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HALIFAX, Nova Scotia (AP) — Canadian Prime Minister Justin Trudeau 's government announced plans Thursday to temporarily lift the federal sales tax off a number of items and send checks to millions of Canadians who are dealing with rising costs and as a federal election looms. The measures come as a cost of living crisis has left voters unhappy with Trudeau and ahead of an election that could come anytime between this fall and next October. “Our government can’t set prices at the checkout, but we can put more money in people’s pockets,” Trudeau said at a press conference in Toronto. Under the plan, Canadians who worked in 2023 and earned up to 150,000 Canadian dollars (US$ 107,440) will receive a check for 250 Canadian dollars. Trudeau noted that even those earning at the high end of that amount have been struggling to get by. An estimated 18.7 million Canadians will receive the one-time check. The federal goods and services tax break would begin Dec. 14 and end Feb. 15. The government said the tax break will apply to a number of items including children’s clothing and shoes, toys, diapers, restaurant meals, beer and wine. It also applies to Christmas trees, a variety of snack foods and beverages and video game consoles. “Politically, it’s probably too little too late and it feels like a desperate move on the part of an unpopular government," said Daniel Béland, a political science professor at McGill University in Montreal. “It’s also bad public policy, at least from a fiscal standpoint.” Trudeau has said he will lead his Liberal Party into the next election. No Canadian prime minister in more than a century has won four straight terms. Trudeau channeled the star power of his father in 2015 when he reasserted the country’s liberal identity in 2015 after almost 10 years of Conservative rule. But the son of late Prime Minister Pierre Trudeau is now in trouble. Canadians have been frustrated by the cost of living coming out of the COVID-19 pandemic. The Liberals trail the opposition Conservatives 39% to 26% in the latest Nanos poll. The poll of 1,047 respondents has a margin of sampling error of plus or minus 3.1 percentage points.It’s a milestone for stoners. New York is set to hit the $1 billion mark in cannabis sales since the legal market launched two years ago, state officials tell The Post. “These numbers clearly indicate that New York is open for business. There’s strong momentum behind the market right now,” said John Kagia, policy director for the state’s Office of Cannabis Management. Pot sales hit $863.9 million as of last week — and they could top the billion-dollar mark by the end of December, regulators say. The state surpassed $500 million in sales in August. The market has ramped in recent months after a rocky rollout marred by lawsuits, a massive illegal market and enormous backlogs in the awarding of retail licenses issued by the often-criticized understaffed and overwhelmed OCM. The turmoil and hiccups delayed the state’s timeline to develop the new legal market for marijuana. Gov. Kathy Hochul ordered a management shake-up after a scathing report she commissioned in May issued blunt criticism of how the regulatory agency was run, and 64 new staffers were hired. OCM currently employs 213 full-time workers, said OCM rep Taylor Randi Lee. There are now 245 licensed retail weed outlets, up from 41 stores at the end of 2023. Retail sales of weed have generated $22 million in combined tax revenues for local governments, including $7.9 million to New York City, according to state Comptroller Tom DiNapoli’s office. More than $16.6 million in tax revenue from the pot business also flowed to the state treasury through June and is on pace to double last year’s total Kagia said beefed-up enforcement and the padlocking of illegal pot shops under a new law approved by Hochul and the state Legislature had a big and immediate impact on boosting the bottom line of licensed cannabis retailers. Sales more than doubled — soaring 105% — among cannabis retailers that were in business before “Operation Padlock” took place in the spring and afterward, a survey by OCM found. Hochul’s office claimed the pot market is now reaching new highs. “Thanks to Governor Hochul’s leadership, more than 1,000 illegal dispensaries have been shut down, and the legal market, nearing $1 billion in sales, is booming,” said Hochul spokesman Miguel Arreola. “Her policies have helped transform the industry, increase revenues for local businesses, and spur reinvestments in the communities most harmed by historical wrongs — all while building the most equitable cannabis market in the nation,” the Hochul rep added. But social-justice advocates complain that too few licenses have gone to operators in communities disproportionately impacted by the war on drugs when marijuana was considered a crime — 5% of those set aside for the “equity” market and 2.5% overall. Still, Kagia said, “Any kind of conclusion is entirely premature. We still have a huge number of licenses to issue.” He said the cannabis agency has instituted a better and more accountable licensing process, such as making a staffer ” a point of contact” responsible for handling an applicant or licensee. More staff is being added to reduce the backlog of applications, too, Kagia said. An analysis by LeafLink, an online platform where pot retailers buy their cannabis from wholesalers, said New York has turned the corner and is now an emerging market primed for growth. “It’s clear New York is moving past some of its initial challenges and is on the path to meeting the lofty expectations that surround this market,” said LeafLink Vice President for Policy Rodney Holcombe. “Similar to other new markets, more work needs to be done to make sure businesses have the environment and proper tools at their disposal to run their businesses efficiently.” New York can only go up. A recent study said it could support 1,000 new pot stores . The LeafLink report shows New York is a cellar-dweller compared to other states that have legalized cannabis. Oklahoma, for example, has 1,900 licensed pot shops. New York currently has 245. There’s also data on pot sales per resident: Alaska is tops with $350 per resident, and Michigan has sales of more than $300 per person. New York sales are under under $50 per resident, about half of even neighboring New Jersey — even though both states legalized pot around the same time. One Downtown Manhattan pot retailer said high times are ahead. “New York’s cannabis market is certainly beginning to take off, especially here in New York City where the appetite for regulated, high-quality products is growing in tandem with efforts to curb the illicit market,” said Vanessa Yee-Chan, owner and founder of Atta Dispensary at 52 Kenmare St., the first weed retailer to open in Chinatown. “Since our grand opening nearly two months ago, our customer base has consistently grown, and we’ve had to increase the frequency in which we place purchase orders for certain products to ensure we are keeping things in stock.”
