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okebet agent commission The Latest: Matt Gaetz withdraws his name from consideration as Trump’s attorney generalFormer Nebraska head coach Scott Frost has landed his first college job since his time with the Huskers, and it's a familiar location. Frost is set to take over at UCF, the program he coached from 2016-17 before heading to Nebraska, according to multiple reports. 247Sports and The Orlando Sentinel reported the news Saturday. Previous reported indicated that UCF was down to two candidates, Frost and UNLV head coach Barry Odom, in its quest to replace the fired Gus Malzahn. The Knights chose to reunite with Frost over the 48-year-old Odom, who led UNLV to a 10-win season this fall. Frost rebuilt a UCF football program coming off a winless season into a six-win squad, then a 13-0 team during the 2017 season which stands as the best in UCF's program history. Frost had been out of the college game since his firing at Nebraska in September 2022. He compiled a 16-31 record at his alma mater, completing four losing seasons before being fired three games into the 2022 campaign. The former Nebraska head coach's first job since was with the Los Angeles Rams this fall, where he briefly worked as an analyst. Having failed to rebuild at Nebraska, the 49-year-old Frost now returns to the school where he thrived as an up-and-coming offensive coach. Get local news delivered to your inbox!

Is Technology Worthy of Our Faith?

There was fury across the airwaves and social media following a traffic fuelled gridlock storm across Belfast on Thursday evening. Yes, there were some traffic lights down while a crash, gigs and Christmas traffic no doubt added to the problem. But this is a storm of our and our politicians' own making - and it's time we had a major rethink about how people travel around Northern Ireland. According to official statistics, Northern Ireland spends much less on public transport than any other part of the UK and Ireland - so it's not surprising we've landed here after years of inaction and unspent active travel funding amid blatantly obvious and attainable solutions. I cycled home from the office on Thursday, and while I could pass the traffic hell many motorists were jammed in - it still wasn't a pleasant experience on a bike. Anger rang out in the form of blaring horns while cars and lorries blocked crossings, yellow boxes and more in a bid to edge a little bit closer to their final destination. The roundabouts were a nightmare - and they're hard on a bike even when the traffic was flowing freely but they were especially dangerous on a bike - despite transport chiefs urging us to rethink how we get around. Meanwhile, the underpass at Knocknagoney that's supposed to provide a safe route for cyclists and pedestrians under a very busy roundabout was flooded so much it was impassable - cue me having to head out onto the road in the dark with cars going up to 60mph and maybe more in some cases. In short, our traffic systems are a debacle and there's little to no joined up thinking on how to fix it. Every project gets it's own business case and even when major roads like the Sydenham bypass are upgraded - those works completely ignore the cycle lanes that are supposed to be delivered along that route by the end of next year because DfI is still putting a plan together on how to deliver those, they say. It's not good enough. I'm sick to the back teeth of how long it takes the government to catch up with the people and deliver the changes we need to make everyone's lives better - including those who might need to use a car for whatever reason. It all starts with the proper funding to deliver the changes needed to get people out of their cars and into active travel and onto public transport. Translink needed £691m to deliver service as usual in 2023-2024 and got 14% less at £523m. In 2024/2025, DfI equality impact assessment on the resource budget also outlined how Translink faced a 19.4% reduction to funding against its forecast requirements posing "a real risk this will impact directly on the level of services provided". They've been given a few additional million here and there, but it's clearly not fixing our transport issues, which need a major funding boost to deliver the sorts of changes we need to reduce traffic on the roads. We need cheaper transport fares, more frequent and less sparse services to get more people to leave their car at home and take a bus or train. We also need the Belfast Cycle Network plans to be delivered at speed to keep cyclists safe on the road and encourage more people to take up the health, climate and congestion friendly mode of transport as well. When transport systems don't work, the economy suffers - and it's time the Executive woke up to that reality? Where are we with the All-Island rail review plans? Not very far on as it happens. Minister O'Dowd said in answer to an Assembly question from Justin McNulty, SDLP, at the end of November feasibility studies on the reopening of Antrim-Lisburn (with a link to Belfast International Airport); Armagh-Portadown; Electrification of Belfast to the Border and Portadown-Derry are due next spring/summer and that they have started developing hourly train services to Dublin while "procurement has also started on a new, faster, more sustainable Enterprise train fleet". Those shifts are important, but they are not