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NoneDhaka committed to safeguarding rights of all peopleA brokered ceasefire between and Hezbollah in relies on two key assumptions: the diminished power of Hezbollah as a fighting force and Israel’s restraint in responding to potential ceasefire violations. On , the ceasefire that ended fighting between Hezbollah and Israel early on Wednesday morning is clearly stacked in Israel's favour, and Arab officials and analysts have told Middle East Eye that a depleted Hezbollah was looking for a break. “The ceasefire is an important transaction, but not a transformation. It happened because Israel wanted it and Hezbollah needed it,” Aaron David Miller, a former Middle East negotiator, told MEE. Hezbollah and Israel have both agreed to withdraw their forces from southern Lebanon within 60 days, but unlike the deal that ended their 2006 war, the US’s footprint to police the group’s exit has . The US has also codified Israel’s right to preemptively strike Hezbollah if it believes the group is re-arming. The details of a side letter codifying Israel's rights to respond were confirmed by a senior US official to MEE. The letter gives American backing to Israel to launch strikes on Hezbollah if the group reconstitutes in southern Lebanon, imports weapons, or if Israel says Hezbollah is positioning itself in a way that Israel says is a threat. "The entire deal depends on how much leeway [Prime Minister Benjamin] Netanyahu is willing to give Hezbollah. It is entirely up to him,” Patrick Theros, a former US ambassador to Qatar, told MEE. “Hezbollah is going to try and regain prestige and will slow walk its withdrawal." What makes the deal so shaky is that it leaves several unresolved questions, including whether Hezbollah fighters remaining in their local villages in southern Lebanon constitutes a violation of the ceasefire. Israel has used AI technology to target Hezbollah fighters and has shown it can track their movements. Theros estimates that 35,000 Hezbollah fighters hail from southern Lebanon. Analysts say Israel is likely not to raise the issue with the US and will focus on the withdrawal of missiles and artillery. But if Hezbollah withdraws its heavy weaponry north of the Litani River, it can still station it in the Shia-majority Bekaa Valley, keeping towns in northern Israel within range of long-distance rockets. The ceasefire, on paper, reaffirms previous UN Security Council resolutions that effectively call for Hezbollah’s total disarmament. “The question is how much is Israel willing to let go in terms of violations and how much can Hezbollah absorb. I suspect Hezbollah has been weakened enough not to respond to Israel if it takes preemptive action,” Miller said. The ceasefire, in effect, rests on US assessments that Hezbollah has been weakened enough by Israeli strikes on its senior leadership and arms supplies, and the group will not cross Israel’s red lines. But while Hezbollah's leadership has been dealt severe blows, there is little evidence to categorically assert that it has been depleted as a fighting force. Israel's invasion of southern Lebanon has few achievements to boast. However, analysts say that Hezbollah's ability to fight Israel may come second to its domestic priorities, as the group may be willing to abide by Israel’s hard red lines because its internal position is shaky. After the 2006 war between Israel and Hezbollah, Lebanon’s government sensed weakness and, led by Sunni and Druze political parties, tried to reduce Hezbollah’s sway inside the country. Hezbollah forces took control of parts of Beirut in 2008, sparking street fights between Sunnis and Shias. “Hezbollah definitely needs to reassert itself in Lebanon because it looks so weak right now, but not by opening fire on Israel. It needs to focus on Lebanese internal politics,” Theros said. The US has tried to layer the ceasefire to put distance between Hezbollah and this Israeli military option. US military advisors are being deployed to Lebanon to monitor Hezbollah’s withdrawal from the south, and a Centcom official is expected to chair a committee to enforce the deal, MEE revealed previously. A US defence official also told MEE that the US is deploying additional intelligence, surveillance and reconnaissance capabilities to monitor Hezbollah’s withdrawal, including drones and geospatial intelligence to track the group. The US says it will work with the Lebanese Armed Forces and a beefed-up UN peacekeeping force that is set to include hundreds of new French troops to stop Hezbollah from rearming in the south. But realities on the ground in Lebanon mean the UN and Lebanese army are unlikely to have the heft to counter any Hezbollah violations. The Lebanese army is a multi-confessional force that includes Shia and Sunni Muslims along with Christians. It has been reluctant to use force to disarm Hezbollah, which is Lebanon’s most popular Shia political party and the world’s largest armed non-state actor. “We should assume Hezbollah will try to re-infiltrate southern Lebanon as soon as possible,” Daniel Mouton, a former National Security Council official now at the Atlantic Council, told MEE. Mouton added that if the Lebanese military intervenes, it would be "a recipe for another Lebanese Civil War," adding that "if Unifil does not respond, the Israelis will. But that does not necessarily mean a wider war resumes.” Israel has already taken action against Hezbollah without the group responding. On Wednesday, it arrested four Hezbollah fighters in southern Lebanon, hours after the ceasefire went into effect. “It will be important to watch and see if Israel is forced to strike Hezbollah again in a large-scale manner. If Hezbollah takes it on the chin, it will give us an indication of how badly they have been hurt in the last weeks,” Mouton said.
ARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights Record revenue for fiscal year 2024 of approximately $2.7 billion and revenue for the fourth quarter of approximately $1.2 billion, representing an increase of approximately 22% from fiscal year 2023 and an increase of approximately 82% from the same quarter last year, respectively. GAAP gross profit margin improved to approximately 12.6% and 12.8% for fiscal year 2024 and the fourth quarter, respectively, compared to approximately 6.4% and 11.3% for fiscal year 2023 and the same quarter last year, respectively, reflecting the Company's continued focus on ongoing profit improvement strategies. Net income of approximately $30.4 million and $67.7 million for fiscal year 2024 and the fourth quarter, respectively, improved from a net loss of approximately $104.8 million and net income of approximately $4.8 million, for fiscal year 2023 and the same quarter last year, respectively. Adjusted EBITDA 1 of approximately $78.1 million and $86.9 million for fiscal year 2024 and the fourth quarter, respectively, improved from approximately negative $61.4 million and $19.8 million for fiscal year 2023 and the same quarter last year, respectively. Quarterly order intake of approximately $1.2 billion, compared to approximately $737 million for the same quarter last year. Backlog 2 increased to approximately $4.5 billion as of September 30, 2024, compared to approximately $2.9 billion as of September 30, 2023. Financial Position Total Cash 3 of approximately $518.7 million as of September 30, 2024, representing an increase of approximately $56.0 million from September 30, 2023. Net cash provided by operating activities was approximately $79.7 million, compared to approximately negative $111.9 million for fiscal year 2023. Free cash flow 1 was approximately $71.6 million, compared to approximately negative $114.9 million for fiscal year 2023. Fiscal Year 2025 Outlook The Company is initiating fiscal year 2025 guidance as follows: Revenue of approximately $3.6 billion to $4.4 billion with a midpoint of $4.0 billion. Presently, approximately 65% of the midpoint of the Company's revenue guidance is covered by the Company's current backlog, in line with our fiscal 2024 revenue coverage at the same time period last year. Adjusted EBITDA 4 of approximately $160 million to $200 million with a midpoint of $180 million. Annual recurring revenue ("ARR") of about $145 million by the end of fiscal year 2025. The foregoing Fiscal Year 2025 Outlook statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates. "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company’s President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company’s common stock as of September 30, 2024 are presented below: Conference Call Information The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com, by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company’s website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under “Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a “controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission (“SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Accounts payable with related parties of $2.5 million and Accruals with related parties of $3.7 million as of September 30, 2023, were reclassified from Deferred revenue and payables with related parties to Accounts payable and Accruals and provisions, respectively, on the consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 and 2022. The reclassifications had no impact on cash provided by (used in) operations for the period presented. Provision on loss contracts, net of $6.1 million and $30.0 million for the fiscal years ended September 30, 2023 and 2022, respectively, was reclassified to current accruals and provisions on the consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented. The following tables present our key operating metrics for the fiscal years ended September 30, 2024 and 2023. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”. The following table presents our order intake for the three months and fiscal years ended September 30, 2024 and 2023. The table is presented in Gigawatts (GW): Deployed Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones. Assets Under Management Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. We start providing maintenance, monitoring, or other operational services after the storage product projects are completed. In some cases, services may be commenced for energy storage solutions prior to achievement of substantial completion. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance. Contracted Backlog For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started. We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. We have only recently begun to track our contracted backlog on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Contracted/Order Intake Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market. Pipeline Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. We have only recently begun to track our pipeline on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Annual Recurring Revenue (ARR) ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. The following tables present our non-GAAP measures for the periods indicated. ____________________________ 1 Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures” for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financials measure stated in accordance with GAAP. 2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company. 3 Total cash includes Cash and cash equivalents + Restricted Cash + Short term investments.Steelers star T.J. Watt resistant to position switch, insider says
