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LAS VEGAS--(BUSINESS WIRE)--Nov 21, 2024-- Rimini Street, Inc. (Nasdaq: RMNI), a global provider of end-to-end enterprise software support and innovation solutions, the leading third-party support provider for Oracle, SAP, and VMware software, today announced Rimini ConnectTM Console , a single-pane-of-glass management tool that unifies and simplifies the administration and monitoring of Rimini ConnectTM, Rimini Street’s industry-leading suite of interoperability solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241121087329/en/ Rimini Street Announces New Management Console for Rimini ConnectTM Suite of Interoperability Solutions (Graphic: Business Wire) Immediately available for Rimini ConnectTM for Browsers and for additional Rimini Connect solutions in the future, Rimini Connect Console is the latest advancement in Rimini Street’s interoperability solutions suite which are designed to extend the useful life of existing systems by insulating applications from changes in dynamic technology stacks and compatibility standards that may otherwise require costly upgrades or custom development. Rimini Connect Console unifies and automates several important capabilities into one centralized management tool, including: “Maintaining application interoperability with constant updates to dynamic technology stacks is a challenging, costly and never-ending effort that consumes potentially millions of dollars in forced software upgrades or development of custom, highly technical solutions,” said Desmond Whitt, vice president & general manager of Rimini Connect, adding that “Rimini Connect solutions future-proof your enterprise software against interoperability issues and Rimini Connect Console is designed to unify and streamline the monitoring and management of Rimini Connect solutions at scale, beginning with Rimini Connect for Browsers.” Rimini Connect Helps Businesses Achieve Modernization Without Disruption Built on Rimini Street’s experience of successfully resolving thousands of compatibility issues for clients since 2005, Rimini Connect provides a suite of seamless interoperability solutions that can resolve compatibility issues without requiring an upgrade of your core enterprise software. For example, Rimini Connect for Browsers enables IT teams to implement the latest releases of browsers without delay or worry of negative impact to current application releases. It also strategically decouples existing enterprise software from technology stack version dependencies, providing the flexibility needed for organizations to take control of their IT roadmap. Officeworks , a leading Australian retailer with over 167 stores nationwide and already a Rimini Street client for support of their SAP systems, deployed Rimini Connect for Browsers when Microsoft announced it would retire Internet Explorer 11. They needed to ensure their mission-critical applications would not be jeopardized by the change in browser availability or require an expensive, disruptive upgrade to maintain compatibility. “This project really was a collaborative experience with the Rimini Street team.... For us, it was about making this transition as seamlessly as possible without any interruption to business, and Rimini Street helped us achieve that,” said Michael Howard, chief operating officer at Officeworks. Rimini Street Continues to Invest in the Future of its Clients with New Interoperability Capabilities Known for helping clients maximize the potential of their IT investments, gain flexibility, and enjoy better support and savings from a trusted partner, Rimini Street continues to invest in interoperability solutions like Rimini Connect Console that help clients at scale to future-proof and extend the useful lifespan of their existing, robust systems without worrying about changing compatibility standards. “Rimini Connect Console is the latest of our continuously expanding offerings to help organizations achieve their goal of growth and profitability while reducing risk,” said Whitt. “We not only help extend the life of systems, we also help make it easier to manage them, lessening overhead costs and freeing teams to focus on higher value priorities for the business.” Learn more about how to remove interoperability challenges without upgrades by choosing Rimini Connect . About Rimini Street, Inc. Rimini Street, Inc. (Nasdaq: RMNI), a Russell 2000® Company, is a global provider of end-to-end enterprise software support and innovation solutions and the leading third-party support provider for Oracle, SAP and VMware software. The Company offers a comprehensive portfolio of unified solutions to run, manage, support, customize, configure, connect, protect, monitor, and optimize enterprise application, database, and technology software. The Company has signed thousands of contracts with Fortune Global 100, Fortune 500, midmarket, public sector and government organizations who selected Rimini Street as their trusted, proven mission-critical enterprise software solutions provider and achieved better operational outcomes, realized billions of US dollars in savings and funded AI and other innovation investments. To learn more, please visit www.riministreet.com , and connect with Rimini Street on X, Facebook, Instagram, and LinkedIn. Forward-Looking Statements Certain statements included in this communication are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “continue,” “could,” “currently,” “estimate,” “expect,” “future,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seem,” “seek,” “should,” “will,” “would” or other similar words, phrases or expressions. These forward-looking statements include, but are not limited to, statements regarding our expectations of future events, future opportunities, global expansion and other growth initiatives and our investments in such initiatives. These statements are based on various assumptions and on the current expectations of management and are not predictions of actual performance, nor are these statements of historical facts. These statements are subject to a