happening fast enough - we need changes on the ground across NI now and with the Northern Ireland Executive is set to get in Rachel Reeves' budget - I would suggest that Stormont should be looking at a massive funding boost for active travel and delivering public transport services that work for people. We still have just 2 miles of safe cycle routes through Belfast and DfI has spent just £3.3m of the £16m promised up to 2025 for Belfast's cycle lane network in the past four years. We reported how £2.1m of active travel funding was being used to fix roads in March this year - that's a disgrace - but highlights perfectly where DfI's priorities lie. It seems to me that they are happy to continue with business as usual, no matter the consequences for traffic, air quality, the climate crisis and people's health. Does our minister care about these things? If he did, why isn't he making changes like Eamon Ryan did in Ireland that have delivered over 1 million public transport journeys a day? ROI’s Transport Minister cut fares by 20%, gave rural areas new BusConnect routes which have had hugely positive impacts in the areas where they are being rolled out. Dublin’s Dart and Luas are getting more funding than ever, with routes being extended and journeys made more frequent. Kids now go free on public transport in the south while routes for public buses only have cut journey times between 25-32% through parts of Dublin. These are the changes we need to see along a major cycle infrastructure roll out if we are to have any hope of reducing the gridlock that has now reached crisis levels in NI cities - it's time the government started investing in our futures. I still think the Glider should have been light rail with its own tracks, that would not get stuck in traffic... but instead of investing for a better future DfI chose the cheap option and it has added to the problem. Bus lanes should be for buses only and evening trains to places just outside Belfast should not be offering just an hourly service if we want people to use them - it’s a joke. We should also have late night services in all our public transport offerings - not just at Christmas. That’s how we make the changes that will get more people onto public transport, it’s not rocket science, and surely even our politicians can see the benefits these changes would deliver? To remove this article -COPPER MOUNTAIN, Colo. (AP) — For a pair of lower-level downhill events, this sure had plenty of Olympic medal-capturing and World Cup-winning ski racers. The stage belonged to Lindsey Vonn , the 40-year-old who took another step on her comeback trail Saturday with her first races in nearly six years. Vonn wasn't particularly speedy and finished in the middle of the pack on a cold but sunny day at Copper Mountain. Times and places weren't the mission, though, as much as getting used to the speed again and gaining the necessary points to compete on the World Cup circuit this season. Vonn accomplished both, finishing 24th in the first downhill race of the day and 27th in the second. She posted on social media after the FIS races that she had enough points to enter World Cup events. The timing couldn't be more perfect — the next stop on the women's circuit is Beaver Creek, Colorado, in a week. Vonn, who used to own a home in nearby Vail, hasn't committed to any sort of timetable for a World Cup return. “Today was a solid start and I had a blast being in start with my teammates again!” Vonn wrote on X . “While I’m sure people will speculate and say I’m not in top form because of the results, I disagree. This was training for me. I’m still testing equipment and getting back in the groove.” Her competition — a veritable who's who of high-profile ski racers — applauded her efforts. “I don't expect her to come back and win — just that she comes back and she has fun,” said Federica Brignone of Italy, a former overall World Cup champion and three-time Olympic medalist. “She's having fun, and she’s doing what she loves. That’s the best thing that she could do.” In the first race on a frigid morning, Vonn wound up 1.44 seconds behind the winning time of 1 minute, 5.79 seconds posted by Mirjam Puchner of Austria. In her second race through the course later in the morning, Vonn was 1.53 seconds behind Cornelia Huetter of Austria, who finished in 1:05.99. Huetter is the reigning season-long World Cup downhill champion. “It’s really nice to compare with her again, and nice to have her (racing) again,” Huetter said. “For sure, for the skiing World Cup, we have a lot of more attention. It's generally good for all racers because everyone is looking.” Also in the field were Nadia Delago of Italy, who won a bronze medal in downhill at the 2022 Beijing Olympics, and Puchner, the Olympic silver winner in super-G in Beijing. In addition, there was Marta Bassino of Italy, a winner of the super-G at the 2023 world championships, and two-time Olympic champion Michelle Gisin of Switzerland. “For me, it was really a training, but it was fun to have a World Cup race level right here,” Gisin said. “It was a crazy race.” Vonn remains a popular figure and took the time after each run to sign autographs for young fans along with posing for photos. When she left the sport, Vonn had 82 World Cup race victories, which stood as the record for a woman and within reach of the all-time Alpine record of 86 held by Swedish standout Ingemar Stenmark. The