NEW YORK (AP) — Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the “Magnificent 7”, which can heavily influence the direction of the market because of their large size. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request. Get the latest need-to-know information delivered to your inbox as it happens. Our flagship newsletter. Get our front page stories each morning as well as the latest updates each afternoon during the week + more in-depth weekend editions on Saturdays & Sundays.US News Today Live Updates: In today’s dynamic landscape, staying updated on the latest developments across the United States is essential. US News delivers the most impactful and current stories from coast to coast, covering a broad spectrum of topics, including politics, economic trends, healthcare, social issues, and cultural shifts. From significant government actions and economic shifts to breakthroughs in technology and the latest social debates, we provide real-time updates and thoughtful analysis to keep you informed. Our goal is to keep you connected to the stories that shape American life, ensuring you’re always in the know on the news that matters. US News Today Live: Florida pizza delivery woman stabs pregnant lady 14 times over $2 tip dispute: Shocking details revealed
Prime Minister Justin Trudeau visits Vince’s Market, a grocery store in Sharon, Ont., on Nov. 21. Chris Young/The Canadian Press Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more. Trudeau government announces plan for temporary GST relief Earlier this week, the federal government unveiled a multibillion-dollar plan to give Canadians a tax break over the holidays. Prime Minister Justin Trudeau announced on Thursday that as of Dec. 14, the federal goods and services tax (GST) will be paused for two months on a long list of items – including print books; children’s toys and clothing; diapers; Christmas trees; restaurant meals; beverages such as pop, beer and wine. He also announced his government will send many Canadians $250 cheques in the mail next year. Retailers hope the sales-tax break will help stimulate holiday shopping among inflation-weary consumers, but industry representatives are also worried it may create logistical headaches , Susan Krashinsky Robertson reports. Inflation rises to 2 per cent, dulling case for big BoC rate cut Canada’s inflation rate perked up last month, although the move higher was anticipated by financial analysts. The Consumer Price Index rose 2 per cent in October on an annual basis, rising from 1.6 per cent in September, according to Statistics Canada. The results were influenced by less favourable base effects for gasoline and hefty increases in property taxes, Matt Lundy reports. The slight jump weakens the case for the Bank of Canada to make another outsized cut next month. Several Bay Street analysts expect the central bank to cut interest rates by 25 basis points at its next decision on Dec. 11, although some are sticking with their 50-basis-point predictions for now. Property taxes rose 6 per cent in October, year-over-year, up from 4.9 per cent in 2023 and the largest increase since 1992. DARRYL DYCK/The Canadian Press Ontario colleges face biggest financial hit from Ottawa’s international student clampdown Ontario colleges are starting to feel the financial hit from Ottawa’s international student clampdown. Since the federal government introduced a number of measures to reduce the number of international students, colleges have been feeling the squeeze. Officials have warned of steep drops in enrolment numbers and revenue this year , forcing schools to close some programs and halt capital spending on projects. Foreign students accounted for 42 per cent of all Ontario enrolments last year and 24 per cent of all B.C. enrolments, according to new numbers from Statistics Canada. In this week’s Decoder series, Jason Kirby takes a closer look at the numbers . Alberta appoints former prime minister Stephen Harper to chair AIMCo board The restructuring at public-sector pension fund manager Alberta Investment Management Corp. continues with the province appointing former prime minister Stephen Harper to chair the AIMCo board. Mr. Harper is taking the chairman’s role unpaid as part of a revamped board of directors after Alberta’s government dismissed AIMCo’s entire 10-member board and four senior leaders , including its chief executive officer, two weeks ago. The province also added the deputy minister of Treasury Board and Finance as a permanent member of the board, without pay, and three other formerly dismissed AIMCo directors are returning. The decision raises questions about AIMCo’s continued independence, and whether the move opens the door to the government to exert greater political influence or to steer the pension fund manager toward government priorities, James Bradshaw reports. Why Canada’s emerging critical minerals miners are struggling to survive Raising capital in Canada’s junior mining sector has been getting progressively harder over the past decade, but with one of the key sources of patient capital virtually eliminated, the job is now significantly more difficult. More than two years ago, Ottawa said it would only allow Canadian critical minerals companies to raise money from Chinese state-owned enterprises