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Trial of ex-FBI informant indicted for lying about Bidens delayed
Recent data on child poverty in Canada showed Manitoba led the way with the highest child poverty rate, and now advocates are calling for action to lower the number. The latest data is from 2022 and it showed Manitoba had a child poverty rate of 27.1 per cent. Winnipeg Centre had the highest percentage of low-income children at 41.1 per cent, while northern Manitoba had the highest total throughout the province at 54.1 per cent. In total, 85,520 children were living in poverty in 2022, compared to just 10,560 in 2021. Kate Kehler, the executive director of the Social Planning Council of Winnipeg, said poverty puts costs on everybody, and it doesn't just affect those who live in poverty. "It costs all of us, costs us in our health...They also unfortunately end up in the justice system; they end up with mental health disorders; they end up with addictions disorders. So there's a cost of poverty," said Kehler. Advocates have released recommendations for the provincial government to act on. The main recommendation is to reduce the 2022 numbers by 50 per cent and achieve that goal by 2027. They also want the children most impacted by this—indigenous, racialized, and recent immigrants—to be prioritized. Other priority recommendations include budgeting appropriately so CFS and the Manitoba Assistance Amendment Act are resourced and supported, indexing the Health Baby Prenatal Benefit to inflation, creating an unconditional basic income guarantee program for children aging out of CFS, and supporting community-based programs that can help kids with education. Kehler said these are things the provincial government could complete. "There are things that the government can actually start on, which is even just a discussion with the federal government to actually finally declare a CERB amnesty based on income level," said Kehler. "The money is there. In previous reports, we pointed to policies that the government, both the NDP government and the previous government, came up with. They had an affordability package with the Progressive Conservatives that had they targeted that package to low-income families, 86 per cent of families could have been lifted out of poverty. And the gas tax holiday that people are so fond of. Again, we did the math; 62 per cent of families could have been lifted out of poverty, if they had taken the tax money but redirected it." Jordan Bighorn, the executive director of the Community Education Development Association, said these recommendations are a foundation for future generations to work on tackling these issues. "(They) will realize that they'll need the scientific research and data and policy development that's all going to be listed in these recommendations... They will also then have the community value, a deeper understanding of the complexity of the diverse community that we have now, and a better understanding of what it means to build relationships. And they'll marry all of this foundation of recommendation with those values, and perhaps we might see some of that transformation happen very quickly," said Bighorn. Nahanni Fontaine, Minister of Families, said Tuesday the province will be releasing its poverty reduction strategy in the near future.
Teradyne: How To Get Better Protection With Still Some Unlimited UpsideOOH Campaign Highlights the Power of Donating During the Thanksgiving Season NEW YORK , Nov. 26, 2024 /PRNewswire/ -- OUTFRONT Media (NYSE: OUT), one of the largest out-of-home (OOH) media companies in the U.S., has unveiled a new campaign with The Farmlink Project, the fastest-growing solution in the charitable food space, to drive home an important food insecurity fact on Thanksgiving. The campaign, running now through Friday, Dec. 6 , features the line " $1 = 17 lbs of food saved" to jolt audiences into action. OUTFRONT Studios and Farmlink's creative team produced the campaign, which also marks the debut of Farmlink's rebrand. The creative can be seen on digital billboards across the country, securing additional impressions with holiday traffic at an all time high. The campaign's message encourages audiences to make a big impact toward battling food insecurity through a small action during Thanksgiving, the largest event for food consumption in the U.S., and Giving Tuesday, an annual global generosity movement. For the month of December, every dollar donated to Farmlink will be matched to provide 32 pounds of food to families in need. "In collaboration with OUTFRONT, we are able to expand our mission of supporting farmers and feeding families by inspiring people to take simple actions," said Aidan Reilly , Head of Partnerships at Farmlink. "Collectively, those efforts can add up to help us reach our goal of raising $100K in December." As a partner of OUTFRONT since 2021, Farmlink has helped further OUTFRONT's purpose of helping people, places and businesses grow stronger. "Fighting food insecurity continues to be one of OUTFRONT's most important causes, driven by our employees," said Liz Rave , Vice President, Marketing at OUTFRONT. "This timely Thanksgiving campaign is our latest effort to support and amplify Farmlink's mission at a critical time for food insecurity solutions. We are also proud to be making a monetary donation of our own this holiday season." The Farmlink Project was born as a student movement at the onset of the pandemic in an effort to support a local food bank in Los Angeles . Having delivered nearly 300 million pounds of food which otherwise would have gone to waste to families across North America , Farmlink is driven by the belief that hunger can be solved in the U.S. using already grown food. About OUTFRONT Media Inc. OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in the United States . Through its technology platform, OUTFRONT will fundamentally change the ways advertisers engage audiences on-the-go. OUTFRONT Media Contacts: Matt Biscuiti Courtney Richards The Lippin Group OUTFRONT Media 212-986-7080 646-876-9404 outfront@lippingroup.com courtney.richards@OUTFRONT.com Stephan Bisson OUTFRONT Media 212-297-6573 stephan.bisson@outfront.com View original content to download multimedia: https://www.prnewswire.com/news-releases/outfront-media-and-the-farmlink-project-unveil-new-campaign-to-fight-food-insecurity-302317001.html SOURCE OUTFRONT Media Inc.Elisabeth Borne, only the second woman to serve as French prime minister, is making a surprise return to frontline politics as education minister less than a year after losing a job that she never wished to relinquish. An experienced technocrat known for her resilience who pushed through a controversial pensions overhaul while in office, Borne served as premier from May 2022 to January 2024. The 63-year-old engineer was the first woman to head a French government in three decades after the brief stint in office of Edith Cresson who lasted under 11 months in the early 1990s, during which time she endured rampant sexism. When Borne took power, she dedicated the moment to "all the little girls". "Follow your dreams, nothing must slow the fight for women's place in our society," she said. But her departure after just over 18 months left her denouncing the "insidious sexism" that she said still permeated French politics. At President Emmanuel Macron's request, she resigned in January and was replaced by the then 34-year-old Gabriel Attal, who became France's youngest head of government but he only lasted to the summer. Borne said after her resignation that women in politics were "constantly" compared to men. "Men in politics, they all have an interest in imposing masculine codes, it eliminates the competition," she added. She also noted that all candidates to succeed her were men. "It's as if commentators were saying to themselves, 'We've just had a woman prime minister for 20 months, that's it, we're back to normal life'," she told RTL. Even when she handed over office to Attal on January 9, Borne had made clear her resentment over sexism in French politics, saying: "I have also been able to see quite often that there is still some way to go for equality between women and men." But she added in a message to women: "Hold on, the future belongs to you." Borne had proved her loyalty to Macron during his first term in office, serving as transport, environment and finally labour minister from 2020. As premier she staunchly defended his flagship pensions reform to raise the retirement age from 62 to 64. She deployed a controversial executive power to force through the legislation without a vote, despite previously saying she did not want to use it. Discreet about her private life, Borne was accused by critics of showing too little personality in office. Borne's Jewish father had been deported to Auschwitz during World War II and survived the Nazi death camp but never fully recovered. Her father took his own life when she was just 11 years old. "It's shocking for an 11-year-old girl to lose her father in these conditions," Borne told LCI. "And I think I closed up and that I avoid showing my emotions too much." "I think... this closing up, maybe, goes a little far. Yes," she acknowledged. But she expressed pride over how France had allowed her to study under a special programme for children who have lost parents. "We are a country where you can be the daughter of an immigrant, where you may have lost your father at 11, but the country reaches out to you to allow you to study," she said. "And then you are a prefect (senior local official), and then you are a minister and you are even prime minister," she added. Her father, who was reportedly named Joseph Bornstein, fled to France from Poland in 1940 and then fought in the French resistance during World War II. He was captured and deported to Auschwitz in 1944. bur-sjw/as/phz
The other day I was browsing through the Daily Reckoning archives and stumbled across a March 2013 piece by our long-time contributor Jeffrey Tucker. The article was titled “Bitcoin’s Moment”, and BTC was trading at around $93 at the time. Here’s an excerpt: “Many people fear that Bitcoin is overpriced right now. This view is held even by people in the Bitcoin community who worry that a move from $15 to $93 in three months is not good for long-term viability. A crash could bring down the currency unit in devastating ways, leading to another round of debunking and clucking from the advocates of government money.” It’s fascinating to see this discussion in retrospect. And it’s true that many thought Bitcoin was overvalued at the time. It had just increased 6x in three months. Calls of “bubble” had already begun. But Tucker was bullish. “Maybe the price will keep climbing. Next month at this time, people might be kicking themselves for not getting in right now. My instincts right now tend in this direction. I’m seeing BTC at $250, then $500, and then $1,000 by year-end.” Jeffrey’s prediction of $1,000 Bitcoin by the end of 2013 came true. In late November Bitcoin