women’s mark held by Vonn was surpassed in January 2023 by Mikaela Shiffrin, who now has 99 wins — more than any Alpine ski racer in the history of the sport. Shiffrin is currently sidelined after a crash in a giant slalom event in Killington, Vermont , last weekend. Vonn’s last major race was in February 2019, when she finished third in a downhill during the world championships in Sweden. The three-time Olympic medalist left the circuit still near the top of her game. But all the broken arms and legs, concussions and torn knee ligaments took too big a toll and sent her into retirement. She had a partial knee replacement last April and felt good enough to give racing another shot. “It's very impressive to see all the passion that Lindsey still has,” Gisin said. Also racing Saturday was 45-year-old Sarah Schleper, who once competed for the United States but now represents Mexico. Schleper was the next racer behind Vonn and they got a chance to share a moment between a pair of 40-somethings still racing. “I was like, ‘Give me some tips, Lindsey,’” Schleper said. “She’s like, ‘Oh, it’s a highway tuck, the whole thing.’ Then she’s like, ‘It’s just like the good old days.’" ___ AP skiing: https://apnews.com/hub/alpine-skiing Pat Graham, The Associated PressGolf Cart Market Strategic Shifts and Forecast 2024-2031

The Nevada Wolf Pack , led by quarterback Brendon Lewis , face the No. 22 UNLV Rebels , led by quarterback Hajj-Malik Williams on Saturday, Nov. 30, 2024 (11/30/24) at Allegiant Stadium in Las Vegas. How to watch: Fans can watch the game for free via a trial of DirecTV Stream or fuboTV . You can also watch via a subscription to Sling TV , which is offering half off your first month. Here’s what you need to know: What: NCAA Football, Week 14 Who: Nevada vs. UNLV When: Saturday, Nov. 30 (11/30/24) Where: Allegiant Stadium Time: 8 p.m. ET TV: CBS Sports Network Live stream: fuboTV (free trial) , DirecTV Stream (free trial) *** Here are the best streaming options for college football this season: Fubo TV (free trial): fuboTV carries ESPN, FOX, ABC, NBC and CBS. DirecTV Stream (free trial) : DirecTV Stream carries ESPN, FOX, NBC and CBS. Sling TV ( $25 off the first month) - Sling TV carries ESPN, FOX, ABC and NBC. ESPN+ ($9.99 a month): ESPN+ carries college football games each weekend for only $9.99 a month. These games are exclusive to the platform. Peacock TV ($5.99 a month): Peacock will simulstream all of NBC Sports’ college football games airing on the NBC broadcast network this season, including Big Ten Saturday Night. Peacock will also stream Notre Dame home games. Certain games will be streamed exclusively on Peacock this year as well. Paramount+ (free trial): Paramount Plus will live stream college football games airing on CBS this year. *** Here’s a preview capsule via the Associated Press: Nevada (3-9, 0-6 Mountain West) at No. 21 UNLV (9-2, 5-1, No. 22 CFP), Saturday, 8 p.m. EST (CBSSN) BetMGM College Football Odds: UNLV by 17 1/2. Series record: Nevada leads 28-21. UNLV will make the Mountain West championship with a victory and play at No. 11 Boise State with a potential shot at the College Football Playoff. The Rebels could lose and still make the conference title game, but it becomes more complicated and their chances to make the playoffs would almost be nil. UNLV offensive line vs. Nevada defensive front. The Rebels, behind QB Hajj-Malik Williams and RB Jai’Den Thomas, average 245.3 yards rushing per game, which is sixth nationally. They should have their opportunities against a Wolf Pack defense that allows 179.7-yard average. UNLV: LB Jackson Woodard. He is ninth in the nation in tackles (108) and tackles for loss (15), but does much more than rack up stops. Woodard also has intercepted four passes and defended 12 passes. Nevada: QB Brendon Lewis. He is one of the Mountain West’s top dual-threat quarterbacks, having passed for 14 touchdowns and rushed for eight. Lewis also thrown for 1,998 yards rushed for 745. RECOMMENDED • nj .com What channel is Nevada vs. UNLV game tonight (11/30/24)? FREE LIVE STREAM, Time, TV, Channel for college foot Nov. 30, 2024, 2:00 p.m. What channel is Oklahoma vs. LSU game tonight (11/30/24)? FREE LIVE STREAM, Time, TV, Channel for college foo Nov. 30, 2024, 1:00 p.m. A victory will give UNLV 10 wins for just the third time. The Rebels reached double-digit victories in 1974 and 1984. ... This is the 50th meeting. UNLV will try to win for the third consecutive, which would be the first for the program since the Rebels beat Nevada five straight times in 2000-04 under the late John Robinson. ... The winner receives the 545-pound Fremont Cannon, the heaviest trophy for a rivalry game. It’s painted the color of the winning team. ... UNLV WR Ricky White leads the nation with four blocked punts, more than any team. ... The Rebels are third nationally with a plus-13 turnover margin. ... Nevada has played in eight one-possession games, tied for first nationally. The Wolf Pack won just two of those games. ... Nevada’s last victory over a ranked team occurred in 2019 when they defeated No. 24 San Diego State 17-13. ... Wolf Pack first-year coach Jeff Choate is 4-0 in rivalry games. He had that record as Montana State’s coach against Montana. (The Associated Press contributed to this report) Thank you for relying on us to provide the journalism you can trust. Please consider supporting us with a subscription.

