English speakers say they turn to AI to make sure they use accurate language in the reviews they write. “It can help with reviews (and) make it more informative if it comes out of good intentions,” said Michigan State University marketing professor Sherry He, who has researched fake reviews. She says tech platforms should focus on the behavioral patters of bad actors, which prominent platforms already do, instead of discouraging legitimate users from turning to AI tools. Prominent companies are developing policies for how AI-generated content fits into their systems for removing phony or abusive reviews. Some already employ algorithms and investigative teams to detect and take down fake reviews but are giving users some flexibility to use AI. Spokespeople for Amazon and Trustpilot, for example, said they would allow customers to post AI-assisted reviews as long as they reflect their genuine experience. Yelp has taken a more cautious approach, saying its guidelines require reviewers to write their own copy. “With the recent rise in consumer adoption of AI tools, Yelp has significantly invested in methods to better detect and mitigate such content on our platform,” the company said in a statement. The Coalition for Trusted Reviews, which Amazon, Trustpilot, employment review site Glassdoor, and travel sites Tripadvisor, Expedia and Booking.com launched last year, said that even though deceivers may put AI to illicit use, the technology also presents “an opportunity to push back against those who seek to use reviews to mislead others.” “By sharing best practice and raising standards, including developing advanced AI detection systems, we can protect consumers and maintain the integrity of online reviews,” the group said. The FTC’s rule banning fake reviews, which took effect in October, allows the agency to fine businesses and individuals who engage in the practice. Tech companies hosting such reviews are shielded from the penalty because they are not legally liable under U.S. law for the content that outsiders post on their platforms. Tech companies, including Amazon, Yelp and Google, have sued fake review brokers they accuse of peddling counterfeit reviews on their sites. The companies say their technology has blocked or removed a huge swath of suspect reviews and suspicious accounts. However, some experts say they could be doing more. “Their efforts thus far are not nearly enough,” said Dean of Fake Review Watch. “If these tech companies are so committed to eliminating review fraud on their platforms, why is it that I, one individual who works with no automation, can find hundreds or even thousands of fake reviews on any given day?” Consumers can try to spot fake reviews by watching out for a few possible warning signs , according to researchers. Overly enthusiastic or negative reviews are red flags. Jargon that repeats a product’s full name or model number is another potential giveaway. When it comes to AI, research conducted by Balázs Kovács, a Yale professor of organization behavior, has shown that people can’t tell the difference between AI-generated and human-written reviews. Some AI detectors may also be fooled by shorter texts, which are common in online reviews, the study said. However, there are some “AI tells” that online shoppers and service seekers should keep it mind. Panagram Labs says reviews written with AI are typically longer, highly structured and include “empty descriptors,” such as generic phrases and attributes. The writing also tends to include cliches like “the first thing that struck me” and “game-changer.”King and PM honour former US president Jimmy Carter after his death aged 100

FLORENCE, Italy (AP) — Inter Milan beat Como 2-0 to cement third place in Serie A and close the gap on top two Atalanta and Napoli on Monday. Carlos Augusto got the opener when he headed home a corner kick in the 48th minute. Marcus Thuram scored the second in stoppage time with a potent strike into the roof of the net. It was the first time these teams have played each other in the top division since 2003 and although Inter had lost only one league game all season it struggled to impose itself on 15th-placed Como. However, it won without exerting itself and the three points were enough to take Simone Inzaghi’s men within three points of leader Atalanta and within one of Napoli. Inter has a game in hand over both clubs. Fiorentina missed a chance to go fourth when it lost at home to Udinese 2-1. The Florence club won a record eight consecutive Serie A games before losing to Bologna 1-0 on Dec. 15, and it looked to be back on track when Moises Kean converted a penalty after eight minutes to become the first Fiorentina player to reach double figures in the league since Federico Chiesa in the 2019-20 season. However, Udinese was a different prospect after the break. Lorenzo Lucca equalized with the aid of sloppy defending four minutes into the second half and then Florian Thauvin found space on the edge of the box to curl in the second eight minutes later. The result left Udinese in ninth place and Fiorentina in fifth. The match was a special one for Edoardo Bove, the Fiorentina player whose collapse with a heart issue led to the suspension of its game with Inter Milan on Dec. 1. Bove was fitted with a defibrillator implant soon after and sat on the Fiorentina bench for the first time since his collapse. He is not allowed to play but his position on the sideline alongside coach Raffaele Palladino was seen as a step towards normality for the 22-year-old midfielder. AP soccer:

