
Intuitive Machines Inc LUNR shares are trading lower in Tuesday’s after-hours session after the company announced a public offering and concurrent private placement . What Happened: After the market close on Tuesday, Intuitive Machines said it commenced an underwritten public offering of $65 million of its common stock. The company and a selling stockholder will grant the underwriters a 30-day option to purchase up to approximately $8.87 million of additional common stock. In connection with the offering, the company entered into an agreement to sell $10 million of its common stock to Boryung Corporation in a concurrent private placement. Intuitive Machines expects to use any proceeds for general corporate purposes. The company recently said it had $89.6 million remaining in cash as of the end of the third quarter. Check This Out: Salesforce Q3 Earnings: Revenue Beat, EPS Miss, Free Cash Flow Up 30%, AI Driving ‘Groundbreaking Transformation’ And More Intuitive Machines made history in February when its moon lander Odysseus touched down on the surface of the moon, making Intuitive Machines the first private company to land on the moon. The mission marked the first time the U.S. had been on the moon since 1972. Intuitive Machines’ second lunar mission is targeting launch sometime in the first quarter. The company said it completed a vehicle propulsion system hot fire for the second lunar mission during the third quarter. In the earnings release, Intuitive Machines noted that it expects continued backlog expansion driven by potential upcoming awards including Near Space Network 1.2 / 1.3 Direct to Earth and LTVS Phase 2, as well as task orders for OMES and Near Space Network 2.2. LUNR Price Action: Intuitive Machines shares were down 10.25% at $12.70 at the time of publication Tuesday, according to Benzinga Pro . Photo: courtesy of Intuitive Machines. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.In what promises to be a thrilling showdown between two of Europe's footballing powerhouses, Inter Milan and Lazio are set to go head-to-head in a crucial Champions League encounter. The match will see Inter Milan coach Antonio Conte rotating his squad in preparation for the high-stakes clash against their fierce rivals.AP News Summary at 2:04 p.m. EST
In the latest updates from the sports world, New York Giants head coach Brian Daboll remains unfazed about his team's effort levels despite a heavy defeat, emphasizing positivity ahead of a challenging holiday game. Meanwhile, the New York Jets are moving forward with a search for new leadership, recruiting former general managers to find their next head coach and general manager. In other sports developments, Phoenix Suns stars are set for a return, Houston Rockets guard receives a hefty fine, and GM prepares to make its mark in Formula One racing. (With inputs from agencies.)None
Law enforcement agencies have warned the public to remain vigilant and exercise caution when receiving unexpected packages, especially those appearing to be empty. It is crucial to remember that legitimate courier services would never send out empty parcels or request personal information or payments in exchange for prizes. These deceptive tactics employed by scammers aim to exploit the vulnerability and trust of individuals, ultimately causing financial loss and emotional distress.1. English Language Program: This program will feature performances in English, ranging from music and dance to comedy and drama. It will showcase the rich and diverse culture of English-speaking countries and regions around the world.
Australia news LIVE: CBA faces backlash over $3 withdrawal fee; Australians in South Korea warned to avoid protests - Sydney Morning HeraldAutry scores 16 as George Washington downs Illinois State 72-64
Record Revenues as Global Logistics Network Expands WATERLOO, Ontario and ATLANTA, Dec. 03, 2024 (GLOBE NEWSWIRE) -- The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2025 third quarter ( Q3FY25 ). All financial results referenced are in United States ( US ) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles ( GAAP ). “Our business has grown organically while we've added complementary solutions to our Global Logistics Network by way of acquisition,” said Edward J. Ryan, Descartes’ CEO. “We listen to our customers about where best to invest to help them meet the many logistics and supply chain challenges they're facing, which contributed to us completing two acquisitions this past quarter. The global trade landscape remains highly uncertain and complex for our customers, especially with potential upcoming changes to tariffs and sanctions and the resulting impact on trade. As always, our goal is to help our customers manage this complexity so that they can continue to focus on their core businesses.” Q3FY25 Financial Results As described in more detail