briefly surpassed the key psychological barrier of $1k. Bitcoin has come a long way since then. Today the original cryptocurrency sports a $1.9 trillion market cap and trades at about $98,000 as I write this. It’s become a titan in the financial world. Kudos to Jeffrey Tucker for having the foresight to see it coming, and sharing it with our readers. But while Bitcoin itself continues to dominate headlines, one company’s bold strategy has captivated Wall Street and Main Street alike... The Curious Case of Microstrategy MicroStrategy Inc. (MSTR) has been grabbing a lot of headlines recently. The company has raised huge amounts of convertible debt to purchase Bitcoins. So far they’ve bought an incredible 423,650 Bitcoins, for a total value of about $41 billion at $98,000/BTC. Their average purchase price is around $60,000. The curious part is that Microstrategy stocks currently have a market cap of $91 billion, and only have about $41 billion worth of BTC. The underlying company isn’t worth much, perhaps a few billion. It’s basically just a vehicle that raises debt to buy Bitcoin. So why are they trading at more than 2x the value of the Bitcoin the company holds? Previously, I would have explained this by the fact that Bitcoin ETFs were unavailable, so people are just looking for a stock to play it. But that explanation no longer flies with the widespread availability of cheap ETFs. Now I think the market has simply gotten ahead of itself with regards to MSTR. It’s overvalued compared to Bitcoin at this point, and I would avoid it. Those who want to buy Bitcoin in a stock account should just buy the Fidelity (FBTC) or iShares (IBIT) ETF. If Bitcoin has a significant correction, MSTR will likely move sharply lower. And I don’t see it outperforming the underlying cryptocurrency going forward. Not worth the risk. The Trump Factor The importance of Trump winning for crypto cannot be overstated. Gary Gensler, the anti-crypto SEC head, has already announced he will resign on inauguration day. Trump has signaled that he will create a US Bitcoin Reserve Fund, consisting of the 210,000 confiscated BTC owned by the federal government. Those are coins that would have otherwise been dumped on the market, so this alone will have a significant impact. Trump also plans to end the crackdown on crypto companies, which has been a major problem for the last 4 years. With US debt and deficits soaring higher, and another wave of inflation almost certain, the stage is set for a continuing bull market in crypto.S&P 500 forecast to hit 7,100
FILE PHOTO: This handout photo taken and released on December 7, 2024, by the South Korean Presidential Office shows South Korea’s President Yoon Suk Yeol bowing after the end of his address at the Presidential Office in Seoul. – Yoon was slapped with a travel ban on December 9, the justice ministry said, less than a week after plunging South Korea into chaos by briefly imposing martial law. (Photo by Handout / South Korean Presidential Office / Agence France-Presse) SEOUL — South Korea’s President Yoon Suk Yeol was banned from traveling abroad Monday, the justice ministry said, less than a week after he plunged the country into chaos by briefly imposing martial law . Yoon sent special forces and helicopters to parliament on the night of December 3 before lawmakers forced him to rescind the order by rejecting his decree. The unpopular leader narrowly survived an impeachment motion in parliament Saturday even as huge crowds braved freezing temperatures to call for his ouster. Despite remaining in office, a clutch of investigations has been closing in on Yoon and his close allies, including a probe for alleged insurrection. The ministry of justice confirmed on Monday that Yoon had become the first sitting South Korean president to be banned from leaving the country. A lawmaker was asked at a Monday parliamentary hearing whether Yoon had been banned from international travel. “Yes, that’s right,” replied Bae Sang-up, an immigration services commissioner at the ministry. Also under travel bans for their roles in last week’s events are former defense minister Kim Yong-hyun – currently in detention – and ex-interior minister Lee Sang-min. READ: South Korean opposition plans new impeachment push General Park An-su, the officer in charge of the martial law operation, and defense counterintelligence commander Yeo In-hyung are also barred from leaving South Korea. Investigators hauled Park in for further questioning Monday, and Yonhap news agency reported that prosecutors had asked for a warrant for Kim’s formal arrest. The impeachment push failed to pass after members of Yoon’s own People Power Party (PPP) walked out of parliament, depriving it of the necessary two-thirds majority. The PPP says that in exchange, the 63-year-old Yoon has agreed to hand power to the prime minister and party chief, prompting howls of protest from the opposition. “This is an unlawful, unconstitutional act of a second insurrection and a second coup,” Democratic Party floor leader Park Chan-dae said. FILE PHOTO: Soldiers try to enter the National Assembly building in Seoul on December 4, 2024, after South Korean President Yoon Suk Yeol declared martial law. – Yoon was slapped with a travel ban on December 9, the justice ministry said, less than a week after plunging South Korea into chaos by briefly imposing martial law. (Photo by Jung Yeon-je / Agence France-Presse) Under South Korea’s constitution, the president remains head of government and commander in chief of