Quarterly net revenues were RMB539.4 million (US$76.9 million) 1 Quarterly lidar shipments were 134,208 units SHANGHAI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Hesai Group ("Hesai" or the "Company"), HSAI , the global leader in three-dimensional light detection and ranging (lidar) solutions, today announced its unaudited financial results for the three months ended September 30, 2024. Operational Highlights Three months ended September 30, 2024 Nine months ended September 30, 2024 ADAS lidar shipments 129,913 263,148 Autonomous Mobility lidar shipments 4,295 16,687 Total lidar shipments 134,208 279,835 Q3 2024 ADAS lidar shipments were 129,913 units, representing an increase of 220.0% from 40,593 units in the corresponding period of 2023. Q3 2024 Total lidar shipments were 134,208 units, representing an increase of 182.9% from 47,440 units in the corresponding period of 2023. ADAS lidar shipments in the first nine months of 2024 were 263,148 units, representing an increase of 129.9% from 114,482 units in the corresponding period of 2023. Total lidar shipments in the first nine months of 2024 were 279,835 units, representing an increase of 108.2% from 134,380 units in the corresponding period of 2023. Management Remarks "We are thrilled to share that our business continues to thrive and advance on a strong growth path," said Yifan "David" Li, Hesai's Co-Founder and CEO. "This quarter, we have made significant strides in the ADAS market, securing new design wins, partnerships, and development programs with key players, including a Top 3 OEM in Japan, SAIC Volkswagen, Leapmotor, and a premium EV brand backed by a leading Chinese automotive group. We also have reached a key milestone in our global expansion by successfully delivering B-sample units for our worldwide shipping programs with a leading global automotive OEM. OEMs at home and abroad have widely recognized lidar's essential safety features as a critical component in their holistic safety systems, similar to an ‘active' seat belt or airbag. Furthermore, lidar's versatility, with applications in emerging areas such as industrial robotics, smart factories and logistics, continues to garner attention. Our latest flagship product, OT128, a 360° mechanical, automotive-grade long-range lidar, is designed for scalable deployment in robotaxi and industrial applications. We are actively exploring new use cases and engaging with customers across both ADAS and AM sectors, leveraging our full lineup of versatile lidars. "I am also delighted to announce that Andrew Fan has joined us as our Chief Financial Officer. Andrew brings a wealth of experience in financial strategy and corporate finance, as well as an impressive track record of driving growth and operational efficiency in dynamic industries. His insights and leadership will be invaluable as we navigate the evolving landscape and continue to strengthen our position in the global lidar industry," Dr. Li continued. "Andrew's strategic vision aligns seamlessly with our goals, and I believe his commitment to innovation and financial rigor will help us unlock new levels of success. I am confident that with his expertise and dedication, we are well-positioned for another exciting chapter of growth and accomplishment." Mr. Andrew Fan, Hesai's CFO, added, "Our strong third quarter financial performance was highlighted by robust operational execution across all key metrics. Quarterly shipment volume reached 134,208 units, marking our second consecutive quarter of nearly 50% sequential growth and propelling net revenues to RMB539.4 million (US$76.9 million), surpassing the upper range of our guidance. We maintained a robust blended gross margin of 47.7%, driven by effective cost management and our flywheel approach to cost and scale optimization. The margin was further bolstered by NRE revenues from our L4 lidar, which is being prepared for potential large-scale deployment by a leading global robotaxi player in the coming years. Our strong commitment to operational efficiency and financial discipline has also enabled us to consistently reduce our GAAP net loss for four consecutive quarters. Looking ahead, we're expecting a record-breaking fourth quarter, with lidar shipments projected to reach 200,000 units—an astounding volume nearly matching our total shipments in 2023. Based on our current estimates, fourth quarter net revenues are expected to soar to nearly US$100 million, delivering an estimated net profit of US$20 million and a positive operating cash flow. Additionally, we anticipate achieving full-year profitability on a non-GAAP basis for 2024, positioning us to become the first automotive lidar company worldwide to achieve this remarkable milestone. This anticipated explosive growth underscores our robust momentum as we drive toward a landmark fiscal year