under exceptional circumstances – as an attempt to rein in China’s control over critical minerals. Some experts in the industry understand the crackdown on Chinese investment, but say it also hurts domestic companies and their chances of making it. Niall McGee reports on why Canada’s critical minerals miners are struggling to survive – and what can be done about it. Samples of nickel sulphate, also known as nickel (II) sulphate. Nickel sulphate is the chemical compound used in the production of nickel-based lithium-ion batteries. Marlin Olynyk/The Globe and Mail Signed a mortgage when interest rates were at their highest? Breaking it could save you money Did you sign a mortgage last year when interest rates were at their highest? Salmaan Farooqui reports that breaking it could save you thousands in interest. Mortgage brokers say homeowners often pay too little attention to their mortgage after they sign onto a term, and say they should be opportunistic when it comes to saving money on what is likely their largest form of debt. They say that anyone who signed a mortgage during peak rates should be looking into whether resigning with a lower interest rate could be advantageous – especially in the current environment of dropping interest rates. d. Property taxes rose 6 per cent over the past year, the biggest increase since 1992. Get the rest of the questions from the weekly business and investing news quiz here , and prepare for the week ahead with The Globe’s investing calendar .Where family and resident councils are most common in US nursing homes
NEW YORK (AP) — Greg Gumbel, a longtime CBS sportscaster, has died from cancer, according to a statement from family released by CBS on Friday. He was 78. “He leaves behind a legacy of love, inspiration and dedication to over 50 extraordinary years in the sports broadcast industry; and his iconic voice will never be forgotten,” his wife Marcy Gumbel and daughter Michelle Gumbel said in a statement. In March, Gumbel missed his first NCAA Tournament since 1997 due to what he said at the time were family health issues. Gumbel was the studio host for CBS since returning to the network from NBC in 1998. Gumbel signed an extension with CBS last year that allowed him to continue hosting college basketball while stepping back from NFL announcing duties. In 2001, he announced Super Bowl XXXV for CBS, becoming the first Black announcer in the U.S. to call play-by-play of a major sports championship. David Berson, president and CEO of CBS Sports, described Greg Gumbel as breaking barriers and setting standards for others during his years as a voice for fans in sports, including in the NFL and March Madness. “A tremendous broadcaster and gifted storyteller, Greg led one of the most remarkable and groundbreaking sports broadcasting careers of all time,” said Berson. Gumbel had two stints at CBS, leaving the network for NBC when it lost football in 1994 and returning when it regained the contract in 1998. He hosted CBS’ coverage of the 1992 and 1994 Winter Olympics and called Major League Baseball games during its four-year run broadcasting the national pastime. But it was football and basketball where he was best known and made his biggest impact. Gumbel hosted CBS’ NFL studio show, “The NFL Today” from 1990 to 1993 and again in 2004. He also called NFL games as the network’s lead play-by-play announcer from 1998 to 2003, including Super Bowl XXXV and XXXVIII. He returned to the NFL booth in 2005, leaving that role after the 2022 season.NEW YORK, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Color Star Technology Co., Ltd. (Nasdaq: ADD) (“Color Star” or the “Company”), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence in the entertainment industry, announced today that it received a formal notification from the Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company’s ordinary shares to maintain a minimum bid price of $1.00 per share. The Nasdaq staff made this determination of compliance after the closing bid price of the Company’s Class A Ordinary Shares has been at $1.00 per share or greater for the last 10 consecutive business days from November 15, 2024 to November 29, 2024. Accordingly, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and this bid price deficiency matter is now closed. About Color Star Technology Co., Ltd. Color Star Technology Co., Ltd. (Nasdaq: ADD) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries, Color Metaverse Pte. Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com and www.colorstar.investorroom.com . Forward-Looking Statements This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development, including the development of the metaverse project; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market internationally where ADD conducts its business; reputation and brand; the impact of competition and pricing; government regulations; the ability of Color Star to meet NASDAQ listing standards in connection with the consummation of the transaction contemplated therein; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission by Color Star. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov . The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules. Contact Color Star Investor Relations Office Number No. 1003, 9th Floor, 7 World Trade Center, Suite 4621 New York NY 10007 Office: (212) 410-5186 Email ir@colorstarinternational.com