below, key financial highlights for Descartes’ Q3FY25 included: Revenues of $168.8 million, up 17% from $144.7 million in the third quarter of fiscal 2024 ( Q3FY24 ) and up 3% from $163.4 million in the previous quarter ( Q2FY25 ); Revenues were comprised of services revenues of $149.7 million (89% of total revenues), professional services and other revenues of $15.6 million (9% of total revenues) and license revenues of $3.5 million (2% of total revenues). Services revenues were up 15% from $130.4 million in Q3FY24 and up 2% from $146.2 million in Q2FY25; Cash provided by operating activities of $60.1 million, up 7% from $56.1 million in Q3FY24 and up 73% from $34.7 million in Q2FY25. Cash provided by operating activities was negatively impacted in Q2FY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition; Income from operations of $45.8 million, up 41% from $32.4 million in Q3FY24 and down from $45.9 million in Q2FY25; Net income of $36.6 million, up 38% from $26.6 million in Q3FY24 and up 5% from $34.7 million in Q2FY25. Net income as a percentage of revenue was 22%, compared to 18% in Q3FY24 and 21% in Q2FY25; Earnings per share on a diluted basis of $0.42, up 35% from $0.31 in Q3FY24 and up 5% from $0.40 in Q2FY25, respectively; and Adjusted EBITDA of $72.1 million, up 14% from $63.5 million in Q3FY24 and up 2% from $70.6 million in Q2FY25. Adjusted EBITDA as a percentage of revenues was 43%, compared to 44% and 43% in Q3FY24 and Q2FY25, respectively. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). These items are considered by management to be outside Descartes' ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release. The following table summarizes Descartes' results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions): Year-to-Date Financial Results As described in more detail below, key financial highlights for Descartes’ nine-month period ended October 31, 2024 ( 9MFY25 ) included: Revenues of $483.5 million, up 14% from $424.7 million in the same period a year ago ( 9MFY24 ); Revenues were comprised of services revenues of $433.7 million (90% of total revenues), professional services and other revenues of $44.4 million (9% of total revenues) and license revenues of $5.4 million (1% of total revenues). Services revenues were up 13% from $385.3 million in 9MFY24; Cash provided by operating activities of $158.5 million, up 1% from $156.9 million in 9MFY24. Cash provided by operating activities was negatively impacted in 9MFY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition; Income from operations of $134.0 million, up 27% from $105.8 million in 9MFY24; Net income of $105.9 million, up 26% from $84.1 million in 9MFY24. Net income as a percentage of revenues was 22%, compared to 20% in 9MFY24; Earnings per share on a diluted basis of $1.21, up 25% from $0.97 in 9MFY24; and Adjusted EBITDA of $209.7 million, up 15% from $181.7 million in 9MFY24. Adjusted EBITDA as a percentage of revenues was 43%, consistent with 9MFY24. The following table summarizes Descartes’ results in the categories specified below over 9MFY25 and 9MFY24 (unaudited, dollar amounts in millions): Cash Position At October 31, 2024, Descartes had $181.3 million in cash. Cash decreased by $71.4 million in Q3FY25 and $139.7 million in 9MFY25. The table set forth below provides a summary of cash flows for Q3FY25 and 9MFY25 in millions of dollars: Acquisition of MyCarrierPortal On September 17, 2024, Descartes acquired all of the shares of Assure Assist, Inc., doing business as MyCarrierPortal (“MCP”), a leading provider of carrier onboarding and risk monitoring solutions for the trucking industry. The purchase price for the acquisition was approximately $22.5 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based consideration of up to $6.0 million based on MCP achieving revenue-based targets over the first two years post-acquisition. Acquisition of Sellercloud On October 11, 2024, Descartes acquired all of the shares of Sellercloud LLC and certain assets of Sellercloud Europe Ltd. (collectively referred to as “Sellercloud”), a leading provider of omnichannel ecommerce solutions. The purchase price for the acquisition was approximately $110.2 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based consideration of up to $20.0 million based on Sellercloud achieving revenue-based targets over the first two years post-acquisition. Conference Call Members of Descartes' executive management team will host a conference call to discuss the company's financial results at 5:30 p.m. ET on Tuesday, December 3, 2024. Designated numbers are +1 289 514 5100 and +1 800 717 1738 for Toll-Free in North America, using conference ID 07584. The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations. Phone conference dial-in or webcast login is required approximately 10 minutes beforehand. Replays of