finish!" Product Updates : Launched the OT128, the Company's latest flagship 360° mechanical automotive-grade long-range lidar product, at the 2024 IAA Transportation Fair in Germany. Inheriting 95% of the key components from Hesai's best-selling AT128P ADAS lidar, the OT128 boasts a point rate of 3.45 million per second and a 200-meter detection range at 10% reflectivity. This high-performance, 360-degree perception lidar with a market-proven, vertically integrated architecture makes OT128 an ideal solution for scalable applications, including robotaxis, industrial robotics, smart factories, and logistics. Since its launch, the OT128 has secured contracts with 90+ global and domestic clients, including WeRide, Westwell, Embotech and EasyMile. Production and delivery of the OT128 have already begun. Business Updates : Global : Hesai's worldwide shipping programs with a leading global automotive OEM have progressed to the successful delivery of B-sample units, a key step in validating the performance of the Company's technology and ensuring alignment with the partner's rigorous standards. Secured two new development projects, specifically Proof of Concept (POC) programs, in the Asia market with a Top 3 OEM in Japan, covering both L2+ passenger vehicles and L4 robotaxi applications. Hesai currently has four POC programs underway with three global OEMs, each holding strong potential as these partnerships move toward the next phase. Domestic : Secured another new platform with Leapmotor, a leading EV automaker in China, as well as facelifts for two flagship models with a premium EV brand backed by a leading Chinese automotive group. A leading EV manufacturer in China has signed agreements to exclusively adopt Hesai's L3 ultra-high-performance lidar and cost-efficient ATX lidar for their 2025 models. The ATX is advancing toward the SOP phase, generating strong interest as a standard feature in 2025 OEM lineups. Signed a cooperative framework with SAIC Volkswagen for an automotive lidar program, elevating the Company's position to a strategic supplier for this top-selling automotive joint venture in China by sales volume. Hesai has secured ADAS design wins with 20 OEMs globally across 75 vehicle models. Management Change The Board of Directors of the Company (the "Board") has approved the appointment of Mr. Andrew Fan as the Company's Chief Financial Officer, effective November 25, 2024. Mr. Fan has over 18 years of experience in accounting and corporate financing. From May 2021 to September 2024, Mr. Fan held the position of chief financial officer at a leading automotive technology company. Prior to that, Mr. Fan held senior finance-related roles at listed companies including Hailiang Education Group Inc., Aesthetic Medical International Holdings Group Limited, and Dali Foods Group Company Limited, and various roles at financial institutions including Deutsche Bank, HSBC, and Macquarie. Additionally, Mr. Fan has served as an independent non-executive director of Jiangsu Innovative Ecological New Materials Limited (HKEX: 2116) since 2018. Mr. Fan graduated from Tsinghua University, with bachelor's and master's degrees in accounting in 2004 and 2006, respectively. Financial Highlights for the Third Quarter of 2024 (in RMB millions, except for per ordinary share data and percentage) Q3 2024 Q3 2023 % Change Net revenues 539.4 445.6 21.1 % Gross margin 47.7% 30.6% Loss from operations (77.2) (167.2) -53.8 % Non-GAAP 2 loss from operations (50.9) (127.4) -60.1 % Net loss (70.4) (141.8) -50.4 % Non-GAAP net loss (44.0) (101.9) -56.8 % Net loss attributable to ordinary shareholders of the Company (70.4) (141.8) -50.4 % Net loss per ordinary share-basic and diluted (0.54) (1.13) -52.2 % Non-GAAP net loss per ordinary share – basic and diluted (0.34) (0.81) -58.2 % Net revenues were RMB539.4 million (US$76.9 million) for the third quarter of 2024, representing an increase of 21.1% from RMB445.6 million for the same period of 2023. Product revenues were RMB503.1 million (US$71.7 million) for the third quarter of 2024, representing an increase of 18.1% from RMB425.8 million for the same period of 2023. The year-over-year increase was mainly attributable to increased revenues from sales of ADAS lidar products due to robust demand in China, partially offset by decreased revenues from the autonomous driving business. Service revenues were RMB36.3 million (US$5.2 million) for the third quarter of 2024, representing an increase of 84.1% from RMB19.7 million for the same period of 2023. The year-over-year increase was driven by increased revenues from non-recurring engineering services. Cost of revenues was RMB281.9 million (US$40.2 million) for the third quarter of 2024, representing a decrease of 8.9% from RMB309.4 million for the same period of 2023. Gross margin was 47.7% for the third quarter of 