number of risks and uncertainties regarding Rimini Street’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, adverse developments in and costs associated with defending pending litigation or any new litigation, including the disposition of pending motions to appeal and any new claims; additional expenses to be incurred in order to comply with injunctions against certain of our business practices and the impact on future period revenue and costs; changes in the business environment in which Rimini Street operates, including the impact of any macro-economic trends and changes in foreign exchange rates, as well as general financial, economic, regulatory and political conditions affecting the industry in which we operate and the industries in which our clients operate; the evolution of the enterprise software management and support landscape and our ability to attract and retain clients and further penetrate our client base; significant competition in the software support services industry; customer adoption of our expanded portfolio of products and services and products and services we expect to introduce; our ability to grow our revenue, manage our cost of revenue and accurately forecast revenue; the expected impact of recent and anticipated future reductions in our workforce and associated reorganization costs; estimates of our total addressable market and expectations of client savings relative to use of other providers; variability of timing in our sales cycle; risks relating to retention rates, including our ability to accurately predict retention rates; the loss of one or more members of our management team; our ability to attract and retain additional qualified personnel, including sales personnel, and retain key personnel; our business plan, our ability to grow in the future and our ability to achieve and maintain profitability; our plans to wind down the offering of services for Oracle PeopleSoft products; the volatility of our stock price and related compliance with stock exchange requirements; our need and ability to raise equity or debt financing on favorable terms and our ability to generate cash flows from operations to help fund increased investment in our growth initiatives; risks associated with global operations; our ability to prevent unauthorized access to our information technology systems and other cybersecurity threats, protect the confidential information of our employees and clients and comply with privacy regulations; our ability to maintain an effective system of internal control over financial reporting; our ability to maintain, protect and enhance our brand and intellectual property; changes in laws and regulations, including changes in tax laws or unfavorable outcomes of tax positions we take, a failure by us to establish adequate tax reserves, or our ability to realize benefits from our net operating losses; the impact of environmental, social and governance (ESG) matters; our credit facility’s ongoing debt service obligations and financial and operational covenants on our business and related interest rate risk, including uncertainty from the transition to SOFR or other interest rate benchmarks; the sufficiency of our cash and cash equivalents to meet our liquidity requirements; the amount and timing of repurchases, if any, under our stock repurchase program and our ability to enhance stockholder value through such program; uncertainty as to the long-term value of Rimini Street’s equity securities; catastrophic events that disrupt our business or that of our clients; and those discussed under the heading “Risk Factors” in Rimini Street’s Quarterly Report on Form 10-Q filed on October 30, 2024, and as updated from time to time by Rimini Street’s future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings by Rimini Street with the Securities and Exchange Commission. In addition, forward-looking statements provide Rimini Street’s expectations, plans or forecasts of future events and views as of the date of this communication. Rimini Street anticipates that subsequent events and developments will cause Rimini Street’s assessments to change. However, while Rimini Street may elect to update these forward-looking statements at some point in the future, Rimini Street specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Rimini Street’s assessments as of any date subsequent to the date of this communication. View source version on businesswire.com : https://www.businesswire.com/news/home/20241121087329/en/ CONTACT: Janet Ravin VP, Global Communications Rimini Street, Inc. +1 702 285-3532 pr@riministreet.com KEYWORD: NEVADA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: DATA MANAGEMENT APPS/APPLICATIONS TECHNOLOGY SOFTWARE NETWORKS INTERNET HARDWARE SOURCE: Rimini Street, Inc. Copyright Business Wire 2024. PUB: 11/21/2024 04:00 PM/DISC: 11/21/2024 04:00 PM http://www.businesswire.com/news/home/20241121087329/en• Total Revenues of $138.8M , up 14% year-over-year • Subscription Revenues of $119.9M , up 14% year-over-year • GAAP Operating Margin of (1)% , up ~1,000 basis points year-over-year • Non-GAAP Operating Margin of 20% , up ~350 basis points year-over-year WILMINGTON, N.C., Dec. 04, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. NCNO , the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the third quarter of fiscal year 2025, ended October 31, 2024. "We are very pleased with our third quarter results, once again exceeding expectations for both revenues and non-GAAP operating income," said Pierre Naudé, Chairman and CEO at nCino. "The team delivered solid execution globally, with over 30 multi-solution deals and more gross bookings from net new customers than the previous two quarters combined. Multi-solution deals continue to show the demand for a true end-to-end platform for financial institutions to onboard customers, open accounts, originate loans and manage the portfolio across multiple business lines. We remain focused on innovation and delivering efficiencies that create real business value, and we're excited by the strength and expansion we saw in our business this quarter as a result of that reputation." Financial Highlights Revenues: Total revenues for the third quarter of fiscal 2025 were $138.8 million, a 14% increase from $121.9 million in the third quarter of fiscal 2024. Subscription revenues for the third quarter were $119.9 million, up from $104.8 million one year ago, an increase of 14%. Income (Loss) from Operations: GAAP loss from operations in the third quarter of fiscal 2025 was $(0.8) million compared to $(12.9) million in the same quarter of fiscal 2024. Non-GAAP operating income in the third quarter of fiscal 2025 was $28.0 million compared to $20.4 million in the third quarter of fiscal 2024, an increase of 38%. Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(5.3) million compared to $(16.4) million in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter of fiscal 2025 was $24.4 million compared to $16.2 million in the third quarter of fiscal 2024, an increase of 51%. Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(0.05) per basic and diluted share compared to $(0.15) per basic and diluted share in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter was $0.21 per diluted share compared to $0.14 per diluted share in the third quarter of fiscal 2024. Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of October 31, 2024, was $1.095 billion, compared with $917.1 million as of October 31, 2023, an increase of 19%. RPO expected to be recognized in the next 24 months was $730.0 million, an increase of 16% from $627.6 million as of October 31, 2023. Cash: Cash, cash equivalents, and restricted cash were $258.3 million as of October 31, 2024, which reflected refinancing the revolving credit facility and included $129.7 million that was subsequently utilized to acquire FullCircl on November 5, 2024. Recent Business Highlights Completed acquisition of FullCircl: Closed the acquisition of FullCircl on November 5, 2024, expanding nCino's onboarding capabilities by adding data aggregation components to the platform for financial institutions in EMEA. Signed a multi-solution expansion agreement with a top-40 bank in the U.S.: Shortly after quarter end, expanded relationship with a top-40 bank in the U.S. for Commercial and Small Business Lending, Commercial Pricing & Profitability, Automated Spreading and Banking Advisor. Signed first Banking Advisor deal in Australia: Extended relationship with a top-5 Australian bank for three years with the addition of Banking Advisor. Signed largest customer in Japan: Tokushima Taisho Bank selected nCino to transform its business lending operations, making the bank nCino's largest customer in Japan. Signed an expansion agreement with the largest bank in Norway: The bank expanded its adoption of nCino Commercial Lending, including Banking Advisor, and will also be running Credit Portfolio Management and ESG reporting on nCino. One of the largest home builders in the U.S. went live on the nCino Mortgage Solution: The affiliate mortgage company of a large, national home builder completed its rollout of the nCino Mortgage Solution. Financial Outlook nCino is providing guidance for its fourth quarter ending January 31, 2025 , as follows: Total revenues between $139.5 million and $141.5 million. Subscription revenues between $122.5 million and $124.5 million. Non-GAAP operating income between $23.25 million and $24.25 million. Non-GAAP net income attributable to nCino per diluted share of $0.18 to $0.19. nCino is providing guidance for its fiscal year 2025 ending January 31, 2025 , as follows: Total revenues between $539.0 million and $541.0 million. Subscription revenues between $467.0 million and $469.0 million. Non-GAAP operating income between $95.0 million and $96.0 million. Non-GAAP net income attributable to nCino per diluted share of $0.75 to $0.76. Conference Call nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino's website: https://investor.ncino.com/news-events/events-and-presentations . About nCino nCino NCNO is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 1,800 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com . Forward-Looking Statements: This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino's future performance, outlook, guidance, the assumptions underlying those statements, the benefits from the use of nCino's solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino's historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino's expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers' or their clients' data; (v) the accuracy of management's assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution; (vii) competitive factors, including pricing pressures, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses. Additional risks and uncertainties that could affect nCino's business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov ). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time. nCino, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) January 31, 2024 October 31, 2024 Assets Current assets Cash and cash equivalents $ 112,085 $ 257,894 Accounts receivable, net 112,975 65,013 Costs capitalized to obtain revenue contracts, current portion, net 10,544 12,214 Prepaid expenses and other current assets 15,171 13,523 Total current assets 250,775 348,644 Property and equipment, net 79,145 75,711 Operating lease right-of-use assets, net 19,261 14,938 Costs capitalized to obtain revenue contracts, noncurrent, net 17,425 20,185 Goodwill 838,869 908,559 Intangible assets, net 115,572 128,344 Investments 9,294 9,294 Long-term prepaid expenses and other assets 10,089 10,931 Total assets $ 1,340,430 $ 1,516,606 Liabilities, redeemable non-controlling interest, and stockholders' equity Current liabilities Accounts payable $ 11,842 $ 12,123 Accrued compensation and benefits 16,283 16,370 Accrued expenses and other current liabilities 10,847 11,594 Deferred revenue, current portion 170,941 132,382 Financing obligations, current portion 1,474 1,614 Operating lease liabilities, current portion 3,649 4,830 Total current liabilities 215,036 178,913 Operating lease