Groundbreaking broadcaster Greg Gumbel, 78, dies
SAN FRANCISCO--(BUSINESS WIRE)--Dec 5, 2024-- All Remote – GitLab Inc. (NASDAQ: GTLB), the most comprehensive AI-powered DevSecOps platform, today reported financial results for its third quarter fiscal year 2025, ended October 31, 2024. “GitLab’s growth at scale is a testament to the demand for a platform approach to software development,” said Sid Sijbrandij, co-founder and executive chair of the board of directors, GitLab Inc. “Our end-to-end DevSecOps platform addresses our customers’ need to accelerate the pace of software development to remain competitive, innovate faster, and ship software more securely.” In a separate press release issued today, December 5, 2024, the company announced Bill Staples was named CEO and a member of the board of directors effective today. Staples succeeds co-founder and CEO Sid Sijbrandij, who is stepping down from his day-to-day role to focus on his health. Sijbrandij will transition to executive chair of the GitLab board of directors. The announcement can be found at https://ir.gitlab.com/ . “We delivered record non-GAAP operating margins as our third quarter fiscal year 2025 revenue reached $196 million dollars, an increase of 31% year-over-year,” said Brian Robins, GitLab chief financial officer. “I am very pleased with our results and the team’s execution as we continue to deliver against our commitment to responsible growth.” Third Quarter Fiscal Year 2025 Financial Highlights (in millions, except per share data and percentages) : Q3 FY 2025 Q3 FY 2024 Y/Y Change Revenue $ 196.0 $ 149.7 31 % GAAP Gross margin 89 % 90 % Non-GAAP Gross margin 91 % 91 % GAAP Operating margin (15 )% (27 )% Non-GAAP Operating margin 13 % 3 % GAAP Operating loss $ (28.7 ) $ (40.3 ) $ 11.6 Non-GAAP Operating income $ 25.9 $ 4.7 $ 21.2 GAAP Net Income (loss) attributable to GitLab $ 29.6 $ (285.2 ) $ 314.8 Non-GAAP Net income attributable to GitLab $ 39.1 $ 14.4 $ 24.7 GAAP Net income (loss) per share attributable to GitLab, basic $ 0.18 $ (1.84 ) $ 2.02 GAAP Net income (loss) per share attributable to GitLab, diluted $ 0.18 $ (1.84 ) $ 2.02 Non-GAAP Net income per share attributable to GitLab, basic $ 0.24 $ 0.09 $ 0.15 Non-GAAP Net income per share attributable to GitLab, diluted $ 0.23 $ 0.09 $ 0.14 GAAP net cash used in operating activities $ (177.0 ) $ (6.0 ) $ (171.0 ) Non-GAAP adjusted free cash flow $ 9.7 $ (6.7 ) $ 16.4 A reconciliation between GAAP and non-GAAP financial measures is contained in this release under the section titled “Non-GAAP Financial Measures.” Additional Financial Highlights: Customers with more than $5,000 of ARR reached 9,519, an increase of 16% year-over-year. Customers with more than $100,000 of ARR reached 1,144, an increase of 31% year-over-year. Dollar-Based Net Retention Rate was 124%. Total RPO grew 48% year-over-year to $811.8 million, while cRPO grew 39% to $515.2 million. Business Highlights: Recognized as a Leader in the Gartner® Magic QuadrantTM for DevOps Platforms for the second consecutive year. Announced an integrated offering with AWS that brings together GitLab Duo and Amazon Q. Together, GitLab Duo and Amazon Q provide a seamless AI-powered developer experience that combines DevSecOps workflows and AWS environments to help organizations ship secure software faster. Announced the general availability of Advanced SAST for GitLab Ultimate customers, leveraging technology acquired with Oxeye, for more accurate vulnerability detections in first-party code. Fourth Quarter and Fiscal Year 2025 Financial Outlook For the fourth quarter and fiscal year 2025, GitLab Inc. expects ( in millions, except share and per share data) : Q4 FY 2025 Guidance FY 2025 Guidance Revenue $205.0 - $206.0 $753 - $754 Non-GAAP operating income $28.0 - $29.0 $69 - $70 Non-GAAP diluted net income per share assuming approximately 170 million and 168 million weighted average shares outstanding during Q4 FY 2025 and FY 2025, respectively. $0.22 - $0.23 $0.63 - $0.64 These statements are forward-looking and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below in Non-GAAP Financial Measures. We have not provided the most directly comparable GAAP financial guidance measures because certain items are out of our control or cannot be reasonably predicted. Accordingly, a reconciliation of non-GAAP guidance for operating income (loss) and net income (loss) per share to the corresponding GAAP measures is not available. Conference Call Information GitLab will host a conference call today, December 5, 2024, at 1:30 p.m. (PT) / 4:30 p.m. (ET) to discuss its third quarter fiscal year 2025 financial results and its guidance for the fourth quarter and fiscal year 2025. Interested parties may register for the call in advance by visiting https://bit.ly/3Ul8cwM . A live webcast of this conference call will be available on GitLab’s investor relations website ( ir.gitlab.com ), and a replay will also be archived on the website for one year. About GitLab GitLab is the most comprehensive AI-powered DevSecOps platform for software innovation. GitLab enables organizations to increase developer productivity, improve operational efficiency, reduce