the conference call will be available until December 10, 2024, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 07584#. An archived replay of the webcast will be available at www.descartes.com/descartes/investor-relations. About Descartes Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com , and connect with us on LinkedIn and X (Twitter ) . Descartes Investor Contact Laurie McCauley (519) 746-2969 investor@descartes.com Cautionary Statement Regarding Forward-Looking Statements This release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relates to Descartes' expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the “Russia-Ukraine Conflict”), and between Israel and Hamas (“Israel-Hamas Conflict”), or other potentially catastrophic events, on our business, results of operations and financial condition; continued growth and acquisitions including our assessment of any increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth and Adjusted EBITDA margin operating range; demand for Descartes' solutions; growth of Descartes' Global Logistics Network (“GLN”); customer buying patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing at levels generally consistent with those experienced historically; the Russia-Ukraine Conflict and Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes' continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes' continued ability to identify and source attractive and executable business combination opportunities; Descartes' ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes' business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes' ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes’ ability to successfully design and develop enhancements to our products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes' ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes' market capitalization; and other factors and assumptions discussed in the section entitled, "Certain Factors That May Affect Future Results" in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada, including Descartes' most recently filed Management's Discussion and Analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results. The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage. Management considers these non-operating expenses to be outside the scope of Descartes’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed seven acquisitions since the beginning of fiscal 2024 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations. The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q3FY25, Q2FY25, Q1FY25, Q4FY24, and Q3FY24, which we believe is the most directly comparable GAAP measure. The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for 9MFY25 and 9MFY24, which we believe is the most directly comparable GAAP measure. The Descartes Systems Group Inc. Condensed Consolidated Balance Sheets (US dollars in thousands; US GAAP; Unaudited) The Descartes Systems Group Inc. Consolidated Statements of Operations (US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited) The Descartes Systems Group Inc. Condensed Consolidated Statements of Cash Flows (US dollars in thousands; US GAAP; Unaudited)As the sun sets on another day, let us take a moment to reflect on the fragility of life and the importance of cherishing every moment. For in a world where uncertainty lurks around every corner, it is our connections and memories that truly endure. Rest in peace, Emily White, may your adventurous spirit guide us through the darkest of nights.
Micron’s Surge. How Its Stock Price Could Change the Gaming World.Individual differences in sleep needs can also be influenced by genetics. Some people may have a genetic predisposition to requiring more or less sleep than the average adult. Understanding and acknowledging these individual differences is essential in achieving optimal sleep quality and duration.
has avoided serious injury and could play in the Wallabies' clash with Ireland after Australia had their on Sunday night. The was left clutching his right arm after attempting a tackle on Scotland player Sione Tuipulotu in the 30th minute at Murrayfield. Suaalii was forced from the field with what was initially feared to be a broken wrist, although the Wallabies later said they were confident the injury wasn't as bad as it first looked. And on Tuesday that was confirmed, with the team providing a positive update. "After making a tackle yesterday, Joseph Suaalii lost function and had severe pain in his right arm and was substituted," a team statement from Dublin said. "Since full-time and after travelling with the team to Ireland, his function is returning, and pain is subsiding. He was medically reviewed post-game and there is no evidence of a fracture and will be monitored throughout the week." Wallabies coach Joe Schmidt said after the 27-13 loss: "He's got a