liabilities, noncurrent 16,423 11,829 Deferred income taxes, noncurrent 3,687 10,577 Deferred revenue, noncurrent — 431 Revolving credit facility, noncurrent — 166,000 Financing obligations, noncurrent 52,680 51,624 Other long-term liabilities — 3,726 Total liabilities 287,826 423,100 Commitments and contingencies Redeemable non-controlling interest 3,428 5,243 Stockholders' equity Common stock 57 58 Additional paid-in capital 1,400,881 1,456,411 Accumulated other comprehensive income 996 1,615 Accumulated deficit (352,758 ) (369,821 ) Total stockholders' equity 1,049,176 1,088,263 Total liabilities, redeemable non-controlling interest, and stockholders' equity $ 1,340,430 $ 1,516,606 nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2023 2024 2023 2024 Revenues Subscription $ 104,759 $ 119,894 $ 301,996 $ 344,211 Professional services and other 17,183 18,903 50,854 55,076 Total revenues 121,942 138,797 352,850 399,287 Cost of revenues Subscription 30,605 33,769 89,481 98,916 Professional services and other 17,420 19,976 52,779 59,940 Total cost of revenues 48,025 53,745 142,260 158,856 Gross profit 73,917 85,052 210,590 240,431 Gross margin % 61 % 61 % 60 % 60 % Operating expenses Sales and marketing 38,446 29,729 100,551 89,487 Research and development 29,043 33,039 87,127 97,291 General and administrative 19,334 23,108 59,239 66,046 Total operating expenses 86,823 85,876 246,917 252,824 Loss from operations (12,906 ) (824 ) (36,327 ) (12,393 ) Non-operating income (expense) Interest income 685 482 2,057 1,408 Interest expense (854 ) (1,653 ) (3,277 ) (4,965 ) Other income (expense), net (2,320 ) 432 (2,633 ) (162 ) Loss before income taxes (15,395 ) (1,563 ) (40,180 ) (16,112 ) Income tax provision 1,782 2,589 4,720 1,360 Net loss (17,177 ) (4,152 ) (44,900 ) (17,472 ) Net loss attributable to redeemable non-controlling interest (320 ) (186 ) (868 ) (409 ) Adjustment attributable to redeemable non-controlling interest (478 ) 1,286 (526 ) 2,205 Net loss attributable to nCino, Inc. $ (16,379 ) $ (5,252 ) $ (43,506 ) $ (19,268 ) Net loss per share attributable to nCino, Inc.: Basic and diluted $ (0.15 ) $ (0.05 ) $ (0.39 ) $ (0.17 ) Weighted average number of common shares outstanding: Basic and diluted 112,951,553 115,611,833 112,484,017 114,970,622 nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended October 31, 2023 2024 Cash flows from operating activities Net loss attributable to nCino, Inc. $ (43,506 ) $ (19,268 ) Net loss and adjustment attributable to redeemable non-controlling interest (1,394 ) 1,796 Net loss (44,900 ) (17,472 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 37,337 26,132 Non-cash operating lease costs 3,581 3,844 Amortization of costs capitalized to obtain revenue contracts 7,368 8,724 Amortization of debt issuance costs 138 60 Stock-based compensation 41,969 53,015 Deferred income taxes 881 (2,496 ) Provision for bad debt 1,124 25 Net foreign currency losses (gains) 2,275 (658 ) Loss on disposal of long-lived assets 161 35 Change in operating assets and liabilities: Accounts receivable 35,455 50,184 Costs capitalized to obtain revenue contracts (5,959 ) (13,199 ) Prepaid expenses and other assets 3,374 656 Accounts payable 1,184 1,056 Accrued expenses and other liabilities (7,999 ) (148 ) Deferred revenue (23,789 ) (41,604 ) Operating lease liabilities (3,063 ) (2,936 ) Net cash provided by operating activities 49,137 65,218 Cash flows from investing activities Acquisition of business, net of cash acquired — (90,839 ) Acquisition of assets (356 ) (450 ) Purchases of property and equipment (3,083 ) (1,466 ) Purchase of investment (2,500 ) — Net cash used in investing activities (5,939 ) (92,755 ) Cash flows from financing activities Investment from redeemable non-controlling interest 983 — Proceeds from borrowings on revolving credit facility — 241,000 Payments on revolving credit facility (30,000 ) (75,000 ) Payments of debt issuance costs — (1,382 ) Exercise of stock options 3,176 2,223 Stock issuance under the employee stock purchase plan 2,698 2,514 Principal payments on financing obligations (888 ) (916 ) Net cash provided by (used in) financing activities (24,031 ) 168,439 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash (762 ) (93 ) Net increase in cash, cash equivalents, and restricted cash 18,405 140,809 Cash, cash equivalents, and restricted cash, beginning of period 87,418 117,444 Cash, cash equivalents, and restricted cash, end of period $ 105,823 $ 258,253 Reconciliation of cash, cash equivalents, and restricted cash, end of period: Cash and cash equivalents $ 100,475 $ 257,894 Restricted cash included in prepaid expenses and other current assets 5,000 — Restricted cash included in long-term prepaid expenses and other assets 348 359 Total cash, cash equivalents, and restricted cash, end of period $ 105,823 $ 258,253 Non-GAAP Financial Measures In nCino's public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures. Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies. Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. We believe these costs, which are primarily related to legal, consulting and other professional services fees, are non-recurring in nature and outside the ordinary course of business. Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results. Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Tax Benefit Related to Acquisitions. In connection with deferred tax liabilities assumed from acquisitions, nCino may reduce the valuation allowance against deferred tax assets, resulting in a one-time tax benefit recorded in Income tax provision (benefit). We believe that the exclusion of this benefit from our non-GAAP net income attributable to nCino and non-GAAP net income attributable to nCino per share provides a more direct comparison to all periods presented. Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses. Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company's operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results. There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino's management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below. nCino, Inc. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands, except share and per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2023 2024 2023 2024 GAAP total revenues $ 121,942 $ 138,797 $ 352,850 $ 399,287 GAAP cost of subscription revenues $ 30,605 $ 33,769 $ 89,481 $ 98,916 Amortization expense - developed technology (3,990 ) (4,404 ) (12,431 ) (12,926 ) Stock-based compensation (515 ) (733 ) (1,314 ) (2,088 ) Restructuring charges (12 ) — (51 ) — Non-GAAP cost of subscription revenues $ 26,088 $ 28,632 $ 75,685 $ 83,902 GAAP cost of professional services and other revenues $ 17,420 $ 19,976 $ 52,779 $ 59,940 Amortization expense - other (82 ) (82 ) (247 ) (247 ) Stock-based compensation (2,571 ) (2,940 ) (6,660 ) (8,699 ) Restructuring charges (26 ) — (118 ) — Non-GAAP cost of professional services and other revenues $ 14,741 $ 16,954 $ 45,754 $ 50,994 GAAP gross profit $ 73,917 $ 85,052 $ 210,590 $ 240,431 Amortization expense - developed technology 3,990 4,404 12,431 12,926 Amortization expense - other 82 82 247 247 Stock-based compensation 3,086 3,673 7,974 10,787 Restructuring charges 38 — 169 — Non-GAAP gross profit $ 81,113 $ 93,211 $ 231,411 $ 264,391 The following table sets forth reconciling items as a percentage of total revenue for the periods presented. 1 GAAP gross margin % 61 % 61 % 60 % 60 % Amortization expense - developed technology 3 3 4 3 Amortization expense - other — — — — Stock-based compensation 3 3 2 3 Restructuring charges — — — — Non-GAAP gross margin % 67 % 67 % 66 % 66 % GAAP sales & marketing expense $ 38,446 $ 29,729 $ 100,551 $ 89,487 Amortization expense - customer relationships (2,167 ) (2,736 ) (6,502 ) (7,889 ) Amortization expense - trade name (10,713 ) (107 ) (11,921 ) (254 ) Amortization expense - other — (28 ) — (72 ) Stock-based compensation (4,153 ) (4,394 ) (11,194 ) (12,534 ) Restructuring charges (24 ) — (100 ) — Non-GAAP sales & marketing expense $ 21,389 $ 22,464 $ 70,834 $ 68,738 GAAP research & development expense $ 29,043 $ 33,039 $ 87,127 $ 97,291 Stock-based compensation (4,386 ) (4,208 ) (11,665 ) (13,720 ) Restructuring charges (87 ) — (352 ) — Non-GAAP research & development expense $ 24,570 $ 28,831 $ 75,110 $ 83,571 GAAP general & administrative expense $ 19,334 $ 23,108 $ 59,239 $ 66,046 Stock-based compensation (4,198 ) (5,696 ) (11,136 ) (15,974 ) Acquisition-related expenses (211 ) (3,423 ) (634 ) (9,410 ) Litigation expenses (153 ) (115 ) (4,502 ) (365 ) Restructuring charges (1 ) — (6 ) — Non-GAAP general & administrative expense $ 14,771 $ 13,874 $ 42,961 $ 40,297 GAAP loss from operations $ (12,906 ) $ (824 ) $ (36,327 ) $ (12,393 ) Amortization of intangible assets 16,952 7,357 31,101 21,388 Stock-based compensation 15,823 17,971 41,969 53,015 Acquisition-related expenses 211 3,423 634 9,410 Litigation expenses 153 115 4,502 365 Restructuring charges 150 — 627 — Non-GAAP operating income $ 20,383 $ 28,042 $ 42,506 $ 71,785 The following table sets forth reconciling items as a percentage of total revenue for the periods presented. 1 GAAP operating margin % (11 )% (1 )% (10 )% (3 )% Amortization of intangible assets 14 5 9 5 Stock-based compensation 13 13 12 13 Acquisition-related expenses — 2 — 2 Litigation expenses — — 1 — Restructuring charges — — — — Non-GAAP operating margin % 17 % 20 % 12 % 18 % GAAP net loss attributable to nCino, Inc. $ (16,379 ) $ (5,252 ) $ (43,506 ) $ (19,268 ) Amortization of intangible assets 16,952 7,357 31,101 21,388 Stock-based compensation 15,823 17,971 41,969 53,015 Acquisition-related expenses 211 3,423 634 9,410 Litigation expenses 153 115 4,502 365 Restructuring charges 150 — 627 — Tax benefit related to acquisition — — — (3,609 ) Income tax effect on non-GAAP adjustments (237 ) (451 ) (616 ) (1,244 ) Adjustment attributable to redeemable non-controlling interest (478 ) 1,286 (526 ) 2,205 Non-GAAP net income attributable to nCino, Inc. $ 16,195 $ 24,449 $ 34,185 $ 62,262 Basic and diluted GAAP net loss attributable to nCino, Inc. per share $ (0.15 ) $ (0.05 ) $ (0.39 ) $ (0.17 ) Weighted-average shares used to compute basic and diluted GAAP net loss attributable to nCino, Inc. per share 112,951,553 115,611,833 112,484,017 114,970,622 Basic non-GAAP net income attributable to nCino, Inc. per share $ 0.14 $ 0.21 $ 0.30 $ 0.54 Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share 112,951,553 115,611,833 112,484,017 114,970,622 Diluted non-GAAP net income attributable to nCino, Inc. per share $ 0.14 $ 0.21 $ 0.30 $ 0.53 Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share 115,261,169 117,416,473 114,636,396 116,913,806 Free cash flow Net cash provided by operating activities $ 5,870 $ 5,777 $ 49,137 $ 65,218 Purchases of property and equipment (619 ) (680 ) (3,083 ) (1,466 ) Free cash flow $ 5,251 $ 5,097 $ 46,054 $ 63,752 Principal payments on financing obligations 2 (324 ) (194 ) (888 ) (916 ) Free cash flow less principal payments on financing obligations $ 4,927 $ 4,903 $ 45,166 $ 62,836 1 Columns may not foot due to rounding. 2 These amounts represent the non-interest component of payments towards financing obligations for facilities. CONTACTS INVESTOR CONTACT Harrison Masters nCino +1 910.734.7743 Harrison.masters@ncino.com MEDIA CONTACT Natalia Moose nCino Natalia.moose@ncino.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Legendary drug lord Fabio Ochoa is deported to Colombia and walks free after 20 years in US prisons