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Bethlehem marks a second subdued Christmas Eve during the war in Gaza BETHLEHEM, West Bank (AP) — Bethlehem is marking another somber Christmas Eve under the shadow of war in Gaza. Manger Square lacked its usual festive lights and crowds of tourists on Tuesday. Instead, the area outside the Nativity Church was quiet. The church was built atop the spot where Jesus is believed to have been born. The war, the violence in the occupied West Bank it has spurred and the lack of festivities has deeply hurt Bethlehem's economy. The town relies heavily on Christmas tourism. The economy in the West Bank was already reeling because of restrictions placed on laborers preventing them from entering Israel during the war. Pope Francis kicks off a yearlong Jubilee that will test his stamina and Rome's patience VATICAN CITY (AP) — Pope Francis has opened the great Holy Door of St. Peter's Basilica. The ceremony kicks off the 2025 Holy Year. It's a celebration of the Catholic Church that is expected to draw some 32 million pilgrims to Rome. And it will test the pope’s stamina and the ability of the Eternal City to welcome them. This begins the Christmas Eve Mass. The ceremony inaugurates the once-every-25-year tradition of a Jubilee. Francis has dedicated the 2025 Jubilee to the theme of hope. Trump vows to pursue executions after Biden commutes most of federal death row FORT LAUDERDALE, Fla. (AP) — President-elect Donald Trump says he'll “vigorously pursue” capital punishment after President Joe Biden commuted the sentences of most people on federal death row partly to stop Trump from pushing forward their executions. Trump criticized Biden’s decision on Monday to change the sentences of 37 of the 40 condemned people to life in prison without parole. Trump said that he will direct the Department of Justice to pursue the death penalty “as soon as I am inaugurated.” Trump was vague on what specific actions he may take. 21 dead as Mozambique erupts in violence after election court ruling MAPUTO, Mozambique (AP) — Violence that engulfed Mozambique after the country’s highest court confirmed ruling party presidential candidate Daniel Chapo as the winner of disputed Oct. 9 elections has killed at least 21 people, including two police officers. Mozambique Interior Minister Pascoal Ronda told a news conference in Maputo late Tuesday that a wave of violence and looting was sparked by the court’s announcement a day earlier. He said it was led by mostly youthful supporters of losing candidate Venancio Mondlane, who received 24% of the vote, second to Chapo, who got 65%. Prosecutors find workers in 'slavery like' conditions at Chinese car company site in Brazil RIO DE JANEIRO, Brazil (AP) — A task force led by Brazilian prosecutors says it has rescued 163 Chinese nationals working in “slavery-like” conditions at a construction site in northeastern Brazil, where Chinese electric vehicle company BYD is building a factory. The Labor Prosecutor’s Office released videos of the dorms where the construction workers were staying, which showed beds with no mattresses and rooms without any place for the workers to store their personal belongings. In a statement issued Monday, the prosecutor’s office said the workers had been hired in China by Jinjian Group, one of the contractors on the site, which is located in Camaçari, a city in the Salvador metropolitan region. NFL players who use platform to share their faith say it's their duty to spread their love of Jesus ALLEN PARK, Mich. (AP) — Jake Bates was standing on the turf in his hometown of Houston when asked to reflect on an unlikely journey from learning how to sell bricks to making game-winning kicks for the Detroit Lions. Bates used his platform as an NFL player to spread his love of Jesus. A month later, Bates told The Associated Press it is a duty to share his faith. The NFL is filled with players and coaches who feel the same way, such as Houston's C.J. Stroud, Atlanta's Kirk Cousins, and Lamar Jackson and John Harbaugh of the Baltimore Ravens. Stunning photos show lava erupting from Hawaii's Kilauea volcano HONOLULU (AP) — Lava is erupting from Hawaii’s Kilauea volcano for the second straight day. The eruption has stayed within Kilauea’s summit caldera inside Hawaii Volcanoes National Park and no homes are threatened. Molten rock began spewing out of the volcano before dawn on Monday when fissures opened in the caldera floor and shot lava high into the air. It then oozed across the caldera floor. Scientists expect activity to fluctuate in coming days. The lava paused Monday afternoon but fountains reemerged Tuesday morning. The eruption has occurred in an area that’s been closed to the public since 2007 due to hazards including crater wall instability and rockfalls. Haiti gang attack on journalists covering a hospital reopening leaves 2 dead, several wounded PORT-AU-PRINCE, Haiti (AP) — Haiti’s online media association confirms that two reporters were killed