2024, compared with 30.6% for the same period of 2023. The year-over-year increase was due to effective cost and scale optimization on both Autonomous Mobility lidars and ADAS lidars, as well as the higher margin contributed by non-recurring engineering services performed. Sales and marketing expenses were RMB46.2 million (US$6.6 million) for the third quarter of 2024, representing an increase of 25.5% from RMB36.8 million for the same period of 2023. The year-over-year increase was primarily due to increased payroll expenses and share-based expenses of RMB8.5 million (US$1.2 million) attributable to an expanded sales and marketing team. General and administrative expenses were RMB76.5 million (US$10.9 million) for the third quarter of 2024, representing a decrease of 5.0% from RMB80.5 million for the same period of 2023. Research and development expenses were RMB220.2 million (US$31.4 million) for the third quarter of 2024, representing an increase of 14.3% from RMB192.6 million for the same period of 2023. The year-over-year increase was mainly due to increased payroll expenses of RMB18.8 million (US$2.7 million) attributable to increased headcount for research and development, and increased depreciation expenses amounting to RMB9.7 million (US$1.4 million). Loss from operations was RMB77.2 million (US$11.0 million) for the third quarter of 2024, representing a decrease of 53.8% from RMB167.2 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP loss from operations was RMB50.9 million (US$7.3 million) for the third quarter of 2024, compared with RMB127.4 million for the same period of 2023. Net loss was RMB70.4 million (US$10.0 million) for the third quarter of 2024, compared with RMB141.8 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss was RMB44.0 million (US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same period of 2023. Net loss attributable to ordinary shareholders of the Company was RMB70.4 million (US$10.0 million) for the third quarter of 2024, compared with RMB141.8 million for the same period of 2023. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of the Company was RMB44.0 million (US$6.3 million) for the third quarter of 2024, compared with RMB101.9 million for the same period of 2023. Basic and diluted net loss per ordinary share were both RMB0.54 (US$0.08) for the third quarter of 2024. Excluding share-based compensation expenses, non-GAAP basic and diluted net loss per ordinary share were both RMB0.34 (US$0.05) for the third quarter of 2024. Cash and cash equivalents, restricted cash and short-term investments were RMB2,530.7 million (US$360.6 million) as of September 30, 2024, compared with RMB2,752.9 million as of June 30, 2024. Business Outlook For the fourth quarter of 2024, the Company expects net revenues to approach US$100 million (RMB702 million). The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Conference Call The Company's management will host an earnings conference call at 8:00 PM U.S. Eastern Time on November 25, 2024 (9:00 AM Beijing/Hong Kong Time on November 26, 2024). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Event Title: Hesai Group Third Quarter 2024 Earnings Conference Call Pre-registration Link: https://s1.c-conf.com/diamondpass/10043265-yghrf.html Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://investor.hesaitech.com . A replay of the conference call will be accessible approximately an hour after the conclusion of the call until December 3, 2024, by dialing the following telephone numbers: United States: +1-855-883-1031 International: +61-7-3107-6325 Hong Kong, China: 800-930-639 China Mainland: 400-120-9216 Replay PIN: 10043265 About Hesai Hesai is the global leader in three-dimensional light detection and ranging (lidar) solutions. The Company's lidar products enable a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems (ADAS) and autonomous vehicle fleets (autonomous mobility). Hesai's technology also empowers robotics applications such as last-mile delivery robots and logistics robots in restricted areas. The Company's commercially validated solutions are backed by superior R&D capabilities across optics, mechanics, and electronics. Hesai integrates lidar designs with an in-house manufacturing process, facilitating rapid product development while ensuring high performance, consistent quality and affordability. Hesai has established strong relationships with leading automotive OEMs, autonomous vehicle, and robotics companies worldwide, covering over 40 countries as of December 31, 2023. Use of Non-GAAP Financial Measures To supplement Hesai's consolidated financial results presented in accordance with GAAP, Hesai uses the following measures defined as non-GAAP financial measures by the SEC: loss from operation excluding share-based compensation expenses, net loss excluding share-based compensation expenses, net loss attributable to ordinary shareholders excluding share-based compensation, and per ordinary share net loss attributable to ordinary shareholders excluding share-based compensation. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Unaudited Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this release. Hesai believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based compensation expenses that may not be indicative of its operating performance from a cash perspective. Hesai believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Hesai's historical performance and liquidity. Hesai believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that they exclude share-based compensation expenses that have been and will continue to be for the foreseeable future a significant recurring expense in our business. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from each non-GAAP financial measure. The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; expected changes in the Company's revenues, costs or expenditures; the trends in, expected growth and the market size of the ADAS, autonomous mobility and robotics industries; the market for and adoption of lidar and related technology; the Company's ability to produce high-quality products with wide market acceptance; the success of the Company's customers in developing and commercializing products using its solutions, and the market acceptance of those products; the Company's ability to introduce new products that meet its customers' requirement; the Company's expectations regarding the effectiveness of its marketing initiatives and the relationship with its third-party partners; competition in the Company's industry; the Company's ability to recruit and retain qualified personnel; relevant government policies and regulations relating to the Company's industry; the Company's ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: In China: Hesai Group Yuanting "YT" Shi, Investor Relations Director Email: ir@hesaitech.com Piacente Financial Communications Jenny Cai Tel: +86 (10) 6508-0677 Email: hesai@tpg-ir.com In the United States: Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050 Email: hesai@tpg-ir.com Source: Hesai Group HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data and otherwise noted) As of December 31, 2023 September 30, 2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,554,583 2,162,451 308,147 Restricted cash 3,541 3,504 499 Short-term investments 1,586,005 364,758 51,978 Notes receivables - 77,932 11,105 Accounts receivable, net 524,818 787,882 112,272 Contract assets 19,688 18,227 2,597 Amounts due from related parties 5,015 4,959 707 Inventories 495,877 591,615 84,304 Prepayments and other current assets 208,082 239,101 34,072 Total current assets 4,397,609 4,250,429 605,681 Non-current assets: Property and equipment, net 871,611 936,944 133,513 Long-term investments 31,811 31,811 4,533 Intangible assets, net 78,730 83,541 11,904 Land-use rights, net 40,743 40,095 5,713 Right-of-use assets 151,871 120,003 17,100 Other non-current assets 90,168 94,361 13,446 Total non-current assets 1,264,934 1,306,755 186,209 TOTAL ASSETS 5,662,543 5,557,184 791,890 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings 111,682 218,457 31,130 Notes payable 7,255 48,560 6,920 Accounts payable 269,439 235,706 33,588 Contract liabilities 79,925 58,161 8,288 Amounts due to related parties 340,051 331,420 47,227 Accrued warranty liability 28,425 37,710 5,374 Accrued expenses and other current liabilities 498,324 448,220 63,865 Total current liabilities 1,335,101 1,378,234 196,392 Non-current liabilities Operating lease liabilities 119,413 103,662 14,772 Long-term borrowings 285,898 298,892 42,592 Other non-current liabilities 59,813 53,766 7,662 Total non-current liabilities 465,124 456,320 65,026 TOTAL LIABILITIES 1,800,225 1,834,554 261,418 Shareholders' Equity Class A Ordinary shares 19 19 3 Class B Ordinary shares 67 69 10 Additional paid-in capital 7,423,862 7,536,450 1,073,936 Subscription receivables (292,721 ) (292,721 ) (41,712 ) Accumulated other comprehensive income 38,440 35,501 5,059 Accumulated deficit (3,307,349 ) (3,556,688 ) (506,824 ) TOTAL SHAREHOLDERS' EQUITY 3,862,318 3,722,630 530,472 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,662,543 5,557,184 791,890 HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data and otherwise noted) Three months ended September 30, 2023 2024 RMB RMB US$ Net revenues 445,562 539,417 76,866 Cost of revenues (309,429 ) (281,913 ) (40,172 ) Gross profit 136,133 257,504 36,694 Operating expenses: Sales and marketing expenses (36,848 ) (46,218 ) (6,586 ) General and administrative expenses (80,496 ) (76,523 ) (10,904 ) Research and development expenses (192,574 ) (220,248 ) (31,386 ) Other operating income, net 