the army unless he or she is incapacitated, resigns or steps down. In such a case, power would then be handed to the prime minister on an interim basis until elections could be held. Claiming Yoon can remain in office but has delegated his powers to the prime minister and leader of his ruling PPP – who is not an elected official – is “a blatant constitutional violation with no legal basis,” Park said. “Their attitude of placing themselves above the constitution mirrors that of insurrectionist Yoon Suk Yeol,” he said. South Korea’s ally the United States indicated it would still deal with Yoon but said it “will keep lines of communication open with all relevant parties”. “President Yoon is the president of Korea, and the political process in Korea will play out, as it should, under Korea’s laws and Korea’s constitution,” State Department spokesman Matthew Miller told reporters. FILE PHOTO: Extra edition newspapers are displayed at a subway gate in downtown Seoul on December 4, 2024, after martial law was lifted. – Yoon was slapped with a travel ban on December 9, the justice ministry said, less than a week after plunging South Korea into chaos by briefly imposing martial law. (Photo by Jung Yeon-je / Agence France-Presse) The defense ministry confirmed Monday that the embattled Yoon still oversees the country’s security apparatus, despite the apparent power vacuum in a country that remains technically at war with nuclear-armed North Korea. “Legally, (control of military forces) currently lies with the commander in chief,” defence ministry spokesperson Jeon Ha-kyou said. Yoon has apologised for “anxiety and inconvenience” caused by his declaration of martial law but has not stepped down, saying instead he would entrust decisions about his fate to his party. READ: South Korea president clings to power after martial law U-turn He also said he would accept all political and legal responsibility for the martial law fiasco. There is no constitutional basis supporting the ruling party’s claim that Yoon can stay in office but hand over his power to unelected party officials, said Kim Hae-won, a constitutional law professor at Pusan National University Law School. “It seems to resemble an unconstitutional soft coup,” he told Agence France-Presse. “If there are issues with the president, there are ways laid out in the constitution such as suspending the president from his duties, and then move on to proceedings set out in the constitution, such as impeachment,” he said. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . The opposition has already said they would try again to impeach Yoon, with leader Lee Jae-myung saying another vote would be held Saturday.
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Bayern Munich fans protest against PSG president Nasser Al-Khelaifi
Bayern Munich fans protest against PSG president Nasser Al-Khelaifi- Raising the mid-points of billings, revenue, margins, earnings per share, and free cash flow guidance ranges. - Janesh Moorjani appointed as chief financial officer. SAN FRANCISCO , Nov. 26, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2025. All growth rates are compared to the third quarter of fiscal 2024, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document. Third Quarter Fiscal 2025 Financial Highlights "Autodesk is leading the industry in modernizing its go-to-market motion. These initiatives enable us to build larger and more durable direct relationships with our customers and to serve them more efficiently. We have already seen significant benefits from these optimization initiatives and there's more to come in the next phase," said Andrew Anagnost , Autodesk president and CEO. "We will continue to deploy capital to offset and buy forward dilution, a practice which has reduced our share count over the last three years, and have significantly extended the duration of our repurchase program by increasing our stock repurchase authorization. Our goal is to deliver sustainable shareholder value over many years." "We generated broad-based underlying growth across products and regions. Overall, macroeconomic, policy, and geopolitical challenges, and the underlying momentum of the business, were consistent with the last few quarters with continued strong renewal rates and headwinds to new business growth," said Betsy Rafael , Autodesk interim CFO. "Given Autodesk's sustained momentum in the third quarter, and smooth launch of the new transaction model in Western Europe , we are raising the midpoints of our billings, revenue, margins, earnings per share, and free cash flow guidance ranges." Additional Financial Details Third Quarter Fiscal 2025 Business Highlights Net Revenue by Geographic Area Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Change compared to prior fiscal year Constant currency change compared to prior fiscal year (In millions, except percentages) $ % % Net Revenue: Americas U.S. $ 579 $ 520 $ 59 11 % * Other Americas 126 120 6 5 % * Total Americas 705 640 65 10 % 11 % EMEA 580 516 64 12 % 13 % APAC 285 258 27 10 % 14 % Total Net Revenue $ 1,570 $ 1,414 $ 156 11 % 12 % ____________________ * Constant currency data not provided at this level. Net Revenue by Product Family Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E"). Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Change compared to prior fiscal year (In millions, except percentages) $ % AEC $ 751 $ 675 $ 76 11 % AutoCAD and AutoCAD LT 398 372 26 7 % MFG 307 269 38 14 % M&E 83 73 10 14 % Other 31 25 6 24 % Total Net Revenue $ 1,570 $ 1,414 $ 156 11 % Business Outlook The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the fourth quarter and full-year fiscal 2025 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2025 GAAP and non-GAAP estimates is provided below or in the tables following this press release. Fourth Quarter Fiscal 2025 Q4 FY25 Guidance Metrics Q4 FY25 (ending January 31, 2025) Revenue (in millions) $1,623 - $1,638 EPS GAAP $1.21 - $1.27 EPS non-GAAP (1) $2.10 - $2.16 ____________________ (1) Non-GAAP earnings per diluted share excludes $0.85 related to stock-based compensation expense, $0.17 for the amortization of both purchased intangibles and developed technologies, and $0.05 for acquisition-related costs, partially offset by ($0.18) related to GAAP-only tax charges. Full Year Fiscal 2025 FY25 Guidance Metrics FY25 (ending January 31, 2025) Billings (in millions) $5,900 - $5,980 Up 14% - 15% Revenue (in millions) (1) $6,115 - $6,130 Up approx. 11% GAAP operating margin 21.5% - 22% Non-GAAP operating margin (2) 35.5% - 36% EPS GAAP $4.95 - $5.01 EPS non-GAAP (3) $8.29 - $8.35 Free cash flow (in millions) (4) $1,470 - $1,500 ____________________ (1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance range would be approximately 1 percentage point higher. (2) Non-GAAP operating margin excludes approximately 11% related to stock-based compensation expense, approximately 2% for the amortization of both purchased intangibles and developed technologies, and approximately 1% related to acquisition-related costs. (3) Non-GAAP earnings per diluted share excludes $3.15 related to stock-based compensation expense, $0.61 for the amortization of both purchased intangibles and developed technologies, $0.23 related to acquisition-related costs, and $0.04 related to losses on strategic investments, partially offset by ($0.69) related to GAAP-only tax charges. (4) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures. The fourth quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 20 percent and 19 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings. Earnings Conference Call and Webcast Autodesk will host its third quarter conference call today at 5 p.m. ET . The live broadcast can be accessed at autodesk.com/investor . A transcript of the opening commentary will also be available following the conference call. A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor . This replay will be maintained on Autodesk's website for at least 12 months. Investor Presentation Details An investor presentation, Excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor . Key Performance Metrics To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP. Glossary of Terms Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period. Cloud Service Offerings : Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering. Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods. Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design. Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term. Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate. Free Cash Flow: Cash flow from operating activities minus capital expenditures. Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection. Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year. Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make. Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago ("base customers"). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison. Other Revenue: Consists of revenue from consulting, and other products and services, and is recognized as the products are delivered and services are performed. Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation. Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months. Solution Provider : Solution Provider is the name of our channel partners who primarily serve our new transaction model customers worldwide. Solution Providers may also be resellers in relation to Autodesk solutions. Spend : The sum of cost of revenue and operating expenses. Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions. Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs. Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet. Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current interpretations of existing tax law and could be affected by changing interpretations, further guidance, and additional tax legislation. Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Autodesk The world's designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk's Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts. Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2024 Autodesk, Inc. All rights reserved. Autodesk, Inc. Condensed Consolidated Statements of Operations (In millions, except per share data) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 (Unaudited) (Unaudited) Net revenue: Subscription $ 1,457 $ 1,314 $ 4,195 $ 3,777 Maintenance 9 12 31 40 Total subscription and maintenance revenue 1,466 1,326 4,226 3,817 Other 104 88 266 211 Total net revenue 1,570 1,414 4,492 4,028 Cost of revenue: Cost of subscription and maintenance revenue 105 94 305 285 Cost of other revenue 19 21 57 62 Amortization of developed technologies 23 12 62 34 Total cost of revenue 147 127 424 381 Gross profit 1,423 1,287 4,068 3,647 Operating expenses: Marketing and sales 525 439 1,474 1,344 Research and development 378 339 1,092 1,021 General and administrative 161 165 477 438 Amortization of purchased intangibles 13 10 37 31 Total operating expenses 1,077 953 3,080 2,834