security and compliance risk, and accelerate digital transformation. More than 40 million registered users and more than 50% of the Fortune 100 trust GitLab to ship better, more secure software faster. Non-GAAP Financial Measures GitLab believes non-GAAP measures are useful in evaluating its operating performance. GitLab uses this supplemental information to evaluate its ongoing operations and for internal planning and forecasting purposes. GitLab believes that non-GAAP financial information, when taken collectively with its GAAP financial information, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. We define non-GAAP financial measures as GAAP measures, excluding certain items such as stock-based compensation expense, amortization of acquired intangible assets, foreign exchange (gain) loss, equity method investment loss and impairment, acquisition related expenses, changes in the fair value of acquisition related contingent consideration, charitable donation of common stock, restructuring charges, a non-recurring income tax adjustment related to bilateral advance pricing agreement (“BAPA”) negotiations, and other expenses that the Company believes are not indicative of its ongoing operations. Shares used for net income per share on a non-GAAP basis include incremental dilutive shares related to restricted stock units, options, and shares issuable under GitLab Inc.’s 2021 Employee Stock Purchase Plan that are anti-dilutive on a GAAP basis. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financial measure to evaluate our business. Adjusted Free Cash Flow Adjusted free cash flow is a non-GAAP financial measure that we calculate as net cash provided by operating activities less cash used for purchases of property and equipment, plus any non-recurring income tax payments related to BAPA. We believe that adjusted free cash flow is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and any non-recurring income tax payments related to BAPA, can be used for strategic initiatives, including investing in our business, and strengthening our financial position. One limitation of adjusted free cash flow is that it does not reflect our future contractual commitments. Additionally, adjusted free cash flow does not represent the total increase or decrease in our cash balance for a given period. Forward-Looking Statements This press release and the accompanying earnings call contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although we believe that the expectations reflected in the forward-looking statements contained in this release and the accompanying earnings call are reasonable, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to the following: our ability to effectively manage our growth; our revenue growth rate in the future; our ability to achieve and sustain profitability, our business, financial condition, and operating results; security and privacy breaches; intense competition in our markets and loss of market share to our competitors; our ability to respond to rapid technological changes; the market for our services may not grow; a decline in our customer renewals and expansions; fluctuations in our operating results; our incorporation of artificial intelligence features into our products; our transparency; our publicly available company Handbook; customers staying on our free self-managed or SaaS product offering; our ability to accurately predict the long-term rate of customer subscription renewals or adoption, or the impact of these renewals and adoption; our hiring model; the effects of ongoing armed conflict in different regions of the world on our business; and general economic conditions (including changes in interest rates, inflation, uncertainty of the federal budget, increased volatility in the capital markets, and instability in the global banking sector) and slow or negative growth of our markets. Further information on these and additional risks, uncertainties, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in the filings and reports we make with the Securities and Exchange Commission. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. Operating Metrics Annual Recurring Revenue (“ARR”): We define annual recurring revenue as the annual run-rate revenue of subscription agreements, including our self-managed and SaaS offerings but excluding professional services, from all customers as measured on the last day of a given month. We calculate ARR by taking the monthly recurring revenue (“MRR”) and multiplying it by 12. MRR for each month is calculated by aggregating, for all customers during that month, monthly revenue from committed contractual amounts of subscriptions, including our self-managed license, self-managed subscription, and SaaS subscription offerings but excluding professional services. Dollar-Based Net Retention Rate: We calculate Dollar-Based Net Retention Rate as of a period end by starting with our customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, price adjustments, user growth within a customer, contraction, and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the Dollar-Based Net Retention Rate. GitLab Inc. Condensed Consolidated Balance Sheets (in thousands, except per share data) (unaudited) October 31, 2024 (1) January 31, 2024 (1) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 