pretty numb arm, but we're hopeful it's not too bad." Wallabies great Tim Horan said in commentary at the time: "It was a good shot too on the 12. Tuipulotu came across inside and then you just saw him hold. As soon as he made the hit, his right wrist, he held it up. "You thought it might have been a stinger early on with his right shoulder. And then straight away he went off and Tuipulotu had a bit of a laugh to him. But that's huge. If he's got a broken arm or broken wrist, that's eight to 10 weeks at least. That's probably his season over." After in the first two games of their British Isles tour, the Wallabies had been hoping to become the to complete the famed 'grand slam' by also beating Scotland and Ireland. But they came undone at the hands of the Scots on Sunday night. Scottish captain Tuipulotu, who was born and bred in Melbourne, proved the difference as he came back to burn his birth nation. Tuipulotu played for Australia at Under-20 level, but will always be regarded as a Wallaby who get away. The Wallabies scored 13 tries in their first two matches, but only managed one through debutant Harry Potter in the 75th minute. Tries from Tuipulotu, a national record-breaking 30th for Ruhan van der Merwe, flanker Josh Bayliss and the brilliant Finn Russell were a fair reflection of the Scots' dominance. Suspected broken wrist for Wallabies recruit Joseph-Aukuso Suaalii. Not what the doctor ordered. — Christy Doran (@ChristypDoran) An interested spectator at Murrayfield in white beanie checking on former Roosters 🐓 teammate Joseph Suaalii. Hope Joeys wrist is ok. — OBBY (@OBBY001) Word out of the Wallaby camp is Joseph-Aukuso Suaalii's injury isn't as bad as first thought after coming off with a wrist/arm injury Will need further testing after game but could be right to go for next week — Nathan Williamson (@NathJWilliamson) Did we get an insurance policy for Suaalii? — Huw Tindall (@HuwTindall) Wallabies captain Harry Wilson said his team have been left "hurt" by the end of their British Isles grand slam dream. "It is disappointing. I know everyone really wanted to be part of history, so it does hurt," he said. The Wallabies lost key hooker Matt Faessler through injury and sick lock Jeremy Williams in the 24 hours before the game. But Schmidt wasn't making any excuses, even over the fact they couldn't train at times due to pitches being frozen. "We were already a little bit glued together," conceded Schmidt. "But it's a really good exercise for us to be put in that situation against a good team and I felt they stayed really competitive - albeit you can't miss 30-plus tackles in an international against a really good team and expect to get the result." Schmidt remains confident his side can take down Ireland in a return to Dublin to play his old charges next Saturday (Sunday Aussie time). "Scotland are a good side and, hopefully, people can still see there's some quality starting to be built through through an Australian side that's actually starting to show a bit of depth, albeit with some pretty inexperienced players," he said.
Black Friday and Cyber Monday e-commerce sales broke records again this year, with Adobe pointing out that US sales increased 10.2% YoY to $10.8 billion on Black Friday while Cyber Monday sales rose 7.3% YoY to ~$13.3 billion. Peak sales hit $15.8 million per minute on Monday evening. Shopify is a major beneficiary of Black Friday sales, and coming off a strong Q3, saw another record-breaking holiday. Shopify’s growth was quite strong at two times higher than overall Black Friday sales, with GMV increasing 22% YoY to a record $5 billion. For Black Friday/Cyber Monday, GMV rose 24% YoY to $11.5 billion with peak sales hitting $4.6 million per minute. POLAND - 2023/03/07: In this photo illustration a Shopify logo seen displayed on a smartphone. ... [+] (Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images) Q3 was strong with revenue growth accelerating to 26% YoY, operating income more than doubling YoY and FCF margin approaching 20%, the true test will be Q4. Shopify will need to prove to the Street that it can continue to re-accelerate revenue into 2025 given the strong Black Friday trends and international expansion efforts. Shopify Revenue Growth Reaccelerates in Q3 Shopify reported a strong third quarter earlier in November, with revenue growth reaccelerating more than 500 bp sequentially. Q3 revenue increased 26.1% YoY to $2.16 billion, with growth accelerating from 20.7% in Q2. Excluding logistics (comps from Q2 23 to Q2 24), Q3 was the sixth consecutive quarter with revenue growth of >25%. For Q4, management guided revenue growth in the mid- to high-20% range, benefiting from the holiday season and building upon Q3’s growth. Given the recent data on Black Friday sales, Shopify is well on its way to deliver on this guide. FBI Warns iPhone And Android