6,542 8,259 1,177 Total operating expenses (303,376 ) (334,730 ) (47,699 ) Loss from operations (167,243 ) (77,226 ) (11,005 ) Interest income 28,899 25,514 3,636 Interest expenses (1,166 ) (3,557 ) (507 ) Foreign exchange loss, net (2,260 ) (13,695 ) (1,952 ) Other loss, net (24 ) (1,477 ) (210 ) Net loss before income tax and share of loss in equity method investments (141,794 ) (70,441 ) (10,038 ) Income tax benefit 40 68 10 Share of income/(loss) in equity method investment (11 ) 18 3 Net loss (141,765 ) (70,355 ) (10,025 ) Net loss attributable to ordinary shareholders of the Company (141,765 ) (70,355 ) (10,025 ) Net loss per share: Basic and diluted (1.13 ) (0.54 ) (0.08 ) Weighted average ordinary shares used in calculating net loss per share: Basic and diluted 125,797,264 129,897,736 129,897,736 Net loss (141,765 ) (70,355 ) (10,025 ) Other comprehensive loss: Foreign currency translation adjustments (10,874 ) (8,960 ) (1,277 ) Comprehensive loss (152,639 ) (79,315 ) (11,302 ) HESAI GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except share and per share data and otherwise noted) Nine months ended September 30, 2023 2024 RMB RMB US$ Net revenues 1,315,805 1,357,399 193,428 Cost of revenues (885,894 ) (753,847 ) (107,423 ) Gross profit 429,911 603,552 86,005 Operating expenses: Sales and marketing expenses (99,137 ) (143,927 ) (20,509 ) General and administrative expenses (186,735 ) (211,436 ) (30,129 ) Research and development expenses (562,071 ) (613,259 ) (87,389 ) Other operating income, net 9,275 53,613 7,640 Total operating expenses (838,668 ) (915,009 ) (130,387 ) Loss from operations (408,757 ) (311,457 ) (44,382 ) Interest income 69,024 81,906 11,672 Interest expenses (2,236 ) (9,177 ) (1,308 ) Foreign exchange income/(loss) 6,837 (8,657 ) (1,234 ) Other income/(loss), net 34 (1,406 ) (200 ) Net loss before income tax and share of loss in equity method investments (335,098 ) (248,791 ) (35,452 ) Income tax benefit/(expense) 75 (547 ) (78 ) Share of loss in equity method investment (34 ) (1 ) (1 ) Net loss (335,057 ) (249,339 ) (35,531 ) Net loss attributable to ordinary shareholders of the Company (335,057 ) (249,339 ) (35,531 ) Net loss per share: Basic and diluted (2.70 ) (1.94 ) (0.28 ) Weighted average ordinary shares used in calculating net loss per share: Basic and diluted 124,206,950 128,775,472 128,775,472 Net loss (335,057 ) (249,339 ) (35,531 ) Other comprehensive loss: Foreign currency translation adjustments 57,563 (2,939 ) (419 ) Comprehensive loss (277,494 ) (252,278 ) (35,950 ) HESAI GROUP UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share and per share data and otherwise noted) For the three months ended September 30, 2023 2024 RMB RMB US$ Loss from operations (167,243 ) (77,226 ) (11,005 ) Add: Share-based compensation expenses 39,820 26,353 3,755 Non-GAAP loss from operations (127,423 ) (50,873 ) (7,250 ) Net loss (141,765 ) (70,355 ) (10,025 ) Add: Share-based compensation expenses 39,820 26,353 3,755 Non-GAAP net loss (101,945 ) (44,002 ) (6,270 ) Net loss attributable to ordinary shareholders of the Company (141,765 ) (70,355 ) (10,025 ) Add: Share-based compensation expenses 39,820 26,353 3,755 Non-GAAP net loss attributable to ordinary shareholders of the Company (101,945 ) (44,002 ) (6,270 ) Loss per share: Basic and diluted (1.13 ) (0.54 ) (0.08 ) Add: Share-based compensation expenses per ordinary share 0.32 0.20 0.03 Non-GAAP net loss per ordinary share – basic and diluted (0.81 ) (0.34 ) (0.05 ) HESAI GROUP UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share and per share data and otherwise noted) For the Nine months ended September 30, 2023 2024 RMB RMB US$ Loss from operations (408,757 ) (311,457 ) (44,382 ) Add: Share-based compensation expenses 194,057 92,657 13,204 Non-GAAP loss from operations (214,700 ) (218,800 ) (31,178 ) Net loss (335,057 ) (249,339 ) (35,531 ) Add: Share-based compensation expenses 194,057 92,657 13,204 Non-GAAP net loss (141,000 ) (156,682 ) (22,327 ) Net loss attributable to ordinary shareholders of the Company (335,057 ) (249,339 ) (35,531 ) Add: Share-based compensation expenses 194,057 92,657 13,204 Non-GAAP net loss attributable to ordinary shareholders of the Company (141,000 ) (156,682 ) (22,327 ) Loss per share: Basic and diluted (2.70 ) (1.94 ) (0.28 ) Add: Share-based compensation expenses per ordinary share 1.56 0.72 0.11 Non-GAAP net loss per ordinary share – basic and diluted (1.14 ) (1.22 ) (0.17 ) _______________________________________ 1 All translations from RMB to USD for the third quarter of 2024 were made at the exchange rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. 2 See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results" included in this release for further details. © 2024 Benzinga.com. 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