European markets opened higher on Tuesday, in a shortened trading session for Christmas Eve. At the opening bell, the pan-European Stoxx 600 was up by around 0.3%, with all sectors in positive territory. Tech stocks were among those leading the gains, following a strong trading session on Monday for U.S.-listed technology shares. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are Stocks in Europe ended Monday's session slightly higher, as investors reacted to more disappointing economic news out of the U.K., and the Stoxx 600 was lifted by a recovery in the share price of pharmaceuticals giant Novo Nordisk. Novo Nordisk resumed its rally on Tuesday, rising to the top of the Stoxx 600 during early deals and adding 5.7% by 8:09 a.m. London time. Shares of the Danish pharmaceuticals giant were recovering from last week's major sell-off , which followed disappointing results from the trial of its CagriSema weight loss drug. There is no economic data expected out of Europe on Tuesday. Overnight in Asia , stocks were in mixed territory as investors monitored the monetary policy outlook in Japan , the blockbuster merger between autos giants Honda and Nissan and faltering consumer confidence in South Korea . Trading is expected to be muted across the globe this week as multiple markets close early onTuesday and will remain shuttered on Wednesday for Christmas Day. Also on CNBC Holiday-thinned markets cheered by strong Wall Street finish Britain's economy flatlined in the third quarter, revised figures show Inflation and dot plotsBiden gives life in prison to 37 of 40 federal death row inmates before Trump can resume executionsExclusive: PatientsLikeMe launches AI assistant focused on women's health
( MENAFN - EIN Presswire) Specialty Chemical Distribution Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033 The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-for a limited time only! LONDON, GREATER LONDON, UNITED KINGDOM, December 17, 2024 /EINPresswire / -- The Business Research Company's Early Year-End Sale! Get up to 30% off detailed market research reports-limited time only! What Growth Has The Specialty Chemical Distribution Market Experienced In Recent Years , And What Is Its Current Market Size? Strong growth has been seen in the specialty chemical distribution market size in recent years. The market is forecasted to grow from $84.28 billion in 2023 to $91.13 billion in 2024 at a compound annual growth rate CAGR of 8.1%. This growth during the historic period can be attributed to factors such as rising chemical consumption, a surge in demand for various chemicals, the expansion of floor spaces, and enhanced transparency and traceability. Check Out The Full Report Sample Here: What Is The Forecasted Growth And Market Size of The Specialty Chemical Distribution Market? In the upcoming years, the specialty chemical distribution market size is projected to experience considerable growth. This market is forecasted to expand to $125.3 billion in 2028 at a compound annual growth rate CAGR of 8.3%. The growth in the forecast period is expected due to the surging use in various end-user industries, increasing awareness and adoption of vegan, rising living standards, demand for personal care products, and growing demand for chemicals. As future trends unfold, we are likely to see many mergers and acquisitions, customization and personalization, collaborative supply chain models, and innovation in chemical formulation and product development. Obtain The Complete Market Report: What Are The Key Drivers That Will Propel The Growth Of The Specialty Chemical Distribution Market? The increasing consumption of pharmaceuticals is a key driver that is expected to propel the growth of the specialty chemical distribution market. Pharmaceuticals are medicines designed to diagnose, treat, or prevent illnesses in humans and animals. The rise in pharmaceutical consumption is driven by the need for medications for chronic disease management, primarily along with the constant development of new drugs. Specialty chemical distribution plays a vital role in the pharmaceutical sector by supplying crucial raw materials, maintaining a reliable supply chain, and facilitating the production of quality medications. For instance, total pharmaceutical production in Europe rose from EUR 323,950 million $353,672.41 million to EUR 340,000 million $371,195 million between the years 2021 to 2022 according to the European Federation of Pharmaceutical Industries and Associations, a Belgium-based trade organization. Which Are The Major Industry Players in The Specialty Chemical Distribution Market? Among the major companies operating in the specialty chemical distribution market, Brenntag AG, Univar Solutions Inc., Celanese Corporation, Wacker Chemie AG, IMCD N.V., Azelis Group NV, H.B. Fuller Company, Jebsen & Jessen Pte. Ltd., Omya AG, ICC Industries Inc., Ferro Corporation, Elementis plc, Vantage Specialty Chemicals, Barentz International B.V., Helm AG, Stockmeier Group, Trecora Resources, Wilbur Ellis Holdings Inc., REDA Chemicals Inc., Quimidroga S.A., Houghton International Inc., ChemPoint Inc., Ter Group, Solvadis Deutschland GmbH, Biesterfeld AG stand noteworthy. What Are The Emerging Trends In The Specialty Chemical Distribution Market? In terms of emerging trends, major companies in the specialty chemical distribution market are focusing on advanced chemical warehouse solutions to enhance efficiency, safety, and compliance with regulatory standards. Advanced chemical warehouse solutions concentrate on securely storing and managing chemicals, adhering to regulations, and providing safe handling of hazardous substances. In May 2023, Tricore Surfactants Technologies FZC, an agrochemicals plant based in the UAE, introduced a new Dangerous Goods DG warehouse and a customized powder blending unit at their agrochemical plant in Sharjah's Hamriyah Free Zone. This move strengthened their capabilities in agrochemical production. How Is The Specialty Chemical Distribution Market Segmented? The specialty chemical distribution market is divided into three segments: 1 By Product: Computer-Aided Software Engineering CASE, Agrochemicals, Electronic, Construction, Specialty Polymers And Resins, Flavor And Fragrances, Other Products, 2 By Service: Transportation, Warehousing, Other Services, 3 By End-User: Chemical Industry, Pharmaceutical Industry, Specialty Chemical Industry, Other End-Users. Who Are The Regional Thick-Heads In The Specialty Chemical Distribution Market? Asia-Pacific accounted for the largest share in the specialty chemical distribution market in 2023. North America, on the other hand, is anticipated to be the fastest-growing region in the forecast period. The regions examined in the specialty chemical distribution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Browse Through More Similar Reports By The Business Research Company: Chemical Distribution Global Market Report 2024 Chemical As A Service Global Market Report 2024 Chemical Catalyst Global Market Report 2024 About The Business Research Company Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game. Contact us at: The Business Research Company: Americas +1 3156230293 Asia +44 2071930708 Europe +44 2071930708 Email us at ... 