Users—Stop Sending Texts Microsoft’s New Update—Bad News Confirmed For 400 Million Windows Users FBI Warns Smartphone Users—Hang Up And Create A Secret Word Now Shopify's revenue growth reaccelerated in Q3 after decelerating for five consecutive quarters. Shopify pointed out three key drivers of revenue growth and strength in Q3: · Strong GMV growth · Subscription Solutions revenue growth · Increased Payments penetration I break these key points down for you below. GMV Driven by European Growth of 35% International helped to drive the beat this quarter, with GMV “outside North America growing 33% in Q3. European GMV grew greater than 35% as our largest markets of the UK, Germany, France, and the Netherlands continue to gain traction.” Global GMV increased 24% to $69.7 billion in the third quarter, the fifth quarter in a row where growth exceeded 20%. This was driven by same-store sales growth by Shopify and Shopify Plus merchants (organic growth from existing stores), as well as that international strength. Shopify Plus is tailored to large and enterprise businesses, offering exclusive conversion and automation features and lower fees to help drive growth for those merchants. Additionally, Q3 offline GMV was up 27% YoY, and has more than doubled in just the past three years. Q3 B2B GMV grew over 145% YoY, and has now had five consecutive quarters of triple-digit growth. This shows Shopify’s diversity ability to grow beyond digital stores for small-to-medium sized retail customers, which had driven the bulk of the business during the stock’s Covid surge. The expansion into Europe also shows promising signs of Shopify’s ability to scale globally in a more meaningful way. The company stated they “made enhancements to localization, shipping, and compliance, and are pairing that with intensified marketing efforts” for Europe. Black Friday was also strong and an early indicator for Q4, with Shopify recording $5 billion in GMV for the holiday, a 22% YoY increase, in-line with last year’s growth. Deutsche Bank analysts noted that this GMV puts Shopify on track to hit Q4 GMV expectations of $92.8 billion, correlating to a 23.6% YoY increase, about in line with Q3’s growth rate. To note, GMV growth of 24% lags revenue growth of 26%. This is not necessarily a negative; however, it does hint that customer spending could be slowing slightly, and a further decoupling of the two rates could suggest a revenue re-acceleration may be short-lived if this decoupling continues. Subscriptions: MRR Accelerates 3-Points Shopify’s Subscription Solutions revenue, the second stated driver of revenue growth, increased 26% YoY to $610 million, and represents 28% of revenue. Growth has decelerated from 34% YoY in Q1 and 27% YoY in Q2, but MRR trends point to growth stabilizing around 26% or reaccelerating slightly come Q4 and into 2025 with some pricing and merchant growth tailwinds. In Q3, MRR growth accelerated 3 points to 28% YoY, up from 25% in Q2, reaching $175 million. Plus contributed 31% of MRR, flat with last quarter, while Plus, Standard and Point of Sale all saw “continued growth” in Q3. In Q3, MRR growth accelerated 3 points to 28% YoY, up from 25% in Q2, reaching $175 million. Shopify Payments up 31%, Shop Pay up 42% Shopify Payments facilitated $43 billion in GPV in Q3, up 31% YoY, with penetration rising to 62% of GMV (compared to 58% last year). Shop Pay similarly increased 42% YoY to $17B in GMV. Management attributed the strength in payments to a few factors: strong performance of merchants utilizing Payments, more of which are Plus subscribers, higher global adoption of payments; and increasing penetration of Shop Pay. For Q4, Payments are likely to provide a headwind down the line, due to holiday season dynamics. In Q3, the lower margins on Payments came from a higher mix of Shopify Plus merchants, which are larger enterprises at a fixed rate, and due to a higher mix of credit card usage compared to debit card usage. Shopify explained that Q4 “sees a higher percentage of revenue from Payments given the high-volume holiday selling season,” and as a result, management expects “higher dollar losses on Payments” due to that volume growth. Q4 Earnings Pop May be Short-Lived Analysts are forecasting that Shopify regresses back towards revenue growth in the 20% range by FY25. Currently, Shopify is estimated to report 27.2% YoY growth in Q4, supported in part by 24% YoY growth in Cyber Week GMV. This would mark a sequential acceleration of 110 bp, and 360 bp faster growth than the 23.6% recorded last Q4. Analysts are forecasting that Shopify regresses back towards revenue growth in the 20% range by ... [+] FY25. Shopify’s revenue growth is more correlated to GMV growth now as opposed to 2022 and early 2023. For example, Shopify was reporting revenue growth rates >10 percentage points higher than GMV growth due