176,632 $ 287,996 Short-term investments 740,340 748,289 Accounts receivable, net of allowance for doubtful accounts of $891 and $673 as of October 31, 2024 and January 31, 2024, respectively 197,555 166,731 Deferred contract acquisition costs, current 34,518 32,300 Prepaid expenses and other current assets 43,120 45,601 Total current assets 1,192,165 1,280,917 Property and equipment, net 3,563 2,954 Operating lease right-of-use assets 444 405 Goodwill 16,131 8,145 Intangible assets, net 19,536 1,733 Deferred contract acquisition costs, non-current 17,248 19,317 Other non-current assets 3,552 4,390 TOTAL ASSETS $ 1,252,639 $ 1,317,861 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 2,224 $ 1,738 Accrued expenses and other current liabilities 51,821 286,178 Accrued compensation and benefits 27,274 35,809 Deferred revenue, current 383,183 338,348 Total current liabilities 464,502 662,073 Deferred revenue, non-current 14,138 23,794 Other non-current liabilities 3,776 14,060 TOTAL LIABILITIES 482,416 699,927 STOCKHOLDERS’ EQUITY: Preferred stock, $0.0000025 par value; 50,000 shares authorized as of October 31, 2024 and January 31, 2024; no shares issued and outstanding as of October 31, 2024 and January 31, 2024 — — Class A Common stock, $0.0000025 par value; 1,500,000 shares authorized as of October 31, 2024 and January 31, 2024; 140,528 and 114,670 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively — — Class B Common stock, $0.0000025 par value; 250,000 shares authorized as of October 31, 2024 and January 31, 2024; 21,555 and 42,887 shares issued and outstanding as of October 31, 2024 and January 31, 2024, respectively — — Additional paid-in capital 1,891,653 1,718,661 Accumulated deficit (1,161,952 ) (1,149,822 ) Accumulated other comprehensive income (loss) (4,996 ) 2,335 Total GitLab stockholders’ equity 724,705 571,174 Noncontrolling interests 45,518 46,760 TOTAL STOCKHOLDERS’ EQUITY 770,223 617,934 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,252,639 $ 1,317,861 (1) As of October 31, 2024 and January 31, 2024, the consolidated balance sheet includes assets of the consolidated variable interest entity, GitLab Information Technology (Hubei) Co., LTD (“JiHu”), of $43.4 million and $47.6 million, respectively, and liabilities of $6.1 million for each period presented. The assets of JiHu can be used only to settle obligations of JiHu and creditors of JiHu do not have recourse against the general credit of GitLab Inc. GitLab 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—self-managed and SaaS $ 175,257 $ 130,993 $ 489,617 $ 364,280 License—self-managed and other 20,790 18,675 58,201 51,847 Total revenue 196,047 149,668 547,818 416,127 Cost of revenue: Subscription—self-managed and SaaS 17,170 11,559 47,639 33,321 License—self-managed and other 4,955 3,525 14,632 10,398 Total cost of revenue 22,125 15,084 62,271 43,719 Gross profit 173,922 134,584 485,547 372,408 Operating expenses: Sales and marketing 95,340 86,978 285,542 265,631 Research and development 61,354 49,058 176,767 148,452 General and administrative 45,960 38,815 146,615 110,882 Total operating expenses 202,654 174,851 608,924 524,965 Loss from operations (28,732 ) (40,267 ) (123,377 ) (152,557 ) Interest income 12,586 10,874 37,443 27,301 Other income (expense), net 4,992 569 5,457 (508 ) Loss before income taxes and loss from equity method investment (11,154 ) (28,824 ) (80,477 ) (125,764 ) Loss from equity method investment, net of tax — (743 ) — (2,408 ) Provision for (benefit from) income taxes (39,421 ) 256,788 (66,131 ) 262,290 Net income (loss) $ 28,267 $ (286,355 ) $ (14,346 ) $ (390,462 ) Net loss attributable to noncontrolling interest (1,298 ) (1,197 ) (2,216 ) (2,755 ) Net income (loss) attributable to GitLab $ 29,565 $ (285,158 ) $ (12,130 ) $ (387,707 ) Net income (loss) per share attributable to GitLab Class A and Class B common stockholders: Basic $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Diluted $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Weighted-average shares used to compute net income (loss) per share attributable to GitLab Class A and Class B common stockholders: Basic 161,317 155,123 159,756 153,504 Diluted 167,436 155,123 159,756 153,504 GitLab Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss), including amounts attributable to noncontrolling interest $ 28,267 $ (286,355 ) $ (14,346 ) $ (390,462 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Stock-based compensation expense 48,042 41,334 139,263 120,032 Change in fair value of acquisition related contingent consideration — — 3,750 — Charitable donation of common stock 2,957 2,675 8,871 8,025 Amortization of intangible assets 2,511 521 5,931 1,646 Depreciation expense 680 1,123 2,361 3,329 Amortization of deferred contract acquisition costs 12,704 10,447 35,650 31,066 Loss from equity method investment — 940 — 3,048 Net amortization of premiums or discounts on short-term investments (3,792 ) (5,867 ) (12,933 ) (14,361 ) Unrealized foreign exchange loss (gain), net (5,184 ) (573 ) (5,442 ) 252 Other non-cash expense, net 467 420 768 317 Changes in assets and liabilities: Accounts receivable (32,883 ) (30,572 ) (31,658 ) (5,291 ) Prepaid expenses and other current assets (10,773 ) (3,935 ) 2,498 (8,183 ) Deferred contract acquisition costs (14,751 ) (13,623 ) (35,706 ) (31,760 ) Other non-current assets 1,348 (453 ) 851 (1,174 ) Accounts payable (1,317 ) 799 33 (224 ) Accrued expenses and other current liabilities (220,071 ) 244,674 (241,704 ) 245,857 Accrued compensation and benefits (1,913 ) 231 (8,815 ) 2,842 Deferred revenue 19,665 14,270 34,503 29,158 Other non-current liabilities (2,985 ) 17,983 (11,068 ) 16,070 Net cash provided by (used in) operating activities (177,028 ) (5,961 ) (127,193 ) 10,187 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of short-term investments (240,136 ) (238,680 ) (503,394 ) (573,676 ) Proceeds from maturities of short-term investments 148,763 253,995 524,862 526,979 Purchases of property and equipment (1,057 ) (736 ) (2,608 ) (1,269 ) Payments for business combination, net of cash acquired — — (20,210 ) — Payments for asset acquisition (346 ) — (7,660 ) — Escrow payment related to business combination, after acquisition date — — — (2,500 ) Other investing activities — — 457 — Net cash provided by (used in) investing activities (92,776 ) 14,579 (8,553 ) (50,466 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the issuance of common stock upon exercise of stock options, including early exercises, net of repurchases 7,822 4,715 17,895 22,492 Issuance of common stock under employee stock purchase plan — — 7,932 7,751 Settlement of acquisition related contingent cash consideration (4,900 ) — (4,900 ) — Net cash provided by financing activities 2,922 4,715 20,927 30,243 Impact of foreign exchange on cash and cash equivalents 4,898 (1,249 ) 3,455 (2,557 ) Net decrease in cash and cash equivalents (261,984 ) 12,084 (111,364 ) (12,593 ) Cash and cash equivalents at beginning of period 438,616 273,225 287,996 297,902 Cash and cash equivalents at end of period $ 176,632 $ 285,309 $ 176,632 $ 285,309 GitLab Inc. Reconciliation of GAAP to Non-GAAP (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Gross profit on GAAP basis $ 173,922 $ 134,584 $ 485,547 $ 372,408 Gross margin on GAAP basis 89 % 90 % 89 % 89 % Stock-based compensation expense 1,993 1,648 5,924 4,760 Amortization of acquired intangibles 2,511 521 5,931 1,546 Restructuring charges — — — 463 Gross profit on non-GAAP basis $ 178,426 $ 136,753 $ 497,402 $ 379,177 Gross margin on non-GAAP basis 91 % 91 % 91 % 91 % Sales and marketing on GAAP basis $ 95,340 $ 86,978 $ 285,542 $ 265,631 Stock-based compensation expense (17,012 ) (16,523 ) (54,290 ) (51,582 ) Restructuring charges (130 ) 54 (1,126 ) (3,623 ) Sales and marketing on non-GAAP basis $ 78,198 $ 70,509 $ 230,126 $ 210,426 Research and development on GAAP basis $ 61,354 $ 49,058 $ 176,767 $ 148,452 Stock-based compensation expense (14,384 ) (12,738 ) (42,834 ) (36,917 ) Restructuring charges — (72 ) (393 ) (2,119 ) Research and development on non-GAAP basis $ 46,970 $ 36,248 $ 133,540 $ 109,416 General and administrative on GAAP basis $ 45,960 $ 38,815 $ 146,615 $ 110,882 Stock-based compensation expense (14,653 ) (10,425 ) (36,215 ) (26,773 ) Amortization of acquired intangibles — — — (100 ) Restructuring charges 11 4 (377 ) (1,634 ) Charitable donation of common stock (2,957 ) (2,675 ) (8,871 ) (8,025 ) Changes in the fair value of acquisition related contingent consideration — — (3,750 ) — Acquisition related expenses (140 ) — (2,849 ) — Other non-recurring charges (872 ) (413 ) (1,084 ) (413 ) General and administrative on non-GAAP basis $ 27,349 $ 25,306 $ 93,469 $ 73,937 Loss from operations on GAAP basis $ (28,732 ) $ (40,267 ) $ (123,377 ) $ (152,557 ) Stock-based compensation expense 48,042 41,334 139,263 120,032 Amortization of acquired intangibles 2,511 521 5,931 1,646 Restructuring charges 119 14 1,896 7,839 Charitable donation of common stock 2,957 2,675 8,871 8,025 Changes in the fair value of acquisition related contingent consideration — — 3,750 — Acquisition related expenses 140 — 2,849 — Other non-recurring charges 872 413 1,084 413 Income (loss) from operations on non-GAAP basis $ 25,909 $ 4,690 $ 40,267 $ (14,602 ) Other income (expense), net on GAAP basis $ 4,992 $ 569 $ 5,457 $ (508 ) Foreign exchange gains (losses), net (5,096 ) (488 ) (5,326 ) 506 Other income (expense), net on non-GAAP basis $ (104 ) $ 81 $ 131 $ (2 ) Net income (loss) attributable to GitLab common stockholders on GAAP basis $ 29,565 $ (285,158 ) $ (12,130 ) $ (387,707 ) Stock-based compensation expense 48,042 41,334 139,263 120,032 Amortization of acquired intangibles 2,511 521 5,931 1,646 Restructuring charges 119 14 1,896 7,839 Charitable donation of common stock 2,957 2,675 8,871 8,025 Changes in the fair value of acquisition related contingent consideration — — 3,750 — Acquisition related expenses 140 — 2,849 — Loss from equity method investment, net of tax — 743 — 2,408 Foreign exchange gains (losses), net (5,096 ) (488 ) (5,326 ) 506 Income tax adjustment (39,965 ) 254,392 (78,047 ) 254,392 Other non-recurring charges 872 413 1,084 413 Net income attributable to GitLab common stockholders on non-GAAP basis $ 39,145 $ 14,446 $ 68,141 $ 7,554 GAAP net income (loss) per share, basic $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) GAAP net income (loss) per share, diluted $ 0.18 $ (1.84 ) $ (0.08 ) $ (2.53 ) Non-GAAP net income per share, basic $ 0.24 $ 0.09 $ 0.43 $ 