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If you have any complaints or copyright issues related to this article, kindly contact the provider above.Lisa Simpson once said during an episode of “The Simpsons:” What could be more exciting than the savage ballet that is pro football? On Monday night, the entire Simpsons universe gets to experience it in a way not many could have imagined. The prime-time matchup between the Cincinnati Bengals and Dallas Cowboys will also take place at Springfield’s Atoms Stadium as part of “The Simpsons Funday Football” alternate broadcast. The altcast will be streamed on ESPN+, Disney+, and NFL+ (on mobile devices). ESPN and ABC have the main broadcast, while ESPN2 will carry the final “ManningCast” of the regular season. The replay will be available on Disney+ for 30 days. Globally, more than 145 countries will have access to either live or on replay. “We’re such huge football fans, and the Simpsons audience and the football audience, I feel, are like the same audience of just American families and football. And the Simpsons are so much a part of the DNA of the American family and culture that for us to, like, mush them together in this crazy video game, it’s so fun,” said Matt Selman, executive producer of “The Simpsons.” While the game is the focal point, the alternate broadcast, in some ways, will resemble a three-hour episode of “The Simpsons.” It starts with Homer eating too many hot dogs and having a dream while watching football. Homer joins the Cowboys in the dream while Bart teams up with the Bengals. Lisa and Marge will be sideline reporters. “That’s the beginning of the story, and the story continues through the entire game until Homer wakes up from his dream at the end of the game. It is like a complete story, and the NFL game will happen in between. It’s just going to be an amazing presentation with tons of surprises,” said Michael “Spike” Szykowny, ESPN’s VP of edit and animation. This is the second year ESPN has done an alternate broadcast for an NFL game. It used the characters from “Toy Story” for last year’s Sunday morning game from London between the Atlanta Falcons and Jacksonville Jaguars. “The Simpsons” has featured many sports-themed episodes during its 35 seasons. Even though “Homer at the Bat” remains the consensus favorite sports episode for many Simpsons fans, there have been football ones such as “Bart Star” and “Lisa The Greek.” There also was a Super Bowl-themed one after Fox’s broadcast of Super Bowl 33 between Denver and Atlanta in 1999. Even though “The Simpsons” remains a staple on Fox’s prime-time schedule, it is part of the Disney family after their acquisition of 20th Century Fox in 2019. All 35 seasons are on Disney+. The show’s creators have worked with ESPN and the NFL to make sure the look and sound is definitely Simpsonsesque. The theme song is a mash-up of “The Simpsons” opening and “Monday Night Football’s” iconic “Heavy Action.” There have also been pre-recorded skits and bits to use during the broadcast featuring Simpson’s legendary voices Hank Azaria, Nancy Cartwright, Dan Castellaneta, Julie Kavner, and Yeardley Smith. The telecast will be entirely animated, with the players’ movements in sync with what is happening in real-time on the field. That is done through player-tracking data enabled by the NFL’s Next Gen Stats system and Sony’s Beyond Sports Technology. While Next Gen Stats tracks where players are on the field with a tracking chip in the shoulder pads, there is skeletal data tracking and limb tracking data — which uses 29 points per player — to get closer to the player’s movements. The other data tracking will allow Beyond Sports and Disney to add special characters to the game. For example, there might be a play where Lisa catches the ball and goes 30 yards instead of Cincinnati’s Tee Higgins. “Lisa is much smaller than the rest of the players. So, in real life, the ball would go over her head, but now, with data processing, we can take the ball and make it go exactly into her hands. So for the viewer, it still looks believable, and it all makes sense,” said Beyond Sports co-founder Nicolaas Westerhof. The other major challenge is making “The Simpsons” two-dimensional cartoon characters into 3-D simulations. Szykowny and his team worked to make that a reality over the past couple of months. “That’s a big leap of faith for them to say, hey, we trust you to make our characters 3-D and work with it. Our ESPN creative studio team has done a wonderful job,” Szykowny said. Lisa, Krusty, Nelson, Milhouse and Ralph will be with Bart and the Bengals; while Carl, Barney, Lenny and Moe join up with with Homer and the Cowboys. The broadcast will also feature ESPN personalities Stephen A. Smith, Peyton Manning and Eli Manning. ESPN’s Drew Carter, Mina Kimes and Dan Orlovsky will call the game from Bristol, Connecticut, and also be animated. They will wear Meta Quest Pro headsets to experience the game from Springfield using VR technology. For Kimes, being part of the broadcast and being an animated Simpsons character is a dream come true. She is a massive fan of the show and has a framed photo of Lisa Simpson — who she said is a personal hero and icon — as part of her backdrop when she makes appearances on ESPN NFL shows from her home in Los Angeles. “I didn’t have any input, and I didn’t see anything beforehand, so I wasn’t sure if it would look like me, but it kind of does, which is very funny,” said Kimes, who drew Simpsons characters when she was a kid. “To see the actual staff turn me into one was a dream.” Even though the