Musk heads to US Congress to discuss slashing government costs

King and PM honour former US president Jimmy Carter after his death aged 100

The family of a teenager fatally shot by police during a no-knock raid sues Alabama cityNot so long ago, you needed only the major over-the-air networks and a few cable channels to watch virtually any significant sporting event. No longer. Decisions by the NFL, NBA and other leagues have left fans reaching into their pockets to pay for subscriptions to a handful of streaming services, incurring costs they never needed to worry about just three years ago. And, for some, that trend will continue on Christmas, when Netflix will televise NFL games for the first time. The streaming giant, which has more than 270 million subscribers, made a big splash by paying $150 million to acquire rights to two Christmas NFL games: Kansas City-Pittsburgh at 1 p.m. and Baltimore-Houston at 4:30 p.m. CBS will produce both games but Netflix will use announcers from CBS, NBC, Fox, NFL Network and ESPN. Three CBS announcers — Ian Eagle and studio analysts Nate Burleson and J.J. Watt — will call the Chiefs-Steelers game. NBC’s Noah Eagle will call the Ravens-Texans game with Fox’s Greg Olsen. Netflix began dabbling in outside-the-box sports programming earlier this year, including a tennis exhibition between Spain’s two biggest tennis stars, Rafael Nadal and Carlos Alcaraz. A Nov. 14 Mike Tyson-Jake Paul fight was marred by technical errors and freezing, but Netflix has assured the NFL that won’t happen on Christmas. Per the Associated Press, the Tyson bout peaked at 65 million concurrent streams, including 38 million concurrent streams in the United States. Nearly 85,000 viewers logged problems with outages or streaming before and during the fight, per the website Down Detector. Netflix is the nation’s most profitable streaming service; in the first quarter of this year, it reported revenue of $9.4 billion and net income of $2.3 billion. A Netflix standard plan costs $6.99 per month with ads and $15.49 per month without ads. Besides landing two NFL games, Netflix made another big splash this week, landing rights to the 2027 and 2031 Women’s World Cup. Beyond Netflix, an update on what streaming services you’ll need to have access to all major sports between now and the end of next year: Amazon Prime Video — Cost: $14.99 per month or $139 per year. — What’s offered: If you prefer to spend on just one streaming service, this probably has become the most essential one for sports fans. Amazon is carrying a third season of “Thursday Night Football” and also acquired rights to a Saturday wild-card playoff game that streamed on Peacock last season. Amazon will carry Thursday NFL games again next season, including a Christmas night game. Al Michaels, 80 is expected to return on play-by-play. Also, Amazon is spending $1.8 billion annually for an NBA and WNBA package beginning in 2025-26. That Amazon NBA package includes six conference finals over 11 years, the NBA’s in-season tournament, the play-in games, a Friday night double-header and Thursday night games after NFL season ends, plus some exclusive playoff games. Also, Amazon’s NBA deal includes 30 regular-season WNBA games annually, a first-round WNBA playoff series each season, seven semifinals and three WNBA Finals series over 11 years. Beyond the NFL and the NBA, Amazon also has NASCAR races, NHL games in Canada and Champions League soccer in England, Italy and Germany. And at some point in 2025, Amazon will begin streaming FanDuel Sports Network cablecasts of some NBA and MLB teams, including the Heat and Marlins. Everyone, including Amazon subscribers, will be required to pay an additional undetermined fee to access Amazon’s streaming of local NBA and MLB games. Netflix, Amazon and Disney are the only streaming services with more than 200 million subscribers. But many of those subscribers have Amazon subscriptions primarily as a purchase platform, rather than for the programming content. As perspective, 33 million U.S. homes now have cable television and only 13 million have satellite service, mostly DirecTV or Dish Network. ESPN Plus — Cost: $11.99 per month or $119.99 a year. There’s also a bundle of ESPN Plus, Disney Plus and Hulu for $15 a month, with all three streaming services carrying ads in that package. — What’s offered: Many of the marquee events on ESPN Plus also air on ESPN or ABC, but there are exceptions. ESPN had one exclusive NFL game this season: Chargers at Arizona on Oct. 21. ESPN Plus has a full slate of exclusive NHL games and select WNBA games, plus international soccer events including the EFL Championship, U.S. Open Cup and Bundesliga; Ivy League, Big Sky and Atlantic 10 conference sports; some ACC and SEC football and basketball games that aren’t picked up by ABC, ESPN, ESPN2 or ESPNU; and select golf and tennis events. ESPN Plus allows subscribers to purchase UFC play-per-view events and access an extensive archive of on-demand content, including the entire 30 for 30 series and game replays. Apple — Cost: $9.99 per month. — What’s offered: Apple, which produces more original non-sports content than most streamers, owns rights to Major League Soccer and Friday night MLB games. MLS Season Pass — which carries the league’s matches on TVs, phones and other devices — costs $13 per month or $79 for the season if you’re already a subscriber to the Apple TV Plus streaming service. If you don’t subscribe to Apple TV Plus, MLS Season Pass costs $15 a month or $99 for the