and others wounded in a gang attack on the re-opening of Port-au-Prince’s biggest public hospital. Street gangs have taken over an estimated 85% of Haiti’s capital, Port-au-Prince, and they forced the closure of the General Hospital early this year. Authorities had pledged to reopen the facility Tuesday but as journalists gathered to cover the event, suspected gang members opened fire in a vicious Christmas eve attack. The killed journalists were identified as Markenzy Nathoux and Jimmy Jean. An unspecified number of reporters had also been wounded in the attack, which was blamed on the Viv Ansanm gang. Hurricane-force winds bear down on California, latest in stretch of extreme weather LOS ANGELES (AP) — California has been hit hard by extreme weather over the past several weeks. Atmospheric rivers, which are long stretches of wet air that can produce heavy rains, brought a record-setting rainfall before Thanksgiving. A series of atmospheric rivers are producing strong waves and storms near Santa Cruz this week. Thousands were left under evacuation warnings and orders because of a fire around Malibu. Climate change means that strong storms will be responsible for a greater share of the state's yearly precipitation and the periods between those events will be drier. Heavy travel day starts with brief grounding of all American Airlines flights WASHINGTON (AP) — American Airlines briefly grounded flights nationwide due to a technical problem just as the Christmas travel season kicked into overdrive and winter weather threatened more potential problems for those planning to fly or drive. Government regulators cleared American flights to get airborne Tuesday about an hour after the Federal Aviation Administration ordered a national ground stop, which prevented planes from taking off. American said in an email that the problem was caused by vendor technology in its flight operating system. Aviation analytics company Cirium said flights were delayed across American’s major hubs, with only 37% leaving on time. Nineteen flights were cancelled.Gophers football players are preparing to play Wisconsin for Paul Bunyan’s Axe on Friday, but three key pieces peered beyond the blinders to shore up their commitment to Minnesota on Monday. Quarterback Max Brosmer and offensive lineman Quinn Carroll — two sixth-year seniors — said they will play in the Gophers’ to-be-determined bowl game, bucking a growing trend of players skipping postseason games to prepare for shots in the NFL. ADVERTISEMENT Brosmer, a transfer from FCS-level New Hampshire, said he will “definitely” suit up. “It’s another opportunity for us to play as a team,” said Brosmer, who threw for 2,426 yards, 15 touchdowns and five interceptions in 11 games this season. “It’s a compilation of what you have worked on all season.” Carroll said he respects higher-level prospects who might opt out and protect their draft stock, but he wants to get back to a “standard” of players not skipping the games. “My goal ever since I came here was to be the leader, be the standard all the time, and I don’t want it to become a standard that we don’t play in the bowl game if we have NFL aspirations,” said Carroll, who has played three seasons at Minnesota after three years at Notre Dame. “Obviously it’s different for guys who are maybe touted a little bit higher or think it will be better off for them to start working on the next step, whether that is combine training or what have you. But that is one opportunity that I’m blessed with to play with the guys and I’m going to take full advantage of it.” Left tackle Aireontae Ersery is a prime candidate of a Gophers player who might want to safeguard a higher draft stock and limit injury exposure by sitting out the bowl game. The possible first- or second-round pick has not said what he might do. For example, former U center, John Michael Schmitz opted out of the Pinstripe Bowl in 2022; he was drafted in the second round by the New York Giants. Meanwhile, Gophers fifth-year defensive lineman Jalen Logan-Redding said he will return to Minnesota for 2025, instead of trying his luck in the NFL. “Coming back next year is definitely going to be the best for me and being able to maximize all my opportunities and exhaust eligibility,” Logan-Redding said. Logan-Redding said he talked with fellow D-lineman Deven Eastern, who has one more year remaining, about pairing up in 2025. ADVERTISEMENT “We talk a lot about it,” Logan-Redding said. “... We are excited for it, honestly. Not only continuing to build the D-line, but just continuing to build on the experience that we already have. We’ve seen the amount of destruction that we can create when we are focused. Me, Dev and, of course, (Anthony Smith). He would be pissed if I didn’t shout him out.” Smith, who has two more years of eligibility, has been one of the U’s best players in the last month. He has 23 total pressures and five sacks, including one sack in each of the last three weeks. ______________________________________________________ This story was written by one of our partner news agencies. Forum Communications Company uses content from agencies such as Reuters, Kaiser Health News, Tribune News Service and others to provide a wider range of news to our readers. Learn more about the news services FCC uses here .
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