to GPV growth, pricing and merchant revenue growth. By Q4 2023, revenue growth became much more closely tied to GMV – Shopify reported 23.2% GMV growth in that quarter and 23.6% revenue growth, and in Q1 2024, GMV growth was 22.8% versus revenue growth of 23.4%. However, Q3 showed a larger decoupling of the two, with GMV growth of 24.0% lagging revenue growth by more than 2 percentage points. Q3 showed a larger decoupling of GMV and revenue growth, with GMV growth of 24.0% lagging revenue ... [+] growth by more than 2 percentage points. This suggests that if GMV growth begins to peak in Q4 and decelerate, revenue growth may soon follow if Shopify cannot push GPV growth to >30% or pull additional levers such as pricing to maintain a high-20% revenue growth rate. To point out, analysts currently expect GMV growth of ~23.6% in Q4, again much slower than the 27.2% estimated revenue growth rate, though increased Payments volume will play a role in that. Moving into 2025, if GMV trends towards 20%, there’s risk that revenue growth will follow. These are a few things that I’m watching for as I continue to evaluate Shopify. I provide weekly deep dives, real-time trade alerts and weekly webinars to evaluate positions and discuss potential entries and exits. Learn more here . Executing Well with 132% Growth in Adjusted Operating Income Shopify is executing very well despite margin headwinds, driving operating income growth well in the triple digits despite contracting gross margins in Q3. Corporate gross margin contracted 90 bp, dropping from 52.6% last year to 51.7%, weighed down by Merchant Solutions (accounting for 55% of gross profit dollars), where gross margin contracted 130 bp to 39.7%. Management added that Payments had an adverse impact to Merchant Solutions’ gross margin for two reasons: it accounted for a larger portion of revenue, while it also had lower margins due to higher Plus merchant mix on a fixed rate and a higher credit card mix compared to debit cards. Despite the headwinds to gross margin, Shopify’s cost optimization efforts are bearing fruit. Gross profit increased 24% YoY, or $217 million in dollar terms, while operating expenses increased just 7% YoY, or $56 million in dollar terms. This drove a 132% YoY increase in adjusted operating income from $122 million in $283 million, or 13.1% of revenue. This led to a 99% increase in adjusted net income, excluding equity investment impacts. Q4 is expected to see this dynamic continue, despite more margin headwinds. Based on management’s guidance, gross margin is expected to contract 3.2% QoQ and 1.1% YoY while operating income is projected to increase 2.8% QoQ and increase 2.5% YoY. Shopify Stock Has Potential Catalysts Ahead Shopify has a couple catalysts ahead, one in moving upstream to capturing more enterprises on the platform, and the other within AI and automation features facilitating daily workflows for merchants. In Q3, management highlighted that the quarter was “an exceptional quarter in terms of new enterprise-level brands” from all verticals coming to Shopify. Management said that enterprise “is a massive opportunity to build for the long term,” with the opportunity only beginning to bud, with just 16 enterprise launches in Q3. Shopify believes it offers a value proposition for enterprises to switch to its platform due to flexibility and speed. To demonstrate this, management explained that “one merchant recently brought over 44,000 SKUs to Shopify in less than three minutes, a task that used to take hours if not days. This significant reduction in data migration hassle is a big deal as it removes major friction point for merchants looking to move to Shopify.” Migrating over more enterprise brands in the coming quarters can provide tailwinds to both GMV and GPV, bringing more sales and more payment transactions to the platform. The data migration point ties hand in hand with another catalyst for Shopify, arising from AI and automation features. Shopify is working on improving merchant automation, from data migration to inventory management and more. Shopify Flow, which is Shopify’s low-code workflow automation app that empowers merchants to build custom automations has been improved with 304 new actions in the API. Shopify Inbox is now utilizing AI to assist merchants in quickly responding to customer inquiries, while new automations for tax filings and VAT were added to Shopify Tax. Shopify is also implementing artificial intelligence to drive higher levels of personalization for customers, and in turn, drive higher value for merchants. President Harley Finkelstein explained Shopify thinks “search and AI together makes the Shop search way more relevant, way more personalized,” and that “the change that we've made, in some cases, have led to an 18% increase in sessions where a buyer engages in a recommendation with our