season. Apple also has carried several sports documentary series, including The Dynasty: New England Patriots; Messi Meets America; Real Madrid: Until the End and Stephen Curry: Underrated. Peacock — Cost: $7.99 per month or $79.99 per year. — What’s offered: Besides simulcasting NBC’s sports coverage (including all its NFL games), the network has acquired enough exclusive sports content to make itself more important for fans. Though NBC’s streaming service won’t have an exclusive NFL playoff game again this season, it had exclusive rights to the Eagles-Packers game from Brazil in Week 1. Meanwhile, NBC’s new NBA deal, which begins in 2025-26, will give Peacock an exclusive Monday night double-header and two Tuesday night NBA games, one of which will air on your local NBC affiliate. On Tuesdays beginning in the 2025-26 season, NBC plans to carry one NBA game at 8 p.m. that will air in the Eastern and Central Time zones on NBC affiliates and one game at 11 p.m. that will air in the Mountain and Western Time zones. Both games also will stream on Peacock, meaning viewers in the East will be able to watch the Western game on Peacock and vice versa. Peacock already owned exclusive rights to one Notre Dame game and a few Big Ten football games each season; Premier League soccer and select cycling, motorsports, golf, college basketball and rugby events. Peacock also streams some Olympic events that aren’t on NBC or NBC-owned cable networks. YouTube TV — Cost: $82.99 per month. — What’s offered: The streaming service is paying about $2 billion annually for NFL Sunday Ticket, the out-of-market NFL service which was carried on DirecTV before last season. (DirecTV still owns licensing rights for restaurants and sports bars.) YouTube has changed the price of Sunday Ticket depending on the time of year; before the season, it cost $449 for a standalone subscription through YouTube Primetime Channels. For an additional $40, subscribers can add NFL RedZone, which shows highlights from all Sunday NFL games. Next year’s prices haven’t been determined. Paramount Plus — Cost: $8 per month, or $13.00 per month for the Showtime plan, which includes access to Showtime’s live sports coverage, such as boxing and MMA. Those are also available as annual packages for $60 and $120, respectively. — What’s offered: Besides all CBS Sports programming, Paramount exclusively carries than 360 matches per year from Brazil’s Campeonato Brasileiro Serie A soccer league, as well as all matches from the Italian Serie A league. Other exclusive programming includes the UEFA Champions League, UEFA Europa League, UEFA Europa Conference League and soccer matches from the NWSL, FAWSL, and AFA. Paramount Plus also live streams the Masters (including coverage that’s not on CBS), PGA Tour event, the Argentine Primera Division and programming from CBS Sports HQ, which streams sports news content 24 hours per day. Bundle options In May, Comcast (which owns Peacock) announced it would offer its broadband customers a bundle of Peacock, Netflix and Apple Plus for $15 per month. Venu, a new sports streaming joint venture, planned to charge $42.99 per month for access to all sports programming from ABC/ESPN/ESPN Plus, as well as Fox and Turner Sports. But a federal judge blocked the planned launch of Venu, with a trial scheduled for February. Meanwhile, ESPN plans to launch a direct-to-consumer service at some point next year, which will allow viewers to cancel their cable or satellite subscriptions and receive all ESPN programming if they chose. The cost reportedly will be $30 or so a month. ©2024 Miami Herald. Visit miamiherald.com . Distributed by Tribune Content Agency, LLC.SUNRISE, Fla. (AP) — Spencer Knight made 20 saves, Mackie Samoskevich scored with less than a second left in the second period, and the Florida Panthers got four goals in the third to beat the Carolina Hurricanes 6-0 on Saturday and complete a two-day sweep. Aleksander Barkov, Sam Bennett, Aaron Ekblad, Evan Rodrigues and Adam Boqvist also scored for Florida, which won 6-3 at Carolina on Friday. The Panthers have won three straight — that streak following a stretch of six losses in seven games for the Stanley Cup champions. It was Knight's fourth career shutout, his first since Nov. 9, 2022 — also at home against Carolina. Spencer Martin made 23 saves on 28 shots for the Hurricanes, who have dropped four of their last six games (2-3-1). It was Martin's fourth consecutive start for Carolina. Hurricanes: This was the first time all season that the Hurricanes failed to get a point in the game immediately following a loss. Carolina was 4-0-1 after a defeat entering Saturday. Panthers: A big day for Samoskevich — his alma mater Michigan beat Ohio State in football on Saturday, that game ending just before the Florida-Carolina game started. The Panthers are 5-0-0 when he scores this season. Sam Reinhart had each of the four most recent Florida goals at 19:59, before Samoskevich got his Saturday. The Panthers scored two goals 11 seconds apart in the third to make it 5-0, and Yaniv Perets replaced Martin in the Hurricanes' net with 8:12 remaining. It was the second NHL appearance for Perets, who came on once in relief for Carolina last season. Ekblad's goal was his first in a span of 1,045 regular-season shifts since Feb. 20. Carolina starts a two-game homestand Tuesday against Seattle. Florida goes to Pittsburgh to start a two-game trip on Tuesday. AP NHL: https://www.apnews.com/hub/NHL

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