Bengals (4-8) and Cowboys (5-7) have struggled this season, Selman thinks both teams have personalities that appeal to “The Simpsons” universe. “We were just so lucky also that the Cowboys are sort of like a Homer Simpson-type team, American team, and Mike McCarthy might be a Homer-type guy, one might imagine,” he said. ”And then you have Joe Burrow on the other side who is a cool young, spiky-haired, blonde bad boy -- he’s like Bart. And that fits our character archetypes so perfectly. “If Homer is mad at Bart and has a hot dog dream while watching ’Monday Night Football’, and then it’s basically McCarthy versus Burrow, Homer versus Bart, and that’s the simple father versus son strangling — Homer strangling Bart dynamic that has been part of the show for 35 years. I don’t know if that would have worked as well if it was like Titans versus Jacksonville. We would have found something. We would have made it work.” AP NFL: https://apnews.com/hub/nfl
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NEW YORK (AP) — UnitedHealthcare's CEO was shot and killed Wednesday in a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference, police said, setting off a massive dragnet hours before the annual Rockefeller Center Christmas tree lighting. Brian Thompson, 50, was shot around 6:45 a.m. as he walked alone to the New York Hilton Midtown from a nearby hotel, police said. The shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire, New York City Police Commissioner Jessica Tisch said. Police had not yet established a motive. “Many people passed the suspect, but he appeared to wait for his intended target,” Tisch said, adding that the shooting "does not appear to be a random act of violence.” Surveillance video reviewed by investigators shows the shooter emerging from behind a parked car, stopping and pointing a gun at Thompson’s back, holding it with two hands and firing multiple times from several feet away. The suspect continues firing, interrupted by a brief gun jam, as Thompson stumbles forward and falls to the sidewalk. The shooter is then seen walking past Thompson and out of the frame. “From watching the video, it does seem that he’s proficient in the use of firearms as he was able to clear the malfunctions pretty quickly,” NYPD Chief of Detectives Joseph Kenny said. Thompson was shot at least once in the back and once in the calf, Tisch said. The shooter, who police said appeared to be a man wearing a jacket, face mask and carrying a backpack, fled on foot before pedaling an e-bike into Central Park a few blocks away. The shooter was at large, sparking a search that included police drones, helicopters and dogs. “We are deeply saddened and shocked at the passing of our dear friend and colleague Brian Thompson, the CEO of UnitedHealthcare," the insurer's Minnetonka, Minnesota-based parent company, UnitedHealth Group Inc., said in a statement. “Brian was a highly respected colleague and friend to all who worked with him,” UnitedHealth Group said. "We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time.” Police issued a poster showing a surveillance image of the suspect pointing what appeared to be a gun and another image that appeared to show the same person on a bicycle. They offered a reward of up to $10,000 for information leading to an arrest and conviction. Thompson’s wife, Paulette Thompson, told NBC News that he told her “there were some people that had been threatening him.” She said she didn’t have details but suggested the threats may have involved issues with insurance coverage. Eric Werner, the police chief in the Minneapolis suburb where Thompson lived, said his department had not received any reports of threats against the executive. The killing shook a part of New York City that's normally quiet at that hour, happening about four blocks from where tens of thousands of people were set to gather for Wednesday night’s tree lighting. Police promised extra security for the event, which will go on as scheduled. The hotel is also a short walk from other tourist sites, including the Museum of Modern Art, and is often dense with office workers and visitors on weekday mornings. Many security cameras are nearby. “We’re encouraging New Yorkers to go about their daily lives and their daily business but to be alert,” NYPD Chief of Department Jeffrey Maddrey said. Investigators recovered several 9 mm shell casings from outside the hotel and a cellphone from the alleyway through which the suspect fled. They were also searching Thompson's hotel room, interviewing his UnitedHealthcare colleagues and reviewing his social media, Kenny said. The e-bike that the shooter used to ride into Central Park came from the city’s bike-share program, CitiBike. A spokesperson for fLyft, which operates the program, said the company had not yet been contacted by police. Health care giant UnitedHealth Group was holding its annual meeting with investors to update Wall Street on the company's direction and expectations for the coming year. The company ended the conference early in the wake of Thompson's death. “I’m afraid that we — some of you may know we’re dealing with a very serious medical situation with one of our team members,” a company official told attendees, according to a transcript. “And as a result, I’m afraid we’re going to have to bring to a close the event today. ... I’m sure you’ll understand.” Thompson had served as CEO for more than three years and had been with the company since 2004. UnitedHealthcare is the largest provider of Medicare Advantage plans in the U.S. and manages health insurance coverage for employers and state-and federally funded Medicaid programs. Minnesota Gov. Tim Walz tweeted that the state is “sending our prayers to Brian’s family and the UnitedHealthcare team.” “This is horrifying news and a terrible loss for the business and health care community in Minnesota,” the Democrat wrote. Associated Press writers Tom Murphy in Indianapolis, Steve Karnowski in St. Paul, Minnesota, and Anthony Izaguirre in Albany, New York, contributed to this story.Drama for DOGE bros: Ramaswamy caught on tape trashing Musk