new home feed.” To that extent, Shopify announced that Mikhail Parakhin recently joined as CTO, after spending more than a decade at Microsoft helping to launch Copilot and spearheading search and AI innovations at Yandex. Shopify said that Parakhin “brings a wealth of experience in AI and search technologies” and “in just over two months since he joined us, he has already made a significant impact enhancing our products.” Technical Analysis: As long as any weakness can hold $89.95, I expect the uptrend to push into the $132 region and then the $150 - $190 region. If any further weakness cannot hold $89.95, then the odds SHOP will push higher go down significantly. It is well above this level, so we should continue to look higher. As long as any weakness can hold $89.95, I expect the uptrend to push into the$132 region and then ... [+] the $150 - $190 region Once it gets to the $132 - $190 region, what next? This is where SHOP gets a little tricky. The larger uptrend off the 2022 low has unfortunately been quite messy. This opens the door to several potential larger patterns in play. What my firm can say with a higher degree of confidence is that if SHOP can break above the $190 region and do so on elevated volume and in a direct manner, it will favor the more bullish interpretation of what is potentially playing out. However, if it fails to breakout over the $190 region, and instead see a larger pullback from the $150 - $190 region, then we will likely see a notable correction before pushing higher. We really will not know what is in play from a technical analysis perspective until we get into the above target range and see what SHOP’s price does next. Conclusion Shopify has performed well despite gross margin headwinds, as prudent cost optimization efforts are leading to significant operating leverage. Q3 demonstrated this with triple digit operating income growth despite gross margin contracting nearly 1 percentage point. Although this dynamic along with strong growth is expected to continue into next quarter, ideally I’d want to see GMV keep pace with revenue growth into 2025. Analysts seem to agree with next year consensus showing growth exiting next year at 21.2%. Although the near-term catalyst is strong Black Friday performance, likely leading to strong holiday performance (we will see), the medium-term catalysts are found in global expansion, increased enterprise mix, and placing more focus on AI and automation features to help merchants increase productivity and drive more sales. Stay on the leading edge of AI with I/O Fund’s high-performing tech portfolio, which had 7 positions outperform the Nasdaq-100 last year for a cumulative return of 131% since inception. Year-to-date for 2024, the I/O Fund had 10 positions beating the indexes, many held at high allocations, and we are prepping for a strong 2025. Take advantage of our Black Friday sale, our largest sale of the year with up to $250 off! Learn more here . If you would like notifications when my new articles are published, please hit the button below to "Follow" me.Ghanaian Afrobeat sensation Jackline Acheampong, popularly known as Gyakie, has revealed the emotional toll her rise to fame took on her, particularly after the global success of her hit song Forever . In an emotional interview with BBC Africa, the artist candidly shared the pressures she faced in the early days of her career. Reflecting on the overwhelming weight of fame, Gyakie confessed, “In the beginning of my career, almost every three days, I would be crying at home because the pressure was getting too much, especially when ‘Forever’ blew up.” She admitted that the expectations to consistently produce hit songs became both a motivating and daunting challenge. “The expectations to make hit songs are good when it feels motivational but different when it feels like pressure to deliver something,” she explained. The constant demand for success, coupled with social media criticism, proved to be emotionally challenging for the artist. “It took me a while to not let negative comments affect me when people said bad things about me online,” Gyakie shared, emphasizing how difficult it was to handle the early criticism. However, she noted her emotional growth over time, explaining that she has now learned to remain unaffected by unwarranted negativity. “It’s good when [criticism] feels like motivation but different when it now feels like you are giving me pressure to do something,” she said. Gyakie concluded by expressing how she now responds to false criticism with indifference. “But now, I could see anything about me, where the person knows what he is saying is not true; I would be like, somebody should give me some water to drink because the country is already hard,” she quipped, showing how she has learned to navigate the challenges of fame with a sense of resilience.