0.05 Non-GAAP net income per share, diluted $ 0.23 $ 0.09 $ 0.41 $ 0.05 Shares used in per share calculation - basic on GAAP basis 161,317 155,123 159,756 153,504 Effect of dilutive securities 6,119 7,671 7,637 7,774 Shares used in per share calculation - diluted on non-GAAP basis 167,436 162,794 167,393 161,278 GitLab Inc. Reconciliation of GAAP Cash Flow from Operating Activities to Adjusted Free Cash Flow (in thousands) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Computation of adjusted free cash flow GAAP net cash provided by (used in) operating activities $ (177,028 ) $ (5,961 ) $ (127,193 ) $ 10,187 Less: Purchases of property and equipment (1,057 ) (736 ) (2,608 ) (1,269 ) Add: Income tax payments related to BAPA 187,735 — 187,735 — Non-GAAP adjusted free cash flow $ 9,650 $ (6,697 ) $ 57,934 $ 8,918 View source version on businesswire.com : https://www.businesswire.com/news/home/20241205686308/en/ CONTACT: Media Contact: Lisa Boughner VP, Global Communications GitLab Inc. press@gitlab.com Investor Contact: Kelsey Turcotte VP, Investor Relations GitLab Inc. ir@gitlab.com KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: DATA MANAGEMENT SECURITY APPS/APPLICATIONS TECHNOLOGY SOFTWARE ARTIFICIAL INTELLIGENCE SOURCE: GitLab Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:06 PM/DISC: 12/05/2024 04:05 PM http://www.businesswire.com/news/home/20241205686308/enARLINGTON, Texas (AP) — The roof at the home of the Dallas Cowboys opened without incident and will stay that way for a Monday night meeting with the Cincinnati Bengals. It was to be the first game with the roof open at AT&T Stadium since Oct. 30, 2022, a 49-29 Dallas victory over Chicago. The roof was supposed to be open three weeks ago for Houston's 34-10 victory on another Monday night, but a large piece of metal and other debris fell roughly 300 feet to the field as the retractable roof was opening about three hours before kickoff. The Cowboys decided to close the roof after the incident, and it remained that way for the game. There were no injuries, and the start of the game wasn't delayed. The club said at the time it would investigate the cause with a plan to reopen the roof when it was deemed safe. Wind was cited as a cause for the falling debris. There were gusts of at least 30 mph in the afternoon before the meeting with the Texans. It was sunny with a high in the 70s Monday in the Dallas area, and winds were in the 10 mph range. AP NFL: https://apnews.com/hub/NFLBALTIMORE (AP) — Nendah Tarke's 24 points helped Towson defeat Morgan State 64-60 on Sunday night. Tarke added seven rebounds for the Tigers (4-2). Tomiwa Sulaiman scored 10 points and grabbed six rebounds. Christian May scored nine. The Bears (3-5) were led in scoring by Wynston Tabbs with 19 points. Kameron Hobbs had 13 points and Ahmarie Simpkins finished with nine points, three steals and two blocks. Towson went into halftime leading Morgan State 35-26. Tarke scored 14 points in the half. Towson used a 7-0 run in the second half to build an 11-point lead at 58-47 with 5:51 left in the half before finishing off the win. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Stock Radar: Ramco Cements breaks out from 10-month Volatility Contraction Pattern; time to buy?
AP Sports SummaryBrief at 6:44 p.m. EST
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Littler, who won the Grand Slam of Darts last week, hit checkouts of 170, 164 and 136 as he threatened to overturn an early deficit, but Humphries held his nerve to win the last three legs. “I’m really, really proud of that one to be honest,” Humphries told Sky Sports. FOR THE SECOND TIME 🏆🏆 Luke Humphries retains his 2024 Ladbrokes Players Championship Finals title, beating Luke Littler 11-7 in the final. pic.twitter.com/QUhxvSbGeu — PDC Darts (@OfficialPDC) November 24, 2024 “I didn’t feel myself this week playing-wise, I felt like I was a dart behind in a lot of the scenarios but there’s something that Luke does to you. He really drives me, makes me want to be a better player and I enjoy playing him. “He let me in really early in that first session to go 4-1 up, I never looked back and I’m proud that I didn’t take my foot off the gas. These big games are what I live for. “Luke is a special talent and he was right – I said to him I’ve got to get these (titles) early before he wins them all. “I’d love to be up here and hitting 105 averages like Luke is all the time but he’s a different calibre, he’s probably the best player in the world right now but there’s something about me that never gives up. “This is a great way to go into the worlds.” HUMPHRIES GOES BACK-TO-BACK! 🏆 Luke Humphries retains his Players Championship Finals title! Cool Hand puts on an absolute clinic to defeat Luke Littler 11-7 in an epic final! 📺 https://t.co/AmuG0PMn18 #PCF2024 | Final pic.twitter.com/nZDWPUVjWE — PDC Darts (@OfficialPDC) November 24, 2024 Littler, who lost the world championship final to Humphries last year, said: “It was tough, missed a few doubles and if you don’t take chances early on, it’s a lot to come back. “I hit the 170 and the 164 but just didn’t have enough in the end. “It’s been a good past two weeks. I just can’t wait to go home, chill out, obviously practice at home for the worlds. That’s it now, leading up to the big one.”