WASHINGTON — Senate Majority Leader-in-waiting John Thune plans to have the chamber in session for 10 straight weeks to start 2025. That’s according to the Senate’s 2025 legislative calendar released by the South Dakota Republican on social media Thursday. The calendar has senators in session for five days a week for most of the year, which, if adhered to, would be a change in the chamber’s current flow of usually eschewing Friday votes. The Senate is expected to have a busy start to the year with hearings and votes on President-elect Donald Trump’s announced nominees. Republicans have also begun to plot out their legislative agenda for two budget reconciliation packages – one to address border, defense and energy-related priorities, plus a sweeping tax package. Lawmakers will also likely have to pass a long-term spending bill in the first few months of the year, with Congress expected this month to extend government funding into March. Both the Senate and the House, which released its calendar Wednesday , will convene on Jan. 3 as required under the Constitution, when the new Congress will be sworn in. After the 10 straight weeks in session, with a break on Feb. 17 to observe Presidents Day, the Senate is set to take its first recess the week of March 17, when House lawmakers will also be off. But that would be the House’s third weeklong break of the year, following recesses the last week of January and the week of Presidents Day. As usual, both chambers have scheduled a two-week recess around the Easter and Passover holidays, which fall in mid-April. Weeklong recesses are scheduled around Memorial Day and July 4, while the House is also expected to be out of session for a week around Juneteenth. Both chambers will be out for the traditional August recess. After Labor Day, lawmakers are set to return to Washington for three work weeks in September, with a scheduled recess the week of Sept. 21 for Rosh Hashanah. That would come a week before the fiscal year ends at the close of the month, when Congress faces a funding deadline. Both chambers are scheduled to be in session on Sept. 29 and 30. In the last quarter of the year, the Senate calendar has a weeklong recess in mid-October for Columbus Day, while House lawmakers are set to return that Tuesday. Both chambers are scheduled to recess for two weeks in November, one for Veterans Day and another for Thanksgiving. The Senate is slated to wrap up its work for next year on Dec. 19, a day after the House. ©2024 CQ-Roll Call, Inc., All Rights Reserved. Visit cqrollcall.com. Distributed by Tribune Content Agency, LLC.
As the clock ticks down and the tension rises, the athletes dig deep and tap into their inner reserves of strength and determination. Each lift is a testament to their years of training and dedication, as they push themselves beyond their limits in pursuit of greatness. The crowd roars with excitement, urging the athletes on as they give it their all in this ultimate test of skill and endurance.Dutton promises teen ban won’t mean people need passports to log on
While Elon Musk is currently the talk of Washington, his mother, Maye Musk , is illuminating Beijing and other Chinese cities she visits. ET Year-end Special Reads Corporate Kalesh: Top family disputes of India Inc in 2024 The world of business lost these eminent people in 2024 Fast, faster, fastest: How 2024 put more speed into your shopping For years, the 76-year-old mother of the richest man in the world has been travelling throughout the PRC. According to The Guardian's senior China correspondent, she has signed copies of the Chinese edition of her book, A Woman Makes a Plan, walked the red carpet at a cosmetics show in Wuhan, and attended a gala dinner in Hangzhou just this month, as quoted in a report by The Daily Beast. On X, her son's social media platform, two weeks ago, she wrote to her Chinese fans, thanking them for making it a bestseller. However, China's bestseller list does not include Maye Musk's book. Walter Isaacson's biography of her son Elon Musk was the only Musk-related book on the Chinese bestseller lists in October, according to The Guardian. Nevertheless, Maye Musk has suddenly become a valuable resource for China. As her billionaire global businessman son has enormous influence over the U.S. federal government, she is reportedly adored by the nation she visits almost every month, making her China's secret weapon, according to The Guardian. 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The Chinese consumer electronics company Oppo appointed Musk, a former model, dietitian, and survivor of domestic abuse who reared three children alone, as its global ambassador last year. China’s Growing Ties with the Musk Legacy Musk's fortunes are rising alongside his son's, with Tesla selling more cars in China than anywhere except the United States. Democrats in Congress accused Musk of pushing a government shutdown the week before Christmas for his own business profitability in China. Rep. Jim McGovern wrote on X that his bottom line depends on staying in China's good graces. The conservative Heritage Foundation, which wrote the Trump world blueprint for revamping the federal government, is a big fan of the Department of Government Efficiency, which Musk has begun planning ahead of Jan. 20. However, the Heritage Foundation is no fan of China and touted its tougher, smarter strategy to win the #NewColdWar with China. FAQs Why is Maye Musk gaining popularity in China? Maye Musk, a former model and author, has become a celebrity in China, attending high-profile events and representing brands, thereby increasing her influence in the region. How will Maye Musk's role affect US-China relations? Her growing prominence coincides with her son Elon Musk's business ties in China, sparking speculation about China's strategic use of her public image amidst geopolitical tensions. (You can now subscribe to our Economic Times WhatsApp channel )